scholarly journals RBI Distributed Ledger Technology and Blockchain - A Future of Decentralized India

2020 ◽  
pp. 227-237
Author(s):  
Bhuvana R. ◽  
P. S. Aithal
Keyword(s):  
Central Bank ◽  
New Technologies ◽  
Secondary Data ◽  
Central Banks ◽  
Central Banking ◽  
Indian Government ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Monetary Economy

Despite various countries getting hands-on technology such as blockchain for banking, transaction, and multiple benefits, a developing country such as India must use these technologies because of the advantages it provides in order to keep pace. In the age of digital currencies and new emerging technologies, central banking is a fast-growing topic in the monetary economy. Cryptocurrencies, blockchain, and distributed Ledger technologies appear to be feasible rivals to Fiat Currency central bank. Blockchain technology's influence behind Cryptocurrencies. Cryptocurrencies have the ability to boost payments and operations by central banks and serve as a forum from which central banks could Perhaps launch their own digital currencies. RBI Indian central bank is no less important when it comes to technology that would pave the way for the new economy, enriched with technology-centric growth momentum, by increasing support from India's reserve bank and the Indian government for innovation and integrating technologies through regulatory sandboxes and various other systems. This article illustrates distributed ledger technology in the Indian context. The secondary data were obtained from various scholarly journals and websites. We have analysed distributed ledger technology, India’s move towards learning new technologies, different central banks distributed ledger project and examined blockchain technology in the Indian market using the SWOC framework as a research case study.

scholarly journals Use of distributed ledger technology by central banks: A review

Enfoque UTE ◽  
2017 ◽  
Vol 8 (5) ◽  
pp. 1-13 ◽  
Author(s):  
César A. Del Río
Keyword(s):  
Central Bank ◽  
Network Effects ◽  
Central Banks ◽  
Distributed Ledger ◽  
Distributed Ledger Technology

This paper reviews what stage the central banks of the world’s leading economies are at in their study and adoption of distributed ledger technology (DLT) to reengineer their various systems and functions. A brief description of DLT will be given, followed by an analysis of central banks’ publications and pronouncements to determine what each central bank is doing on their journey to DLT adoption. It was found that of the central banks for which information was available, all of them have expressed interest in DLT and have evaluated it to some extent. Nevertheless, no central bank has an operational DLT-based system at this point. This is because some issues remain regarding the speed, cost of processing, security, transparency and privacy, legal settlement finality, scalability and network effects of the technology. As DLT matures, the expectation is that these issues will begin to be resolved.

scholarly journals Blockchain as a Type of Distributed Ledger Technology

2016 ◽  
Vol 3 (2) ◽  
pp. 127-136 ◽  
Author(s):  
Koteswara Rao Ballamudi
Keyword(s):  
Data Privacy ◽  
New Technologies ◽  
Self Regulation ◽  
State Level ◽  
Privacy And Security ◽  
Consensus Algorithms ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Wide Range

Distributed ledger technology (DLT) that stores data (usually immutable and sequenced transaction records) in a decentralized way through cryptography and consensus algorithms. The first widely recognized implementation of the blockchain took place in 2009 on the Bitcoin public blockchain. Since then, other types of blockchain have been developed for a wide range of applications and features built on common principles such as decentralization, encryption, consensus, and immutability. In particular, blockchain technology is most widely used in transaction settlement and digital currency banks and the financial sector, as well as in supply chain applications that help participants solve problems quickly and efficiently. Other use cases continue to be developed. As a form of information management, blockchain and related DLTs offer advantages over traditional databases and may help develop certain new technologies such as the Internet of Things. Blockchain regulation is currently restricted at the international and federal levels, but state-level legislation provides support and awareness of aspects of blockchain technology. Most of the current regulations are in the form of self-regulation by blockchain developers and related communities, but many challenges and risks such as data privacy and security need to be addressed in the near future.

scholarly journals Digital Euro: A (Digital) Symbol of Progress and Integration in Europe

2021 ◽  
Vol 9 (1) ◽  
pp. 74-82
Author(s):  
Camelia Ignatescu ◽  
Raluca Onufreiciuc
Keyword(s):  
Central Bank ◽  
Central Banks ◽  
Bank Deposits ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Central Bank Money ◽  
If Current ◽  
Bank Money ◽  
Digital Assets ◽  
Digital Symbol

The emergence of crypto assets such as Bitcoin and Ether exposed a number of advantages that these digital assets based on distributed ledger technology (DLTs) can offer. As cash is becoming less and less popular in the eurozone, the European Central Bank (ECB) is currently looking at the scenario of creating a digital euro as a kind of central bank money that may be used by the general public. DLT may be used to tokenize central bank money via digital currencies (CBDCs) issued by central banks, as well as to digitally represent bank deposits. The purpose of this article is to analyse what are the solutions for the future digitization of the monetary and financial systems and if current CBDC projects and prototypes, including those by the Chinese and Swedish central banks and the attempts of the ECB, have the chance to succeed with or without DLT.

