区块链的演变——条条大路通罗马

CONTENTSExecutive SummaryFive Key TakeawaysValue of Blockchain for Financial ServicesThe Evolution of Blockchain SolutionsLayer 1 Blockchain SolutionsThe Blockchain TrilemmaLayer 2 Blockchain SolutionsBeyond the TrilemmaAppchain Blockchain SolutionsPersistent InnovationSummary of Blockchain SolutionsAll Roads Lead to RomePublic and Private Lanes to RomeBuilding a Sustainable FutureConclusion 356101113151719202325252731 © Oliver Wyman, Matter LabsEXECUTIVE SUMMARYIn ancient times, Rome was more than just the capital of an empire; it was the nexus ofconnectivity and commerce, linked by a sophisticated network of roads. Mirroring this inthe blockchain universe, both public and private domains reflect these ancient pathways andside gardens, especially in financial services. Though each brings unique challenges akin todifferent terrains, they all converge towards a shared vision: an interoperable and scalableecosystem. While public and private blockchains offer distinct solutions to safeguardingprivacy and enabling interoperability, today, they both cater to specialized use cases.This paper offers an overview of the evolving blockchain landscape, equipping financialinstitutions, regulators and policymakers with insights into the sector’s challenges andthe innovative solutions developed overtime.The potential of blockchainAt its core, blockchain technology emerges as a transformative force with the potentialto reshape legacy operations and business models within the Financial Services sector tostreamline operations, enhance data integrity, and simplify transactional processes. Leadinginstitutions and Central Banks, across the world, have embarked on numerous experimentsand initiatives, which stand as a testament to the profound benefits embedded in thetechnology. This commitment is echoed by both the industry and regulators, evidenced bythe growing number of proofs of concept, pilots, and blockchain-based solutions launchedacross the sector.Public and private blockchainsBlockchains can fall into two primary types: public blockchains, which are generallyopen networks accessible to anyone, and private blockchains, which are deployed withincorporate or consortium domains. Both spaces are in constant evolution, each introducingadvancements that address their unique challenges and capitalize on inherent strengths.Public blockchains, akin to renting cloud space, provide shared utility but often face hurdlessuch as privacy concerns, costs, and potential security risks. Conversely, private blockchains,while offering tailored control and enhanced privacy, often grapple with issues related toscalability beyond their original design and interoperability across networks. © Oliver Wyman, Matter LabsChallenges and evolutionBlockchain technology’s journey is epitomized by both significant advancements as wellas a myriad of hurdles across areas including security, regulation, and adoption, which thenascent industry has been attempting — and continues — to navigate. One of the prominentchallenges for public blockchains was the Blockchain Trilemma, which highlights the trade-offsbetween decentralization, security, and scalability. The emergence of “Layer 2s (L2s)” soughtto address some of these limitations by creating a secondary layer atop the foundationalblockchains, now referred to as “Layer 1 (L1s)” systems. These L2s focused primarily onenhancing scalability.L2s observed their own set of hurdles, notably interoperability and privacy, which sparked theevolution of “application chains (appchains)”. Designed as natively interoperable ecosystems,appchains offer the flexibility to create tailored network applications while exhibitingselective characteristics of private networks, such as controlled access. This design echoesthe scalability of Web2 apps and allows protocols and platforms to establish ecosystems andmigrate existing infrastructure due to the adaptable network structure. Parallel to theseadvancements, private blockchains continue to develop in their own realm. While privateblockchains are inherently designed for scalability in a controlled setting, they cater to entitiesseeking to craft solutions within such confined environments. Yet, conversations aroundunifying ledgers for financial services for certain use cases are gaining traction, underscoringthe need for policy-driven leadership and the potential role of regulated entities in networknode management.Essentials for advancementBlockchain’s future as an interoperable and scalable tool in financial services hinges on aseries of essential advancements, such as enhanced privacy, digital identity management,prudent security, balanced governance structures, compatible protocols, and appropriateregulations. In addition to industry participants, regulators and public policy makers mustdeepen their understanding of blockchain to effectively address their statutory objectives,foster growth within safe-rails, and simultaneously support continuedinnovation. © Oliver Wyman