자본시장과 IT, 핀테크와 블록체인

2017년 현재 분산원장산업의 현주소

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1.
코스콤 프로젝트를 끝낸 이후 두 달동안 외환과 관련한 제안작업을 하면서 여의도근처에서 머물던 생활을 정리하였습니다. 특별한 경우가 아니면 프로젝트를 위해 여의도로 나갈 일이 없을 듯 하고 오십 중반을 넘어서는 개인사업자가 살아갈 방안을 찾기 위함입니다. 우선 여의도에 있던 사무실을 없애고 과천 집 지하에 새로운 사무실을 마련하였습니다. 출퇴근으로 소비하던 3시간이 갑자기 생겨서 어떻게 쓸지 매일 고민합니다. 어떤 때는 관악산 중반까지 점심 운동을 하기도 하고 하루종일 글을 쓰기도 합니다. ZeroAOS와 관련한 문의가 가끔 오는 것을 제외하고 여의도와 관련한 일은 없습니다. 핀테크나 은행과 관련한 프로젝트를 준비중입니다. 특별히 교육을 자주 합니다. 지난 해 말 하루 교육을 위탁받아 하기로 약속했는데 제 사정을 하지 못한 적이 있었습니다. 이 때 진 마음의 빚으로 교육을 요청을 받으면 도저히 감당할 수 없는 주제가 아니면 수락합니다. 요즘 준비하는 주제는 ‘블록체인’입니다. 블록체인과 관련한 일반적인 프로그램이나 자료는 무척 많습니다. 요청한 쪽도 이런 사정을 아는지 실제 적용사례에 대한 분석을 요청합니다. 이런 이유로 이런 저런 자료를 많이 살폈습니다.

2017년이후 분산원장기술과 관련한 흐름을 보면 확실히 개념검증(PoC)단계를 넘어서 실제 적용단계로 나아간 듯 합니다. Two mainstream blockchain developments already가 소개한  대표적인 사례입니다. DTCC의 사례는 저도 알고 있었지만 RMG는 생소합니다.

The new alternative way to trade physical gold that is cost-effective, convenient, secure and assured. RMG®, an innovative new product launching in 2017, will provide the investment performance of the London Gold Market with the transparency of an exchange-traded security. RMG holders will negate counterparty risk, by having direct ownership of physical gold bullion where each RMG represents ownership and full title to 1g of physical gold bullion held in the form of fully allocated, LBMA Good Delivery Bars within The Royal Mint’s vault. We believe these features, coupled with the guarantee of zero ongoing annual management fees and free storage, represents one of the best and cost-effective ways to invest in physical gold today. At any time RMG can be redeemed for physical gold bars and coins produced by The Royal Mint, with physical delivery.

RMG를 다른 상품과 비교한 자료입니다.

RMG는 Prova blockchain for digital assets를 기반으로 구축하였고 오픈소스입니다. 또다른 사례인 DTCC는 IBM이 주사업자이지만 Axomi의 AXCore를 기반플랫폼으로 하여 구축합니다. Axomi와 관련한 기사를 살펴보면 ICAP과 협력하여 FX와 관련한 업무도 수행했더군요. AXCore는 2018년 Hyperledger 프로젝트로 올릴 예정이라고 합니다. 이상의 사례와 현재 진행중인 해외 프로젝트를 보면 오픈소스 플랫폼이 주류를 이루는 듯 합니다. AiteGroup이 내놓은 Top 10 Capital Markets Chaintech Platforms: Securities Settlement in Focus이 치열한 경쟁을 하고 있습니다. 보고서가 언급한 플랫폼을 보면 Axoni의 AxCore, Chain Core, Digital Asset platform, Ethereum, Hyperledger Fabric, Nasdaq Linq, Overstock.com의 t0, R3의 Corda, SETL의 OpenCSD 및 Symbiont의 Assembly입니다.

2.
분산원장 플랫폼을 둘러싼 치열한 경쟁은 다양하게 방식으로 진행중입니다. Wall Street Blockchain Alliance (WSBA)가 Blockchain Choices – Going Proprietary …So Many (Open Source) Choices …에서 소개한 플랫폼입니다. 먼저 대표적인 오픈소스 분산원장플랫폼입니다.

