Smart cities market value to hit $2 trillion by 2025, says Frost & Sullivan

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The overall market value for smart cities will surpass $ 2 trillion by 2025, according to Frost & Sullivan – with artificial intelligence (AI) at the heart of it.

The analyst firm believes AI, alongside personalised healthcare, robotics, advanced driver assistance systems and distributed energy generation will be among the cornerstone technologies of future smart cities.

With more than 80% of the population in developed countries expected to live in cities by 2050, now is the time to act. According to a study from Counterpoint Research, which this publication examined earlier this week, there will be more than 125 million connected vehicles shipped by 2022.

The convergence of technologies – such as smart cars integrating with smart traffic lights – will be an important factor, but getting citizens engaged will also be key. Last month, Gartner put together a series of recommendations for local government CIOs in Asia, citing the importance of discussions between the government and its citizens. According to Frost & Sullivan, more than half of smart cities will be in China, generating $ 320 billion for its economy by 2025.

Europe will have the largest number of smart city project investments globally, according to the research, while the total North America smart buildings market – comprising smart sensors, systems, hardware and software – will surpass $ 5bn by 2020. The analysis also noted the rising importance in Latin America, citing Mexico City, Santiago, Buenos Aires and Rio de Janairo as active cities in this area. Smart city projects in Brazil will drive almost 20% of the country’s IoT revenue by 2021.

“Currently most smart city models provide solutions in silos and are not interconnected. The future is moving toward integrated solutions that connect all verticals within a single platform,” said Vijay Narayanan, senior research analyst at Frost & Sullivan in a statement. “IoT is already paving the way to allow for such solutions.”

You can find out more about Frost & Sullivan’s smart cities studies here.

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Apple is approaching a trillion dollar valuation

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Big Apple.

The most valuable public company in the world is getting even more valuable. Apple’s market cap is at an all-time high of more than $ 922 billion. Soon it could be the first company to reach a $ 1 trillion valuation.

The current valuation follows a somewhat disappointing earnings report last month in which Apple shipped fewer iPhones than analysts had forecasted. Those numbers, however, didn’t deter investors. The stock has risen 40 percent since then to a high today of $ 182 per share.


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Amazon Expected to Beat Apple to $1 Trillion Valuation This Summer

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Apple currently holds the position as the most valuable company in the world, but experts believe that Amazon could end up overtaking the firm. According to Reuters, the current prediction in Wall Street is that the e-commerce giant is closing in on the iPhone Maker. It could soon reach the $ 1 trillion valuation mark. When […]
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Amazon could beat Apple to $1 trillion market cap by one week

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Amazon could beat Apple to become the world’s first $1 trillion company, a new report suggests. While Apple’s market cap currently stands at $893 billion to Amazon’s $752 billion, the online retail giant is rapidly closing the gap. By current trajectories, it will beat Apple to the $1 trillion mark by a mere week. Apple’s […]

(via Cult of Mac – Tech and culture through an Apple lens)

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Amazon closes in on Apple in race to $1 trillion market cap

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(Reuters) — Apple, the world’s most valuable publicly listed company, is in danger of being beaten by Amazon.com to the $ 1 trillion mark.

Wall Street’s optimism about last year’s 10th anniversary iPhone had propelled Apple’s stock 24 percent higher over the past 12 months, giving it a market capitalization of $ 893 billion.

That is $ 141 billion more than the $ 752 billion market value of Amazon, the world’s second most valuable publicly listed company, but Amazon has been closing the gap.

Amazon’s stock has surged 83 percent over the past year, bolstered by scorchingly fast revenue growth as more shopping moves online and businesses shift their computing operations to the cloud, where Amazon Web Services leads the market.

In January, Amazon announced that it, Berkshire Hathaway and JPMorgan Chase & Co would form a company to cut health care costs for their employees, which was widely seen as a threat to the existing U.S. health care system and underscored Amazon’s ability to disrupt markets.

Amazon dislodged Microsoft as the No. 2 U.S. company by market capitalization in February.

Meanwhile, optimism about Apple’s iPhone X has given way to concerns that demand for the $ 1,000 device may be weaker than expected.

To be sure, past stock gains are not a reliable predictor of future performance, and the surge in Amazon shares in recent years has been exceptional by most standards.

