渣打银行区块链及券商业结算机制研究报告（英文）.pdfVIP

Blockchain and T2S: A potential disruptor by Margaret Harwood-Jones Managing Director Head, Investors and Intermediaries for Transaction Banking Contents Introduction 4 The overarching potential of blockchain 7 Could blockchain be incorporated into T2S or replace it? 10 Operational issues to be considered 12 Regulatory challenges facing blockchain and T2S 16 Conclusion 18 3 Introduction The concept of blockchain, a technological architecture facilitating a shared, distributed ledger, has gained enormous traction in the securities services industry over the last two years. Blockchain was historically associated with Bitcoin, a cryptocurrency, but its relevance and usage could potentially extend far beyond that. Blockchain, put simply, is a database holding unalterable transactional information supplied by financial institutions. A number of financial institutions and market infrastructures have expressed interest in blockchain, pointing out it could replace manual and duplicative processes which can be highly inefficient, expensive and prone to operational error. This paper will explore whether blockchain could have a material role or impact on the European Central Bank’s (ECB) Tar