ANSI-X9.138-2020-Distributed-Ledger-Technologies-DLT-Terminology.pdf

American National Standard for Financial Services ANSI X9.1382020 Distributed Ledger Technologies(DLT)Terminology Developed by Accredited Standards Committee X9,Incorporated Financial Industry Standards Date Approved:October 15,2020 American National Standards Institute American National Standards,Technical Reports and Guides developed through the Accredited Standards Committee X9,Inc.,are copyrighted.Copying these documents for personal or commercial use outside X9 membership agreements is prohibited without express written permission of the Accredited Standards Committee X9,Inc.For additional information please contact ASC X9,Inc.,275 West Street,Suite 107,Annapolis,MD 21401.ANSI X9.1382020 2020 ASC X9,Inc.All rights reserved 1 This page left intentionally blank ANSI X9.1382020 2 2020 ASC X9,Inc.All rights reserved Contents Page Foreword.3 Introduction.5 Distributed Ledger Technologies Terminology.10 1 Scope.10 2 Normative References.10 3 Terms and definitions.10 3.1 Block.10 3.2 Blockchain.10 3.3 Block Explorer.10 3.4 Block Height.10 3.5 Central Bank Digital Currency.10 3.6 Chaincode.11 3.7 Consensus Protocol.11 3.8 Cryptoasset.11 3.9 Cryptocurrency.11 3.10 Cryptographic.11 3.11 Cryptographic Key.11 3.12 Cryptography.11 3.13 Decentralized Autonomous Organization.11 3.14 Digital.11 3.15 Digital Asset.12 3.16 Digital Currency.12 3.17 Digital Token.12 3.18 Distributed Ledger Technology.12 3.19 Fork.12 3.20 Genesis Block.12 3.21 Government Backed Digital Currency.12 3.22 Hard Fork.12 3.23 Hash Link.12 3.24 Hash Value.12 3.25 Oracle.12 3.26 Orphan Block.12 3.27 Paper Wallet.13 3.28 Peer-to-Peer(P2P).13 3.29 Permissioned.13 3.30 Permissionless.13 3.31 Private.13 3.32 Public.13 3.33 Sidechain.13 3.34 Soft Fork.13 3.35 Taint.13 3.36 Tokenless Ledger.13 3.37 Utility Token.13 3.38 Virtual Currency.14 ANSI X9.1382020 2020 ASC X9,Inc.All rights reserved 3 Foreword Approval of an American National Standard requires verification by ANSI that the requirements for due process,consensus,and other criteria for approval have been met by the standards developer.Consensus is established when,in the judgment of the ANSI Board of Standards Review,substantial agreement has been reached by directly and materially affected interests.Substantial agreement means much more than a simple majority,but not necessarily unanimity.Consensus requires that all views and objections be considered,and that a concerted effort be made toward their resolution.The use of American National Standards is completely voluntary;their existence does not in any respect preclude anyone,whether he has approved the standards or not from manufacturing,marketing,purchasing,or using products,processes,or procedures not conforming to the standards.The American National Standards Institute does not develop standards and will in no circumstances give an interpretation of any American National Standard.Moreover,no person shall have the right or authority to issue an interpretation of an American National Standard in the name of the American National Standards Institute.Requests for interpretation should be addressed to the secretariat or sponsor whose name appears on the title page of this standard.NOTICE INSTRUCTIONS FOR SUBMITTING A PROPOSED CHANGE TO THIS ASC X9 STANDARD UNDER CONTINUOUS MAINTENANCE This standard is maintained under continuous maintenance procedures by the Accredited Standards Committee X9,Inc.,which has established a documented program/process for regular publication of addenda or revisions,including procedures for timely,documented,consensus action on requests for change to any part of the standard.Consideration will be given to proposed changes within 45 days of submittal.Proposed changes must be submitted to“adminx9.org”using the published change form.CAUTION NOTICE:This American National Standard may be revised or withdrawn at any time.The procedures of the American National Standards Institute require that action be taken to reaffirm,revise,or withdraw this standard no later than five years from the date of approval.Published by Accredited Standards Committee X9,Incorporated Financial Industry Standards 275 West Street,Suite 107 Annapolis,MD 21401 USA X9 Online http:/www.x9.org Copyright 2020 ASC X9,Inc.ANSI X9.1382020 4 2020 ASC X9,Inc.All rights reserved All rights reserved.No part of this publication may be reproduced in any form,in an electronic retrieval system or otherwise,without prior written permission of the publisher.Published in the United States of America.ANSI X9.1382020 2020 ASC X9,Inc.All rights reserved 5 Introduction Business practice has changed with the introduction of computer-based technologies.The substitution of electronic transactions for their paper-based predecessors has reduced costs and improved efficiency.Trillions of dollars in funds and securities are transferred daily by telephone,wire services,and other electronic communication mechanisms.The high value or sheer volume of such transactions within an open