The Blockchain Version Of The International Securities Identification Number (ISIN) – International Blockshare Identification Number (IBIN)

The blockchain ecosystem is continually adapting and changing to accommodate self regulatory practices. All parties involved are trying to build a fair, well working environment for which cryptocurrencies and blockchain technology can grow and help make the world a better place.

Traditionally, it was the responsibility of governments and banks to set in place rules for which to make the economy fair and just.

Now in the fast paced, modern day interconnected world, governements and institutions are still using the systems developed in the pre-internet days as they try to stay on top of the adapting world. These systems are too slow and they simply cannot keep up.

Instead, the responsibility is being accepted by the projects themselves.

What is The International Blockshare Identification Number (IBIN)?

“International Blockshare Identification Number (IBIN) is a 13 digit code that is comprised of numbers and letters that uniquely identifies a specific security on the blockchain. The number includes the letter B at the end, to indicate that it is a blockshare number. IBIN is applicable to (but not limited to) cryptonized equity and exchange traded commodities (ETC). IBIN administers the data received from the applicants, the platform does not own the data provided and it is not responsible for validating the information.”

International Securities Identification Number (ISIN)

The International Securities Identification Number, commonly referred to as ISIN1, is an identification number that is utilised to identify financial assets such as securities. ISIN is similar to a serial number. ISIN was firstly issued in 1981 but the numbers did not gain wide global acceptance until 1989. Initially, ISIN was previously only considered as a secondary form of security identification, used primarily for clearing and settlement.

ISIN is not only significant for clearing and settlement purposes, but it’s widely used by share custodians to keep track of holdings. Today, ISIN is utilized and accepted globally as a standard norm in identifying securities in the traditional financial market.

International Blockshare Identification Number (IBIN)

The International Blockshare Identification Number, alternatively referred to as IBIN, is an identification number for equities that seek to be listed on blockchain based exchanges. When issuers’ equity is listed on blockchain based exchanges, they undergo a process called cryptonization.

Cryptonization is the materialization of equity on the blockchain. Before the cryptonized equities can be listed they need an IBIN, which is the blockchain equivalent of ISIN. IBIN consist of 13 alphanumeric characters that are unique to the respective equity, exchange traded commodities and other cryptonized assets. Quote from IBIN.io

Registration for an IBIN is free until August 2018!

Read the Whitepaper and learn more about the IBIN at https://ibin.io/

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By | 2018-05-04T12:41:50+00:00 May 4th, 2018|News|0 Comments

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