【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）

英文研究报告 2021年05月12日 07:02 管理员

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.