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separate secure identity store, under the control of the individual. One of the attributes might be name – attested to by
the national identity service. The identity on the blockchain would be derived from that.
73 Bitcoin Magazine (2015) Estonian Government Partners with Bitnation to Offer Blockchain Notarization Services to
e-Residents, available at https:// goo .gl/ YdoYKq.
74 For productivity, use cases include agricultural value chains; food supply management; IoT and medical tracing; project
aid monitoring; supply change management. For intellectual property, this includes digital rights management

75 Decentralized applications (dApps) are applications that run on a P2P network of computers rather than a single
compute and have existed since the advent of P2P networks in a way that is not controlled by any single entity.
Whereas, centralized applications, where the backend code is running on centralized servers, dApps have their
backend code running on a decentralized P2P network. See Blockchainhub (2019) Decentralized Applications – dApps,
available at https:// blockchainhub .net/ decentralized -applications -dapps/ . The Ethereum white paper splits dapps into
three types: apps that manage money, apps where money is involved (but also requires another piece), and apps in the
‘other’ category, which includes voting and governance systems. CoinDesk (2018) What is a Decentralized Application?,
available at http:// bit .ly/ 2Ls0lMb and http:// bit .ly/ 32zuMFy
76 For a list of over 100 live DeFi initiatives globally, see ConsenSys (2019) The 100+ Projects Pioneering Decentralized
Finance, available at http:// bit .ly/ 2Oa49UC
77 A ‘stable coin’ is a crypto-currency pegged to another stable asset such as gold or the U.S. dollar. It’s a currency that is
global but is not tied to a central bank and has low volatility. Coins like Bitcoin and Ethereum and highly volatile. This
allows for practical usage of using crypto-currency like paying for things every single day. See Lee, S (2018) Explaining
Stable Coins, The Holy Grail of Cryptocurrency, available at http:// bit .ly/ 2LWGFiX
78 They may be created and distributed to the general public through ICOs; may also qualify as a security, depending
on the jurisdiction; and as a means of payment (crypto-currency); or as a utility token that confers rights of usage to
something; or as security tokens.
79 Exchange code is BTC.
80 There are a number of other issues and challenges with these solutions. First, recipients of remittances in developing
countries often lack the tools necessary for crypto-currency-based solutions to be feasible, especially the appropriate
hardware - such as smartphones - to carry out such transactions.
81 Constine, J (2019) Facebook Announces Libra Cryptocurrency: All You Need to Know, available at https:// tcrn .ch/
2S7Pmbl
82 The head of the U.S. central bank though believes Facebook should not be allowed to launch its Libra crypto-currency
until the company details how it will handle a number of regulatory concerns. CoinDesk (2019) Fed Chair Says Libra
‘Cannot Go Forward’ Until Facebook Addresses Concerns, available at http:// bit .ly/ 2xIYR7q
83 Alexandre, A (2019), South American Startup Ripio Rolls Out Crypto-Fiat Exchange and OTC Desk, available at http://
bit .ly/ 2YO2Prg; also See Cuen, L (2019) There’s No Crypto Winter in Argentina, Where Startups Ramp Up to Meet
Demand, available at http:// bit .ly/ 2S7UyvD
84 Katalyse.io (2018) How Cryptocurrency Can Help Developing Countries, available at http:// bit .ly/ 2Y4mrKI
85 Hankin, A (2018) This is where crypto-currencies are actually making a difference in the world, available at https:// on
.mktw .net/ 32tIKJ4
86 Aumasson, JP (2018) Attacking and Defending Blockchains: From Horror Stories to Secure Wallets, available at https://
ubm .io/ 2LZn6Gv
87 Customers login into the exchange, who may store you credentials so as to allow easy exchange of value without you
needing to log in every time.
88 Aumasson, JP (2018) Attacking and Defending Blockchains: From Horror Stories to Secure Wallets, available at https://
ubm .io/ 2LZn6Gv
89 Sepior (2019) An Introduction to Threshold Signature Wallets With MPC, available at https:// bit .ly/ 2WIPWyp
90 This is a cryptosystem that protects information by encrypting it and distributing it among a cluster of fault-tolerant
computers. The message is encrypted using a public key, and the corresponding private key is shared among the
participating parties. See NIST (2019) Enter the Threshold: The NIST Threshold Cryptography Project, available at
https:// bit .ly/ 2Nh6ytR

91 Coindesk (2019) Israeli Startup Launches First Non-Custodial Wallet Without Private Keys, available at https:// www
.coindesk .com/ israeli -startup -launches -first -non -custodial -wallet -without -private -keys
92 Not all DLTs support smart contracts. Initial versions of Bitcoin, for example, do not support smart contracts. The
Ethereum DLT is the prime exemplar of the use of smart contracts, as part of the ‘blockchain 2.0’ motif.

64 Security Aspects of Distributed Ledger Technologies