But if Amazon’s stock were to keep growing on the trajectory seen over the past year, the company’s market capitalization would hit $ 1 trillion in late August. Apple would reach $ 1 trillion around a week later if its stock price continued to rise at the same pace seen over the past year.

Most Wall Street analysts are not quite that enthusiastic. Analysts on average expect Apple’s stock price to rise 11 percent and reach $ 195 within the next 12 months, which would put its market capitalization at $ 989 billion, according to Thomson Reuters data.

Analysts covering Amazon on average expect its stock to rise 10 percent within the next year to reach $ 1,700, which would give it a market value of $ 823 billion.

Apple on Thursday was up 0.60 percent at $ 176.05, while Amazon rose 0.31 percent to $ 1,549.90.

(Reporting by Noel Randewich; Editing by Meredith Mazzilli)

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AI: the $16 trillion wave that will mainly benefit China – PwC

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By 2030, AI will have hit the global economy in a wave of opportunity and transformation, but also of distrust and severe social imbalance, said PwC at a policy forum in London. Chris Middleton listened in.

Global services giant PwC believes that artificial intelligence (AI) will give a $ 15.7 trillion boost to global GDP by 2030. However, the benefits won’t unfold evenly around the world: China will be by far the biggest beneficiary, with 26 percent added to its national GDP by 2030, according to the company.

The predictions were made onstage at the Westminster eForum Keynote Seminar, Artificial Intelligence and Robotics: Innovation, Funding and Policy Priorities, by PwC’s AI practice lead, Rob McArgow. The event took place in London this week and was attended by representatives of UK government, academia, and the business world.

North America will be the next biggest beneficiary, with a 14.5 percent GDP uptick, followed by gains of 10-12 percent by major economies in Europe. Emerging economies will benefit less, so there is a risk of “increased polarisation from the technology”, said McArgow.

The figures came from a study carried out earlier this year.

What about the UK?

So where does Great Britain stand in all this? The good news is that the UK is looking at a £232 billion GDP boost from AI by 2030: a 10 percent increase by current OECD statistics. However, the figures place the UK in the stragglers group and, more seriously, don’t factor in any negative effects of Brexit on the economy.

In October, one forecast suggested that the UK could lose up to 18 percent of its current GDP (or £400 billion) by 2030 in a hard Brexit with no trade deal. If those figures are correct, then the UK economy could shrink by eight percent even with the benefits of AI pouring in, while other economies are forging ahead. No economic study has suggested that UK GDP will gain from a hard Brexit.

But McArgow was undeterred by the ‘B’ word, following the current trend of stressing the need to improve productivity while ignoring the economic cliff. “The application of AI to our workforces, processes, systems, and businesses will provide a huge productivity boost, which as we all know government departments are wrestling with. [Productivity is] one of the big drags on the UK economy,” he continued.

“But in the second half of this phase, we believe that as AI is applied to our products and services, it will allow us to perfect and hyper-personalise them, and in turn, this will drive a significant boost in consumption.”

The two sides are productivity-driven growth and consumption-driven growth, which will lead to this large prize of a £232 billion addition to the economy by 2030.

Regional variations

The AI powerhouses of London, Oxford, and Cambridge, will do better than other parts of the economy, said McArgow.

His statement should be set alongside the recent warning by think tank Future Advocacy that AI and automation will have a severe impact on employment in those parts of the country that have already been hit by a decline in industrial jobs, such as the Midlands and parts of the North of England.

By the early 2030s, we could see up to 30 percent of existing UK jobs becoming highly susceptible to automation, due to technologies such as AI. In real terms, that’s 10 million workers out of our existing workforce.

But this was a familiar message from a dozen or more apocalyptic reports, many of which have ignored AI’s potential to create new types of work and new technology startups. The internet was once credited with a similar ability to decimate employment opportunities. Yet while it is true that many traditional retailers have gone to the wall – including two this week in the UK – unemployment isn’t soaring and new types of business have taken their place.

To his credit, however, McArgow admitted that PwC was mindful of the fact that these headline-grabbing figures fail to give policymakers any granularity, or help business owners to make strategic decisions about workforces, acquisitions, education, or skills.

Read more: Top priest shares ‘The Ten Commandments of A.I.’ for ethical computing

So where are we today really?

The first wave of AI: women worst affected

To fill in the blanks for policymakers, PwC put together another new report two weeks ago. This looked at 29 countries and 200,000 specific jobs in order to explore in much greater detail how AI will transform societies and economies, said McArgow.

