1、1 Mobile Payments Industry Workgroup | May 1, 2020 Mobile / Digital Payment Industry Trends in Distributed Ledger Technology, Cryptocurrency, Mobile P2P Payments, Fraud, and Authentication MPIW January 2020 Meeting Summary of Key Findings Susan Pandy, Ph.D. and Marianne Crowe The Mobile Payments Ind
2、ustry Workgroup (MPIW)1 is composed of stakeholders focused on eliminating barriers to the successful adoption of mobile and digital retail payments in the U.S. The purpose of the January 2020 meeting was to discuss payment developments related to: 1) U.S. federal and state government initiatives th
3、at support distributed ledger technology (DLT) and digital assets; 2) developments in cryptocurrency and stablecoins; 3) the role of mobile person-to-person (P2P) payments2 in driving faster payment adoption; 4) mobile payment fraud solutions; 5) authentication protocol implementations; and 6) curre
4、nt mobile/digital payment adoption trends. 1 The Federal Reserve Banks of Boston and Atlanta convene the MPIW. See https:/www.bostonfed.org/about-the-boston- fed/business-areas/payment-strategies.aspx. 2 Mobile P2P payments allow consumers to transfer funds from their account to another individuals
5、account via a mobile phone. . Payment Strategies The views expressed in this paper are those of the authors and do not necessarily represent those of the Federal Reserve Bank of Boston or the Federal Reserve System. Mention or display of a trademark, proprietary product, or firm in this report does
6、not constitute an endorsement or criticism by the FRBB or the FRS and does not imply approval to the exclusion of other suitable products or firms. Thank you to the MPIW meeting speakers that provided comments and clarification to the content in this report. 2 I. U.S. Distributed Ledger Technology,
7、Blockchain, and Cryptocurrency Trends Cryptocurrencies and their underlying blockchain technology have the potential to fundamentally impact the financial sector.3 Blockchain, as a form of DLT, offers many potential benefits to financial institutions (FIs) including lower costs, improved transparenc
8、y, and operational auditability. More specifically, blockchain creates a shared ledger that can reduce the duplication of information that occurs across FIs and intermediaries when they maintain their own databases and ledgers. New technology startups are building services and businesses with blockc
9、hain, similar to how technology disruptors Amazon, Google, Facebook and Uber built software platforms and successful businesses through the connectivity provided by internet standards. However, blockchain developments remain nascent as these new businesses contend with U.S. regulatory challenges and
10、 becoming more secure and trustworthy systems. The success of cryptocurrencies and blockchain technology is contingent upon how trustworthy these solutions become, beyond the basic security of the distributed ledgers. Law, regulation, and governance support trustworthy systems that can lead to broad
11、 adoption. Providers need to address legitimate government concerns and build confidence in new blockchain systems through transparency about how the processes work, what the benefits are, and develop straightforward solutions that secure adoption.4 A distributed ledger is a decentralized digital sy
12、stem (i.e., distributed across several computers or nodes) that operates a set of synchronized ledgers that are shared by multiple entities (i.e., no central authority or data store). DLT records the transaction of assets and their details in multiple places simultaneously. Unlike traditional databa
13、ses, distributed ledgers do not require a central data store or administration functionality.5 Instead, multiple nodes are responsible for updating the ledger or transactions if any data changes occur, and every node receives its own copy of the ledger.6 Blockchain is a type of distributed ledger sy
14、stem where various transactions (i.e., not only monetary) between parties are recorded redundantly and securely in multiple databases. A blockchain organizes data or records into blocks linked with each other and encrypted, using strict security protocols that require computational trust.7 A block c
15、ontains details such as the transaction timestamp and a link to the previous block, making it impossible to alter information about the records retrospectively. Unlike traditional databases, a blockchain allows only adding new data; existing data cannot be altered or deleted. Blockchains are useful
16、for financial transactions because they help to reduce operational inefficiencies 3 Not all cryptocurrencies use a blockchain (e.g., IOTA). 4 How Blockchain will impact the financial sector. Retrieved from https:/knowledge.wharton.upenn.edu/article/blockchain-will-impact- financial-sector/. 5 DLT co
17、uld reduce the traditional reliance on a central ledger used in financial markets and managed by a trusted entity, which could change how assets are stored or maintained, obligations discharged, contracts enforced, and risks managed. 6 Every time a new transaction is added, it is encrypted and all t
18、he copies of the ledger are updated before being added to the ledger. 7 In information security, computational trust is the generation of trusted authorities or user trust through cryptography. In centralized systems, security is typically based on the authenticated identity of external parties. 3 (
