Structured finance through blockchain enables value unlock in asset tokenization. : Asset tokenization, through the use of blockchain technology, has long promised to open new ways for investors to access assets and transform their attributes. While the promise of liquidity, automation, and transparency are improvements over the current system, real financial engineering was not explored — until now. Most tokenizations are digitizing pre-existing private and illiquid assets and securities. The ecosystem mainly thought that if enough issuers offered primary placements of digitally represented private securities, deep pools of secondary liquidity would spontaneously develop for these illiquid assets.