What is Borneo Blockchain Technology
Borneo Blockchain Technology is a platform for tracking ownership of real assets and acting as a generic ownership register. It has nothing to do with any crypto although it is using the same blockchain technology that is empowering crypto currency. By having this blockchain framework system to run, we have our own means of sending digital assets which are based on real assets like silver coins.
Not only cash-asset, but also non-cash assets. For example, Andy has a book content. It is not like a digital book that is offered in the digital market. It is a book that is written by Andy and can be ensured that the book content has not been published yet both offline or online or the content copyright is on the author side to be re-printed and re-published.
The content is not entered into the blockchain system but only name and code that refer to more information on another webpage while the real content is safe in another place inside the owner. When the owner wants to enter it to the platform, there are two options.
First, to register. There is a validating process to ensure that the content exists, valid and legal. When the validation process is done, it is registered into the platform.
Second, when somebody wants to register an asset like freehold title, there is an option to offer it to all members who want to buy it (by money, gold, silver, or any means of payment or commodities), so there will be a list of buyers offering assorted kinds of payment. The seller then chooses a buyer based on what prefered payment he likes to be paid. If the seller likes to be paid by a grain commodity for example, then he chooses it. The choosen buyer then undertakes a validation process to ensure that all information from the seller is correct.
How it works
Description. Andy sends 1 silver dirham to Bobby and Bobby sends the 1 dirham to Charlie. The mutation hash between Andy and Bobby is created as A1. Both Andy and Bobby get the mutation hash A1. Then transaction between Bobby and Charlie creating new mutation B1. Both Bobby and Charlie get the mutation hash B1. The transaction stream can be tracked and everybody can issue a digital asset based on a real physical asset and send it to others who trust to receive it as payment. By issuing a digital asset, the issuer states that he really has the asset in his hand, and agrees to hand it to anybody who has a digital asset that he issues. When somebody wants to liquidate the asset, the issuer is tracked to handover the real physical asset.
This platform insha Allah can integrate Muamalat into the digital world. Anybody or community who wants to implement this technology for Muamalat, can contact us to email Borneo Blockchain. Thank you very much for your attention. Do not hesitate to become a member because it is free always, insha Allah. If there is any fee for this service, like for maintenance etc., it will be informed. By becoming a member, one is involved in integrating Muamalat into the digital world. Insha Allah.