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 "identifier": "kaal:entity:tokenization",
 "name": "Tokenization",
 "termCode": "tokenization",
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 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3396542-003",
   "identifier": "kaal:claim:3396542-003",
   "text": "The authors propose that insurance underwriting be operated by a Decentralized Autonomous Organization in which cryptocurrency tokens function as claims on the future cash flows of the underwriting business.",
   "abstract": "Insurance products can be optimized with emerging decentralized technology. We propose the use of cryptocurrencies as claims on future cash flows of an underwriting business operated by a Decentralized Autonomous Organization (DAO).",
   "citation": "Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, Decentralized Underwriting (2019). SSRN: https://ssrn.com/abstract=3396542",
   "datePublished": "2019",
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3406323-011",
   "identifier": "kaal:claim:3406323-011",
   "text": "Personal data, preferences, and opinions can only be limitedly commercialized inside centralized structures, whereas in decentralized structures the same assets can be tokenized, valued, and mobilized, including in real time.",
   "abstract": "Such assets, e.g. one's data, preferences, opinions etc. currently in centralized structures can only limitedly be commercialized. In decentralized structures such assets can be tokenized, valued, and mobilized.",
   "citation": "Wulf A. Kaal, Decentralization - A Primer on the New Economy (2019). SSRN: https://ssrn.com/abstract=3406323",
   "datePublished": "2019",
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3709041-016",
   "identifier": "kaal:claim:3709041-016",
   "text": "Personal assets such as data, preferences, and opinions can only be commercialized to a limited extent in centralized structures, whereas decentralized structures allow those same assets to be tokenized, valued, and mobilized.",
   "abstract": "Such assets, e.g. one's data, preferences, opinions etc. can only limitedly be commercialized in existing centralized structures. In decentralized structures such assets can be tokenized, valued, and mobilized.",
   "citation": "Kaal, Blockchain Technology for Good (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3709041",
   "datePublished": "2020",
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   "@id": "https://wulfkaal.github.io/claims/3782216-010",
   "identifier": "kaal:claim:3782216-010",
   "text": "Tokenization is meaningless unless the token is underwritten by someone who puts their reputation and ultimately their money on the line to attest that the token validly represents the asset.",
   "abstract": "Tokenization doesn't mean anything without something to back it up. A token's meaning must be attested by something substantial. It must be underwritten by someone who is putting their reputation—and ultimately their money—on the line to assert the validity of the to- ken.",
   "citation": "Craig Calcaterra, Wulf A. Kaal, Decentralized Finance (DeFi) (2021). SSRN: https://ssrn.com/abstract=3782216",
   "datePublished": "2021",
   "claim_type": "condition",
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   "identifier": "kaal:claim:3782216-039",
   "text": "DeFi will take off only when cryptocurrency is used in authentic transactions such as insurance and equities across broad segments of industry and tokenization of commodities and properties is instituted.",
   "abstract": "When will deFi take off? When the economy becomes viable—when cryptocur- rency is used in authentic transactions such as insurance and equities in broad seg- ments of industry and tokenization of commodities and properties is instituted.",
   "citation": "Craig Calcaterra, Wulf A. Kaal, Decentralized Finance (DeFi) (2021). SSRN: https://ssrn.com/abstract=3782216",
   "datePublished": "2021",
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3808859-030",
   "identifier": "kaal:claim:3808859-030",
   "text": "Tokenization of assets is the issuance of a digital asset that forms the digital representation of an existing real-world asset, analogous to securitization in that it converts liquid or illiquid real-world assets into tradable digital instruments.",
   "abstract": "The tokenization of assets refers to the process of issuing a digital asset that forms the digital representation of an existing real-world asset.",
   "citation": "Wulf A. Kaal, Decentralization – Why We Need Technology Infrastructure Upgrades (2021). SSRN: https://ssrn.com/abstract=3808859",
   "datePublished": "2021",
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   "@id": "https://wulfkaal.github.io/claims/3808859-031",
   "identifier": "kaal:claim:3808859-031",
   "text": "Tokenizing an existing real-world asset such as fractional real estate cannot be done without a sufficient depth of decentralized infrastructure solutions.",
   "abstract": "Tokenization of existing assets, for instance, tokenized real estate is the instantiation of a fractural part of the respective piece of real estate as a whole, requires a certain depth of decentralized infrastructure solutions.",
   "citation": "Wulf A. Kaal, Decentralization – Why We Need Technology Infrastructure Upgrades (2021). SSRN: https://ssrn.com/abstract=3808859",
   "datePublished": "2021",
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    "applies to tokenization of existing real-world assets"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3808867-007",
   "identifier": "kaal:claim:3808867-007",
   "text": "Redistribution under decentralism rests on ownership rights in a person's individuality derived data that creates economic value, rather than on tax policy.",
   "abstract": "decentralism's redistribution is based on ownership rights in persons' individuality-derived data that creates economic value.",
   "citation": "Wulf A. Kaal, How Decentralized Systems Can Upgrade AI (2021). SSRN: https://ssrn.com/abstract=3808867",
   "datePublished": "2021",
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   "text": "Personal assets such as one's data, preferences, and opinions can only be commercialized to a limited degree in existing centralized structures, whereas decentralized structures allow those same assets to be tokenized, valued, and mobilized.",
   "abstract": "Such assets, e.g. one's data, preferences, opinions etc. can only limitedly be commercialized in existing centralized structures. In decentralized structures such assets can be tokenized, valued, and mobilized.",
   "citation": "Wulf A. Kaal, How Decentralized Systems Can Upgrade AI (2021). SSRN: https://ssrn.com/abstract=3808867",
   "datePublished": "2021",
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   "is_failure_mode": false,
