Evaluation of asset class, proof of ownership and regulatory environment within which the real world asset resides will form the first step in the process of development of the tokenization platform. Legal mapping precedes any technological work and forms the basis of the blockchain network selection due to transactional nature of the ownership right definition for a particular asset class.
As soon as the framework is established, smart contract structure, including the rules of issuance, transfer conditions, identity validation processes are defined and thoroughly tested in various transactional environments as mistakes made at this stage may lead to custody problems and legal non-compliance. Then custody mechanisms are implemented into the token structure, ensuring the verifiability of each token in relation to the underlying asset.
Typically, businesses interested in real world asset tokenization platform development will investigate audit history and experience of the company in compliance prior to engaging with it.
Real world asset tokenization platform development will move on to integration with custodial and reporting systems.
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