// BEGIN ENQUEUE PARENT ACTION // AUTO GENERATED - Do not modify or remove comment markers above or below: if ( !function_exists( 'chld_thm_cfg_locale_css' ) ): function chld_thm_cfg_locale_css( $uri ){ if ( empty( $uri ) && is_rtl() && file_exists( get_template_directory() . '/rtl.css' ) ) $uri = get_template_directory_uri() . '/rtl.css'; return $uri; } endif; add_filter( 'locale_stylesheet_uri', 'chld_thm_cfg_locale_css' ); if ( !function_exists( 'chld_thm_cfg_parent_css' ) ): function chld_thm_cfg_parent_css() { wp_enqueue_style( 'chld_thm_cfg_parent', trailingslashit( get_template_directory_uri() ) . 'style.css', array( 'font-awesome-v5','bootstrap','sidr','magnific-popup','sliderpro' ) ); wp_enqueue_script('custom-script', get_stylesheet_directory_uri() . '/custom-script.js', array('jquery')); } endif; add_action( 'wp_enqueue_scripts', 'chld_thm_cfg_parent_css', 10 ); // END ENQUEUE PARENT ACTION add_action( 'admin_enqueue_scripts', 'my_cfg_admin_enqueue' ); function my_cfg_admin_enqueue(){ wp_enqueue_script('custom-script', get_stylesheet_directory_uri() . '/custom-script.js', array('jquery')); wp_enqueue_style('style-cfg-child', get_stylesheet_uri(), array(), "4.2"); } add_action( 'after_setup_theme', 'remove_plugin_image_sizes', 999 ); function remove_plugin_image_sizes(){ remove_image_size( '2048x2048' ); remove_image_size( '1536x1536' ); remove_image_size( 'large' ); } function action_dynamic_sidebar_after( $array ) { if($array == "home-content-widgets") { echo the_content(); } }; add_action( 'dynamic_sidebar_after', 'action_dynamic_sidebar_after', 10, 1 ); add_action( 'trashed_post', 'mtp_delete_attached_thumbnail_for_trashed_product', 20, 1 ); function mtp_delete_attached_thumbnail_for_trashed_product( $post_id ) { // gets ID of post being trashed $post_type = get_post_type( $post_id ); // does not run on other post types if ( $post_type != 'post' ) { return true; } // get ID of featured image $post_thumbnail_id = get_post_thumbnail_id( $post_id ); // delete featured image wp_delete_attachment( $post_thumbnail_id, true ); }/** * The header for our theme * * This is the template that displays all of the section and everything up until
* * @link https://developer.wordpress.org/themes/basics/template-files/#template-partials * * @package CoverNews */ ?> Ripple Bets on Real Estate Tokenization in Hong Kong CBDC Pilot – CoinsMegaNews

Ripple Bets on Real Estate Tokenization in Hong Kong CBDC Pilot

2 years ago CryptoExpert
Hong Kong CBDC Pilot Helps Ripple Showcase Real Estate Tokenization

[ad_1]

The idea of tokenizing real estate assets has long been a dream for many blockchain projects. And now, thanks to Hong Kong’s Central Bank Digital Currency (CBDC) pilot, Ripple Labs is one step closer to realizing that dream.

In a statement on Friday, Antony Welfare, who advises the firm on its CBDC strategy, said that tokenization is the future of real estate.

Ripple Partners With Hong Kong Monetary Authority for CBDC Pilot

Last month, the Hong Kong Monetary Authority (HKMA) said it would begin laying the groundwork to launch a CBDC.

Like its peers around the world, the HKMA started piloting a CBDC in response to the rapid digitization of payments. The authority is currently exploring various use cases for the digital Hong Kong dollar.

Additionally, in May, Ripple Labs announced that it had been selected to join the pilot. The firm said it was chosen to help the HKMA develop a  tokenization solution that records e-HKD real estate transactions on a “secure and private ledger.”

Furthermore, the proposed technology will deploy Ripple’s CBDC platform. Launched on the same day the company unveiled its collaboration with the HKMA, the solution is tailored for central banks.

Ripple’s CBDC Ambitions

Ripple Labs’ CBDC platform is separate from the public XRP Ledger (XRPL). It was designed to assuage central banks’ concerns that using public blockchains for CBDCs could threaten their sovereignty.

Discussing the firm’s work, Ripple’s Managing Director Brooks Entwistle said CBDCs were the strongest case for the utility of blockchain technology. 

“There is no question that digital currencies are going to be a part of the landscape going forward,” he added.

Moreover, Entwistle revealed that Ripple was discussing its technology with more than 20 central banks.

What is Real Estate Tokenization?

As its name implies, real estate tokenization entails creating digital tokens representing physical land and properties. Typically, blockchain technology securely issues tokens and tracks ownership.

Tokenization presents many opportunities to the real estate sector. 

Lengthy payment times, complex paper trails, and the high cost of entry can inhibit the traditional real estate sector. But tokenization promises to digitize the process. As well as speeding up transactions, fractional real estate tokens multiply opportunities for investment and could unlock important new funding avenues.

Existing use cases of the technology include Parcl, a blockchain-based trading platform. The technology allows users to invest in indexes representing different real estate markets, such as major US cities.

Another recent example is the Direct Property Africa Token (DPAT). Traded on an NFT marketplace, DPAT gives global investors access to major land, property, and infrastructure projects across Africa. In conclusion, in the opposite direction, the novel platform opens up alternative funding streams for developers. 

Disclaimer

Following the Trust Project guidelines, this feature article presents opinions and perspectives from industry experts or individuals. BeInCrypto is dedicated to transparent reporting, but the views expressed in this article do not necessarily reflect those of BeInCrypto or its staff. Readers should verify information independently and consult with a professional before making decisions based on this content.

[ad_2]

Source link

More Stories

EOS Enters Tokenized Real-World Assets: Launches Wrapped RAM (WRAM)

EOS Enters Real-World Assets: Launches Wrapped RAM

1 year ago CryptoExpert
BlackRock Now Holds 196,065 BTC, Surpassing MicroStrategy’s Holdings

BlackRock’s Real World Assets Can Now Be Swapped for USDC

1 year ago CryptoExpert
Elon Musk’s xAI Takes on OpenAI: $4 Billion Funding Goal Set

Elon Musk’s xAI Seeks $4 Billion in Funding to Rival OpenAI

1 year ago CryptoExpert
Ethereum Pectra Upgrade Promises Better Network Usability

This Is Why Ethereum’s Pectra Update Is a Game-Changer

1 year ago CryptoExpert
El Salvador Pioneers Tokenization of Real World Assets: $6.25 Million Raise to Build a Hotel

This Country Plans to Build a Hotel Through Tokenization of RWA

1 year ago CryptoExpert
Solana (SOL) Risks Falling to $137: An In-depth Look

Solana Passes New Proposal Amidst Failed Transactions Issues

1 year ago CryptoExpert

Leave a Reply

Your email address will not be published. Required fields are marked *

/** * The template for displaying the footer * * Contains the closing of the #content div and all content after. * * @link https://developer.wordpress.org/themes/basics/template-files/#template-partials * * @package CoverNews */ ?>

You may have missed

Online Gambling Establishment Real Money: A Comprehensive Overview to Winning Large

3 days ago xtw18387208b

How to Deposit at Online Gambling Establishments Using Neteller

3 days ago xtw18387208b

Free Online Slots No Download: The Ultimate Guide

3 days ago xtw18387208b

The Best Places to Play Casino Games Online

3 days ago xtw18387208b