2023年5月15日

世界银行探索分基础设施项目47秒前世界银行发表了一份报告,探讨区块链为基础设施项目,如公路、发电厂和可再生能源项目。作者旨在帮助世界银行决定是否进行概念验证标记化的安全测试。标记帮助全球基础设施中心的基础设施融资缺口估计15万亿美元的融资缺口为2018年和2040年之间的基础设施项目。每年3 - 4万亿美元花在基础设施,与政府覆盖。2019年私人投资在基础设施主要通过发行总计只有1060亿美元。与COVID延伸政府预算,希望利用更多的私人资金来源。然而,许多公共基础设施项目最低投资规模为100万美元,使其只访问机构或超高净值个人。与基础设施项目区块链可以帮助两个非常不同的方式。一是帮助由分词的基础设施融资缺口证券、债务或股本。使用区块链可能降低发行成本,尽管一个特殊目的机构(spv)仍将是必需的。 It could possibly democratize access by making it more accessible to a wider range of investors. A second application is to use blockchain’s transparency for infrastructure project management at the budgetary level. This involves sharing the data around purchase orders and invoicing between subcontractors and contractors to reduce the potential for disputes. Democratizing access with blockchain tokenization Most of the report focuses on the potential for blockchain applied to finance. It finds significant challenges, particularly on the regulatory front. That’s partly because only a few jurisdictions have clarified the treatment of tokenized securities. And even in these cases, the requirement for access to be restricted to accredited investors for certain types of securities is invariably unchanged. While the paper focuses on tokenized securities rather than crypto, it targets the crypto community, focusing on public blockchain and distribution via DeFi and crypto exchanges. However, few crypto exchanges are licensed to handle securities. Even if it’s tricky to target retail investors, lowering the minimum investment could vastly expand the investor base, even for accredited investors who might access it via regulated venues. Public blockchain is viewed as a better avenue for fractionalization. The paper does not address the adoption of tokenization by the incumbent regulated sector. It mentions the World Bank’s blockchain bond , which was groundbreaking at the time and used a permissioned blockchain. “Tokenization cannot deliver on many of its value propositions when it is fully compliant with relevant financial regulations, at least at the time of writing this report,” write the authors. Nonetheless, it suggests the World Bank should consider launching a proof of concept to help to drive change in financial regulation and demonstrate leadership in blockchain technology. Additionally, it would gain experience in interacting with the ‘crypto ecosystem’. Meanwhile, companies are targeting this sector, such as Pontoro in the U.S. and European Silta Finance, whose co-founder penned an opinion piece on Ledger Insights a few years ago.