Ziyen Energy CEO, Alastair Caithness, is a co-author of the first financial journal research paper on ‘Finance infrastructure through blockchain based tokenization’, where ZiyenCoin is featured as the case study in the paper.

The main author of the paper is Yifeng (Ethan) Tian, who is a Research Fellow at the University of Florida and has been working with Ziyen Energy for over a year investigating the feasibility of securitizing energy infrastructure assets through blockchain tokenization, and assisting with the development of the creation of blockchain-based energy token trading platform.

Other co-authors of the paper are:

Dr. Zheng Lu, PhD, CFA, Professor at Columbia University and Consultant at the World Bank

Dr. Peter Adriaens, Professor and FinTech Entrepreneur; Director, Center for Smart Infrastructure Finance at the University of Michigan

Dr. Edward Minchin, Professor at the School of Construction Management, University of Florida

Junghoon Woo, Ph.D candidiate at the University of Florida who is working on the research paper “A new blockchain framework for existing building energy performance measurement, reporting, and verification (MRV): A pathway for the building sector to participate in the carbon credit market.”

Yifen Tian, stated,

I am very happy to announce that our most recent research in leveraging blockchain tokenization to finance infrastructure is published in the journal of Frontiers of Engineering Management. In the age of blockchain, tokenization provides a revolutionary solution to improve financial efficiency, sustainability, and inclusivity.  Special thanks go to the CEO of Ziyen Energy, Alastair Caithness, Dr. Zheng Lu, PhD, CFA, Dr. Peter Adriaens, Dr. Edward Minchin, and Junghoon Woo.



The infrastructure finance gap has long-standing implications for economic and social development. Owing to low efficiency, high transaction costs, and long transaction time, conventional infrastructure financing instruments are considered to be major contributors to the increasing mismatch between the need for infrastructure development and available financing. Implemented through smart contracts, blockchain tokenization has shown characteristics that are poised to change the capital stack of infrastructure investment.

This study analyzed the first SEC-compliant energy asset security token, Ziyen-Coin, from the perspective of the key participants, relevant regulations, and token offering procedures. Results show that tokenization can improve infrastructure assets liquidity, transaction efficiency, and transparency across intermediaries. Conventional infrastructure financing instruments were compared with blockchain tokenization by reviewing the literature on infrastructure finance.

The benefits and barriers of tokenizing infrastructure assets were thoroughly discussed to devise ways of improving infrastructure financing. The study also found that the potential of tokenization has not yet been fully realized because of the limited technical infrastructures, regulation uncertainties, volatilities in the token market, and absence of the public sector.

This study contributes to the present understanding of how blockchain technology can be implemented in infrastructure finance and the role of tokenization in the structure of public–private partnership and project finance.


Journal is available at the following links:

Springer Link

DeepDyve Library