An Assessment Framework for Distributed Ledger Technology in Financial Application

Abstract

Distributed Ledger Technology (DLT) currently stands in the limelight. In many people's eyes, DLT has great potential to accelerate the digitalization process and substantially change the roles and services of central banks. On the other hands, as many new applications for DLT spring up, there isn't an assessment framework to evaluate DLT applied in the financial industry, leaving those systems to be easily under attack. This paper presents an initial DLT assessment framework for financial application. Through a suite of benchmarks, we show the evaluation results and explore the factors which affect the performance and security of DLT application.

Decision support system for blockchain (DLT) platform selection based on ITU recommendations: A systematic literature review approach

“…(3) (Polge et al, 2020) (Labazova, 2019), (Maranhão et al, 2019) c10.b c10.c (Gräbe et al, 2020), (Tucker, 2004) (Wan et al, 2019), (Zhong and Cole, 2018), (Miyamae et al, 2018) (Maranhão et al, 2019) c10.d (Suankaewmanee et al, 2018), (Gräbe et al, 2020), (Tucker, 2004) (Selimi et al, 2018), (Kabbinale et al, 2020, (Sagirlar et al, 2018), (Lohachab et al, 2021), (Six et al, 2020), (Dinh et al, 2018) (Smetanin et al, 2020), (Maranhão et al, 2019) c10.e (Gräbe et al, 2020), (Tucker, 2004) (Selimi et al, 2018), (Kabbinale et al, 2020, (Sagirlar et al, 2018), (Huang et al, 2019, (Dinh et al, 2018), (Six et al, 2020), (Lohachab et al, 2021) (Smetanin et al, 2020), (Maranhão et al, 2019), (Qing et al, 2020), (Smetanin et al, 2020) c10.f (Zhong and Cole, 2018), (Saad et al, 2021) (StudyGroup16/22, 2020), (Maranhão et al, 2019), (Polge et al, 2020), (Qing et al, 2020), (Srivastav et al, 2020), (Tang et al, 2019) Core (37%)…”

A developed distributed ledger technology architectural layer framework for decentralized governance implementation in virtual enterprise

“…The trust layer captures the contract scripts, programmable scripts, software code, and scripting languages running locally on the end users or hardware nodes that runs on the enterprise`s digital infrastructure ensuring security, stability, or performance improvements (Hofmann et al 2017;Qing et al 2020). The trust layer comprises of the program logic, rules, such as chain code, smart contracts, etc.…”

“…It further authenticates transactions and ensures fault-tolerant and reliable operations (Gourisetti et al 2021). The consensus layer primarily encapsulates different consensus algorithms deployed by network nodes to achieve data consistency in a distributed manner (Qing et al 2020). Consensus in distributed systems denotes the process of reaching agreement about data that are maintained and stored through a set of network participants such that the nodes share the same state at any given point in time.…”

“…The data layer involves the data stored on the distributed ledger (Hofmann et al 2017). It comprises of a certain data structure (Qing et al 2020). Also, in this layer data are distributed and saved across different nodes.…”

“…Thus, this layer involves how the P2P network of nodes is constructed and shares data so that the distributed ledger can be managed (Romano and Schmid 2021). The network layer involves protocols, authentication/authorization procedures, node management, networking access methods among multiple nodes within the distributed ledger (Qing et al 2020). When nodes transact and engage in validation and verification of transactions, such procedures are specified in this layer.…”