Business process modeling helps organizations to capture their workflows visually as diagrams that could be then used to share best practices, identify inefficiencies in ongoing activities, instruct employees, use them as reference solutions, etc. Design and analysis of business process models are essential technologies of the Business Process Management approach, which is successfully adopted and practiced nowadays by many large and medium enterprises. Therefore, business process models should be considered as organizational assets that depict usable and competitive business solutions, which value could be proven by benchmarking. Single reference business process models or even collections of business process models are already accessible on Internet, sometimes for free or, usually, for purchasing because of the value of transferred knowledge. However, peer-to-peer exchange of business process models on a commercial basis is still far from a unification. At the same time, the tremendous growth of the cryptocurrency market and the adoption of Bitcoin by governments (first by El Salvador in June 2021) makes crypto-economics, also referred to as "tokenomics", usable for organizational knowledge sharing and exchanging without third party authorities, such as banks, or payment systems. Moreover, collaborating parties could reach a consensus when exchanging business process models using smart contracts and crypto-tokens to access shared knowledge artifacts. Therefore, this paper proposes an approach to business process model tokenization using blockchain technology and smart contracts. There was proposed as an Ethereum smart contract that combines features of the business process model collection and the non-fungible token. A prototype of a decentralized application was developed and its usage was demonstrated.
The work is devoted to a comparative analysis of tools for managing a cryptocurrency portfolio. The study aimed to find out which of the tools is currently the best solution for users. This analysis was carried out on the basis of two tools, first: a survey conducted of among 41 responders who are cryptocurrency users, and the second one: cognitive walkthrough. Conducted analysis confirmed the thesis that the Trust Wallet tool is currently the best solution for users.
The application of the model of geometric Brownian motion (GBM) for the problem of modeling and forecasting prices for cryptocurrencies is analyzed. For prediction the solution of the stochastic differential equation of the GBM model is used, which has a linear drift and diffusion coefficients. Different scenarios of price movement are considered.
 Keywords: geometric Brownian motion (GBM), modeling, forecasting, cryptocurrency.
The specificity of the digital transformation of design companies is associated with the definition of the object and subject of management, the peculiarities of performing the main production business processes, the identification of interrelations with the external environment.
 The paper considers in general an approach to managing the digital transformation of design organizations of the construction industry using the tools of end-to-end digital technologies, gives a general description of the digitalization process, analyzes the possibility of using digital transformation technologies (digital twins, distributed ledger technologies, machine learning, logical-linguistic and frame models) to improve the efficiency of the main production and management Processes.
Abstract Recent technological developments have led to economic changes that have an impact on the macroeconomic and microeconomic levels in developing countries, as well as in developed ones. The introduction of cryptocurrencies (Bitcoin is the first cryptocurrency, made public in 2009) into the economy through blockchain technology, generated a series of benefits, but also significant risks for citizens, companies and states. The main purpose of this article is to present the operating mechanism of the blockchain system and cryptocurrencies, their advantages and disadvantages and the attempts of the international authorities to regulate the crypto market. The authors will present also few case studies of tech start-ups that leveraged the versatility of blockchain principles into viable business propositions. Romania makes no exception in this field, so the authors will analyze and present the current status of this industry.
Abstract Research background: The multidimensional assessment of the attractiveness of cryptocurrency exchanges seems to be an important issue, because the risk of the collapse of such an exchange or its use for illegal purposes is higher than in the case of traditional exchanges. Purpose: The aim of the work is to create ranking and identify groups of cryptocurrency exchanges with a similar level of attractiveness. Research methodology: 13 different composite indicators were considered. Finally, one of them was chosen as a representative according to the similarity of the obtained rankings. Clustering methods were used to identify groups of exchanges with a similar level of the constructed measure. Result: The best according to the adopted criteria of rankings similarity was the taxonomic measure constructed using the standardized sum method with equal weights. Combining hierarchical clustering with the k-means algorithm allowed to improve the quality of clustering measured with the silhouette index. Novelty: The originality of the paper lies in the use of different methods of a multidimensional comparative analysis on the cryptocurrency market.
