1,123 research outputs found

    Distributed Ledger Technology (DLT) Applications in Payment, Clearing, and Settlement Systems:A Study of Blockchain-Based Payment Barriers and Potential Solutions, and DLT Application in Central Bank Payment System Functions

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    Payment, clearing, and settlement systems are essential components of the financial markets and exert considerable influence on the overall economy. While there have been considerable technological advancements in payment systems, the conventional systems still depend on centralized architecture, with inherent limitations and risks. The emergence of Distributed ledger technology (DLT) is being regarded as a potential solution to transform payment and settlement processes and address certain challenges posed by the centralized architecture of traditional payment systems (Bank for International Settlements, 2017). While proof-of-concept projects have demonstrated the technical feasibility of DLT, significant barriers still hinder its adoption and implementation. The overarching objective of this thesis is to contribute to the developing area of DLT application in payment, clearing and settlement systems, which is still in its initial stages of applications development and lacks a substantial body of scholarly literature and empirical research. This is achieved by identifying the socio-technical barriers to adoption and diffusion of blockchain-based payment systems and the solutions proposed to address them. Furthermore, the thesis examines and classifies various applications of DLT in central bank payment system functions, offering valuable insights into the motivations, DLT platforms used, and consensus algorithms for applicable use cases. To achieve these objectives, the methodology employed involved a systematic literature review (SLR) of academic literature on blockchain-based payment systems. Furthermore, we utilized a thematic analysis approach to examine data collected from various sources regarding the use of DLT applications in central bank payment system functions, such as central bank white papers, industry reports, and policy documents. The study's findings on blockchain-based payment systems barriers and proposed solutions; challenge the prevailing emphasis on technological and regulatory barriers in the literature and industry discourse regarding the adoption and implementation of blockchain-based payment systems. It highlights the importance of considering the broader socio-technical context and identifying barriers across all five dimensions of the social technical framework, including technological, infrastructural, user practices/market, regulatory, and cultural dimensions. Furthermore, the research identified seven DLT applications in central bank payment system functions. These are grouped into three overarching themes: central banks' operational responsibilities in payment and settlement systems, issuance of central bank digital money, and regulatory oversight/supervisory functions, along with other ancillary functions. Each of these applications has unique motivations or value proposition, which is the underlying reason for utilizing in that particular use case

    LIPIcs, Volume 251, ITCS 2023, Complete Volume

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    LIPIcs, Volume 251, ITCS 2023, Complete Volum

    Auditable and performant Byzantine consensus for permissioned ledgers

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    Permissioned ledgers allow users to execute transactions against a data store, and retain proof of their execution in a replicated ledger. Each replica verifies the transactions’ execution and ensures that, in perpetuity, a committed transaction cannot be removed from the ledger. Unfortunately, this is not guaranteed by today’s permissioned ledgers, which can be re-written if an arbitrary number of replicas collude. In addition, the transaction throughput of permissioned ledgers is low, hampering real-world deployments, by not taking advantage of multi-core CPUs and hardware accelerators. This thesis explores how permissioned ledgers and their consensus protocols can be made auditable in perpetuity; even when all replicas collude and re-write the ledger. It also addresses how Byzantine consensus protocols can be changed to increase the execution throughput of complex transactions. This thesis makes the following contributions: 1. Always auditable Byzantine consensus protocols. We present a permissioned ledger system that can assign blame to individual replicas regardless of how many of them misbehave. This is achieved by signing and storing consensus protocol messages in the ledger and providing clients with signed, universally-verifiable receipts. 2. Performant transaction execution with hardware accelerators. Next, we describe a cloud-based ML inference service that provides strong integrity guarantees, while staying compatible with current inference APIs. We change the Byzantine consensus protocol to execute machine learning (ML) inference computation on GPUs to optimize throughput and latency of ML inference computation. 3. Parallel transactions execution on multi-core CPUs. Finally, we introduce a permissioned ledger that executes transactions, in parallel, on multi-core CPUs. We separate the execution of transactions between the primary and secondary replicas. The primary replica executes transactions on multiple CPU cores and creates a dependency graph of the transactions that the backup replicas utilize to execute transactions in parallel.Open Acces

