Blockchain Technology is the advance information technology in medical sector that need secure data sharing among related parties in the network. The investigating factors have impacts on electronic medical record Blockchain technology adoption. Online questionnaire was developed from literature with performance expectation, trust, and risk concepts. Online survey sent to patients and medical personnel. The feedback respondents were 149. The research results showed that the most influential factor affecting the acceptance is performance expectation which includes the recognition of technological benefits and relative advantages. Trust factor has impact on acceptance and low risk has positive impact of the Blockchain technology
Blockchain technology is an optional new technologies to manage the supply chain process. This technology helps to improve and solve the issue of transparency as well as monitor operations in the supply chain. The study found that the perceived benefits of Blockchain technology in the automotive industry, inter-organizational trust are the important factors that affect the acceptance of Blockchain in the supply chain process. Inter-organizational relationship has negative impact on Blockchain technology acceptance. The non-mediated power is a key factor that builds inter-organizational trust and leads to success in the technology application in this industry. The results can be used as a guideline for the automotive industry to apply Blockchain technologies to the operations.
Personal privacy protection issues has gradually caused widespread concernin society which will lead to economic and reputation losses, hinder networkand E-commerce innovation or some other consequences if not handled properly. Inthis paper, we make use of the de-centralization, permanent and audibility of theblockchain to propose a blockchain-based personal privacy protection mechanism,which uses Online taxi-hailing as the application scenario. We not only provide thedetails of the blockchain custom transaction domain used by the scene, but alsoexpound the information exchanging and blockchain auditing between passengers,Online taxi-hailing platform and drivers in Online taxi-hailing scene, providing acase model for the blockchain solution to personal privacy protection and a technicalmechanism solution for further study of personal privacy protection issues.
Purpose This paper aims to describe a method for Internet-of-Things-devices to achieve industrial grade reliability for information transfer from wireless sensor systems to production systems using blockchain technologies. Design/methodology/approach An increased security and reliability of submitted data within the sensor network could be achieved on an application level. Therefore, a lightweight, high-level communication protocol based on blockchain principles was designed. Findings Blockchain mechanisms can secure the wireless communication of Internet-of-Things-devices in a lightweight and scalable manner. Originality/value The innovation of this research is the successful application of general blockchain mechanisms to increase security of a wireless sensor system without binding to a dedicated blockchain technology.
Sechang Oh, Min‐Soo Kim, Yoon Park, Gyu-Tak Roh · 5 authors
Purpose The centralized processes of today’s power trading systems are complex and pose a risk of price tampering and hacking. The decentralized and unmodifiable nature of the blockchain technology that has recently been highlighted offers the potential to improve this power trading process. The purpose of this study is to implement a system to apply the blockchain technology to the problem of power trading. Design/methodology/approach The authors modeled the power trading problem as the interaction between admin, producer and consumer nodes. And a power trading scenario has been created for this model using a blockchain platform called Multichain which is both fast and highly scalable. To verify this scenario, they implemented a trading system using Savoir, a Python-based JsonRPC module. Findings Experimental results show that all processes, such as blockchain creation, node connectivity, asset issuance and exchange transactions have been correctly handled according to the scenario. Originality/value In this study, the authors have proposed and implemented a power trading method that determines price according to the pure market principle and cannot be manipulated or hacked. It is based on the nature of blockchain technology that is decentralized and cannot be tampered.
Purpose Blockchain is a distributed ledger, in which the blocks containing transaction details are connected chronologically to form a series of chains, thus raising the possibility of improving the process and innovating business model for the financial institutions. The purpose of this paper is to study the actual cases of Blockchain applied in Korea in 2017, so that a vision of business model innovation of financial institutions can be drawn. Design/methodology/approach The financial institutions in Korea are in the technology verification stage to introduce Blockchain technology. Since there is an insufficient amount of actual measurement data, case study method was adopted. The authors interviewed ICT officers of major banks in Korea. The purpose of the interview was to understand the relationship between Blockchain and business models of financial institutions, and the effects and challenges that Blockchain has on the business model of financial institutions. Findings From the perspective of financial institutions, the emergence of Blockchain does not just have technical significance – emergence of highly efficient database system – but has the possibility that if the business model of existing financial intermediaries disappears or get reduced, the financial services relying on them can disappear altogether, or some of them can be replaced, and financial transaction patterns of consumers can be changed. As a case studies researched for this paper, it was discovered that the distributed characteristic of Blockchain cannot be applied when actually developing financial services.
