Whitepaper 2.0 on Distributed Ledger Technology

Whitepaper_Chapters 1-8

Whitepaper_Annex

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Table of Contents

1

Foreword

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5

2

Executive Summary

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7

3

Introduction

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12

3.1

Background and history

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13

3.2

Purpose and scope of the second Whitepaper

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13

3.3

Structure of the second Whitepaper

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14

3.4

Ways forward

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14

4

Technology Update

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15

4.1

DLT platforms

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16

4.1.1

Hyperledger

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16

4.1.2

Corda

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17

4.1.3

Bitcoin

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18

4.1.4

Ethereum

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20

4.2

Unpermissioned DLT technology extension for enterprises

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20

4.2.1

Quorum

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20

4.2.2

Enterprise Ethereum Alliance

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21

4.2.3

Microsoft Enterprise DLT Framework

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21

4.3

Off-chain services technology for DLT

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23

4.3.1

Lightning Network on Bitcoin

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23

4.3.2

The Raiden Network on Ethereum

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24

4.3.3

Plasma on Ethereum

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24

5

Compliance Issues

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25

5.1

Background

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26

5.2

Anti-money laundering (AML) and counter-financing of terrorism (CFT) issues

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26

5.3

Systemic risk

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27

5.4

Technology and operational risks

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28

5.5

Reporting and transparency

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28

5.6

Governance and controls, cybersecurity and legal risks

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28

5.7

Conclusion

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28

6

Governance and Control

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29

6.1

Background

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30

6.2

Governance

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30

6.2.1

Governance structure

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30

6.2.2

Membership on-boarding and ongoing operation

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31

6.2.3

Technology audit

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32

6.3

Security management

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32

6.3.1

Information protection

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32

6.3.2

Data privacy from a governance point of view

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33

6.3.3

Authentication and access control (key management)

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33

6.3.4

Security administration and monitoring

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34

6.3.5

Physical security

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34

6.4

System development and change management

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35

6.4.1

System development

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35

6.4.2

Portability and compatibility

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36

6.4.3

Change management

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36

6.5

Information processing

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37

6.5.1

Disaster recovery and resilience

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37

6.5.2

Minimum viable number of validating nodes

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38

6.6

Communication networks

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38

6.6.1

Security and network connectivity among nodes

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38

6.7

Outsourcing

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39

6.8

Other considerations

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39

6.9

Conclusion

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40

7

Legal Issues

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41

7.1

Background

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42

7.2

Legal basis

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42

7.3

Data protection and privacy

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42

7.4

Cross-border and localisation issues

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44

7.5

Smart contracts

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44

7.6

Liability

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45

7.7

Competition/Anti-trust

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45

7.8

Specific applications

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45

7.9

Conclusion

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48

8

Proof-of-Concept Work

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49

8.1

Background

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50

8.2

General observations and lessons learned

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50

8.2.1

Trade finance

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50

8.2.2

Digital identity management

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52

8.2.3

Mortgage loan application

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55

8.3

Conclusion

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56

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