Software and the internet have had a relatively low disruptive impact on the financial services industry. While consumer expectations have changed, financial institutions have responded with aesthetic touch-ups like improved user interfaces and expanded online offerings (e.g. putting radio online), but business models have generally persisted.
Acest lucru este în contrast puternic cu Completă perturbări cu care se confruntă multe alte industrii, de la comerțul cu amănuntul la ospitalitate și mass-media. Industria muzicală oferă cel mai clar exemplu de aspect, ilustrat de următoarea defalcare a veniturilor din ultimii 17 ani:
In 2001, physical sales were virtually the only way to make money in music. By 2018, streaming revenue was growing by 34% Y-o-Y and accounted for almost half of global revenue, leaving physical sales a derelict shell of its former self. The companies with dominant market shares today (Apple, Spotify, Amazon, YouTube) were not in the music business at the turn of the century. The internet changed the economics of the music industry, allowing new entrants with orthogonal business models to win the market.
In financial services, on the other hand, business models have not undergone a comparable transformation. While FinTech companies are being used by substantial shares of retail clients in specific markets, most notably in China, to date they’ve mostly found new niches — e.g. P2P lending platforms, crowdfunding, cross-border payments, and underserved clients, such as small businesses or people who lack a credit history — or cooperated with incumbents or big tech. Cooperation gives new FinTech start-ups access to clients (through white-label, co-branded products) while in many cases reducing their regulatory compliance burden. In other words, FinTech companies generally use software to build out the existing financial system, rather than re-build it from first principles as streaming services did in music (or ride-sharing companies in transportation, Amazon in retail commerce, etc.). Why?
Băncile sunt greu de concurat, deoarece au șanțuri rezistente:
- Distribuție pe scară largă prin ramuri.
- Monopoluri asupra datelor financiare, ducând la expertiză unică, cum ar fi subscrierea de credite.
- Statutul special ca instituții reglementate care furnizează credite.
- Acces la asigurări suverane pentru depozite (de exemplu, FDIC).
- Mărci de încredere care sunt locuri sigure pentru a păstra banii și a gestiona finanțele.
Mobile apps and new data sources are beginning to eat at the distribution and data moats, but banks’ privileged positions in global economies are the result of a deeper structural reality of our financial system: participation carries high counterparty risk. Today’s financial networks roughly boil down to messaging networks, where banks and other financial institutions are responsible for interfacing with those networks on behalf of their customers — sending the right messages and responding appropriately to messages received. To stave off excessive costs, financial institutions lean on trusted relationships with one another to efficiently manage capital flows, which exposes them to the risk that someone they do business with fails to meet their obligations. This risk is managed through regulation and centralization in a few of the most reputable financial institutions, and is passed on to the consumer in the form of high fees and restrictions when transacting outside of trusted channels. This pull towards the largest, most trusted entities strengthens big bank moats and helps explain why FinTech start-ups are in many cases forced to partner with incumbents rather than try to displace them.
It follows that incremental improvements, like better user interfaces and new data sources on the margins, are not powerful enough drivers to unseat major financial institutions. To disrupt the financial services industry, the underlying networks need to be re-architected to carry an order of magnitude lower risk. Only then can an alternative business model achieve enough of a competitive advantage to win dominant market share.
This is why blockchains are interesting from a financial services lens: they lower counterparty risk in financial networks. They do this by providing guarantees around the execution of financial transactions, through the use of open source software and a public computational environment run by purely economically motivated actors. Blockchain networks thus form a foundation for a more transparent, secure system; one that relies on math, physics, and incentives instead of complicated inter-bank and regulatory relationships, which opens up new markets previously barred by the high amount of trust required for participation. And they are capable of supporting a superset of the types of financial interactions that are possible in our current system, allowing more choices around product, cost, and risk.
Today, there is a small but growing group of engineers and entrepreneurs who have realized this opportunity and are building financial services on public blockchains like Bitcoin and Ethereum. They are called decentralized finance (DeFi) networks and are mostly nascent, immature, and complex — one of the most well known examples, MakerDAO, has been called a Rube Goldberg Machine. They presently serve a small niche of businesses and individuals within the crypto ecosystem, providing payment services, credit facilities, exchanges, investment tools, savings accounts, and insurance and derivative contracts. They appear on the surface to carry more technical and regulatory risk than may warrant their long-term potential, so it’s tempting to dismiss them as misguided efforts with no clear market fit.
Cu toate acestea, serviciile financiare native blockchain formează primul segment al FinTech care are cu adevărat potențialul de a perturba afacerile de bază ale instituțiilor financiare majore - economii, plăți, împrumuturi, investiții, strângere de fonduri, asigurări - în moduri care beneficiază în mod fundamental piețele și consumatorii.
