Zusammenfassung
Die Distributed Ledger- bzw. Blockchain-Technologie führt zu einer zunehmenden Dezentralisierung von Finanzdienstleistungen, die weitgehend ohne die Einschaltung von Finanzintermediären angeboten werden können. Dazu trägt wesentlich die „Tokenisierung“ von Vermögensgegenständen, Zahlungsmitteln und Rechten bei, die verschlüsselt als Kryptowerte in verteilten Transaktionsregistern digital abgebildet werden können. Dieser Beitrag erläutert die Grundlagen und Anwendungsfelder dezentraler Finanzdienstleistungen mit Kryptowerten, die mittelfristig die gesamte Architektur des Finanzsektors verändern könnten.
Abstract
Advances in distributed ledger technology are leading to a growing decentralisation of financial services (“decentralised finance”) that can be offered largely without intermediation by financial institutions. An important driver for this development is the ongoing tokenisation of assets, payments and rights, which enables the digital encryption of “crypto assets” on distributed ledgers. This article elaborates the foundations and fields of application of decentralised financial services with crypto assets that could challenge the established business models of financial institutions. This trend not only affects payment systems based on controversial crypto currencies such as Bitcoin, but also exchange platforms, capital markets solutions and corporate financing. A rapidly growing ecosystem of start-ups, tech companies and financial institutions is emerging, yet this ecosystem lacks a consistent regulatory framework. The European initiative MiCA (Markets in Crypto Assets) points in the right direction but needs to be adopted soon to ensure the future competitiveness of the European financial sector.
Article PDF
Avoid common mistakes on your manuscript.
Literatur
Antonopoulos, A. M. und G. Wood (2019), Mastering Ethereum, O’Reilly.
BaFin (2020), Merkblatt: Hinweise zum Tatbestand des Kryptoverwahrgeschäfts, 2. März.
BIS (2019), Investigating the impact of global stable coins, Oktober.
Bouraga, S. (2021), A taxonomy of blockchain consensus protocols: A survey and classification framework, Expert Systems with Applications, 168.
Brühl, V. (2017a), Bitcoins, Blockchain und Distributed Ledgers, Wirtschaftsdienst, 97(2), 135–142, https://www.wirtschaftsdienst.eu/inhalt/jahr/2017/heft/2/beitrag/bitcoins-blockchain-und-distributed-ledgers-funktionsweise-marktentwicklungen-und-zukunftsperspektiv.html (28. Mai 2021).
Brühl, V. (2017b), Virtual Currencies, Distributed Ledgers and the Future of Financial Services, Intereconomics, 52(6), 370–378, https://www.intereconomics.eu/contents/year/2017/number/6/article/virtual-currencies-distributed-ledgers-and-the-future-of-financial-services.html (28. Mai 2021).
Brühl, V. (2020), Libra — A Differentiated View on Facebook’s Virtual Currency Project, Intereconomics, 55(1), 54–61, https://www.intereconomics.eu/contents/year/2020/number/1/article/libra-a-differentiated-view-on-facebook-s-virtual-currency-project.html (28. Mai 2021).
Deutsche Bundesbank (2018), Bitcoins sind keine virtuelle Währung, 19. Februar.
Deutsche Börse, (2021a), Deutsche Börse erweitert innovatives, zentral gecleartes Krypto-Angebot auf Xetra um Ethereum und Bitcoin Cash, 9. März.
Deutsche Börse (2021b), Deutsche Börse und Commerzbank investieren gemeinsam in neue digitale Marktplätze der Zukunft, 29. April.
Diem Association (Libra) (2020), White Paper v.2, April.
ECB (2018), What is bitcoin?, 18. Februar.
European Commission (2020), Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions on a Digital Finance Strategy, 24. September.
FATF REPORT (2014), Virtual Currencies Key Definitions and Potential AML/CFT Risks, Juni.
Hong, S., Y. Noh und C. Park (2019), Design of Extensible Non-Fungible Token Model in Hyperledger Fabric, Proceedings of the 3rd Workshop on Scalable and Resilient Infrastructures for Distributed Ledgers.
Howell, S. T., M. Niessner und D. Yermack (2020), Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales, The Review of Financial Studies, 33(2020) 3925–3974.
Khan, S. N., F. Loukil, C. Ghedira-Guegan, E. Benkhelifa und A. Bani-Hani (2021), Blockchain smart contracts: Applications, challenges, and future trends, Peer-to-Peer Networking and Applications, 18. April, https://doi.org/10.1007/s12083-021-01127-0 (28. Mai 2021).
Kim, S., A. Sarin und D. Virdi (2018), Crypto-Assets Unencrypted, Journal of Investment Management, 16(2).
Lipton, A. (2018), Blockchains and distributed ledgers in retrospective and perspective, The Journal of Risk Finance, 19(1) 4–25, https://doi.org/10.1108/JRF-02-2017-0035 (28. Mai 2021).
Lo, Y. C. und F. Medda (2020), Assets on the blockchain: An empirical study of Tokenomics, Information Economics and Policy, Elsevier, 53(C).
Rühmann F., S. A. Konda, P. Horrocks und N. Taka (2020), Can Blockchain Technology Reduce the Cost of Remittances?, OECD Development Co-operation Working Papers, 73, OECD Publishing, April.
SEC (2020), Spotlight on Initial Coin Offerings (ICOs) — 5 things you need to know about Initial Coin Offerings, https://www.sec.gov/ICO# (7. Januar 2020).
Yermack, D. (2013), Is Bitcoin a real currency? An Economic appraisal, NBER Working Paper, 19747, Dezember.
Author information
Authors and Affiliations
Corresponding author
Additional information
Prof. Dr. Volker Brühl ist Geschäftsführer am Center for Financial Studies an der Goethe-Universität in Frankfurt am Main.
Rights and permissions
Open Access: Dieser Artikel wird unter der Creative Commons Namensnennung 4.0 International Lizenz veröffentlicht (https://creativecommons.org/licenses/by/4.0/deed.de).
Open Access wird durch die ZBW — Leibniz-Informationszentrum Wirtschaft gefördert.