about this template … · moving securities on blockchain could save $17b to $24b per year in...

미래디지털자산비즈니스모델과이를안전하게제공하기위한제시

Peter DeMeoIBM Hyper Protect Platform for Digital AssetsGlobal Lead

Think Summit 2019 / DOC ID / Month XX, 2019 / © 2019 IBM Corporation

Summa de Arithmetica, Geometria, Proportioni et Proportionalita

AB08F43D5F092A90

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Includes hash value of the previous block.

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7215F35AF32CA013


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7215F35AF32CA013

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6Think Summit 2019 / June 11, 2019 / © 2019 IBM Corporation

스테이블코인

Digital asset that is backed

by a price stable asset

(such as Euro, USD),

issued, collateralized and

guaranteed by a regulated

Financial Institution

암호화폐

“Cash for the Internet”. A digital

medium of exchange using

cryptography to secure financial

transactions, prevent double

spending, and verify asset transfer

시큐리티코인

Grant ownership, membership or

participation rights in a specific

project and have the characteristics

of a security

내츄럴어셋코인

Contract that entitles bearer to

delivery of a physical asset (e.g.

gold, carbon credits)

디지털자산이란무엇일까요? 실제사용또는소유권을포함하는유형또는무형자산의디지털을의미합니다.

컨텐츠


1디지털자산시장의기회

2디지털자산비즈니스모델

4디지털자산을위한

IBM 하이퍼보호플랫폼

3디지털자산비즈니스에

내재된위험

시장기회

8Think Summit 2019 / June 11, 2019 / © 2019 IBM Corporation 8

Gold8T

Real Estate217 T

Bitcoin0.14T

Equities73T

Derivatives (global)600T - 1.2 quadrillion (est)

Moving securities on blockchain could save $17B to $24B per year in global trade processing costs

Source: Bank for International Settlements

Blockchain은자산권리이전에중개자를제거하고자산교환수수료를낮추며보다넓은세계시장에대한접근을제공하고전통적인증권시장의불안정성을줄입니다.

https://stats.bis.org/statx/srs/tseries/OTC_DERIV/H.A.A.A.5J.A.5J.A.TO1.TO1.A.A.3.C?t=d5.1&c=&p=20181&i=1.4


개인암호화화폐거래소

(U)HNWI

Sovereign

Wealth Funds

Endowments

Pension Funds

Family Offices

Foundations

Mutual Funds

펀드 & 자산메니저

Crypto Hedge

Funds

은행토큰판매프로젝트

Fiat-based

Pure Crypto

P2P

Exchanges

Retail

Investors

기업

$0-20M

$20M-100M

$1B+

Wire houses

(PWM/WM)

RIA’s

Insurance

Companies

Hedge FundsInvestment

banks

Merchant /

Retail banks

Central banks

Merchants

w/escrow

HedgersVC/PE Funds

Syndicates $100M-500M

$500M-1B

개인투자자 자산관리자

이러한디지털자산생태계참여자는누구일까요?


Growth of Digital Assets Under Management (Millions of USD)

$190 $380 $675

$2,200

$6,860

$5,580

$7,110

$8,340

$10,210

$-

$2,000

$4,000

$6,000

$8,000

$10,000

블록체인 기술과 DLT는현재세계은행업계의 134T억달러에달하는산업에서은행이제공하는핵심서비스를중단시킬수있습니다.

11

뱅킹

보관

마켓

▪ Auditing / Compliance

▪ Escrow

▪ Staking

▪ Corporate Governance

▪ Key Recovery

▪ Insurance

▪ 계정및예금▪ 차용/대출▪ Payments & Collections

▪ FX

▪ Crypto-to-fiat services

▪ Investments

▪ Portfolio Management

▪ Trading (Market and OTC)

▪ Margin and Prime Brokerage

▪ Primary and Secondary Issuance

▪ 자산및증권의토큰화

Think Summit 2019 / June 11, 2019 / © 2019 IBM Corporation

시장의필수과제 : 전통적인피아트및암호 / 토큰을모두지원하는하이브리드디지털화모델


비즈니스모델 Traditional banking service of offering accounts and deposits to digital asset companies

프로세스Standard bank account opening process with forms, agreements, KYC/AML information and

documentation. Upon account approval, customers place a deposit in fiat currency with the bank

경쟁사 Crypto-focused banks, traditional banks, crypto exchanges and wallets, crypto payment service providers

타겟고객Primarily institutional: crypto investors (hedge funds, VC funds, token funds, high net worth individuals),

crypto-exchanges, blockchain projects, custody providers, wallets, miners, etc.

이점Bankability for companies and projects working in the blockchain and crypto space. De facto bridge

between the fiat and digital asset world – often, bank accounts linked to crypto-exchanges

가치제안

Silvergate Bank: formerly a small business bank turned into world’s largest crypto-bank by offering bank

accounts and deposits to digital asset businesses.

