Yesterday a single ledger, today a unified ledger – is a pattern emerging?
The Bank for International Settlements has released a chapter of its annual report early. That chapter, on the future of the monetary system, discusses “a new type of financial market infrastructure — a unified ledger.” The chapter was published June 20, one day after the International Monetary Fund released a paper describing its “single ledger” cross-border payments concept.
The BIS proposal harnesses central bank digital currency and tokenized assets into “a new type of financial market infrastructure” — that is, the unified ledger, which would be powered by application programming interfaces . The authors of the proposal critiqued existing financial technology. They“The collapse of crypto and the faltering progress of other tokenisation projects underline a key lesson.
One drawback of current tokenization schemes is that they exist in silos, the proposal claimed. A unified ledger would incorporate the ledgers of the counterparties, programmed reconciliation and messaging, enabling faster transactions and atomic settlement in a “partitioned data environment” where privacy and transparency are controlled.A unified-ledger system would allow for considerable disintermediation in transactions with securities.
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