Tại sao các ngân hàng lớn từ chối sử dụng sổ cái công khai mà thay vào đó lại xây dựng blockchain riêng của họ?

Blockchain ledger’s complete transparency conflicts with institutional risk management approaches. Traditional Wall Street institutions accept blockchain technology but may not embrace its current form. DRW founder Don Wilson pointed out that public blockchains violate traditional financial regulations, leading Wall Street to favor developing private blockchains.

How does a public ledger impact an institution’s fiduciary responsibilities?

Traditional financial institutions are cautious about adopting fully transparent public blockchains like Ethereum (ETH), mainly because the transparency of public ledgers conflicts with existing asset management regulations. At the Digital Asset Summit, DRW founder and CEO Don Wilson stated that if fund managers disclose every transaction detail in real-time on the chain, it essentially breaches their fiduciary duty to clients. Under current market structures, if the intentions of large investors are exposed prematurely, it can easily trigger market herding or reverse trading, causing sharp price volatility and harming original traders’ interests.

Will transparency mechanisms exacerbate market slippage and price impact?

When executing large trades, financial institutions must avoid market detection of their strategies. Wilson analyzed that if an institution handles significant holdings on a public chain, its trading activities become fully exposed to the public eye, allowing other market participants to quickly detect and adjust their strategies. This high level of transparency can lead to serious Price Impact, increasing trading costs. In other words, the real-time disclosure feature of public blockchains becomes a trading weakness rather than an advantage for institutions that need to execute trades in batches or hide their intentions.

Private permissioned networks are more favored by large banks

Compared to public chains that pursue decentralization and full transparency, major financial institutions like JPMorgan Chase prefer building private or permissioned blockchain networks. These systems allow strict control over data access and transaction validators, aligning with regulatory requirements for compliance and asset control. Additionally, issues like transaction order manipulation or front-running common on public chains do not meet the stability needs of traditional financial markets. Wilson emphasized that “privacy” is the primary prerequisite for institutions to adopt blockchain technology; market structure protections outweigh technological openness.

What will be the future architecture of tokenized real-world assets?

Although large banks remain cautious about public chains, Real World Assets (RWA) are still seen as a significant transformation opportunity. Currently, banks and asset management firms are actively testing transferring traditional assets like stocks and bonds onto blockchain to improve settlement efficiency. However, future industry standards are expected to diverge from existing public chain architectures. While digital assets like Bitcoin (BTC) have developed mature market values, the tokenization of financial infrastructure will prioritize closed blockchain systems with privacy protections and permission controls.