How to Tokenize a asset on AEternity blockchain for supply chain
What is Aeternity Blockchain:
AEternity blockchain is an Erlang-based scalable smart contract platform engineered by programming pioneers to address some of the most fundamental challenges native to earlier blockchains. By redesigning blockchain technology at the protocol level, the æternity developer community has enabled the core protocol to understand and integrate a rich set of functionalities out of the box.
AEternity improves scalability and makes the executions of smart contracts safe and efficient and provides transparent governance. It’s decentralized consensus approach is being developed taking into account cost-effectiveness.
It supports hybrid proof of work(POW) and proof of stake(POS) and also supports side chains.
What makes Aeternity innovative than other blockchains?
Most developers have the challenge of scalability that is the most technical challenge that all blockchain face. Aeternity is a new improved version of Ethereum that resolves the scalability problem using transactions to take place off-chain. Aeternity is unique from others that improves many areas of blockchain technology, Few pointers are mentioned below that make aeternity is standing out from others.
- In consensus, aeternity uses hybrid proof of work and proof of stake.
- It is possible to execute smart contracts off-chain with the help of state channels.
- The Naming system in Aeternity allows user- friendly identities for blockchain like oracles, user accounts.
- It supports built-in oracles for accessing external API’s and real world data.
- Unique governance aeternity is managed by stakeholders, token holders who have stake in blockchain so that they can decide together on proposed changes.
- Aeternity offers better efficiency, governance, transparency and global scalability.
Asset tokenization using Non Fungible Tokens(NFT)
Asset tokenization refers to the process of issuing a unique token that represents the real world asset(Real Estate) or virtual asset (music) .
- A token is representing some information or asset . For example, I could create a song, store it in some database, and give a token representing ownership of that song to you. In this case, assuming that only one token can be associated with that song, then you can prove that you own that song by showing your token. You can also send the token to someone else, and then they would own the song. We can say that the song is a token.
- Gaming industry and non-fungible tokens are a perfect match! Imagine being able to check a detailed history of the magic shield or sword you have just bought. NFTs can provide a proof of ownership for every item within blockchain-supported games.
Aeternity Blockchain based asset tokenization for Supply Chains:
QuillTrace is a blockchain based, decentralized supply chain management system based on smart contracts. Currently we have integrated aeternity blockchain into our platform .
Fig : Production process onto digital tokens using smart contracts in an example supply chain
- Secure & scalable : Aeternity blockchain allows supply chain management to be much more flexible, transparent and secure, without affecting the most fundamental processes. It will be able to process and track a large number of transactions and handle the request from various participants in complexity of supply chain management.
- Oracles : Using machine oracles in supply chain management, containers and packages provide sensors that activate smart-contract execution based on location.
- Data Privacy : Some supply- chain players, especially individual producers, are sceptical of data-collection requirements. They have concerns about who will own the data, who will have access to it and how it will be used. Therefore, it will be important to develop standards that ensure data privacy is protected, as well as considering who “owns” the data. Aeternity off chain state channels transactions and smart contract executions are fully private unless published
- Payments : Payments can be made utilizing fiat or an aeternity wallet. Payment transactions are automatically conducted upon receipt of status updates regarding shipments and inspection confirmation. Transactions verified by smart contracts using the public key infrastructure mechanism can provide proof against anonymous tampering forgery. Double spending and high transaction fees are expectedly averted.
- Traceability and tracking features can bring the required transparency and establish trust in the entire supply chain network.
How to Tokenize an Asset on Aeternity Blockchain :
The Non-fungible tokens are not instantly swapable on-to-one. They represent non-equal units of the same sorts and implement to allow unique tokens to be managed, owned, and traded.
Here is an example with implementation of the aeternity non fungible token standard.
Implementation :
- Upon deployment, the token sets its owner — the Call.caller (deployer). The owner has the ability to create (mint) new tokens or products.
- When token is created it is associated with a user — the tokenOwner.
- The token owner can act upon this token in various ways like update or transfer token/product.
- They can set it’s metadata(product name , unique id , ready for sale , consumed etc ), transfer it, allow it to be transfered on his/her behalf or completely destroy it.
- Here is a Sophia code for creating non-fungible tokens in aeternity.
- For deploying or compiling this You can use a local environment setup by installing Ae project on your machine. For reference you can use this https://github.com/aeternity/aepp-aeproject-js
- Or you can use an online aeternity compiler for testing Sophia smart contract. For reference you can use this https://contracts.aepps.com/#/
Github link : — https://github.com/Quillhash/aeternity_supply_chain_tokenisation
Conclusion:
One reason that makes AEternity unique from other similar projects is that the Consensus, state channels, naming systems, smart contracts, specialized governance, and oracles are some of the things that separate AEternity from congestion. Aeternity offers a complete set of smart contract ecosystems, each optimized for specific use cases.
Everything will be Tokenized and connected by a blockchain one day
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