Asset Tokenization: Why Developing Nations May Leapfrog the World
Asset tokenization—moving real-world assets like land titles, company shares, and legal documentation onto the blockchain—is gaining serious momentum. The technology is advancing fast, but governments, especially in developing countries, are still stuck with fragile paper-based systems.
Corey Billington, CEO of tokenization company Blubird, believes this mismatch is exactly why emerging markets might be the first to fully embrace blockchain-based registries. In a recent interview, he explains how nations with weak record-keeping could leap directly into a digital future.
Key Takeaways
- Developing nations may skip traditional digitization and jump straight to blockchain-based registries.
- Tokenization requires national digital wallets, which could massively accelerate crypto adoption.
- Governments are far more open to tokenization behind the scenes than they publicly admit.
Where Tokenized Equity Stands Today
Billington says equity tokenization is at a “crossroads.”
- A few countries already have legal frameworks for tokenized stocks.
- But many developing nations—and even some advanced ones—have no legal infrastructure for on-chain assets.
The real bottleneck is synchronizing on-chain events with off-chain registries.
For example, a blockchain transfer of shares may not mean anything if the government registry doesn’t update accordingly.
This gap exists in:
- equity
- real estate
- commodities (some handled differently but still affected)
Why Developing Countries Might Leap Ahead
Blubird is currently working with a Caribbean nation—he didn’t name it—to overhaul its land ownership system.
Their problems:
- forged documents
- disputed property ownership
- unreliable paper registries
- court battles where records can’t be trusted
The solution:
Start by tokenizing the registry itself, not the properties.
Make the blockchain registry the source of truth.
This shift doesn’t just fix land titles. It triggers an entire digital transformation.
The Infrastructure That Comes With Tokenization
Once ownership records go on-chain, citizens need:
- government-issued digital wallets
- digital IDs
- secure, permissioned custodial systems (Utillia, Fireblocks, etc.)
Then other systems can plug into this infrastructure:
- rental agreements
- employment contracts
- invoicing
- credit scoring
- real estate transactions
A simple land registry upgrade quickly becomes a full digital economy.
And since these nations are still running on paper, they can skip the “Web2” stage and jump straight to a blockchain-native system—just like skipping landlines and going straight to mobile phones.
Why Big Companies Are Pushing for Blockchain Registries
Major corporations operating in these regions are pushing governments to adopt blockchain systems.
Why?
1. They suffer from the same problems
- bad records
- fraud
- unreliable titles
- slow legal processes
2. They don’t want to invest in outdated infrastructure
If they’re going to pour billions into developing regions, they want future-proof systems—not replicas of broken first-world models.
One company involved has already spent $3 billion and plans to invest even more.
What Governments, Industries, and Citizens Get From This
1. Speed
Audits become instant.
Transactions execute automatically.
Legal checks become automated through smart contracts.
2. Lower costs
Fewer intermediaries:
- no notaries for basic ID verification
- fewer lawyers for document validation
- simpler title transfers
- cheaper government operations
3. Fewer disputes
Cryptographically verified data eliminates:
- forged documents
- hidden registries
- manual tampering
Example:
Buying a house today requires:
- identity checks
- notaries
- manual document verification
With a national digital wallet tied to your government ID:
- you sign the transaction
- your identity is already verified
- no notary required
Your wallet becomes:
- your passport
- your social security ID
- your property certificate
All cryptographically secured.
Security & Privacy: Not Everything Goes On-Chain
Billington explains that:
- the base blockchain is public
- sensitive metadata stays private
- tools like ZK Pass control who can access confidential data
- medical, financial, or private records require multi-key permissions
Nothing sensitive is automatically visible.
What About Risks?
The biggest risks are:
- smart contract bugs
- future threats like quantum computing
- social engineering attacks
However:
- government registry contracts are simple
- multi-key and multi-sig systems protect against most attacks
- it’s far safer than today’s centralized databases
What’s Not Being Talked About
According to Billington, one of the biggest misunderstandings is this:
Governments are far more open to blockchain than people think.
Many are quietly exploring:
- anti-corruption reforms
- fraud reduction
- transparent registries
- cheaper digital operations
For nations fighting corruption, blockchain provides exactly what they need:
- transparency
- traceability
- accountability
- immutable records
And the cost savings are substantial.
The Big Picture
Developing nations may end up leading the world in digital asset tokenization—not because they’re wealthy or technologically advanced, but because:
- they must modernize
- they have no legacy systems to protect
- they benefit the most from transparency
- companies are willing to co-invest
- blockchain skips decades of expensive infrastructure
This could set off a domino effect, creating the first DLT-native national economies, where everything—from land titles to contracts to credit—lives on secure, sovereign blockchains.
