While tokenization has long been blockchain’s siren song for the traditional finance industry, the initial assumption was that banks would exclusively use and develop their own proprietary blockchain solutions. In traditional industries from finance to supply chain, billions were poured into the development of private blockchain-based enterprise networks to facilitate the seamless exchange of tokenized value between pre-approved intermediaries. The idea was that spinning up these advanced, albeit still closed, digital networks would somehow animate traditionally illiquid assets such as real estate, equities, debentures, commodities or art. But closed networks remain closed. Permissioned networks have yet to reach critical mass. The evidence suggests that, in their current state, they never will. MANTRA Chain offers a permissionless environment for permissioned applications to thrive. Instead of embedding compliance at the consensus level, smart contract modules enable flexible, robust permissioning whenever and however necessary at the application layer.