 

* Hyperledger Fabric – the most popular of Hyperledger’s blockchain projects, with backing from IBM and several others. Indeed, Fabric underpins IBM’s proprietary offering. V1 is in alpha test.
* Hyperledger Sawtooth Lake – Spearheaded by Intel and already used for a couple of PoC applications, Sawtooth Lake incorporates an alternative consensus algorithm called Proof of Elapsed Time (PoET), which “targets large distributed validator populations with minimal resource consumption.”
* Hyperledger Iroha – A project headed by Colu and a number of Japanese vendors, with an emphasis on mobile application development.
* Chain Chain Core – A developer version of the blockchain code that Chain has built for projects with Nasdaq and Visa is available as open source.
* R3 Corda – Don’t call it a blockchain, because it’s a distributed ledger! R3 has open sourced the platform that it created specifically for financial service use, and is currently working to have the open source governance handled by Hyperledger.
* Quorum – J.P. Morgan’s spin on Ethereum, which can work in either public or private blockchain configurations, and with improved scalability and security.
* Enterprise Ethereum – Very much a work in progress, with underpinnings in the public Ethereum blockchain but also likely to incorporate elements of Quorum.

이와 달리 소스를 공개하지 않는 플랫폼들입니다.

Axoni – Axoni’s offering AxCore has been tested in several proof-of-concepts, including for processing of foreign exchange, equity swaps, corporate bond reference data and credit default swaps. In the CDS marketplace, Axoni is now working on a production rollout for the Depository Trust & Clearing Corp. (DTCC). As a result of the DTCC deal, Axoni is expected to open source its platform, or at least a version of it.

​​Chain – Chain was one of the first blockchain platform vendors to emerge in 2015, and quickly signed up the likes of Citi, Nasdaq and Visa as investors and customers. Recently it open-sourced a developer version of its Chain Core platform.

Coin Sciences – Creator of the MultiChain platform, which it provides for free download to developers. The company has signed up a number of partners to work on production opportunities, including Accenture, Boston Consulting Group and PricewaterhouseCoopers.

Digital Asset Holdings – Digital Asset has acquired technology from a number of startups and is working on significant projects with the Australian Stock Exchange, SIX Securities Services and the DTCC. It is also a contributor to the Hyperledger-managed Fabric open-source platform, and is planning to open source its Digital Asset Modeling Language for the creation of smart-contract-like agreements.

Gem – Formed in 2014, Gem now offers its GemOS platform, with a focus on healthcare and supply chain markets, including health data management and identity, claims processing and the management of carbon offset credits in the natural gas marketplace.

Guardtime – Formed in Estonia in 2007, Guardtime has been building keyless signature infrastructure — “blockchain without a ledger” — for a number of industry verticals and applications, including defense, financial services, government, healthcare and telecommunications

IBM – IBM recently announced the availability of its “production ready” IBM Blockchain platform, which is based on the open-source Hyperledger Fabric development. The company has added a few things to Fabric in its proprietary offering, starting with a cloud platform to host and features like secure hardware storage of encryption keys as well as configuration and governance tools that enterprises require. Also of note is the Composer tool that IBM has developed (and also open sourced via Hyperledger) for rapid development of blockchain applications.

Manifold Technologies – Manifold Technology is focusing its efforts on creating blockchain technology that offers improved security, privacy and scalability. The startup counts Royal Bank of Canada among its clients, which is implementing its loyalty rewards program using its technology.

Monax Industries – This startup has focused on creating a smart contracts platform based on a modified version of the Ethereum virtual machine, and has open sourced it via the Hyperledger project.

OTC Exchange Network (OTCXN) – While OTCXN is primarily building a blockchain-based service for peer-to-peer foreign exchange trading, it is also actively exploring making its core technology available to others as a general purpose platform.

Paxos – A spin-out from bitcoin exchange itBit, Paxos has built its Bankchain distributed ledger platform and is focusing it on the post-trade securities space. Via a partnership with clearing network Euroclear, it is building a blockchain-based settlement system for gold.