“It’s clear from this that there are going to be three distinct waves over the next 12-15 years, of ever-increasing scope and scale,” he explained. “The first wave doesn’t have a dramatic impact, but it does see sectors such as financial services becoming more affected.”

Or at least, no dramatic effect for 50 percent of the population: men. McArgow added:

From a gender perspective, we see in the short term females being more adversely affected and more at risk of having their jobs automated than men.

But this will be a temporary effect, he suggested: “As these waves unfold, as we move on from the assistance of AI in our lives to much more of an augmentation phase and then full autonomy, AI will start to have a dramatic impact in areas such as transportation, and on jobs in that sector. At that point, the gender balance flips and we will see men being more adversely affected than women and more at risk.”

Education and skills will be critical in deciding whether people can find new opportunities in the AI-enhanced economy, said McArgow. “People with higher education levels are far less susceptible to automation than those with lower levels, so clearly there are some big questions that policymakers and business leaders need to wrestle with.”

Read more: Women in AI & IoT: Why it’s vital to Re•Work the gender balance

Cosmopolitan bubbles

Despite these notes of caution, there is an enormous opportunity for the UK to use AI to drive business growth and start solving “really important problems”, said McArgow. “However, when I get outside the cosmopolitan elite bubble that I live in in London and get out there into the regions, I see that a significant proportion of our businesses haven’t even started on this journey yet.

“There are a number of reasons for that. First, there is deep distrust in this technology, often thanks to media tales of dystopia and armageddon, or marketing-fuelled hype. AI isn’t magic, it’s software that is a bit cleverer than before, but it will scale quickly.

“But we have to be able to find a safe, secure, transparent way of unlocking the value in these data sets – a way that the public trusts – to enable us to drive innovation and growth.”

Read more: Prevent malicious use of AI, say Oxford, Cambridge, Yale

Internet of Business says

Wise words. Towards the end of his speech, McArgow observed that there is an “arms race” to stockpile AI technologies around the world and that many countries are approaching the future with a clear vision for the role they can play in it. He shared the example of Dubai and the UAE, where a Minister for AI has been appointed, and touched on the ambition of China, which is automating faster than any other nation on earth.

Japan, too, is investing £161 billion dollars in building a super-smart society: figures that dwarf central investment by the UK, for example.

So one thing is becoming abundantly clear about the UK, especially when it is compared to countries such as China, South Korea, Japan, the US, France, and Germany. Report after report has come to the same basic conclusions: the UK is lagging behind its major competitors and isn’t investing enough, despite the enormous economic opportunity.

More, the UK must ensure that AI, automation, and robotics don’t just benefit the “cosmopolitan elite” described by McArgow by focusing on the few, rather than the many, or by piling up yet more economic gains in London and the South East.

But to achieve these things demands vision, clarity, and strong leadership from the front. And this is where the UK is signally lacking. At the same time, Brexit is undermining any chance of meaningful partnership with our allies, and may yet drive a coach and horses through the prospect of sustained economic growth. That the coach and horses will be driven by 19th Century thinkers and ideological zealots is inevitable.

Despite the UK’s world-class AI expertise and the excellent work being done by many in the sector (see below), responsibility for UK AI policy is now spread across far too many different organisations. Not to mention a government department that already has too much on its plate: the Department for Culture, Media and (as the BBC2 satire W1A brilliantly put it) “for some reason also Sport”.

Perhaps Whitehall could do with a dose of AI to figure out a better approach, before it is too late.

• On the subject of the first wave of AI hitting women’s employment more than men’s, research published today by advocacy group Manyminds reveals that only 27 percent of FTSE 100 board members are women. And at current global rates, pay parity worldwide is 200 years in the future.

Read more: South Korea most automated nation on earth, says report. The UK? Going nowhere


• The eForum debate also included contributions from: Lord Clement-Jones, chairman of the House of Lords Select Committee on Artificial Intelligence; Prof Dame Wendy Hall, joint lead of the government’s AI review; Prof Philip Nelson, chief executive of EPSRC; Rob McCargow, AI programme lead at PwC; Gila Sacks, director of digital and tech policy at the Department of Culture, Media, and Sport; and Sue Daley, techUK’s head of cloud, data, analytics, and AI.

Further reports from the event will be published on Internet of Business.

