14 KiB
Blockchain 2.0: Redefining Financial Services [Part 3]
The previous article of this series focused on building context to bring forth why moving our existing monetary system to a futuristic blockchain system is the next natural step in the evolution of “money”. We looked at the features of a blockchain platform which would aid in such a move. However, the financial markets are far more complex and composed of numerous other instruments that people trade rather than just a currency.
本系列的前一篇文章重点为引出为何现存的金融系统向充满未来主义的区块链体系迈进是“货币”改革的下一自然步而创建上下文环境。我们将继续查看哪些区块链特性将有助于这一迁移。但是，金融系统十分复杂，并且由很多其他仪器组成（人们并不只是使用货币进行交易）
This part will explore the features of blockchain which will enable institutions to transform and interlace traditional banking and financing systems with it. As previously discussed, and proved, if enough people participate in a given blockchain network and support the protocols for transactions, the nominal value that can be attributed to the “token” increases and becomes more stable. Take, for instance, Bitcoin (BTC). Like the simple paper currency, we’re all used to, cryptocurrencies such as Bitcoin and Ether can be utilized for all the former’s purposes from buying food to ships and from loaning money to insurance.
本部分将探索哪些区块链特性能够让金融机构向区块链平台迁移，并将传统银行和金融系统与其合并。如之前讨论证明的那样，如果有足够的人参与到给定的区块链网络并且支持交易协议，则赋给“代币”的面值将提升并变得更稳定。这种例子，如比特币（BTC）。和我们习惯使用的纸币一样，像比特币和以太币这样的加密货币，都可以用来购买食物，乃至贷款和购买保险。
Chances are you are already involved with a bank or any other financial institution that makes use of blockchain ledger technology. The most significant uses of blockchain tech in the finance industry will be in setting up payments infrastructure, fund transfer technologies, and digital identity management. The latter two have traditionally been handled by legacy systems in the financial services industry. These systems are slowly being migrated to blockchain systems owing to their efficiency in handling work like this. The blockchain also offers high-quality data analytics solutions to these firms, an aspect that is quickly gaining prominence because of recent developments in data sciences.1
事实上，你所参与的银行或其他金融机构很可能已经利用了区块链分类账技术。金融行业中区块链技术最显著的用法是建立支付基础设施，基金交易技术和数字认证管理。传统上，后两者已经由金融服务业的旧系统处理了。但由于区块链处理上的效率，这些系统正逐渐的向区块链迁移合并。区块链还为这些金融服务业的公司提供高质量的数据分析解决方案，这一方面之所以能够快速的得到重视，主要得益于最近的数据科学的发展。1
Considering the start-ups and projects at the cutting edge of innovation in this space first seems warranted due to their products or services already doing the rounds in the market today.
从这一领域前沿阵地的初创企业和项目入手考察，区块链似乎能有所保证，因为这些企业或项目的产品已经开始在市场上扩展开来。
Starting with PayPal, an online payments company started in 1998, and now among the largest of such platforms, it is considered to be a benchmark in terms of operations and technical prowess. PayPal derives largely from the existing monetary system. Its contribution to innovation came by how it collected and leveraged consumer data to provide services online at instantaneous speeds. Online transactions are taken for granted today with minimal innovation in the industry in terms of the tech that it’s based on. Having a solid foundation is a good thing, but that won’t give anyone an edge over their competition in this fast-paced IT world with new standards and technology being pioneered every other day. In 2014 PayPal subsidiary, Braintree announced partnerships with popular cryptocurrency payment solutions including Coinbase and GoCoin , in a bid to gradually integrate Bitcoin and other popular cryptocurrencies into its service platform. This basically gave its consumers a chance to explore and experience the side of what’s to come under the familiar umbrella cover and reliability of PayPal. In fact, ride-hailing company Uber had an exclusive partnership with Braintree to allow customers to pay for rides using Bitcoin.[2][3]
PayPal，一个创建于 1998 年的在线支付公司，现为此类平台中最大的一个，常被视作操作和技术能力的基准。PayPal 很大程度上派生自现有的货币系统。它的创新贡献来自于如何收集并利用消费者数据，以便提供即时的在线服务。如今，在线交易已被认为是理所当然的事，在行业里，就其技术而言已经不具有创新点了。拥有坚实的基础是一件好事，但在快速发展的 IT 行业里并不能提供任何竞争力，毕竟每天都有新的标准和新的技术。2014 年，PayPal 子公司，Braintree 与流行的加密货币支付方案解决商 Coinbase 和 GoCoin 声明了合作关系，以便将比特币和其它加密货币整合到它们的服务平台上。这基本上给了加密货币支付方案解决商的消费者在 PayPal 可靠且熟悉的平台下探索和体验的一个机会。事实上，打车公司 Uber 和 Braintree 具有排他性的合作关系，以允许消费者在打车的时候使用比特币。[2][3]
Ripple is making it easier for people to operate between multiple blockchains. Ripple has been in the headlines for moving ahead with regional banks in the US, for instance, to facilitate transferring money bilaterally to other regional banks without the need for a 3rd party intermediary resulting in reduced cost and time overheads. Ripple’s Codius platform allows for interoperability between blockchains and opens the doors to smart contracts programmed into the system for minimal tampering and confusion. Built on technology that is highly advanced, secure and scalable to suit needs, Ripple’s platform currently has names such as UBS and Standard Chartered on their client’s list. Many more are expected to join in.[4][5]
Ripple 正在让人们在多个区块链之间的操作变得更简单。Ripple 已经成为美国各地区银行向前发展的头条新闻，比如，在不需要第三方中介的情况下，将资金双边转移给其他地区银行，从而降低了成本和时间管理费用。Ripple 的科迪乌斯平台允许区块链之间互相操作，并为合同编入提供接口，以便让篡改和混乱最小化。建立在这种先进，安全并且可根据需要扩展的平台上，Ripple 以及拥有像瑞银（瑞士联合银行集团）和渣打银行（标准特许银行）在内的客户列表。更多的银行客户也在期待加入。[4][5]
Kraken , a US-based cryptocurrency exchange operating in locations around the globe is known for their reliable crypto quant estimates even providing Bitcoin pricing data real time to the Bloomberg terminal. In 2015, they partnered with Fidor Bank to form what was then the world’s first Cryptocurrency Bank offering customers banking services and products which dealt with cryptocurrencies.[6]
