The U.S. Payment, Clearing and Settlement (PCS) systems process approximately 600 million transactions per day, valued at over $12.6 trillion according to “Distributed ledger technology in payments, clearing, and settlement” published by Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, D.C.
This document analyzes the potential for disruption of the current PCS industry by Distributed Ledger Technology systems like bitcoin’s blockchain. The analysis touches on the limitations of the consensus governance model in the blockchain.
As bitcoin transaction delays increase, the limitations of the blockhain implementation of the consensus model will become more evident.
- ING and SocGen partner on blockchain solution (businessinsider.com)
- What Is Blockchain? Lawmakers Create Caucus To Promote Technology Behind Bitcoin (ibtimes.com)
- Singapore’s central bank is ready to use the blockchain for inter-bank payments (techinasia.com)