Tokenisation is not new, but where does it lead to?

Tokens have been used since the 17th century as being “essentially coins that represent a coin of the realm or are ‘good for’ a certain value of product”. People have used also tokens for exchanging goods and services. The concept and use of tokenisation in modern financial markets was developed by a company called TrustCommerce, back in 2001, to store sensitive credit and debit card information. Credit card firms use tokenisation to replace a client’s primary account number (PAN) with a token, which is essentially a randomly generated set of symbols which are useless to hackers if they were to access the token. A more simplistic way to think of tokenisation is if you go to a casino, you use cash to buy plastic tokens for use in the casino, with the key point being that the tokens themselves have no value outside the casino. According to the publication, fisglobal: “Tokenization reduces risk from data breaches, helps foster trust with customers, minimizes red tape and drives technolog…