Distributed Ledgers
An economic analysis of what distributed ledgers can do, examining key components and discussing applications in both developed and emerging market economies. Distributed ledger technology (DLT) has the potential to transform economic organization and financial structures. In this book, Robert Towns...
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| المؤلف الرئيسي: | |
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| التنسيق: | Online |
| اللغة: | الإنجليزية |
| منشور في: |
The MIT Press
2022
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| الموضوعات: | |
| الوصول للمادة أونلاين: | ONIX_20220221_9780262361194_120 |
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| _version_ | 1869529736197177344 |
|---|---|
| author | Townsend, Robert M. |
| author_browse | Townsend, Robert M. |
| author_facet | Townsend, Robert M. |
| author_sort | Townsend, Robert M. |
| collection | Directory of Open Access Books |
| description | An economic analysis of what distributed ledgers can do, examining key components and discussing applications in both developed and emerging market economies. Distributed ledger technology (DLT) has the potential to transform economic organization and financial structures. In this book, Robert Townsend steps back from the hype and controversy surrounding DLT (and the related, but not synonymous, innovations of blockchain and Bitcoin) to offer an economic analysis of what distributed ledgers can do and a blueprint for the optimal design and regulation of financial systems. Townsend examines the key components of distributed ledgers, discussing, evaluating, and illustrating each in the context of historical and contemporary economies, reviewing featured applications in both developed economies and emerging-market countries, and indicating where future innovations can have large impact. Throughout, Townsend emphasizes the general equilibrium impact of DLT innovations, the welfare gains from these innovations, and related regulatory innovations. He analyzes four crucial components of distributed ledgers—ledgers as accounts, e-messages and e-value transfers, cryptography, and contracts—assessing each in terms of both economics and computer science, and forges some middle ground. Relatedly, Townsend highlights hybrid systems in which some of these components allow useful innovation while legacy or alternative pieces deal with the problem of scale. The specific applications he analyzes include an intelligent financial automated system that provides financial services to unbanked and under-banked populations, and cross-border payments systems, including financial systems that can integrate credit and insurance with clearing and settlement. Finally, Townsend considers cryptocurrencies, discussing the role and value of tokens in economies with distributed ledger systems. |
| format | Online |
| id | doab-20.500.12854ir-78600 |
| institution | Directory of Open Access Books |
| language | eng |
| publishDate | 2022 |
| publishDateRange | 2022 |
| publishDateSort | 2022 |
| publisher | The MIT Press |
| publisherStr | The MIT Press |
| record_format | ojs |
| spelling | doab-20.500.12854ir-786002024-03-30T02:53:19Z Distributed Ledgers Townsend, Robert M. Bitcoin blockchain distributed ledgers distributed ledger technology DLT decentralization smart contracts tokens currency cashless economy e-money payment system Encryption proof of work proof of stake Ethereum Libra Ripple Stellar Algorand central banks mechanism design algorithmic digital reserve bank Townsend Thai project thema EDItEUR::K Economics, Finance, Business and Management::KF Finance and accounting::KFF Finance and the finance industry::KFFL Credit and credit institutions thema EDItEUR::U Computing and Information Technology::UD Digital Lifestyle and online world: consumer and user guides::UDB Internet guides and online services::UDBM Online finance and investing thema EDItEUR::U Computing and Information Technology::UY Computer science::UYF Computer architecture and logic design::UYFP Parallel processing An economic analysis of what distributed ledgers can do, examining key components and discussing applications in both developed and emerging market economies. Distributed ledger technology (DLT) has the potential to transform economic organization and financial structures. In this book, Robert Townsend steps back from the hype and controversy surrounding DLT (and the related, but not synonymous, innovations of blockchain and Bitcoin) to offer an economic analysis of what distributed ledgers can do and a blueprint for the optimal design and regulation