Page 11 - Demo
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 Exchange of assets in a Blockchain environment
在區塊鏈環境中交換資產
Asset owner X 5 Blockchain address
1
Asset owner Y 2 Blockchain address
Asset owner X
 Smart contract
Blockchain address 32hPw3...
智能合約
區塊鏈地址32hPw3...
3 Matches both sides of trade 配對交易雙方
4 Executes at agreed time 在協定時間進行交易
OR 或
5 Returns assets 交換流程
          3Hw5Q2...
4
4
Blockchain address 3Hw5Q2...
  資產擁有人 X 2 區塊鏈地址
3Hw5Q2...
資產擁有人 X
     區塊鏈地址 3Hw5Q2...
                 3R52c8...
Asset owner Y
Blockchain address 3R52c8... 資產擁有人 Y 區塊鏈地址 3R52c8...
 資產擁有人 Y
   區塊鏈地址 5 3R52c8...
     Exchange workflow 交換流程
1 X & Y agree to exchange digital assets and
4 EITHER SC successfully executes and automatically 智能合約成功進行交易,在區塊鏈上自動交換資產
5 OR execution fails and SC automatically returns assets to original owners 交易不成功,智能合約自動把資產交還原擁有人
     X及Y同意交換數碼資產及
2 X & Y transfer assets to Smart Contract (SC) X及Y把資產轉移至智能合約
3 SC matches both sides of trade 智能合約配對交易雙方
   Pivot towards T+0
Digital assets are also likely to be instrumental in the pivot towards T+0. Digital assets mean different things to different people. For some, digital assets consist of unregulated crypto- currencies such as Bitcoin, Ripple and Ethereum. To others, digital assets can be security tokens whereby a conventional asset (e.g. an equity) or illiquid asset (e.g. private equity, real estate) is tokenised to be traded whole or fractionalised making it more accessible to a broader group of investors, thereby generating greater liquidity. And finally, there are CBDCs (Central Bank Digital Currencies), which are digital assets issued by Central Banks whose value corresponds to an underlying fiat currency. All of these digital assets can be transacted on DLT.
It is CBDCs which market participants are becoming increasingly excited about, however some markets are at more advanced stages than others in terms of CBDC development. The People’s Bank of China (PBOC) is widely considered to be at the forefront of CBDC innovation, having established a digital renminbi
which is now in circulation. So how does this tie back to T+0 settlement? Accenture highlights that “if financial instruments were to be available in a tokenised format, CBDCs would allow an end-to-end settlement in tokens”.[8] The roll-out of CBDCs could also have ramifications for cross-border transactions, especially if non-resident investors can hold CBDCs enabling
轉向T+0
在轉向T+0的過程中,數碼資產也可能發揮作 用。對不同的人來說,數碼資產有不同的意思。 有人認為數碼資產包括不受規管的加密貨幣, 如比特幣、瑞波幣、以太幣等;也有人認為數碼 資產可以是證券型代幣,以數碼形式代幣表達 傳統資產(例如股份)或非流動資產(例如私人 股權、房地產)的擁有權,以便買賣全部或部分 資產,接觸更多投資者,從而增加流動性。最後 還有央行數碼貨幣,這是由中央銀行發行的數 碼 資 產 ,價 值 相 當 於 相 關 的 法 幣 。所 有 這 些 數 碼資產,都可透過DLT買賣。
市場參與者都對央行數碼貨幣興趣日增,但在 央行數碼貨幣的開發方面,有些市場比別的市 場成熟。一般普遍認為中國人民銀行位於央行 數碼貨幣發展的前列,目前已推出市面流通 的數字人民幣。這與T+0結算制度有何關係? Accenture指出:「假如金融工具以代幣形式呈 現,央行數碼貨幣便容許以代幣形式作點對點 結算。」[8] 推出央行數碼貨幣,對跨境交易也有 影響;假如非居民投資者也可持有央行數碼貨 幣,以央行的金錢為國際貿易作結算,影響便更 大。[9] 要是這成為現實,跨境貿易中許多昂貴的 中介程序便可消除,同時結算速度也可加快。
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