Cryptocurrencies are among the largest unregulated markets in the world. We find that
approximately one-quarter of bitcoin users are involved in illegal activity. We estimate that …

Blockchain technology provides decentralized consensus and potentially enlarges the
contracting space through smart contracts. Meanwhile, generating decentralized consensus …

Blockchains are distributed ledgers, operated within peer-to-peer networks. We model the
proof-of-work blockchain protocol as a stochastic game and analyze the equilibrium …

We apply economic principles to understand how distributed ledger technology (DLT) might
impact the innovation process and eventual market structure in the security settlement …

Blockchain or, more generally, distributed ledger technology allows to create a
decentralized digital ledger of transactions and to share it among a network of computers. In …

Many corporate executives believe blockchain technology is broadly scalable and will
achieve mainstream adoption, yet there is little evidence of significant shareholder value …

Abstract The Proof-of-Stake (PoS) protocol is booming in blockchain networks because of
excessive energy consumption and slow block generation associated with the Proof-of-Work …

Current securities settlement systems employ various strategies to manage risks in
settlement effectively. However, exchanging and verifying information between the market …

Existing cryptocurrencies are too volatile to be used as currencies for daily payments.
Stablecoins, which are cryptocurrencies pegged to other stable financial assets such as the …

It is claimed that blockchain technology has the potential to revolutionise how financial
services firms conduct their business. This chapter presents the main characteristics of …