Global Symposium for Innovative Financial Inclusion Distributed Ledger Technology - A new paradigm for Capital markets Alistair Duff Sept 2016 14 J
The Significant Evolutionary Step of DLT Shared Truth Shared Logic Shared Communication
Distributed Ledger Technology Ecosystem Impact Distributed ledger technology has benefits across the trade life cycle, while simultaneously offering a new paradigm for bank interconnectedness & reduced risk Trade Life Cycle Impact Pre-Event Event Post-Event Source: Oliver Wyman / Euroclear 6
World Economic Forum Report on DLT R3
R3 - A DLT Centre of Gravity R3 has been instrumental in creating collaboration across a diverse range of financial services industry participants INSURANCE & TRADE ASSET ASSOCIATIONS MANAGEMENT REGULATORS / EXCHANGES CENTRAL BANKS MARKET CARD PROVIDERS STRUCTURE / / ACQUIRERS UTILITIES ENTERPRISE BLOCKCHAIN TECHNOLOGY TECHNOLOGY CO.’s CO.’s R3
R3 Operates on 3 Pillars Pillar 1 Pillar 2 Pillar 3 Financial Grade Ledger R3 Lab & Research Center Product Development LRC - Center of excellence § Center of excellence for CORDA - Base layer for distributed ledger § § distributed ledger technology reference architecture to innovation/collaboration acceleration and underpin a global financial- across the entire financial scalability grade ledger shared among services ecosystem all actors Product commercialization Secure, multi-institution § § and growth. Drive appropriate standards Global Collaborative Lab § and open protocols to meet focused on empirical Product financing and best interests of financial experimentation, innovation § corporate structuring services community and applied research in DLTs for financial services R3
R3’s Corda Platform: A Unique Distributed Ledger Approach A blockchain-inspired distributed ledger platform designed and built specifically for financial markets Key Features § Data is shared only among relevant parties Corda § Choreographs workflow between firms without a central controller Manages and Executes Financial Agreements § Consensus at individual deal level , rather than system level Shared Legal Interoperable Private Business Interlock § Design directly enables regulatory/supervisory observer Logic nodes § Transactions are validated by parties to the transactio n rather than a broader pool of unrelated validators • Consensus § Supports a variety of consensus mechanisms • Validity § Strong link between legal prose and smart contract code • Uniqueness § Uses industry-standard tools • Immutability § No native cryptocurrency • Authentication § Will be open-sourced R3
R3’s Technology “Stack” R3’s Platform will leverage Corda™ base architecture and seamless interoperability functionality to power the Platform, which enables commercial products and software on top Asset-Specific Software, Applications and Business Process Solutions SHARED SERVICES PLATFORM ISSUANCE OF REFERENCE TRADE ASSET IDENTITY VALUE DATA REGISTRY REGISTRY INTEROPERABILITY / API LAYER Other Ledger Systems, e.g.: BASE ARCHITECTURE LAYER– Existing Market Services ETHEREUM RIPPLE CHAIN OTHERS Corda TM (Open Source) R3
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