Blockchain-urile și contractele care trăiesc pe acestea sunt proiecte software open source. La fel ca multe alte proiecte open source, inclusiv Linux și internetul în sine, acestea evoluează la margini, prin eforturile descentralizate ale multor companii, antreprenori și hackeri din întreaga lume. Linux a trecut câteva decenii pentru a ajunge la Windows, dar astăzi, Linux este sistemul de operare de facto pentru serverele cloud. Acest lucru se datorează faptului că, pe un orizont de timp suficient de lung, odată ce un ecosistem de dezvoltare open source atinge viteza de evadare, există pur și simplu prea mult impuls omnidirecțional pentru ca orice efort concurent, planificat la nivel central, să țină pasul. Efectele rețelei din jurul asistenței comunitare, infrastructurii și instrumentelor sunt puternice.
Blockchain-urile diferă de proiectele open source existente prin faptul că mențin o stare comună. Acestea funcționează ca mașini de contabilitate globală care procesează tranzacții financiare, ale căror rezultate sunt încorporate în structuri de date publice, sigure. Valabilitatea tuturor tranzacțiilor poate fi verificată verificând dacă blockchain-ul include o înregistrare a acestuia. Nick Szabo a descris această înregistrare ca trăind în chihlimbar de calcul, unde cu cât înregistrarea este stocată mai mult în blockchain, cu atât participanții au mai multă încredere că acțiunile lor nu vor fi schimbate fără consimțământul lor. Acest lucru permite o scalabilitate socială sporită a sistemelor financiare: Deoarece participanții la tranzacțiile blockchain utilizează un sistem de contabilitate partajat, există mai puține modalități prin care aceștia se pot dăuna reciproc. Oferind garanții de protecție mai puternice, sistemele blockchain pot găzdui grupuri mai mari de oameni, la nivel global.
Blockchains also have programming languages that allow for the construction of smart contracts, which are programs that miners execute as if they are regular transactions. The first popular use of smart contracts were multi-signature addresses on Bitcoin, which encumber bitcoins subject to signatures from multiple parties. Ethereum takes this concept a step further and allows developers to deploy custom smart contracts that define arbitrary financial interactions. Because they live in computational amber, smart contracts expose extremely persistent APIs, where the code can’t be altered once the contract is deployed to the network, and because they run on a shared accounting system, they can be tightly integrated with one another. This tight integration property is known as composability, and has bred a design pattern of combining contracts that each deliver unique services into a new service — without having to re-deploy and maintain the code bases of each of the underlying contracts.
So what we have is a new paradigm of financial computing that is based on open source software, carries an order of magnitude lower participation risk, and allows developers from different organizations to synergistically build on each other’s work. Practically speaking, the consequences of this new paradigm can be grouped into 3 buckets: access, costs, and novel capabilities.
Deschide accesul
Anyone with an internet connection can download and run open source software. Creating a crypto wallet — the crypto equivalent of a bank account — can be done without approval or permission from anyone (in about 30 seconds). This means that if crypto wallets can provide comparable levels of service to banks, they should at the very least win market share on the margins where people have trouble getting access to basic financial services. With 10x better service, they could become the de facto banking system for the world economy. An early example of the type of access crypto wallets can enable is deschis, care utilizează adrese cu mai multe semnături cu garanții Bitcoin și Litecoin pentru a oferi utilizatorilor de internet expunere sintetică la valute și alte active. Prin aplicații precum Abra stratificate deasupra, portofelele criptografice devin o poartă către un ecosistem bogat de produse / servicii financiare deschise.
Open access applies to financial product/service providers, too. Crypto contracts often feature some participation aspect, where any capable party can earn fees in return for providing some service to the network. And if someone has an idea for a financial product that doesn’t yet exist, they can leverage existing smart contracts or the underlying source code to easily create it. This has an equalizing effect: In a similar way to how YouTube democratized the production of video content, smart contracts democratize the production of financial products/services. The implications of this are far-reaching, and I suspect we’ll see markets for just about everything imaginable — likely including some that may never have been envisioned by financial institutions, but are useful to lots of people. Importantly, the value created by those markets will be shared amongst its participants and creators by merit, instead of being captured by a small and privileged group of legacy institutions.
