Tokenization, which uses blockchain, could broaden access to alternatives to individual investors as well as create new opportunities for asset managers, according to research jointly published by BNP Paribas Asset Management, CAIA and Liquefy. Tokenization would serve to create an efficient secondary market, where investors could easily sell their stakes and buy up others. While the assets would remain private, tokens could give investors some of the benefits of the public markets, such as records embedded in the tokens themselves. In this way, retail investors could better access alternatives, and institutional investors would benefit as well.