BUDAPEST, Hungary, Dec. 14, 2022 (GLOBE NEWSWIRE) -- Art Work Design Kft. company announces the launch of the first release of the new Proof of Turnover technology for the tokenization of land turnover, implemented on the blockchain platform. Energy efficiency and decentralization are the main key advantages of this new solution.
This technology is implemented on the blockchain platform. It allows to conduct the entire process of a land transaction online. Covering all stages of the transaction, such as: filing an application, verifying ownership, accepting and verifying an offer, paying, transferring ownership, and closing a transaction. The use of the technology allows eliminating a number of intermediate stages. As well as combining several stages into one. This solution allows investors to reflect their ownership in the capital of the asset. Payment and transfer of ownership, combined in one blockchain block. This not only create one solid complementary document that would be codified in a digital record, but also speed up the transaction itself. The use of a smart contract in the field of land turnover not only speeds up the lease or sale process. But also saves on costs, and simplifies the verification of ownership of this asset. Which will eliminate the possibility of fraud.
Make certain the benefits of Proof of Turnover technology, take the opportunity to test this technology! We have implemented, as an example of land turnover tokenization, a test Web3 project on the Polygon blockchain to test the technology in free access. The features of the Proof of Turnover protocol, are implemented in the smart contract for the management of the test project. First applied on the blockchain, made it possible to simultaneously carry out the following operations: pledge of an asset (non-fungible token ERC721 standard of a land plot that was used as an asset), verification of ownership, transaction approval, and payment. The test project has implemented a withdrawal strategy. And there are no liquidity problems, which allows protecting both the rights of the investor and the rights of the owner of the asset. The project allows to test the protocol by all parties involved in the transaction.
Art Work Design Kft. company, founded in 2003, for many years in addition to commercial activities, has been developing and implementing new solutions in the field of environmental protection, accounting and control of vital resources, as well as developing innovations.
CONTACT Andras Surikov, Chief of Information Department
COMPANY Art Work Design Kft.
PHONE +36-21-200-0173
EMAIL andras.surikov@awd-bt.com
WEB awd-bt.com
