Long Finance's Distributed Futures research programme has launched a research project entitled “Timestamping Smart Ledgers – Accuracy Versus Precision”.
The research project is designed to produce materials that should help senior business people and policy makers understand why timestamping matters. The research will outline current and historic methods for recording the time of an event, as well as the challenges that will be faced in the future. The challenges vary by sector. In the world of finance, these challenges include the stringent transaction timestamping requirements laid down by MiFID II Article 25 (or "RTS 25"). In geolocation, the interaction with global positioning systems, themselves subject to relativistic and quantum effects, are equally interesting. For Smart Ledgers, recording the time of transactions is a fundamental feature, yet there are a number of definitions and options that managers choose, often unknowingly, when they instruct their teams.
The research is being led by Sam Carter, Financial Sector Researcher and Quant Developer, under the direction of Professor Michael Mainelli. Michael commented on the project, “We are delighted that the Cardano Foundation is encouraging us to dig a bit deeper into an area taken for granted. While most Smart Ledgers are probably handling timestamping appropriately, there is a need to set out the terminology clearly and provide guidance on the different implications of different technical approaches to time itself”.
“Timestamping Smart Ledgers – Accuracy Versus Precision” is part of Long Finance’s Distributed Futures research programme into Smart Ledgers and wider technology. Smart Ledgers are the ‘next big thing’ in technology. They’re based on a combination of mutual distributed ledgers (aka blockchain: multi-organisational databases with a super audit trail, used since 2009 in cryptocurrencies) with embedded programming and sensing, thus permitting semi-intelligent, autonomous transactions. Smart Ledgers are touted as a technology for fair play in a globalised world. The research is intended to inform policy makers and business people making decisions about moving towards these systems. Long Finance’s Distributed Futures research programme is sponsored by the Cardano Foundation.
Notes to Editors
Cardano Foundation - https://cardanofoundation.org/
Cardano Foundation is a blockchain and cryptocurrency organisation based in Zug, Switzerland. The Foundation is dedicated to act as an objective, supervisory and educational body for the Cardano Protocol and its associated ecosystem and serve the Cardano community by creating an environment where advocates can aggregate and collaborate.
The Foundation aims to influence and progress the emerging commercial and legislative landscape for blockchain technology and cryptocurrencies. Its strategy is to pro-actively approach government and regulatory bodies and to form strategic partnerships with businesses, enterprises and other open-source projects. The Foundation's core mission is to "standardise, protect and promote" the Cardano Protocol technology.
Long Finance – www.longfinance.net
Established in 2007, Long Finance aims to improve society's understanding and use of finance over the long term by hosting and promoting a series of lectures, discussion events and research publications. The initiative began with a question – “when would we know our financial system is working?” – and seeks to challenge a financial system that revolves around short-term thinking and practices.
Z/Yen Group – www.zyen.com
Z/Yen is the City of London’s leading commercial think-tank, founded to promote societal advance through better finance and technology. Z/Yen ‘asks, solves, and acts’ on strategy, finance, systems, marketing and intelligence projects in a wide variety of fields. Z/Yen manages the Long Finance initiative.
For further information contact:
Professor Michael Mainelli
London EC2R 7HG
tel: +44 (0) 207-562-9562