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Eurofiling 2018Blockchain for financial transparency

Claryon

EUROPEAN COMMISSIONDirectorate-General for Financial Stability, Financial Services and Capital Markets Union

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Based on work performed for SMART 2016/0488

Agenda

• Project context

• Functionality

• Demonstration (simulated)

• Further references

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Project contextMay 2016 – European Parliament resolution on virtual currencies

Pilot project proposed by MEP Jacob von Weizsäcker on distributed ledger technology

• Starting of work planned for 2017

• To test and to build up knowledge + to build use-case

• Target audience: national and European authorities

• Target topic: finance, financial services, FinTech

• To be executed by the European Commission

Two project to be realised

• European Financial Transparency Gateway (EFTG) – DG FISMA

• DLT observatory – DG CNECT

Spring 2017 – Start of design of the idea and preparation of technical work

Summer 2017 – Administration to start the EFTG project

Autumn 2017 – Start of technical work on the EFTG project

Jan 2018 – Closing of Phase 1 of the EFTG project

FunctionalityUse cases and business processes

Focus on submission of yearly, half-yearly, and ad-hoc reports.

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FunctionalityAdvanced search – design

DATA INPUT(ISSUER)

REPORT

REPORT METADATA

COLLECTION(OAM)

REPORT SUBMISSION

PUBLICATION(EFTG)

DATA SEARCH(EEAP)

REPORT TOKEN

REPORT SEARCH

DATA EXTRACTION

LITIX

iXBRL

Report location etc.

Facts from report

With extracted facts e.g.: by Assets value

Three perspectives: OAM, investor, curator

Issuer

OAM

EC

Investor

Investor

Search Notification

DLTEFTG Portal

Issuer

OAM - 1Issuer

Issuer

Document submission Cloud

node – 1

Issuer

OAM - 2Issuer

Issuer


node – 2

Access

Access

iXBRLparser

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1 OAM

2 Investor

3 Curator

Github.com

Deploy to cloud nodes Local OAM simulation in Java

Local Investor simulationUnder browser

XBRL files from https://www.esma.europa.eu/field-test-esef

OAM

Issuer

OAM

EC

Investor

Investor

Search Notification

DLTEFTG Portal

Issuer

OAM - 1Issuer

Issuer


node – 1

Issuer

OAM - 2Issuer

Issuer


node – 2

Access

Access

iXBRLparser

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1 OAM

2 Investor

3 Curator

Local OAM simulation in Java



EFTG client library To be used by OAMsUsed to build OAM simulator for demonstration purposes

Receives iXBRL from issuerInvokes iXBRL Litix parser and creates the token Posts it to the cloud node

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OAM perspective:EFTG client simulation

OAM access cloud node

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OAM has logged inOAM can then obtain API keys required for submission onto the DLT

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OAM config fileTo specify the API key

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OAM iXBRL parsing & report submission

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DLT cloud node

Issuer

OAM

EC

Investor

Investor

Search Notification

DLTEFTG Portal

Issuer

OAM - 1Issuer

Issuer


node – 1

Issuer

OAM - 2Issuer

Issuer


node – 2

Access

Access

iXBRLparser

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1 OAM

2 Investor

3 Curator




FISMA Cloud nodeRuns the Ethereum smart contracts

Front end server.js receives from OAMBack end server backend.js writes to the DLT and MongoDBDLT = Ethereum Geth with account and minerMongoDB for fast querying

DLT cloud node

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Investor

Issuer

OAM

EC

Investor

Investor

Search Notification

DLTEFTG Portal

Issuer

OAM - 1Issuer

Issuer


node – 1

Issuer

OAM - 2Issuer

Issuer


node – 2

Access

Access

iXBRLparser

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1 OAM

2 Investor

3 Curator




EFTG PortalAllows investors to query

Browser-based query in MongoDB

Search

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OAM code

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Further references

• http://europa.eu/rapid/press-release_MEMO-18-1406_en.htm

• https://ec.europa.eu/info/departments/financial-stability-financial-services-and-capital-markets-union_en

• https://www.pwc.be/blockchain

• http://www.marcsel.eu

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