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dc.contributor.authorTownsend, Robert M.
dc.date.accessioned2022-02-21T15:13:04Z
dc.date.available2022-02-21T15:13:04Z
dc.date.issued2020
dc.identifierONIX_20220221_9780262361194_120
dc.identifier.urihttps://directory.doabooks.org/handle/20.500.12854/78600
dc.description.abstractAn 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.
dc.languageEnglish
dc.relation.ispartofseriesThe MIT Press
dc.subject.classificationthema EDItEUR::K Economics, Finance, Business and Management::KF Finance and accounting::KFF Finance and the finance industry::KFFL Credit and credit institutionsen_US
dc.subject.classificationthema 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 investingen_US
dc.subject.classificationthema EDItEUR::U Computing and Information Technology::UY Computer science::UYF Computer architecture and logic design::UYFP Parallel processingen_US
dc.subject.otherBitcoin
dc.subject.otherblockchain
dc.subject.otherdistributed ledgers
dc.subject.otherdistributed ledger technology
dc.subject.otherDLT
dc.subject.otherdecentralization
dc.subject.othersmart contracts
dc.subject.othertokens
dc.subject.othercurrency
dc.subject.othercashless economy
dc.subject.othere-money
dc.subject.otherpayment system
dc.subject.otherEncryption
dc.subject.otherproof of work
dc.subject.otherproof of stake
dc.subject.otherEthereum
dc.subject.otherLibra
dc.subject.otherRipple
dc.subject.otherStellar
dc.subject.otherAlgorand
dc.subject.othercentral banks
dc.subject.othermechanism design
dc.subject.otheralgorithmic digital reserve bank
dc.subject.otherTownsend Thai project
dc.titleDistributed Ledgers
dc.title.alternativeDesign and Regulation of Financial Infrastructure and Payment Systems
dc.typebook
oapen.relation.isPublishedByae0cf962-f685-4933-93d1-916defa5123d
oapen.relation.isbn9780262361194
oapen.relation.isbn9780262539876
oapen.imprintThe MIT Press
oapen.pages240
oapen.place.publicationCambridge


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