Meng Chan Shu from RAK DAO motivated members of the community to persist in their efforts to build, despite the difficulties encountered in the tokenization adoption process.
The World Token Summit 2023 in Dubai drew in experts from all corners of the cryptocurrency world. During a panel discussion, attendees learned about the potential for tokenization to grow even further through the use of address tracking and forensic analysis.
Jeremy Firster, the global head of partnerships at Cardano Foundation, shared his insights alongside Meng Chan Shu, the head of business development at the Ras Al Khaimah Digital Assets Oasis (RAK DAO), and Ellis Wang, an advisor at The Private Office of Sheikh Saeed bin Ahmed Al Maktoum.
The panel discussed the various tools that can be utilized to scale tokenization, ultimately leading to greater adoption and increased success in the world of cryptocurrency. Without a doubt, the World Token Summit 2023 proved to be a valuable learning experience for all in attendance.
Barking Down Panel Discussion
As the panel discussion commenced, Firster wasted no time in emphasizing the benefits of tokenization, citing its ability to create utility. According to the executive, tokenization is an invaluable tool that provides access, facilitates fund distribution, and allows for the fragmentation of assets.
He explained that tokenization captures the digital identity of an asset, including its ownership, value, and history. Adding to the conversation, Wang, who had previously worked in the banking sector, pointed out that transparency and security are some of tokenization’s main advantages.
These inherent features of blockchains are leveraged when records are put within them, and the executive believes that tokenizing real-world assets gives them added advantages. Smart contracts, for example, provide the flexibility that traditional assets simply cannot match.
The world of tokenization is not without its challenges. Measures like know-your-customer (KYC) and know-your-transaction (KYT) must be implemented to ensure that funds are not coming from illicit sources. Despite these hurdles, however, the executive remains optimistic about the potential benefits that tokenization can bring to various industries.
Forensic Analysis Key to Scaling Tokenization?
During the discussion, Firster offered a unique perspective. According to the executive, forensic analysis could be the key to scaling adoption. The industry has now reached a point where tracking a large entity’s address is not only possible but also necessary. As the world of tokenization continues to evolve, it will be interesting to see how these challenges are overcome and how the technology transforms industries. He stated that:
“It’s all about the rules of how many previous transactions they need to look into, in order to ensure that these funds are clean and clear for use within a trade finance model.”
As the discussion continued, Shu agreed with most of the things said by the other panelists. They all recognized the importance of ensuring that each token served a clear purpose in the community’s efforts towards tokenization. “It’s crucial to be mindful of the purpose behind every token,” the executive emphasized.
Despite the challenges that lay ahead, Shu urged the community to persevere and continue building towards a brighter future. It was a moment of shared vision and determination, as the panelists and audience alike recognized the transformative potential of tokenization.
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