Tokenization
Tokens can be programmed with any logic the issuer wants, including logic ensuring that distributions and transfers are compliant to meet specific rules. Simple examples include controls to ensure that tokens can be transferred only to certain counterparties, or not at all during a lock-up period. However, the real promise of this programmability is a future with fundamentally new instruments and markets.

Tokenization reduces the cost and increases the speed of creating, issuing, and exchanging assets, innovating new features, administering dividends and other corporate actions, holding, reporting, and creating secondary market trading and settlement arrangements with no counterparty risk. This, in turn, increasees access to investors and has the potential to improve liquidity and distribute risk.