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1、OccasionalPaperSeriesAndreaPinnaDistributedledgertechnologiesinWiebeRuttenbergsecuritiespost-tradingRevolutionorevolution?No172/April2016Note:ThisOccasionalPapershouldnotbereportedasrepresentingtheviewsoftheEuropeanCentralBank(ECB).Theviewsexpressedarethoseof
2、theauthorsanddonotnecessarilyreflectthoseoftheECBContentsAbstract2Executivesummary31Introduction62Distributedledgertechnologies(DLTs)andtheirspecifications82.1WhatareDLTsandwhytheirspecificationsmatter82.2UnrestrictedversusrestrictedDLTs102.3Validationmethods
3、122.4Blockchainasadatabasestructure152.5Consensusledgers172.6Smartcontracts183Thecurrentpost-tradelandscape194DLTsandthefutureofpost-tradinginsecuritiesmarkets224.1PotentialimpactofDLTsindifferentlayersofpost-trading224.2Governanceofdistributedledgers274.3Ove
4、rallimpactofdifferentlevelsofimplementationonthepost-tradelandscapeforsecurities285Conclusions32References33Acknowledgements34ECBOccasionalPaper172,April20161AbstractOverthelastdecade,informationtechnologyhascontributedsignificantlytotheevolutionoffinancialma
5、rkets,without,however,revolutionisingthewayinwhichfinancialinstitutionsinteractwithoneanother.Thismaybeabouttochange,assomemarketplayersarenowpredictingthatnewdatabasetechnologies,suchasblockchainandotherdistributedledgertechnologies(DLTs),couldbethesourceofa
6、nimminentrevolution.ThispaperanalysesthemainfeaturesofDLTsthatcouldinfluencetheirpotentialadoptionbyfinancialinstitutionsanddiscusseshowtheuseofthesetechnologiescouldaffecttheEuropeanpost-trademarketforsecurities.TheoriginalprotocolunderlyingDLTshasitsrootsin
7、theanarchicworldofvirtualcurrencies,whichoperateoutsidetheconventionalfinancialsystem.ThepublicdebateonDLTshasalsobeenverymuchfocusedontherevolutionarypotentialofthetechnology.Thispaperconcludesthat,irrespectiveofthetechnologyusedandthemarketplayersinvolved,c
8、ertainprocessesthatfeatureinthepost-trademarketforsecuritieswillstillneedtobeperformedbyinstitutions.DLTscould,however,stimulateareorganisationoffinancialmarkets,whichcouldinturn:(i)reduc
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