BlackRock: Tokenization will shape a new stage of development in global markets; in the future, digital wallets will be able to hold and trade various...
TL;DR
BlackRock executives state that tokenization is modernizing global markets by bridging traditional and digital finance, enhancing efficiency and accessibility. It transforms assets like real estate into smaller units and is expected to grow rapidly, similar to the internet's evolution.
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According to ChainCatcher, BlackRock CEO Larry Fink and COO Rob Goldstein wrote in The Economist that tokenization is shaping the next phase of development in global markets by modernizing infrastructure through connecting traditional and digital finance, thereby improving efficiency, transparency, and accessibility.
Tokenization can replace paper documents with code, thereby reducing friction that leads to high costs and time-consuming asset transactions and transforming large, unlisted assets (such as real estate or infrastructure) into smaller, more accessible units.
The current stage of tokenization development is roughly equivalent to the period before three of the "Big Seven" tech giants were founded. Its development speed will rival that of the internet and achieve tremendous growth within decades. In the future, all types of assets can be bought, sold, and held through a single digital wallet.