Chainlink's Strategic Position in Capital Markets in 2024 | Sergey Nazarov
Summary
TLDRThe speaker discusses their experience visiting various financial centers and engaging with central banks, exchanges, and commercial banks to understand the requirements for successful transactions across different financial ecosystems. They highlight the universal challenges of data, connectivity, and compliance in transactions, which Chainlink has been addressing with its flexible system capable of handling various data types and creating cross-chain connectivity. The speaker emphasizes the growth of the web3, DeFi, and real-world asset markets, driven by high-quality data and connectivity provided by Chainlink. They also touch upon the technical fragmentation caused by each financial institution having its own chain, leading to liquidity fragmentation. The speaker outlines the need for a shared global standard for data transmission and value transmission between blockchains, which Chainlink is working to establish. They also discuss the importance of a unified golden record for assets, the development of payment solutions, and the integration of blockchain with existing financial infrastructure. The speaker concludes by expressing optimism about the transformative potential of blockchain technology for both developed and emerging markets.
Takeaways
- 🌐 **Global Financial Ecosystems**: The speaker has been engaging with financial centers worldwide, gaining insights into the universal requirements for transactions across different financial ecosystems.
- 🔗 **Connectivity and Compliance**: Transactions universally require data, connectivity, and compliance. Chainlink has been addressing these needs, particularly in the web3 and DeFi sectors.
- 🔄 **Cross-Chain Transactions**: There's a growing opportunity for transactions to occur across various financial centers and their respective chains, which Chainlink aims to facilitate.
- 📈 **Technical Problem Relevance**: Approximately 80% of the technical problems solved by Chainlink in the web3 and DeFi space are applicable to banks and their private chains.
- 💡 **Unified Golden Record**: The concept of a unified golden record is introduced as a smart contract that contains both ownership rights and data about the underlying asset, aiming to reduce information asymmetry.
- 🏦 **Banking and Asset Management**: Banks and asset managers are creating their own chains, which leads to technical and liquidity fragmentation. Chainlink's data connectivity solutions can help overcome these challenges.
- 📊 **Settlement and Payment**: Reliable and accurate settlement prices are crucial for transactions. After settlement, assets need to be transferred through a process called delivery versus payment, facilitated by cross-chain connections.
- 🆔 **Identity and Compliance**: Transactions require identity data to comply with AML, KYC, and travel rule requirements, which Chainlink can provide as part of its data services.
- 🌟 **Chainlink's Role**: Chainlink is positioned to enable transactions by generating real-world assets as unified golden records, connecting to various chains, and ensuring compliance with legal standards at scale.
- 📈 **Market Expansion**: There's an anticipated explosion in high-quality assets and payment solutions, with Chainlink aiming to support the infrastructure for these transactions to occur seamlessly.
- ⚖️ **Standardization**: The emergence of a shared global standard for data transmission and value transmission between blockchains is essential, and Chainlink is working towards establishing this standard.
Q & A
What are the common problems faced by financial ecosystems that Chainlink has been solving?
-The common problems faced by financial ecosystems include the need for data, connectivity, and compliance in transactions. Chainlink has been addressing these issues by providing data connectivity solutions across chains and ensuring transactions are compliant with legal standards.
How does Chainlink's system enable transactions across different financial centers?
-Chainlink's system enables transactions across different financial centers by offering data connectivity solutions that work with all kinds of data and create connectivity across various chains, allowing for seamless transactions in different financial ecosystems.
What is the concept of a 'Unified Golden Record' in the context of Chainlink?
-A 'Unified Golden Record' refers to an on-chain data container in the form of a smart contract that holds both ownership rights and various pieces of data about the underlying asset. It serves as a single source of truth for an asset, providing real-time data and reducing information asymmetry.
How does Chainlink address the issue of technical fragmentation in the financial industry?
-Chainlink addresses technical fragmentation by providing a shared global standard for data transmission and value transmission between blockchains. This allows different chains, including those operated by banks and asset managers, to interoperate and transact seamlessly.
What role does Chainlink play in the creation and management of real-world assets?
-Chainlink plays a crucial role in the creation and management of real-world assets by enabling the generation of these assets as unified golden records with rich data injected into them. It also facilitates the connection of these assets to different chains, ensuring secure and reliable transactions that comply with legal requirements.
