Definition ∞ These are the underlying technological infrastructures built upon blockchain networks that facilitate the final and irreversible transfer of value or assets. They provide a decentralized and often immutable record of transactions, enabling direct peer-to-peer value exchange without intermediary reliance. Such systems aim to enhance efficiency and transparency in financial settlements.
Context ∞ The potential for blockchain settlement rails to revolutionize traditional payment and securities settlement systems is a prominent discussion point. Their development seeks to reduce settlement times and costs, offering an alternative to legacy financial infrastructures, particularly for cross-border transactions and tokenized asset transfers.
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