Tokenization has become one of those words that turns up everywhere in finance and rarely gets explained well. Strip away the hype and the idea is simple. You take rights over an asset, a piece of real estate, a loan, a stream of receivables, and you turn those rights into a digital token that lives on a shared electronic ledger, usually a blockchain. Once an asset exists as a token, it can be split into small pieces, sold quickly, and settled in seconds, with every step recorded and very hard to tamper with. Brazil has turned out to be one of the best places in the world to watch this happen, and the most interesting part of the story is only now getting started.
Five Kinds of Token, and Who Watches Over Them