Zcash is a fork of Bitcoin with optional anonymity features. While transparent transactions are fully linkable, shielded transactions use zero-knowledge proofs to obscure the parties and amounts of the transactions. First, we observe various metrics regarding the usage of shielded addresses. Moreover, we show that most coins sent to shielded addresses are later sent back to transparent addresses. We then search for round-trip transactions, where the same, or nearly the same number of coins are sent from a transparent address, to a shielded address, and back again to a transparent address. We argue that such behavior exhibits high linkability, especially when they occur nearby temporally. Using this heuristic our analysis matched 31.5% of all coins sent to shielded addresses.
Purpose In Korea and abroad, this paper investigates the use of blockchains in the financial sector. This study aims to examine how blockchains are applied to the financial sector and how to respond to the Korean conditions. Design/methodology/approach This paper investigates the movements of the financial sector and related services using the blockchain in the current market. Findings First, as a result of examining domestic and foreign cases, it can be seen that the areas where blockchains are most actively applied in the financial sector are expanding into settlement, remittance, securities and smart contracts. Also, in Korea, many of the authentication procedures based on the equipment possessed by the consumers are used so that introduction of the blockchain in the authentication part is prominent. Second, the move to introduce a closed (private) distributed ledger that does not go through the central bank is accelerating in payments between banks. Third, domestic financial institutions also need joint action by financial institutions through a blockchain consortium to apply blockchain technology to the financial sector. Fourth, consumer needs and technological developments are changing. At the same time, as the opportunity to infringe on the information held by individuals has expanded, the need for blockchain technology is strongly emerging because of the efforts of the organizations to defend it. Originality/value This paper contributes to understanding the changes in the financial sector using the blockchain.
This paper studies the liquidity of Bitcoin using the time series daily data over the period 1/1/2014 to 12/31/2015. Based on the available data for Bitcoin, five liquidity measures are chosen to compare the liquidities among five Bitcoin exchanges and the liquidities of different sizes of stocks. The results suggest that the liquidity of Bitcoin depends on the choice of the Bitcoin exchanges, and Bitfinex, one of the Bitcoin exchanges, provides the highest liquidity for Bitcoin trading. Moreover, the results indicate that, on average, stocks are more liquid than Bitcoin.
Daniel Conte de Leon, Antonius Q. Stalick, Ananth A. Jillepalli, Michael Haney · 5 authors
Purpose - The purpose of this article is to clarify current and widespread misconceptions about the properties of blockchain technologies and to describe challenges and avenues for correct and trustworthy design and implementation of distributed ledger system (DLS) or Technology (DLT). Design/methodology/approach - The authors contrast the properties of a blockchain with desired, however emergent, properties of a DLS, which is a complex and distributed system. They point out and justify, with facts and analysis, current misconceptions about the blockchain and DLSs. They describe challenges that these systems will need to address and possible solution avenues for achieving trustworthiness. Findings - Many of the statements that have appeared on the internet, news and academic articles, such as immutable ledger and exact copies, may be misleading. These are desired emergent properties of a complex system, not assured properties. It is well-known within the distributed systems and critical software community that it is extremely hard to prove that a complex system correctly and completely implements emergent properties. Further research and development for trustworthy DLS design and implementation is needed, both practical and theoretical. Research limitations/implications - This is the first known published attempt at describing current misconceptions about blockchain technologies. Further collaborative work, discussions, potential solutions, evaluations, resulting publications and verified reference implementations are needed to ensure DLTs are safe, secure, and trustworthy. Practical implications - Interdisciplinary teams with members from academia, business and industry, and from disciplines such as business, entrepreneurship, theoretical and practical computer science, cybersecurity, finance, mathematics and statistics, must be formed. Such teams must collaborate with the objective of developing strategies and techniques for ensuring the correctness and security of future DLSs in which our society may become dependent. Originality value - The value and originality of this article is twofold: the disproving, through fact collection and systematic analysis, of current misconceptions about the properties of the blockchain and DLSs, and the discussion of challenges to achieving adequate trustworthiness along with the proposal of general avenues for possible solutions.
