Tokenization: Unlocking Benefits Of Transparency and Security

• The panel discussed the economics of tokenization at the World Token Summit 2023 event in Dubai.
• Benefits of tokenization include utility creation, transparency, and security.
• Challenges of tokenization include navigating emerging technologies and measures such as KYC/KTT.

Tokenization Adoption: Panel Discussion at World Token Summit

At the World Token Summit 2023 event in Dubai, a panel of experts discussed how tokenization adoption can be scaled further through tools like address tracking and forensics analysis. Participants included Jeremy Firster (global head of partnerships at Cardano Foundation), Meng Chan Shu (head of business development at RAK DAO), and Ellis Wang (executive team member at The Private Office of Sheikh Saeed bin Ahmed Al Maktoum).

Benefits of Tokenization

Jeremy Firster highlighted that tokenization’s benefits are found in utility creation, providing access, fund distribution and fragmentation of assets. Similarly, Ellis Wang noted that tokenizing real-world assets brings advantages like transparency and security thanks to blockchain records. In addition, smart contracts provide flexibility to these digitalized assets.

Challenges with Tokenization

According to Ellis Wang, one challenge is keeping up with the latest developments due to so many emerging technologies. Furthermore, KYC/KTT measures add another layer to the various challenges which need to be addressed when adopting tokenization.

Encouraging Adoption

Meng Chan Shu encouraged community members to “keep on building” despite the challenges in adopting tokenization. This sentiment was echoed by Ellis Wang who believes that although there are difficulties associated with incorporating new technology into existing systems, organizations should not be discouraged from taking advantage of its numerous benefits.

Conclusion

The panel concluded that while there are certain obstacles associated with moving towards a more digitized economy, businesses should embrace this change as it provides them with numerous advantages which can help them become more efficient and secure in their operations.