Tokenized Assets on Public Blockchains: How Transparent is the Blockchain?

With the proliferation of programmable blockchains with smart contract capabilities, new blockchain technology use cases have emerged that involve the tokenization of conventional financial assets and related smart contract-based financial services. While early blockchains like Bitcoin introduced native cryptocurrencies as new asset classes, in recent years, market participants have noted the potential for blockchain and distributed ledger technologies (DLT) to be used to trade tokenized versions of bonds, money funds, and commodities, among other assets (GFMA, 2023, p. 6).