As the supply chain for the manufacturing industry becomes increasingly global, it is also becoming increasingly complex. Even before the COVID-19 pandemic, many manufacturers and distributors were adopting digital solutions — particularly blockchain — to improve the visibility and traceability of raw materials and goods through the supply chain. These upgrades have helped enhance transparency, security, quality and safety, and reduced the risk of fraud. The disruption of the global supply chain during the pandemic highlighted the need to gain greater control and visibility over the process.
Avrio’s Blockchain can provide increased supply chain transparency, as well as reduced cost and risk across the supply chain. Specifically, Avrio’s blockchain supply chain innovations can deliver the following key benefits:
Primary potential benefits
Increase traceability of material supply chain to ensure corporate standards are met
Lower losses from counterfeit/gray market trading
Improve visibility and compliance over outsourced contract manufacturing
Reduce paperwork and administrative costs
Secondary potential benefits
Strengthen corporate reputation through providing transparency of materials used in products
Improve creditability and public trust of data shared
Reduce potential public relations risk from supply chain malpractice
Tokenization is the process in which real estate assets are converted into several virtual (digital) tokens. Further selling these virtual tokens on an online marketplace. The purchaser of a particular token owns that portion of the asset.
In real estate tokenization, every token represents direct ownership of an asset. These assets can be a share in a company owning real estate, a piece of real estate or else participation in a real estate investment fund or anything else. Hence, with the help of tokenization, property purchasers can do transactions digitally using tokens instead of the traditional way of paper documentation.
Suppose you want to tokenize a 500,000 sq ft property that’s worth SAR50M. If you divide the property into 500,000 shares, each share represents one square foot of the property and is valued at SAR100. While in tokenization, you divide the property into square inches, and each token would be worth SAR0.69
Obviously, the second option of tokenization makes the property accessible to a wider range of investors. You might choose to limit the share offering such as 20% in order to raise funds for a new wing or renovations. Now the next step is to sell the token to investors. Hence we can say that real estate tokenization acts as company stock
The Avrio platform combines traditional professional real estate investing with blockchain technology and allows anyone at any income level to invest in real estate and to select assets in the most cost-effective manner. Investors get the benefits of a new cryptocurrency called Avrio tokens, the value of which is backed by tangible real estate assets, thus providing them with strong downside protection against volatility.
The Avrio platform focuses on transparency and legal property ownership, where strong returns are achieved from rental income, profits from sale and participation in construction projects and additional revenue from services offered on the platform.
Blockchain technology, in its most basic form, is designed to function as an asset management platform. Almost all government departments and services require transactions and basic asset management.
As detailed above, the way the government currently handles asset management is outdated and ineffective. As we move away from paper-based practices blockchain can serve as the perfect platform to accommodate modern operational needs.
The web 3.0 technology has the potential to revolutionize management ushering in new record storage, new tax portals, new healthcare delivery and more. It will also improve the governments abilities to communicate between ministries.
NFT, a new concept that created hype around digital art, is now ready to move forward to the entertainment sector.
Remember old school tickets that people used to collect? Each ticket was unique and revived memories for us , whether it was the Formula 1 in Jeddah or a music festival in Riyadh.
No doubt that digitization made ticketing streamlined, but it seems boring with a simple QR code without any story behind them. Nowadays, Tickets do not have the memory part, which people wanted to keep with them when they move or travel.
Currently, the ticketing system lacks memories that they reflect on remembering special moments from past events. NFTs have come into the picture to make tickets more functional and memorable.
You may lose a paper-based ticket; they may get wet and ruined. It is also difficult to travel with a paper-based ticket as it may get lost. Moreover, organizers do not get enough security with paper-based tickets as they can be quickly faked. QR codes looked like a good answer for organizers but not that effective for guests purchasing them.
With NFTs, you don’t need to compromise as the technology benefits both organizers and guests. But let’s first discuss some of the problems that exist in traditional event ticketing.
Issues with current ticketing systems.
Frauds have plagued the ticketing industry, forcing real fans to pay additional prices while presenting security threats for event organizers. Misusing the technological advances, ticketing bots cause chaos, enabling online touts to purchase tickets in bulk and sell them on secondary markets at high prices.
It is impossible to track customers or exchange data beyond the boundaries of a provided supplier. The lack of exchange protocol enables fraud on the secondary market. When a ticket is sold again on the secondary market, it no longer belongs to the actual buyer whose details the event organizer has.
Therefore, event organizers do not have an idea who is at their event. Because tickets are issued in a way that cannot be used for exchanges on the secondary market, you can neither change the name of the ticket holder nor control how many times the ticket will change hands.
One of the major concerns for guests is whether they have paid for a real ticket or a fake one. Sometimes, customers buy fake tickets on websites posing as legitimate authorized ticketing agents. It leads to loss of money and massive disappointment
NFTs have the potential to enhance the ticketing experience for both attendees and organizers. Let’s understand how.
Blockchain provides a single source of truth for both ticket holders and organizers. The transfer of NFTs from the initial sale to resale is stored on the blockchain immutably so that all parties can prove the ticket’s authenticity.
In cases where the resale of tickets is forbidden, NFTs can be developed as non-transferrable, not to be moved to another buyer physically
Costs associated with selling and minting NFTs are negligible as compared to the traditional ticketing system. You can get an unforgeable ticket for less production cost so that customers and organizers can validate the authenticity of every ticket on the chain and track the history of ownership.
An NFT can be minted and ready to sell in less than a minute.
Since programmable NFTs can have built-in rules for merchandise, content, resales, and royalty splits, it means that the organizer can analyze profit sharing percentages for future resales or creative content on secondary markets and receive funds knowing they are unalterable within the NFT’s coding.
NFT-based tickets act as programmable money, providing unlimited potential for new revenue opportunities. For example, the resale of NFT tickets as collectibles, using NFT tickets to provide food and drink deals and rewarding fans who have gathered many event tickets.