Taxe minime
Prin natura funcțiilor modulare, combinative care execută o logică financiară specifică, contractele criptografice separă efectiv serviciile financiare. Luați, de exemplu, gestionarea activelor - un serviciu cu multe componente, inclusiv activități de front office, cum ar fi dezvoltarea de produse, investiții, executarea tranzacțiilor și comenzilor, gestionarea tranzacțiilor, conformitatea înainte de tranzacționare; și activități de back office precum procesarea și decontarea tranzacțiilor, custodia, agenția de transfer și împrumutul de valori mobiliare. Cu contractele criptografice, multe dintre aceste servicii componente pot fi dis-intermediate și executate în mod fiabil în întregime prin software și se dezvoltă o mulțime de proiecte open source pentru a face exact acest lucru:
Asset managers build some of these functions in-house and outsource others to third parties including custodians, auditors, trading desks, and others. With open source crypto contracts that function like building blocks for developers, it eventually becomes trivial to spin up an asset management business at relatively low upfront cost. In other words, nu mai trebuie să construiți o rețea extinsă de relații în industria serviciilor financiare pentru a începe - puteți doar să implementați cod și să accesați rețelele deschise. Aceasta va reprezenta o scădere a ordinii de mărime a costurilor de producție pentru serviciile financiare și ar trebui să ducă la o concurență mai sănătoasă și la economii transmise clienților.
In addition, there’s another factor that keeps smart contract fees low: forks. If an open source protocol is deemed to be levying excessive fees, it’s trivial for a competitor to copy the codebase and strip out the fees. To guard against competition from forks, protocols generally minimize fees to levels they feel necessary to sustain development and security. This dynamic puts consistent downwards pressure on fees for smart contracts, incentivizing a healthy competitive environment.
In other words, both the fixed costs (infrastructure and development) and the variable costs (fees from multiple layers of intermediation) of running a financial services business are structurally lowered through a heavier reliance on smart contracts.
Novel capabilities
Perhaps the most exciting prospects that smart contracts offer are the new types of assets, organizations, and markets that they enable.
Crypto contracts allow for the creation of provably scarce programmable assets. Some crypto assets, like Bitcoin, are currencies, and others do a myriad of things, including to confer membership/governance/voting rights within a network, to assign ownership of real-world assets like commodities and securities, and to synthetically replicate the prices of real-world assets. Even at this nascent stage, it is already possible for Orice asset to be represented in some form or another by a smart contract, a form factor which puts the asset on an openly accessible, low-cost, global accounting system. Once an asset exists as a smart contract, it becomes easily interoperable with crypto financial services, allowing for efficient distribution, transfer, and liquidity aggregation. On a longer evolutionary arc, we’ve barely scratched the surface of the types of assets that are feasible, and the possibilities for how they can be used to drive economic growth.
Crypto contracts further allow for the codification of bylaws and cap tables. This means you can create a global organization — be it a legal entity in a given jurisdiction or an open source software project — and define its ownership, rules, procedures, and governance mechanics through smart contracts. This gives organizations a toolkit for coordinating member activities in an accountable and verifiable manner, decreasing dependence on obscure local legal codes and enforcement traditions that struggle to scale across borders. In other words, smart contracts bridge a large trust gap that has historically stood in the way of cross-border interaction. An example of one such organization is MakerDAO, o „organizație autonomă descentralizată” (DAO) care coordonează gestionarea unei facilități de credit garantate și a unui activ sintetic legat de dolari numit Dai. În primul său an de viață, MakerDAO a obținut împrumuturi de peste 240 de milioane de dolari cu risc zero de contrapartidă, demonstrând potențialul DAO de a furniza servicii financiare utile și deschise economiei globale a internetului.
În cele din urmă, prin operarea pe o parte a spectrului de risc inaccesibil, contractele criptografice permit formarea unor piețe care erau imposibil de realizat din cauza lipsei de încredere, a lipsei accesului sau a costurilor prohibitive. Un exemplu excelent în acest sens este Nexus Mutual, which has created the first market for smart contract insurance, an area that no big insurer is willing to cover. Nexus Mutual strips out a lot of the administrative costs associated with an insurance business and leverages a crowdsourced underwriting process to offer insurance on a previously unreachable part of the risk spectrum. This example highlights the ability of smart contracts to port the market model to places where it doesn’t currently work. In the world of smart contracts, everything becomes a market.
In sum, by operating on financial networks with qualities distinct from our current dominant networks, smart contracts have advantages that traditional financial services providers can’t match because their business models are incompatible. If systems built on smart contracts hit escape velocity, their open, verifiable, and cheap nature will help them to scale to every corner of the internet, and they’ll win on the margins by creating markets that today’s financial institutions can’t operate in. In other words, crypto networks have the potential to do to banks what the internet did to big music companies over the last 20 years: eat them alive.
