From Food to Factories, Blockchain Startup Says Digitizing Assets Can Transform the World

A startup says the tokenization of assets represents the next big milestone for blockchain technology - and is creating a platform that's going to enable individuals and businesses to digitize real-world items.

The company says digitizing assets can help strengthen rights of ownership, allow everyone to track resources and prevent waste, and create a tamperproof record of transactions.

IDA's data-driven ecosystem is going to bring together several emerging technologies on to its digitized asset blockchain - including artificial intelligence and the Internet of Things, which is "Advancing new applications of using sensors to track and gather information from real objects."

The fields of transportation and autonomous vehicles can benefit, as well as academia and education, where IDA says "Digitizing intellectual assets has created a strong network effect for knowledge sharing." It can also have a positive effect at the dinner table, as the digitization of agricultural products - a process already under way - has been seen to improve food safety and enhance the freshness of the produce we buy in supermarkets.

Blockchain also means assets are easier to identify and track, and removes geographical boundaries.

While the primary IDA token "Functions as the common platform currency and a bridge with the real world," secondary MRT tokens represent the digital asset anchored to physical goods, where the exchange of these tokens is tantamount to a change in ownership for the tangible assets they represent.

Over time, IDA expects the volume and variety of assets being transacted as MRTs to grow.

To prevent fraud, IDA says it performs due diligence investigations on asset holders who want to have their assets converted into MRT tokens.

MRT tokens are destroyed whenever tokens are redeemed for the assets they represent.

In October, IDA unveiled an important partnership with Sigfox - enabling the startup to use its IoT applications, which are "Easy to use and have global coverage." The company says the technical support of Sigfox makes IDA unique and more powerful than other asset digitization platforms.