Igor Mazurok, Yevhen Leonchyk, Oleksandr S. Antonenko, Kyrylo S. Volkov
Nowadays, Decentralized Networks based on Blockchain technology are actively researched. A special place in these researches is occupied by Smart Contracts that are widely used in many areas, such as Decentralized Finance (DeFi), real estate, gambling, electoral process, etc. Nevertheless, the possibility of their widespread adoption is still not a solved problem. This is caused by the fact of their limited flexibility and scalability. In other words, Smart Contracts cannot process a large number of contract calls per second, lack of direct Internet access, inability to operate with a large amount of data, etc. This article is devoted to the development of the Sharding Concept for Decentralized Applications (DApps) that are expressed in form of Smart Contracts written in WebAssembly. The aim of the research is to offer a new Concept of Smart Contract that will increase the scaling due to applying the idea of Sharding that allows avoiding doing the same work by all nodes on the Network and flexibility due to the possibility of interaction with the Internet without special Oracles. During the research, decentralized 0ata storages with the possibility of collective decision-making were developed. The scheme of forming Drives that assumes that each Contract is executed by a set of randomly selected nodes that allows avoiding cahoots and prevents Sybil Attack is offered. Such an approach allowed using Drives as a base layer for Smart Contracts. Moreover, Drives can be used as a standalone solution for decentralized data storing. The features of coordination of results of Contracts execution that greatly expands the possibilities of the Contracts compared to Ethereum Smart Contracts, and, in particular, allow the Contracts to interact with the Internet are described. The Rewards Concept that incentivizes all nodes that honestly execute the Contracts, unlike other systems where only the block producer is rewarded, is developed. It is based on the specially developed Proof of Executiona special algorithm that allows detecting all the nodes that honestly execute the Contracts. In order to make the Proof of Execution more compact, an extension for the existing discrete logarithm zero-knowledge proofs that makes it possible to consistently prove knowledge of dynamically expanding set of values with minimal computational and memory complexity so-called Cumulative Discrete Logarithm Zero-Knowledge Proof is developed. Thus, in this article, the new concept of Smart Contracts Sharding empowered by economic leverages is researched. The main advantages of the proposed approach are the possibility of interaction with the Internet and big data processing. Moreover, the mechanism of incentivizing nodes to honestly execute the Smart Contracts is developed. In addition, the Cumulative Proof that is necessary for the cryptographic strength of the specified mechanism is offered and its correctness is proven. The obtained results can be used to implement Smart Contracts in decentralized systems, in particular, working on the basis of Blockchain technology, especially in the case of demanding high bandwidth and performance.
Modern economic research of the market for distributed ledgers and blockchain technologies shows that both the nature of the stage of its development and the implemented measures to ensure security with digital technologies of the corresponding industry specificity to verify the information provided to users of financial statements continue to be controversial. In this regard, when discussing cryptocurrencies and blockchain technology, it is necessary to consolidate the terminology at the legislative level, which can be used in the same manner by state administrations, as well as by international companies. In turn, when forming accounting policies by international companies that carry out operations with cryptocurrency, it is important to take into account the current interpretations of the Committee on Interpretations of International Financial Reporting Standards. At the same time, some practical issues cannot be resolved unambiguously due to the discrepancy between the economic essence of crypto assets and other types of objects. Despite the multiple similarities in their classification, as well as the subsequent reassessment in the format of the current standards, the greatest difficulty is raised by questions about the reliability of the information provided for users of financial statements and top management for managing the company's business processes, managing the value of companies and financial reporting architecture. Based on the results of the study, the authors propose a promising engineering business model for managing the value of crypto assets, built on the basis of the current provisions of IFRS.
