
…t cannot be applied universally. There are many ways in which the process of tokenization can fail. A simple but important point for security tokens is that whatever ownership rights the token bestows must be able to be traded using the blockchain protocol. For example, it would be impossible to turn university degrees into security tokens, as they cannot…
… on to design economic systems as varied as school districts, labor markets, and spectrum auctions. Using their understanding of individual decision making, they engineer systems that function well and deliver the intended results to their users.