• Assets under management grew from $46 million to $1.5 billion in last 2 years

• 97% of accounts are non interest bearing

• 2018 figures: revenue $73 million, net profit $22 million

• Net interest margin: 3.5% (2018)

프로필 : 디지털자산은행계좌및예금


디지털가상화폐거래소 A

디지털가상화폐거래소B

기관투자자

Institutional

Investor

Silvergate

Exchange

Network

24x7x365

비트코인판매

비트코인구매

기관투자자

비트코인판매

디지털가상화폐거래소B

Institutional

Investor

비트코인구매

Traditional

Bank

Traditional

BankClearing

Bank

Fiat Fiat

silvergate exchange network는몇일안에일반은행이하는일을몇초만에수행하고있습니다.

Transfer of USD

Transfer of USD

디지털가상화폐거래소 A

10 Bitcoin @ $80,000 10.2 Bitcoin @ $80,000$80,000

프로필: 차용및대출


비즈니스모델

Providing lending and borrowing services denominated in crypto in a decentralized manner via an online

platform. There are two major types of players in the crypto lending market, Custodial and Non-Custodial

lenders. The main trade-off between custodial and non-custodial lenders is around Counterparty Risk

(trusting a company) vs. Technical Risk (trusting code).

프로세스Decentralized Finance (‘DeFi’) lending and borrowing is a form of peer-to-peer marketplace. DeFi

applications use blockchain-based smart contracts and protocols to enable new types of borrowing and

lending solutions which are ‘trustless’ and often have limited/no counterparty risk.

경쟁사DeFi lending/borrowing protocols and platforms (Dharma, Compound, Celsius, MakerDao, etc), market

makers / intermediaries (institutions and individuals), traditional banks, crypto exchanges and wallets.

타겟고객 Traders, funds, individuals

이점

▪ Currently all lending is collateralized or overcollateralized

▪ Collaterals are locked into a smart contract and not held by third parties

▪ Peer-to-peer network of decentralized intermediaries

▪ Interest payments, margin calls, early/scheduled settlement, return of collateralized assets are all

automated via smart contracts, i.e. no counterparty risk

가치제안

Dharma Protocol: allows developers to create DeFi lending products on top of the protocol.

Dharma Lever: underwrites margin loans on Dharma Protocol. Pushes price information to the blockchain

and liquidates margin positions when they fall below a pre-determined collateralization threshold. Charges

a small fee for these services. $11m lent to date, $17m offered for lending.


달마프로토콜및레버

Creditor

Debt Kernel

Debtor

RelayerUnderwriter

terms of loanorder book of

loans

debt order

debt order & risk rating

1

2

debt order 3

4 Debt token

5 Funds

Funds

6 Fees

chosen loan

Lenders can use Dharma to offer fixed-term loans of up to 90

days, and start earning interest only after they are matched

with a borrower. Lenders’ funds are locked for the duration of

the loan.

Borrowers on Dharma lock up collateral equal to 150% the

value of the assets being borrowed. Borrows have a

maximum 90 day duration, and fixed interest rates for the

duration of the loan.

Dharma

Lever

프로필: 자산및증권토큰화


비즈니스모델Tokenization is the process of converting an asset into a token (digital asset) that is recorded and stored

on a blockchain.

프로세스Tokenization of assets involves an issuance of a blockchain token that digitally represents a tradable

asset. The tokens may be traded on private/OTC markets or on public/exchange markets.

경쟁사Wide-ranging: investment banks, (crypto-)funds, (crypto-)exchanges, private companies, real estate

developers, commodities traders, etc.

타겟고객 Retail and institutional investors

이점

▪ Enables a more efficient market by reducing the friction involved in the creation, buying and selling of

assets and securities

▪ Alleviates the illiquidity discount associated with certain assets such as private securities or art by

enabling them to be traded on secondary markets

▪ Exposes assets to a broader base of investors via fractionalization of ownership

▪ Transfer of digital assets is automated via smart contracts which reduces the administrative burden and

the number of intermediaries.

▪ Compliance-friendly as token holders’ rights and regulatory restrictions can be encoded directly into the

tokens.

