{"id":28736,"date":"2022-05-10T15:09:57","date_gmt":"2022-05-10T15:09:57","guid":{"rendered":"https:\/\/accumulatenetwork.io\/?p=28736"},"modified":"2022-05-10T18:38:38","modified_gmt":"2022-05-10T18:38:38","slug":"auditing-the-worlds-assets-on-accumulate","status":"publish","type":"post","link":"https:\/\/accumulatenetwork.io\/2022\/05\/auditing-the-worlds-assets-on-accumulate\/","title":{"rendered":"Auditing the World’s Assets on Accumulate"},"content":{"rendered":"\n
Ever since the earliest days of the blockchain industry, the tokenization of real-world assets (or RWAs) has stood out as a major use case that could one day enable trillions of dollars in value to be unlocked from the global economy which could further launch blockchain and cryptocurrencies toward mainstream adoption.\u00a0<\/p>\n\n\n\n
Tokenizing real-world assets like real estate, commodities, machinery, or even accounts receivables allows for these assets to become liquid and tradable across a globally distributed market.\u00a0<\/p>\n\n\n\n
While this promising opportunity is still being explored by many builders, the broader narrative around tokenizing real-world assets has lost a great degree of momentum in the past 2 years as DeFi, NFTs and GameFi have moved most people’s attention towards the innovation that is occurring natively on-chain.\u00a0<\/p>\n\n\n\n
One of the biggest barriers to tokenizing real-world assets is the lack of auditing capabilities that are needed to verify that the metadata embedded within these tokens accurately reflects the current state of the real-world asset and that this data is frequently updated as that state changes.\u00a0<\/p>\n\n\n\n
This task requires an immense amount of coordination between the off-chain physical world and the on-chain protocols that will support these tokens. <\/p>\n\n\n\n
We can compare this challenge to the Oracle problem: a blockchain on its own is merely an isolated network that creates its own rules or consensus mechanisms to verify that transactions occurring within the network are recorded accurately and in the correct order. This, however, does not solve the problem of how to guarantee that the data inputted into the blockchain from an external environment is accurate in the first place. <\/p>\n\n\n\n