Distributed Ledger Technology a Conceptual and Contextual Introduction1 Dr
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Crypto-Asset Markets: Potential Channels for Future Financial Stability
Crypto-asset markets Potential channels for future financial stability implications 10 October 2018 The Financial Stability Board (FSB) is established to coordinate at the international level the work of national financial authorities and international standard-setting bodies in order to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies. Its mandate is set out in the FSB Charter, which governs the policymaking and related activities of the FSB. These activities, including any decisions reached in their context, shall not be binding or give rise to any legal rights or obligations under the FSB’s Articles of Association. Contacting the Financial Stability Board Sign up for e-mail alerts: www.fsb.org/emailalert Follow the FSB on Twitter: @FinStbBoard E-mail the FSB at: [email protected] Copyright © 2018 Financial Stability Board. Please refer to: www.fsb.org/terms_conditions/ Contents Executive Summary ................................................................................................................... 1 1. Introduction ......................................................................................................................... 3 2. Primary risks in crypto-asset markets ................................................................................. 5 2.1 Market liquidity risks ............................................................................................... 5 2.2 Volatility risks ......................................................................................................... -
Blockchain & Distributed Ledger Technologies
Science, Technology Assessment, SEPTEMBER 2019 and Analytics WHY THIS MATTERS Distributed ledger technology (e.g. blockchain) allows users to carry out digital transactions without the need SCIENCE & TECH SPOTLIGHT: for a centralized authority. It could fundamentally change the way government and industry conduct BLOCKCHAIN & DISTRIBUTED business, but questions remain about how to mitigate fraud, money laundering, and excessive energy use. LEDGER TECHNOLOGIES /// THE TECHNOLOGY What is it? Distributed ledger technologies (DLT) like blockchain are a secure way of conducting and recording transfers of digital assets without the need for a central authority. DLT is “distributed” because multiple participants in a computer network (individuals, businesses, etc.), share and synchronize copies of the ledger. New transactions are added in a manner that is cryptographically secured, permanent, and visible to all participants in near real time. Figure 2. How blockchain, a form of distributed ledger technology, acts as a means of payment for cryptocurrencies. Cryptocurrencies like Bitcoin are a digital representation of value and represent the best-known use case for DLT. The regulatory and legal frameworks surrounding cryptocurrencies remain fragmented across Figure 1. Difference between centralized and distributed ledgers. countries, with some implicitly or explicitly banning them, and others allowing them. How does it work? Distributed ledgers do not need a central, trusted authority because as transactions are added, they are verified using what In addition to cryptocurrencies, there are a number of other efforts is known as a consensus protocol. Blockchain, for example, ensures the underway to make use of DLT. For example, Hyperledger Fabric is ledger is valid because each “block” of transactions is cryptographically a permissioned and private blockchain framework created by the linked to the previous block so that any change would alert all other Hyperledger consortium to help develop DLT for a variety of business users. -
Markets in Crypto Assets: Mica Regulation
February 5 2021 Digital Gold Institute: Vision R&D center of excellence focused on teaching, training, consulting, and advising about scarcity in digital domain (bitcoin and crypto-assets) and the underlying blockchain technology Bitcoin: Digital Gold Blockchain: Hype or Reality? The most successful attempt at creating scarcity Blockchain requires an intrinsic native digital in the digital realm without a trusted third party. asset to provide the economic incentives for the Bitcoin is the digital equivalent of gold, blockchain maintainers to be honest. Without disruptive for our current digital civilization and the seigniorage revenues associated to its native the future of money and finance. More a crypto- asset, a blockchain system would need to select commodity than a crypto-currency, Bitcoin aims and appoint its maintainers, ultimately resorting to be world reserve asset. to central governance. Beyond Bitcoin: Timestamping Financial Services for Crypto A timestamp demonstrates that a document The most promising field, instead of existed in a specific status prior to a given point technological applications of blockchain, is the in time. Digital data can be securely development of financial services for crypto timestamped though the attestation of its hash assets: those tools, practices, and facilities value in a blockchain transaction. What jewellery needed by institutional investors and high net is for gold, Timestamping could be for bitcoin: worth individuals. Finance might not need not essential but effective at leveraging its blockchain, -
