What CurveBlock has known from the very beginning is everything will eventually be tokenized.
What does “tokenized” mean?
Tokenized means everything will have a digital, trade-able identity in the form of a legally recognized token or digital representation. Today when you buy a car, you are given the paper title of that car to show your ownership. The only difference with a token is that the title is electronic or digital. In other words, a token. Ultimately, this will make for faster and more efficient transactions for everything from buying a home to buying stocks or bonds and yes, even cars. We have not reached this point yet because the token or contract that represents that token, called a smart contract, is still not recognized as law and has yet to be challenged in a court of law. There is a strong argument that supports smart contracts as legally binding under the Electronic Signatures in Global and National Commerce Act (ESIGN Act) and the Uniform Electronic Transactions Act (UETA). While I am no attorney, people that do understand this area of law at the Digital Chamber support this understanding, that smart contracts are already covered and need no additional law and in fact, additional law would only stand to confuse the situation.[1] States need to be encouraged to look to the existing laws instead of confusing the situation and could do so simply be recognizing the existing laws publicly. This would be a big step in adoption.
As of 18 January, Hawaii is looking to take steps towards adoption with a new bill introduced that would both allow banks to hold or custody, your digital tokens and allow the courts to hear digital asset claims (which again is arguable not needed).[2]
While Hawaii would not be the first place to allow banks to hold your digital assets, it would be the first in the US for a purely commercial bank. Wyoming has instituted a law for companies to custody digital assets, but commercial banks would argue these are not the same as banks which is not a discussion for this article. Switzerland on the other hand, is the first to allow a commercial bank to custody digital equity.[3]
Seeing commercial banks entering this digital equity space is exactly what we at CurveBlock saw coming in the beginning. We are now, starting to see the commercial world joining us which will only stand to drive faster and bigger adoption of the technology. All of this adoption and growth will only stand to support and increase the growth of the companies with solid business models in the digital equity space, like CurveBlock.
If you are not familiar with what CurveBlock is doing, we invite you to explore and learn more here on our website.
Joey Jones Co-Founder/Chief Revenue & Compliance Officer
[1] https://digitalchamber.org/policy-positions/smart-contracts/
[2] https://finance.yahoo.com/news/hawaiian-bill-let-banks-act-210021041.html
[3] https://www.coindesk.com/swiss-banks-enter-the-age-of-bitcoin