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revision 2 Oct, 6, 2017
Tokenization
Dr. Pavel Kravchenko
Vladimir Dubinin
Distributed Lab
What is tokenization?
A process of transformation of asset
accounting and management to represent
each asset by a digital ...
Why tokenize assets?
Tokenization reduces costs and
frictions to trade
Factors that increase friction and
decrease liquidity
● Low speed of transaction settlement
● Need to trust a chain of int...
What will remove friction?
● Mathematically provable execution of trades
● Mathematically provable reconciliation and sync...
Tokenization - improving
the world’s trading
infrastructure
What exactly needs to be
improved?
Functionality
● Plug-in modules with business logic
● Interoperability of applications
● Smart contracts
● Backwards compa...
● Non-repudiation
● Ledger, history and account integrity
● Resilient infrastructure
● Separations of responsibility and r...
● Digitization of all assets and processes
● Transaction finality in seconds (or less)
● AML determinations in seconds (or...
Joint management
● Well-defined rules embedded and enforced in
software
● Transparency of all decisions for all participan...
Usability
● Component interoperability
● Open-source
● License-free components
● Easy customization
• Usage of cryptography for account management
• Usage of open API for component interaction
• Usage of blockchain for dis...
Assumptions
Tokenization is performed for real (i.e., existing somewhere
else) assets that are under control of some entit...
Account management transformation
Tokenization presumes a shift from mere order execution to
direct asset management in an...
Infrastructure components
integration
Depository, exchange, and payment systems are
combined and become a uniform decentra...
Decentralization
Blockchain acts as a ledger for accounts. It enables:
1. decentralization of transaction processing and s...
What is a “token”?
A token is an account which contains the balance of a
specific (“reference”) asset.
Everything will be tokenized
- Money
- Stocks and derivatives
- Real estate and certificates
- Warehouse receipts
- Loyalt...
Tokenization leads to better
asset liquidity
Contacts
distributedlab.com
pavel@distributedlab.com
dubinin@distributedlab.com
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Tokenization v2

A structured approach to tokenization, its goals, assumptions, applicability, techniques, features and differences from traditional systems.

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Tokenization v2

  1. 1. revision 2 Oct, 6, 2017 Tokenization Dr. Pavel Kravchenko Vladimir Dubinin Distributed Lab
  2. 2. What is tokenization? A process of transformation of asset accounting and management to represent each asset by a digital token.
  3. 3. Why tokenize assets? Tokenization reduces costs and frictions to trade
  4. 4. Factors that increase friction and decrease liquidity ● Low speed of transaction settlement ● Need to trust a chain of intermediaries ● Limited functionality of infrastructure ● Reliance on a single party ● Low usability for the end user ● Limited interoperability of infrastructure components
  5. 5. What will remove friction? ● Mathematically provable execution of trades ● Mathematically provable reconciliation and synchronization of data for each participant ● Each transaction subject to audit by all involved parties ● Guaranteed security against unauthorised history or account changes ● Universally applied transparent and predictable rules of trade ● Resilient infrastructure ● Fast settlement speed ● Simplicity of extension and usage of the infrastructure ● Standardized interoperable software components and protocols
  6. 6. Tokenization - improving the world’s trading infrastructure
  7. 7. What exactly needs to be improved?
  8. 8. Functionality ● Plug-in modules with business logic ● Interoperability of applications ● Smart contracts ● Backwards compatibility between protocols versions
  9. 9. ● Non-repudiation ● Ledger, history and account integrity ● Resilient infrastructure ● Separations of responsibility and roles ● Accessibility and DDoS protection ● Provable traceability of the account state ● Secure identity management which prevents impersonation ● Validation of software components ● Audit of all administrative actions Security
  10. 10. ● Digitization of all assets and processes ● Transaction finality in seconds (or less) ● AML determinations in seconds (or less) ● Real-time audits and auditability Speed
  11. 11. Joint management ● Well-defined rules embedded and enforced in software ● Transparency of all decisions for all participants ● Separation of roles ● Adding new ecosystem participants on the fly ● Joint account management ● Clear governance processes
  12. 12. Usability ● Component interoperability ● Open-source ● License-free components ● Easy customization
  13. 13. • Usage of cryptography for account management • Usage of open API for component interaction • Usage of blockchain for distribution of decision making, storage, and provable integrity and historical accuracy How to improve?
  14. 14. Assumptions Tokenization is performed for real (i.e., existing somewhere else) assets that are under control of some entity or entities, which guarantees 1:1 relationship between the token and the “reference asset” Principles of governance, KYC requirements, privacy, security and speed of processing are defined by the relevant entity or entities
  15. 15. Account management transformation Tokenization presumes a shift from mere order execution to direct asset management in an account. This shift is enabled due to the usage of cryptography for account authorization and management. Accounts can be managed jointly via using multi-signature. Integrity and non-repudiation is achieved. Accounts are secure even if the ledger is publicly available.
  16. 16. Infrastructure components integration Depository, exchange, and payment systems are combined and become a uniform decentralized infrastructure that contains within itself a ledger, an order book and a transaction execution engine which all are accessible via an open API.
  17. 17. Decentralization Blockchain acts as a ledger for accounts. It enables: 1. decentralization of transaction processing and storage, which leads to robustness and integrity 2. transparent and auditable transaction validation processes for all entities - and protection from double spending 3. Automated business logic (smart contracts) 4. Decentralized storage, audit and processing with centralized governance
  18. 18. What is a “token”? A token is an account which contains the balance of a specific (“reference”) asset.
  19. 19. Everything will be tokenized - Money - Stocks and derivatives - Real estate and certificates - Warehouse receipts - Loyalty points - Precious metals - Intellectual property
  20. 20. Tokenization leads to better asset liquidity
  21. 21. Contacts distributedlab.com pavel@distributedlab.com dubinin@distributedlab.com

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