토큰증권 - 개념편(영문판) | e경제정보리뷰

KDI 경제교육·정보센터

Economic Information and Education Center

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토큰증권 - 개념편(영문판)

KDI 경제교육·정보센터 교육콘텐츠2팀 2025년 04호

#1.
In 1971, ramen made the move into a cup―the birth of cup noodles.
A little faster, a little more convenient, and a little more flexible―but at its core, it was still the same ramen.
Today, we’re talking about this ramen―or rather, security tokens.

#2.
Ramen consists of chewy noodles and a flavorful soup base.
Cup noodles simply put the same ramen into a cup―but its essence remains unchanged.
Securities―the ramen―are placed into a new cup: the token.

#3.
So what exactly are these securities within the token?
A security is literally a document that certifies a property right.
Rights like, “I own part of this company,” “You owe me money,” or “Share profits with me based on my investment” all exist―but they are not visible.
What if we placed those invisible rights in a visible document and made them tradable?
Companies raise funds by selling stock, which grants ownership rights, or by issuing bonds―the promise to repay money in the future.
Governments do the same by issuing government bonds. All these activities are what we call issuing securities.
Investors then purchase these securities with the expectation of a return.
Embedding invisible property rights into visible documents, making them tradable by anyone―that is the essence of securities.

#4.
Now it’s time to put securities into tokens.
Tokens aren’t a new concept.
Remember the bus tokens we once used to pay fares?
A token carries a specific value or right and acts as a voucher that people can exchange for promised goods or services.
In today’s financial landscape, the concept of tokens has moved into the digital world.
But moving into the digital world creates a challenge―digital items are far too easy to copy. That’s where blockchain comes in to keep tokens secure.
Because blockchain records the ledger across many different computers, it is nearly impossible to forge or tamper with the data. This allows us to verify the authenticity of each digital token.
In this way, blockchain turns tokens into digital containers with built-in trust and security.

#5.
Cup noodles allowed us to enjoy ramen almost anywhere, at almost any time.
So what about securities placed inside this new digital container―security tokens?
Traditional securities rely on central institutions to verify the ledger, a process that takes significant time and cost.
But security tokens work differently.
Because the ledger is securely recorded across a shared blockchain network, a central institution no longer needs to verify every single record.

With smart contracts, tasks like dividends and settlements can be processed automatically. This cuts costs, saves time, and dramatically speeds up transactions.
In the past, trading mostly centered on standardized securities, such as stocks and bonds.
But now entirely new markets―once impossible with traditional securities―are opening.
Things like rental income from real estate, fees from high-value artwork, or royalties from music copyrights―rights that were once difficult to trade―can now be tokenized and exchanged.

#6.
Of course, ramen in a cup is convenient, but that doesn’t automatically make it taste better.
It can be difficult to properly assess the fair value of assets and securities held in tokens.
Hacking remains a threat, and the legal framework for investor protection remains underdeveloped.
So it’s important to look past the flashy packaging and discern the true value that lies beneath.
Putting ramen into a cup made our lives more convenient and enriched them.
How much more freedom and convenience, then, will our financial lives enjoy by putting securities into tokens?