WEF panel examines the benefits of a tokenized economy

At the World Economic Forum (WEF) event, a panel of blockchain experts asserted that the economy is rapidly moving toward tokenization in the future. Carbon credits, housing and electricity assets, government bonds, and foreign exchange are expected to be tradeable through blockchain technology.

The virtual event, “Tokenized Economies, Coming Alive,” was a big success with esteemed speakers such as Circle CEO Jeremy Allaire, Bitkub Capital CEO Jirayut “Topp” Srupsrisopa, Finland’s Minister of Transport and Communications Timo Harraka, and Yield Guild Games co-founder Beryl Li.

Topp reported that in the first quarter of 2023, Thailand’s central bank would launch a digital version of its currency – the Thai baht. The government is actively partnering with Singapore’s Monetary Authority to facilitate remittances between both countries using its new cryptocurrency.

The Thai government has recently announced its plans to launch an “investment token” license – different from its current crypto license. This will permit entrepreneurs to assign a digital value to virtually any asset, including government bonds, carbon credit trading, and foreign exchange transactions. According to Topp, this is set to be “the foundation of the digital economy going forward.”

Harakka pointed out that the self-custody of data will be a major debate in the coming years. For example, “MyData.org,” an organization established in Finland around 2014, was designed to give individuals authority and control over their data. Yet, even so, most people are still fixated on “privacy” rather than ownership, which has prevented projects like this one from reaching their full potential.

At the event, one audience member asked what everyone anticipated to be tokenized soon. Jeremy Allaire replied that he believes many brands want to convert their exclusive loyalty programs into blockchain applications – shifting them from a “closed-loop system” to an “open-loop system,” which could interface with other companies’ systems.

Everyone attending was highly hopeful regarding the potential of tokenized assets, yet they recognized that implementation would require more comprehensive government regulations and user-friendly interfaces. If these conditions are met, it may result in a burgeoning tokenized economy.

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