Transformation im Verbriefungsprozess durch die Tokenisierung von Finanzprodukten: Modellbasierte Bewertung und Analyse mit besonderem Fokus auf die Veranlagung von Privatanlegern

This thesis explores the impact of tokenized assets on the securitization process and their influence on private investors' investment strategies. It investigates whether tokenization can lead to significant changes in traditional banking services, such as the issuance of financial products, and whether it enhances efficiency in investment portfolios. The main objective of the study is to assess the concrete potential of asset tokenization. In order to conduct such an evaluation, various perspectives were included into the investigation. With regard to the financial market, these perspectives include all actors involved in the securitization process, therefore issuers, investors, service providers, and markets. These four perspectives are utilized throughout the investigation to thoroughly analyze the potential of tokenization. For this study, qualitative methods (expert interviews) as well as quantitative methods (a comparison of two portfolios, one of them traditional, one tokenized) are utilized.

The study analyzes the development of established securitization methods in view of the evolution of DeFi and the integration of assets into blockchain infrastructures. The findings suggest that tokenization has the potential to optimize the securitization of assets, outperforming traditional methods in efficiency, transparency, and flexibility. However, IT security concerns, including cybersecurity risks and hacker attacks, represent significant challenges that need to be overcome in order to fully exploit the potential of tokenization. In addition, the study evaluates the portfolio efficiency of retail investors and shows that the integration of crypto assets into investment portfolios increases the portfolio efficiency. This leads to a better risk-return ratio through improved diversification opportunities and easier access to a wider range of assets through tokenization.

Summarized, this research project examines not only the impact of tokenization on the securitization process and investment strategies but also deepens the understanding of potential changes in securities securitization. It also serves as a practical guide for financial stakeholders navigating evolving financial landscapes.