Securitisation, a pivotal process in modern finance, converts illiquid assets into tradable securities, enhancing liquidity management and risk diversification. A prime example of this is the advent of Real Estate Investment Trusts (REITs) in the 1960s, which facilitated shared ownership of investment properties.

However, securitisation does not depend on tokenisation. It's a process that was invented before the advent of the Internet and does not require the use of smart tokens. Smart tokens, on the other hand, are programmable tokens that represent both a tradable asset and the user's right to integrate with various web systems, enabling next-generation web use-cases.

In contrast, securitisation does not have web use-cases and is primarily used for liquidity management and risk diversification. For instance, shared ownership of a car through securitisation does not enable you to drive that car or enjoy services related to that car such as finding the nearest rentable car that is tokenised.

Tokenisation, on the other hand, is used to convert goods, services, and digital rights into smart tokens that can be used to enable a wide range of use-cases, such as renting your smart car by doing a transaction on a rental website, which are not possible through securitisation.