Key concepts

• Blockchain is “a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved. A blockchain network can track orders, payments, accounts, production and much more. And because members share a single view of the truth, you can see all details of a transaction end-to-end, giving you greater confidence, new efficiencies and opportunities”. - IBM

• A smart contract is a “self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. The code controls the execution, and transactions are trackable and irreversible” ... "without the need for a central authority, legal system, or external enforcement mechanism”. - Investopedia

• Tokenization “creates a bridge between real-world assets and their trading, storage and transfer in a digital world. (...). Tokenization converts the value stored in tangible or intangible objects into a token that usually can be manipulated along a DLT/Blockchain system”. Almost any asset, either real (paintings) or virtual (copyrights, brand) can be tokenized into digital tokens. - Ernst & Young

• Non-Fungible Tokens (NFTs) are “cryptographic assets on blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, which are fungible tokens identical to each other, NFTs cannot be traded or traded on an equivalent basis and therefore used as a medium for commercial transactions". As a reminder, fungibility is “the ability of a good or asset to be easily exchanged for another of the same nature” (e.g. fiat currency). - Investopedia

• A token is a virtual currency, crypto-asset or utility digital token, which runs on a blockchain and serves as an exchange value or digital governance/access token to a given digital platform.