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BLOCKCHAIN Opportunities for Private Enterprises in Emerging Markets Second and Expanded Edition, January 2019 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure AuthorizedThis report contains nine chapters that had been recently published as the following EM Compass Notes Chapter 1, Blockchain in DevelopmentA New Mechanism of ‘Trust’ has been published previously as Marina Niforos, Blockchain in DevelopmentPart I A New Mechanism of ‘Trust’ EM Compass Note 40, IFC, July 2017. Chapter 2, Blockchain in DevelopmentHow It Can Impact Emerging Markets has been published previously as Marina Niforos, Blockchain in DevelopmentPart II How It Can Impact Emerging Markets, EM Compass Note 41, IFC, July 2017. Chapter 3, Can Blockchain Technology Address De-Risking in Emerging Markets has been published previously as Vijaya Ramachandran - Thomas Rehermann, Can Blockchain Technology Address De-Risking in Emerging Markets EM Compass Note 38, IFC, May 2017. Chapter 4, Blockchain in Financial Services in Emerging MarketsCurrent Trends has been published previously as Marina Niforos, Blockchain in Financial Services in Emerging MarketsPart I Current Trends, EM Compass Note 43, IFC, August 2017. Chapter 5, Blockchain in Financial Services in Emerging MarketsSelected Regional Developments has been published previously as Marina Niforos, Blockchain in Financial Services in Emerging Markets Part II Selected Regional Developments, EM Compass Note 44, IFC, August 2017. Chapter 6, Beyond Fintech Leveraging Blockchain for More Sustainable and Inclusive Supply Chains has been published previously as Marina Niforos, Beyond Fintech Leveraging Blockchain for More Sustainable and Inclusive Supply Chains, EM Compass Note 45, IFC, September 2017. Chapter 7, Blockchain Governance and Regulation as an Enabler for Market Creation in Emerging Markets has been published previously as Marina Niforos, Blockchain Governance and Regulation as an Enabler for Market Creation in Emerging Markets, EM Compass Note 57, IFC, September 2018. Chapter 8, Using Blockchain to Enable Cleaner, Modern Energy Systems in Emerging Markets has been published previously as Douglas Miller – Peter Mockel, Using Blockchain to Enable Cleaner, Modern Energy Systems in Emerging Markets, EM Compass Note 61, IFC, November 2018. Chapter 9, Blockchain and Associated Legal Issues for Emerging Markets has been published previously as John Salmon - Gordon Myers, Blockchain and Associated Legal Issues for Emerging Markets, EM Compass Note 63, IFC, January 2019. IFC 2121 Pennsylvania Avenue, N.W. Washington, D.C. 20433 U.S.A. ifc.org/thoughtleadership IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. All rights reserved First printing, October 2017. Second printing of expanded edition, January 2019. The findings, interpretations, views, and conclusions expressed herein are those of the authors and do not necessarily reflect the views of the cutive Directors of the International Finance Corporation or of the International Bank for Reconstruction and Development the World Bank or the governments they represent. Rights and Permissions The material in this publication is copyrighted. IFC encourages use and distribution of its publications. Content from this document may be used freely and copied into other ats without prior permission provided that clear attribution is given to the original source and that content is not used for commercial purposes.BLOCKCHAIN Opportunities for Private Enterprises in Emerging Markets Second and Expanded Edition, January 2019ABOUT THE AUTHORS DOUGLAS MILLER, Origin Market Development and Co-Chair, Legal and Policy Community, ITS Innovation Lab, World Bank Group gmyersifc.org Chapter 9 MARINA NIFOROS is the founder and Principal of Logos Global Advisors, a strategic advisory firm to high-growth startups and large multinationals, helping them partnerships and leverage opportunities for growth. She is also Visiting Faculty of Leadership at HEC Hautes études commerciales de Paris, a French business school. Chapters 1, 2, 4, 5, 6, 7 VIJAYA RAMACHANDRAN, Senior Fellow, Center for Global Development. vramachandrancgdev.org Chapter 3 THOMAS REHERMANN, Senior Economist, Thought Leadership, Economics and Private Sector Development, IFC. trehermannifc.org Chapter 3 JOHN SALMON, Partner, Hogan Lovells International LLP, London Chapter 9 CONTRIBUTORS Matthew Saal, Martin Holtmann, Steven Buck, Marcos de Brujis, Rachel Alexandra Halsema, Susan Carevic, Andrew Yew CONTENT ADVISORS Economics and Private Sector Development | Neil Gregory, Thomas Rehermann Financial Institutions Group | Matthew Saal, Susan Starnes, William Haworth Global Infrastructure Natural Resources | Tonci Bakovic Legal | Gordon Myers PROJECT AND CONTENT TEAM Project Manager | Thomas Rehermann Editors | Matt