The blockchain layer
Records token balances and transfers according to the implemented contract.
Can support inspectable supply information and specific programmed controls.
May support later participation mechanisms if separate contracts and interfaces are developed.
Does not, by itself, verify the truth of an off-chain title record or valuation.
The asset and legal layer
Establishes the identity of the asset and the relevant title holder.
Defines the rights and obligations of the issuer and participants.
Determines how asset transactions, income and liabilities are treated.
Provides the basis for connecting an on-chain record with a real-world entitlement.
The operational layer
Supports the website, document library and communication channels.
Would manage applicable onboarding, service administration and reporting processes.
Requires its own security, privacy and continuity arrangements.
Should make the status and operator of each available service clear.
The evidence layer
Connects the official contract to the version of code reviewed.
Connects asset summaries to dated supporting documents.
Connects governance decisions to execution records.
Distinguishes public evidence from material that requires controlled professional access.