19、leading to cost savings), provide greater security based on a decentralized system, and are immutable. Examples include Hyperledger,8 Ethereum,9 Quorum,10 and R3.11 Cryptocurrency is a digital currency that serves as a unit of account or store of value. Traditionally, it did not meet the standard fo
20、r a medium of exchange because of price volatility and lack of inherent value. The recent advent of stablecoins, which peg a cryptocurrency against a stable asset (e.g., fiat currency), has helped address some of these issues. Cryptocurrency uses cryptographical functions to conduct financial transa
21、ctions (i.e., use of private and public keys directly between two parties). These transfers can be done with minimal processing fees and leverage blockchain technology to gain decentralization, transparency, and immutability. U.S. Federal and State Government DLT and Digital Asset Initiatives The fi
22、rst panel12 discussed DLT, blockchain, and cryptocurrency trends in the U.S. at the federal and state levels. Paul Thanos, U.S. Department of Commerce (DoC), reviewed the role of technology in changing international trade and efforts to adopt DLT. Chris Rothfuss and Tyler Lindholm, co-chairs of the
23、Wyoming Blockchain Task Force (the “Task Force”), explained the State of Wyomings governance model for blockchain and cryptocurrency business development and how it was an opportunity for its technology sector. U.S. Department of Commerce Office of Finance and Insurance Industries (OFII) Within the
24、DoC, the OFII focuses on blockchain technology to understand its impact on innovation, U.S. economic competitiveness, and international trade.13 Now that companies are at the adoption stage of blockchain and DLT, one of OFIIs objectives is to identify a series of trade and business use cases includi
25、ng trade finance, governance, insurance, and supply chain management. The Office develops programs and policies to highlight the business impact of blockchain and DLT solutions, identifies impediments to its adoption, and, when appropriate, delineates U.S. trade policy priorities that can facilitate
26、 blockchain solutions. OFII is also closely tracking how various foreign governments are pursuing national blockchain strategies. DoC is also supporting DLT initiatives that use blockchain to expedite engagement by small/medium U.S. businesses (SMBs) in international trade through collaboration with
27、 industry on private sector solutions that expand access to trade finance. DoC also organizes meeting between U.S. businesses and foreign governments to develop business opportunities (e.g., attending the Singapore FinTech festival). 8 Hyperledger is an open source collaboration to advance cross-ind
28、ustry blockchain technologies. See https:/www.hyperledger.org. 9 Ethereum is a global, open-source platform for decentralized applications. See https:/ethereum.org/. 10 Quorum is an open source blockchain platform that combines the public Ethereum community with enhancements to support enterprise ne
29、eds. See 11 R3 is an enterprise blockchain software firm that works across multiple industries private and public to develop blockchain applications on Corda, an open-source blockchain platform. See 12 Scott Moeller, CEO, mShift; Paul Thanos, Director, Office of Finance and Insurance Industries, U.S
30、. Department of Commerce; Chris Rothfuss, Senate Minority Leader, Wyoming State Legislature; Tyler Lindholm, Representative, Wyoming State Legislature. 13 The Office of Financial and Insurance Industries (OFII) works to enhance the domestic and international competitiveness of key U.S. financial ser
31、vices industries, focusing on policy, promotion, and analysis to expand U.S. financial services exports, attract investment to the U.S., and facilitate the growth and development of new and inclusive segments of finance. 4 OFII is involved in several activities focused on DLT and blockchain includin
32、g strategic partnerships with Georgetowns Center for Financial Markets and blockchain businesses ConsenSys14 and BurstIQ15 and public outreach to provide information about blockchain to the marketplace. OFII is currently exploring collaboration with a financial regulatory agency to develop a toolkit
33、 that explains blockchain, its applicability to U.S. businesses, and its importance in a global context. The toolkit will help companies understand how to leverage DLT solutions for innovation. The DoC does not have a regulatory role nor promote the use of cryptocurrency, but seeks to understand its
34、 adoption and commercial application globally and any relevance to U.S. competitiveness. According to Mr. Thanos, less than 1 percent of U.S. FIs use cryptocurrency as an asset, which the Securities and Exchange Commission (SEC) permits under the “qualified custodianship rule.”16 State of Wyoming Le
35、gal Framework for Digital Assets and Blockchain The State of Wyoming is effective because it listens to the industry. Legislators Rothfuss and Lindholm recognized Wyoming government could play a greater role in digital assets, blockchain, and cryptocurrencies. Through their legislative efforts, Wyom
36、ing has been innovative and supported and promoted a legal framework for these new systems. Wyomings Blockchain Task Force has offered a global forum to stakeholders seeking a rational governance model that includes definitions and a legal framework to reduce uncertainty and risk in the marketplace.
