For a moment back in the mid-2010s, blockchain was being hailed as the future of financial markets. It was labeled generational and transformative due to its decentralized nature and potential applications across various industries, 有能力解决不断增长的运营挑战.
这种程度的炒作既不现实，也不可持续. While there is no doubt that distributed ledger technology (DLT) still holds great promise to reimagine business models and processes, the blockchain journey has reached an inflection point after years of experimentation. Many companies have begun increasing rigor around investment and want to see a pay-off. They’re demanding a real strategy and strong business cases before approving funding for existing and new proofs of concept.
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好消息是, 根据最近的一项研究, nearly 40% of financial market participants are currently using some form of DLT or digital assets. These initiatives have begun to show that the technology can improve certain functions, 例如证券发行, 贸易结算和数据透明度. They have also demonstrated new investment opportunities and operating models as well as ways to enhance efficiencies and liquidity across trade flows and asset classes.
分散的创新阻碍了进步
然而, too many financial institutions and service providers are exploring how to leverage the technologies individually or as islands of digital innovation. 在涉及的资本市场中， 74%的DLT项目 到2023年，参与者少于6人. 很明显，我们缺少的是广泛的、全行业的合作. 这些计划的孤立性, 在使用不同连接协议的不同网络上实现, 沟通与功能, pose challenges to broad adoption and limits the ability to scale any DLT solution.
所有这些障碍都可能导致效率低下, 风险, 交易成本高，交易收益有限. They also could lead to a new but disconnected puzzle of DLT silos that use multiple technologies and 标准. 在理想的世界里, uniform 标准 would create an even playing field for new entrants into the financial system, maintain privacy and security and ensuring new systems are compatible with existing ones. Consistent 标准 would also help bridge the digital divide across jurisdictions that are excluded or have more costly access to cross-border systems.
While the industry is ready to assimilate DLT and digital assets into the financial ecosystem, it first needs help overcoming roadblocks to moving assets across blockchains and integrations to traditional systems. The financial markets work well today because we have developed 标准 for their design and operation. 存多年来一直在探索DLT和数字化, 并成功地在几个用例中测试了DLT的功能. 该行业的发展势头仍在继续, and 存 itself has taken a number of steps to advance a robust infrastructure, 标准, governance and the right architecture to ensure the safety and soundness of digital markets.
Recognizing the value of principles and 标准 to the efficient operation of markets, 存 has developed an initial set of control principles to help ensure the emerging tokenized securities market is as efficient, incorporates customer protections and is as safe and sound as today’s securities marketplace. 这些原则旨在通过定义角色来降低风险, 责任, 风险和抵消控制.
金融业如何合作向前发展
This past September, 存 partnered with Clearstream and Euroclear to publish a 白皮书 vns6060威尼斯城官网数字资产行业的持续发展. The report called out the need for greater industry collaboration to overcome the roadblocks impeding the progress of digital assets and counteracting the efficiencies achieved through DLT. The three firms have pledged to collaborate with the industry to drive scale and harmonize 标准 across processes, 平台和司法管辖区.
这种全行业协作的一个例子是 SWIFT最近进行的实验 in which banks and market infrastructures participated to test the transfer of simulated tokenized assets. 结果表明，SWIFT现有的基础设施可以提供安全的, scalable way for financial institutions to connect to multiple types of blockchains. The industry must continue to work together like this to build the optimal architecture and market structure to incorporate DLT and digital assets into the ecosystem and best meet participants’ needs.
促进业界合作
存已采取进一步措施推进数字资产. 最值得注意的是它的 最近对security的收购是机构级数字资产基础设施的开发商. This will enable 存 to continue driving institutional adoption of blockchain technology, 支持实时处理和交易后结算, 并将存定位为连接全球流动性池.
These new capabilities will also be a key enabler to fostering industry-wide collaboration to promote acceptance and adoption of digital assets. 通过充当与dlt无关的协调层, 该平台将连接不同的区块链并促进流动性, 透明度和安全性. Financial firms will be able to use it to transform and evolve their operating models and create new digital asset services alone or in collaboration with other market participants. 存的 最终的投资, 基于dlt的批发支付系统提供商, will help foster the development of new rails that will be essential for the emergence of a robust digital infrastructure.
随着TradFi和DeFi世界的融合, 存 is committed to continuing to partner with the industry through efforts such as these to help introduce the 标准 and governance needed to drive ecosystem growth while ensuring the highest levels of market safety and stability. The collective impact of these initiatives will help establish a robust digital infrastructure for the industry in a responsible manner to deliver on the compelling opportunities presented by digital assets.
本文最初发表于 世界经济论坛 2024年1月16日.