區塊鏈與轉移代理：呼籲真正的市場創新

Prometheum 聯合執行長 Aaron Kaplan 表示，宣揚區塊鏈創新的專案正在與傳統的轉帳代理商合作，創建冗餘系統，但不利用去中心化技術。

Two of the most popular tokenized money market funds today, according to the latest data from rwa.xyz, are BlackRock’s $BUIDL and Franklin Templeton’s $FOBXX. Collectively, they are nearing $1 billion in assets, largely thanks to investors excited about the benefits of a blockchain-enabled financial product.

根據 rwa.xyz 的最新數據，當今最受歡迎的兩種代幣化貨幣市場基金是貝萊德的 $BUIDL 和富蘭克林鄧普頓的 $FOBXX。他們的資產總計接近 10 億美元，這主要歸功於投資者對區塊鏈金融產品的好處感到興奮。

However, while these products introduce an important innovation into the market, they also expose a duplicity prevalent in today’s tokenized fund and digital asset market infrastructure.

然而，雖然這些產品為市場帶來了重要的創新，但它們也暴露了當今代幣化基金和數位資產市場基礎設施​​中普遍存在的口是心非。

Projects touting blockchain innovation are partnering with traditional transfer agents, creating redundant systems by not utilizing blockchain technology to its fullest capabilities.

宣揚區塊鏈創新的專案正在與傳統的轉移代理商合作，透過不充分利用區塊鏈技術來創建冗餘系統。

The question that needs to be asked is what’s the difference between a digital asset and a digital receipt?

需要問的問題是數位資產和數位收據有什麼區別？

A digital asset is blockchain native when it exists on a public blockchain, which serves as the source of truth and records ownership of the actual asset. In contrast, a digital receipt is merely information printed on a blockchain where the blockchain is not the source of truth.

當數位資產存在於公共區塊鏈上時，它就是區塊鏈原生的，公共區塊鏈作為事實來源並記錄實際資產的所有權。相較之下，數位收據只是印在區塊鏈上的信息，而區塊鏈並不是事實的來源。

The fundamental difference to understand is the source of truth. This distinction is essential as it directly impacts the true progress of blockchain-based financial ecosystems.

理解的根本差異在於真理的來源。這種區別至關重要，因為它直接影響基於區塊鏈的金融生態系統的真正進步。

Enabling an ecosystem where digital assets can be issued natively on-chain is crucial to advancing trends such as tokenization and truly innovating financial markets. But for this to occur, blockchain technology needs to replace redundant legacy constructs such as transfer agents.

建立一個可以在鏈上本地發行數位資產的生態系統對於推動代幣化和真正創新金融市場等趨勢至關重要。但要實現這一點，區塊鏈技術需要取代多餘的遺留結構，例如轉帳代理。

Transfer agents – banks, trust companies, or other financial institutions – have managed investor records and transactions since the 1970s. While they alleviated paper-based inefficiencies in their time, they now represent an outdated middleman. Transfer agent-based market infrastructure is the exact type of anachronism that having securities exist on-chain (i.e. tokenization) is meant to eliminate.

轉帳代理商——銀行、信託公司或其他金融機構——自 20 世紀 70 年代以來一直管理投資者記錄和交易。雖然它們緩解了當時基於紙張的低效率，但它們現在代表了一個過時的中間人。基於轉移代理的市場基礎設施​​正是證券存在於鏈上（即代幣化）所要消除的不合時宜的類型。

Despite this, a majority of blockchain-enabled infrastructure solutions currently in the market deploy a hybrid transfer agent and blockchain model. The transfer agent manages security certificates of ownership as the single source of truth, and those records are then mirrored onto the blockchain, providing a digital receipt of ownership.

儘管如此，目前市場上大多數支援區塊鏈的基礎設施解決方案都部署了混合傳輸代理和區塊鏈模型。轉讓代理人將所有權安全證書作為單一事實來源進行管理，然後將這些記錄鏡像到區塊鏈上，提供所有權的數位收據。

Mirroring transfer agent records on the blockchain is a costly duplication of effort that reintroduces complexity and inefficiency into market infrastructure. Why do we still use transfer agents if blockchain can fulfill that role – i.e. the record of the source of truth of ownership of that asset – more efficiently? This redundancy undermines the very benefits blockchain aims to provide such as transparency, speed, and efficiency.

在區塊鏈上鏡像轉讓代理記錄是一種成本高昂的重複工作，會重新為市場基礎設施​​帶來複雜性和低效率。如果區塊鏈可以更有效地發揮這一作用（即記錄該資產所有權的真實來源），為什麼我們仍然使用轉讓代理？這種冗餘破壞了區塊鏈旨在提供的好處，例如透明度、速度和效率。

Authentic blockchain-enabled market structure promises transparency, tamper-proof records, reduced costs (as compared to doing both blockchain and security certificates) for the issuer and the end customer, and smart contracts that execute automatically under predefined conditions. This brand of innovation renders traditional transfer agents obsolete, as blockchain verifies and validates securities ownership.

真實的區塊鏈市場結構為發行者和最終客戶帶來透明度、防篡改記錄、降低成本（與區塊鏈和安全證書相比），以及在預定義條件下自動執行的智慧合約。這種創新使得傳統的轉讓代理變得過時，因為區塊鏈可以驗證和驗證證券所有權。

For blockchain technology to truly innovate financial market infrastructure, we must develop technology from the ground up that uses new means of efficiency (i. e. blockchains ) to introduce efficiencies into traditional securities processes. This shift empowers the tokenization of real-world assets, enables the direct issuance of securities on-chain, and unlocks a more efficient, transparent market structure.

為了使區塊鏈技術真正創新金融市場基礎設施​​，我們必須從頭開始開發技術，使用新的效率手段（即區塊鏈）將效率引入傳統證券流程。這一轉變使得現實世界資產得以代幣化，實現了鏈上證券的直接發行，並開啟了更有效率、透明的市場結構。

Blockchain can revolutionize financial market infrastructure, but only if the industry is being honest about what is real and what is not. Half-measures are merely facades masquerading as innovation. They are a sign of market stagnation rather than progress.

區塊鏈可以徹底改變金融市場基礎設施​​，但前提是該行業誠實地對待什麼是真實的，什麼是不是。半途而廢只不過是偽裝成創新的表面而已。它們是市場停滯而不是進步的標誌。

To drive genuine innovation, we must move beyond these outdated practices and fully commit to blockchain’s transformative potential.

為了推動真正的創新，我們必須超越這些過時的做法，並充分發揮區塊鏈的變革潛力。

A digital receipt is not a tokenized asset, rather a marketing exercise mimicking the source of truth.

數位收據不是代幣化資產，而是模仿事實來源的行銷活動。