Extending far beyond bitcoin and cryptocurrencies, Blockchain
technology is bringing disintermediation to merely all industries.
A survey from the World Economic Forum highlights that financial
services will be transformed by this technology with expectations
of at least 10% of the global GDP being stored on Blockchain
platforms by 2025. The fund sector that is seeking levers for
processing optimization and which relies a lot on financial service
intermediaries such as transfer agents, fund registries, and fund
administrations will be particularly impacted. Considering that the
fund sector represents more than 50% of its economy, the Blockchain
has the power of an earth quake that would shake to the ground the
whole Luxembourg place.
So Blockchain, a fairy tale or an inevitable change?
A Blockchain relies on a digital and distributed ledger which
performs in a transparent environment without the need for a
trusted authority to validate transactions. Rather, there are
computer nodes that follow some consensuses and protocols to
operate the ledger in an automated way. A Blockchain is also able
to execute so-called Smart Contracts application, self-executable
computer programs that perform yet simple logic but can be
assembled to produce sophisticated applications.
1.1 Fund industry in Luxembourg
1.2 Objective of this White Paper
1.3 What is the Blockchain?
2. Focus on distribution & settlement
2.1 The future fund subscription model
2.2 The transitional fund subscription model
2.3 Benefits of the Blockchain for transaction
2.4 Opportunities and challenges of near real-time
3. Focus on AML/KYC
3.1 The future model for AML/KYC
3.2 Benefits of Blockchain for AML/KYC
4. Summary & conclusions
This article contains general information only, and none of
the Deloitte entities belonging to the Deloitte Network is, by
means of this article rendering accounting, business, financial,
investment or other professional advice or services. This article
is not a substitute for such professional advice or services, nor
should it be used as a basis for any decision or action that may
affect the reader's finances or business. Before making any
decision or taking any action that may affect the reader's
finances or business, the reader should consult a qualified
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