Tokenization's impact on competitive advantage:

1. _Faster settlement times_: Institutions offering faster settlement times through tokenization can attract more clients and gain a competitive advantage.

2. _Improved customer experience_: Tokenization enables institutions to provide a faster and more efficient settlement experience, improving customer satisfaction and loyalty.

3. _Increased market share_: Institutions that adopt tokenization can increase their market share by attracting clients seeking faster settlement times.

4. _Reduced costs_: Tokenization enables institutions to reduce settlement costs, enabling them to offer more competitive pricing.

5. _Innovation leadership_: Institutions that adopt tokenization can position themselves as innovation leaders, attracting clients and top talent.

6. _Enhanced brand reputation_: Tokenization enables institutions to demonstrate their commitment to innovation and customer satisfaction, enhancing their brand reputation.

7. _First-mover advantage_: Institutions that adopt tokenization early can gain a first-mover advantage, establishing themselves as market leaders.

8. _Increased efficiency_: Tokenization enables institutions to automate settlement processes, reducing manual errors and increasing overall efficiency.

By gaining a competitive advantage through tokenization, institutions can differentiate themselves in a crowded market, attract more clients, and establish themselves as innovation leaders.