October 29 2020 Digital Gold Institute: Vision
October 29 2020 Digital Gold Institute: Vision R&D center of excellence focused on teaching, training, consulting, and advising about scarcity in digital domain (bitcoin and crypto-assets) and the underlying blockchain technology Bitcoin: Digital Gold Blockchain: Hype or Reality? The most successful attempt at creating scarcity Blockchain requires an intrinsic native digital in the digital realm without a trusted third party. asset to provide the economic incentives for the Bitcoin is the digital equivalent of gold, blockchain maintainers to be honest. Without disruptive for our current digital civilization and the seigniorage revenues associated to its native the future of money and finance. More a crypto- asset, a blockchain system would need to select commodity than a crypto-currency, Bitcoin aims and appoint its maintainers, ultimately resorting to be world reserve asset. to central governance. Beyond Bitcoin: Timestamping Financial Services for Crypto A timestamp demonstrates that a document The most promising field, instead of existed in a specific status prior to a given point technological applications of blockchain, is the in time. Digital data can be securely development of financial services for crypto timestamped though the attestation of its hash assets: those tools, practices, and facilities value in a blockchain transaction. What jewellery needed by institutional investors and high net is for gold, Timestamping could be for bitcoin: worth individuals. Finance might not need not essential but effective at leveraging its blockchain, -
A Review of Ethnographic and Historically Recorded Dentaliurn Source Locations
FISHINGFOR IVORYWORMS: A REVIEWOF ETHNOGRAPHICAND HISTORICALLY RECORDEDDENTALIUM SOURCE LOCATIONS Andrew John Barton B.A., Simon Fraser University, 1979 THESIS SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF ARTS IN THE DEPARTMENT OF ARCHAEOLOGY Q Andrew John Barton 1994 SIMON FRASER UNIVERSITY Burnaby October, 1994 All rights reserved. This work may not be reproduced in whole or in part, by photocopy or other means without permission of the author. Name: Andrew John Barton Degree: Master of Arts (Archaeology) Title of Thesis: Fishing for Ivory Worms: A Review of Ethnographic and Historically Recorded Dentaliurn Source Locations Examining Committee: Chairperson: Jack D. Nance - -, David V. Burley Senior Supervisor Associate Professor Richard Inglis External Examiner Department of Aboriginal Affairs Government of British Columbia PARTIAL COPYRIGHT LICENSE I hereby grant to Simon Fraser University the right to lend my thesis or dissertation (the title of which is shown below) to users of the Simon Fraser University Library, and to make partial or single copies only for such users or in response to a request from the library of any other university, or other educational institution, on its own behalf or for one of its users. I further agree that permission for multiple copying of this thesis for scholarly purposes may be granted by me or the Dean of Graduate Studies. It is understood that copying or publication of this thesis for financial gain shall not be allowed without my written permission. Title of ThesisIDissertation: Fishing for Ivory Worms: A Review of Ethnographic and Historically Recorded Dentalium Source Locations Author: Andrew John Barton Name October 14, 1994 Date This study reviews and examines historic and ethnographic written documents that identify locations where Dentaliurn shells were procured by west coast Native North Americans. -
Liquidity Or Leakage Plumbing Problems with Cryptocurrencies
Liquidity Or Leakage Plumbing Problems With Cryptocurrencies March 2018 Liquidity Or Leakage - Plumbing Problems With Cryptocurrencies Liquidity Or Leakage Plumbing Problems With Cryptocurrencies Rodney Greene Quantitative Risk Professional Advisor to Z/Yen Group Bob McDowall Advisor to Cardano Foundation Distributed Futures 1/60 © Z/Yen Group, 2018 Liquidity Or Leakage - Plumbing Problems With Cryptocurrencies Foreword Liquidity is the probability that an asset can be converted into an expected amount of value within an expected amount of time. Any token claiming to be ‘money’ should be very liquid. Cryptocurrencies often exhibit high price volatility and wide spreads between their buy and sell prices into fiat currencies. In other markets, such high volatility and wide spreads might indicate low liquidity, i.e. it is difficult to turn an asset into cash. Normal price falls do not increase the number of sellers but should increase the number of buyers. A liquidity hole is where price falls do not bring out buyers, but rather generate even more sellers. If cryptocurrencies fail to provide easy liquidity, then they fail as mediums of exchange, one of the principal roles of money. However, there are a number of ways of assembling a cryptocurrency and a number of parameters, such as the timing of trades, the money supply algorithm, and the assembling of blocks, that might be done in better ways to improve liquidity. This research should help policy makers look critically at what’s needed to provide good liquidity with these exciting systems. Michael Parsons FCA Chairman, Cardano Foundation, Distributed Futures 2/60 © Z/Yen Group, 2018 Liquidity Or Leakage - Plumbing Problems With Cryptocurrencies Contents Foreword .............................................................................................................. -
