Tokens are back and will be done properly this year, with the Bitcoin SV Genesis Upgrade. Not just for speculative trading, in 2020, blockchain token technology is expected to be adopted for use by everyone who wants to exchange value in other forms.
“Everyone can benefit from tokenization,” said James Belding, CEO and Founder of Tokenized. Especially on the Bitcoin SV blockchain, the potential uses of tokens are boundless, as Belding told SVPool that “You’ve got your obvious token examples at multiple work now, like your financial instruments, I mean silly tokens like movie tickets, admission tickets things like that, and they offer a real significant value proposition compared to what you can do today.”
Companies, non-profits, partnerships, individuals, even families can benefit from this immutable, digital record of ownership. Based on smart contracts, tokens enabled any agreement to be enforced without the use of paper documentation or middlemen, reducing costs while decreasing speed.
One of the most exciting uses of tokens this year is perhaps the issuance of national fiat currency tokens, which according to Belding, “is going to happen sooner than people think.”
Blockchain tokenization can prevent document forgery, loss, and theft, as digitizing documents reduce the need for physical ones. This way, blockchain tokenization works to complement human law, and Bitcoin has expressed its intention to work within legal frameworks.
Just to reiterate, the main promise of tokens this year is to make legal agreements of any size available to all by making it cheaper and easier. Now the question is, when will we have the best and most widely-used platforms to manage them?
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