Payment and exchange transactions in shared ledgers
Abstract:This paper examines three alternative architectures for financial ledgers: (1) centralised databases, (2) bitcoin-style blockchains and (3) Ethereum-style blockchains. It outlines the transaction model for these three types of ledger, covering both one-way payments and two-way atomic exchanges (delivery versus payment). Of particular note is how these architectures assign responsibility for maintaining the integrity of the ledger, to ensure that transactions do not create or delete funds and only move assets with the proper authorisation of their owners. Although Ethereum-style blockchains have many similarities to centralised databases with stored procedures, bitcoin-style blockchains are fundamentally different both at the ledger and transaction level.
Document Type: Research Article
Publication date: 2016-06-01
Journal of Payments Strategy & Systems publishes peer-reviewed articles and case studies analysing best practice, emerging issues and new thinking in how to develop a profitable, customer-focused payments strategy. It examines major issues facing the corporate, wholesale and retail payments industry from a business, risk and operational perspective.
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