The first stage of the experiment modeled the sale of a car within a two-tier system with an intermediary payment service provider. The bank said that the service provider completed Know Your Customer (KYC)/Anti-Money Laundering (AML) checks and provided the necessary blockchain addresses. A nonfungible token (NFT) was issued to show ownership of the car in the absence of a licensing authority to effect the transfer. A smart contract exchanged the seller’s NFT and the buyer’s money, with the seller retaining the right to cancel the transaction if the conditions on it, such as the price of the car, were not met.
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Source: Cryptocurrency - investing.com
