From December 31, 2024 to January 1, 2025, Chasun Blockchain held the 2024 web 3.0 New Year’s Eve Sharing & New Year’s Gifts with the theme of “Let’s Go to the New Era of Web 3.0 Together”. Many people in the field of Web 3.0 Experts and big names reviewed 2024 and looked forward to 2025 in the field of Web 3.0, and contributed their insights, which can be described as brilliant. Zhang Feng, a partner of Vanshang Tianqin Law Firm, was invited to participate and shared on the integration of data assets, crypto assets and RWA and their market opportunities.

1. Data assets, crypto assets and RWA tend to converge

The fusion of data assets, crypto assets and RWA refers to the integration of three practices: the role of data elements, decentralized crypto assets and issuance and trading of RWA. In essence, it can be considered as the organic combination and innovative application of data resources owned by enterprises or individuals, decentralized encrypted assets based on cryptography principles, and various assets in the real world through technologies such as blockchain.

Asset Digitization

The integration of data assets, encrypted assets and RWA is also the process of asset digitization and digital assetization. RWA looks at the integration of digital assets and traditional or real assets from the perspective of the financial world. Crypto assets use encryption technology to build new assets and create new value from the perspective of technology geeks. Data assets are based on the continuous development of data element resources from the perspective of industrial needs. Optimize business processes to reduce costs and increase efficiency, and innovate value circulation models. And these three are finally integrated into real and specific application business scenarios.

RWA converts real-world assets into encrypted assets on the blockchain. The so-called real-world assets include traditional financial assets such as stocks, bonds, funds, accounts receivable, etc., as well as physical assets such as real estate and art. Related rights to commodities, precious metals, etc., enabling these assets to be traded and managed in the digital world, representing the process of digitization of traditional assets. As far as RWA is concerned, its form of expression is encrypted assets, but its value is carried by data elements.

Playing the role of data elements also includes the quantification and tokenization of the value of data assets, that is, the value evaluation and verification of corporate or personal data assets such as customer data, business data, etc. through specific technologies and methods. Quantify, and then map its value to the corresponding digital assets, so that the value of data assets can be reflected and traded in the blockchain network. In essence, valuable RWA and encrypted assets are data assets.

As a technical tool, encrypted assets are a good medium for transactions and value-carrying. Cryptocurrency assets such as Bitcoin, Ethereum and other digital currencies, as well as various tokens, NFTs, etc., can be used as a medium for transactions between data assets and RWA digital tokens during the integration process, and can also be used as a form of value carrying to interact with data assets. and RWA mutual conversion and circulation. Any valuable data assets and encrypted assets are real-world assets, that is, RWA, but their expression may be traditional or innovative and never seen before.

Technological integration and innovation

BlockChain technology is the core technical support for achieving integration. Utilizing the decentralization, non-tampering, traceability and other characteristics of the blockchain, it provides a credible, safe and efficient technology platform for the integration of data assets, encrypted assets and RWA, based on which the ownership and transactions of various assets can be realized Records, value changes and other information can be accurately recorded and traced, ensuring the authenticity and safety of assets.

Smart contracts are the key to intelligent management of assets. Through smart contract technology, automated issuance and transaction utilization of data assets, encrypted assets and RWA transactions and management are realized. When certain conditions are met, smart contracts can automatically execute the authorized use of data assets, income distribution, and the issuance, trading, and redemption of RWA digital tokens, improving transaction efficiency and reducing human operational risks, thereby enhancing trust creation. value.

Value integration and improvement

The analysis and mining of data assets can provide important decision-making basis for the transactions of encrypted assets and RWA. The digital development process is essentially a process of continuously exploring the value of data. For example, through the analysis of market data, user data, etc., investors can better understand market trends and investment opportunities, thereby making more accurate investments in crypto assets and transactions in RWA digital tokens.

The high liquidity and global trading characteristics of encrypted assets can bring better liquidity and transaction efficiency to data assets and RWA. Data assets and RWA can use crypto-asset trading platforms and markets to more easily achieve global transactions and circulation, attracting more investors to participate.

RWA introduces real-world assets into the field of digital assets, expands the application scenarios and value realization methods of assets, and promotes industry digitization and digital industrialization. Data assets and encrypted assets can be combined with traditional financial assets and physical assets represented by RWA to create more diversified financial products and services to meet the needs of different investors and maximize asset value.

