Tokenization is a process where sensitive data, such as credit card numbers, is replaced with a non-sensitive equivalent called a token. This method enhances security by minimizing the amount of sensitive data a business needs to store and simplifying compliance with industry standards and government regulations. The token serves as a reference that maps back to the original data through a tokenization system, with the actual data securely stored in a token vault.
Tokenization is a versatile process with applications across various industries, such as payments, Web3, and AI. In the payments sector, tokenization is used for cybersecurity to prevent fraud by obfuscating the identity of the payment.
In the Web3 domain, it serves as a digitization process to make assets more accessible. In AI, tokenization breaks down data for easier pattern detection, enabling large language models to process and categorize information efficiently.
Tokenization can be categorized into different types based on its application and purpose. Some common types include:
To implement tokenization effectively, consider the following best practices:
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