The Practicalities of a Unified Ledger

The idea is at core of how central banks came to exist right? Absolutely. We know that setting up a whole new financial market infrastructure is quite complicated, quite a big endeavor. You need everybody to be in it so that everybody can benefit the most. What we say in the chapter is there will be a limit to how complex this incremental change will be because with each layer you're going to have to take account of backwards compatibility.