Η παρούσα διπλωματική εργασία ασχολείται με την νέα τεχνολογία Blockchain και συγκεκριμένα μελετάει την εφαρμογή της στην Post Trade αγορά χρεογράφων. Εξετάζουμε τα χαρακτηριστικά της DLT τεχνολογίας αλλά και τις συνθήκες κάτω από τις οποίες η blockchain τεχνολογία μπορεί να χρησιμοποιηθεί από τα άμεσα εμπλεκόμενα μέρη ως «εργαλείο» για την ταχύτερη, ασφαλέστερη και λιγότερο κοστοβόρα διαδικασία της εκκαθάρισης και διακανονισμού συναλλαγών χρεογράφων.
Distributed Ledger Technology (DLT) is a useful tool for safe-keeping and managing records without compromising their integrity, which is ensured by consensus-based validation protocols and cryptographic signatures. Its distributed and decentralized nature promises to reduce cost while increasing efficiency in the securities settlement.
This paper records the main features of DLT and examines the added value it could ensure when used in securities transactions. Overall, the paper concludes that DLT is a new technology which can not yet show its full potential not only because it is a novelty which can not be implemented in the whole transaction procedure, but also because the procedure implicates a number of relevant authorities whose co-operation is imperative (e.g. National Central Banks).
In the end of the paper a new DLT-based security settlement system model is proposed and its main features and economics are presented.
University of the Aegena
