Trust Relocation inReal-World Asset (RWA) Tokenization: A Systematic Literature Review of Governance Mechanisms, Adoption Barriers, and Risks

This paper presents a systematic literature review on Real-World Asset (RWA) tokenization, examining governance mechanisms, adoption barriers, trust, benefits, and risks. Using Kitchenham’s guidelines and the PRISMA framework, studies published between 2021 and 2026 were analyzed through the Scopus database, resulting in 33 studies included in the final review. Findings show that governance mechanisms and adoption barriers vary across asset classes, particularly in terms of legal recognition, regulatory compliance, custody, verification, and market infrastructure. The review further indicates that blockchain does not eliminate the need for trust but redistributes it across five governance layers: Legal/Regulatory, Custodial/Institutional, Governance/DAO, Market-Structure, and Social/Perceptual. Despite risks related to regulation, technology, markets, and institutions, RWA tokenization offers potential benefits including greater accessibility, efficiency, transparency, traceability, and liquidity. Overall, this review provides a governance- and trust-centered perspective on RWA tokenization and highlights the structures that support its adoption.