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Enterprises will spend $7 trillion on digital transformation by 2021

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Global enterprises will spend more than $ 7 trillion dollars in the next four years as they struggle to modernize, build a global technology foundation for growth, and support simple, secure, and reliable access to data and services, says the IDC.

The big drivers?

The usual suspects like cloud initiatives, big data analytics, and mobility. But, IoT is becoming a major investment focus, and so are automation or AI initiatives. Connectivity is always a part of the conversation here, as well as IT services and enterprise applications.


Join us for the Read/Write Digital Transformation Dinner in Silicon Valley: February 13
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Host: John Koetsier, Journalist, Analyst, Futurist; Sponsor: Tata Communications


In 2019 alone, global enterprises will spend $ 1.7 trillion on digital transformation. That’s up almost 50% from the $ 1.2 trillion they spent this year, according to IDC. Top industries include the manufacturing and transportation sectors, but professional services and healthcare firms are also driving increased investment. By 2021, investment will reach a staggering $ 2.1 trillion.

One thing is clear: A wide range of industries is investing in digital transformation.

Those top industries represent just slightly more than half of all the trillions of dollars of spending. The rest, about 46%, is spread among multiple other categories.

While it’s true that companies are investing in cloud and communications technologies to grow competitiveness in an era when every company is becoming a technology company, the sleeper investment might be what all this technology does to company culture.

Digital transformation, after all, improves speed to market, competitiveness, innovation capacity, and other critical areas of an enterprise. All of those depend on culture, and culture depends on people.

That’s the piece that’s often overlooked when transformation efforts yield mixed results.

Without the right people, and without the right culture, all the technology in the world won’t save a company. Collaboration tools enable cooperation and communication, but they don’t mandate it.

All of which means that enterprise transformation includes technology, but needs to consider culture.

We’re looking to bring together key executives for a collaborative round table on digital transformation over dinner in Silicon Valley. Comment here to join me on the evening of February 13th!

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Catching Up With the New E.U. Emissions Targets Will Cost Germany a Trillion Euros

Trouble Keeping Up

It was only last week that we reported on the European Union’s decision to raise its renewable energy targets from 27 percent to 35 percent. The adjusted targets will impact several member states, including Germany, which elected to backtrack on plans to reduce emissions by 40 percent by 2020. However, the country reportedly still intends to meet the goal of cutting 55 percent of emissions by 2030.

As reported by Reuters, the draft study — which was commissioned by the BDI German industry group and assembled by Boston Consulting and Prognos — states that Germany will have to spend more than 1 trillion euros ($ 1.2 trillion) to meet the low end of the EU’s target of reducing emissions by 80 to 95 percent by 2050.

While nothing to scoff at, as Sören Amelang at Clean Energy Wire wrote, several energy-intensive industry representatives are wary of the study’s information, as it essentially assumes these plans will go off without a hitch.

“The results assume that politicians only make right decisions from today,” said Kurt Bock, president of chemical industry association VCI and CEO of chemical giant BASF.

Despite the study’s optimism, it does question Germany’s ability to reach the higher end goals, which would push the already high price to around 2.3 trillion euros ($ 2.8 trillion) even with the expected price drop of renewable energy.

According to Clean Energy Wire, BDI President Kempf explained that reaching an 80 percent emissions reduction would already be a momentous task. 95 percent, then, would be all the more difficult to achieve.

“The political aim of reducing greenhouse gas emissions by 80 percent by 2050 compared to 1990 is ambitious,” said Kempf. “The aim of reducing them by 95 percent is overambitious.”

Positive Outlook

It may sound like Germany has done very little to curb gas emissions, but in 2017 the country set renewable energy records and built the world’s largest wind turbine. By 2021, it will have multiple hydrogen-powered trains in operation.

Not all the reactions to the study were negative: Germanwatch Policy Director Christoph Bals credited it as a realization that Germany’s energy industry is without “ambitious climate policy as a driver for innovation and modernization.” Bock also pointed out that the need for additional climate protection and goals presented a “huge business opportunity.”

Sabine Nallinger, head of Foundation 2° (a company that represents German CEOs who support measures to combat climate change) said BDI’s report reveals the 95 percent gas emissions goal would still be feasible without harming the economy — provided that other countries continue to stand by the Paris Climate Agreement.

“From the BDI study, we must not draw the conclusion that Germany only pursues the 80 percent target,” said Nallinger. “This would be a disservice to the German economy: German companies would not be tomorrow’s technology leaders.”

