In The Future, Banks Will Not Be Built With Bricks But On Cryptography

I have been reading a paper from 2000, and which defines a seven layer model for Financial Cryptography [here]. For this the paper outlines a seven layer model for finance and which takes its inspiration from the 7-layer model used in networking:

Figure 1: Ref here

Building on a solid foundation

As someone who has studied, and taught with, the ISO OSI (Open Systems Interconnect) 7-layer model, I find that it is an approach that allows you to abstract networking and Internet connections within different layers.

For networking, we can view the Ethernet data frames at Layer 2, IP packets at Layer 3, and segments in Layer 4. We can then define that systems then communicate within an application layer. This, thus, allows for systems to be interconnected with a layer approach, and which also simplifies the overall infrastructure. We can design, test and debug in whichever layer is best for our abstraction level.

With the guidance of the ISO 7-layer model, we have built the Internet on the physical and data link layers. And so, perhaps we need to make sure that all our finance systems are…