What tokenization means when the asset is a physical commodity

Tokenization of real-world assets means representing a legal claim on something physical as a transferable record. Applied to commodities, the interesting question is not the technology but the law: which claim can actually be transferred freely, and which cannot.

Our position is that the ground itself is the wrong object. A mining title is granted to a named holder under conditions, and free transferability and a license granted intuitu personae do not sit together. The defensible ground is downstream of the ore body, in records and flows that are already designed to move.

The full page explains that reasoning in technical terms, for counterparties who work in this field. It is documentation, not a proposal: this page is not an offer of any security, token or investment, it describes no return and it opens no subscription.