The Future of Clearing and Settlement in Australia: Part II - Distributed Ledger Technology

Abstract Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. https://bitcoin.org/bitcoin.pdf outlined an alternative to the current monetary system in which banks are replaced by a peer-to-peer system to issue and transfer digital money: the Bitcoin. While Bitcoin has attracted a substantial investment volume, the system has not achieved the status of a viable alternative monetary system. However, the distributed ledger technology (DLT) underlying the payment system is being applied successfully by financial institutions and is likely to have important implications for the future of money and banking. In this paper we therefore focus on the most advanced distributed ledger application in the financial industry: R3 Corda. This paper is structured as follows. In the first section, we relate the debate about systems of money creation to the rise of Bitcoin. Next, the development of R3 Corda is discussed and the lessons learned for monetary reform. We conclude with an assessment of the scope and likelihood of monetary reform as a consequence of DLT applications by central banks.

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The Future of Mobile Edge Computing

10.1007/978-3-030-83944-4_7 ◽

2021 ◽

pp. 81-105

Author(s):

Yan Zhang

Keyword(s):

Artificial Intelligence ◽

Edge Computing ◽

Security And Privacy ◽

Mobile Edge Computing ◽

Distributed Ledger ◽

Distributed Ledger Technology ◽

Service Efficiency ◽

The Future

AbstractThis chapter first introduces the fundamental principles of blockchain and the integration of blockchain and mobile edge computing (MEC). Blockchain is a distributed ledger technology with a few desirable security characteristics. The integration of blockchain and MEC can improve the security of current MEC systems and provide greater performance benefits in terms of better decentralization, security, privacy, and service efficiency. Then, the convergence of artificial intelligence (AI) and MEC is presented. A federated learning–empowered MEC architecture is introduced. To improve the performance of the proposed scheme, asynchronous federated learning is proposed. The integration of blockchain and federated learning is also presented to enhance the security and privacy of the federated learning–empowered MEC scheme. Finally, more MEC enabled applications are discussed.

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Distributed Ledger Technology for Securities Clearing and Settlement: Benefits, Risks, and Regulatory Implications

SSRN Electronic Journal ◽

10.2139/ssrn.3292815 ◽

2018 ◽

Cited By ~ 1

Author(s):

Randy Priem

Keyword(s):

Distributed Ledger ◽

Distributed Ledger Technology ◽

Clearing And Settlement

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Distributed Ledger Technology in Payments, Clearing, and Settlement

Finance and Economics Discussion Series ◽

10.17016/feds.2016.095 ◽

2016 ◽

Vol 2016 (095) ◽

Cited By ~ 44

Author(s):

David Mills ◽

◽

Kathy Wang ◽

Brendan Malone ◽

Anjana Ravi ◽

...

Keyword(s):

Distributed Ledger ◽

Distributed Ledger Technology ◽

Clearing And Settlement

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Blockchain, Securities Markets, and Central Banking

Regulating Blockchain ◽

10.1093/oso/9780198842187.003.0012 ◽

2019 ◽

pp. 213-228 ◽

Cited By ~ 1

Author(s):

Alexandros L. Seretakis

Keyword(s):

Financial Markets ◽

Global Financial Crisis ◽

Central Banks ◽

Market Participants ◽

Blockchain Technology ◽

Distributed Ledger ◽

Distributed Ledger Technology ◽

Widespread Adoption ◽

Clearing And Settlement ◽

The Global Financial Crisis

Distributed ledger technology, a variant of which is blockchain technology, represents one of the most important innovations of the FinTech revolution. Academics, policy-makers, and market participants are experimenting with the technology with the aim of enhancing the functioning of financial markets. Industry consortia are being formed by the biggest financial institutions in the world seeking to leverage the use of the technology, in order to improve the clearing and settlement process. Furthermore, central banks in advanced and developing economies are examining the potential of using the technology in market infrastructures operated by central banks and are even exploring the possibility of issuing digital base money. Nevertheless, the widespread adoption of distributed ledger technology as envisioned by its ardent supporters encounters considerable legal obstacles, including the numerous new regulations imposed on financial markets and market participants in the aftermath of the Global Financial Crisis. This chapter seeks to disentangle the myths from the realities of the so-called distributed ledger technology or blockchain revolution and discusses how the legal regime can act both as an impediment and a catalyst to the widespread adoption of the technology.

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