IEEE Std 2140.5-2020 pdf download – IEEE Standard for a Custodian Framework of Cryptocurrency

02-25-2022 comment

IEEE Std 2140.5-2020 pdf download – IEEE Standard for a Custodian Framework of Cryptocurrency
1. Overview Asset custody mainly refers to custody services provided by third-party banks or securities firms in the financial and investment fields. For example, traditional equity investments or securities investment funds shall designate banks as third-party custodian institutions to complete fundraising to ensure that investors raise funds. The funds raised by investors are segregated from the funds owned by the fund management firm, and are held in custody by a fair third party, so as to avoid any theft or confusion. Asset custody is a functional module of asset management and needs to meet the needs of asset escrow. 1.1 Scope This standard defines a standard framework of a custodian service for cryptocurrency and digital assets. The framework includes a custodian reference technical architecture, business logic description, custodian service business models, digital asset evaluation criteria, operational procedure models, and regulatory requirement support models. 1.2 Purpose There are no agreed frameworks for custodian services in token assets and cryptocurrency. This standard aims to provide a custodian framework with regulation, cryptocurrency processing and management in custody, and a reference technical architecture to support the framework.
2. Defnitions, acronyms, and abbreviations 2.1 Defnitions For the purposes of this document, the following terms and definitions apply. The IEEE Standards Dictionary Online should be consulted for terms not defined in this clause. 3 blockchain: A peer to peer distributed ledger based on a group of technologies for transactional applications which may maintain a continuously growing list of cryptographically secured data records hardened against tampering and revision. NOTE 1—Blockchains can help establish trust, accountability and transparency while streamlining business processes. NOTE 2—Blockchains can be classifed as three types (i.e., public, consortium, and private) based on the relationship of the participants and the way to provide services. 4 blockchain wallet: The digital representation of a wallet that allows users to manage cryptocurrency and token assets. cryptocurrency: Any form of currency that only exists digitally, that usually has no central issuing or regulating authority but instead uses a decentralized system to record transactions and manage the issuance of new units, and that relies on cryptography to prevent counterfeiting and fraudulent transactions. digital asset: A digital asset is any text or media that is formatted into a binary source and includes the right to use it; digital fles that do not include this right are not considered digital assets.

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