Blockchain and other distributed ledger technologies (DLT) have
attracted interest from a wide variety of stakeholders because of
their potential as a transformative force across diverse
industries. While some may dismiss this excitement as hype (see our
recent
comment on a chapter released by the Bank for International
Settlements, which questions the use of cryptocurrency as money),
we believe DLT is a profoundly powerful technology that should not
be underestimated.
Distributed ledgers and blockchain
Today, simple transactions carried out in bulk require numerous
parties to maintain their own transaction records, or to verify
those of others. Accidental (or possibly deliberate)
inconsistencies can arise, so parties rely on systems built around
trusted third parties. DLT has emerged as an alternative mechanism
for storing and transmitting data, by giving network participants
access to a shared, synchronized record of transactions. DLT
networks are constructed
