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미래디지털자산비즈니스모델과이를안전하게제공하기위한제시
Peter DeMeoIBM Hyper Protect Platform for Digital AssetsGlobal Lead
Think Summit 2019 / DOC ID / Month XX, 2019 / © 2019 IBM Corporation
Summa de Arithmetica, Geometria, Proportioni et Proportionalita
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6Think Summit 2019 / June 11, 2019 / © 2019 IBM Corporation
스테이블코인
Digital asset that is backed
by a price stable asset
(such as Euro, USD),
issued, collateralized and
guaranteed by a regulated
Financial Institution
암호화폐
“Cash for the Internet”. A digital
medium of exchange using
cryptography to secure financial
transactions, prevent double
spending, and verify asset transfer
시큐리티코인
Grant ownership, membership or
participation rights in a specific
project and have the characteristics
of a security
내츄럴어셋코인
Contract that entitles bearer to
delivery of a physical asset (e.g.
gold, carbon credits)
디지털자산이란무엇일까요? 실제사용또는소유권을포함하는유형또는무형자산의디지털을의미합니다.
컨텐츠
7Think Summit 2019 / June 11, 2019 / © 2019 IBM Corporation
1디지털자산시장의기회
2디지털자산비즈니스모델
4디지털자산을위한
IBM 하이퍼보호플랫폼
3디지털자산비즈니스에
내재된위험
시장기회
8Think Summit 2019 / June 11, 2019 / © 2019 IBM Corporation 8
Gold8T
Real Estate217 T
Bitcoin0.14T
Equities73T
Derivatives (global)600T - 1.2 quadrillion (est)
Moving securities on blockchain could save $17B to $24B per year in global trade processing costs
Source: Bank for International Settlements
Blockchain은자산권리이전에중개자를제거하고자산교환수수료를낮추며보다넓은세계시장에대한접근을제공하고전통적인증권시장의불안정성을줄입니다.
9Think Summit 2019 / June 11, 2019 / © 2019 IBM Corporation
개인암호화화폐거래소
(U)HNWI
Sovereign
Wealth Funds
Endowments
Pension Funds
Family Offices
Foundations
Mutual Funds
펀드 & 자산메니저
Crypto Hedge
Funds
은행토큰판매프로젝트
Fiat-based
Pure Crypto
P2P
Exchanges
Retail
Investors
기업
$0-20M
$20M-100M
$1B+
Wire houses
(PWM/WM)
RIA’s
Insurance
Companies
Hedge FundsInvestment
banks
Merchant /
Retail banks
Central banks
Merchants
w/escrow
HedgersVC/PE Funds
Syndicates $100M-500M
$500M-1B
개인투자자 자산관리자
이러한디지털자산생태계참여자는누구일까요?
10Think Summit 2019 / June 11, 2019 / © 2019 IBM Corporation
Growth of Digital Assets Under Management (Millions of USD)
$190 $380 $675
$2,200
$6,860
$5,580
$7,110
$8,340
$10,210
$-
$2,000
$4,000
$6,000
$8,000
$10,000
블록체인 기술과 DLT는현재세계은행업계의 134T억달러에달하는산업에서은행이제공하는핵심서비스를중단시킬수있습니다.
11
뱅킹
보관
마켓
▪ Auditing / Compliance
▪ Escrow
▪ Staking
▪ Corporate Governance
▪ Key Recovery
▪ Insurance
▪ 계정및예금▪ 차용/대출▪ Payments & Collections
▪ FX
▪ Crypto-to-fiat services
▪ Investments
▪ Portfolio Management
▪ Trading (Market and OTC)
▪ Margin and Prime Brokerage
▪ Primary and Secondary Issuance
▪ 자산및증권의토큰화
Think Summit 2019 / June 11, 2019 / © 2019 IBM Corporation
시장의필수과제 : 전통적인피아트및암호 / 토큰을모두지원하는하이브리드디지털화모델
12Think Summit 2019 / June 11, 2019 / © 2019 IBM Corporation
비즈니스모델 Traditional banking service of offering accounts and deposits to digital asset companies
프로세스Standard bank account opening process with forms, agreements, KYC/AML information and
documentation. Upon account approval, customers place a deposit in fiat currency with the bank
경쟁사 Crypto-focused banks, traditional banks, crypto exchanges and wallets, crypto payment service providers
타겟고객Primarily institutional: crypto investors (hedge funds, VC funds, token funds, high net worth individuals),
crypto-exchanges, blockchain projects, custody providers, wallets, miners, etc.
이점Bankability for companies and projects working in the blockchain and crypto space. De facto bridge
between the fiat and digital asset world – often, bank accounts linked to crypto-exchanges
가치제안
Silvergate Bank: formerly a small business bank turned into world’s largest crypto-bank by offering bank
accounts and deposits to digital asset businesses.
