I kept coming back to one detail in Dusk’s SME tokenization model: the blockchain doesn’t magically erase the old-world steps.

The lifecycle still carries approvals, notarial requirements, tax decisions and accountable operators.

That changed how I read the whole thing.

The real upgrade isn’t “law disappears because ownership is tokenized.” It’s that the asset can gain a shared digital record while the legal machinery remains connected around it.

The NPEX example makes that especially clear: Dutch BV share transfers can still require a notarial deed.

So the stronger RWA thesis may be less about removing every friction point and more about removing duplicated records, reconciliation and fragmented workflows.

That feels much more realistic—and honestly, much more interesting.
Dusk isn’t replacing the institution overnight. It’s building the infrastructure institutions can actually plug into.
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What matters most in RWA tokenization?