高盛区块链报告.pdf
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Is
the
h
y
pe
a
r
ound bloc
k
c
ha
in
jus
tifie
d?
S
inc
e
B
itc
oin int
r
oduc
e
d
the
w
or
ld t
o the
c
onc
e
pt
of s
e
c
ur
e
dis
t
r
ibute
d le
dge
rs
, m
uc
h ha
s
be
e
n
w
r
it
t
e
n a
bout the
ir
pote
ntia
l to
a
ddr
e
s
s
othe
r
bus
ine
s
s
pr
oble
m
s
.
B
ut the
dis
c
us
s
ion of
te
n r
e
m
a
ins
a
bs
tr
a
c
t
, foc
us
ing on the
oppor
tunit
y
to de
ce
ntra
lize
m
a
rke
ts a
nd disrupt
m
iddle
m
e
n. In the
la
te
st in our
Profile
s in Innov
a
tion se
rie
s, we
shif
t
the
focus from
the
ory
to pra
ctice
,
e
x
a
m
ining se
v
e
n re
a
l-world
a
pplica
tions of blockcha
in, such a
s
e
nha
ncing trust
in the
Sha
ring
Economy, building a
dist
ribut
e
d
sm
a
rt
grid, lowe
ring the
cost of tit
le
insura
nce
, a
nd cha
nging the
f
a
ce
of
fina
nce
a
cross ca
pita
l m
a
rke
t
s,
t
ra
ding a
nd control. We
ide
ntify,
ite
m
ize
, a
nd qua
nt
ify
the
pla
y
e
rs,
dolla
rs a
nd risks for blockcha
in to
re
a
ch its f
ull pote
ntia
l.
James Schneider, Ph.D.
(917) 343-3149
james.schneider@gs.com
Goldman, Sachs & Co.
Goldman Sachs does and seeks to do business with companies covered in its research reports. As a
result, investors should be aware that the firm may have a conflict of interest that could affect the
objectivity of this report. Investors should consider this report as only a single factor in making their
investment decision. For Reg AC certification and other important disclosures, see the Disclosure
Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not
registered/qualified as research analysts with FINRA in the U.S.
The Goldman Sachs Group, Inc.
EQUITY RESEARCH | May 24, 2016
Brian Lee, CFA
(917) 343-3110
brian.k.lee@gs.com
Goldman, Sachs & Co.
Alexander Blostein, CFA
(212) 357-9976
alexander.blostein@gs.com
Goldman, Sachs & Co.
Putting Theory into Practice
Steven Kent, CFA
(212) 902-6752
steven.kent@gs.com
Goldman, Sachs & Co.
PR O F I L E S I N IN N O V A T I O N
BLOCKCHAIN
Ingrid Groer, CFA
+61(2)9321-8563
ingrid.groer@gs.com
Goldman Sachs Australia Pty Ltd
Eric Beardsley, CFA
(917) 343-7160
eric.beardsley@gs.com
Goldman, Sachs & Co.
May 24, 2016 Profiles in Innovation
Goldman Sachs Global Investment Research 2
Table of Contents
Portfolio Manager’s summary 2
What is blockchain? 8
Putting Blockchain to Work: Seven Case Studies 12
Case Study 1: Accelerating the Sharing Economy with reputation management 13
Case Study 2: Building a distributed Smart Grid with blockchain 24
Case Study 3: Reducing transaction costs in real estate title insurance 33
Case Study 4: Capital markets – US cash equities 44
ASX: A real-world blockchain testbed for post-trade services 54
Case Study 5: Capital markets – Repo 56
Case Study 6: Capital markets – Leveraged loan trading 62
Case Study 7: AML and KYC Compliance 71
Blockchain innovators: Select private companies 78
Blockchain innovators: Public company enablers 79
Disclosure Appendix 85
This is the fourth report in our Profiles in Innovation series analyzing how emerging technologies are
creating profit pools and disrupting old ones. Access the entire series below and visit our portal to see
related resources, including a video on blockchain’s potential.
Virtual and Augmented Reality
Drones
Factory of the Future
Payments / Fintech Financials Energy Lodging / Leisure Management
James Schneider, Ph.D. Alexander Blostein, CFA Brian Lee, CFA Steven Kent, CFA Robert Boroujerdi
james.schneider@gs.com alexander.blostein@gs.com Brian.K.Lee@gs.com steven.kent@gs.com robert.boroujerdi@gs.com
Jordan Fox Ingrid Groer, CFA Michael Lapides Lara Fourman
jordan.fox@gs.com ingrid.groer@gs.com michael.lapides@gs.com lara.fourman@gs.com
Pierre Safa Conor Fitzgerald Hank Elder
pierre.safa@gs.com conor.fitzgerald@gs.com hank.elder@gs.com
Eric Beardsley, CFA
eric.beardsley@gs.com
Grayson Barnard, CFA
grayson.barnard@gs.com
of 88
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