It’ll certainly be an uphill battle for Germany, but with global temperatures continuing to increase, its become more apparent that every country needs to do their part to offset the effects of global warming. We’re already due for extreme river floods by 2040 thanks to the emissions we’ve already generated. Now’s our chance to prevent further disasters.

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Lyft thinks we can end traffic congestion and save $1 trillion by selling our second cars

Lyft isn’t just a ride-hail company nipping at the heels of its rival Uber. It also fancies itself a think tank with big ideas about the future of transportation. The company’s co-founders, John Zimmer and Logan Green, have released policy papers predicting the end of personal car ownership in major cities by 2025, and calling for more people to carpool by charging a fee to those who don’t.

This evening, Zimmer is holding a “fireside chat” at CES where he plans to stake out his next big position: households in the US should sell their second cars. The idea of “a chicken in every pot and a car in every garage” has been synonymous with American prosperity since Herbert Hoover used it as a campaign slogan in 1928. Since then, it’s an idea…

Continue reading…

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We Need to Expand Access to $256 Trillion in Real-World Assets

Tremendous Potential

The total value of all the real-world assets on Earth — every bar of gold, every barrel of oil, every piece of real estate — is an estimated $ 256 trillion, and every day, people all across the globe invest in these assets. They buy those they think will offer the best return, and sell those whose value they believe has peaked, generating income through savvy investing.

Unfortunately, the processes used to trade these assets are outdated. Transactions can take weeks or even months to complete and may include massive amounts of red tape, numerous fees, and geographical restrictions. For these reasons and more, investors may be wary of taking part in these potentially lucrative markets. However, a new startup is poised to change that, and they’re using a cutting-edge technology to do so.

TrustToken is a San Francisco-based startup that provides a much-needed bridge between real-world assets and blockchain, the breakthrough digital ledger technology currently surging in popularity worldwide.

The TrustToken team includes attorneys, blockchain engineers, and machine learning engineers out of Stanford, Palantir, and Google, and BlockTower Capital, FJ LabsStanford-StartX, and Sterling Trustees are a few of the platform’s current investors and partners.

These early supporters already see how TrustToken fills a vital role in the blockchain space, but to get to the core of the platform’s potential, let’s consider the asset that accounts for a whopping 84 percent of that $ 256 trillion: real estate.

A Worthy Investment

As of 2016, the total value of all the real estate in the world was $ 217 trillion (an increase of 334 percent in roughly six years), and the benefits of investing in the market are plentiful.

Real estate is a fairly low-risk investment class with a high tangible asset value. Unlike a stock, which could plummet in value overnight, a piece of real estate is unlikely to experience dramatic fluctuations in value.

If anything, the value can be fairly quickly increased — just look to those who’ve made fortunes renovating and “flipping” properties. That added control over the value of the asset is yet another benefit to investing in real estate.

Additionally, real estate can be used to generate income through renters or timeshare occupants, helping offset the cost of ownership. It also has tax advantages over other investments and can serve as a hedge against inflation.

Despite the many benefits of real estate over other investment opportunities, though, the market is notoriously difficult to enter, and the primary barrier to entry is the problem of liquidity.

An asset with a high degree of liquidity can be quickly bought or sold without experiencing a value fluctuation. Cash is the most liquid asset; it can be quickly and easily traded without causing a ripple in the currency’s value. Real estate, however, is a highly illiquid asset; converting a piece of real estate into cash or vice versa is traditionally a complicated and fairly slow process.

Locating a buyer or seller can require considerable effort, and after that, the transaction may take months to complete. A traditional real estate transaction also involves a slew of parties beyond the buyer and seller (banks, title companies, lawyers, etc.), each of whom has the potential to slow down the process. Trying to buy or sell real estate across international borders further complicates the transaction, so many investors are limited to nearby markets.

The initial capital required to purchase real estate is another barrier to market entry. The buyer may be required to pay for the property in full or provide enough of a downpayment to secure a loan. The additional parties involved add to the costs of purchasing real estate as they must be paid for their work, and often, the buyer or seller won’t even know the specifics of that additional cost until they’re already well into the process.

Tokenized Real Estate

Blockchain is eliminating these barriers and opening up the real estate market to a previously shut-out segment of the population.

