What You Need to Know About HomeCubes? The Role of Web3 in Real-World Asset Protection

Blockchain as a breakthrough to the digital world has been the building block of many applications such as cryptocurrencies, NFTs and more importantly Web3. It is called the new era of the internet, where users are able to control their own data, thanks to the decentralization network of blockchain. On Web3, users are able to store their own assets securely within the blockchain network in a token format. In other words, web3 users are able to tokenize their own RWA or Real World Asset and convert them to fungible or Non-Fungible tokens. Such tokens represent a RWA in the blockchain and more interestingly they can enable RWA fractionalization. For further information on Real World Asset tokenization, you may follow the link and read our recent article published in Homecubes blog.

The Importance of Real-World Asset security and protection

RWA refers to the assets that are converted to tokens and stored in a blockchain network. You can convert almost all types of assets to tokens and craft NFT out of them. The good things about tokenizing RWA are cost-efficiency, transparency, global market availability and ownership and authenticity protection. For instance, you can convert your digital artwork to NFT and secure your ownership across a shared ledger within a blockchain network. Your ownership of that piece of artwork can not be changed or replicated. However, the digital world has always been a popular target for cyber-criminals. Even though blockchain due to its decentralization nature provides a good level of security, it is still subject to security concerns. 

Hence, RWA security is considered to be a very important subject in today’s world for the sake of safeguarding users’ assets. 

How Web3 play its role to protect Real-World Assets

Web3, as the new version of the internet, operates on the blockchain network. All data that is entered into the blockchain network is basically stored in a shared ledger that is spread across an endless number of computers. Once you convert an asset to token and craft an Asset-backed NFT, the data about the ownership, authenticity is stored in the shared ledger. Besides, by removing human interference by utilizing smart contracts, the risk of human errors and fraudulent activities are well mitigated. Unlike traditional ways of registering ownership of an asset that a range of humans such as lawyers and attorneys, government officials, etc. are involved in, in Web3, it is only codes that take care of all terms and conditions. However, you must be vigilant on smart contracts to be developed by experienced blockchain guru, as they can be a target for cyber criminals!

How is Homecubes putting all the requirements together?

Homecubes, as the leading blockchain based platform provider for property tokenization in the UAE, is trying hard to pave the way for small-scale inventors to fractionally invest in the Dubai real estate market. Our main goal however, is to do it as securely as possible for the sake of safeguarding investors’ money. Besides, in order for our platform to be regulated by the UAE government, we are working closely with government officials like VARA to make our platform in full compliance with the UAE regulations on asset tokenization . Furthermore, Homecubes platform commits to operate according to KYC (Know Your Customer), AML (Anti-Money Laundering) and Privacy and Data Protection regulations, so the investors can rest assured of their investment within our platform.

More importantly, Homecubes is working with high quality and experienced blockchain developers to build the platform and the smart contracts at the highest level of security. 

Bottomline

The blockchain network and that is the building block of Web3 is a perfect tool to safeguard real-World assets. The decentralization nature of Web3 minimizes the risk of hack and vulnerable activities. Acknowledging the benefits of web3 in safeguarding the RWA, many industries are finding their way to utilize Web3 and take advantage of its benefits.

Homecubes, as the leading platform in the UAE to fractionally invest in the real estate sector is now working with blockchain developer gurus to create a sophisticated blockchain based platform as well as the UAE government to move forward in full compliance with the regulations and legislations.

We are fully committed to provide a legal, user-friendly, fast and secure platform for investors from all around the globe. Our goal is to make small-scale investors able to fractionally invest in the Dubai real estate sector and enjoy capital growth as well as rental income.