The Cambridge Centre for Alternative Finance (CCAF), at the University of Cambridge
Judge Business School, the global leader in Fintech research, has published a
document entitled “Distributed Ledger Technology Systems: A Conceptual
Framework.”
The authors aim to provide a common framework and
terminology for the fast emerging Distributed Ledger Technology (DLT) industry also
frequently referred to as Blockchain.
This can be helpful in dispelling the confusion that surrounds the DLT /
Blockchain industry.
The report provides a list of the key characteristics of a
DLT system, which must be capable of ensuring:
- shared record keeping;
- multi-party consensus on a shared set of records;
- independent validation by each participant;
- evidence of non-consensual changes;
- resistance to tampering.
The research report also clarifies the forms of data within a DLT
structure, by classifying the data as “transactions”, “logs”, “records”,
“journals” and “ledger” – based on the extent the data has been processed by a
DLT system’s network.
The final outcome – the “ledger” – is defined as a set of
records “held in common by a substantial proportion of network participants”.
The research report is designed to serve as a tool for
policymakers, industry participants, researchers, and investors to gain a
better understanding of the characteristics and inner workings of a DLT system,
and the roles that various actors play in the system.
You can view / download the full report here
