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1、McKinseyWorkingPapersonCorporate&InvestmentBanking
2、No.12BeyondtheHype:BlockchainsinCapitalMarketsDecember2015McKinseyWorkingPapersonCorporate&InvestmentBankingareaseriesofpublicationspresentingMcKinsey’slatestresearchandinsightsoncorporateandinvestmentbanking.Incorporatingabroadrangeofv
3、iewsfromMcKinseypartnersandexpertsglobally,thepapersprovidealeadership-levelperspectiveontheopportunitiesandchallengesfacingcorporatebanking,investmentbankingandcapitalmarketsbusinessesworldwide.Theirpurposeistoencouragediscussionaboutthefutureoftheindustry.***EditorialBoardKevinBuehler
4、MatthieuLemerleDirector,NewYorkDirector,Londonkevin_buehler@mckinsey.commatthieu_lemerle@mckinsey.comDanieleChiarellaAkashLalDirector,FrankfurtPrincipal,Mumbaidaniele_chiarella@mckinsey.comakash_lal@mckinsey.comHelmutHeideggerJaredMoonDirector,ViennaPrincipal,Londonhelmut_heidegger@mcki
5、nsey.comjared_moon@mckinsey.comBeyondtheHype:BlockchainsinCapitalMarketsExecutiveSummary1DefiningBlockchain4BlockchainsinCapitalMarkets8ChallengestoImplementation11PotentialImpactsonBusinessModels15TheEvolutionofBlockchainsinCapitalMarkets20FourImmediateActionsforCapitalMarketsPlayers22
6、McKinseyWorkingPapersonCorporate&InvestmentBanking
7、No.121ExecutiveSummaryDistributedledgers,orblockchains,havethepotentialtodramaticallyreshapethecapitalmarketsindustry,withsignificantimpactonbusinessmodels,reductionsinriskandsavingsofcostandcapital.Inablockchain,copiesofaledgerare“dist
8、ributed”andvalidatedbyacon-sensusprocess,withmultipleusersindependentlyverifyingledgerchanges.InBitcoin,themostwell-knownblockchainapplication,tokenizedtransfersaremadedirectlybetweenpayerandpayee,effectivelyeliminatingthecreditandliquidityriskinherentinthefiatsystem.Theunderlyingblockc
9、haintechnologyislikelytodeliverabroadrangeofbenefitstofirmsacrossthefullcapitalmarketsvaluechain,fromclearinghousesandexchangestoprimebrokersandbanks.Thesebenefitsmayinclude:•Fasterclearingandsettlement:Inablockchain,onceatransactionisconfirmedandcommittedtotheledger,theassocia