Page 9 - ITU-T Focus Group Digital Financial Services – Technology, innovation and competition

2 DLT designs 131
2.1 Overview 131
2.2 Bitcoin 131
2.3 Ripple 131
2.4 Ethereum 132
2.5 Corda 132
2.6 Microsoft Azure 132

3 Key uses of DLTs 133
3.1 Overview 133
3.2 Application of DLTs 133

4 Smart contracts 134
4.1 Overview 134
4.2 Nature of smart contracts 134
4.3 Opportunities and challenges with smart contracts 135

5 Challenges in implementation of DLTs 136
5.1 Overview 136
5.2 Privacy and confidentiality of data 136
5.3 Security of DLTs 137
5.4 Fragmentation in DLTs 138
5.5 Validity of records 139
5.6 Speed of processing 140

6 Policy, regulatory, and legal issues relating to DLTs 140
6.1 Overview 140
6.2 Regulatory and policy responses to DLT 140
6.3 Legal and regulatory issues with the use of DLTs 142

7 Application of blockchain/DLT technology to financial inclusion 142
7.1 Overview 142
7.2 C&S 142
7.3 Remittances 143
7.4 Digital identities 143
7.5 Property registers 144
7.6 Smart contracts 144

8 Conclusions 145

9 Recommendations 146

Annex A: How a blockchain operates 147

VII Competition Aspects of Digital Financial Services 148

Executive summary 149

A OVERVIEW 154

1 Background to the study 154

2 Approaches to competition issues 155

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