rusjelRussian Journal of Economics and LawRussian Journal of Economics and Law2782-2923"TCE "Taglimat"" Ltd.10.21202/2782-2923.2024.1.88-104rusjel-2515Research ArticleКРИПТОМИР И ЦИФРОВЫЕ ФИНАНСЫCRYPTO-WORLD AND DIGITAL FINANCEТокенизация реальных активов: классификация, платформы, приложения, возможности и проблемы развитияTokenization of real assets: classification, platforms, applications, opportunities and challenges of developmenthttps://orcid.org/0000-0003-2620-8515АндрюшинС. А.AndryushinS. A.

Андрюшин Сергей Анатольевич, доктор экономических наук, профессор, главный научный сотрудник

Web of Science Researcher ID: http://www.researcherid.com/rid/N-7005-2017

г. Москва

Sergey A. Andryushin, Dr. Sci. (Economics), Professor, Chief Researcher

Web of Science Researcher: http://www.researcherid.com/rid/N-7005-2017

Moscow

sandr956@gmail.comИнститут экономики Российской академии наукРоссияInstitute of Economics of the Russian Academy of SciencesRussian Federation20241803202418188104Copyright © Андрюшин С.А., 20242024Андрюшин С.А.Andryushin S.A.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://www.rusjel.ru/jour/article/view/2515

Цель: обзор литературы и базовых характеристик процесса токенизации активов; уточнение типов классификации токенов; определение этапов моделирования процесса токенизации активов; анализ приложений протоколов экосистемы децентрализованных финансов; исследование возможностей и системных преимуществ токенизации активов; изложение проблем, возникающих в процессе токенизации активов; разбор факторов роста эффективности токенизации активов.Методы: в статье использованы эмпирический, исторический, логический, страновой, корпоративный, сравнительный и статистический методы экономического анализа, позволяющие изучать особенности развития процесса токенизации активов в условиях цифровой трансформации современной экономики.Результаты: раскрыты базовые характеристики процесса токенизации активов; определены типы стандартизируемых токенов, участвующих в процессе токенизации активов; рассмотрены этапы развития процесса токенизации активов; показаны варианты использования приложений децентрализованных финансов в условиях токенизации активов; исследованы возможности процесса токенизации за счет формирования новых форм инвестиций, повышенного уровня финансовой доступности, прозрачности и компонуемости токенизированных активов; проанализированы проблемы процесса токенизации активов; сделан разбор факторов роста эффективности токенизации активов в условиях кроссчейн-совместимости различных типов блокчейнов.Научная новизна: в статье показано, что токенизация активов – это процесс трансформации учета и управления активами, при котором каждый актив представляется в виде программируемого цифрового токена; токенизация – это новая форма создания дополнительной ликвидности за счет расширения в обращении незадействованных неликвидных активов. Токенизация гарантирует большую прозрачность в отношении прав на реальные активы и историю владения этими правами; способствует росту эффективности транзакций за счет снижения операционных расходов, включая издержки, связанные с управлением, выпуском токенов и возможными формами посредничества; получая доступ к приложениям экосистемы DeFi, позволяет расширять потенциал финансового рынка за счет дробления и компонуемости токенизированных активов. Все проблемы в процессе токенизации активов связаны с трилеммой блокчейна, когда нельзя одновременно совместить децентрализацию, безопасность и масштабируемость. Трилемма блокчейна в настоящее время становится набором возможных компромиссов, которые могут сохранять все три свойства блокчейна, но на разных уровнях их совместимости. Для формирования набора возможных компромиссов необходимо разработать теорию функциональной совместимости, которая должна строиться на совместимости таких факторов, как анонимность и конфиденциальность, безопасность и сохранность прав на токенизированные активы.Практическая значимость: основные положения и выводы статьи могут быть использованы: для разработки сценариев развития процессов токенизации активов в условиях цифровой трансформации современной экономики; анализа приложений протоколов экосистемы децентрализованных финансов; роста эффективности токенизации активов в условиях кроссчейн-совместимости различных типов блокчейнов; изучения дополнительных возможностей и системных преимуществ в результате дробления и компонуемости токенизированных активов; исследования проблем, возникающих в процессе токенизации активов, а также поиска дополнительных факторов роста эффективности процесса токенизации активов.

Objective: literature review and basic characteristics of the asset tokenization; clarification of the types of token classification; identification of the stages of modeling the asset tokenization; analysis of applications of decentralized finance ecosystem protocols; study of the opportunities and systemic advantages of asset tokenization; presentation of the problems arising in the asset tokenization; analysis of the factors of asset tokenization efficiency growth.Methods: the article uses empirical, historical, logical, country-specific, corporate, comparative and statistical methods of economic analysis to study the peculiarities of the asset tokenization development in the digital transformation of modern economy.Results: the basic characteristics of the asset tokenization are disclosed; the types of standardized tokens involved in the asset tokenization are defined; the stages of the asset tokenization development are considered; the options of using decentralized finance applications under asset tokenization are shown; the opportunities of tokenization through the new forms of investment, increased financial accessibility, transparency and componentization of tokenized assets are studied; the problems of tokenization are analyzed; the factors of asset tokenization efficiency growth under the cross-chain compatibility of different types of blockchains are analyzed. Scientific novelty: the article shows that asset tokenization is a process of accounting and asset management transformation, in which each asset is represented in the form of a programmable digital token; tokenization is a new form of creating additional liquidity by expanding the circulation of idle illiquid assets. Tokenization guarantees greater transparency regarding the rights to real assets and the history of ownership of these rights; it contributes to transaction efficiency by reducing transaction costs, including costs associated with management, token issuance and possible forms of intermediation. By accessing the applications of the DeFi ecosystem, it allows the expansion of financial market potential through the fragmentation and compartmentalization of tokenized assets. All the challenges in the asset tokenization are related to the blockchain trilemma, where decentralization, security and scalability cannot be implemented together. The blockchain trilemma is now becoming a set of possible trade-offs that can preserve all three properties of the blockchain, but at different levels of compatibility. To form a set of possible trade-offs, it is necessary to develop a theory of interoperability, which should be built on the compatibility of factors such as anonymity and privacy, security and preservation of rights to tokenized assets.Practical significance: the main provisions and conclusions of the article can be used: to develop scenarios for the asset tokenization development under the digital transformation of modern economy; to analyze the applications of the decentralized finance ecosystem protocols; to increase the efficiency of asset tokenization under the cross-chain compatibility of different types of blockchains; to study additional opportunities and systemic advantages as a result of fragmentation and compatability of tokenized assets; to study the problems arising in the asset tokenization; and to search for additional growth factors for the asset tokenization efficiency.

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The authors declare that there are no conflicts of interest present.