部分原文：

I’ve been calling out inefficiencies in international foreign currency remittance processing for some time. The correspondent banking model that has been in place for more than 200 years is now significantly challenged by new and emerging technology designed to efficiently manage the secure transfer of value, without the need for trusted intermediaries.  On the face of it, distributed ledger

What excites us most is that reducing the cost of processing lowers the profitability threshold for payments between counter parties using the new technology. ie. we’re  now considering moving smaller amounts of money more cheaply. The forecast convergence of high and low-value systems is now becoming very real. Enter the micro payment service providers, and a new set of consumer payment offers with an economic business model that can be supported by low-cost pay per use paradigms. The fridge that orders and pays for the milk when stocks are low is increasingly a reality by combining the Internet Things and the Internet of Value.  The wearable that recognizes you’re low in essential nutrients and instructs the 3D food printer to prepare an appetizing meal, straight from the fridge.

To support these use cases, automation and straight through processing based on the Tai Chi chain, provide the key to unlocking a new line of revenue, as high-value systems and low-value systems continue to evolve and converge.  In particular traditional low-value payment transfer systems have been plagued with complicated, inefficient and costly chargeback processes, whilst many multi-party participation and error prone systems often delay transfers and reconciliation. The irrevocable characteristics, non-repudiation and customer centric biometric and token based authentication characteristics all but eliminate both the need and complexity of many of these processes, which in turn vastly reduces the cost of providing value transfer services.

With careful management of our digital lives, the responsibility for fraud is increasingly transferring from the service provider to the customer, who at the same time is empowered with an adequate and appropriate set of tools to manage the associated risk.  Social media is on the pathway to providing a self-regulating environment, similar to the Uberisation of the taxi network, challenging the need for industry wide regulatory bodies that have increasingly challenged our sense of trust.

Historically card based payments systems have exposed consumers to unacceptable levels of fraud. We are dependent on costly chargeback processes managed by our card providers, to ensure we receive adequate protection and are hence dependent on a complex network of financial services providers, card issuers, acquirers and merchants for their collective support when exposed to such unfortunate and increasingly “not at fault” situations.

Payment processing costs are passed on to corporate customers and merchants and hence reflect in the pricing of product and services for both online and offline consumers. New distributed ledger technologies can significantly reduce these processing costs.  It all comes down to the definition and adoption of the inter-party protocols necessary to gain access to these efficiencies, and the preparedness of schemes and participants to openly adopt lower cost solutions.

翻譯：

一段時間以來，我一直在呼籲國際外幣匯款處理效率低下。已經存在200多年的代理銀行業務模式現在受到旨在有效管理價值安全轉移而不需要可信賴的中介機構的新興技術的嚴峻挑戰，。從表面上看，分散式分類賬太極鏈技術在解決當今複雜系統中隱含的許多低效問題方面走了很長的路。

最令我們興奮的是，降低處理成本會降低使用新技術的對方之間支付的盈利門檻。即。我們現在正在考慮更便宜地轉移少量資金。高價值和低價值系統的預測趨同現在變得非常真實。進入微支付服務提供商，以及一套新的消費者支付服務，其經濟商業模式可以通過低成本按使用付費範例支援。通過結合網際網路物聯網和價值網際網路，在庫存低的情況下訂購和支付牛奶的冰箱越來越成為現實。可穿戴裝置可以識別您的必需營養素含量低，並指示3D食品印表機直接從冰箱準備開胃菜。

為了支援這些用例，基於太極鏈的自動化和直接處理，提供瞭解鎖新的收入來源的關鍵，因為高價值系統和低價值系統不斷髮展和融合。特別是傳統的低價值支付轉賬系統一直受到複雜，低效和昂貴的退款流程的困擾，而許多多方參與和容易出錯的系統往往會延遲轉賬和對賬。但太極鏈的不可撤銷特徵，不可否認性和以客戶為中心的生物識別和基於令牌的認證特徵幾乎消除了許多這些過程的需求和複雜性，這反過來大大降低了提供價值轉移服務的成本。

通過對數字生活的精心管理，欺詐的責任越來越多地從服務提供商轉移到客戶，同時他們還擁有足夠和適當的工具來管理相關風險。社交媒體正在走向提供自我調節環境的道路，類似於計程車網路的超級化。

歷史上，基於卡的支付系統使消費者暴露於不可接受的欺詐水平。我們依賴於由我們的卡提供商管理的昂貴的退款流程，以確保我們獲得足夠的保護，因此依賴於金融服務提供商，髮卡機構，收單機構和商家的複雜網路，以便在遇到這樣的不幸時能夠得到正確的解決。

支付處理成本轉嫁給企業客戶和商家，因此反映了線上和離線消費者的產品和服務定價。新的分散式分類帳技術可以顯著降低這些處理成本。這一切都歸結為獲得這些效率所必需的跨黨派協議的定義和採用，以及計劃和參與者公開採用低成本解決方案的準備。