Blockchain can become the main feature not only of financial markets but also of many other sectors of the economy. In theory, any asset can be tokenized, and the rights to it are represented in a distributed ledger. But it is most likely that in the coming years, this process will affect the following industries \u2014 Infrastructure, real estate, intellectual property, music and culture, stocks and trade, gold and rare precious metals, foundations and their assets, art and collectibles, foreign exchange transactions and insurance. But at the same time, it should be understood that the tokenization of these industries will seriously change them, and will actually hit finance.A blow to financial marketsThe potential proliferation of asset tokenization in financial markets could hit liquidity, but could also affect trading, price, clearing and settlement of securities, and even monetary policy. When considering the potential consequences of such a phenomenon, a distinction must be made between the following two types of tokenization:\u2022 tokenization of securities that also exist outside the blockchain network;\u2022 the issue of securities in tokenized form directly within the blockchain.Trade blowDLT allows securities transactions to be carried out in a mode in which trust is distributed among the nodes participating in the blockchain network, where the participation of a central institution or intermediary is not required to settle the relationship between the parties to the transaction. Investors can act as broker-dealers for themselves, and transactions are confirmed by participants in the decentralized network in exchange for some commission.A blow to market makersMarket makers provide two-way quotes to investors who want to buy or sell a security. The role of market makers is more prominent in markets with a small investor base and the need to provide liquidity, especially during times of market stress when market makers take the other side\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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