BCSC finance mono

Summary

Paul Daing, co-founder and head of design for Alare Escore, introduces Tapestry, a protocol aiming to address the siloed nature of financial markets and the inefficiencies of traditional banking infrastructures. He discusses his background in operations, product management, and innovation, and how his experience with blockchain technology led to the development of a scalable, configurable ledger system. Daing emphasizes the importance of accounting in ledger systems and the potential for a consistent ledger to revolutionize transactions, similar to how the internet transformed communication.

Takeaways

• 🌟 Paul Daing, co-founder and head of design for Alarescore, introduced a differentiating protocol called 'Tapestry'.
• 🔄 Paul's background includes manufacturing engineering, banking operations, and a degree in Aeronautics and Astronautics.
• 💡 His wife suggested blockchain was a good fit for him due to his diverse interests and experience in financial infrastructure and coding.
• 🏦 The historical financial services are siloed with different experts for equities, bonds, and derivatives, leading to inefficient technological infrastructures.
• 🔄 Paul's challenge was to make financial infrastructures more efficient and consistent, especially when diversifying investments.
• 🤔 He questioned the scalability and capacity of blockchain technologies, recognizing their potential but also their limitations.
• 📈 Paul was introduced to blockchain while evaluating it as an investment for an asset manager, leading to his deep dive into the technology.
• 🔑 He emphasizes the importance of accounting in ledgers, stating that without double-entry accounting, it's merely a timestamp transfer log.
• 🔄 Tapestry X was designed to be agnostic, configurable, highly scalable, and capable of handling high capacity, with a focus on double-entry accounting.
• 🤝 Paul learned the importance of constructive criticism and the need for solutions that meet the requirements of the use case through his involvement with the Blockchain Maturity Model.
• 🚀 He highlights the issue with DeFi replicating traditional finance's problems by using centralized platforms like Ethereum, which hinders true horizontal scaling and interoperability.
• 🌐 The potential of blockchain lies in creating a consistent ledger for peer-to-peer transacting, which could revolutionize financial transactions as the internet did for communication.

Q & A

Who is the speaker in the provided transcript?

The speaker is Paul Daing, the co-founder and head of design for Alare Escore.

What is the name of the protocol that Paul Daing mentions in the transcript?

The protocol mentioned is called 'tapestry'.

What is Paul Daing's educational background according to the transcript?

Paul Daing has a degree in Aeronautics and Astronautics and started his career as a manufacturing engineer.

How did Paul Daing's career transition from manufacturing to banking operations?

Paul Daing transitioned to banking operations because they were looking for people with production experience.

What is the main issue with the current financial infrastructures as described by Paul Daing?

The main issue is that they are siloed and not efficient from an infrastructure perspective, leading to high costs for institutional clients.

What is the concept of 'book entry' as mentioned by Paul Daing?

'Book entry' refers to the internal transfer of money or assets within the same bank without going through a clearing house.

What was the role of blockchain technology in Paul Daing's career?

Blockchain technology became a significant part of his career when he was introduced to it as a potential investment and later worked on it in a boutique consultancy.

What is the key difference between a ledger and a timestamp transfer log according to Paul Daing?

A ledger must be based on double-entry accounting, whereas a timestamp transfer log does not have to adhere to accounting principles.

What is the purpose of the Blockchain Maturity Model (BMM) as discussed by Paul Daing?

The BMM is used to assess whether a blockchain solution meets the requirements of its use case, providing assurance to both providers and buyers.

What is the current problem with DeFi (Decentralized Finance) as highlighted by Paul Daing?

The problem with DeFi is that it is replicating the same issues as traditional finance, such as reliance on a central clearing house, and lacks true horizontal scaling.

What is the potential future of transacting with a consistent ledger as envisioned by Paul Daing?

The potential future is a peer-to-peer transacting model where individuals can transact directly with each other without the need for a central exchange, similar to how the internet revolutionized communication.