Circle , another FinTech company is currently among the largest of its sorts involved with allowing users to invest and trade in cryptocurrency derived assets, similar to traditional money market assets.[7]
Companies such as Wyre and Stellar today have managed to bring down the lead time involved in international wire transfers from an average of 3 days to under 6 hours. Claims have been made saying that once a proper regulatory system is in place the same 6 hours can be brought down to a matter of seconds.[8]
Now while all of the above have focused on the start-up projects involved, it has to be remembered that the reach and capabilities of the older more respectable financial institutions should not be ignored. Institutions that have existed for decades if not centuries moving billions of dollars worldwide are equally interested in leveraging the blockchain and its potential.
As we already mentioned in the previous article, JP Morgan recently unveiled their plans to exploit cryptocurrencies and the underlying ledger like the functionality of the blockchain for enterprises. The project, called Quorum , is defined as an “Enterprise-ready distributed ledger and smart contract platform”. The main goal being that gradually the bulk of the bank’s operations would one day be migrated to Quorum thus cutting significant investments that firms such as JP Morgan need to make in order to guarantee privacy, security, and transparency. They’re claimed to be the only player in the industry now to have complete ownership over the whole stack of the blockchain, protocol, and token system. They also released a cryptocurrency called JPM Coin meant to be used in transacting high volume settlements instantaneously. JPM coin is among the first “stable coins” to be backed by a major bank such as JP Morgan. A stable coin is a cryptocurrency whose price is linked to an existing major monetary system. Quorum is also touted for its capabilities to process almost 100 transactions a second which is leaps and bounds ahead of its contemporaries.[9]
Barclay’s , a British multinational financial giant is reported to have registered two blockchain-based patents supposedly with the aim of streamlining fund transfers and KYC procedures. Barclay’s proposals though are more aimed toward improving their banking operations’ efficiency. One of the application deals with creating a private blockchain network for storing KYC details of consumers. Once verified, stored and confirmed, these details are immutable and nullifies the need for further verifications down the line. If implemented the protocol will do away with the need for multiple verifications of KYC details. Developing and densely populated countries such as India where a bulk of the population is yet to be inducted into a formal banking system will find the innovative KYC system useful in reducing random errors and lead times involved in the process[10]. Barclay’s is also rumored to be exploring the capabilities of a blockchain system to address credit status ratings and insurance claims.
Such blockchain backed systems are designed to eliminate needless maintenance costs and leverage the power of smart contracts for enterprises which operate in industries where discretion, security, and speed determine competitive advantage. Being enterprise products, they’re built on protocols that ensure complete transaction and contract privacy along with a consensus mechanism which essentially nullifies corruption and bribery.
PwC’s Global Fintech Report from 2017 states that by 2020, an estimated 77% of all Fintech companies are estimated to switch to blockchain based technologies and processes concerning their operations. A whopping 90 percent of their respondents said that they were planning to adopt blockchain technology as part of an in-production system by 2020. Their judgments are not misplaced as significant cost savings and transparency gains from a regulatory point of view are guaranteed by moving to a blockchain based system.[11]
Since regulatory capabilities are built into the blockchain platform by default the migration of firms from legacy systems to modern networks running blockchain ledgers is a welcome move for industry regulators as well. Transactions and trade movements can be verified and tracked on the fly once and for all rather than after. This, in the long run, will likely result in better regulation and risk management. Not to mention improved accountability from the part of firms and individuals alike.[11]
While considerable investments in the space and leaping innovations are courtesy of large investments by established corporates it is misleading to think that such measures wouldn’t permeate the benefits to the end user. As banks and financial institutions start to adopt the blockchain, it will result in increased cost savings and efficiency for them which will ultimately mean good for the end consumer too. The added benefits of transparency and fraud protection will improve customer sentiments and more importantly improve the trust that people place on the banking and financial system. A much-needed revolution in the financial services industry is possible with blockchains and their integration into traditional services.
via: https://www.ostechnix.com/blockchain-2-0-redefining-financial-services/