The tokenisation of real and alternative assets has the potential to democratise investment opportunities in large assets such as real estate, infrastructure projects, renewable energy schemes and private equity funds – which are mainly illiquid and cannot be traded electronically on secondary markets. There are ‘native’ tokens which are a digital representation of themselves, such as Bitcoin, and ‘non-native’ tokens that link to, or represent an asset outside or not native to the blockchain. Andrew Henderson, Private Investment Funds and Financial Industry partner, told Investment & Pensions Europe: “A token records ownership and validates authenticity of itself or the asset outside the blockchain. What you actually get with the token will depend on its contractual terms.