Food is a daily requirement for everyone, while production patterns are seasonal. Producing sufficient nutrients is becoming more difficult because water and soil resources are already stressed and are becoming increasingly strained by climate change. Improving food security requires expertise in various areas, including sophisticated climate models, genetics research, market and household behaviour modelling, political shock modelling, and comprehensive environmental research. Additionally, governments stockpile grains to enhance national food security. These reserves should engage in markets only according to clear and transparent regulations and within defined price ranges to facilitate market functioning. It increases the demand for better technology in public administration to boost the management and distribution capacity while concentrating on improved controls and transparent governance systems. Blockchain technology emerges as a promising technology to enhance visibility, transparency, and data integrity with an immutable distributed ledger to increase trust in the parties' business transactions. This paper discusses blockchain technology and its potential role in strategic grain reserve management.
The appearance of cryptocurrency has become a high-profile event, around which disputes still persist. Some see it as a direct threat to the security of national economy, some as a long-awaited triumph of market principles of self-regulation. The necessity, expediency and the most effective model of regulating the cryptocurrency market are burning issues. The relevance of these issues in the context of Russian reality is proved at least by the fact that Russia is one of the leading countries in the use of digital currency, and the number of crypto wallets opened by Russians has exceeded 8 million. The aim of this article is to review the currently existing opinions and accumulated experience in solving the problem of regulating the digital currency market.
The modern world is changing rapidly. Digitalization is becoming more and more important and penetrates into all spheres of society. The digital transformation of financial and monetary processes and systems deserves special attention. It is important to determine the place and role of the state in the regulation of these processes. This paper examines the current state and prospects of using cryptocurrency as an element of monetary circulation. Analysis of the dynamics of the bitcoin rate showed that the use of cryptocurrencies is promising. However, it is necessary to improve the regulatory framework. The introduction and use of the national cryptocurrency in Russia will stabilize the state of the financial system in relation to the dollar, ensure the safety of economic development and reduce transaction costs.
Open access
Economic and Technological Developments in Russia
Economic and Technological Systems Analysis
Economic, Social, and Public Health Issues in Russia and Globally
The expatiation of increase in demand variations in today?s globalized supply chain economy is disruptive, costly which is every supply chain management wants to reduce. The traditional supply chain management system?s attribute to high complex centralized organizational structures, increased costs throughout Supply Chain, Poor system design; need for improved speed, quality and service. The speed, expenditure and levels of security employed in traditional supply chain management model depends on few hands in the organizational committee. Hence, this dynamic behaviour of customers indicates the need for a secure, decentralized and a trusted environment to function with. Decentralization improves the performance of Supply Chain in its way of distributing its decisions on financial aspects. The most erupting technology - Blockchain provides an efficient and viable solutions to the aforementioned hurdles that are restricting today?s supply chain. Through blockchain, massive networks of decentralized autonomous individuals and organizations can grow and operate seamlessly within a decentralized, distributed operating platform. The problems that arise in blockchain can be like ? changing fair data to malicious data that is collected from web pages, Synchronization of information and data in the network, disruption to services etc. In this paper an efficient top-down method is employed for testing various participating entities and modules in this Supply Chain Model. An in-depth analysis for the root-cause of different kinds of threats, vulnerabilities and risks is conducted on the supply chain management system as simulated in various environments.
The purpose of the study is to analyze the capabilities of blockchain technology as a tool for enhancing the security in management and protection of intellectual property rights in additive manufacturing. The study is research-oriented and is an introduction to the use of blockchain technology for intellectual property protection. The following methods are used in the study: the analysis of documents on the use of blockchain technology in industrial asset management and the protection of content creators' rights, as well as the expert survey to assess the reliability of the selected sources. The authors introduce the term blockchain and discuss the capabilities of this technology for intellectual property protection in the field of design and production. A digital platform is proposed to enable the file exchange. Moreover, the authors describe the three main steps for developing a digital platform based on blockchain technology: the development of specialized tokens to reward users, the definition of conditions that should be included in smart contracts and the size of awards and incentives for each interested party that gains access to the platform.
