Sovereign Distributed Ledgers (SDL): Concept and Analysis

Abstract

Blockchain and Distributed Ledger Technology (DLT) are taking center stage in the technology field. The many advantages of DLT like trustless networking, consensus mechanisms etc are utilized by Blockchain to provide several applications. DLT is akin to the base and foundation for technologies like Blockchain and the Internet of Things. Open Source projects like Hyperledger, Quorum, Corda etc make it possible for individuals and organisations to build Blockchain networks over them for various purposes. It is expected that over a period of time, public services will be available on the Blockchain. This Paper deals with a Distributed Ledger or a network of Distributed Ledgers designed and created by a Sovereign Authority i.e a Government. We first look into the present scenario of DLT. Then we discuss the concept of a Sovereign Distributed Ledger (SDL). Lastly, we will analyse the various aspects of SDLs. Finally the paper concludes by summarizing the concept and impact potential (if any) of SDLs.