Linda Jeng is the Founder & CEO of Digital Self Labs, a Web3 advisory firm.
plans for new rules on operational resilience for large banks with critical operations, including third-party service providers. Critically, he did not discuss how these rules will treat the use of permissioned networks by the big banks to tokenize real world assets and liabilities, an omission that neglects critical new vulnerabilities for the global financial system.
Encouraging the use of permissioned networks over permissionless blockchains will inevitably lead to cybersecurity attacksnetworks, which regulators are encouraging.
Following on the tails of Shin’s keynote speech, Hsu gave a speech to the Financial Stability Board’s Crypto Working Group. He questioned the need for blockchains in tokenization . “If blockchains are not necessary … one wonders what the future landscape of tokenized real-world assets and liabilities might look like, and what the financial stability profiles of different scenarios might be,” he said. The answer is that the financial stability implications might be huge and dire.
Truly decentralized blockchains are very challenging to hack. In fact, the Bitcoin blockchain has never been successfully hacked since its inception in 2009. This is not to say that there aren’t other types of risks with blockchain systems. But, in a time when cybersecurity hacks are so frequent that they’re barely newsworthy, this fact is truly remarkable.
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