Make no mistake, we’re in what is perhaps the first inning of a multi-decade evolution of crypto networks. Today, most crypto systems are highly experimental and will teach us a lot about optimal market structures for capital formation and productive deployment. It is easy to pick any individual experiment apart and find flaws, and pundits are quick to jump on opportunities to do so. But it’s becoming increasingly clear that blockchains and crypto contracts are the most promising means of architecting a more efficient and secure way to coordinate financial services in a global, networked world — a view that is supported by major new entrants like Libra and the Chinese central bank’s digital currency initiative. That is why, despite a 2018/2019 bear market where crypto prices declined some 70–90% across the board, the number of full time developers working on open source crypto software grew by more than 2x (see Electric Capital’s Raportul dev H1 2019). În aceeași perioadă, protocoalele deschise de împrumut pe Ethereum au generat împrumuturi de peste 600 de milioane de dolari - în timpul a ceea ce mulți insideri ar numi o fază beta a primei versiuni sau a două dintre contractele lor live:
Despite early signs of traction for crypto financial services, there remain significant challenges ahead, including blockchain scalability, user experience, and a general lack of understanding of crypto contracts and their value proposition. As for scalability, layered architectures with state channels and rollups (and other techniques) are being used to increase the transactional capacity of major blockchain networks, including Lightning on Bitcoin, and Optimism/Arbitrum/Zksinc for Ethereum, among others. In addition, over the next several years, Ethereum will move to a sharded database model, parallelizing transaction processing across many compatible blockchains, which should provide a scalability increase of several orders of magnitude. There are also substantial research efforts in off-chain computation, using zero-knowledge proofs and other privacy technologies to push more computation off of the blockchain while preserving its trust benefits. Together, these new architectures and technologies should allow public blockchains to scale by several orders of magnitude, eventually allowing them to process enough transactions for most financial use cases.
În același timp, experiența de utilizare a acestor aplicații și rețele se îmbunătățește constant cu timpul. Custodele (precum Anchorage) și furnizorii de software îmbunătățesc rapid fluxurile de lucru de gestionare a cheilor private și procedurile de recuperare a cheilor, iar browserele și furnizorii de hardware încep să livreze produse cripto-native concepute pentru legătura de securitate și utilizare. Cu suficient timp, nuanțele și fricțiunile prezentate de blockchain-urile publice vor fi extrase de la utilizatorul final, care poate nici măcar nu știe că serviciile lor financiare rulează pe blockchain-uri. Într-o zi, serviciile financiare bazate pe blockchain vor stabili un nou standard pentru experiența utilizatorului, propulsat de câștiguri în transparență, încredere și securitate - proprietăți pe care utilizatorii vor ajunge să le solicite odată ce se vor familiariza cu ele. În aceste privințe, instituțiile vechi riscă să se întrerupă, cu excepția cazului în care adoptă și cele mai sigure rețele blockchain - o schimbare care nu va veni în mod natural, nici rapid - și în aceasta se află oportunitatea startupurilor în mișcare rapidă. În ceea ce privește înțelegerea noastră colectivă a blockchain-urilor, poate că va evolua similar cu modul în care a făcut internetul: la început, doar experții o puteau înțelege; astăzi, copiii au o intuiție aproape înnăscută pentru capacitățile sale.
Ultimately, it will take a long time for financial products/services built on smart contracts to compete with major financial institutions. However, this may not be the most useful framing; rather, by occupying different parts of the risk- and cost-spectrums, and by being accessible to industries and markets that are neglected or underserved by the current financial system, smart contracts will expand the size of the economic pie through what my colleague Spencer has called un sistem financiar paralel. The most immediate customers are organizations and individuals in the crypto industry itself, who have a difficult time accessing basic financial services, due to lack of comfort from legacy institutions with new and unfamiliar business models. By providing open, transparent financial services to the long tail of disenfranchised parties, crypto financial networks have a large addressable market that enables them to scale without directly challenging incumbent financial powerhouses. By the time they do present a real challenge to Wall Street, it will probably be too late for successful defense, as the network effects of blockchain-based financial networks become increasingly difficult to overcome as they grow.
Finally, it’s worth emphasizing that many of the projects building on blockchain networks are public utilities. That is, their ultimate promise is to empower internet-connected, mobile phone-bearing humans to take control of their economic lives. In the world today, human beings in different parts of the world and the socio-economic spectrum have equal agency, but they don’t have equal access to opportunity (h/t Alan Curtis at Radar). This disparity is one of the biggest drivers of an increasing wealth gap, both within nations and between them. Financial services built on crypto networks as public internet utilities — accessible to all and minimally rent-seeking — are the best hope for a world with equal financial opportunity. That’s a world people will fight for.
Source: https://blockchain.capital/how-defi-disrupts-financial-services/
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