Bitcoin has recently attracted considerable attention in the fields of economics, cryptography, and computer science due to its inherent nature of combining encryption technology and monetary units. This paper reveals the effect of Bayesian neural networks (BNNs) by analyzing the time series of Bitcoin process. We also select the most relevant features from Blockchain information that is deeply involved in Bitcoin's supply and demand and use them to train models to improve the predictive performance of the latest Bitcoin pricing process. We conduct the empirical study that compares the Bayesian neural network with other linear and non-linear benchmark models on modeling and predicting the Bitcoin process. Our empirical studies show that BNN performs well in predicting Bitcoin price time series and explaining the high volatility of the recent Bitcoin price.
Mediante la elaboración de este trabajo se ha querido dar una visión general y sencilla de los elementos claves para conocer que es el bitcoin, como funciona y su evolución. Por ello presentamos los elementos técnicos básicos de su funcionamiento: la criptografía y el blockchain, que son básicos para entender las cuestiones relacionadas con su implantación, seguridad y estabilidad. Asimismo recogemos el perfil actual del usuario, su evolución en el tiempo y la presencia en diferentes países. Por último, se analizan las ventajas, inconvenientes y perspectiva del futuro. Finalizamos con una serie de conclusiones.
Long Finance’s Distributed Futures research programme is pleased to announce the release of its first three approaches to ‘geo-stamping’, along with a short guide. Time-stamping is an important part of Smart Ledgers (aka block-chains with embedded code), an authoritative record of the time of a transaction. Geo-stamping is a mirror image, an authoritative record of the location of a transaction. Geo-stamping = time-stamping + geo-location information.
Long Finance’s Distributed Futures research programme has an open source project, “GeoGnomo” to research and share methods for geo-stamping. Geo-stamping benefits from having memorable ways of recording areas that also aid efficient retrieval. GeoGnomo has built-to-share three approaches for recording areal information, a Quaternary Triangular System, a Quaternary Rectangular System, and a Variable Rectangular System for geo-stamping. Each can be used to record geographic areas into a block-chain.
GeoGnomo provides source code and an online translation from latitude & longitude areas to geo-codes and back. Thus, block-chain applications have almost an instant ‘global post code’ or ‘global zip code’ system. By using consistent geo-coding data retrieval is easier. Users can share information easily – “tell the drone to come to F49PUR9B7-20”, a resolution of 7.6 metres.
This report was commissioned by the Cardano Foundation in November 2017 and is one of the first outputs from a series of projects in the Distributed Futures research programme. Michael Parsons, CEO of the Cardano Foundation, comments “Geo-stamping and time-stamping are two of the most important functions of Smart Ledgers. Our sponsorship of Distributed Future’s GeoGnomo project is directed at sharing mechanisms for geo-stamping that are memorable, aggregable, proximable, and scalable.”