가치제안

▪ Banco BTG Pactual: a leading South American bank. Tokenized a real estate fund by selling security

tokens backed by distressed real estate assets

▪ The tokens offers investors annual return between 15-20%

▪ Raised a soft cap of $3M

Banco BTG Pactual AS Tokenized REIT


Cayman Brazil

Purchase

Agreement &

InvestmentETH/ Stable Coin

1

2

Tokens

3

Fee

Portfolio Management &

Asset Sale

Asset

Manager

Investor

4

5

6 Distributions / Reinvestments

Issuer BTG Bank Branch

Distressed Real

Estate Portfolio

Funds Invests


Digital asset

institutional

entrants

2018 2019 2020

Stock Exchanges

& ATS’s

Low

High

Investment

Banks

API Platform

Banks

solarisBank

Retail

Banks

Digital asset regulation

FIDELITY

DIGITAL ASSETS

Institutional

Custody

THE INCUMBENTS

THE NEWCOMERS

“금융위원회의특별위원회에서혁신의강점, 소비자혜택계획, 사용자보호및보안조치를기반으로 9 가지서비스를선정했습니다.” –The Korea Herald – 17 April 2019

시장진입자는통제된샌드박스를통해진입하고있습니다.


trading

trading

Alice‘s account

Bob’saccount

NEM accounts

attacker

NEM blockchain network

온라인코인체크

hot wallet

XEM

코인체크NEM프라이빗키

NEM Wallets

Used stolen private key to send 535M USD XEM to attacker wallet

문제 1: 모든 NEM/XEM 가싱글핫월렛에보관

문제 2:다중서명인증부족

문제 3:개인키가보호되지않음

암호교환해킹의구조 : 코인체크

왜디지털자산보관일까요?


고객펀트메니저

거래승인자

Custodian

Administrator

Custodian Cold Storage

Custodian Hot

Wallet & Servers

As the online storage of digital assets is vulnerable to hacking and offline storage reduces liquidity, the majority of custodial solutions combine online and offline storage

현재총시가는 2 천 5 백억달러에가까우며일일거래량은 800 억달러, 시장에서 300 개이상의활발한거래가이루어지고있습니다. 더많은개인과조직이참여함에따라디지털자산보관서비스의필요성이급속하게증가하고있습니다.


외부

내부승인권자& 관리자

개발자

Convenience Security

Hot Wallet

Paper / Metal Wallet

Hard Wallet

Key Sharding

Hardware Security

Module

HighLow

악의적인의도를갖은자

프라이빗키스토리지미디어

오늘날의디지털자산보관솔루션제공업체는모든면에서존재하는위협에직면해있습니다.


FIPS 140-2 Level 4

Complete 360 degree envelope of protection

and tamper response by destroying keysTamper-evident physical

security features (seals) on

enclosed card

FIPS 140-2 Level 2

Gemini Hot Wallet

FIPS 140-2 Level 3

Level 2 + Tamper detection and

response for covers and doors

AWS & Google Cloud HSM

Azure Dedicated HSM, Bitgo, Ledger,

Gemini Cold Wallet, Securosys

Some Level 3 vendors include key destruction

Notice: cryogenic attack –

no tamper response so

you lost your key

Notice: X-ray proton

beam attack triggered

bit flip faults –

no tamper response so

you lost your key

Notice: chemical attack –

tamper detected and

your key was destroyed

– but evil admin cannot

obtain it

National Institute of Standards and Technology (NIST) FIPS 140-2 is the worldwide HSM certification standard

IBM Crypto Express 6S

Evil System

Administrator

https://en.wikipedia.org/wiki/FIPS_140-2

세계에서가장큰금융기관과정부는가장인증된 HSM을선택합니다 : FIPS 140-2 Level 4

23Think Summit 2019 / June 11, 2019 / © 2019 IBM Corporation 23

16 terabytesIBM Secure Service Container

Intel Software Guard Extensions (SGX)0.00012 tb

IBM Secure Service Container의크기는어느정도입니까?


Secure Element

Seed

암호화된올플래시스토리지

(multiple wraps

by secure key)

Trusted Execution Environment

IBM Crypto

Express 6SFIPS 140-2 Level 4

IBM Secure Service Container (SSC)

Special APIs limit to

authorized actions only

Protected by

LinuxONE

Wallet

Application

Security

Policy

Application

Other Applications

& Databases

Encrypted

communications

▪ No command line access

▪ No Secure Shell access

▪ No code injections

▪ No ability to load malware

▪ No file extraction

▪ No backdoors

▪ Encrypted memory dumps

▪ EAL 5+ workload isolation

▪ Cryptographically locked down

runtime environment

▪ Tamper proof Secure Boot

(allows for secrets)

Evil System

AdministratorIsolated Runtimes

콜드스토리지

IBM의디지털자산용 Hyper Protect Platform은애플리케이션및데이터베이스에대한자동화된암호화기능과디지털자산에대한주문형접근기능을제공합니다.

Thank you


Peter DeMeoIBM Hyper Protect Platform for Digital AssetsGlobal Lead—[email protected]

26Think Summit 2019 / DOC ID / Month XX, 2019 / © 2019 IBM Corporation

®

https://www.ibm.com/legal/us/en/copytrade.shtml

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