How does Chainlink contribute to the development of payment solutions in the blockchain world?
-Chainlink contributes to the development of payment solutions by working with various participants, including stable coin providers, banks issuing tokenized cash deposits, and central banks developing digital currencies. It ensures these payment methods can interface with blockchains and be used for transactions in a compliant manner.
What is the significance of Chainlink's cross-chain connectivity for asset transactions?
-Chainlink's cross-chain connectivity is significant as it allows assets to move across different chains while maintaining synchronization with critical data. This ensures that assets retain their unified golden record status, enabling reliable and compliant transactions across various blockchain networks.
How does Chainlink help in the integration of existing financial infrastructure with blockchain technology?
-Chainlink helps in the integration of existing financial infrastructure with blockchain technology by providing a blockchain abstraction layer within its Cross-Chain Interoperability Protocol (CCIP). This layer allows off-chain systems to interface with multiple chains through a single standard, leveraging existing infrastructure and workflows.
What are the key components of the blockchain world that Chainlink is working to connect and standardize?
-The key components that Chainlink is working to connect and standardize include high-quality assets, payment methods, data underpinning transactions, and the ability to comply with legal conditions. Chainlink aims to create a unified network where these components can interact seamlessly across different chains.
How does Chainlink's role in the blockchain industry compare to the role of protocols like SWIFT in traditional finance?
-Chainlink's role in the blockchain industry is analogous to protocols like SWIFT in traditional finance. Just as SWIFT enabled standardized communication between banks, Chainlink aims to enable standardized data transmission and value transmission between blockchains, facilitating seamless transactions and interoperability.
What are the potential benefits of Chainlink's infrastructure for emerging markets?
-For emerging markets, Chainlink's infrastructure can provide a leapfrogging opportunity by enabling people without access to traditional banking services to participate in the global marketplace. It allows for the creation and holding of value through stable coins, central bank digital currencies, or tokenized deposits, thus potentially transforming their economic lives.
What is the long-term vision for Chainlink's role in the global financial system?
-The long-term vision for Chainlink is to become the global standard for data transmission and value transmission in the blockchain world, enabling seamless interoperability between different chains and traditional financial systems. This would facilitate a transition to a new format for all value existence, improving efficiency, reducing information asymmetry, and expanding access to financial services globally.
Outlines
🌐 Global Financial Ecosystems and Chainlink's Role
The speaker has spent time in major financial centers like Hong Kong, Singapore, Sydney, and London, engaging with central banks, exchanges, clearing and settlement systems, commercial banks, and asset management firms. They've identified universal problems in transactions, such as the need for data, connectivity, and compliance, which Chainlink has been addressing. The speaker emphasizes the importance of a shared infrastructure for transactions across different financial centers and the potential for Chainlink's data connectivity solutions to facilitate this. They also discuss the technical fragmentation caused by each institution having its own chain and the need for a global standard to enable seamless transactions.
📈 Unified Golden Record and Asset Management
The paragraph introduces the concept of a 'Unified Golden Record', an on-chain data container or smart contract that consolidates ownership rights and data about an underlying asset. This innovation aims to reduce information asymmetry and improve risk management by providing real-time data about assets. The speaker discusses the benefits of this system, including 24/7 markets, better collateral management, and the merging of the capital markets and web3 worlds under a single set of standards. They also touch on the importance of payment methods that comply with legal requirements and the ongoing development of stablecoins and central bank digital currencies.
💹 Payment Solutions and the Growth of Transactions
The speaker predicts an explosion in high-quality assets and payment solutions in both the web3 and banking sectors. They discuss how Chainlink can enable transactions by generating assets as unified golden records, connecting them to various chains, and ensuring compliance with legal standards. The paragraph also highlights Chainlink's achievements in enabling transaction value and the potential for the platform to become a robust set of tools for managing transactions from start to finish at scale.
🔄 Cross-Chain Connectivity and Secondary Markets
The speaker emphasizes the importance of cross-chain connectivity for moving assets and data between different blockchains. They discuss Chainlink's ability to keep assets synchronized with data as they move across chains, maintaining a unified golden record. The paragraph also addresses the challenge of integrating legacy financial infrastructure with blockchain technology and Chainlink's role in providing a blockchain abstraction layer that allows traditional systems to interface with multiple chains through a single standard.
