2023-06-26-亚开行-东盟+3连接市场基础设施_Tridecagon概念验证项目（英）_82页_2mb

Summary of Project Tridecagon Proof of Concept

Background and Objectives

Project Tridecagon is a proof of concept (POC) initiated by the Asian Development Bank (ADB) to explore the use of distributed ledger technology (DLT) and blockchain (BC) for improving cross-border securities transactions in ASEAN+3. The primary objective was to assess the feasibility of connecting key market infrastructures, such as central banks' real-time gross settlement (RTGS) systems and central securities depositories (CSD), to facilitate cross-border delivery-versus-payment (DVP). This aligns with the Asian Bond Markets Initiative's efforts to enhance interoperability, reduce risks, and increase efficiency in bond markets across the region. The POC examined DLT/BC applicability while adhering to existing market constraints and legal frameworks.

Methodology

ADB partnered with vendors—ConsenSys, Fujitsu, R3, and Soramitsu—to develop and test DLT/BC solutions. The methodology included defining functional requirements, assumptions, and a conceptual model for cross-border DVP, divided into cross-border payment-versus-payment (PVP) and domestic DVP. Simulated input files were used to validate transaction processes, with connectivity achieved through tools like Fujitsu's ConnectionChain. Key markets modeled included different economies (e.g., Economy A with segregated RTGS and CSD systems, and Economy C with tokenized systems), and three main transaction conditions were tested: successful, insufficient funds, and incomplete data.

Results and Findings

Project Tridecagon demonstrated that DLT/BC solutions can successfully process cross-border DVP transactions under current regulatory constraints. Vendors showed connectivity between different BCs (e.g., Ethereum, Corda, Hyperledger Iroha), with functionality such as smart contracts and tokenization proving workable. Benefits included potential for higher resilience, tamper resistance, and ease of adding new features compared to legacy systems. However, challenges remain, including the need for legal/regulatory changes for full tokenization, heterogeneity in BC implementations, and security concerns in network governance.

Key Considerations

• Market Constraints: Pre-minting tokens only by central banks and CSDs limits DLT/BC's full potential; connectivity relies on interoperability tools.
• Caveats: DLT/BC is not a panacea; it may not handle high-frequency transactions well, and existing financial procedures must be adapted. Governance and synchronization with legacy systems are critical.
• Recommendations: Implement closed consortia networks for data privacy, standardize messaging formats, and address scalability issues for future deployments.

Conclusion

Project Tridecagon confirms that DLT/BC can support cross-border DVP in ASEAN+3, offering a viable pathway to streamline post-trade processes. While technical aspects were proven, success in real-world applications depends on addressing regulatory, legal, and governance challenges. This POC underscores the need for further standardization and collaborative efforts within the financial market infrastructure community.