2.1 Roles and Use Cases of Two Chain Architectures in RWA Projects

In Real-World Asset (RWA) tokenization projects, blockchain plays a pivotal role in digitalizing asset rights and establishing a programmable financial framework. However, due to varying regulatory environments and asset types, permissioned chains and public chains fulfill different roles. A clear understanding of both is essential when designing a legally sound and scalable RWA structure.

1) Permissioned Chains

Permissioned (or consortium) chains are widely adopted for the on-chain anchoring of Chinese onshore assets, especially where business or financial data cannot be publicly disclosed. For instance:

In collaboration with AntChain, solar energy production data is securely logged to confirm yield entitlement;

Other examples include Spark Chain and enterprise-built permissioned chains, used to confirm business profits, receivables, or franchise rights.

Advantages:

• Confidential data is protected and access-controlled;

• Regulator-friendly architecture for compliant data anchoring;

• Enables institutional-grade onboarding of sensitive operational records.

Limitations:

• High operational costs, often exceeding RMB 4 million for initial setup;

• Lack of openness — only consortium members can access core data;

• Not suitable for token issuance — it enables anchoring, not asset issuance or

  open trading.

2) Public Chains

Public chains serve as the issuance layer and market infrastructure for RWA tokens. In jurisdictions like the United States, Hong Kong, and Singapore, major RWA offerings are executed directly on Ethereum, Polygon, or similar networks:

• BlackRock issues tokenized U.S. Treasuries on Ethereum via a Singapore- regulated structure;

• In Hong Kong, SPVs are commonly used to issue RWA tokens on public chains, linked to onshore data via audit and cross-chain mechanisms.

Advantages:

• Globally accessible — no permission required;

• Smart contracts enable programmable yield distribution, automated

  settlement, and decentralized governance;

• Integrated with DeFi ecosystems for improved secondary market liquidity.

Challenges:

• High gas fees and slower settlement times (especially on Ethereum mainnet);

• Tokenization requires reliable off-chain data sources and strong KYC

  mechanisms.