Though the technology first gained traction as a more secure, frictionless alternative to traditional currencies, the world is now catching on to the tremendous potential of tokenization — the process of using blockchain technology to convert real-world assets into digital tokens. These tokens can then be sold in exchange for equity in the asset, voting rights in how it’s managed, or anything else the owner of the asset wants to include in the token’s smart contract.

The benefits of tokenization in the real estate market are tremendous.

Perhaps most significantly, it increases the liquidity of the market by streamlining the process of buying and selling real estate. An owner can tokenize all or just part of their property, then sell those tokens to buyers for whom the purchase is no more complicated than buying stock in a company. If the property generates income through rentals or is sold for a higher value than when the tokens were purchased, the profits are split amongst all the owners accordingly.

Those who purchase tokens get the benefits of investing in real estate without having to worry about paying all the additional fees associated with typical real estate transactions. They can easily purchase real estate anywhere in the world, and they have added control over their investment, able to buy or sell tokens as any point in time.

Shared ownership also lessens the risk of investing in a property and the burden of managing it. Rather than falling on the shoulders of just one owner, the risk is split amongst many, and a token investor can reap the financial benefits of being a landlord without having to worry about details like property repairs or rent collection.

By increasing the liquidity of the real estate market, tokenization not only eliminates barriers to entry, it can also increase the market’s value. Assets that are easily tradable are typically worth more than those that aren’t. This is called the “liquidity premium,” and it can increase an asset’s value by 20 to 30 percent. In real estate, that would be a whopping $ 65 trillion in total added value.

The benefits of tokenization aren’t limited to real estate, either; any of the world’s $ 256 trillion in real-world assets can be tokenized. However, existing blockchain platforms designed to facilitate the process are all missing the same key element: a bridge to legal-financial authorities. TrustToken provides that bridge.

The Missing Link

If you bought tokens representing ownership of a property in Spain, and the creator of those tokens sold the property, how could you ensure you were paid a portion of the profits?

Other tokenization platforms offer no strong guarantees over the underlying assets with insurance or criminal enforcement, and if a token holder can’t establish ownership that’s recognized by both blockchains and legal-financial authorities, they can’t reliably redeem the asset’s tokens for the underlying asset. Essentially, that renders the tokens worthless.

TrustToken is the first platform that allows users to tokenize and trade real-world assets on blockchains in a way that is legally enforced, audited, and insured.

It does this via a special type of trust called a SmartTrust. This legal contract drafted by top attorneys appoints ownership of the asset — be it that property in Spain or a bar of gold — to a smart contract on a blockchain. It guarantees ownership with legal and financial authorities as well as criminal penalties for breaking the rules of the contract.

The SmartTrust also legally binds a fiduciary to act according to whatever directions are established in the smart contract for the tokenized asset. Essentially, this fiduciary is a trustworthy third-party that will perform any necessary “real world” actions as agreed to by the token owners.

TrustToken

While the SmartTrust is the key legal instrument of the TrustToken platform, it also incorporates several other elements.

Clients, fiduciaries, insurers, and other parties involved in the process can meet at the decentralized TrustMarket to negotiate prices, provide services, or leave reviews — activities monitored and defined by the TrustProtocol. TrustTokens are the reward parties receive for trustworthy behavior, and they are also used to insure assets and create an audit trail.

Blockchain already has the potential to provide anyone, anywhere with frictionless access to the $ 256 trillion in real-world assets. However, the world still needs a way to establish ownership that’s recognized by both blockchains and legal-financial authorities, and that’s a need TrustToken was built to meet.

The preceding communication has been paid for by TrustToken, and Futurism has a small financial stake in TrustToken’s token launch. This communication is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities in TrustToken or any related or associated company. The TrustToken tokens are not being structured or sold as securities or any other form of investment product, and consequently, none of the information presented herein is intended to form the basis for any investment decision, and no specific recommendations are intended. This communication does not constitute investment advice or solicitation for investment. Futurism expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained herein, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting from such information.

Each recipient of this communication expressly acknowledges that the TrustToken tokens are being sold solely for the purpose of providing purchasers of such tokens with access to the services associated with the tokens, and that such persons are not being offered, and will not be purchasing, any tokens for any other purposes, including, but not limited to, any investment, speculative or other financial purpose. Each recipient further acknowledges that they are aware of the commercial risks associated with TrustToken and the network associated with its tokens.

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