Larry Fink, BlackRock's chief executive, said "tokenisation of financial assets will be the next step in the future", noting that in the future every stock and bond will have a unique identification code (similar to CUSIP), all transactions will be recorded on a unified ledger and investors will be given exclusive identification. Mr. Fink said tokenisation would not only be effective in preventing illegal activity, but more importantly would enable instant liquidation, significantly reducing the cost of settling stocks and bonds. It would also make it possible to personalise investment strategies and improve corporate governance to ensure that each shareholder can exercise their voting rights in a timely and accurate manner. Tokenising real-world assets such as real estate, commodities, wine or art means creating blockchain tokens that represent ownership, making it easier to trade these traditionally difficult-to-sell assets.