Eurofiling 2018Blockchain for financial transparency
Claryon
EUROPEAN COMMISSIONDirectorate-General for Financial Stability, Financial Services and Capital Markets Union
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Based on work performed for SMART 2016/0488
Agenda
• Project context
• Functionality
• Demonstration (simulated)
• Further references
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Project contextMay 2016 – European Parliament resolution on virtual currencies
Pilot project proposed by MEP Jacob von Weizsäcker on distributed ledger technology
• Starting of work planned for 2017
• To test and to build up knowledge + to build use-case
• Target audience: national and European authorities
• Target topic: finance, financial services, FinTech
• To be executed by the European Commission
Two project to be realised
• European Financial Transparency Gateway (EFTG) – DG FISMA
• DLT observatory – DG CNECT
Spring 2017 – Start of design of the idea and preparation of technical work
Summer 2017 – Administration to start the EFTG project
Autumn 2017 – Start of technical work on the EFTG project
Jan 2018 – Closing of Phase 1 of the EFTG project
FunctionalityUse cases and business processes
Focus on submission of yearly, half-yearly, and ad-hoc reports.
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FunctionalityAdvanced search – design
DATA INPUT(ISSUER)
REPORT
REPORT METADATA
COLLECTION(OAM)
REPORT SUBMISSION
PUBLICATION(EFTG)
DATA SEARCH(EEAP)
REPORT TOKEN
REPORT SEARCH
DATA EXTRACTION
LITIX
iXBRL
Report location etc.
Facts from report
With extracted facts e.g.: by Assets value
Three perspectives: OAM, investor, curator
Issuer
OAM
EC
Investor
Investor
Search Notification
DLTEFTG Portal
Issuer
OAM - 1Issuer
Issuer
Document submission Cloud
node – 1
Issuer
OAM - 2Issuer
Issuer
Document submission Cloud
node – 2
Access
Access
iXBRLparser
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1 OAM
2 Investor
3 Curator
Github.com
Deploy to cloud nodes Local OAM simulation in Java
Local Investor simulationUnder browser
XBRL files from https://www.esma.europa.eu/field-test-esef
OAM
Issuer
OAM
EC
Investor
Investor
Search Notification
DLTEFTG Portal
Issuer
OAM - 1Issuer
Issuer
Document submission Cloud
node – 1
Issuer
OAM - 2Issuer
Issuer
Document submission Cloud
node – 2
Access
Access
iXBRLparser
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1 OAM
2 Investor
3 Curator
Local OAM simulation in Java
Local Investor simulationUnder browser
XBRL files from https://www.esma.europa.eu/field-test-esef
EFTG client library To be used by OAMsUsed to build OAM simulator for demonstration purposes
Receives iXBRL from issuerInvokes iXBRL Litix parser and creates the token Posts it to the cloud node
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OAM perspective:EFTG client simulation
OAM access cloud node
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OAM has logged inOAM can then obtain API keys required for submission onto the DLT
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OAM config fileTo specify the API key
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OAM iXBRL parsing & report submission
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DLT cloud node
Issuer
OAM
EC
Investor
Investor
Search Notification
DLTEFTG Portal
Issuer
OAM - 1Issuer
Issuer
Document submission Cloud
node – 1
Issuer
OAM - 2Issuer
Issuer
Document submission Cloud
node – 2
Access
Access
iXBRLparser
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1 OAM
2 Investor
3 Curator
Local OAM simulation in Java
Local Investor simulationUnder browser
XBRL files from https://www.esma.europa.eu/field-test-esef
FISMA Cloud nodeRuns the Ethereum smart contracts
Front end server.js receives from OAMBack end server backend.js writes to the DLT and MongoDBDLT = Ethereum Geth with account and minerMongoDB for fast querying
DLT cloud node
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Investor
Issuer
OAM
EC
Investor
Investor
Search Notification
DLTEFTG Portal
Issuer
OAM - 1Issuer
Issuer
Document submission Cloud
node – 1
Issuer
OAM - 2Issuer
Issuer
Document submission Cloud
node – 2
Access
Access
iXBRLparser
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1 OAM
2 Investor
3 Curator
Local OAM simulation in Java
Local Investor simulationUnder browser
XBRL files from https://www.esma.europa.eu/field-test-esef
EFTG PortalAllows investors to query
Browser-based query in MongoDB
Search
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OAM code
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Further references
• http://europa.eu/rapid/press-release_MEMO-18-1406_en.htm
• https://ec.europa.eu/info/departments/financial-stability-financial-services-and-capital-markets-union_en
• https://www.pwc.be/blockchain
• http://www.marcsel.eu
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