BlackRock: Tokenization will shape a new stage of development in the global market, and future digital Wallets will be able to hold and trade various types of assets.

Larry Fink, CEO of BlackRock, and Rob Goldstein, COO, wrote in The Economist that tokenization is shaping the next phase of global market development by modernizing infrastructure through the connection of traditional finance and digital finance, thereby enhancing efficiency, transparency, and accessibility.

Tokenization can replace paper documents with code, thereby reducing the friction that leads to high and time-consuming transaction costs for assets, converting large non-public assets (such as real estate or infrastructure) into smaller, more accessible units.

The current stage of tokenization is roughly equivalent to the period when three of the "Tech Giants" had not yet been established, and its development speed will rival that of the internet, achieving tremendous growth within a few decades. In the future, various types of assets can be bought, sold, and held through a digital Wallet.