Press Release: Timestamping Smart Ledgers: Comparable, Universal, Traceable, Immune

Sunday, 06 May 2018
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Long Finance's Distributed Futures research programme is pleased to announce the publication of the report “Timestamping Smart Ledgers: Comparable, Universal, Traceable, Immune”, the latest in a series of exciting projects in the programme.

The report is being formally launched at an event on Wednesday, 6 June at Gresham College, London, UK. There is still time to register to attend(*). The report offers insight to support senior business people and policy makers in understanding why timestamping matters. The research outlines current and historic methods for recording the time of an event, as well as the challenges that will be faced in the future as standards of accuracy, frequency, and precision continue to be raised.

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 challenging. 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 was led by Sam Carter, Financial Sector Researcher and Quant Developer, under the direction of Professor Michael Mainelli, Executive Chairman, Z/Yen Group, and specifically incorporates:

  • The use of Smart Ledgers
  • A brief history of timestamping
  • Timekeeping standards
  • Broadcast time
  • Secure timestamping
  • Desirable properties of a timestamping scheme
  • Smart Ledgers and timestamping
  • Finance and regulation
  • Conclusion

As Andrew James, Master, The Worshipful Company of Clockmakers said in his foreword to the report, “What time is it? When did something happen? When is an event expected? How much time separates two events? Which came first? These questions arise in everyday life and in every kind of discipline. So, I welcome this research that explores accuracy AND precision in the application of time in the brave new world of Smart Ledgers and the impact they will have on all of us, over time….”

Michael Mainelli added, “It has been apparent since 2008 that regulations require strengthening in order to cope with the challenges presented by high-frequency trading, which comprises a large fraction of modern financial services. Timestamping Smart Ledgers presents a compelling process for securing trades, offering accuracy and precision that is comparable, universal, traceable, and immune. I’m certain that this report raises the questions and challenges that will shape the future debate on this subject.”


Cardano Foundation -

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 –

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 –

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:

Z/Yen Group
41 Lothbury
London EC2R 7HG
United Kingdom
Tel: +44 (0) 207-562-9562

Twitter: @LongFinance (#DistributedFutures)

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