欧洲央行分布式账本技术报告

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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