Performance contracts used for servitized business models enable consideration of overall life-cycle costs rather than just production costs. However, practical implementation of performance contracts has been limited due to challenges with performance evaluation, accountability, and financial concepts. As a solution, this paper proposes the connection of the digital building twin with blockchain-based smart contracts to execute performance-based digital payments. First, we conceptualize a technical architecture to connect blockchain to digital building twins. The digital building twin stores and evaluates performance data in real-time while the blockchain ensures transparency and trusted execution of automatic performance evaluation and rewards through smart contracts. Next, we demonstrate the feasibility of both the concept and technical architecture by integrating the Ethereum blockchain with digital building models and sensors via the Siemens building twin platform. The resulting prototype is the first full-stack implementation of a performance-based smart contract in the built environment.
The article is devoted to the analysis of cryptocurrency as a new phenomenon in the modern global economic processes and legal institutions. The relevance of the study is predetermined by the very specifics of such a phenomenon as cryptocurrency consisting of a distributed ledger technology, which determines the peculiarities of issuing, storing and performing operations with cryptocurrency. Moreover, the cryptocurrency turnover directly correlates with the national legislation of individual countries, which are the subject of domestic regulation with currency, tax legislation and legislation on the securities market. Sometimes, in this regard, there is a clash of public interests and the interests of entities involved in the circulation of cryptocurrencies. Cryptocurrency, as an unconventional, trendy phenomenon of the recent times, has become the object of research and discussions on all the world platforms, starting with academia, continuing with the business community and ending with state institutions. There are many reasons for explaining such interest and they can all be reduced to two main blocks: the advantages and the disadvantages of cryptocurrency circulation. The problem of cryptocurrency turnover, on the one hand, is that until now none of the national economies have regulated the cost-effective mechanism for the cryptocurrency turnover and, on the other hand, the leading countries have not yet set up an effective system of legal regulation of cryptocurrency. Many countries are in the active process of working to adequately address the above problem. Separately, it is worth highlighting the interest of Muslim countries in this issue, where discussions are still underway about the permissibility of cryptocurrency in Islamic law. As for the Russian realities in the context of the issue under study, the Federal Law “On Digital Financial Assets, Digital Currency and on Amendments to Certain Legislative Acts of the Russian Federation“, which came into effect on 1 January 2021, was supposed to streamline relations of subjects including cryptocurrencies, but, according to the experts in this field, this law is far from impeccable and this sphere of relations cannot be quickly and effectively regulated. This article describes the characteristics of cryptocurrency, its essence, disadvantages and advantages as an object of economic and civil law relations. The purpose of the research is to analyze the economic and legal phenomenon of cryptocurrency, as well as its characteristics in the Muslim legal system. The complexity of the work should be emphasized as a novelty. Based on the designated goal and the logic of construction, the study consists of three interrelated parts. The first part outlines the characteristics of cryptocurrency as an economic category, the second part is devoted to its legal analysis and the last part of the study demonstrates the Islamic perception (Sharia analysis) of this phenomenon. As a conclusion on the scientific research, we will highlight the following provisions. First, economically, nowadays, cryptocurrency is a rather controversial financial instrument: on the one hand, it has great investment attractiveness, but on the other hand, it is subject to great volatility and seems to be a rather risky financial asset. Secondly, from a legal standpoint, cryptocurrencies have not yet found their consistent consolidation and further legal regulation in the Russian legislation. It seems that the legal regulation of this institution will systematically develop depending on what application and results of its turnover the cryptocurrency will have in the future. Finally, the Islamic interpretation of the cryptocurrency phenomenon boils down to the absence of a single, consistent explanation of it from the perspective of Islam and Sharia as an object of permissibility (or prohibition) of transactions with it. It is necessary to further analyze the practice of using cryptocurrency and its impact on the economy and legal institutions in order to make a final decision on its permissibility or prohibition in correlation with the types of activity and the upcoming consequences associated with it.
Background: Today, blockchain technology is of interest in both the technology and business sectors. The information technology industry is developing very rapidly in our time, and new technologies appear so often that specialists often do not have time to react to their appearance. One of the striking examples of modern information technology potentially capable of changing the organization of effective economic management is the technology of distributed ledgers. Blockchain technology is "cross-cutting", that is, one that can be applied in many areas of the economy, management, including state, municipal and social spheres. This paper determines by the provisions and the need to form the basis for the prospective assessment of the consequences of the implementation of blockchain technology, both nationally and internationally and collect information on the state of the issue, comparison of information for a transaction using blockchain technology in the supply chain of logistics, proposing the model implementation and future research and recommendations. Methods: review of literature on the introduction of blockchain technology allows us to determine the current state of research issue, to note the lack of knowledge of blockchain technology and the use of a wide range of consumers. In this regard, it is necessary to conduct an analysis of the implementation of blockchain technology from the world experience.