Objectives: From the area of the research conducted, Malaysian acceptance towards the idea of online payment methods and understanding the concept of cryptocurrency has been studied. Our main area of focus was in the area of Klang Valley, which has been found that they are one of the most technological savvy people in Malaysia. Methods: One of the main areas of our research is the level of acceptance of the Malaysian market towards the idea of the cryptocurrency, which in our area of interest was Bitcoin. Findings: This research can be further used to identify the mitigating factors that influence peoples’ interest towards online payments such as debit/credit card payments and other channel such as PayPal. Technology acceptance among the Malaysian market can be the main factor that affects the use of the online payment method. Besides, it was also been found several factors that affects the consumers choice on the acceptance of the online payment, which was used as the main variable used to measurement on the level on acceptance. Application: Acceptance of Bitcoin by the Malaysian market. Keywords: Bitcoin, Malaysian Market, Online Payment, Technology Acceptance
Blockchain is one of the hottest topics in the discussion of technologies lately. As the enabling technology for Bitcoin, the pioneering cryptocurrency, blockchain is an append-only distributed ledger that is virtually impossible to attack given sufficient scale of participants. Hence, blockchain holds great promises as the fundamental technology to enable Internet-based electronic voting. However, Internet-based voting has additional requirements than monetary transactions. In this paper, we analyze these requirements, review existing proposed solutions, and outline possible improvements. Specifically, we propose to use live biometrics of the voter to perform secure and highly reliable remote authentication. We also propose a scheme to protect the secrecy of the ballots and eliminate the influence of votes already cast. Finally, we propose to impose a hierarchy to the voting infrastructure that aligns naturally with traditional voting, which enables parallel processing of multiple blockchains, to overcome the intrinsic scalability limitation of the blockchain technology.
This paper examines the comprehensive idea about the growth and future sustainability of bitcoin as a cryptocurrency. The transaction volume of bitcoin is used as the growth of the bitcoin and the bitcoin log return is used for testing the volatility which is helpful for the future sustainability of bitcoin. The study period says that the growth of bitcoin’s transaction volume is an increasing trend as more day to day transaction is minting with the exchange of Bitcoin. The study also uses ARCH & GARCH methodology to know the volatility of this emerging digital currency, and the GARCH result shows that it is a highly volatile currency. As a result, most of the governments have not given their legal status for the use of bitcoin in their country. But if bitcoin will be stable in the future, then it is easily accepted through worldwide and in the long run, people will have more faith in the cryptocurrency technology and its usability.
Otto Julio Ahlert Pinno, André Grégio, Luis C. E. Bona
The IoT is pervading our daily activities and lives with devices scattered all over our cities, transport systems, buildings, homes and bodies. This invasion of devices with sensors and communication capabilities brings big concerns, mainly about the privacy and confidentiality of the collected information. These concerns hinder the wide adoption of the IoT. To overcome them, in this work, we present an Blockchain-based architecture for IoT access authorizations. Following the IoT tendency requirements, our architecture is user transparent, user friendly, fully decentralized, scalable, fault tolerant and compatible with a wide range of today's access control models used in the IoT. Finally, our architecture also has a secure way to establish relationships between users, devices and group of both, allowing the assignment of attributes for these relationships and their use in the access control authorization.
The Internet of Things (IoT) has penetrated deeply into our lives and the number of IoT devices per person is expected to increase substantially over the next few years. Due to the characteristics of IoT devices (i.e., low power and low battery), usage of these devices in critical applications requires sophisticated security measures. Researchers from academia and industry now increasingly exploit the concept of blockchains to achieve security in IoT applications. The basic idea of the blockchain is that the data generated by users or devices in the past are verified for correctness and cannot be tampered once it is updated on the blockchain. Even though the blockchain supports integrity and non-repudiation to some extent, confidentiality and privacy of the data or the devices are not preserved. The content of the data can be seen by anyone in the network for verification and mining purposes. In order to address these privacy issues, we propose a new privacy-preserving blockchain architecture for IoT applications based on attribute-based encryption (ABE) techniques. Security, privacy, and numerical analyses are presented to validate the proposed model.
