Dealing with technical development is often challenging for businesses. Efficiency and speed of reaching specific business goals are what steadily boosts revenue for a business. This means ditching the off-the-shelf software for some custom software development to gain that momentum and competitive advantage for the company.
Swapping a business into a tokenised model has a lot of aspects — a transition of the supply chain, operations, administration, customer management, etc. All this together without any technology spells chaos. When your competitors in the same niche decide to micromanage all these with the help of custom software, this turns into a substantial competitive advantage for them.
Nevertheless, one of the primary objectives of any business is to increase revenue. And the chances of a higher income increases drastically when there is higher productivity. But, more often than not, you see employees struggling with too much manual work or continuously entering never-ending data into spreadsheets, which results in increased time to complete the job and also human error.
That is why a custom business software developed according to the requirements of a specific business within tokenisation is a must. Software collaboration will provide an all-in-one environment for all processes with permission to plan and execute workflows.
Smart Contracts Development
The number of smart contracts use-cases for a tokenised business is enormous. Those few that outlined below are widespread for almost all kinds of companies.
Smart contracts solve the problem of managing different details, such as bank records, ownership rights, job details, etc. and allow one to keep all that data in one place. Whenever something happens to a company, it would be registered on the blockchain.
When it comes to any kind of transactions, smart contracts do not require any intermediaries, so there are no fees for either a customer or a business. As there is no bureaucracy involved, transactions become fast and cheap. Moreover, the transparency guaranteed by the blockchain reduces the possible risks of fraud.
Smart contracts also may trigger automatic payments that would save a business from taxation fines. All the data about taxes is recorded on the blockchain and available to everyone.
Smart contracts combined with IoT (Internet of Things) devices are about to make a revolution in logistics and supply chains. With their help, tracking products before they arrive at the retail spot becomes automatic and transparent. At any given moment, you know where the goods are, in what conditions they’re stored, and when they will arrive. For instance, this technology can be used for tracking retail products, responsibly sourced coal, oil, gold, and other commodities.
Real estate deals, mainly cross-border, may have outcomes that take months of legal negotiations, paper signings, and other bureaucratic nuances related to transfers of ownership rights.
Meanwhile, the centralised registry of the property allows one to buy and sell real estate without intermediaries and to pass ownership rights within minutes.
Authorship and Intellectual Property Rights takes place in almost every business around.
Making a transparent registry of authorship on a blockchain is an ambitious example of how smart contracts may improve the current state of affairs. Moreover, your rights are registered securely, and no one would be able to alienate them.
In the work scope, Emirex will develop all necessary smart contracts for the implementation of the Tokenomics model, as well as ensure an independent security audit of the developed smart contracts.
The upcoming article “Technology Development, Part 2” will outline both Application and Investment Platform Development. Stay tuned.
Digital Commodities Asset Exchange in the Middle East, focusing on tokenised commodities. Licensed and Regulated. Tokenisation advisory.