Theo Golden

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320 appearances 1 recordings 1 series first heard Jun 2026 last heard 23 Jun

Theo Golden’s voice in public audio — every appearance, attributed to the second.

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Short Briefings on Long Term Thinking - Baillie Gifford · Tokenisation: a better way to own what you own · 23 Jun 2026 podcast

Or it's still the the same equities.

But what is changing is the vehicle for transfer, the vehicle for ownership and the rails that they're built on.

The mental model you're describing there is accurate.

I also like the the kind of idea that it it's like going from a check to mobile banking because I think it's a helpful explainer.

Because in a check, you're basically just sending the asset and cashing it, but it's very limited utility.

Yeah.

The next stage was you could essentially transfer money from one account to another and use it within the walled garden of that bank and the banking system.

And that's kind of what we have today, what people call web two.

And then what we're moving towards with blockchain and tokenization is this world called web three, which is essentially that you aren't reliant on the bank as the

the gatekeeper to then determine what you can go and do with that asset.

Because code can talk to other code, you can then go and do more things with the asset that you own and you don't need to rely on a permission from a gatekeeper at the other end.

That's why we call it like an operating system upgrade, because it's ultimately an evolution rather than a complete revolution of how people interact and use assets.

It's just greater options available to them.

What are the practical benefits of doing this?

Maybe I'll start with one which is particularly nerdy, as you can tell, I'm I'm I'm very passionate about this.

But the first one is around the idea of record keeping.

And you alluded to this at the beginning, which is that record keeping is a relatively high cost, low reward process, which is we need to be able to track who owns what at different times, to have a functioning financial system, to have investor discipline and to have line of sight to who our clients are.

And that often relies on us essentially maintaining records of ownership.

There is no central source of that.

In the current financial system, we have Bailey Gifford's source of truth.

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