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Blockchain Consensus Mechanisms – International Monetary Fund

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Author/Editor:
Parma Bains
Publication Date:
January 26, 2022
Electronic Access:
Free Download. Use the free Adobe Acrobat Reader to view this PDF file
Summary:
Technology plays an increasingly important role in financial services. With the pace of technological inno-vation moving ever faster, the role new technology plays in the provision of financial services is becoming increasingly fundamental. New technology can generate efficiencies for firms, lowering costs that can be passed on to end users. It can increase access to financial services and products for consumers, particularly the most vulnerable; however, new technology can also create new risks and unintended consequences that can harm financial stability, consumer protection, and market integrity. This primer is designed for financial supervisors at central banks, regulatory authorities, and government departments. It adds to existing literature by summarizing key aspects of popular consensus mechanisms at a high level, with a specific focus on how such mechanisms may impact the mandates of supervisors and policymakers when deployed in financial services markets. It could also help inform IMF staff on policy development and technical assistance related to crypto assets, stablecoins, and blockchains.
Series:
FinTech Notes No 2022/003
Subject:
Economic sectors Financial crises Technology
Frequency:
occasional
Publication Date:
January 26, 2022
ISBN/ISSN:
9781616358280
Stock No:
FTNEA2022003
Pages:
26
Please address any questions about this title to [email protected]
© 2022 International Monetary Fund. All rights reserved.

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