Tokenisation
Digitising a document is not tokenising a claim.
Digitisation makes a record easier to copy. Tokenisation makes a defined claim transferable under a rule. Liquidity is a third thing, and it is not included.
Three words that get collapsed
- Digitisation: the file exists.
- Tokenisation: a rule can move a claim.
- Securitisation: a legal structure slices cashflows. A token does not do that work by itself.
Liquidity
A transferable record does not find a buyer. If the register a court reads is somewhere else, the token can move while the claim stays. That is not a market. It is a second list.