scholarly journals Blockchain, Securities Markets, and Central Banking

2019 ◽  
pp. 213-228 ◽  
Author(s):  
Alexandros L. Seretakis
Keyword(s):  
Financial Markets ◽  
Global Financial Crisis ◽  
Central Banks ◽  
Market Participants ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Widespread Adoption ◽  
Clearing And Settlement ◽  
The Global Financial Crisis

Distributed ledger technology, a variant of which is blockchain technology, represents one of the most important innovations of the FinTech revolution. Academics, policy-makers, and market participants are experimenting with the technology with the aim of enhancing the functioning of financial markets. Industry consortia are being formed by the biggest financial institutions in the world seeking to leverage the use of the technology, in order to improve the clearing and settlement process. Furthermore, central banks in advanced and developing economies are examining the potential of using the technology in market infrastructures operated by central banks and are even exploring the possibility of issuing digital base money. Nevertheless, the widespread adoption of distributed ledger technology as envisioned by its ardent supporters encounters considerable legal obstacles, including the numerous new regulations imposed on financial markets and market participants in the aftermath of the Global Financial Crisis. This chapter seeks to disentangle the myths from the realities of the so-called distributed ledger technology or blockchain revolution and discusses how the legal regime can act both as an impediment and a catalyst to the widespread adoption of the technology.

scholarly journals Blockchain and the Law

2019 ◽  
Author(s):  
Dariusz Szostek
Keyword(s):  
New Technologies ◽  
Legal Aspects ◽  
Digital Economy ◽  
Smart Contracts ◽  
Legal Regulations ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
It Managers

This book analyses the new blockchain and Distributed Ledger Technology (DLT) in term of its impact on law, contracts and the digital economy. It discusses global legislation in the blockchain and its implications. The analysis of contracts includes the Bitcoin system and the Bitcoin Blockchain. The book is written in an international and European perspective. It is characterised by a practical approach and addressed to lawyers who want to deepen their knowledge about legal aspects of new technologies such as the blockchain and other modern IT tools, but also to entrepreneurs, IT specialists, developers and IT managers in the implementation of DLT and block technologies The book covers the following topicsChapter I Blockchains and DLT in the digital economy Chapter II Blockchains, DLT – basic terms Chapter III Blockchains in finance Chapter IV Durable media with blockchain technology Chapter V "Smart Contracts" Chapter VI The future of blockchain solutions in legal regulations (an initiated discussion). Prof. UO dr hab. Dariusz Szostek is Director of the Centre for Legal Problems of Technic and New Technologies at the Faculty of Law University of Opole.

scholarly journals Central Bank Independence, Transparency and Accountability Indexes: a Survey

2014 ◽  
Vol 7 (1) ◽  
pp. 35-54 ◽  
Author(s):  
Florin Cornel Dumiter
Keyword(s):  
Central Bank ◽  
Central Banks ◽  
Central Banking ◽  
Central Bank Independence ◽  
Advantages And Disadvantages ◽  
Aggregate Index ◽  
Central Bank Transparency ◽  
Considerable Impact ◽  
High Degree ◽  
Transparency And Accountability

Abstract Recently, the remarkable trend upon central bank independence and the efficient monetary policy were seriously highlighted in the monetary economics field. Starting from 1990s’ central bank independence was at the core of policy making and central banking problems, because of the widespread economical, political, personal and budgetary autonomy of the central bank. Nowadays, we can observe an increasing trend upon central bank transparency, for evaluating more accurate the central bank’s performances by the wide public, mass-media and financial markets. Consequently, a central bank must encompass a high degree of accountability and responsibility, because of the final liability in case of failure. In this paper we present, analyze and assess the construction of the most important indices regarding central bank independence, transparency and accountability in a chronological manner, presenting also the advantages and disadvantages of these indices related to actual practices of central banks. Moreover, we analyze the analytical results of the empirical testing of these indices with a considerable impact upon the developed and developing country group. In regard with the empirical results of different authors, we suggest the importance and the necessity for constructing an aggregate index for measuring central bank independence, transparency and accountability, based on de jure stipulations and the actual practices of the central banks.

Blockchain Technology as a Bridging Infrastructure Among Formal, Non-Formal, and Informal Learning Processes

2021 ◽  
pp. 959-970
Author(s):  
Aras Bozkurt ◽  
Hasan Ucar
Keyword(s):  
Informal Learning ◽  
Lifelong Learning ◽  
Educational Experiences ◽  
Learning Processes ◽  
Web 3.0 ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Educational Processes ◽  
Formal And Informal Learning

Blockchain is an online decentralized and distributed ledger technology that has the ability to keep and track records in a safe, verifiable, and transparent manner. More significantly, it has an infrastructure that is compatible with Web 3.0, which offers great potential for lifelong learning. This chapter explains the different modalities of learning (formal, non-formal, informal), blockchain technology, and its current use in educational processes. Based on the findings, the authors suggest that blockchain technology can be used to connect and interlink different educational experiences that occur in different educational modalities, enabling us to evaluate educational processes holistically and thus promote lifelong learning through the use of cutting-edge technologies.

