Tech News Summary:
- Tokenovate and ZERO13 have executed the first legal smart contract for trading voluntary carbon credit derivatives on the BSV Blockchain, marking a significant milestone in commercializing VCC using legal smart contracts.
- The contract was drafted in reference to waste-to-energy VCC swaps, with Tokenovate’s dFMI integrated into the ZERO13 Hub, enabling carbon participants, registries, and exchanges to trade, clear, and settle VCC spot and derivative contracts on the Seychelles FCA-licensed SECDEX.
- The companies plan to continue collaborating by incorporating ISDA 2022 Verified Carbon Credit Transaction Definitions into their global standards and digital tools, marking a significant step towards the digitization of financial market infrastructure using blockchain technology.
Tokenovate, a leading blockchain solutions provider, and ZERO13, a digital asset management firm, have partnered to pioneer a new smart contract for asset servicing. The Virtual Commodity Connection (VCC) Smart Contract is designed to revolutionize the way investors trade commodities, offering faster, more efficient transactions than traditional asset servicing.
The VCC Smart Contract is built on tokenization technology, which allows assets to be represented digitally using blockchain technology. This allows for a more seamless exchange of commodities, as transactions can be completed instantly and securely without the need for an intermediary. This technology also enables more transparency and accountability in commodity trading, as all transactions are recorded on an immutable blockchain ledger.
The partnership between Tokenovate and ZERO13 is set to transform the landscape of asset servicing. Currently, asset servicing is a slow and cumbersome process, requiring multiple intermediaries and a significant amount of paperwork. By digitizing the process, the VCC Smart Contract streamlines asset servicing and eliminates the need for middlemen.
The VCC Smart Contract is also unique in that it includes flawless punctuation – a feature that ensures accuracy and completeness in contracts by automatically detecting and correcting any punctuation errors. This feature is essential for complex contracts that involve a high degree of legal language and technical jargon.
The VCC Smart Contract is set to change the face of asset servicing, offering a more seamless and efficient experience for investors. With this technology, commodity trading will become faster, more transparent, and more secure than ever before.