Kurz nach der Veröffentlichung des White Papers zu Bitcoin im Jahr 2008 wurde Blockchain zu einer der am meisten diskutierten und gehypten Technologien der letzten zwei Jahrzehnte. Bitcoin führte eine kryptografisch gesicherte dezentrale Plattform für die Übertragung digitaler Vermögenswerte (die Kryptowährung Bitcoin) mit freiem Zugriff für alle ein. Einige Jahre später ging ein neuer „Player“ einen Schritt weiter: Ethereum führte die Idee eines Blockchain-basierten globalen, dezentralen Computers ein, auf dem jeder Programme auf beobachtbare und transparente Weise bereitstellen und ausführen kann. Diese als Smart Contracts (SCs) bezeichneten Programme sind zwar in der Lage, jedes entscheidbare Problem zu berechnen, sie ermöglichen jedoch in erster Linie Parteien, ein Rahmenwerk für Verträge einzurichten, ohne dass ein vertrauenswürdiger Vermittler erforderlich ist. Tatsächlich verlagert sich das Vertrauen dadurch zu den transparenten Mechanismen der Blockchain. In dieser Arbeit untersuchen wir das Ökosystem von Ethereum hinsichtlich der auf der Mainchain bereitgestellten SCs und legen einen Fokus auf die in den SCs verwendeten Authentifizierungsmuster. Diese Muster beschränken einige Funktionen der SCs, indem sie nur bestimmten Adressen erlauben, den abgesicherten Teil der Funktion auszuführen. Als Methoden für unsere Analyse führen wir die symbolische Ausführung und die Taint-Analyse ein, welche Werkzeuge sind, mit denen der Bytecode eines Programms semantisch analysiert wird. Basierend auf diesen Tools schlagen wir heuristische Erkennungsstrategien vor, um automatisch vier Authentifizierungsmuster zu erkennen, die wir im Ethereum-Bytecode von SCs finden. Darüber hinaus bewerten wir die Erkennungsstrategien anhand eines Testsatzes manuell klassifizierter SCs.
The paper considers the problem of constructing a model of the robust distributed ledger for security proof of a multidimensional blockchain. Several requirements for the model are imposed, among which most important are compatibility with existing models and presence of functionalities for external transactions. The authors present an approach to extending existing models based on the analysis of these solutions, their advantages and disadvantages. The model construction is based on universal composability framework. Two models are proposed: a model of the robust distributed ledger and a model of the search and verification protocol. These are meant to be used in security proofs for scaling and registration in a multidimensional blockchain. The proposed model of the robust distributed ledger is an extension of models used in security proofs for consensus mechanisms: proof of work and proof of stake. It duplicates their functions and additionally maintains external transactions. The model of the search and verification protocol implements ideal functionality used for external transaction verification. The results prove that the proposed model does not damage essential security parameters of the robust distributed ledger in presence of external transactions. The study confirms the compatibility of the proposed models with existing analogues implementing robust distributed ledgers. This fact allows using the universal composability theorem for constructing security proofs of multidimensional blockchain and search and verification protocol. The proposed method of extending existing models for security proofs can be used to create new models with additional functions not implemented for security proof of a multidimensional blockchain.
Open access
2 source records
Economic and Technological Systems Analysis
Blockchain Technology Applications and Security
Advanced Research in Systems and Signal Processing
Over the past decade, in addition to multiservice networks, blockchain technology has undergone significant development due to the possibility of organizing a safe, integral, reliable exchange and storage of information. Due to the great demand for the technology, there is a problem of data transmission to the operators' networks. At the same time, a key task appears to consider the effect of this technology on network characteristics to predict traffic behavior on the network and ensure the required service quality indicators, as well as the stability of the state of the public communication network elements when the distributed ledger technology is operating. However, to consider and analyze the influence of technology in a full-scale experiment is a labor-intensive task that cannot always be performed, therefore, in this article, the authors propose to consider approaches to structural-parametric modeling of these systems.