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    "personal consumption data, preferences and opinions",
    "early 2020s decentralized markets"
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   "@id": "https://wulfkaal.github.io/claims/3949098-008",
   "identifier": "kaal:claim:3949098-008",
   "text": "Reputation can underwrite tokenized assets and provide immutable guarantees for them, and with reputation staked guarantees tokenized assets can over time function like real assets.",
   "abstract": "Reputation can be used to underwrite tokenized assets and provide immutable guarantees for tokenized assets. With reputation staked guarantees on tokenized assets such tokenized assets can, over time, exist like real assets.",
   "citation": "Wulf A. Kaal, Reputation as Capital – How DAOs Upgrade Finance (2021). SSRN: https://ssrn.com/abstract=3949098",
   "datePublished": "2021",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "reputation is meaningful and secure",
    "guarantors stake reputation and associated cashflow streams"
   ],
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/4021599-009",
   "identifier": "kaal:claim:4021599-009",
   "text": "Securities tokens involve an underlying interest or function of the token to replace actual financial securities such as shares or equity in legacy businesses.",
   "abstract": "In other words, securities tokens involve an underlying interest or function of the token to replace actual financial securities, such as shares or equity in legacy businesses.11",
   "citation": "Wulf A. Kaal, Securities Versus Utility Tokens (2022). SSRN: https://ssrn.com/abstract=4021599",
   "datePublished": "2022",
   "claim_type": "definitional",
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/4900878-037",
   "identifier": "kaal:claim:4900878-037",
   "text": "Tokenizing physical and digital assets enables fractional ownership and supplies liquidity, which broadens access to investment opportunities that were previously out of reach.",
   "abstract": "Furthermore, the tokenization of physical and digital assets within the VOW ecosystem enables fractional ownership and provides liquidity, democratizing access to investment opportunities.",
   "citation": "Wulf A. Kaal, Quantum Economy and Tokenomics (2024). SSRN: https://ssrn.com/abstract=4900878",
   "datePublished": "2024",
   "claim_type": "mechanism",
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   "scope_conditions": [
    "the VOW ecosystem as a case study"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5454054-001",
   "identifier": "kaal:claim:5454054-001",
   "text": "Liquid Equity Rewards (LER) is a voucher rewards mechanism that links capital formation to loyalty rewards by granting time-weighted, utility-only rewards to holders of equities or cryptoassets.",
   "abstract": "This article evaluates the prospects of Liquid Equity Rewards (LER), a voucher rewards mechanism linking capital formation and loyalty rewards through time-weighted, utility-only rewards for holders of equities or cryptoassets.",
   "citation": "Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054",
   "datePublished": "2025",
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   "@id": "https://wulfkaal.github.io/claims/5554218-003",
   "identifier": "kaal:claim:5554218-003",
   "text": "The absence of standardized protocols for dispute resolution and for compliance with regulations such as export controls hinders the scalability of tokenized real world assets and other blockchain based applications.",
   "abstract": "the absence of standardized protocols for dispute resolution and compliance with regulations, such as export controls, hinders the scalability of tokenized real-world assets (RWAs) and other blockchain-based applications.",
   "citation": "Furrer Andreas, Wulf A. Kaal, Universal Digital Law Codex (UDLC) Building the Legal Infrastructure for the Digital Era (2025). SSRN: https://ssrn.com/abstract=5554218",
   "datePublished": "2025",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "tokenized real world assets",
    "cross-border blockchain applications subject to export controls"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5583610-003",
   "identifier": "kaal:claim:5583610-003",
   "text": "Liquid Equity Rewards is defined as a blockchain enabled system that grants verified holders of stock or tokenized equity time-weighted, utility-only rewards rather than financial yield.",
   "abstract": "A blockchain-enabled system called Liquid Equity Rewards (LER) provides verified holders of stocks or tokenized assets with time-weighted, utility-only rewards.",
   "citation": "Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025). SSRN: https://ssrn.com/abstract=5583610",
   "datePublished": "2025",
   "claim_type": "definitional",
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   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5886342-023",
   "identifier": "kaal:claim:5886342-023",
   "text": "Rights embedded in a Digital Transfer of Rights Object are exercisable only by the digital controller of that object, which is what lets the transfer of control function as the transfer of the underlying entitlement.",
   "abstract": "be exercised by the Digital Controller of the DTRO.",
   "citation": "Furrer Andreas, Wulf A. Kaal, Stephan D. Meyer, Universal Digital Law Codex (UDLC) (2025). SSRN: https://ssrn.com/abstract=5886342",
   "datePublished": "2025",
   "claim_type": "mechanism",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "transferable contractual and negotiable rights stipulated in a DTRO"
   ],
   "source_pdf_sha256": "dc456a1ce2ea4a356dbcb35dc900ec36be94b8c9b6da4a2c8c268d6301f66359",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5886342-024",
   "identifier": "kaal:claim:5886342-024",
   "text": "Where a Digital Transfer of Rights Object represents an underlying physical object, transferring the DTRO substitutes for the transfer of physical control, so possession of the thing no longer has to change hands for ownership to pass.",
   "abstract": "shall substitute the transfer of the physical control",
   "citation": "Furrer Andreas, Wulf A. Kaal, Stephan D. Meyer, Universal Digital Law Codex (UDLC) (2025). SSRN: https://ssrn.com/abstract=5886342",
   "datePublished": "2025",
   "claim_type": "mechanism",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "the DTRO terms link the property rights in the underlying physical object to the DTRO",
    "the identity of the DTRO is reliably linked to the identity of the physical object"
   ],
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  }
 ],
 "description": "17 claims in the published works of Wulf A. Kaal carry the concept tag 'tokenization'. Derived node: a roster, not an adjudicated definition."
}