IMF-区块链共识机制：监管者入门（2025年更新）（英）

Blockchain Consensus Mechanisms A Primer for Supervisors (2025 Update) Parma Bains WP/25/186 IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. 2025 SEP © 2025 International Monetary Fund WP/25/186IMF Working Paper Monetary and Capital Markets Blockchain Consensus Mechanisms: A Primer for Supervisors (2025 Update) Prepared by Parma Bains Authorized for distribution by Jay Surti September 2025 IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. ABSTRACT: Consensus mechanisms underpin the effective operation of blockchains by ensuring a single consistent and honest ledger. The design and implementation of these consensus mechanisms can improve or impede the ability of regulatory and supervisory authorities to achieve their objectives and mandates. This paper provides an update to the Fintech Note Blockchain Consensus Mechanisms: A Primer for Supervisors (2022) by reviewing the growth of existing consensus mechanisms, exploring new consensus mechanisms, and the development of layer 2 protocols. It is a non-technical and accessible note to provide supervisors a broad understanding of the technology within their remits. RECOMMENDED CITATION: Bains, P. (2025). Blockchain Conensus Mechanisms: A Primer for Supervisors (2025 Update). IMF Working Paper, Monetary and Capital Markets. JEL Classification Numbers: G18, G21, G23, G28, O16, O32, O33 Keywords: Distributed ledger technology; dlt; blockchain; consensus; fintech; supervision; layer2; crypto; digital; bitcoin; ethereum; solana Author’s E-Mail Address: pbains@imf.org IMF WORKING PAPERS Blockchain Consensus Mechanisms: A Primer for Supervisors (2025 Update) INTERNATIONAL MONETARY FUND 3 WORKING PAPERS Blockchain Consensus Mechanisms A Primer for Supervisors (2025 Update) Prepared by Parma Bains1 1 The author would like to thank Jay Surti and Nobu Sugimoto for their guidance and Marie-Bernadette Armand de Mendieta for editorial support. The author thanks Ashley Lannquist, Xavier Lavayssiere, Matthias Bauer-Lanngartner, and Philip Hochreiter for their early review and input. The author also thanks Gabriela Conde, Marco Reuter, and Nicholas Zhang for their comments. IMF WORKING PAPERS Blockchain Consensus Mechanisms: A Primer for Supervisors (2025 Update) INTERNATIONAL MONETARY FUND 4 Contents Comparison of Consensus Mechanisms .......................................................................................................... 5 Introduction ....................................................................................