of financial systems. Townsend examines the key components of distributed ledgers, discussing, evaluating, and illustrating each in the context of historical and contemporary economies, reviewing featured applications in both developed economies and emerging-market countries, and indicating where future innovations can have large impact. Throughout, Townsend emphasizes the general equilibrium impact of DLT innovations, the welfare gains from these innovations, and related regulatory innovations. He analyzes four crucial components of distributed ledgers—ledgers as accounts, e-messages and e-value transfers, cryptography, and contracts—assessing each in terms of both economics and computer science, and forges some middle ground. Relatedly, Townsend highlights hybrid systems in which some of these components allow useful innovation while legacy or alternative pieces deal with the problem of scale. The specific applications he analyzes include an intelligent financial automated system that provides financial services to unbanked and under-banked populations, and cross-border payments systems, including financial systems that can integrate credit and insurance with clearing and settlement. Finally, Townsend considers cryptocurrencies, discussing the role and value of tokens in economies with distributed ledger systems. 2022-02-21T15:13:04Z 2022-02-21T15:13:04Z 2020 book ONIX_20220221_9780262361194_120 9780262361194 9780262539876 https://directory.doabooks.org/handle/20.500.12854/78600 eng The MIT Press image/jpeg n/a https://doi.org/10.7551/mitpress/13382.001.0001 The MIT Press The MIT Press ae0cf962-f685-4933-93d1-916defa5123d 9780262361194 9780262539876 The MIT Press 240 Cambridge open access |
| spellingShingle | Bitcoin blockchain distributed ledgers distributed ledger technology DLT decentralization smart contracts tokens currency cashless economy e-money payment system Encryption proof of work proof of stake Ethereum Libra Ripple Stellar Algorand central banks mechanism design algorithmic digital reserve bank Townsend Thai project thema EDItEUR::K Economics, Finance, Business and Management::KF Finance and accounting::KFF Finance and the finance industry::KFFL Credit and credit institutions thema EDItEUR::U Computing and Information Technology::UD Digital Lifestyle and online world: consumer and user guides::UDB Internet guides and online services::UDBM Online finance and investing thema EDItEUR::U Computing and Information Technology::UY Computer science::UYF Computer architecture and logic design::UYFP Parallel processing Townsend, Robert M. Distributed Ledgers |
| title | Distributed Ledgers |
| title_full | Distributed Ledgers |
| title_fullStr | Distributed Ledgers |
| title_full_unstemmed | Distributed Ledgers |
| title_short | Distributed Ledgers |
| title_sort | distributed ledgers |
| topic | Bitcoin blockchain distributed ledgers distributed ledger technology DLT decentralization smart contracts tokens currency cashless economy e-money payment system Encryption proof of work proof of stake Ethereum Libra Ripple Stellar Algorand central banks mechanism design algorithmic digital reserve bank Townsend Thai project thema EDItEUR::K Economics, Finance, Business and Management::KF Finance and accounting::KFF Finance and the finance industry::KFFL Credit and credit institutions thema EDItEUR::U Computing and Information Technology::UD Digital Lifestyle and online world: consumer and user guides::UDB Internet guides and online services::UDBM Online finance and investing thema EDItEUR::U Computing and Information Technology::UY Computer science::UYF Computer architecture and logic design::UYFP Parallel processing |
| topic_facet | Bitcoin blockchain distributed ledgers distributed ledger technology DLT decentralization smart contracts tokens currency cashless economy e-money payment system Encryption proof of work proof of stake Ethereum Libra Ripple Stellar Algorand central banks mechanism design algorithmic digital reserve bank Townsend Thai project thema EDItEUR::K Economics, Finance, Business and Management::KF Finance and accounting::KFF Finance and the finance industry::KFFL Credit and credit institutions thema EDItEUR::U Computing and Information Technology::UD Digital Lifestyle and online world: consumer and user guides::UDB Internet guides and online services::UDBM Online finance and investing thema EDItEUR::U Computing and Information Technology::UY Computer science::UYF Computer architecture and logic design::UYFP Parallel processing |
| url | ONIX_20220221_9780262361194_120 |
| work_keys_str_mv | AT townsendrobertm distributedledgers |