Systems that use blockchain technology to improve the know-your-customer (KYC) process have only been proposed at a conceptual level and all share certain attributes that make their adoption very difficult. We propose and program a blockchain-based system that reduces and shares out among the financial institutions (FIs) that work with a customer the costs of the KYC process and also makes it possible for FIs to dynamically update information related to customers and disseminates this information among participating FIs. Additionally, our system addresses some of the attributes that hinder the adoption of previously proposed solutions by FIs. The result is a stand-alone solution that reduces the cost of the KYC process without requiring any central instance to store the customer's data, and in which FIs share the initial costs of the KYC process as well as the running costs of keeping the information about customers up to date.
The blockchain technology is a new innovation with the potential to disrupt the\nworld as we currently know it, despite several limitations and challenges to overcome.\nOne of these challenges for software producing organizations is selecting the\nright technology for their case. In this research, we haveve identified this selection\nprocess as a multi-criteria decision making problem. Based on this we have created\na Decision Support System which aids developers during the technology selection\nprocess of blockchain platforms. Contemporary solutions to this problem were only\nrather simplistic decision-trees, which struggle with complexity and adaptations.\nThe novelty of this Decision Support System lies in being a feature-based artifact\nwhich incorporates ISO Software Quality Aspects and feature prioritization based\non the MoSCoW-technique. These contemporary generic blockchain features have\nbeen gathered through nine interviews with blockchain experts. Based on prioritized\nfeatures as input, the Decision Support System gives a score for feasible solutions\n(e.g. Ethereum or Hyperledger) as result. This Decision Support System was\nevaluated in three different case-studies for organization creating blockchain-based\nsolutions. In addition to this, the artifact has been validated by a blockchain-domain\nexpert. The main difficulties and obstacles of this whole research were grounded in\nthe immaturity of the blockchain domain as a whole.
Background: Blockchain have attracted a lot of attention in the last few years. It has been described as a technology that will increase the effectiveness of monitoring and improve the auditability of transactions which would have great implications for accountants and auditors. Purpose: The purpose of this study is to investigate how blockchain can help auditors to implement audit trails. The aim is to increase awareness about what the blockchain technology is, investigate if blockchain can be used in audit trails and if it can contribute to more cost-effective, reliable and secure audit trail. Methodology: The study is an exploratory research to increase the knowledge and understanding of blockchain and audit trails. It has a qualitative approach where primary data is collected from a semi-structured interview with Deloitte. Conclusion: The results indicates that there exists a gap in the literature of previously research on blockchain in relation to audit trails that needs further investigation. Furthermore, this study shows that blockchain is a technology with a lot of potential, but knowledge is still limited. This study concludes that there is too little research conducted to be able to provide any conclusive evidence. Due to findings and limitations of this research, suggestions for further research is provided.
NEW JOB POSITIONS AND RECRUITMENT OF EMPLOYEES SHAPED BY BLOCKCHAIN TECHNOLOGIES Jelena M. Lukić Modern Business School, Terazije 27/4, Belgrade, Serbia Hadžib Salkić Modern Business School, Terazije 27/4, Belgrade, Serbia Bojana Ostojić Modern Business School, Terazije 27/4, Belgrade, Serbia DOI: https://doi.org/10.31410/limen.2018.314 4th International Scientific – Business Conference LIMEN 2018 – Leadership & Management: Integrated Politics of […]
Blockchain technology is disrupting the business landscape in many industries. Energy sector is conservative and has specific reliability and security requirements therefore the possible application range is relatively narrow. Authors research the benefits and shortcomings of the applied blockchain technology and suggest the possible areas in energy sector to develop the solutions based on blockchain principles. Usability of blockchain principles is under research and proper aim has to be defined in order to follow the energy utility goals. The aim od the article is to define the environment and methodology for application of blochchain principles for solving operational technology challenges at energy utilities. Authors also define the possible threats that do not enable fast technology adoption in power utilitiesbiggest of which is cyber security.
Current American jurisprudence on digital assets (e.g. Bitcoin) is woefully underdeveloped due to the rapid development and adoption of blockchain technology-creating an intellectual gold rush with agencies, attorneys, and techies all shouting their positions (on securities laws, particularly) into the wind. This Comment enters the ether in an endeavor to counter prevailing federal agency narratives about the role of securities laws regarding "ICOs"-introducing the reader to the most pertinent features of blockchain technology and Initial Coin Offerings, introducing the U.S. Securities and Exchange Commission's (the "SEC") current regulatory approach, and applying the seminal Howey is-it-a-security test.
