
Financial Services Revolution
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Content
- Intro
- Copyright
- Contents
- List of contributors
- Preface
- Chapter 1 | The coming cataclysm
- Financial services in brief
- Introduction
- The blockchain revolution in financial services
- Facebook joins the blockchain revolution-buckle up!
- Libra: The latest innovation
- Blockchain transformation for financial services
- Cryptoassets and open finance
- Financialization and digitization of everything
- Blockchains as state machines
- A new model for identity
- Decentralized finance: The golden nine
- Challenges and implications
- Threat and opportunity for incumbents
- Rethinking central banking
- Onboarding the unbanked
- Preventing crime while preserving rights
- Conclusion: Promise and peril
- The world in 2030
- What can we do?
- Chapter 2 | The token economy
- Token economy in brief
- A preface to this chapter
- Introduction to the token economy
- A solution to the Tragedy of the Commons?
- Initial coin offerings: A new breed of meta-asset
- The advent of digital scarcity
- Tokens as powerful incentives
- Balancing innovation and regulation
- A golden age of protocols?
- The BAT: A new paradigm for online advertising?
- The token landscape: Cryptocurrencies, cryptocommodities, and cryptotokens
- Cryptocurrencies
- Cryptocommodities
- Cryptotokens
- But is it legal? Is it safe?
- Conclusions and recommendations
- Chapter 3 | Financing open blockchain ecosystems
- Financing open blockchain ecosystems in brief
- Introduction to blockchain's impact on fundraising
- Inherent tension of privately funding a public good
- Ecosystem tokens
- Decentralized application (Dapp) tokens
- An evolving landscape of practices and regulatory approaches
- Historical analysis
- Evolving SEC standards
- Recontextualizing Howey in light of ecosystem tokens and app coins
- Legal fictions and creative structuring: A review of practical solutions
- The foundation model
- The SAFT model: Simple agreement for future tokens
- Securities registration exemptions
- Creative solutions moving forward
- Sell only to strategic partners or potential platform users
- Discourage the establishment of a secondary market
- Cap the token price or use token bounding mechanisms
- Separate fundraising from token ecosystem governance
- Conclusion
- Chapter 4 | Reinventing international clearing and settlement
- The global payment system in brief
- Introduction to global payments
- How the global payment system works
- Why the system sometimes doesn't work
- A history of payment systems
- The East India Trading Company and Ronald Coase
- The rise of the mercantile bank, letters of credit, and the associated pain
- The creation of SWIFT and its messaging service
- Payment systems to manage payment systems
- In search of a better system
- The strategies of existing players
- Canada
- US Federal Reserve
- European Central Bank
- Singapore
- Japan
- SWIFT
- Ripple
- Depository Trust and Clearing Corporation
- TransferWise
- Analysis: Creating a better system on the blockchain
- A new role for government?
- A new role for SWIFT?
- Conclusions and recommendations
- Chapter 5 | Consolidating multiple ledgers with blockchain
- Consolidating multiple ledgers in brief
- Overview of receiver general ledger system
- Central financial management reporting system
- Receiver general-general ledger
- Account balance concept
- Public sector applications of blockchain
- Identity management in Estonia
- US GSA and FASt Lane
- State of Delaware's blockchain initiative
- Sweden's land registry
- A single ledger for the accounts of Canada
- Solution approach
- Solution architecture
- Public versus private blockchain consensus mechanisms
- User experience
- Adaptation of the receiver general mandate and workflow
- Challenges and risk management
- Implementation costs
- Triple-entry accounting
- Conclusions and recommendations
- Chapter 6 | Managing blockchain transparency
- Blockchain transparency in brief
- Introduction to real-time information symmetry
- The benefits of shared knowledge
- How much is too much transparency?
- Native transparency in blockchain technology
- Ownership transfers: Central registries versus distributed ledgers
- Ownership transfers: Public versus private blockchains
- Transparency as a risk and an asset
- Transparency as a strategic risk
- Transparency as a strategic asset
- Solving the problem: Technological approaches to privacy in blockchains
- Procedural workarounds: Usage of multiple IDs
- High-tech solution: Zero-knowledge proofs
- Implementation in public versus private blockchains
- Conclusions and recommendations
- Appendix to chapter 6 | How to access the ethereum blockchain
- Acknowledgments
- About the blockchain research institute
- About the contributors
- Acronyms and abbreviations
- Notes
- Index
- Back Cover
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