University of the Cumberlands Concept of Tokenization Essay

Description

Transaction cryptographically signed and sent to the network nodes
Transaction verified in a new block
Block is processed (data mining)
Block validated by the network and added into the blockchain
Transaction complete

In blockchain, a token is a digital representation of a unit of value. This unit of value can be assigned to anything deemed valuable by society, be it digital assets or digital representations of real-world assets. Bitcoin and ether derive their value from the shared belief amongst a large number of individuals and institutions. Similarly, the U.S. dollar and many other traditional fiat currencies are valuable because of the shared belief in the government. The fact that the traditional financial system is in many ways less fluid and flexible than the internet has prevented many areas of value creation. Tokenization enabled through blockchains unlocks incredible value creation opportunities for enterprises.

Tokens can be created to represent the entirety or portion of a real-world entity. Entities could be natural goods, like gold or oil, real estate properties, financial instruments, and more. Tokenization enables previously large, non-liquid assets to be split into smaller and more liquid components. This can create greater freedom in the trading of these assets and decrease illiquidity premiums, which improves process efficiency and creates additional sources of value. It is important to know that there are also private blockchain offerings looking at tokenization. Kaleido, an enterprise-focused blockchain-as-a-service platform, offers a solution called Ether Pool, which gives consortiums a token to map to assets.

Please read this article in addition to the one listed for the weeks reading.

https://www2.deloitte.com/content/dam/Deloitte/lu/Documents/financial-services/lu-tokenization-of-assets-disrupting-financial-industry.pdf

Additional Resources for our concept this week:

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