Polygon is actively expanding its reach and contributing to the integration of blockchain technologies into the real world. In a recent article, we wrote about ownership in India through NFT, and this week we have two more countries, Italy and Mongolia, joining the ranks of those exploring the potential of Polygon’s capabilities.
Italy
Italy’s Central Bank has partnered with Polygon and Fireblocks, a custodial service for institutions, to conduct joint experiments in the DeFi field. They are particularly interested in tokenizing real-world assets (RWA) such as stocks, bonds, and etc. This move aims to enhance the speed of financial transactions, reduce costs for market participants, and increase market efficiency.
Tokenization of real-world assets is a process by which the ownership of real-world assets, like real estate, fine art, or even businesses, can be divided and represented as digital tokens on a blockchain. These tokens can then be bought, sold, or traded much more easily and efficiently than the actual physical assets they represent.
Experts predict that this trend will bridge the gap between DeFi and TradFi. Bank of America even assumes that "the tokenization of traditional assets may reshape infrastructures and public and private markets over the next 5 to 15 years"
The initiative in Italy involves major banks, asset managers, and financial institutions (e.g. Italian international banking group Intesa Sanpaolo) among the participants. The development of the platform will last for 6 months, but it will not be publicly available, as it is an experimental project for internal banking use.
Mongolia
According to the tweet by Polygon Labs, the government of Mongolia is exploring the integration of blockchain technology based on Polygon Supernets. The goal is to create a sovereign blockchain that can provide government services. Apparently, the platform will offer services in the metaverse, including features like meta-embassy, cultural NFTs, and national IDs.
Polygon Supernets is a solution provided by Polygon that allows you to create your own blockchain on top of the main network.
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