- Frac, a leader in the high-value fractional asset trading space, has joined forces with Vechain Technology to enhance platform security and provide unalterable proof of authenticity.
- Vechain’s NFC technology combined with Frac’s use of the Helium blockchain and IoT/GPS live dashboard heralds a new era of trust and credibility in the fractional asset trading market.
In the fast-evolving realm of blockchain, a groundbreaking collaboration has taken shape between Frac, a pioneer in the high-value fractional asset trading industry, and Vechain Technology. The alliance aims to bolster the security of Frac’s platform and provide unchangeable authentication through the use of Near Field Communication (NFC) chips.
Vechain's blockchain tools are being used to power Frac, a fractional asset trading platform that uses #NFTs to fractionalise and trade high-value premium assets as fungible tokens.
— vechain (@vechainofficial) June 15, 2023
Frac deals in premium real-world assets, such as luxury cars, precious gems, whiskies, and wines. These are first minted as non-fungible tokens (NFTs), then converted into fungible units that can be freely traded on Frac’s decentralized trading platform.
Vechain’s solutions significantly improve the security of Frac’s platform by integrating NFC chips that verify the genuineness of the products up for trade. Predominantly built on the Helium blockchain, Frac utilizes this network to validate GPS data, ensuring the precise asset location information. Together, Vechain and Helium aim to create a comprehensive solution to instill trust in the fractional asset trading market.
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A core challenge in fractional assets trading is the assurance of the authenticity of the underlying assets. With Vechain’s NFC chips, Frac can establish the legitimacy of the fractions up for trade by ‘phygitalizing’ and creating digital twins of high-value physical assets. Once registered on the blockchain, these assets establish an unalterable record of their authenticity and existence, mitigating trust issues in fractional ownership.
Vechain’s anti-tamper capabilities ensure the assets’ integrity on Frac’s platform. These unique NFC chips employ state-of-the-art technology to monitor and track asset conditions in real time. By integrating these devices into the trading process, Frac can provide live streams of assets, assuring traders about the security and authenticity of assets, thereby reducing the risk of fraudulent activities.
Frac goes a notch higher by deploying an IoT/GPS live dashboard powered by Helium. The dashboard provides traders with real-time access to the location data of the assets being traded. Through the decentralized Helium network, Frac ensures the GPS data transmitted from the asset is authentic and unaltered.
The amalgamation of Vechain and Helium’s infrastructure creates a secure trading environment, instilling trust in the data, and enabling traders to independently verify the location and authenticity of assets before engaging in fractional trading.
Frac and Vechain’s partnership, along with Helium’s platform, is a testament to a forward-thinking approach in solving trust issues in fractional asset trading. As the global fractional asset trading market continues to evolve, such collaborations will play a pivotal role in establishing trust and credibility.
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