Tokenization
Tokenization doesn’t just exist in the world of blockchain – the concept has been around for a long time. When you tokenize something, you’re taking sensitive data, like a share or security and storing it securely – all whilst using a digital representation in your day-to-day operations
Asset tokenization is taking a real-world asset and tokenizing it onto a blockchain network.
Imagine you owned a house – the records of your ownership of that house would be in the form of various physical documents, such as title deeds. The process of transferring home ownership if you sold that house is a logistical headache, with all of the documents and paperwork handled by various parties during the sale process, there’s higher risk of human error.
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Instead, you could represent your house as a ‘token’ on a blockchain network – with all existing required data attached to the token itself. The process of transferring ownership would be far easier and more seamless as there would be no need for an intermediary to facilitate the transaction. What’s more, as the transfer of ownership would be publicly available information to all users on that specific blockchain, the whole process would be transparent and easy to refer to in the future.
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