블록체인과 금융시장 혁신에 대한 도전과제 = Challenges to Blockchain and Financial Market Innovation

다국어 초록 (Multilingual Abstract)

A new dawn in finance has arrived based on blockchain and digital assets. The intertwining of software and finance is rapidly leading the payments industry toward the holy grail of a seamless global banking ecosystem. The Promised Land gives individuals, businesses, and banks alike the ability to send and receive payments instantly, at any time, both domestically and across borders. All this is accomplished with low fees and efficiency, without being hampered by the bureaucracy inherent in current international financial transaction standards. This expansion could also help open access to new markets and further fuel the rise in e-commerce brought about by the pandemic.
A tectonic shift has occurred in the banking industry. As developments such as open banking, digital assets, and blockchain provide the tools to transform payment networks, it has become clear that the restraining factor is the core infrastructure of the banking system itself. Perhaps the solution to infrastructure is also software.
One example of how blockchain can be used to update global payment rails is by connecting different blockchains or tokens to enable interoperability. Once payment confirmation is confirmed between two parties, that amount of digital assets is used to actually transfer value between the parties. Value in the form of digital assets moves across the blockchain network almost instantly and is then cleared into fiat for payment over local rail. “The magic of how this all happens is because you can use digitized or tokenized assets and move funds quickly through the flow.” Financial institutions act as intermediaries, eliminating unnecessary parties and fees from typical correspondent banking structures.” Traditional banking systems have been unable to keep up with the growing demand for global commerce and faster, more reliable payments. However, leveraging tokenized assets over blockchain networks offers a distinct opportunity to bypass many of the intermediaries involved in cross-border transactions, allowing for near-instant payments at lower costs. A tectonic shift in finance has begun. The choice to change or resist is up to the banking authorities.