文档介绍：Occasional Paper Series
Andrea Pinna Distributed ledger technologies in
Wiebe Ruttenberg
securities post-trading
Revolution or evolution?
No 172 / April 2016
Note: This Occasional Paper should not be reported as representing the views of the European Central Bank
(ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB
Contents
Abstract 2
Executive summary 3
1 Introduction 6
2 Distributed ledger technologies (DLTs) and their specifications 8
What are DLTs and why their specifications matter 8
Unrestricted versus restricted DLTs 10
Validation methods 12
Blockchain as a database structure 15
Consensus ledgers 17
Smart contracts 18
3 The current post-trade landscape 19
4 DLTs and the future of post-trading in securities markets 22
Potential impact of DLTs in different layers of post-trading 22
Governance of distributed ledgers 27
Overall impact of different levels of implementation on the post-
trade landscape for securities 28
5 Conclusions 32
References