Background: Blockchain technology is recently receiving a lot of attention from researchers as well as from many different industries. There are promising application areas for the logistics sector like digital document exchange and tracking of goods, but there is no existing research on these topics. This thesis aims to contribute to the research of information systems in logistics in combination with Blockchain technology. Purpose: The purpose of this research is to explore the capabilities of Blockchain technology regarding the concepts of privacy, transparency and trust. In addition, the requirements of information systems in logistics regarding the mentioned concepts are studied and brought in relation to the capabilities of Blockchain technology. The goal is to contribute to a theoretical discussion on the role of Blockchain technology in improving the flow of goods and the flow of information in logistics. Method: The research is carried out in the form of an explorative case study. Blockchain technology has not been studied previously in a logistics setting and therefore, an inductive research approach is chosen by using thematic analysis. The case study is based on a pilot test which had the goal to facilitate a Blockchain to exchange documents and track shipments. Conclusion: The findings reflect that the research on Blockchain technology is still in its infancy and that it still takes several years to facilitate the technology in a productive environment. The Blockchain has the capabilities to meet the requirements of information systems in logistics due to the ability to create trust and establish an organisation overarching platform to exchange information.
This paper provides a description of the blockchain that underpins the Bitcoins. This paper provides a new mechanism to reinforce the credibility of online transactions based on blockchain technology. It then becomes possible to explore the future of the blockchain technology in other online electronic markets of goods and services. We assert that the blockchain technology, still linked with the BT, could become in the near future the keystone of many electronic markets and could considerably increase online transactions. A cryptocurrency regime based on sidechain is modelled and a public blockchain controlled by a central is proposed.
Jie Xiao, Jungang Lou, Jianhui Jiang, Xiaoxin Li · 6 authors
Currently, few works focus on the reliability of the blockchain architecture at the circuit level, which makes its security and privacy vulnerable to hardware errors. To mitigate the hazard, through an iterative probabilistic transfer matrix model coded by a binary-decimal mechanism, a reliability-based evaluation method for the importance of circuit units is proposed in this paper. First, the method calculates the output reliabilities in any leads by the iterative probabilistic transfer matrix model and obtains the reliability gradient for the circuit units based on the gradient and barrel theory. Second, it sorts the importance of the circuit units based on their obtained reliability gradients. Third, combining the sensitized path coverage rate and the sequence comparison, the method constructs an importance-based sorting algorithm for the circuit units with the same reliability gradients. Finally, it reinforces the importance circuit units based on the sorting results to improve the security and privacy for the blockchain architecture at the hardware level. Theoretical analysis and experimental results indicate that the proposed method can be applied to measure the importance of circuit units at several abstract levels, with high precision and small time-space complexity, and systems can thus achieve a great reliability improvement at a small cost.
The HPlane IoT framework abstracts security and privacy concerns of critical IoT infrastructure in a Remote Healthcare Monitoring (RHM) environment. Despite its usefulness, the framework lacks a scalable access control mechanism leading to performance and scalability challenges. Some of these challenges can be overcome by using Byzcoin blockchain that provides strong consistency guarantee. However, we found limitations in Byzcoin with respect to reliability, performance and high failure probability due to the use of unreliable Collective Cosigning (CoSi) protocol. Our practical analysis shows that on an average 10-30% CoSi protocols fail when it uses a spanning tree topology to scale Schnorr multisignature. Thus use of Byzcoin poses a significant risk to critical IoT infrastructure. In this paper, we present a robust spanning tree topology along with an implementation of BLS multisignature. Our enhanced topology successfully tackles reliability limitation while BLS multisignature improves performance and lowers failure probability. This work also summarizes how blockchains can serve as a controller application to provide an effective scalable access control in HPlane IoT framework.
