The mechanism of using distributed ledger technology by payment systems: advantages and disadvantages

KYC Optimization Using Distributed Ledger Technology

The know-your-customer (KYC) due diligence process is outdated and generates costs of up to USD 500 million per year per bank. The authors propose a new system, based on distributed ledger technology (DLT), that reduces the costs of the core KYC verification process for financial institutions and improves the customer experience. In the proposed system, the core KYC verification process is only...

Crypto Currencies and the Blockchain Technology: An Evolutionary Review of Money and the Payment Systems

In this paper we utilize the main findings from the recent literature to set the economic foundation for the existence of money, its modern interpretation as “memory” (Chokerlakota 1998) and how the Blockchain technology has empowered crypto currencies to perform this role in the information age.  To locate the issue in a historical perspective and in line with this strand of thought, we consid...

Scripting smart contracts for distributed ledger technology

We give an overview of the scripting languages used in existing cryptocurrencies, and in particular we review in some detail the scripting languages of Bitcoin, Nxt and Ethereum, in the context of a high-level overview of Distributed Ledger Technology and cryptocurrencies. We survey different approaches, and give an overview of critiques of existing languages. We also cover technologies that mi...

Advantages and Disadvantages of the Methods of Describing Concurrent Systems

This paper provides a review of existing paradigms for modelling concurrent processes. First we describe in short some formal methods designed for the development of the theory of concurrency. Because no unified theory or calculus for concurrency has showed up, we concentrate on interaction categories and their features relevant for our purposes. They are able to describe some essential feature...

Payment systems: liquidity saving mechanisms in a distributed ledger environment – Stella project report