Ecological integration and collaboration

The integration of data assets, encrypted assets and RWA helps to build a unified digital asset ecosystem. In this ecosystem, various types of assets are related and interact with each other to form A complete value network. Different types of asset owners, investors, developers, service providers, etc. can interact and cooperate in this ecosystem to jointly promote the development of the digital asset market.

In the process of integration, enterprises and institutions in different fields such as finance, technology, and data need to carry out cross-field collaborative innovation. Financial institutions can cooperate with technology companies to take advantage of blockchain technology and data assets to innovate financial products and services; data companies can cooperate with encrypted asset platforms to tokenize and trade data assets to achieve mutual benefit for all parties. win.

Points and Keys

To judge whether a project can issue RWA, there are many issues that need to be considered, including the quality of the asset itself, legal supervision, technology and infrastructure support, market and investmentInvestor demand, etc., but under specific technical and market conditions, the most critical thing is the profitability of the asset itself and the acceptance of the market itself, that is, the confirmation of potential investors.

For the asset to be issued RWA, you must first ensure that it actually exists. For example, if it is a real estate project, a clear title certificate is required to prove that the ownership of the property is clear and there are no property rights disputes. For financial assets, such as bonds, legal and compliant issuance documents and regulatory approvals are required. In addition, the source of assets must be legal. Taking art as an example, it cannot be obtained through illegal means such as theft or smuggling. Before issuing RWA, strict due diligence needs to be conducted on the source of the assets, including reviewing relevant transaction records and ownership transfer documents. wait.

The quality and stability of assets ensure reliable and stable income. If it is a physical asset, such as real estate, its physical condition needs to be assessed, including whether the building structure is safe and whether the facilities are complete. For financial assets such as corporate accounts receivable, factors such as the recovery possibility and aging of the accounts receivable must be evaluated. The value stability of assets is also critical. The equity value of some emerging technology companies may fluctuate significantly, and their risk tolerance and market expectations need to be carefully assessed when considering issuing them as RWAs.

In the specific issuance, the connection with intended investors is a very critical link. Different investors have different needs and risk preferences. For conservative investors, they may be more inclined to invest in RWAs with stable returns, such as high-quality bond tokenized assets. For risk-preferential investors, they may be more interested in high-risk, high-return RWAs such as assets tokenized by the equity of companies in emerging industries. Projects need to design RWA products based on the needs of potential investors. For the issuance of RWA for data assets that many people are very concerned about, a very important factor is whether the data assets have clear ownership, legal sources, stable quality, and whether they can generate stable cash flow. Although many data service products can generate cash flow, they are not stable. The market may be cautious about issuing RWA of this type.

Challenges and Risks

Integration also requires managing related regulatory compliance risks. There are differences in the regulation of data assets, encrypted assets and RWA in different regions and regions, which may lead to compliance issues. The legal status of crypto-assets in some regions is unclear, and the tokenized issuance and trading of RWA may involve securities regulations, etc. For different projects, a sound compliance framework needs to be established to ensure that integration projects comply with local laws and regulations.

Blockchain technology itself still has issues such as scalability, performance, smart contract vulnerabilities, etc. These issues need to be controlled during integration so that they do not affect the integration effect and security. Blockchain network congestion may lead to transaction delays and increased costs, and smart contract vulnerabilities may be exploited by hackers, resulting in asset losses.

The price fluctuations in the encrypted asset market are large, which on the one hand increases the speculative nature of the market, but may also affect the product value and investor returns after integrating with data assets and RWA. Therefore it is necessary toInvestment value and cycle management are adapted to the characteristics of crypto assets.

In addition, during the integration process, the security and privacy protection of data assets are crucial. If data is leaked or misused, it can cause huge losses to businesses and individuals. Effective data security measures, such as encryption, access control, etc., need to be taken to protect the security and privacy of data.

2. Data assets, encrypted assets and RWA: provide each other with opportunities in the integration

Data assets, encrypted assets and RWA will provide each other with market opportunities in the integration of specific business scenarios. The difficulty of data capitalization lies in value quantification, and encrypted assets and RWA provide a good carrier; the key point of encrypted assets lies in value carrying, and data assets and RWA provide sufficient value support; the key to RWA is to Regulation provides trust, and there are ready-made solutions for data assets and cryptography. It can be said that the integration of the three provides new opportunities for their respective development.