Recent declarations and investigations by the Securities and ExchangeCommission suggest that blockchain-based assets are potentially subject to regulation as securities under the Securities Act.This Article presents a systematic analysis of the risks and embedded costs of investments in blockchainbased assets and assesses their potential regulation as securities.This Article offers a comprehensive account of the pertinent properties of blockchain-based assets, the technology of the blockchain, the markets available for their trade, and their varied underlying sources of value.It identifies unique costs and risk factors inherent to the blockchain technology, and examines whether securities laws can potentially add value and protect investors from these unique risks.Identified costs and risks factors include controlling costs prevalent even in decentralized ledgers, monitoring costs that vary according to the costs of automatic verification, technology risks rooted in the vulnerability of the blockchain to bugs in its software, and systemic risks embedded in limited transparency and contractual rigidity of the blockchain-based investment contract.This Article examines these unique costs and risk factors and assesses their normative implications for securities regulation of blockchain-based assets.With current efforts by regulatory authorities to designate blockchain-based assets as securities, a coherent approach is presented based on the type of the offering, investors' profile, and the technical and legal contours of the blockchain-based
Blockchain technology can effectively solve the problems of intermediaries' trust risk, reduce transaction costs and improve synergy efficiency in a multi-agent environment. This paper discusses the feasibility of applying blockchain technology to electronic invoices, and designs the overall structure of the electronic invoice blockchain. Moreover, in the paper, it is proposed to establish an electronic invoice alliance chain, and realize the research ideas of various transactions within the alliance through intelligent contracts.
This exploratory paper examines the relationship between CSCW and emerging blockchain technologies. Although the blockchain technology is at first sight not directly related to CSCW, this paper will identify a number of CSCW research areas that are relevant and that can either profit or contribute to blockchain research. To open CSCW research to new areas and to stipulate a discussion between the disciplines, the paper will start with a brief introduction to basic blockchain concepts followed by an exploration of the relationships between the two research areas. It concludes with an initial proposal on how CSCW research results and concepts can inform blockchain design.
The work conducted for this thesis is meant to benefit both industry and the scientific community. Creating an assessment for blockchain technology in a specific industrial (supply chain) setting and later expand to a more general setting might prove useful for companies planning to use blockchain in the future or wanting to understand blockchain technology better. There is scarce academic research on blockchain technology in fields besides computer science and finance. Expanding the research territory is key to understand this new technological trend and in the case of supply chain management, blockchain technology might prove to be a key technological development in the years to come. This thesis is formed as an assessment of the strategic fit of blockchain technology in Norwegian fish supply chains. Further, the key findings from this specific strategic fit is used to find indicators for which types of supply chains blockchain technology could bring positive strategic implications. The thesis is structured so that relevant scientific theory and data is presented before making an assessment of the strategic fit and discussing the implications. Using the theory on supply chain management Fisher (1997) and Lee (2002) and key supply chain management objectives together with theory on innovation, through Rogers (1962), the following research questions were answered.\n\nRQ1: Why is blockchain technology beneficial for fish supply chains?\nRQ1.1: How is it beneficial?\nRQ1.2: Does the findings indicate benefits for other supply chains?\n\nThe research arrived at the conclusion that Norwegian fish supply chains might benefit from blockchain technology. This is mainly a conclusion drawn by the fact that Norwegian aquaculture producers were viewed to have lean supply chains and have functional products in the material flows as found through the models of Fisher (1997) and Lee (2002), and that the supply chain management objectives cost, quality and sustainability, with the cost and quality being integral to lean supply chain practices, were found to get the highest advantages. In addition, blockchain technology was found to benefit lean supply chains in general, especially food supply chains.
Trevor Clohessy, Thomas Acton, Reuben Godfrey, Michelle Houston
Research carried out at NUI Galway has found a 40% blockchain adoption rate among Irish enterprises to date. The study investigated why implementation in Ireland is relatively low, and proposes recommendations to increase blockchain awareness and adoption that can provide opportunities not only for economic growth but also create a new foundation for how Irish organisations and government conduct business.
Ugo Pagallo, Eleonora Bassi, Marco Crepaldi, Massimo Durante
GDPR abiding blockchain systems are feasible. Jurists, programmers, and other experts are increasingly working on this aim nowadays. Still, manifold blockchain networks functioning out there suggest a new generation of data protection issues brought about by this technology. Some of these issues will likely concern the right to erasure set up by Art. 17 of the EU data protection regulation (‘GDPR’). These cases will soon be discussed before national authorities and courts, and will likely test the technical solutions explored in this paper, such as hashing-out methods, keys destruction, chameleon hash functions, and more. By taking into account matters of design and the complex architecture of blockchains, we shall distinguish between blockchains that have been thought about to expressly meet the requirements of the EU regulation, and blockchains that, for one reason or another, e.g. ante GDPR designed blockchains, trigger some sort of clash with the legal order, that is, (i) matters of principle on e.g. political decentralization; (ii) standards on security and data protection; (iii) a mix of them; and, (iv) social clash. It is still unclear how the interplay of legal regulation, technological constraints, social norms, and market interests, will end up in this context. Rulings and court orders will be instructive. It is a clash foretold, after all.