Benjamin, Ann Bishop, Ofeoritse Daibo Research Assistants | Jung Ryun Byun, Ariane Tamara Volk, Robert Mwanamanga, Kevin Matthees Composition and Design | Rikki Campbell Ogden, Daniel KohanCONTENTS 4 | INTRODUCTION 6 | CUTIVE SUMMARY 9 | CHAPTER 1 Blockchain in DevelopmentA New Mechanism of ‘Trust’ 16 | CHAPTER 2 Blockchain in DevelopmentHow It Can Impact Emerging Markets 23 | CHAPTER 3 Can Blockchain Technology Address De-Risking in Emerging Markets 29 | CHAPTER 4 Blockchain in Financial Services in Emerging MarketsCurrent Trends 38 | CHAPTER 5 Blockchain in Financial Services in Emerging MarketsSelected Regional Developments 44 | CHAPTER 6 Beyond Fintech Leveraging Blockchain for More Sustainable and Inclusive Supply Chains 51 | CHAPTER 7 Blockchain Governance and Regulation as an Enabler for Market Creation in Emerging Markets 59 | CHAPTER 8 Using Blockchain to Enable Cleaner, Modern Energy Systems in Emerging Markets 66 | CHAPTER 9 Blockchain and Associated Legal Issues for Emerging Markets 77 | REFERENCES4 The World Bank Group has set a goal of Universal Financial Access by 2020, and IFC has a long- standing commitment to financial sector development. The continued digital transation of financial services is critical to both objectives. Only the reach and efficiency of digital finance can sustainably bank the next billion people. Both existing and newly emerging technologies will be part of this transation. Mobile networks, cloud-based services, and big-data analytics are already helping to reach thousands of previously unbanked customers with transaction accounts, savings products, and credit. Many emerging markets lack connectivity infrastructure and trusted institutions and counterparties. Distributed ledgers may provide some of the infrastructure these markets need. This collection attempts to focus attention on the potential of blockchain, and of distributed ledger technology DLT more generally, to address some of the economic and financial challenges that emerging markets face today. These challenges are many, and include Know-Your-Customer gaps, the de-risking by global financial institutions that prevents emerging markets from accessing the global financial system, and the costs and inefficiencies of processing remittances through the interlinked ledger system that is today’s correspondent banking network infrastructure. Various approaches using distributed ledger technology could provide solutions, as well as a new infrastructure for financial services in emerging markets. Of the nine chapters that follow, the first six were written in 2017, while the last three are more recent and bring the perspective of more than a year of development in this nascent technology. They also revisit several issues from different perspectives. Chapter 1 provides an overview of blockchain technology, followed by a look at its unfolding applications in emerging markets in Chapter 2. Chapter 3 examines whether blockchain can be used to mitigate de-risking by financial institutions. Chapters 4 and 5 look more closely at the financial services sector, including an overview of how blockchain fits into the spectrum of financial technology fintech innovations and the resulting provision of financial services Chapter 4, and an analysis of blockchain’s contribution to reaching the unbanked and underbanked in various emerging markets, including in Latin America, Asia, and Sub-Saharan Africa Chapter 5. Chapter 6 looks “beyond fintech” to explore how developments in applied blockchain technology can impact agribusiness, drug safety, and more generally provide enforcement tools to promote the reach of sustainable and inclusive business. Chapter 7 discusses the proper regulatory environment needed to stimulate competition and investment in blockchain technologies in emerging markets and beyond. Chapter 8 examines the potential of blockchain to accelerate the transition to low-carbon energy solutions in these countries. Chapter 9 offers a review of legal issues associated with the use of blockchain and how these can be addressed. These chapters are a continuation of the initial exploration of this topic. Sound use cases for blockchain beyond cryptocurrencies are yet to be validated at scale. Many of the proposed implementations remove key attributes of distributed ledgers for example, distributed write capability or absence of intermediaries in order to integrate blockchains into existing institutional structures and business interactions. Many proofs of concept to date have focused on the question “Can this be done using a blockchain” rather than “Is blockchain the most efficient and effective way to do this” Given the present higher cost and slower operation of DLT systems, the benefit of choosing DLT as an operational database may be limited to specific use cases. Gaining traction in those uses will