🚀 Blockchain's Impact on Society and the Future of Transactions
The speaker outlines the transformative potential of blockchain technology for developed and emerging markets. They discuss how blockchain can improve the efficiency of financial systems, reduce information asymmetry, and enable fractional ownership of assets. For emerging markets, blockchain offers a way for individuals to participate in the global economy without relying on their local legal systems. The speaker expresses optimism for the future, envisioning Chainlink as a critical component in the transition to a blockchain-based format for all forms of value and transactions.
Mindmap
Keywords
💡Financial Centers
💡Chainlink
💡Technical Fragmentation
💡Settlement Price
💡Cross-Chain Connection
💡Unified Golden Record
💡Data Transmission
💡Compliance
💡Stablecoins
💡Central Bank Digital Currencies (CBDCs)
💡Internet of Contracts
Highlights
The speaker has spent weeks in major financial centers like Hong Kong, Singapore, Sydney, and London, meeting with central banks, exchanges, clearing and settlement systems, top commercial banks, and asset management firms to understand the requirements for making transactions work across different financial ecosystems.
Transactions universally require data, connectivity, and compliance, which are the problems Chainlink has been solving successfully for years in the web3 and DeFi space.
Chainlink's flexible system can work with all kinds of data and create connectivity across different blockchains, which is crucial for transactions to occur in a shared infrastructure model.
The growth of the web3, DeFi, and real-world asset markets on public chains is being driven by high-quality data from Chainlink and its cross-chain connectivity solutions.
Technical problems that Chainlink solves for banks and their private chains are largely applicable to its existing solutions, indicating the potential for broader adoption.
The emergence of numerous private chains by banks, asset managers, and exchanges creates technical fragmentation and liquidity silos, which is a barrier to efficient transactions.
A shared global standard is needed for transactions to occur seamlessly across different chains, and Chainlink is positioning itself as that standard provider.
Chainlink has provided reliable settlement prices to the web3 community and is now extending this to the capital markets, which is a key requirement for transactions.
Cross-chain transactions require additional data like identity information to comply with AML, KYC, and travel rule requirements, which Chainlink can facilitate.
The traditional capital markets rely on layers of systems to generate transactions with certain properties like settlement prices, identity requirements, and connectivity to payment systems.
Chainlink aims to rebuild these properties in the blockchain world by providing data, connectivity, and compliance solutions for private chains used by banks and asset managers.
The unified golden record concept involves creating a single on-chain smart contract that represents ownership and contains critical data about the underlying asset in real-time.
This new model addresses information asymmetries and risks in financial markets by providing better collateral management, risk management, and transparency.
The web3 world is innovating by tokenizing assets for use as collateral in protocols, while the capital markets are repackaging trillions in value on a unified set of standards.
A robust payment method that complies with legal requirements is essential for transactions to occur, and various stablecoins and central bank digital currencies are vying to fill this role.
Chainlink is actively working with different payment solution providers to enable seamless, compliant transactions against high-quality assets.
The emergence of secondary markets for assets and payment methods across different chains is a key piece of the puzzle for the blockchain ecosystem to mature.
Chainlink's data connectivity solutions across chains are critical for generating, moving, and synchronizing assets with data as they interact with various payment methods.
The legacy financial infrastructure of banks, asset managers, exchanges, etc. needs to interface efficiently with blockchains, which Chainlink is helping to facilitate through its blockchain abstraction layer.
The transition of the world's value onto blockchain formats will be a once-in-a-lifetime opportunity similar to the shift from paper to digital with the internet.
Chainlink is well-positioned to enable this massive transition by providing the necessary data, identity, connectivity, and compliance solutions as the global standard in web3 and beyond.
The successful execution of this vision could lead to a more efficient, transparent, and accessible financial system in both developed and emerging markets.
