Features and regulation of the use of distributed ledger technology

Abstract

As a result of the conducted research, it has been revealed that the scientific and practical literature lacks sufficient studying of the functioning and systematisation of existing data on new financial technologies, on the basis of which modern financial services and products are developed. There-fore, the features of distributed ledger technology (hereinafter referred to as DLT) are chosen as the subject of research in this work. The purpose of the study is to analyse the application of the DLT in modern conditions based on exploring theoretical and practical aspects of the problem under study. In accordance with the set purpose, the objectives are to identify the features of the DLT, to develop a classification of this technology according to appropriate criteria as well as to identify the directions of regulating the use of the DLT in modern conditions. The sources of information are informational and analytical materials and empirical data from open sources of both public authorities and commercial organisations. In the course of the study, the features of the DLT are considered, the criteria for its classification are presented as well. Based on the results of the conducted study, it has been concluded that the features of the DLT described by us are fragmentary reflected in regulatory legal acts, which once again emphasises the need to develop common guidelines for public policy in relation to the legal and technical regulation of the DLT in Russia.

Keywords

• distributed ledger technology
• blockchain
• consensus algorithm
• classification of dlt
• digital transformation
• hype cycle
• regulation of dlt
• artificial intelligence