This paper introduces some of the interdependent components within the multifaceted solution our team is developing towards accelerating the functionality, complexity and versatility of blockchain-enabled services. The focus here is particularly on introducing and bringing together selected individual components of the solution to achieve a synergistic effect in expanding the functionality of blockchain-enforced smart contracts. The contributions of this paper include: (i) proposing a method for automated management of contracts with hierarchical conditionality structures through an hierarchy of intelligent agents and the use of hierarchical cryptographic key-pairs; (ii) proposing a method for efficient and secure matching and transfer of smart-contract underlyings (entities) among disparate smart contracts/subcontracts; (iii) proposing a method for producing an hierarchy of common secrets to facilitate hierarchical communication channels of increased security, and applying this method both in the context of method (i) and method (ii); and (iv) proposing the use of distributed hash tables DHT in building secure and optimized repositories in the context of method (i) and in the context method (ii), where the former involves a DHT repository of smart contracts and the latter involves a DHT repository of entities underlying smart contracts that are being exchanged among different smart contracts and subcontracts. The smart-contract focused methods introduced in this paper contribute to the overall goal towards a sustainable adaptive mechanism for processing evolving volumes, versatility, and complexity of blockchain transactions, traffic, and services. Blockchain-enabled services are efficient, secure, automated, and allowing worldwide distribution of resources. They present a more efficient and sustainable alternative to current service infrastructures within a range of domains, particularly the legal and financial domains. They also set a sustainable infrastructure for emerging Internet-of-things services.
As the technologies are evolving day by day, they are able to rejuvenate any sector either individually or by incorporating other technologies. There are many prominent sectors in the market such as healthcare, education, entertainment, business, information technology, retail, etc. Every sector has its own set of profits and consequences, but apart from all, the banking or finance sector is the only sector that provides dynamicity to all other sectors and helps them to generate maximum revenue from their principal investment. In this chapter, the authors are focusing on the traditional and modern ways of banking, currencies such as cryptocurrency like Bitcoin, Ethereum, Litecoin, and how the modern currency will change the transaction procedure in the global banking system, creating an amalgamation of such currency with a current transaction system with the role of technology such as Blockchain in the betterment of the global banking system making the system fully decentralized, distributed, transparent, fast, immutable, and efficient.
Petros Kavassalis, Harald Stieber, Wolfgang Breymann, K. E. Saxton · 5 authors
Purpose: The purpose of this study is to propose a bearer service, which generates and maintains a “digital doppelgänger” for every financial contract in the form of a dynamic transaction document that is a standardised “data facility” automatically making important contract data from the transaction counterparties available to relevant authorities mandated by law to request and process such data. This would be achieved by sharing certain elements of the dynamic transaction document on a bearer service, based on a federation of distribution ledgers; such a quasi-simultaneous sharing of risk data becomes possible because the dynamic transaction document maintain a record of state in semi-real time, and this state can be verified by anybody with access to the distribution ledgers, also in semi-real time. Design/methodology/approach: In this paper, the authors propose a novel, regular technology(RegTech) cum automated legal text approach for financial transaction as well as financial risk reporting that is based on cutting-edge distributed computing and decentralised data management technologies such as distributed ledger, distributed storage, algorithmic financial contract standards, automated legal text and document engineering methods and techniques. This approach is equally inspired by the concept of the “bearer service” and its capacity to span over existing and future technological systems and substrates. Findings: The result is a transformation of supervisors’capacity to monitor risk in thefinancial systembased on data which preserve informational content offinancial instruments at the most granular level, incombination with a mathematically robust time stamping approach using blockchain technology. Practical implications: The RegTech approach has the potential to contain operational risk linked toinadequate handling of risk data and to rein in compliance cost of supervisory reporting.
Bitcoin is a digital currency based on a peer-to-peer payment system managed by an open source software and characterized by lower transaction costs, greater security and scalability than fiat money and no need of a central bank. Despite criticisms about illegal uses and social consequences, it is attracting the interest of the scientific community. The purpose of this work is to define and evaluate the current trends of the literature concerned with the sustainability of bitcoin, considering the environmental impacts, social issues and economic aspects. From the analysis it emerges that the transition of the whole monetary system in the new cryptocurrency will result in an unacceptable amount of energy consumed to mine new bitcoins and to maintain the entire virtual monetary system, and probably bitcoin will remain a niche currency. Blockchain, which is the base for a distributed and democratically-sustained public ledger of the transactions, could foster new and challenging opportunities. Sharing the framework of medical data, energy generation and distribution in micro-grids at the citizen level, block-stack and new state-driven cryptocurrencies, may benefit from the wide spread of blockchain-based transactions. Under the perspective of its being a driver of social change, bitcoins and related blockchain technologies may overcome the issues highlighted by numerous detractors.