Transcripts
so over the last few months and weeks uh
I've been spending approximately a week
in a financial center such as Hong Kong
Singapore Sydney London and others and
in the process of spending that week in
each of those Financial Centers I've
made sure to meet with the Central Bank
the country's exchange the country's
clearing and settlement system the top
four five or more commercial Banks and
some of the top buy side Asset
Management
firms these meetings have given me a
view
of what is required to make a
transaction work in these different
Financial ecosystems and also how a
transaction can work across these
Financial Centers which is where the
real opportunity is in my
opinion the things that I found is that
the problems are Universal in the fact
that transactions need data transactions
need connectivity and transactions need
to be compliant
it is actually these problems that chain
link has been successfully solving for
years it's just been in a slightly
different category of contracts such as
web 3 and defi with certain specific
pieces of data like price data but chain
link as a system is constructed in a way
that it's flexible enough to work with
all kinds of data and to create
connectivity across all kinds of chains
so right now the world we are really
inhabiting is a world where the web 3
Market the defi Market the real world
asset Market in the public chain world
is continuing to grow and continuing to
be more and more heavily driven by high
quality data from chain link high
quality connectivity across chains from
chain link ccip and highquality
computations like automation to make the
contracts work about 80% of those
technical problems are re applicable to
the technical problems of Banks and Bank
private chains now all of those groups I
mentioned before all of the banks all of
the asset managers The Exchange and in
some cases even the central banks will
all have their own chains in having
their own chains they create a kind of
technical
fragmentation this technical
fragmentation then creates a
fragmentation of liquidity such that
each Bank each asset management firm
each exchange having its own
infrastructure fragments the liquidity
the purchasing power of its user base
into that infrastructure but not into a
shared infastructure and transactions
can only happen in a shared
infrastructure model all of these chains
and all of these transactions need a set
of standards in order to happen so in
order for you and me to transact we need
a settlement price that we both agree is
a reliable manipulation resistant
accurate settlement price that's one of
the first things that chain link
provided to the web 3dy community and is
now actively providing to the capital
markets community beyond that once we
reach settlement we then need to
transfer assets your your chain would
have stable coins and say someone else's
chain would have the assets and you need
to do what's called delivery versus
payment you need to finalize the
transaction where the assets move to the
one chain and the payment moves to the
chain where the asset came from this
requires a cross-chain connection now to
even move those assets you need
additional data like identity data to
comply with basic AML kyc and travel
rule requirements so now there's
additional data that needs to make its
way into the
transaction the the real way to think
about the traditional Capital markets is
that it's layers upon layers of systems
that have resulted in generating a
transaction with certain properties
those properties is that the transaction
has a settlement price the transaction
meets identity requirements the
transaction is able to move across
certain rails the transaction is connect
to payment systems that can pay for it
to happen and that is what needs to get
rebuilt in the blockchain world but in
the blockchain world of of private
chains and Banks and asset managers it
is being rebuilt by everyone having
their own chain so as everyone has their
own
chain they rebuild parts of the
infrastructure for how the system works
and then there's other parts like the
ability to inject data the ability to
connect those contracts across chains
the ability to be compliant that needs
to be fulfilled by a shared global
standard and that shared global standard
is now becoming chain link chain links
data connectivity Solutions across
chains and once everybody is on a single
standard transactions can happen
seamlessly this is what protocols like
Swift and fix and others have done in
the traditional World those Protocols
are not able to interface with
blockchains and so the other big part of
what we're doing is we're allowing those
protocols to interface with blockchain
so their large user base can interface
with blockchains for any activity buying
selling generating assets moving assets
through the chain link
interface so that's the general overview
of of what's going on we're generating
an infrastructure that is a global
standard for data transmission and value
transmission between
blockchains and basically creating a set
standard under which transactions can
happen a set standard for how data can
allow a transaction can happen a set
standard with which data is injected
into the transaction to even form the
real world asset or allow it to comply
with certain legal conditions and how
that transaction can then interact with
a payment method now this world is
really split up into three key Parts the
first part is the asset part it's the
actual asset that's being transacted
this is often called real world assets
in web 3 it's called digital assets in
the banking world and sometimes it's
called both things in the asset
management world and the generation of
an asset for us is really the creation
of what we call a unified golden record
so unified golden record is a data
container it's an onchain data container
in the form of a smart contract that has
both the ownership rights and various
pieces of data about the underlying
asset in one data container so the way
the traditional system works today is
the value transfer method the ability to
transfer ownership from me to you is in
