IDEAS home Printed from https://ideas.repec.org/a/aza/jpss00/y2016v10i2p172-180.html
   My bibliography  Save this article

Payment and exchange transactions in shared ledgers

Author

Listed:
  • Greenspan, Gideon

Abstract

This paper examines three alternative architectures for financial ledgers: (1) centralised databases, (2) bitcoin-style blockchains and (3) Ethereum-style blockchains. It outlines the transaction model for these three types of ledger, covering both one-way payments and two-way atomic exchanges (delivery versus payment). Of particular note is how these architectures assign responsibility for maintaining the integrity of the ledger, to ensure that transactions do not create or delete funds and only move assets with the proper authorisation of their owners. Although Ethereum-style blockchains have many similarities to centralised databases with stored procedures, bitcoin-style blockchains are fundamentally different both at the ledger and transaction level.

Suggested Citation

  • Greenspan, Gideon, 2016. "Payment and exchange transactions in shared ledgers," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 10(2), pages 172-180, June.
    • Handle: RePEc:aza:jpss00:y:2016:v:10:i:2:p:172-180
    as

    Download full text from publisher

    File URL: https://hstalks.com/article/1025/download/
    Download Restriction: Requires a paid subscription for full access.
    File URL: https://hstalks.com/article/1025/
    Download Restriction: Requires a paid subscription for full access.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Keywords

    shared ledger; distributed ledger; blockchain; bitcoin; Ethereum;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aza:jpss00:y:2016:v:10:i:2:p:172-180. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Henry Stewart Talks (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.