• Assets under management grew from $46 million to $1.5 billion in last 2 years
• 97% of accounts are non interest bearing
• 2018 figures: revenue $73 million, net profit $22 million
• Net interest margin: 3.5% (2018)
프로필 : 디지털자산은행계좌및예금
13Think Summit 2019 / June 11, 2019 / © 2019 IBM Corporation
디지털가상화폐거래소 A
디지털가상화폐거래소B
기관투자자
Institutional
Investor
Silvergate
Exchange
Network
24x7x365
비트코인판매
비트코인구매
기관투자자
비트코인판매
디지털가상화폐거래소B
Institutional
Investor
비트코인구매
Traditional
Bank
Traditional
BankClearing
Bank
Fiat Fiat
silvergate exchange network는몇일안에일반은행이하는일을몇초만에수행하고있습니다.
Transfer of USD
Transfer of USD
디지털가상화폐거래소 A
10 Bitcoin @ $80,000 10.2 Bitcoin @ $80,000$80,000
프로필: 차용및대출
14Think Summit 2019 / June 11, 2019 / © 2019 IBM Corporation
비즈니스모델
Providing lending and borrowing services denominated in crypto in a decentralized manner via an online
platform. There are two major types of players in the crypto lending market, Custodial and Non-Custodial
lenders. The main trade-off between custodial and non-custodial lenders is around Counterparty Risk
(trusting a company) vs. Technical Risk (trusting code).
프로세스Decentralized Finance (‘DeFi’) lending and borrowing is a form of peer-to-peer marketplace. DeFi
applications use blockchain-based smart contracts and protocols to enable new types of borrowing and
lending solutions which are ‘trustless’ and often have limited/no counterparty risk.
경쟁사DeFi lending/borrowing protocols and platforms (Dharma, Compound, Celsius, MakerDao, etc), market
makers / intermediaries (institutions and individuals), traditional banks, crypto exchanges and wallets.
타겟고객 Traders, funds, individuals
이점
▪ Currently all lending is collateralized or overcollateralized
▪ Collaterals are locked into a smart contract and not held by third parties
▪ Peer-to-peer network of decentralized intermediaries
▪ Interest payments, margin calls, early/scheduled settlement, return of collateralized assets are all
automated via smart contracts, i.e. no counterparty risk
가치제안
Dharma Protocol: allows developers to create DeFi lending products on top of the protocol.
Dharma Lever: underwrites margin loans on Dharma Protocol. Pushes price information to the blockchain
and liquidates margin positions when they fall below a pre-determined collateralization threshold. Charges
a small fee for these services. $11m lent to date, $17m offered for lending.
15Think Summit 2019 / June 11, 2019 / © 2019 IBM Corporation
달마프로토콜및레버
Creditor
Debt Kernel
Debtor
RelayerUnderwriter
terms of loanorder book of
loans
debt order
debt order & risk rating
1
2
debt order 3
4 Debt token
5 Funds
Funds
6 Fees
chosen loan
Lenders can use Dharma to offer fixed-term loans of up to 90
days, and start earning interest only after they are matched
with a borrower. Lenders’ funds are locked for the duration of
the loan.
Borrowers on Dharma lock up collateral equal to 150% the
value of the assets being borrowed. Borrows have a
maximum 90 day duration, and fixed interest rates for the
duration of the loan.
Dharma
Lever
프로필: 자산및증권토큰화
16Think Summit 2019 / June 11, 2019 / © 2019 IBM Corporation
비즈니스모델Tokenization is the process of converting an asset into a token (digital asset) that is recorded and stored
on a blockchain.
프로세스Tokenization of assets involves an issuance of a blockchain token that digitally represents a tradable
asset. The tokens may be traded on private/OTC markets or on public/exchange markets.
경쟁사Wide-ranging: investment banks, (crypto-)funds, (crypto-)exchanges, private companies, real estate
developers, commodities traders, etc.
타겟고객 Retail and institutional investors
이점
▪ Enables a more efficient market by reducing the friction involved in the creation, buying and selling of
assets and securities
▪ Alleviates the illiquidity discount associated with certain assets such as private securities or art by
enabling them to be traded on secondary markets
▪ Exposes assets to a broader base of investors via fractionalization of ownership
▪ Transfer of digital assets is automated via smart contracts which reduces the administrative burden and
the number of intermediaries.
▪ Compliance-friendly as token holders’ rights and regulatory restrictions can be encoded directly into the
tokens.
가치제안
▪ Banco BTG Pactual: a leading South American bank. Tokenized a real estate fund by selling security
tokens backed by distressed real estate assets
▪ The tokens offers investors annual return between 15-20%
▪ Raised a soft cap of $3M
Banco BTG Pactual AS Tokenized REIT
17Think Summit 2019 / June 11, 2019 / © 2019 IBM Corporation
Cayman Brazil
Purchase
Agreement &
InvestmentETH/ Stable Coin
1
2
Tokens
3
Fee
Portfolio Management &
Asset Sale
Asset
Manager
Investor
4
5
6 Distributions / Reinvestments
Issuer BTG Bank Branch
Distressed Real
Estate Portfolio
Funds Invests
18Think Summit 2019 / June 11, 2019 / © 2019 IBM Corporation
Digital asset
institutional
entrants
2018 2019 2020
Stock Exchanges
& ATS’s
Low
High
Investment
Banks
API Platform
Banks
solarisBank
Retail
Banks
Digital asset regulation
FIDELITY
DIGITAL ASSETS
Institutional
Custody
THE INCUMBENTS
THE NEWCOMERS
“금융위원회의특별위원회에서혁신의강점, 소비자혜택계획, 사용자보호및보안조치를기반으로 9 가지서비스를선정했습니다.” –The Korea Herald – 17 April 2019
시장진입자는통제된샌드박스를통해진입하고있습니다.