one system there's just a system of
value transfer that's all it does and
then there's a multitude of different
Data Systems that people are responsible
to go to and get the data they need
about the underlying asset that they now
have ownership over that is the old
model in the new unified golden record
model what you really have is a single
onchain data container smart contract
that is both the representation of the
ownership and the place where you feed
critical data about the asset so for
example if it's a tokenized carbon
credit is the carbon credit valid and
redeemable or has it been redeemed and
therefore invalid if it's tokenized real
estate does the real estate have any
additional debt that's appeared against
that asset if it's money market funds
what is the nav calculation what is the
valuation of the fund if it's any other
asset what is the data that can prove
the status of the the underlying thing
the underlying asset in a real-time
basis and this is actually one of the
basic fundamental problems of the
financial markets is people have assets
that they don't understand and they're
not able or not informed enough or not
connected enough to data to understand
what's going on with the underlying
asset and this creates these big
information asymmetries which lead to
things like the 2008 financial crisis so
in the asset world you're getting a lot
of huge benefits like 247 365
markets better collateral management
which is a very valuable thing for banks
because if you get to move something
quicker and it's worth a100 billion do
you can earn interest on it for that
additional three days when you moved it
so that's very valuable and you get this
better risk management solution in the
form of a unified golden record an
onchain
record that's slightly different than
what the rwa world is doing in web 3 in
web 3 it's tokenizing a bunch of assets
that will be valuable collateral for
protocols and for users that want to own
it in a tokenized form and eventually
the capital markets world and the web 3
world will have to merge into a single
world and in order to do that they will
need to be on a single set of Standards
data standards connectivity standards
and computational
standards so on the asset side web3
world is kind of innovating and in in in
assets at the edges and the capital
markets are repackaging the hundreds of
trillions of dollars in value that they
already
secure now the second component of all
this is the payments side you need a
payments method in order to transact and
that payment method in the banking
sector has to comply with certain legal
requirements that compliance with legal
requirements is basically the gating
issue to whether or not that payments
method will or will not be used and if
there's no payments methods that meet
those legal requirements then there is
no payments method this is the big thing
that's shaking out right now there's VAR
stable coin providers that want to
become that payments method there's
various Banks making their own stable
coins there's central banks trying to
generate Central Bank digital currencies
to fulfill this role of a payment
solution against these assets right
because even if you have an asset if you
have no stable riskless form of payment
then transactions generally won't happen
because people generally don't prefer to
do asset to asset transactions they
prefer to do here's the value of the
asset that value is written into the
smart contract I know what it is second
by second I don't have to wait a week or
a month to Value it
and now I can purchase it with a stable
ideally riskless form of payment that
isn't exposed to various counterparty
risks technical risks and other risks
including legal as a risk that world is
now in the process of developing and
chain link is very actively working with
the various participants there stable
coins tokenized cash deposits from Banks
private bank money Central Bank digital
currencies all those Payment Solutions
are basically fitting into a model where
the central Bank digital currency stable
coin or other payment method is seen as
an opportunity by all those groups and a
necessity by the people who have assets
and some of them are making assets like
Banks some are making assets and stable
coins to just try to close the loop on
that problem I feel this is the year
where there is an explosion in high
quality assets both in the web 3 world
and in the banking world and there is
also a significant increase in the
amount and quality of Payment Solutions
that can be used to transact against
those assets which means the amount of
transactions and transactional flows is
rapidly increasing this year the
question from the point of view of chain
link in my opinion is how does chain
link enable those transactions how does
it enable the generation of those assets
how does it enable the movement of those
stable coins in a compliant way how does
it connect chains to allow the
transactions of assets for any number of
forms of payment and how does it do it
in Mass at scale with those same
commercial Banks and possibly even with
with asset issuers
themselves that basically boils down to
making a platform a robust set of
features and tools that can be used to
create and manage multiple steps in that
transaction and that is really I think
the the metric against which chain link
needs needs to look that over 10.5
trillion in transaction value enabled so
far is a really big achievement and one
of the biggest amounts of transaction
value enabled in in the entire
blockchain industry but I I think the
next stages enabling the transaction to
happen basically from beginning to end
so chain link will enable the generation
of a real world asset as a unified
golden record with a lot of data
injected into it to make it a better
asset then it will allow that asset to
be connected to all the different chains
public Andor private that have the
liquidity that have the purchasing power
to interact with that asset in a secure
and reliable way then it will inject
even more data into that asset to allow
it to be transferred in a way that