37、 It has also provided consumer protection and market fairness rules for digital assets. Wyoming has passed 13 blockchain and crypto-related legislative bills to create the states legal framework, and several other laws were passed in the 2020 legislative session. Changes include reclassifying digita
38、l assets as property under the Wyoming Uniform Commercial Code (UCC) and establishing special-purpose depository institutions (SPDIs) to support businesses that cannot secure traditional banking access, such as those within blockchain industries.17 Fully-reserved fiat banks18 can apply to be designa
39、ted as an SPDI, which allows them to become custodians for crypto-assets.19 14 ConsenSys is building Ethereum blockchain infrastructure and applications for new economic systems that are more open, efficient, and secure. See . 15 BurstIQ is a blockchain enablement company, offering enterprise-level
40、blockchain solutions for the health and healthcare industry. See 16 The SEC adopted amendments to conform the custody rule under the Investment Advisers Act of 1940 to modern custodial practices and require advisers that have custody of client funds or securities to maintain those assets with broker
41、-dealers, banks, or other qualified custodians. See https:/www.sec.gov/rules/final/ia-2176.htm. Some U.S. FIs that work with crypto-assets include Ally, Goldman Sachs, USAA, and Simple Bank. 17These Special Purpose Depository Institutions (SPDIs) will be required to have 100 percent reserves, cannot
42、 lend, will be for business depositors only, and will not be required to have FDIC insurance. The Wyoming Division of Banking will be the primary regulator. 18 Fiat currency is legal tender whose value is backed by the government that issued it. The U.S. dollar is fiat money. 19 A 2016 Board of Gove
43、rnors report on DLT discussed the need for a new kind of FI to integrate digital assets into the financial system to provide services around the storage, recordkeeping, and transfer of more-traditional financial assets, but not other traditional banking functions such as household and business lendi
44、ng. Mills, D., et. al. (2016). Distributed ledger technology in payments, clearing, and settlement. Finance and Economics Discussion Series 2016-095. Washington: Board of Governors of the Federal Reserve System. Retrieved from https:/www.federalreserve.gov/econresdata/feds/2016/files/2016095pap.pdf.
45、 5 According to the legislators, several new “blockchain banks” could bring over $20 billion in assets to Wyoming by the summer of 2020 and contribute an estimated $4 million in tax revenues.20 Avanti Bank and Trust will be the first applicant to receive the SPDI charter and is expected to open in 2
46、021.21 While the panel did not discuss blockchain or DLT in the context of traditional mobile/digital payments, there is relevance for future MPIW discussions. Blockchain could add a layer of security and trust to mobile and digital wallets and mobile P2P transactions because of its ability to carry
47、 a ledger of encrypted data with details of prior transactions. Every individual in the blockchain-enabled transaction would have a record of relevant transactions in the system, making it possible to transfer money with an inherent trust factor, with added protection that the transaction cannot be
48、altered, and is available for everyone to review. II. Cryptocurrency, Stablecoins, and Central Bank Digital Currency Cryptocurrencies are disruptive and prone to price volatility, making some merchants reluctant to adopt them. In comparison, stablecoins can potentially serve as the backbone of finan
49、cial applications on the blockchain. A stablecoin is a cryptocurrency that pegs its market value to a stable reference, such as the U.S. dollar, or the price of a commodity, such as gold. To achieve global acceptance, it would have to be private, decentralized, price stable, and scalable. Stablecoins also face legislative, compliance, and licensing challenges. Some
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