Understanding Modern Banking Ledgers through Blockchain Technologies: Future of Transaction Processing and Smart Contracts on the Internet of Money

By Gareth William Peters, Efstathios Panayi. arXiv.org, 2015

746 citations recorded by the source corpus.

In this chapter we provide an overview of the concept of blockchain technology and its potential to disrupt the world of banking through facilitating global money remittance, smart contracts, automated banking ledgers and digital assets. In this regard, we first provide a brief overview of the core aspects of this technology, as well as the second-generation contract-based developments. From there we discuss key issues that must be considered in developing such ledger based technologies in a banking context.

Subfields: Information Systems, Management Information Systems, Marketing

View Paper: https://www.semanticscholar.org/paper/0a84a077ada2acb6918e7764fafcd28f667dae28

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Citations in the corpus

KEVM: A Complete Formal Semantics of the Ethereum Virtual Machine (2018, background): “Among other features, these contracts can tally user votes, communicate with other contracts, store or represent tokens and digital assets, and send or receive money in cryptocurrencies, without requiring trust in any third party to faithfully execute the contract [10] [11].”
Understanding the Blockchain technology adoption in supply chains-Indian context (2018, background): “Blockchain will make transactions more instantaneous and cheaper (Peters and Panayi 2016).”
Blockchain-Based Privacy Preserving Deep Learning (2018, background): “Blockchain 2.0 introduces the concept of smart contracts [32], which is no longer limited to transactions between currencies, and there will be more extensive instruction embedded in the blockchain.”
Consortium Blockchain for Secure Energy Trading in Industrial Internet of Things (2018, background): “As the network grows, the predefined nodes are also able to scale their computing power and storage resource in line with the increase in number of transactions [17].”
Survey on blockchain based smart contracts: Applications, opportunities and challenges (2021, background): “Escrow service: [70], [71] • Transparency • Non repudiation • Settlement is faster Settlement delays X X”
Governance in the Blockchain Economy: A Framework and Research Agenda (2018, background): “In permissionless blockchains, all nodes can validate transactions, while in permissioned blockchains, only nodes that have been preregistered can validate transactions (Peters & Panayi, 2016).”
Blockchain challenges and opportunities: a survey (2018, methodology): “Blockchain could be used in many areas, such as IoT (Christidis and Devetsikiotis, 2016) and banking services (Peters and Panayi, 2015).”
Blockchain technology and its relationships to sustainable supply chain management (2018, background): “The contract executes its code whenever it receives a message, either from a player in the network or from another contract and updates the ledgers accordingly if the contractual terms of its public or private network are met (Peters and Panayi 2016).”
Privacy-Preserving Solutions for Blockchain: Review and Challenges (2019, background): “Other relevant scenarios of the application of blockchain are represented by manufacturing/supply chain [159] and financial [160] sectors.”
Blockchain Technology and Decentralized Governance: Is the State Still Necessary? (2017, background): “Data integrity, in particular, consisting of “accuracy and consistency of data”, includes “both the provenance of the data and the preservation of integrity through transformation” (Peters & Panayi, 2015).”
Overview of business innovations and research opportunities in blockchain and introduction to the special issue (2016, background): “Blockchain has been proposed as an innovative solution to areas such as clearing and settlement of financial assets, payment systems, smart contracts, operational risks in financial market, and so on (Kakavand et al. 2016; Peters and Panayi 2015).”
Blockchain-Enabled Smart Contracts: Architecture, Applications, and Future Trends (2019, background): “Nowadays, banking is hampered by the inefficiencies of traditional processes of clearing and settlement for financial assets [8-9].”