Log In
Or create an account ->
Imperial Library
Home
About
News
Upload
Forum
Help
Login/SignUp
Index
Cover
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
← Prev
Back
Next →
← Prev
Back
Next →