complies with various legal conditions
so that Banks asset managers and others
can actually purchase the asset and can
actually send payment for it and then
after that asset moves onto those other
chains it will need to stay synchronized
with data and then staying synchronized
with data it will retain the property of
being a unified golden record which is
once again the key property that we're
generating here by merging the dynamic
of data and value into a single system
such that you don't don't need to go get
data you don't need to figure out a ton
of data if the unified golden record if
the real world asset is properly
constructed because the key aspects of
the assets Health Quality risk are all
in the ownership receipt that you
possess and that anyone else who wants
to buy can look at and read so that's
the world that we're in the process of
building we're in process of building
the world where real world assets are
generated as reliable unified golden
records there's a reliable cross-chain
connection between hundreds of different
chains where liquidity is Unified into a
single Network you have various forms of
payment everything from privately issued
stable coins to privately issued bank
money to tokenized cash the Central Bank
digital currencies all those forms of
payment are also on that Network and the
value that the assets and the payments
can flow across that Network in a way
that complies with the legal
requirements of all the counterparties
but then there will be huge amounts of
value hundreds of trillions of dollars
in value in the banking sector in the
asset management sector that will only
interact with things once it meets those
legal requirements there has to be a
system that allows them to do
that once you have a network of
interconnected chains with high quality
assets with high quality payment methods
with high quality data under pining all
of those interactions in a way that's
highly reliable and allows people to
comply and do transactions in the way
that they have to I think our entire
industry reaches a whole new
level the final piece of the puzzle is
really the emergence of secondary
markets where all of those assets and
all of those payments me payment methods
eventually find secondary markets some
of those secondary markets will be
onchain some of them will be offchain
some of them will be onchain in web 3
some of them will be onchain in the bank
chains the important thing is that all
of those secondary markets on all those
various chains can also interact with
each other over a secure cross-chain
connection that is able to move both
data and value and this is one of the
key points that I think chain link uh
significantly excels at is there are
systems that can provide data and there
are systems that can do cross chain from
what I can tell right now there are no
systems that can allow you to generate
an asset with the necessary data on the
first chain and to generate it in a way
that as the asset moves to other chains
it will continue to receive the critical
data on a synchronized basis right so as
it goes to the second chain or the third
chain or the fourth chain or the fifth
chain keeping the asset in sync with the
data is actually one of the key
components of making this work across
the multitude of chains while still
having a unified golden
record and in addition to all that in
addition to the ability to provide data
to the asset to generate it the ability
to provide more data for to flow in a
way that complies with various legal
conditions the ability to to have it
move across at chains against various
payment methods and the ability for it
to stay synchronized with data as it
goes from chain A to B to C to D to e
you also have a very big kind of
traditional Legacy existing
infrastructure problem that is not going
to go away and this is where I work with
Swift and other key
foundational financial industry
protocols is very important because
Banks asset managers exchanges csds
central banks all these groups are not
going to replace their existing
infrastructure what they're going to try
to do and what they're already in the
process of doing with us in some cases
is layering blockchain infrastructure on
top of their existing infrastructure in
a way that it can interface
efficiently so their basic calculus is
how do I efficiently use my existing
signing key solution my existing
database my existing infrastructure my
existing workflows with blockchains as a
transactional mechanism whether it's on
the asset side or on the payment side
and this challenge uh being solved will
rapidly accelerate the adoption by
thousands of banks because the
alternative for them is to natively
integrate into hundreds of chains learn
hundreds of chains that are not stable
that constantly change that ship
breaking changes which is something I
don't think they'll just even be able to
do and they also realize this so the
other thing that's being provided by us
in these meetings and these
conversations and some of these ongoing
implementations is the blockchain
abstraction layer within ccip that
allows any offchain system to interface
with hundreds of different chains
through a single standard a a single
methodology that leverages their
existing signing Keys their existing
infrastructure to then affect onchain
events on hundreds of different chains
when you put all of this together what
you find is
hundreds of thousands of chains with all
of the world's value on them with more
advanced smart contracts like rwas like
various lending protocols derivatives
protocols secondary market exchange
protocols all of which require larger
and larger amounts of data to function
whether that's to do the transaction at
all or whether to comply or whether to
do any number of
steps and then you have a need to
connect all those hundreds of thousands
of chains into a single internet of
contracts similarly to how tcpip
connected many different Technologies
separate Technologies into the internet
into the shared Global Internet that
houses both Banks and finex startups and
largest institutions in the world
