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書籍：The Impact of Blockchain Technology on Finance: A Catalyst for Change…
書籍：The Impact of Blockchain Technology
on Finance: A Catalyst for Change (2018)
chp3: blockchain tech & finance
actors
DLTs are being explored by institutional actors such as large banks, exchanges, clearinghouses and central banks, as well as by new firms seeking to disrupt existing business models.
goal
lower cost & risk; increase trust
effect
how adoption of blockchain
technologies and DLTs will affect financial stability?
how these technologies, less reliant on centralised institutions, might help build
a more resilient financial sector
The 2008 financial crisis is but the latest reminder of the long history of concentrated risk in the financial sector.
As such, current methods for clearing and settling
transactions, though vastly improved from earlier generations, remain costly with many reconciliation and counterparty risks.
Furthermore, many financial products have high transaction costs and
financial inclusion
is uneven in many
parts of the world.
Blockchain and DLTs are being explored to address various costs of trust, with potential use cases that span the lifecycle of transactions from all corners of the financial sector.
statistic
the top ten banks alone, blockchain technology could
reduce infrastructure costs by 30%, translating into savings of between $8 and $12 billion. The figure would surely be significantly higher when applied to all institutions within the financial system.
use cases
payment
digital identity
primary security
Securities clearing & settlement
Derivatives clearing and processing
Post-trade reporting
Trade finance
the risk of permissioned network
Real security risk: network control by validators?
Limitation
until privacy, security and scalability concerns are adequately addressed, permissioned
blockchains seem like the default option for financial sector incumbents.
regulator
comprehend the market structure implications of these
models and design appropriate rules to protect against financial instability, limit
illicit activity, protect investors, encourage competition and promote innovation.
crypto finance
Comment
create a tamper-proof and universally accepted way of recording things
challenge of
maintaining records – a ledger
ledger structure and ownership
(centralized/ distributed)
access rights
(permissioned/ permissionless)
blockchian can help...
easy to police money laundering, terrorist finannce
Authorities
could monitor position concentrations
and systemic risk.
financial market participants
could overcome information
asymmetries, improving risk pricing and capital allocation.
before blockchain can alter key aspects of the financial system, there willhave to be a breakthrough in speed.
