This paper discusses the economics of how Bitcoin achieves data immutability, and thus payment finality, via costly computations, ie "proof-of-work". Further, it explores what the future might hold for cryptocurrencies modelled on this type of consensus algorithm. The conclusions are, first,...

The spread of distributed ledger technology (DLT) in finance could help to improve the efficiency and quality of supervision. This paper makes the case for embedded supervision, ie a regulatory framework that provides for compliance in tokenised markets to be automatically monitored by reading...

Blockchain is one of the most disruptive innovations in the field of technology in 21st century. Blockchain, a distributed ledger technology (DLT) and smart contracts, has emerged as a ground-breaking application in the financial sector. The three key properties of Blockchain technology,...

The emergence of so-called "decentralised finance" (DeFi) and a shadow financial system of cryptocurrency exchanges and stablecoin issuers raises the challenge of how to apply technology-neutral regulation so that similar risks are subject to the same rules. This paper makes the case for...

This paper discusses the economics of how Bitcoin achieves data immutability, and thus payment finality, via costly computations, i.e., proof-of-work." Further, it explores what the future might hold for cryptocurrencies modelled on this type of consensus algorithm. The conclusions are, first,...

Cryptocurrencies are often thought to operate out of the reach of national regulation, but in fact their valuations, transaction volumes and user bases react substantially to news about regulatory actions. The impact depends on the specific regulatory category to which the news relates: events...

Current shareholder engagement systems face large classical inefficiencies. First, due to the large chains of intermediaries in the current securities models, transaction costs are high and shareholder votes and other information are not always correctly transmitted between shareholders and...

The spread of distributed ledger technology (DLT) in finance could help to improve the efficiency and quality of supervision. This paper makes the case for embedded supervision, i.e., a regulatory framework that provides for compliance in tokenized markets to be automatically monitored by...

For many countries worldwide, small and medium enterprises (SMEs) are the backbones of their economy, more than half of the overall world population is working for SMEs. Historically, research studies on SME lending have emphasised that SMEs are less transparent and have an information advantage...

Beyond bitcoin, blockchain technology has acquired attention and importance in its own right. Today, it is conceptually accepted that blockchain stands out as a disruptive technology that will change a number of processes in financial services and could in turn impact corporate governance. This...