19Think Summit 2019 / June 11, 2019 / © 2019 IBM Corporation
trading
trading
Alice‘s account
Bob’saccount
NEM accounts
attacker
NEM blockchain network
온라인코인체크
hot wallet
XEM
코인체크NEM프라이빗키
NEM Wallets
Used stolen private key to send 535M USD XEM to attacker wallet
문제 1: 모든 NEM/XEM 가싱글핫월렛에보관
문제 2:다중서명인증부족
문제 3:개인키가보호되지않음
암호교환해킹의구조 : 코인체크
왜디지털자산보관일까요?
20Think Summit 2019 / June 11, 2019 / © 2019 IBM Corporation
고객펀트메니저
거래승인자
Custodian
Administrator
Custodian Cold Storage
Custodian Hot
Wallet & Servers
As the online storage of digital assets is vulnerable to hacking and offline storage reduces liquidity, the majority of custodial solutions combine online and offline storage
현재총시가는 2 천 5 백억달러에가까우며일일거래량은 800 억달러, 시장에서 300 개이상의활발한거래가이루어지고있습니다. 더많은개인과조직이참여함에따라디지털자산보관서비스의필요성이급속하게증가하고있습니다.
21Think Summit 2019 / June 11, 2019 / © 2019 IBM Corporation
외부
내부승인권자& 관리자
개발자
Convenience Security
Hot Wallet
Paper / Metal Wallet
Hard Wallet
Key Sharding
Hardware Security
Module
HighLow
악의적인의도를갖은자
프라이빗키스토리지미디어
오늘날의디지털자산보관솔루션제공업체는모든면에서존재하는위협에직면해있습니다.
22Think Summit 2019 / June 11, 2019 / © 2019 IBM Corporation
FIPS 140-2 Level 4
Complete 360 degree envelope of protection
and tamper response by destroying keysTamper-evident physical
security features (seals) on
enclosed card
FIPS 140-2 Level 2
Gemini Hot Wallet
FIPS 140-2 Level 3
Level 2 + Tamper detection and
response for covers and doors
AWS & Google Cloud HSM
Azure Dedicated HSM, Bitgo, Ledger,
Gemini Cold Wallet, Securosys
Some Level 3 vendors include key destruction
Notice: cryogenic attack –
no tamper response so
you lost your key
Notice: X-ray proton
beam attack triggered
bit flip faults –
no tamper response so
you lost your key
Notice: chemical attack –
tamper detected and
your key was destroyed
– but evil admin cannot
obtain it
National Institute of Standards and Technology (NIST) FIPS 140-2 is the worldwide HSM certification standard
IBM Crypto Express 6S
Evil System
Administrator
https://en.wikipedia.org/wiki/FIPS_140-2
세계에서가장큰금융기관과정부는가장인증된 HSM을선택합니다 : FIPS 140-2 Level 4
23Think Summit 2019 / June 11, 2019 / © 2019 IBM Corporation 23
16 terabytesIBM Secure Service Container
Intel Software Guard Extensions (SGX)0.00012 tb
IBM Secure Service Container의크기는어느정도입니까?
24Think Summit 2019 / June 11, 2019 / © 2019 IBM Corporation
Secure Element
Seed
암호화된올플래시스토리지
(multiple wraps
by secure key)
Trusted Execution Environment
IBM Crypto
Express 6SFIPS 140-2 Level 4
IBM Secure Service Container (SSC)
Special APIs limit to
authorized actions only
Protected by
LinuxONE
Wallet
Application
Security
Policy
Application
Other Applications
& Databases
Encrypted
communications
▪ No command line access
▪ No Secure Shell access
▪ No code injections
▪ No ability to load malware
▪ No file extraction
▪ No backdoors
▪ Encrypted memory dumps
▪ EAL 5+ workload isolation
▪ Cryptographically locked down
runtime environment
▪ Tamper proof Secure Boot
(allows for secrets)
Evil System
AdministratorIsolated Runtimes
콜드스토리지
IBM의디지털자산용 Hyper Protect Platform은애플리케이션및데이터베이스에대한자동화된암호화기능과디지털자산에대한주문형접근기능을제공합니다.
Thank you
25Think Summit 2019 / June 11, 2019 / © 2019 IBM Corporation
Peter DeMeoIBM Hyper Protect Platform for Digital AssetsGlobal Lead—[email protected]
26Think Summit 2019 / DOC ID / Month XX, 2019 / © 2019 IBM Corporation
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