Blockchain in Japan
Blockchain in Japan " 1" Blockchain in Japan " "The impact of Blockchain is huge. Its importance is similar to the emergence of Internet” Ministry of Economy, Trade and Industry of Japan1 1 Japanese Trade Ministry Exploring Blockchain Tech in Study Group, Coindesk 2" Blockchain in Japan " About this report This report has been made by Marta González for the EU-Japan Centre for Industrial Cooperation, a joint venture between the European Commission and the Japanese Ministry of Economy, Trade and Industry (METI). The Centre aims to promote all forms of industrial, trade and investment cooperation between Europe and Japan. For that purpose, it publishes a series of thematic reports designed to support research and policy analysis of EU-Japan economic and industrial issues. To elaborate this report, the author has relied on a wide variety of sources. She reviewed the existing literature, including research papers and press articles, and interviewed a number of Blockchain thought leaders and practitioners to get their views. She also relied on the many insights from the Japanese Blockchain community, including startups, corporation, regulators, associations and developers. Additionally, she accepted an invitation to give a talk1 about the state of Blockchain in Europe, where she also received input and interest from Japanese companies to learn from and cooperate with the EU. She has also received numerous manifestations of interest during the research and writing of the report, from businesses to regulatory bodies, revealing a strong potential for cooperation between Europe and Japan in Blockchain-related matters. THE AUTHOR Marta González is an Economist and Software Developer specialized in FinTech and Blockchain technology. -
Il Modello Predittivo Degli Eventi Futuri Del CRNE - Centro Ricerche Nuove Energie
Il Modello Predittivo degli Eventi Futuri del CRNE - Centro Ricerche Nuove Energie: Analisi GeoPolitiche, Tecnologiche & Smart City Solution - Advice Service CRNE Science & Business Vision Il CRNE Centro Ricerche Nuove Energie nasce nel 1998, e nel 2015 la “Divisione Ricerca e Sviluppo” ha sviluppato “un modello predittivo degli eventi futuri basato sul censimento delle minacce ponderate”. Si tratta di “un servizio di consulenza sulle aspettative future” unico nel suo genere sul panorama nazionale e internazionale, in cui viene esposto in maniera chiara una visuale precisa degli eventi futuri, che noi riteniamo altamente probabili, sia sul breve, che nel medio, che nel lungo periodo. Il Modello Predittivo degli eventi futuri del CRNE è uno strumento prezioso per quanti vogliono avere una visione moderna e all’avanguardia dell’evoluzione degli eventi, per proteggersi nell’immediato futuro dalle minacce ponderate che abbiamo censito, che sono esposte in forma cronologica nel modello predittivo. Sta alla sensibilità del lettore tenere in considerazione per il proprio futuro quanto riportato in questa relazione. CRNE Science & Business Vision is an Advice Service to Avoid Future’s Systemic Crisis These Are Our Areas of Expertise: Geopolitical Analysis and Solutions - Investment in Work & Residential CRNE Concept Outside Italy, called “Smart City Project”, named “Backup Italy” Advice Service for Human Resources & Capital Money Protection - Scientific and Technological Research - Development Service for Start Up, Patent and Prototype for CRNE’s Smart City - International Financial Analysis & Development Performance’s Strategy for Stock Market CRNE leads the way to the future to the best Italians, Serenity is our goal, Choose to live under CRNE wings&vision. -
Report of the United States National Museum
KTHNO-CONCHOLOGY—A STUDY OF PRIMITIVE MONEY. By Robert E. C. Stearns. The study of Nature leads through enchanted fields, fall of new sur- prises and fresh delights. Whichever path we pursue, vistas open on either side equally inviting, with every charm of life and form and color, ever changing but never old. " Who," wrote P. P. Carpenter, "has not admired the beauty of shells, the luster of the Cowries, the polish of the Olives, the painting of the Cones, the varied layers of the Cameos, the exquisite nacre of Mother- of Pearl"? Who has not listened to the mysterious 'sound of the sea ? in the Whelks and Helmets, or wondered at the many chambers of the Nautilus? What child ever went to the sea shore without picking up shells; or what lady ever spurned them as ornaments of her parlor ? Shells are at once the attraction of the untutored savage, the delight of the refined artist, the wonder of the philosophic zoologist, and the most valued treasures of the geologist. They adorn the sands of sea- girt isles and continents now, and they form the earliest { footprints on the sands of time' in the history of our globe. The astronomer wan- dering through boundless space with the grandest researches of his in- tellect and the most subtle workings of his analysis, may imagine indeed the history of past time aud speculate on the formation of globes, but his science presents us with no records of the past ; but the geologist, after watching the ebb of the ocean tide, examines into the soil on the surface of the earth and finds in it a book of chronicles, the letters of which are not unknown hieroglyphics but familiar shells." Conchology, or the study of shells, in itself one of the most delightful studies, in its ethnological aspect is also full of interest. -
