Tokenisation is often described as the process of turning an asset into a digital token. That description is technically simple, but commercially incomplete.
For Shane Ian Murphy, Co-Founder and Partner of Tri-Party Tokenisation, the more important question is what sits behind the token: the asset, the verification process, the legal and commercial structure, custody, and the route to liquidity.
The asset comes first
A token does not make a weak asset strong. The underlying asset still has to be identifiable, documented and capable of being independently checked. In real-world asset tokenisation, that can mean reviewing ownership evidence, valuations, storage arrangements, chain of custody and other supporting documentation before a digital representation is created.
That principle is central to the work being developed at Tri-Party Tokenisation. The objective is not simply to create digital assets, but to build a structured process around real-world instruments and commodities.
Verification, custody and structure
Three elements repeatedly determine whether a tokenisation structure has substance: verification, custody and structure.
Verification establishes what the underlying asset is and whether the supporting information is credible. Custody addresses where the asset is held and how control is maintained. Structure determines the legal and commercial framework connecting the asset to the digital representation.
None of those elements can be replaced by blockchain technology. Technology can improve transparency, transferability and administration, but it does not remove the need for conventional due diligence.
Liquidity is the real test
The next question is liquidity. Creating a token is one stage. Creating a credible pathway through which that token can be used within a wider financial structure is another.
Tri-Party Tokenisation is working across several tokenisation themes, including medium-term note structures and commodity-backed concepts involving nickel and copper. The focus is on the full chain from asset identification and verification through to structuring, tokenisation and potential liquidity routes.
This distinction matters because the long-term value of tokenisation will depend less on the novelty of issuing tokens and more on whether those tokens can operate within credible financial infrastructure.
A broader shift in financial infrastructure
The same principle is visible across the wider financial-technology market. Digital assets are increasingly being discussed alongside payments, custody, capital markets and traditional financial instruments rather than as a separate category.
For Shane Ian Murphy, that convergence is also relevant to his work with Global Secure Technologies Limited and Dual Party Capital. Although the businesses have different functions, they share a common theme: using technology to improve the way financial services, assets and capital can be accessed and structured.
The strongest tokenisation models are therefore likely to be those that combine digital infrastructure with the same disciplines that have always mattered in finance: documentation, verification, custody, legal clarity and commercial logic.
