Understanding Modern Banking Ledgers Through Blockchain Technologies: Future of Transaction Processing and Smart Contracts on the Internet of Money

33 Pages Posted: 24 Nov 2015  

Gareth William Peters

University College London - Department of Statistical Science; University of Oxford - Man Institute of Quantitative Finance; CMIS, Commonwealth Scientific and Industrial Research Organisation

Efstathios Panayi

University College London - Financial Computing and Analytics Group, Department of Computer Science

Date Written: November 18, 2015

Abstract

In this chapter we provide an overview of the concept of blockchain technology and its potential to disrupt the world of banking through facilitating global money remittance, smart contracts, automated banking ledgers and digital assets. In this regard, we first provide a brief overview of the core aspects of this technology, as well as the second-generation contract-based developments. From there we discuss key issues that must be considered in developing such ledger based technologies in a banking context.

Keywords: Blockchain, distributed ledger, databases, smart contracts, digital assets, data integrity, provisioning, government cash management, clearing, settlement

JEL Classification: H72, G18, G22, L1

Suggested Citation

Peters, Gareth William and Panayi, Efstathios, Understanding Modern Banking Ledgers Through Blockchain Technologies: Future of Transaction Processing and Smart Contracts on the Internet of Money (November 18, 2015). Available at SSRN: https://ssrn.com/abstract=2692487 or http://dx.doi.org/10.2139/ssrn.2692487

Gareth William Peters (Contact Author)

University College London - Department of Statistical Science ( email )

Gower Street
London, WC1E 6BT
United Kingdom

HOME PAGE: http://garethpeters78.wixsite.com/garethwpeters

University of Oxford - Man Institute of Quantitative Finance ( email )

University of Oxford Eagle House
Walton Well Road
Oxford, OX2 6ED
United Kingdom

CMIS, Commonwealth Scientific and Industrial Research Organisation ( email )

Lyneham, NSW 2602
Australia

Efstathios Panayi

University College London - Financial Computing and Analytics Group, Department of Computer Science ( email )

Gower Street
London, WC1E 6BT
United Kingdom

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