The Over-Burdened Central Bank and the Shift Away from Autonomy

2017 ◽  
Author(s):  
Pierre L. Siklos
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Financial Stability ◽  
Central Banks ◽  
Central Banking ◽  
Forward Guidance ◽  
Self Assessments ◽  
Crisis Conditions ◽  
Central Bankers ◽  
Influence Behavior

Many central banks took on additional responsibilities. Inadequate self-assessments remain unfinished almost a decade after the crisis erupted. Government-central bank relationships need to be conditioned on whether times are normal versus crisis conditions. Transparency confronts ambiguity when central banks must communicate the outlook and the conditionality of their decisions. Forward guidance was taken too far and ended up being futile. Central bankers simply exhausted their ability to influence behavior through mere words or ambiguous statements. This is a self-inflicted wound for institutions that are seen as overburdened. These forces leave central banking more vulnerable than is commonly acknowledged. Squaring the conventional objectives of monetary policy with the unclear aims of financial stability is difficult. Adequate limitations on the authority of central banks have yet to be thoroughly debated. We are nowhere near resolving the inherent tensions between old and new sets of central bank objectives.

scholarly journals Prospective applications of new technologies and artificial intelligence for systematizing the results of intellectual activity

2020 ◽  
Vol 224 ◽  
pp. 03018
Author(s):  
L Novoselova ◽  
E Grin
Keyword(s):  
Artificial Intelligence ◽  
Intellectual Property ◽  
New Technologies ◽  
Intellectual Activity ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Key Characteristics ◽  
Legal Structures ◽  
The Russian Federation ◽  
Ministry Of Higher Education

The article addresses the prospects of using distributed ledger technologies – blockchain and artificial intelligence – for the purpose of systematizing the rights to the results of intellectual activity for their subsequent commercialization. The authors describe the key characteristics of the distributed ledger technology and review various legal problems pertaining to the use of blockchain technologies. The authors draw conclusions regarding the prospects of using blockchain and artificial intelligence technologies as measures for rapid prevention and elimination of intellectual rights violations. They also express their views on the process of commercializing intellectual property and reducing the number of conflicts related to the inclusion of intellectual property objects into distributed ledger systems. The article was prepared with the financial support of the Ministry of Higher Education and Science of the Russian Federation within the framework of the research “Scientific and methodological support for the development of theoretical and applied legal structures (models) of accounting and disposal of rights to the results of intellectual activity (technology transfer)

scholarly journals Możliwości zastosowania sztucznej inteligencji i blockchain… w działalności archiwalnej. Przegląd doświadczeń zagranicznych

Archeion ◽  
2021 ◽  
Vol 122 ◽  
Author(s):  
Robert Stępień
Keyword(s):  
Artificial Intelligence ◽  
New Technologies ◽  
Review Of Literature ◽  
Digital Form ◽  
Sensitive Data ◽  
Electronic Documents ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Archival Work ◽  
Selection Of

W artykule przedstawiono możliwości zastosowania technologii sztucznej inteligencji oraz blockchain w działalności archiwalnej. Przedmiotem analizy były wyniki projektów badawczych realizowanych w ostatnich latach z udziałem zagranicznych archiwów. Tekst artykułu powstał w oparciu o przegląd anglojęzycznej literatury przedmiotu. Szczególną uwagę zwrócono na informacje zawarte w raportach i sprawozdaniach z badań poświęconych problematyce wykorzystania nowych technologii na gruncie archiwalnym. Przedstawione w artykule przykłady dowodzą, że sztuczna inteligencja i blockchain znajdują zastosowanie w różnych obszarach działalności współczesnych archiwów. Technologie na nich oparte mają potencjał, aby zautomatyzować procesy wartościowania i selekcji dokumentacji elektronicznej oraz wspierać identyfikację danych wrażliwych zawartych w e-dokumentach. Innym polem ich zastosowania są systemy wyszukiwania i udostępniania materiałów archiwalnych w postaci cyfrowej, jak też platformy do rozpoznawania tekstu i struktury dokumentów historycznych. Blockchain, czyli technologia rozproszonego rejestru i łańcuchów blokowych, pozwala zachować integralność i autentyczność obiektów cyfrowego dziedzictwa archiwalnego. Possibilities of using artificial intelligence and blockchain in archival activities. Review of international experiences The article presents the possibilities of using artificial intelligence and blockchain technology in archival activity. The analysis covers results of research projects carried out in recent years with participation of foreign archives. The text of the article is based on a review of literature available in English. Particular attention was given to information contained in research reports devoted to application of new technologies in archival work. The examples presented in the article prove that artificial intelligence and blockchain are used in various areas of activity of modern archives. Technologies based on them have the potential to automate the processes of evaluation and selection of electronic documents and to support identification of sensitive data contained in e-documents. Another possible field of application for such technologies are the systems for searching and accessing archival materials in digital form, as well as platforms for recognition of text and structure of historical documents. Blockchain, or distributed ledger and blockchain technology, preserves the integrity and authenticity of digital archival heritage objects.

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