PeerNova – A one-time bitcoin mining company, PeerNova has developed trading applications for Overstock.com (which is an investor) and addressed data provenance-related issues for State Street Bank.

R3 – Wait a minute, isn’t R3’s Corda supposed to be open source? Indeed it is. But it seems that the company does plan to release a proprietary enterprise version at some point.

SETL – SETL has built distributed ledger technology, dubbed OpenCSD, that is being deployed for equities settlement by Computershare in Australia and post-trade foreign exchange processing by Cobalt DL in the U.K.

Symbiont – With a smart contracts platform running on its proprietary Assembly distributed ledger technology, Symbiont has been involved in a number of projects, for the management of syndicated loans, the issuance of securities for companies forming in the State of Delaware and the digitization of gold.

t0 – The blockchain subsidiary of online retailer Overstock.com, t0 has acquired order routing software and brokerage licenses in order to roll out its securities trading system, through which it has issued its own stock and now supports secondary market trading. The plan for the future is to list other companies as well as open up the platform to additional asset classes.

미국 Coindesk가 분기별로 내놓는 State Of Blockchain이라는 보고서가 있습니다. 이중에 Enterprise Blockchain을 소개하는 자료가 있습니다.앞서 소개한 것보다 적은 숫자지만 치열한 플랫폼경쟁을 읽을 수 있습니다.

PwC’s Vulcan blockchain
Microsoft’ Project Bletchley
JP Morgan Quorum
Accenture editable blockchain
Deloitte’s Rubix software platform

Download (PDF, Unknown)

Download (PDF, Unknown)

3.
그러면 블록체인생태계의 현황은 어떨까요? My Token / ICO / Blockchain Capital Markets Landscape가 정리한 자료를 보면 눈이 확 커집니다. 플랫폼뿐 아니라 암호통화산업이 커다란 생태계를 형성하고 있기때문입니다.

위의 자료에 나온 회사중 암호통화에 투자하는 헤지펀드들입니다. 다양합니다.

  • Polychain Capital (US): Polychain Capital manages a hedge fund committed to exceptional returns for investors through an actively managed portfolio of these blockchain assets.
  • BKCM (US): BKCM LLC is a global investment management firm specializing in Global Macro and Currency investing.
  • The Token fund (RU): The Token Fund provides an opportunity for investors looking for the simplest way to get into the decentralised economy.
  • MetaStable (US): Founded by Lucas Ryan, Joshua Seims and Naval Ravikant. It offers a concentrated portfolio of crypto assets that have the strongest chance of emerging as long-term winners across a wide basket of use cases (store of value, smart contracts, stable coin, prediction markets, anonymity, storage, new approaches to governance and consensus, etc.).
  • Exagon Fund (US): Exagon’s vision is to create investment strategies that provide potentially high-yielding, uncorrelated returns in a world of low-yielding, correlated assets.
  • Solidus Capital (MX): We are a Hedge Fund specialized in Cryptocurrencies Investments focused in Latam’s Family Offices, VC and High Net Worth Individuals as investors.
  • GABI (UK/JERSEY): Global Advisors (Jersey) Limited has created the first institutional-grade Bitcoin investment strategy (“GABI”).
  • Coinfund (US): A blockchain technology research company and proprietary cryptoasset investment vehicle.

이번에 자료를 정리하면서 읽은 문구가 있습니다.

Permissioned blockchain transforms industries. Permissionless blockchain transforms economies

분산원장기술이 확실히 산업을 바꾸고 있습니다. 밑바탕에는 플랫폼이 있습니다. 스마트폰이 변화를 가져올 때 안드로이드와 IOS가 있었습니다. 제가 문외한이지 모르지만 두드러지게 눈에 띄는 국산분산원장플랫폼이 보이지 않습니다. 일본만 해도 시장에서 영향력을 행사하는 플랫폼이 눈에 들어옵니다. 너도 나도 Hyperledger Project에 가입하는 것이 옳은 결정이 의문이 듭니다.

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