A Dual-Layer Architecture for Asset-Centric RWA Tokenization on Blockchain
8th IEEE International Conference on Blockchain and Cryptocurrency, ICBC 2026, Brisbane, Avustralya, 1 - 05 Haziran 2026, (Tam Metin Bildiri)
- Yayın Türü: Bildiri / Tam Metin Bildiri
- Doi Numarası: 10.1109/icbc67748.2026.11575473
- Basıldığı Şehir: Brisbane
- Basıldığı Ülke: Avustralya
- Anahtar Kelimeler: assetcentric tokenization, Blockchain, direct asset participation, infrastructure finance, policy-backed cash flows, propertyright representation, renewable energy finance
- Orta Doğu Teknik Üniversitesi Adresli: Evet
Özet
Infrastructure assets often generate stable, policy-backed cash flows, yet existing investment instruments bundle asset exposure with corporate balance-sheet and governance risks. Existing RWA tokenization does not change this; it still treats an asset as a contractbased claim rather than as the asset itself. We argue that reducing property rights (rights tied to the asset) to rights tied to a contract is a fundamental limitation, and one that a smart contract alone cannot overcome. What is needed is an object-centric model in which each asset unit carries its own identity and rights natively. We propose a dual-layer architecture that separates legal asset anchoring from investor-facing cash-flow participation. The first layer anchors the asset identity and legal linkage. The second layer issues participation units with a mutable yield-beneficiary pointer, allowing custody and cash-flow entitlement to be held independently. The architecture targets policy-backed infrastructure assets, such as renewable energy under feed-in tariffs, where generation, validation, and settlement are already institutionally established. A token-bound dividend routing algorithm distributes revenues at the individual token level via parallel batched transactions. Cost projections show that micro-distributions across one million tokens can be executed at negligible marginal cost under parallel execution, compared to prohibitive gas expenses in sequential EVM-based models. The contribution is a blockchain-native design space and representation model that gives investors exposure to asset-level yields, not to the risks of a corporate wrapper.