1、PERMISSIONLESS BLOCKCHAIN IN FINANCIAL SERVICESAugust 2024 2024 Elevandi Ltd.All Rights Reserved.Reproduction Prohibited.Ammar AhmadSenior Consulting Manager ZhlkeCONTRIBUTORSStefan GrasmannChief of Blockchain Zhlke2 2024 Elevandi Ltd.All Rights Reserved.Reproduction Prohibited.Permissionless Blockc

2、hain in Financial ServicesContentPERMISSIONLESS BLOCKCHAIN IN FINANCIAL SERVICES0304051505150715091613121614Executive SummaryIntroductionWhat are the main obstacles for the adoption of permissionless blockchains?What needs to change?Four action points.3.1.Settlement finality4.1.Collaborate internati

3、onally3.2.Compliance with KYC/AML regulations4.2.Specify requirements3.3.Cost4.3.Embrace innovation3.5 Confidentiality3.4.Risk management4.4.Seize the momentum3.6.Interoperability171820ConclusionReferencesAbout the Authors3 2024 Elevandi Ltd.All Rights Reserved.Reproduction Prohibited.Permissionless

4、 Blockchain in Financial ServicesBlockchain technology has the potential to democratise finance through increased liquidity,disintermediation and transparency.However,incumbents have primarily focussed on private ledgers,which lack public verification.Despite the challenges,there is growing interest

5、 in public blockchains.A roundtable discussion held at the Point Zero Forum in July 2024 addressed the topic of“Permissionless Blockchain in Financial Services”.The discussion focussed on the reasons behind the limited adoption of these blockchains and the changes necessary to facilitate their wider

6、 adoption.1.Settlement finality:Financial institutions require deterministic settlement finality,unlike the probabilistic nature of blockchain finality.Current blockchain research is exploring solutions to improve this.2.KYC/AML:The implementation of KYC/AML regulations presents a challenge primaril