they're all on a single internet so
that's really what I I think we're
involved in doing at this point we as a
community have done a really great job
uh with web 3 powering the majority of
defi powering the most rwa
implementations power ing the most proof
of Reserve implementations because of
the security and quality of the chain
link system and the different parts of
the protocol and that's a great
achievement that's a great thing that
I'm very proud of and very very grateful
to all the people that I have the luxury
of working with and pleasure of learning
from and and also the community which
done which has done a huge huge amount
of effort to get us to this point so
that's a great place that we've gotten
but in getting to that place we have
kind of earned the right we've earned
the position from which we can now
become the way the rest of the world
operates as it transitions into this new
blockchain
format that's the fundamental thing
that's really happening is that every 40
50 years you have a reformatting of how
all value exists the last reformatting
was from paper into digital into the
internet and that was uh Once In A
multi-life Time opportunity
now that is happening again so now after
40 50 years all of the world's value is
being reformatted into this blockchain
format for everything real estate
equities Commodities Insurance gaming
global trade all of
it because it's a fundamentally Superior
way for transactions and peer-to-peer
and digital relationships to operate
that are that is guaranteed rather than
probabilistic right so it's just a
superior format for how value and
digital relationships are
managed in the process of this
transition there's a lot of surrounding
problems how does data reach the value
how does the value move across chains
how does all of this stay synchronized
with the existing infrastructure of the
world how does the value on the existing
infrastructure migrate into this new
format how does all of that interact in
more and more advanced Ways by proving
more and more things about the the
underlying value to the user in a
cryptographically guaranteed manner
justifying the blockchain format as a
better and better way to have value and
and manage
transactions these uh fundamental
problems are basically the problems that
we now have the opportunity to be the
group of people to be the community that
solves these problems we have gotten to
that point through over seven years of
very hard work uh together with some of
the smartest people in the world some of
the best Security Experts some of the
greatest engineers and some of the the
the most committed thoughtful helpful
great community
members but now we have this chance to
be the way the world works for the next
40 or 50 years as this big transition
happens and that I think is the really
exciting thing for me and if that
transition happens I think Society gets
two very big things the first thing that
gets is in developed countries
everything works much much better
information asymmetry goes away in
markets to a large degree because
information is in the asset and people
can't game the system systemic Financial
booms and bust get smaller because
people can make more rational decisions
the whole financial system works better
everybody has access to more assets you
can buy a fractional piece of a hotel or
the restaurant you go to there's a lot
of exciting thing that happens in
developed markets both for how the
system structurally works
for society's sake and the new kinds of
products and things that become
available and then in Emerging Markets
we arrive at a world where people go
from zero to one where they didn't have
a bank account they didn't have an
ability to buy insurance they didn't
have an ability to participate in the
global Marketplace through global trade
and now they have all of those things
because they don't need to rely on their
legal system they can now rely on the
cryptographic guarantees of smart
contracts as an alternative system of
contracts that is sufficiently easy to
use sufficiently secure and sufficiently
globally connected that they can
transact with other people and they can
hold value in not a bank account but a
stable coin or a central bank digital
currency or a tokenized deposit of some
kind and they can now change their
entire economic life as a result of that
in ways that people in other countries
take for granted so really I think what
the telecommunications companies and
Industry did for
communication and what the internet did
for education and information transfer
is what blockchains will do for people's
economic
future that is really the thing that
over the next 10 20 years I think will
arrive at if all of this is
successful so I'm going to continue
meeting with a lot of these ingrained
large institutions that have all of this
value I think chain link due to its
security and reliability and all of its
great features and properties will
continue to be the global standard in
web 3 and then if it's the standard in
web 3 for how price data transactions
work and it's the standard for how price
data and various uh transfers and
transactions work in the capital markets
we actually arrive at a world where
those two worlds can interoperate pretty
seamlessly and once again we form what
we call the internet of contracts in
that case so this is the big body of
work we're involved in very grateful to
be working on it with many great people
including the people in our community
and very excited to see where it goes
next uh I think over the next few years
we're really on the cusp of something
quite big because I'm seeing the entire
world moving in a direction where just
like defi couldn't operate without what
chain link provided in a secure reliable
way I don't see how this big transition
can happen without chain link providing
what it provides in terms of the data
identity connectivity and all these
other properties that are needed for
this transition to happen so I think
it's a very exciting time and really
looking forward to doing it with with
all of you so thank you
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