Italian deep-tech firm Traent, specialising in AI and blockchain infrastructure for property and real-world assets, has launched a system that connects a tokenised financial instrument to a continuous record of the underlying property.
Presented publicly at PropTech Connect Europe 2026 in London, Transparent Token is issued via a Luxembourg special-purpose vehicle, with financial rights set out in the relevant issuance documents. It is linked to a Traent Asset Token, which connects the property to records of its physical and operational characteristics, legal status and financial activity.
A security token can record ownership of a financial instrument and its transfer history, but it does not, by itself, indicate whether a property’s permits remain valid, leases are still in force, or financial obligations are being met.
Traent keeps the two functions separate. The Asset Token links the property to its records, while the Transparent Token is a separate financial instrument linked to that evidence. Authorised parties can view information about the underlying asset according to their access rights.
Physical, legal and financial records brought together
Traent organises property information into three records: the Physical Twin, the Legal Twin and the Capital Twin.
The Physical Twin covers physical, technical and operational information. The Legal Twin includes titles, rights, permits, contracts, restrictions and encumbrances. The Capital Twin records cash flows, payments, financial indicators and covenants.
Traent refers to the combined record as Collateral Evidence. Instead of acting as a conventional data room, it records the source of information, who supplied or validated it, when it was registered, and what has changed since.
Sensitive documents remain off-chain. AI handles document extraction, classification, and reconciliation, while the blockchain records cryptographic fingerprints and relevant events.
The platform also separates current information from dated records. Mirroring provides an updatable view of authorised information on the property’s current status, while Digital Passports preserve selected evidence as it stood on a specified date.
The owner and other entitled parties control access and determine what can be shared, with whom, for how long, and for what purpose.
Milan retail complex used for live demonstration
Traent demonstrated the system using a recently constructed retail complex in Busto Garolfo, in the province of Milan, owned by Gruppo Alfano.
The property comprises three retail units, all let to national operators in the catering, personal care and pet care sectors. The multi-year leases include rents indexed to ISTAT.
At PropTech Connect Europe, Traent demonstrated authorised views of the property’s Legal Twin and Capital Twin across different access profiles, together with the link between the Transparent Token and the Asset Token.
The demonstration also compared Mirroring with Digital Passports, showing how authorised users can distinguish between an updatable current record and preserved evidence from a specified date.
Traent says the same infrastructure can also be used without a security token. Applications identified by the company include conventional property transactions, development and construction finance, refinancing, insurance, portfolio management and public administration.
Property records extend beyond tokenisation
The wider system addresses a problem that extends beyond tokenised property. Information about a building can be spread across owners, technical specialists, banks, insurers, managers, public authorities and advisers, requiring documents to be collected and checked again when the asset is sold, refinanced or insured.
The Asset Token is designed to keep the property linked to its records throughout construction, management, financing and transfer. Where a regulated financial instrument is used, Transparent Token provides a separate financial layer linked to the same property record.
The technology does not replace independent valuations, due diligence, credit decisions, KYC or AML requirements. The financial rights attached to the security token remain governed by the issuance documents and applicable law.
Traent says the infrastructure draws on six years of research and development, carried out mainly in Pisa and Milan in collaboration with the University of Pisa. According to the company, it has invested more than €22m in research and development, filed eight international patent applications, and produced more than ten scientific publications. Traent was also selected for the first cohort of the European Blockchain Sandbox, promoted by the European Commission.
