Distributed ledger as a tool to ensure trust among business process participants

Abstract

The paper is devoted to the problem of using distributed ledgers as a tool to ensure trust among business process participants. The purpose of the paper is to offer a systematic review of the applied aspects of modern distributed ledger technologies, based on the experience of studying the technical and algorithmic concepts of the most famous and popular blockchain platforms. We analyze the main ideas underlying distributed ledgers, discuss in general the architecture of distributed ledger platforms, and classify existing systems. The principles of operation and features of permissionless and permissioned blockchain platforms are considered. An overview of the scope and capabilities of distributed ledgers from the perspective of a potential consumer of this technology is given. The actual problems of distributed ledgers are analyzed. Predictions are made about promising and unpromising applications of distributed registry systems. It is concluded that distributed ledger technologies, as an attempt to create a universal tool to solve the problem of trust in the remote implementation of business relations, have great potential for growth. However, they are characterized by a number of unresolved problems related to improving throughput and ensuring the business partners’ privacy.