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Efstathios Panayi

Bio: Efstathios Panayi is an academic researcher from University College London. The author has contributed to research in topics: Market liquidity & Cryptocurrency. The author has an hindex of 10, co-authored 27 publications receiving 845 citations. Previous affiliations of Efstathios Panayi include London School of Economics and Political Science.

Papers
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Book ChapterDOI
TL;DR: This chapter provides a brief overview of the core aspects of blockchain technology, as well as the second-generation contract-based developments, and discusses key issues that must be considered in developing ledger based technologies in a banking context.
Abstract: In this chapter we provide 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. In this regard, we first provide a brief overview of the core aspects of this technology, as well as the second-generation contract-based developments. From there we discuss key issues that must be considered in developing such ledger based technologies in a banking context.

601 citations

Journal ArticleDOI
TL;DR: The historical context that led to the development of these currencies and some modern and recent trends in their uptake are described, in terms of both usage in the real economy and as investment products.
Abstract: The internet era has generated a requirement for low cost, anonymous and rapidly verifiable transactions to be used for online barter, and fast settling money have emerged as a consequence. For the most part, e-money has fulfilled this role, but the last few years have seen two new types of money emerge. Centralised virtual currencies, usually for the purpose of transacting in social and gaming economies, and crypto-currencies, which aim to eliminate the need for financial intermediaries by offering direct peer-to-peer online payments. We describe the historical context which led to the development of these currencies and some modern and recent trends in their uptake, in terms of both usage in the real economy and as investment products. As these currencies are purely digital constructs, with no government or local authority backing, we then discuss them in the context of monetary theory, in order to determine how they may be have value under each. Finally, we provide an overview of the state of regulatory readiness in terms of dealing with transactions in these currencies in various regions of the world.

169 citations

Posted Content
TL;DR: In this article, the authors provide 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.
Abstract: In this chapter we provide 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. In this regard, we first provide a brief overview of the core aspects of this technology, as well as the second-generation contract-based developments. From there we discuss key issues that must be considered in developing such ledger based technologies in a banking context.

44 citations

Posted Content
TL;DR: In this article, the authors describe the historical context which led to the development of these currencies and some modern and recent trends in their uptake, in terms of both usage in the real economy and as investment products.
Abstract: The internet era has generated a requirement for low cost, anonymous and rapidly veriable transactions to be used for online barter, and fast settling money have emerged as a consequence. For the most part, e-money has fullled this role, but the last few years have seen two new types of money emerge. Centralised virtual currencies, usually for the purpose of transacting in social and gaming economies, and crypto-currencies, which aim to eliminate the need for nancial intermediaries by oering direct peer-to-peer online payments. We describe the historical context which led to the development of these currencies and some modern and recent trends in their uptake, in terms of both usage in the real economy and as investment products. As these currencies are purely digital constructs, with no government or local authority backing, we then discuss them in the context of monetary theory, in order to determine how they may be have value under each. Finally, we provide an overview of the state of regulatory readiness in terms of dealing with transactions in these currencies in various regions of the world.

40 citations

Posted Content
TL;DR: A structure of risk analysis is proposed starting with the exposures and vulnerabilities of Virtual and Crypto currencies as the drivers of Operational Risk for these new means of exchange, then mapped into the risks associated to the Basel categories, providing an easier view of regulatory response, and better mitigation techniques.
Abstract: We develop the first basic Operational Risk perspective on key risk management issues associated with the development of new forms of electronic currency in the real economy. In particular, we focus on understanding the development of new risks types and the evolution of current risk types as new components of financial institutions arise to cater for an increasing demand for electronic money, micro-payment systems, Virtual money and cryptographic (Crypto) currencies. In particular, this paper proposes a framework of risk identification and assessment applied to Virtual and Crypto currencies from a banking regulation perspective. In doing so, it addresses the topical issues of understanding important key Operational Risk vulnerabilities and exposure risk drivers under the framework of the Basel II/III banking regulation, specifically associated with Virtual and Crypto currencies. This is critical to consider should such alternative currencies continue to grow in utilisation to the point that they enter into the banking sector, through commercial banks and financial institutions who are beginning to contemplate their recognition in terms of deposits, transactions and exchangeability for fiat currencies. We highlight how some of the features of Virtual and Crypto currencies are important drivers of Operational Risk, posing both management and regulatory challenges that must start to be considered and addressed both by regulators, central banks and security exchanges. In this paper we focus purely on the Operational Risk perspective of banks operating in an environment where such electronic Virtual currencies are available. Some aspects of this discussion are directly relevant now, whilst others can be understood as discussions to raise awareness of issues in Operational Risk that will arise as Virtual currency start to interact more widely in the real economy.

24 citations


Cited by
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Proceedings ArticleDOI
25 Jun 2017
TL;DR: An overview of blockchain architechture is provided and some typical consensus algorithms used in different blockchains are compared and possible future trends for blockchain are laid out.
Abstract: Blockchain, the foundation of Bitcoin, has received extensive attentions recently. Blockchain serves as an immutable ledger which allows transactions take place in a decentralized manner. Blockchain-based applications are springing up, covering numerous fields including financial services, reputation system and Internet of Things (IoT), and so on. However, there are still many challenges of blockchain technology such as scalability and security problems waiting to be overcome. This paper presents a comprehensive overview on blockchain technology. We provide an overview of blockchain architechture firstly and compare some typical consensus algorithms used in different blockchains. Furthermore, technical challenges and recent advances are briefly listed. We also lay out possible future trends for blockchain.

2,642 citations

Journal ArticleDOI
TL;DR: The blockchain taxonomy is given, the typical blockchain consensus algorithms are introduced, typical blockchain applications are reviewed, and the future directions in the blockchain technology are pointed out.
Abstract: Blockchain has numerous benefits such as decentralisation, persistency, anonymity and auditability. There is a wide spectrum of blockchain applications ranging from cryptocurrency, financial services, risk management, internet of things (IoT) to public and social services. Although a number of studies focus on using the blockchain technology in various application aspects, there is no comprehensive survey on the blockchain technology in both technological and application perspectives. To fill this gap, we conduct a comprehensive survey on the blockchain technology. In particular, this paper gives the blockchain taxonomy, introduces typical blockchain consensus algorithms, reviews blockchain applications and discusses technical challenges as well as recent advances in tackling the challenges. Moreover, this paper also points out the future directions in the blockchain technology.

1,928 citations

Journal ArticleDOI
TL;DR: This paper critically examines how blockchains, a potentially disruptive technology that is early in its evolution, can overcome many potential barriers and proposes future research propositions and directions that can provide insights into overcoming barriers and adoption of blockchain technology for supply chain management.
Abstract: Globalisation of supply chains makes their management and control more difficult. Blockchain technology, as a distributed digital ledger technology which ensures transparency, traceability, and sec...

1,637 citations

Journal ArticleDOI
TL;DR: A comprehensive classification of blockchain-enabled applications across diverse sectors such as supply chain, business, healthcare, IoT, privacy, and data management is presented, and key themes, trends and emerging areas for research are established.

1,310 citations

Journal Article

1,080 citations