These records could be helpful in deterring tax evasion and illegal transactions. 11 Blockchain is a form of DLT that is public, permissionless, non-hierarchical and open-source. In other words, anyone can read, download and validate transactions on the ledger. To validate transactions a miner must provide ‘proof of work’, supported by a network of users.
One of the key aspects that will need to be included in the contract with the CSDs is the costs associated with using T2S when it is operational.