El Salvador has signed an agreement with Latin American asset tokenization company Koibanx to allow official records to be hosted on the Algorand blockchain.  In response, community are expected to see some PUMP on ALGO.  However, someone said, the people of El Salvador don’t care for all of it as it doesn’t benefit them.

Getting back to the details, Koibanx is the Latin American asset tokenization and blockchain financial infrastructure company chosen to develop the country’s blockchain infrastructure on top of the Algorand blockchain. Thus, the ability to store official documents digitally on top of the Algorand blockchain will come before the end of 2021 per official reports.

Koibanx has already started working with El Salvador’s National Registration Center (CNR) on the project. Thus, each person or legal entity will have its own address containing tokens or hashes with documentation. Also, all transactions between private companies or individuals with different government entities will be recorded in the Algorand protocol.

For clarifications express that money won’t be exchanged on the platform, but securities or rights like property titles or bank guarantees will be. There are news about the blockchain to be supporting El Salvador’s stable coin.

Since 2015 Koibanx leads the technological revolution which the financial industry is going through. Building a Blockchain-based financial software platform which enables tokenized payments, invoicing and loyalty processing at lower transactional costs and faster settling times.

Their platform permits the integration of these solutions into traditional organizations of the financial system (banks, finance companies, insurance companies, fiduciaries, cooperatives) in a seamless way, tokenizing financial assets on top of the most important Blockchain protocols.

The blockchain protocol functions like a distributed ledger that keeps a permanent record of all transactions and balances. It works as a decentralized database made up of computers that belong to a p2p network (peer-to-peer). Each computer in the distributed network maintains an identical copy of the ledger providing complete resilience and transparency for all records logged.

There are different payment modules like the Mint Payment Module, ABIKO, Remitex, Mint Loyalty Module, Tokenized Invoicing, and Doc Stamping.

Of note, Doc Stamping permits the certification, signing and notarization of documents on the most relevant Blockchain protocols. They give their clients the possibility of saving sensitive documents in a transparent way, as well as registering the exact date and signers of the transaction.

Doing this on Blockchain results in cost savings compared to traditional alternatives. This permits the certification, signing and notarization of documents on the most relevant Blockchain protocols. They give their clients the possibility of saving sensitive documents in a transparent way, as well as registering the exact date and signers of the transaction.  Doing this on Blockchain results in cost savings compared to traditional alternatives.