Patent-Backed Real-World Assets: Legal Architecture, Tokenisation Design, and Risk-Adjusted Valuation

This working paper studies patent-backed real-world assets (RWA) as structured financial claims over legally enforceable patent-related cash flows, rather than as simple tokenised representations of patent metadata. It develops a legal-financial architecture for patent-backed tokenisation, compares existing intellectual-property RWA analogues, and proposes a risk-adjusted valuation framework incorporating legal validity, technology obsolescence, liquidity, regulatory-wrapper costs, and patent cash-flow uncertainty. The paper further presents a synthetic Monte Carlo simulation comparing four stylised product structures: single-patent tokens, patent-pool tokens, licensing-receivable tokens, and SPV or fund-share tokens.