  Infrastructure is critical for enabling society to function and the economy
to thrive, but there is an increasing mismatch between the need for
infrastructure investments and available capital, which is in consequence of
constraints on public resources and limited capacity to leverage the private
sector co-financing under the current system. With the emergence of distributed
ledger technology, such as blockchain-enabled tokenization, there is a
significant potential to improve investment liquidity, transparency, efficiency
and create new economic models to integrate non-financial values to promote
sustainability and inclusiveness. This research analyzed 21 projects to
investigate how tokenization is implemented in energy infrastructure projects.
Exploratory case study analyses were conducted, which shows the diversity of
tokenization arrangements. The state of the art, potential benefits,
implications, and obstacles associated with the application of tokenization in
infrastructure investment and development are discussed. The purpose of this
research is to understand tokenization within the context of the energy sector
but also to forecast its application in a broad spectrum of infrastructure
projects (e.g., transportation, telecommunication, healthcare, education).