require the cooperation INTRODUCTION5 of those who currently control data or business processes, as well as getting those who currently rely on trusted counterparts to accept alternative governance mechanisms. As money pours into any new technology, it is important to distinguish hype from reality, and speculative fervor from strategic early-stage investments. Investments made under the “fear of missing out” do not guarantee the longevity of the business model. The continued volatility and decline in value of prominent cryptocurrencies and the corporate governance deficit plaguing some highly visible Initial Coin Offerings has taken some of the air out of the bubble. With that has come the ironic realization that blockchain-enabled business ventures must abide by codes of governance and regulatory compliance if these supposedly trustless systems are to gain the trust of economic participants. Blockchain’s accelerated investment cycle has fostered intense experimentation and focused attention not only on the mechanics of digital ledgers, transactions, and counterparty connectivity, but also on the need for sound governance. The ongoing grappling with use cases is illuminating the processes underlying counterparty interactions and challenging practitioners to think in new ways about the building blocks of financial intermediation and value, or need for change, in existing institutional structures. Solutions may emerge that leverage distributed ledgers, or that apply this new understanding to create combinations of, or innovations on top of, more standard databases. IFC will continue to monitor developments, looking for the technology to mature. To demonstrate sufficient value to market participants, applications will need to make progress on both the technical and the organizational levels, such that the ecosystem can both leverage and benefit from distributed ledger technology. n GORDON MYERS Chief Counsel, Legal, IFC MARINA NIFOROS Founder Logos Global Advisors MARTIN HOLTMANN Manager, Digital Financial Services Microfinance, FIG, IFC MATTHEW SAAL Principal Industry Specialist Digital Financial Services FIG, IFC6 Blockchain is an emerging technology that offers the possibility of re-engineering economic models and enabling the creation of markets and products that were previously unavailable or unprofitable across emerging markets. This report is intended to introduce readers to current developments in distributed ledger technology, or blockchain, with the vantage point of possible benefits to emerging markets. The first six chapters were written a year ago, while the last three are more recent and bring the perspective of a year of development in the nascent technology. Blockchain is a database ledger that functions like a distributed network. It is often referred to as a distributed ledger that can register blocks of cryptographically-secure, tamper-proof data with members of a network. This unique structure offers near-frictionless cooperation between these entities, allowing them to transfer value or ination without need of a central authority or intermediary. It has the potential to deliver productivity gains to multiple industries, from the financial services sector to energy markets, supply chains, intellectual property management, the public sector, and beyond. And blockchain may prove particularly valuable in emerging markets. Yet the technology is in early stages of development and will need to overcome serious challenges and risks, both technical and regulatory, before it achieves widespread adoption. Questions remain about blockchain’s scalability, interoperability, security, transition costs, data privacy, and governance. In such a context of uncertainty, business leaders and policy makers will need to think long and hard about when and under what conditions a blockchain initiative is warranted. Companiesin emerging markets and elsewherecan neither afford to wait until the outcome is evident nor expose their existing business models to overly risky wholescale blockchain initiatives. Instead, they will need to adopt an experimental approach that allows them to develop options and thereby learn in the process, in their strategies, and improve their value propositions. Blockchain can be used to mitigate de-risking by financial institutions. Such de-risking is a significant challenge to banking in developing economies, as it affects recipients of remittances, businesses that need correspondent banking relationships, and charities working in conflict countries. Blockchain appears to have potential to lower verification costs when offering remittance services, as well as for the provision of trade finance, among other things. The financial services industry has been an early experimenter on and adopter of blockchain t
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