In December, 2008, SoKat produced and deployed the first blockchain in the Federal government, as documented by Booz Allen & Hamilton, in a report by the Data Foundation, Bringing Blockchain into Government: A path forward for creating federal blockchain initiatives.
The blockchain we built was GrantSolutions Grants Blockchain, built on the Hyperledger Fabric platform. GrantSolutions, as a shared service for grant administration fun by the Administration for Children and Families in the U.S. Department of Health and Human Services, supports 26 major federal agencies to help manage the full lifecycle of grants. The total amount of grants that that these agencies issue every year is more than a staggering $750 billion – yet many grant-makers have limited or no access to information about related grants made by other related agencies. In response to this problem, GrantSolutions’ blockchain solution captures standardized grant information so that both grant-making entities and grant recipients have access to information; in other words, the blockchain enables access to information that is is not otherwise available. This results in a significant reduction in the overall administrative burden on grant reviewers and the application and reporting burden on grantees. The effectiveness and efficiency of this blockchain arises from recognizing that the grant process operates like a business supply chain, where individuals can provide their inputs at different stages to enhance the available information and use the data as a shared resource. Additional beneficial features of this blockchain application include:
- Lightweight, permission blockchain
- Secure, yet open, data
- Controlled, scalable approach
Distributed Ledger Technology
As Decentralized Finance(DEFI) becomes a more and more hot topic since 2020, Sokat launched its DEFI project in the Ethereum Blockchain in 2021 as well.
The DEFI project we are building is a decentralized exchange like Uniswap. But unlike all the existing decentralized exchanges which only have pools for cryptocurrencies, our project is planning to bring really equity assets into the DEFI ecosystem.
As we know, It is almost a common understanding that it is hard for the regulatory authorities to agree to bring cryptocurrencies into the mainstream stock exchanges such as NASDAQ to trade equities like Apple or Tesla stocks. We are doing the other way around. Our DEFI project will serve as the third party to allow users to collateral their stocks and we will issue a corresponding ERC20 token for the collateralized equity. For example, if a user collateralizes one unit of Apple stock to us, we will issue an ERC20 “SApple” token to his or her wallet. And the user can trade this SApple token in our DEFI exchange’s SApple – DAI pool. In this way, we successfully bring real-world equities into the DEFI ecosystem. When a SApple token is returned to us, one unit of collateralized Apple stock will be unlocked and given back to whoever returns the token. And this token will be burned.
The “Sokat” token:
We will issue our “Sokat” token as a reward to the participants in our DEFI App as an incentive. We also plan to do an Initial Coin Offering(ICO) to raise money from the blockchain investors for the project. The Sokat token will be able to exchange for real dollars once listed in another external crypto exchange like Coinbase.