Understanding Modern Banking Ledgers through Blockchain Technologies: Future of Transaction Processing and Smart Contracts on the Internet of Money

This chapter provides an overview of the concept of blockchain technology and its potential to disrupt the world of banking through facilitating global money remittance, smart contracts, automated banking ledgers and digital assets. Firstly it provides a brief overview of the core aspects of this technology, as well as the second-generation contract-based developments. Secondly key issues that must be considered in developing such ledger based technologies in a banking context are discussed.