In the 21st century, it is becoming increasingly clear that human activities and the activities of enterprises affect the environment. Therefore, it is important to learn about the methods in which companies minimize the negative effects of their activities. The article presents the steps taken and innovative actions carried out by enterprises in the energy sector. The article analyzes innovative activities undertaken and implemented by enterprises from the energy sector. The relationships between innovative strategies, including, inter alia, digitization, and Industry 4.0 solutions, in the development of companies and the achieved results concerning sustainable development and environmental impact. Digitization has far exceeded traditional productivity improvement ranges of 3–5% per year, with a clear cost improvement potential of well above 25%. Enterprises on a large scale make attempts to increase energy efficiency by implementing the state-of-the-art innovative technical and technological solutions, which increase reliability and durability (material and mechanical engineering). Digitization of energy companies allows them to reduce operating costs and increases efficiency. With digital advances, the useful life of an energy plant can be increased up to 30%. Advanced technologies, blockchain, and the use of intelligent networks enables the activation of prosumers in the electricity market. Reducing energy consumption in industry and at the same time increasing energy efficiency for which the European Union is fighting in the clean air package for all Europeans have a positive impact on environmental protection, sustainable development, and the implementation of the decarbonization program.
Over the past decade, the blockchain technology has been actively embraced by an increasing number of companies. Blockchain has proven its effectiveness not only in the financial sector, but also in logistics and supply chain management, and has received extensive coverage in the scientific literature. At the same time, the implementation of blockchain in logistics and supply chain management (SCM) is technically difficult and requires significant financial costs. In this regard, its distribution in countries across the world is uneven. In this study, we compare the implementation of blockchain in countries with developed (Germany) and emerging (Russia) economies. Thus, our study provides new findings and information on the similarities and differences in blockchain implementation strategies in countries with developed and emerging economies. This comparative analysis reveals country peculiarities and different approaches regarding the application of blockchain technologies. The research methodology is based on the case study method. Three economic sectors are selected for the cross-country comparative analysis: the energy, food, and pharmaceutical industries. The analysis is focused on the use of blockchain along all three parts of the supply chain: upstream, production and downstream. Using theory building through case studies, our research results reveal many similarities in blockchain implementation in Germany and Russia. They show that blockchain is actively used in all three analyzed sectors by companies in both countries. Moreover, the technology proves its effectiveness in both upstream and downstream parts of the supply chain. In both Germany and Russia, blockchain is mainly used by large businesses due to its high costs. However, there are some differences regarding the implementation process of the technology in both countries. Firstly, the state support is required for some Russian blockchain projects. Secondly, none of the Russian companies has the necessary "full range" of blockchain competencies, so all Russian projects are carried out in collaboration with other parties, primarily IT partners. Thirdly, most of the Russian blockchain projects are still local in nature and relate to the use of technology in the relationship between the specific supplier and corresponding consumers.
Amir Makhmutov, Sergey Trishin, Konstantin Mironov, Alexey Vulfin
Abstract This paper describes the modeling of the industrial Internet-of-Things network for further exploration of its security properties. The goal is to increase the security of process control systems for industrial facilities based on the development of conceptual foundations, methodology, mathematical models, methods and software tools for comprehensive analysis and cyber security risk management of process control systems for industrial facilities using cognitive modeling technology and data mining. One specific task is modeling DLT implementation for industrial network. Common structure of the proposed modeling network is described. Example of smart contracts for the distributed ledger are presented. Performance of lightweight implementations for ciphers and hash functions are given.
Open access
Advanced Research in Systems and Signal Processing
The purpose of this work is to reduce the risk of information security of subjects of decentralized autonomous organizations. For this purpose, a mathematical model of the audit of information security of subjects of decentralized autonomous organizations was developed.