This session will identify and explore permissionless blockchain and decentralised financial technology and operation challenges. As permissionless blockchain and distributed ledger technology (DLT) systems emerge and mature, multi-stakeholder participation in their design, development, roll-out, and operation is critical for the proliferation and mainstreaming of a wide range of financial applications.
Until now, the protocols, platforms, and applications for this new era of computing have been been driven by the developer and startup communities. New standards, governance systems, and design patterns are being developed, and they require participation from a wide range of people. Decentralized computing systems, in which distributed ledger technologies are a key component, are becoming increasingly popular.
These systems are intended to be global computer platforms, and they will very certainly serve as the foundation for new financial services and enterprises, such as a distributed Financial Market Infrastructure (dFMI). These new financial services and enterprises have the potential to provide significant benefits to the global financial system, such as resiliency over efficiency and predictability over robustness.
While financial regulators, central banks, the Bank for International Settlements (BIS), and the International Monetary Fund (IMF) have recognised the potential of DLT systems, they have also been acutely aware of the challenges in implementing and designing consumer protections that balance usability, safety, and innovation. While several G20 nations are expected to be in the forefront of designing and developing these new infrastructures, all cities and countries should be considered and encouraged to participate in the planning.
The talks during this workshop are intended to contribute to the Blockchain Governance Initiative Network (BGIN), where all stakeholders collaborate to establish common documentation on blockchain technology and operations. As a result, CoDecFin 2022 will be closely linked to the BGIN general meeting. Following CoDecFin, BGIN will hold its fifth general meeting (Block #5).