In recent years, there has been much discussion on distributed ledger technology (DLT) and Blockchain in particular. Many developed countries have launched new projects implementing this technology in different areas of economy. Many organizations aim to understand possible applications of this technology in order to find ways of developing business and optimising current processes to reduce costs. There is an opinion, that DLT has a value comparable to such innovations as the Internet and the Telegraph. The potential of the technology will be fully unfolded in the next 5-10 years, however some pilot Blockchain projects implemented today allow us to talk about new business opportunities and radical optimization of the existing business processes. This supports the hypothesis of a global change in the role of institutions and their place in the economy on the horizon of the next decades due to the massive introduction of DLT. This paper reveals the main principles and some technical features underlying DLT, which are necessary for understanding the possibility of its application in various areas of economy
Keywords: blockchain, distributed ledger technology, database, cryptocurrency
- S. Nakamoto (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. https://bitcoin.org/bitcoin.pdf.
- E. F. Codd (1970). A relational model of data for large shared data banks//Communications of the ACM, 13(6), 377-387.
- G. Greenspan (2018). R3 Corda: Deep dive and technical review| MultiChain. https://www.multichain.com/blog/2018/05/r3-corda-deep-dive-and-technical-review.
- V. Cealicu et al. (2016). How is the blockchain different from distributed databases in terms of record keeping? https://www.quora.com/How-is-the-blockchain-different-from-distributeddatabases-in-terms-of-record-keeping.
- S. Meunier (2016). Blockchain technology — a very special kind of Distributed Database. https://medium.com/@sbmeunier/blockchain-technology-a-very-special-kind-of-distributeddatabase-e63d00781118.
- R. Brown (2016). On Distributed Databases and Distributed Ledgers. https://gendal.me/2016/11/08/on-distributed-databasesand-distributed-ledgers.
- L. Lamport, R. Shostak, M. Pease (1982). The Byzantine Generals Problem//ACM Transactions On Programming Languages And Systems, 4 (3), 382-401.
- M. Castro, B. Liskov (1999). Practical Byzantine fault tolerance//OSDI. Vol. 99. P. 173-186.
- BitFury Group (2015). Proof of Stake versus Proof of Work. https://bitfury.com/content/downloads/pos-vs-pow-1.0.2.pdf.
- A. de Vries (2018). Bitcoin’s Growing Energy Problem//Joule, 2(5), 801-805.
- World Bank (2017). Distributed Ledger Technology (DLT) and Blockchain. FinTech Note | No. 1. http://documents.worldbank.org/curated/en/177911513714062215/pdf/122140-WPPUBLIC-Distributed-Ledger-Technology-and-Blockchain-Fintech-Notes.pdf.
- V. Shermin, V. Kalinov (2017). Blockchain A Beginner Guide (p. 13-17). https://blockchainhub.net/blockchain-technology.
- P. Kravchenko (2016). Ok, I need a blockchain, but which one? https://medium.com/@pavelkravchenko/ok-i-need-a-blockchainbut-which-one-ca75c1e2100.
- B. Jew, G. Samman (2016). Blockchain and Shared Ledgers: The New Age of the Consortium. https://www.gtlaw.com.au/insights/blockchain-and-shared-ledgers-new-age-consortium.
- Hyperledger Architecture, Volume 1. (2017). https://www.hyperledger.org/wp-content/uploads/2017/08/Hyperledger_Arch_WG_Paper_1_Consensus.pdf.
- R. Amoros (2018). Transactions Speeds: How Do Cryptocurrencies Stack Up To Visa or PayPal? https://howmuch.net/articles/crypto-transaction-speeds-compared.
- Z. Witherspoon (2018). A Hitchhiker’s Guide to Consensus Algorithms — Hacker Noon. https://hackernoon.com/ahitchhikers-guide-to-consensus-algorithms-d81aae3eb0e3.