Disparaging Regulatory Asset Policies Exist in Various Countries; A Comprehensive Platform is Needed To Resolve It.
Firstly, What Are Assets?
Assets are any resources owned by enterprises, individuals, and countries alike, that can produce positive economic value. When defining a specific asset, we must first identify which entity it belongs to and who owns the right to it and dictate its use. This is the process of determining asset ownership. For instance, upon purchase of a new house, what documentation do you need to prove that you actually own the house? Usually, a real estate certificate is provided, and with that certificate it proves that you, as the owner of the house, can legally exercise the right to use, profit and sell the house in accordance with the law.
Going back to blockchain technology, what happens when traditional assets are placed on the distributed ledger? How then can asset compliance and asset identification be performed?
Let’s Use Raw Material Assets As An Example.
Disparaging regulatory policies in various countries exist, especially when it comes to regulations related to natural resources. For instance, in some regions, there are regulations mandating the procedures of asset transfer, and stringent asset registration processes under government regulations. These regulations are not in line with the token system, underlying a need for a platform that provides a clear understanding of these regulations to prevent immeasurable risks to asset valuation and estimation.
How Does Konrad Solve This Legal Chaos?
In order to provide clarity when it comes to the various regulatory policies present in the world, Konrad has built an information sharing incentive mechanism — Konrad’s legal compliance DAO. Konrad’s legal compliance DAO is designed to cater to the legal minds from all over the world, and to solve the issue of legislation disparities among different countries. Once successfully implemented, both the legal consultant costs and the associated legal risks during asset valuation can be drastically reduced.
Details of the above mechanism is illustrated in Figure 1 below:
As seen in the figure above, Konrad’s legal compliance DAO consists of five steps: assignment release, assignment application, knowledge sharing, evaluation report and dispute resolution.
In the first phase of assignment release, all legal, regulatory or tax issues on the platform will be categorised and broken down accordingly. As it proceeds on to the next phase of assignment application, international legal experts will convene on the platform and be randomly divided into two teams: a response team and an evaluation team.
The response team will be responsible for answering and dealing with the various legal issues raised on the platform while the evaluation team will analyse the asset valuation report. If there are no disputes between the two teams, the issue is deemed as being resolved and the report is approved. If a dispute arises, the teams are regrouped and another round of response and evaluation commences till all disputes are resolved.
Conclusion?
Konrad’s legal and compliance DAO mainly solves legal issues plaguing the affirmation of asset ownership and asset valuation. The platform has raised the standard of legal and compliance since the initial stages of asset tokenization, with every legal and compliance assessment in each phase being included in the asset valuation report.
As blockchain technology continues to mature in the coming years, its areas of application have broadened and gradually seeped into the everyday lives of people. Observing the trends undertaken by the global economy, certification of assets is one of the directions the world seems to be heading towards. For asset owners, this is a prime opportunity not to be missed.
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