Carved in Stone or Blockchain? A Colorado church has leveraged distributed ledger technology to tokenize a chapel. What does it do and how will it work?
In Colorado, a chapel is now on the blockchain
Real-world asset (RWA) tokenization is one of the most dynamic areas of blockchain at the moment, to the point of affecting places of worship in the United States. Old Stone Church in Colorado has found a way to represent its chapel on the blockchain..
💡 To learn how it works – What is tokenization and which industries is it transforming?
Pastor Blake Bush, who is in charge of the project, wanted to take possession of the chapel, which had been rented until then. With the group “Colorado House of Prayer”, he plans to finance the purchase through participatory meansThe building is currently valued at $2.5 million.
The pastor also claims to have been led to the blockchain by a divine authority. :
“I heard the Lord say “tokenize the building.” […] God said: “My son, go and find me a home.”»
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The “stone coin” used to raise funds
Blake Bush, who is a former salesman, created a cryptocurrency to raise funds: the “Stone coin”. The asset is tied to a real estate token created by REtokens. It runs on the private Polymesh blockchain. Investors are currently part of Blake Bush’s parish, but sales could be opened beyond the church walls in the future.
👉 Also in the news – Germany’s leading development bank explores asset tokenization as part of ECB experiments
Tokenization has been gaining more and more traction lately and is enabling unique use cases, such as this one. At the crossroads of finance, blockchain, and tangible assets, It builds bridges to create innovative financing methodslike the one developed by the Colorado House of Prayer.
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Source: Forbes
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A journalist at Cryptoast since 2017, I am passionate about the issues of decentralization, privacy and regulation. I specialize in traditional economics and finance, analyzing how news from this sector influences the cryptocurrency sector, offering a unique and informed perspective to Cryptoast readers.
Marine Debelloir
3102 articles
