Korean-based Klaytn Foundation started its real-world assets (RWA) program intending to drive positive social change on the blockchain.
Layer 1 open-source blockchain developer Klaytn Foundation has announced the first wave of projects building on the Klaytn blockchain in its Real-World Asset (RWA) tokenization program. The Web 3 partners onboarding the program are CREDER, a financial platform focused on digital assets backed by gold, and Tokeny Solutions, a platform focused on blockchain businesses dealing with real-world assets. The two joined Elysia, a real estate platform that makes it easier to trade RWAs, which joined the RWA program in July.
The RWA program is part of Klaytn’s goals to transform its blockchain into the “public foundational layer of tomorrow’s on-chain world”, as stated in their 2023 roadmap. The Foundation aims to drive positive social change by leveraging blockchain technology, with the RWA tokenization program being the first step. The program intends to facilitate greater financial accessibility across Asia and the world.
This initiative aims to impact positive social change by leveraging blockchain, a move that could launch novel utilities for decentralized technology. Additionally, more asset-focused businesses will be compelled to move to Web 3 to take advantage of the low fees, low latency, transparency, and security blockchain offers.
With Klaytn blockchain offering one of the lowest fees and latency, relative to its closest EVM Layer 1 competitors, Klaytn Foundation developers believe it is the perfect solution to host and help boost real-world tokenized assets, from real estate to precious metals and artwork. By leveraging blockchain, users can be able to automate ownership management, fractionalize high-value assets, and provide public access to immutable transaction histories. This will improve the overall transparency, accessibility and security of tokenized assets.
Finally, Klaytn Foundation will provide enterprise-grade infrastructure to help support its RWA tokenization initiative, the team statement reads. Adding to tokenization, the Foundation will also develop solutions for token issuance, asset storage, and trading, These new solutions will be supported by the creation of a new token standard for RWAs to ensure compliance requirements are met.
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