    The Public Performance Of Sanctions In Insolvency Cases: The Dark, Humiliating, And Ridiculous Side Of The Law Of Debt In The Italian Experience. A Historical Overview Of Shaming Practices

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    This study provides a diachronic comparative overview of how the law of debt has been applied by certain institutions in Italy. Specifically, it offers historical and comparative insights into the public performance of sanctions for insolvency through shaming and customary practices in Roman Imperial Law, in the Middle Ages, and in later periods. The first part of the essay focuses on the Roman bonorum cessio culo nudo super lapidem and on the medieval customary institution called pietra della vergogna (stone of shame), which originates from the Roman model. The second part of the essay analyzes the social function of the zecca and the pittima Veneziana during the Republic of Venice, and of the practice of lu soldate a castighe (no translation is possible). The author uses a functionalist approach to apply some arguments and concepts from the current context to this historical analysis of ancient institutions that we would now consider ridiculous. The article shows that the customary norms that play a crucial regulatory role in online interactions today can also be applied to the public square in the past. One of these tools is shaming. As is the case in contemporary online settings, in the public square in historic periods, shaming practices were used to enforce the rules of civility in a given community. Such practices can be seen as virtuous when they are intended for use as a tool to pursue positive change in forces entrenched in the culture, and thus to address social wrongs considered outside the reach of the law, or to address human rights abuses

    EESMR: Energy Efficient BFT-SMR for the masses

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    Modern Byzantine Fault-Tolerant State Machine Replication (BFT-SMR) solutions focus on reducing communication complexity, improving throughput, or lowering latency. This work explores the energy efficiency of BFT-SMR protocols. First, we propose a novel SMR protocol that optimizes for the steady state, i.e., when the leader is correct. This is done by reducing the number of required signatures per consensus unit and the communication complexity by order of the number of nodes n compared to the state-of-the-art BFT-SMR solutions. Concretely, we employ the idea that a quorum (collection) of signatures on a proposed value is avoidable during the failure-free runs. Second, we model and analyze the energy efficiency of protocols and argue why the steady-state needs to be optimized. Third, we present an application in the cyber-physical system (CPS) setting, where we consider a partially connected system by optionally leveraging wireless multicasts among neighbors. We analytically determine the parameter ranges for when our proposed protocol offers better energy efficiency than communicating with a baseline protocol utilizing an external trusted node. We present a hypergraph-based network model and generalize previous fault tolerance results to the model. Finally, we demonstrate our approach's practicality by analyzing our protocol's energy efficiency through experiments on a CPS test bed. In particular, we observe as high as 64% energy savings when compared to the state-of-the-art SMR solution for n=10 settings using BLE.Comment: Appearing in Middleware 202

    Northeastern Illinois University, Academic Catalog 2023-2024

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    https://neiudc.neiu.edu/catalogs/1064/thumbnail.jp

    Edoardo Benvenuto Prize. Collection of papers

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    The promotion of studies and research on the science and art of building in their historical development constitutes the objective that the Edoardo Benvenuto Association has set itself, since its establishment, in order to honor the memory of Edoardo Benvenuto (1940-1998). The Association in recent years has achieved interesting results by developing various activities such as: organization of national and international meetings, conferences, study days; collaborations with national and foreign research institutions; promotion of the editorial series “Between Mechanics and Architecture"; activation of the portal Bibliotheca Mechanica Architectonica, first “open source” digitized library dedicated to historical research on mechanical and architectural texts. But perhaps the most qualifying initiative was the institution of the Edoardo Benvenuto Prize, arrived in 2019 in its twelfth edition, reserved for young researchers in the field of historical studies on science and the art of building. The awarding of the Prize takes place after an in-depth examination of the texts received by the Association by an international commission of experts. The purpose of this book is to collect and present the most recent studies and publications produced by the winners of the various editions of the Edoardo Benvenuto Prize
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