Der digitale programmierbare Euro Basis für neue Geschäftsmodelle - Prof. Dr. Philipp Sandner - EIT Urban ...
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Der digitale programmierbare Euro
Basis für neue Geschäftsmodelle
Prof. Dr. Philipp Sandner
Blockchain Center
Frankfurt School of Finance & Management
E-Mail: p.sandner@fs.de
Internet: www.fs-blockchain.de
Hype and reality
What is the current state of DLT?
100 %
Smartphones
Distributed
Ledger
Technology
Today
0%
2005 2015 2025 2035
© Prof. Dr. Philipp Sandner 3Pipeline vs. register
Payment process between two parties
A payment requires multiple stages:
this costs time and can induce errors
Sophie Alex
Correspondent Correspondent
Bank Bank
bank bank
Ledger Ledger Ledger Ledger
© Prof. Dr. Philipp Sandner 5The core of blockchain technology
The core of blockchain is that
all transactions of a specific asset
are recorded in one common distributed database
Ledger
Sophie Alex
The ownership for a property will therebybe transferred
from an old owner to a new owner
© Prof. Dr. Philipp Sandner 6The most important aspects of DLT
1
Register technology
(i.e., technology to maintain registers)
2
Capitalized register
(i.e., registry organizing ownership of money or assets)
3
Programmable money, tokenized assets
3 – Introduction to DLT Page 7
© Prof. Dr. Philipp Sandner 7Basic principle of tokenization
Where have tokens been used and where will they be used?
Security token
Cash on ledger,
stable coin, Euro
Utility token
Software license
(Ethereum)
Nothing; Crypto currency
just scarcity (Bitcoin)
Source: Liechtenstein Blockchain
Source: Act
Liechtenstein
(2019) Blockchain Act (2019)
© Prof. Dr. Philipp Sandner 9Token container model as basis for the digital economy
Use case: car
Digital economy
Leasing €
Right of ownership Car sharing €
Car rental €
Usage right
Insurance €
Lien
Car investments €
Theft control
Source: Liechtenstein Blockchain Act (2019); Lien in German: “Pfandrecht”
© Prof. Dr. Philipp Sandner 11Digital programmable
euroReasons for the digital programmable euro
01 Cross-border payments
02 Automated payments and business processes
03 Integration of delivery vs. payment (DvP)
04 Tokenization of rights and assets
05 Machine economy, IoT, micro payments and streaming money
06 IT security and system resilience
© Prof. Dr. Philipp Sandner 13Typology of central bank digital currencies (CBDC) for the digital programmable euro
(Sandner/Klein/Gross, 2020)
Programmable money
Money includes currencies such as the
euro or the US dollar but is not limited
to that
Central bank digital Private organization
currency (CBDC) issues money
e.g., European Central Currency or money is
Bank (ECB) issues the issued by a private
euro organization
„Retail CBDC“ „Machine CBDC“ Currency or money
„Wholesale CBDC“ Used by end users (i.e., To be used by issued by unregulated
Used for interbank and private users, machines and devices; entity
securities settlement companies, public KYC/AML rules may End user has a claim against
authorities) change in the future the unregulated organization
Hybrid model Currency issued by Private stablecoin
Indirect model
Direct model issued by the central issued by the central bank; regulated entity backed by Private stablecoin Private stablecoin
issued by the central bank; accessible to end accessible to end user via End user has claims currencies backed by crypto backed by currency
bank; directly accessible user via commercial commercial bank; payment against commercial bank, e.g. Tether, Stasis, assets basket
to end user (BIS, 2020) bank; payment claim claim against commercial TrueUSD e.g. DAI backed by Ether e.g. Libra 1.0
e-money institute; e.g.
against the ECB (BIS, banks (BIS, 2020) JPM Coin, Libra 2.0
2020)
lower default risk, higher default risk,
lower counterparty risk, higher counterparty risk,
lower regulatory risk higher regulatory risk
© Prof. Dr. Philipp Sandner 14Typology of central bank digital currencies (CBDC) for the digital programmable euro
(Sandner/Klein/Gross, 2020)
Programmable money
Money includes currencies such as the
euro or the US dollar but is not limited
to that
Central bank digital Private organization
currency (CBDC) issues money
e.g., European Central Currency or money is
Bank (ECB) issues the issued by a private
euro organization
„Retail CBDC“ „Machine CBDC“ Currency or money
„Wholesale CBDC“ Used by end users (i.e., To be used by issued by unregulated
Used for interbank and private users, machines and devices; entity
securities settlement companies, public KYC/AML rules may End user has a claim against
authorities) change in the future the unregulated organization
• China started 2014 and tests system with first
people receiving their salary on the DCEP network.
