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He's young. We recommend you use Chrome, Firefox, or Safari instead. X Economic Perspectives, Vol. McPartland , Rajeev Ranjan Introduction and summary Blockchain technology is likely to be a key source of future financial market innovation. It allows for the creation of immutable records of transactions accessible by all participants in a network. Each block records one or more transactions, which are essentially changes in the listed owner of assets.
New blocks are added to the existing chain through a consensus mechanism in which members of the blockchain network confirm transactions as valid. The bitcoin ecosystem represents the largest implementation of blockchain technology to date. In this article, we provide a brief overview of what blockchain technology is, how it works, and some potential applications and challenges. What is a blockchain database? A blockchain database has a network of users, each of which stores its own copy of the data, giving rise to another term for blockchain technology: distributed ledger technology DLT.
Basic elements of a DLT network are: a digital ledger, a consensus mechanism used to confirm transactions, and a network of node operators see figure 1 for the network setup. Generally speaking, the terms DLT and blockchain are used interchangeably in position papers and popular media, though DLT is considered by some to be a more general term.
Figure 1. As one industry participant involved in developing blockchain technology described it, blockchain technology is essentially a new approach to database architecture. While there are various ways of organizing data, traditionally, the vast majority of databases have been relational, storing data in tables that users can update and search. Users sharing a database must trust the central authority to keep the records accurate and maintain the technological infrastructure necessary to prevent data loss from equipment failure or cyberattacks.
This central authority represents a single point of failure; if the central authority fails, the database is lost. Users who do not trust one another must maintain separate databases that they periodically reconcile. How does blockchain technology work?
The key elements of a blockchain-based ledger, those that will enable future efficiency gains, are the distributed nature of the ledger, its immutable character, and the existence of an agreed-upon consensus mechanism. These make it possible to automate transactions, providing for close to real-time settlement, while maintaining strong controls against fraud.
These benefits do not depend on the exact technical implementation of any given blockchain—implementations will continue to be worked out in the coming years. However, a high-level overview of how a blockchain works helps to inform discussions about potential applications of blockchain and challenges that may arise. Figure 2.
Once a transaction is added, it cannot be updated or deleted. Since all the versions of the ledgers are the same, consensus is achieved and the records are final. When a member of a blockchain network engages in a transaction, they submit the transaction to the network see figure 3.
Once the new transaction is discovered by the network, the consensus breaks, forcing other operators to either validate and update their records with the latest change or reject the new addition to the ledger. Figure 3. A consensus mechanism then confirms the submitted transaction as valid. There are various methods of achieving consensus on a blockchain, as we discuss below. At this point, it is simply important to understand that a blockchain database must have a mechanism through which participants agree to a change in the state of the ledger.
Once consensus is achieved, all ledgers are updated to reflect the new state see figure 4. How are transactions added to a blockchain? At its most basic level, a transaction on a blockchain is simply a change in the registered owner of an asset.
The process through which transactions are created and added to the blockchain is illustrated in figure 5. For person A to transfer an asset to person B, it is first necessary to determine if A is the rightful owner of that asset. This can be done by referencing past transactions in the blockchain and finding that, at some point, A received the asset and has not yet sold it.
Once this is done, A and B can agree to the transaction step 1. A block is created with the details of the new contract step 2 , and then A and B agree to the contract by adding their unique digital signatures steps 3 and 4. Once both parties have signed the transaction, a cryptographic hash is calculated that will be used to link this new transaction to the chain of previous transactions step 5.
The cryptographic hash is a string of characters associated with a given block that is difficult to calculate but easy to verify. This makes it simple to verify a legitimate block, but difficult to engineer and insert into the chain a block recording illegitimate transactions. Figure 4. After confirmation, the transaction is added to a block of recent transactions.
The updated blockchain would then be transmitted to all participants in the network so that everyone has a matching copy of the master ledger. Permissionless networks Blockchain technology was first used in to implement the digital currency bitcoin. The bitcoin blockchain is an example of a public network: It is open to any user who wishes to transact, and all users can see all transactions on the blockchain.
The network is also permissionless: New transactions are added to the blockchain through a cryptographic consensus mechanism requiring vast amounts of computing power to confirm transactions. This avoids the need for users to have their own database that they periodically reconcile against those of their counterparties. Instead, all transactions are recorded on a single database. Each user stores a copy of the database, so there is no single point of failure as exists with traditional relational databases.
Once they are added to the blockchain transactions cannot be undone, making the ledger an immutable record of all previous transactions. Figure 6 provides an illustration of a permissionless and public blockchain network. Figure 5. However, for applications in financial markets where 1 there are trusted intermediaries, 2 complete transparency is not always desirable, and 3 participants must comply with regulatory requirements, this decentralized system has shortcomings.
It is likely that applications of blockchain technology in financial markets will instead use private and permissioned blockchains. Private blockchains are only open to those participants that meet the membership criteria of the network, in contrast to public blockchains in which anyone is able to participate. Permissioned blockchains allow certain members to control the confirmation of transactions.
These permissioning members consensus authorities can exert control in various ways depending upon the network design. They could be responsible for explicitly approving transactions. Another option would be to designate the permissioning members as the sole members of the network able to participate in a cryptographic consensus mechanism.
Figure 7 provides an illustration of a permissioned and private blockchain network. Figure 6. If the concept is to implement permissioned distributed ledgers between trusted [parties] … why would you use blockchain technology when more efficient alternatives are available? They also alleviate some of the problems posed by the permissionless system, including its need for substantial computing resources to confirm transactions.
Regulatory imperatives such as Know Your Customer KYC and Anti-Money Laundering AML requirements provide further reasons to prefer permissioned blockchains for financial applications, as transactions on a fully public, permissionless blockchain are anonymous and open to all, while private systems can limit participants to those who are pre-approved and trusted.
Figure 7. In permissioned blockchains, it is also possible to put controls in place to allow varying levels of access to the information in the ledger. For example, regulators could be allowed to view all the details of a transaction in the ledger but not add any transactions, while users might be allowed to view selective details of the transactions depending on their access level see figure 8.
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