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Blockchains and distributed ledgers in retrospective and perspective

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  • Alexander Lipton

Abstract

Purpose - The purpose of this paper is to introduce blockchains and distributed ledgers and describe their potential applications to money and banking. Design/Methodology/Approach - The analysis compares public and private ledgers and outlines the suitability of various types of ledgers for different purposes. Furthermore, a few historical prototypes of blockchains and distributed ledgers are presented, and results of their hard forking are illustrated. Next, some potential applications of distributed ledgers to trading, clearing and settlement, payments, trade finance, etc. are outlined. Findings - Monetary circuits are argued to be natural applications for blockchains. Finally, the role of digital currencies in modern society is articulated and various forms of digital cash, such as central bank issued electronic cash, bank money, Bitcoin and P2P money, are compared and contrasted.

Suggested Citation

  • Alexander Lipton, 2018. "Blockchains and distributed ledgers in retrospective and perspective," Journal of Risk Finance, Emerald Group Publishing Limited, vol. 19(1), pages 4-25, January.
    • Handle: RePEc:eme:jrfpps:jrf-02-2017-0035
    DOI: 10.1108/JRF-02-2017-0035
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    Cited by:

    1. Haoqian Zhang & Cristina Basescu & Bryan Ford, 2020. "Economic Principles of PoPCoin, a Democratic Time-based Cryptocurrency," Papers 2011.01712, arXiv.org.
    2. Volker Brühl, 2021. "Decentralised Finance — wie die Tokenisierung die Finanzindustrie verändert [Decentralised Finance (DeFi) — How Tokenisation is Changing the Financial Industry]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 101(8), pages 629-637, August.
    3. Carlos Alberto Durigan Junior & Mauro De Mesquita Spinola & Rodrigo Franco Gonc{c}alves & Fernando Jos'e Barbin Laurindo, 2024. "Central Bank Digital Currency: The Advent of its IT Governance in the financial markets," Papers 2407.07898, arXiv.org.

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    Keywords

    Blockchains;

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