区块链与转移代理：呼吁真正的市场创新

Prometheum 联合首席执行官 Aaron Kaplan 表示，宣扬区块链创新的项目正在与传统的转账代理合作，创建冗余系统，但不利用去中心化技术。

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.

根据 rwa.xyz 的最新数据，当今最受欢迎的两种代币化货币市场基金是贝莱德的 $BUIDL 和富兰克林邓普顿的 $FOBXX。他们的资产总计接近 10 亿美元，这主要归功于投资者对区块链金融产品的好处感到兴奋。

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，虽然这些产品为市场带来了重要的创新，但它们也暴露了当今代币化基金和数字资产市场基础设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.

宣扬区块链创新的项目正在与传统的转让代理合作，通过不充分利用区块链技术来创建冗余系统。

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

需要问的问题是数字资产和数字收据有什么区别？

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.

当数字资产存在于公共区块链上时，它就是区块链原生的，公共区块链作为事实来源并记录实际资产的所有权。相比之下，数字收据只是打印在区块链上的信息，而区块链并不是事实的来源。

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.

理解的根本区别在于真理的来源。这种区别至关重要，因为它直接影响基于区块链的金融生态系统的真正进步。

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.

建立一个可以在链上本地发行数字资产的生态系统对于推动代币化和真正创新金融市场等趋势至关重要。但要实现这一点，区块链技术需要取代多余的遗留结构，例如转账代理。

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 While they alleviated paper-based inefficiencies in their time, they now represent an outdated middleman.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.

转账代理——银行、信托公司或其他金融机构——自 20 世纪 70 年代以来一直管理投资者记录和交易。虽然它们缓解了当时基于纸张的低效率，但它们现在代表了一个过时的中间人。基于转移代理的市场基础设施正是证券存在于链上（即代币化）所要消除的不合时宜的类型。

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.

尽管如此，目前市场上大多数支持区块链的基础设施解决方案都部署了混合传输代理和区块链模型。转让代理将所有权安全证书作为单一事实来源进行管理，然后将这些记录镜像到区块链上，提供所有权的数字收据。

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.

在区块链上镜像转让代理记录是一种成本高昂的重复工作，会重新给市场基础设施带来复杂性和低效率。如果区块链可以更有效地发挥这一作用（即记录该资产所有权的真实来源），为什么我们仍然使用转让代理？这种冗余破坏了区块链旨在提供的好处，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.

真实的区块链市场结构为发行者和最终客户带来透明度、防篡改记录、降低成本（与区块链和安全证书相比），以及在预定义条件下自动执行的智能合约。这种创新使得传统的转让代理变得过时，因为区块链可以验证和验证证券所有权。

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.

为了使区块链技术真正创新金融市场基础设施，我们必须从头开始开发技术，使用新的效率手段（即区块链）将效率引入传统证券流程。这一转变使得现实世界资产得以代币化，实现了链上证券的直接发行，并开启了更高效、透明的市场结构。

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.

区块链可以彻底改变金融市场基础设施，但前提是该行业诚实地对待什么是真实的，什么是不是。半途而废只不过是伪装成创新的表面而已。它们是市场停滞而不是进步的标志。

To drive genuine innovation, we must move beyond these outdated practices and fully commit to blockchain’s transformative potential.

为了推动真正的创新，我们必须超越这些过时的做法，并充分发挥区块链的变革潜力。

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

数字收据不是代币化资产，而是模仿事实来源的营销活动。