Building Fabriik’s Foundation on Blockchain

There are many exchanges, wallets, trading, and payment platforms in existence today that provide some form of digital asset trading. One major problem that is often observed is that they are usually stand-alone services with limited offerings. There has not been a user friendly, one-stop shop that has the ability to fulfill consumer and business needs across the board. Fabriik’s goal is to solve that problem whether you are an individual looking to get started with a small investment or a global business looking to scale.

“The Fabriik smart wallet premise is based on simplicity and accessibility. We feel it’s the next battleground for the digital asset space and the blockchain space” said Roy Bernhard, Chief Visionary and CEO, Fabriik in a recent “Meet the Founders”interview.

The smart wallet will be the interface where most of the activity will take place and it will need to deliver its many components in a very simple way. These include open finance, open banking, integration of institutions such as lending and borrowing, trading, and holding. To accomplish this, Fabriik developed a very complex backend support structure.

The three main components of the support structure are the custodial product that handles both digital and physical assets, markets product and the exchange. The latter provides users with more than just spot and derivative trading. It goes a step further with licensing to include tokenized assets. The foundation of support beneath these products is the Fabriik Digital Object which was built as the tokenization platform.

Tying this together in a seamless, yet invisible platform provides the user with the ability to perform any number of transactions without having to understand the technical aspects. People inherently just want it to work. Fabriik intends on supporting any asset available on the market, provided it is safe. This solves the ongoing problem of exchanging assets and bouncing them around from wallet-to-wallet because currently none of them support all of the assets out there.

Roy and his team looked at dozens of blockchain offerings as well as traditional databases to build upon. It was concluded that blockchain technology was the right course of action. Key factors in the decision-making process included scalability for the future, overall speed of transactions and cost efficiency.

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