MilneKavuriDistributedLedgersFinalVersionCombinedJan2020.pdf (2.2 MB)
Evolution or revolution? Distributed ledger technologies in financial services
journal contribution
posted on 2020-08-11, 10:50 authored by Anil KavuriAnil Kavuri, Alistair MilneAlistair MilneThis paper is an examination of adoption of distributed ledgers in financial services. We
review more than one hundred initiatives and a large practitioner literature, considering
fourteen areas of application and seven case studies, in order to provide both a conceptual
analysis of these technologies and to review their current and prospective adoption in
financial services. There are several component technologies applied in distributed ledger,
many offering substantial commercial and operational benefits even applied outside of a
distributed ledger and best viewed as part of the broader picture of ongoing digitalization
of financial services using various data technologies. Our findings suggest that decision
makers can take a pragmatic approach to distributed ledgers, not be concerned about this
technology upending their business but be open to cross industry co-operation where this
is strategically justified and to then adopt what works to improve outcomes for customers
and other stakeholders. Overall, distributed ledgers and crypto assets, are really a
distraction from the wider and more important issues of ongoing digitisation and
automation of financial services. Data sharing and cross industry co-operation – as well as
well as enlightened public policy to promote adoption of new technologies, competition and
prudential and systemic safety – are crucial to this digital revolution. This does not depend
on widespread adoption of distributed ledgers.
History
School
- Business and Economics
Department
- Economics
Published in
CAMA Working PaperIssue
4Publisher
Crawford School of Public PolicyVersion
- NA (Not Applicable or Unknown)
Publication date
2020-01-29Notes
Source info: CAMA Working Paper No. 4/2020Publisher version
Language
- en
Depositor
Prof Alistair Milne Deposit date: 7 August 2020Usage metrics
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