The Economics of Distributed Ledger Technology for Securities Settlement
ISSN 2379-5980 (online) DOI 10.5195/LEDGER.2019.144 RESEARCH ARTICLE The Economics of Distributed Ledger Technology for Securities Settlement Evangelos Benos,*† Rodney Garratt,‡ Pedro Gurrola-Perez§ Abstract. We apply economic principles to understand how distributed ledger technology (DLT) might impact the innovation process and eventual market structure in the security settlement industry. Our main conclusions are that: i) Although DLT has the potential to significantly reduce costs in securities settlement, implementation is challenging, ii) technological innovation in the post-trade industry is more likely to succeed with some degree of coordination, which could be facilitated by the relevant authorities, and iii) DLT- based securities settlement is likely to be concentrated among few providers which, absent any regulation, could result in inefficient monopoly pricing or efficient price discrimination with service providers capturing much of the market surplus. 1. Introduction Over the last few years, a number of technological innovations with potentially transformative implications for the financial system have been receiving close attention from researchers, industry participants, technology firms, and regulators. In particular, for the post-trade cycle, which includes clearing and settlement of financial transactions, the distributed ledger technology (or DLT) is considered to be promising, with the potential to drastically simplify processes, reduce costs, and increase efficiency and security. This has spurred a flurry of analysis -
Anti-Money Laundering and Blockchain Technology
CSP023 MAY 2020 Anti-Money Laundering and Blockchain Technology CHUNG-CHIA HUANG AND ASHER TRANGLE Memorandum FROM: Director of FinCEN TO: Junior FinCEN Lawyer RE: Recommendations Regarding Reforming BSA/AML Compliance DATE: January 26, 2020 Welcome to your new position as a junior attorney at FinCEN. FinCEN plays a critical role in monitoring and enforcing financial crimes involving banks and other financial institutions. The organization takes this role very seriously, and we are proactively seeking more effective ways of detecting illegal activity and fighting financial crime. Over the past year, I have been monitoring articles and suggestions regarding how to improve or reform anti-money laundering laws. As new technologies develop, a number of startups are using blockchain technology with the goal of helping financial institutions comply with U.S. anti-money laundering (AML) laws. Financial institutions are eager to test whether blockchain technology products can simultaneously improve or increase their compliance with AML laws while reducing the enormous costs associated with the current AML framework. I want you to look into what types of reforms, if any, FinCEN should seriously consider adopting. In particular, please research the viability of new technologies, such as blockchain and/or machine learning, for changing our regulatory approach and make a recommendation as to whether FinCEN should support the adoption of such technologies for AML compliance. Please note that there may be other data sharing systems or technologies (e.g. permissioned ledgers) that have also been mentioned with respect to increasing the efficiency of AML compliance. Include the pros and cons of adopting your recommendations. -
Blockchain Ready Manufacturing Supply Chain Using Distributed Ledger
IJRET: International Journal of Research in Engineering and Technology eISSN: 2319-1163 | pISSN: 2321-7308 BLOCKCHAIN READY MANUFACTURING SUPPLY CHAIN USING DISTRIBUTED LEDGER Saveen A. Abeyratne1, Radmehr P. Monfared2 1Wolfson School of Mechanical, Electrical and Manufacturing Engineering, Loughborough University, UK 2Wolfson School of Mechanical, Electrical and Manufacturing Engineering, Loughborough University, UK Abstract The blockchain technology as a foundation for distributed ledgers offers an innovative platform for a new decentralized and transparent transaction mechanism in industries and businesses. The inherited characteristics of this technology enhance trust through transparency and traceability within any transaction of data, goods, and financial resources. Despite initial doubts about this technology, recently governments and large corporations have investigated to adopt and improve this technology in various domains of applications, from finance, social and legal industries to design, manufacturing and supply chain networks. In this article, the authors review the current status of this technology and some of its applications. The potential benefit of such technology in manufacturing supply chain is then discussed in this article and a vision for the future blockchain ready manufacturing supply chain is proposed. Manufacturing of cardboard boxes are used as an example to demonstrate how such technology can be used in a global supply chain network. Finally, the requirements and challenges to adopt this technology in the