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As a consequence, in a trustless environment, there is no single entity that has authority over the system, and trust is distributed across the participants themselves, in a type of economic system that incentivises certain behaviours. The revolutionary potential of blockchain is to realise a 24/7, global, open, programmable settlement layer for the world.
“This settlement layer does not require participants to
trust central authorities or other financial institutions, and enables participants to send and receive assets to anyone, anywhere, anytime,” said Alessio QUAGLINI, CEO at Hex Trust. “However, the decentralised and trustless nature of blockchain-based systems do not necessarily imply lack of control and oversight on the rules that govern the system itself. Decentralised systems can be designed at inception to comply with specific rules, as well as the governance processes that determine how the system is maintained and updated. Blockchain decentralisation should be regarded
as a mechanism that allows a system to function by itself, whereby participants can govern its rules in line with deterministic and transparent processes stipulated a priori,” he continued. Different types of blockchain with different characteristics will be created to address specific use cases and applications, not only in financial markets. The power of blockchain will allow connection of heterogeneous blockchains and enable cross-chain interoperability, with the objective to extend this global settlement layer to include different systems and applications without the need of a centralised orchestration layer.
“T+0 can be achieved because DLT operates on a 24/7/365 basis. It would also remove a lot of the sequential processing in the settlement process as all parties to various transactions would work on the same version of the same record,” said BROOKS. By creating an environment supporting instant DVP (delivery versus payment), market infrastructures such as CSDs and CCPs (central counterparty clearing houses) would need to transform their business models or risk disintermediation. Others argue instant settlement is only just the beginning. “The power of DLT
is revolutionary. If a common DLT with standardised rules can be established, it might not just be a case of settling my USD cash against Tesla securities, but I could even
pay for my apartment rent denominated in USD with Tesla shares,” explained QUAGLINI. Of course, this scenario would also require QUAGLINI's landlord being willing to accept Tesla shares in lieu of USD cash, but it illustrates the many possibilities that could emerge from an inter-connected DLT environment.
Hex Trust行政總裁Alessio QUAGLINI表示: 「這結算層不要求參與者信任中央機關或其 他金融機構,讓參與者隨時隨地向任何人轉移 資產,或收取任何人轉移的資產。不過,區塊鏈 系統去中心化、無需信任的性質,並不意味着 系統的規則不受控制或無人監管。去中心化的 系統在設計階段可設定遵從特定的規則,並遵 守維護和更新系統的管治程序。區塊鏈去中心 化,應視作可容許系統自行運作,參與者則可 按事先訂立的確定透明的程序,支配系統的規 則 。」因 應 不 同 情 況 ,可 設 計 不 同 種 類 、不 同 特 色的區塊鏈作特定用途,應用範圍不限於金融 市 場 。區 塊 鏈 力 量 強 大 ,可 讓 性 質 各 異 的 區 塊 鏈彼此相連,交互操作,目的是讓這個全球結 算層可容納不同的系統和應用程式,而不必設
BROOKS表示:「DLT按24/7/365的基礎運作, 因而可以實現T+0。由於參與交易的各方均按 同一紀錄的同一版本處理,因此結算過程中的 許多步驟也不必順序進行。」DLT創造了即時貨 銀兩訖交收的環境,中央證券寄存處及中央對 手方結算所等市場基建也須改變其營運模式, 否則其中介地位便會降低。也有人認為即時結 算 只 是 個 起 點 。 Q U A G L I N I 解 釋 :「 D L T 有 着 革 命性的力量。假如建立了共用的DLT,按標準的 規則運作,那麼其作用就不只限於以我的美元 現金購買特斯拉股份的結算程序,我甚至可以 用特斯拉股份支付以美元計算的房租。」當然, 在這個例子裏,還得要QUAGLINI的房東願意 接受特斯拉股份代替美元才行;但這例子說明 在彼此相連的DLT環境裏,有那麼多不同的可 能性。
 “最近,香港財經事務及庫務 局以及證券及期貨事務監察 委員會(證監會)證實正擬 定規則,可能引入證券型代 幣發行,以便在公開招股上 市等傳統集資途徑以外,提 供成本較低的集資方式。
ISSUE 119 • 2021

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