Sunday, 13 September 2015

Distributed Ledgers

Distributed ledgers
The Blockchain is just one type of public, permissionless, proof-of-work, peer-to-peer distributed ledger. Distributed ledgers are probably the future of financial services. 
Consider this statement from the Bank of England (2014 Quarterly Bulletin Q3): “Although the monetary aspects of digital currencies have attracted considerable attention, the distributed ledger underlying their payment systems is a significant innovation. The potential impact of the distributed ledger may be much broader than on payment systems alone. The majority of financial assets — such as loans, bonds, stocks and derivatives — now exist only in electronic form, meaning that the financial system itself is already simply a set of digital records.”

Concepts of trust arise in many philosophical puzzles. Mutual distributed ledgers look like becoming the system of trust in shared economies. If mutual distributed ledgers displace trusted third parties, they will change the systems outside them, most notably today’s financial services.

Read the full article by Professor Michael Mainelli: Unblock the Shared Economy

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