【英文】世界经济论坛报告：数字资产、分布式账本技术和资本市场的未来报告（100页）

Require frms to independently maintain siloed  records of transactions, securities and other data,  with each institution independently processing  events and subsequently reconciling records. This  adds complexity to operations, increases the  risk of error, limits the ability to automate  processes and likely adds costs across the  capital markets ecosystem – Limit the fexibility of transaction windows and  time frames in order to accommodate the need for  sequential processing and verifcation. While many  highlight the costs of liquidity needed to fund multiday trade settlement cycles, this dynamic also limits  the ability to optimize balance sheets, as frms are  unable to rapidly move securities and cash to address  funding and liquidity needs and availability.

DLT is an immutable distributed  database that governs the fow of data  between decentralized participants.  By ensuring data is consistent, accurate  and up-to-date, DLT/blockchain aims to  enhance trust among all participants.1 The technology is built on a foundation of four  key elements:2 1. Distributed ledger and peer-to-peer network: data  representing assets or transactions is replicated  across each node on the network, ensuring resiliency  and transparency 2. Digital signatures and hash functions: strong  encryption and anti-tampering measures guard  against data being retroactively altered  3. Consensus algorithms: a consensus mechanism  authenticates the underlying data to ensure  that all participants have the same view of the  data, potentially eliminating the need for trusted  intermediaries in a transaction 4. Smart contracts: machine-executable code is  automatically triggered to enforce contractual  obligations under predefned circumstances.