Financial field

Traditional financial assets such as stocks, bonds, real estate, etc. are digitized by RWA and combined with encrypted assets to create more liquid and innovative financial products, such as RWA digital bonds, real estate investment Digital tokens of trust funds (REITs), etc., meet the diverse investment needs of investors.

Use the decentralized, non-tamperable and traceable characteristics of blockchain technology to achieve rapid settlement and liquidation of financial transactions and reduce transaction costs and risks. For example, financial transactions can be automatically executed through smart contracts, reducing manual intervention and intermediate links, and improving transaction efficiency and accuracy.

Data assets can provide financial institutions with richer and more accurate customer data and market information, helping financial institutions make more accurate risk assessments and investment decisions. For example, big data can be used to analyze customers' credit risks and investment preferences to provide investors with personalized investment advice and risk management plans. These integrations may enable the flow and realization of such assets more effectively.

Supply chain field

Use the non-tamperable and traceable characteristics of blockchain to build a supply chain traceability system to ensure product quality and safety. Consumers can obtain information on the entire process of product production, processing, and transportation by scanning product QR codes, etc., thereby enhancing consumers' trust in products. At the same time, for products with quality problems, the source of the problem can be quickly traced and effective measures can be taken to deal with it. Blockchain technology is used to record various data assets in the supply chain, such as order data, logistics data, quality data, etc., to achieve data sharing and collaboration among supply chain participants, and to improve the supply chain's collaborative efficiency and response speed. All participants can obtain key information on the supply chain in real time, adjust production plans and logistics distribution in a timely manner, and reduce inventory costs and out-of-stock risks.

Blockchain technology can ensure the transparency and traceability of logistics, information flow and capital flow in the supply chain, and reduce the risks of supply chain finance. For example, RWA can further digitize physical assets in the supply chain, such as raw materials,Inventory goods, etc., and realize innovation in supply chain finance through encrypted assets. For example, suppliers can convert accounts receivable into RWA digital assets and raise funds in the form of encrypted assets to improve capital turnover efficiency and reduce financing costs.

Digital copyright field

Blockchain technology can provide more effective protection and rights protection means for digital copyright. By recording the creation, release, transaction and other information of digital works on the blockchain, the decentralized confirmation and storage of digital copyrights can be achieved to ensure the uniqueness and non-tamperability of copyrights. Once an infringement occurs, creators can quickly protect their rights through the evidence stored on the blockchain, reducing the cost and difficulty of rights protection.

Confirm and evaluate digital copyright as a data asset, and then realize the transaction and financing of digital copyright through the combination of RWA and encrypted assets. Creators can combine their digital works with NFT and conduct RWA digitization, and issue corresponding encrypted assets. Investors can purchase these encrypted assets to obtain the copyright income rights of digital works, providing new financing channels and business for the digital copyright industry. model.

Through the integration of RWA and encrypted assets, digital copyright can more easily achieve global transactions and circulation, expanding the market space and audience of digital copyright. For example, global investors and consumers can purchase and appreciate digital works from all over the world through the encrypted asset trading platform, promoting the international development of the digital copyright industry.

Other fields

Represented by the new energy industry, new energy assets such as photovoltaic power stations, wind farms, etc. can be digitized by RWA, and financing and transactions can be achieved through encrypted assets. According to public information, for example, GCL Energy and Ant Digital completed a RWA project based on photovoltaic physical assets, with a financing amount of more than 200 million yuan, solving the problems of difficult financing and poor liquidity of clean energy.

Achieve the capitalization of agricultural data, such as putting the data on the entire process of planting, production, and sales of agricultural products on the chain and turning it into a tradable asset, which not only creates additional income for enterprises, but also solves the problem of information islands in traditional agriculture. , helping to achieve precision marketing, brand premium and traceability services, and significantly enhance market competitiveness and consumer trust.

For cultural heritage attractions or historical buildings, they can be digitized and created through the combination of RWA and crypto assets to create a virtual visit experience and sell it to global tourists in the form of non-fungible tokens (NFT). While protecting precious cultural heritage, we can create new sources of income and promote the development of cultural tourism.