Hybrid model Currency issued by Private stablecoin
Indirect model
Direct model issued by the central issued by the central bank; regulated entity
• ECB says China is 5+ years ahead.
backed by Private stablecoin Private stablecoin
issued by the central bank; accessible to end accessible to end user via End user has claims currencies backed by crypto backed by currency
bank; directly accessible user via commercial commercial bank; payment
bank; payment claim
• Realistically, China is 6-8 years ahead. So, a CBDC assets
against commercial bank, e.g. Tether, Stasis, basket
to end user (BIS, 2020) claim against commercial e-money institute; TrueUSD e.g. DAI backed by Ether e.g. Libra 1.0
against the ECB (BIS, banks (BIS, 2020)
for the Euro e.g.– issued by the ECB could be launched
JPM Coin, Libra
by 2026-2028. 2.0
2020)
lower default risk, higher default risk,
lower counterparty risk, • China will launch its DCEP system 2020 or 2021. higher counterparty risk,
lower regulatory risk higher regulatory risk
© Prof. Dr. Philipp Sandner 15Typology of central bank digital currencies (CBDC) for the digital programmable euro
(Sandner/Klein/Gross, 2020)
Programmable money
Money includes currencies such as the
euro or the US dollar but is not limited
to that
Central bank digital Private organization
currency (CBDC) issues money
e.g., European Central Currency or money is
Bank (ECB) issues the issued by a private
euro organization
„Retail CBDC“ „Machine CBDC“ Currency or money
„Wholesale CBDC“ Used by end users (i.e., To be used by issued by unregulated
Used for interbank and private users, machines and devices; entity
securities settlement companies, public KYC/AML rules may End user has a claim against
authorities) change in the future the unregulated organization
• Innovation typically happens in the private
Currency issued by sector – in Western countries.
Hybrid model Indirect model Private stablecoin
Direct model issued by the central issued by the central bank; regulated entity backed by Private stablecoin Private stablecoin
issued by the central bank; accessible to end accessible to end user via End user has claims
• In Europe, we need initiative from the
backed by cryptoprivate backed by currency
currencies
bank; directly accessible user via commercial commercial bank; payment against commercial bank,
sector
e.g. to Stasis,
Tether, provide the digital programmable
assets Euro basket
to end user (BIS, 2020) bank; payment claim claim against commercial e-money institute; e.g. before 2028.
TrueUSD e.g. DAI backed by Ether e.g. Libra 1.0
against the ECB (BIS, banks (BIS, 2020) JPM Coin, Libra 2.0
2020)
• The private sector could launch specific
lower default risk, solutions as early as 2021. higher default risk,
lower counterparty risk, higher counterparty risk,
lower regulatory risk higher regulatory risk
© Prof. Dr. Philipp Sandner 16Roadmap Towards a Digital Programmable Euro
The open letter wa
s
published on June
14, 2020.
Received 100+ sig
nees inRoadmap Towards a Digital Programmable Euro
• Q3/Q4 2020
Building knowledge
• Q2 2021
DLT-enabling payment API
• Q4 2022
Establishment of a Euro
token standard to be issued
on various DLT networks
• Q1 2024
Issuance by the European
Central Bank (ECB)
© Prof. Dr. Philipp Sandner 18Industry meets finance on the level of devices
Industry domains Finance domains
Mobility Payment
Machinery Leasing
Sensors Securitization
Logistics Factoring
Energy Escrow
© Prof. Dr. Philipp Sandner 19Payments between vehicles in traffic – combining smart and IoT devices. This allows autonomous vehicles to pay, bill and receive Euro in an automated way.
New business models will be possible: e.g. a weather service, where sensors automatically sell data for Euro.
Industry meets finance on the level of devices
Industry domains Finance domains
Mobility Payment
Machinery Leasing
Sensors Securitization
Logistics Factoring
Energy Escrow
© Prof. Dr. Philipp Sandner 23Contact
Prof. Dr. Philipp Sandner
Frankfurt School Blockchain Center
Mail: p.sandner@fs.de LinkedIn
Please feel free to contact me via mail,
Xing, LinkedIn or Twitter (@philippsandner)
© Prof. Dr. Philipp Sandner 24© Prof. Dr. Philipp Sandner 25
Prof. Dr. Philipp Sandner
Current position § Professor at the faculty of the Frankfurt School of Finance & Management
§ Head of the Frankfurt School Blockchain Center (FSBC)
Memberships and affiliations § Member of the Fintech Council (FinTechRat) of Germany’s Federal Ministry of Finance
§ Member of the EU Blockchain Observatory established by the European Union
§ Co-founder of the German Blockchain Association, the International Token Standardization Association (ITSA), the Multichain
Asset Managers Association
Expertise § Blockchain technology in general, crypto assets such as Bitcoin and Ethereum, the digital programmable Euro, tokenization of
assets and rights, digital identity.
Experience and education § Board of Directors of Avaloq Ventures, Board of Directors of Tokentus Investment AG
§ Advising financial organizations, industrial corporations and startups concerning their blockchain activities
§ Research fellow at the Technical University Munich, the Ludwig-Maximilians-University Munich and the Berkeley Center for
Law & Technology
§ Studies of business administration focusing on computer science at the University Mannheim, Copenhagen Business School
§ Co-founder of a consulting company specialized in the area of innovation strategy, IP and technology transfer
Awards and prizes § Ranked as one of the "top 30" economists by the Frankfurter Allgemeine Zeitung (FAZ), a major newspaper in Germany, in
2018 and 2019
§ "Top 40 under 40" ranked by the German business magazine Capital
§ Awarded with several scholarships and research prizes
Publications § Publications in international peer-reviewed journals such as Administrative Science Quarterly, Research Policy, the Journal of
Marketing Research and the Journal of Business Venturing
§ Editor of two books; one book focuses on the implications of blockchain technology on companies, the other one focuses on
the implications for the society. More: www.die-blockchain.ist/die-zukunft/
Frankfurt School Blockchain Center § Analyzing the implications of blockchain technology on companies and business models
§ Providing a platform for decision makers, startups, technology experts and industry professionals to exchange their knowledge
and share their visions
© Prof. Dr. Philipp Sandner 26You can also read
