Alan Rodrigues, Allysson Allex Araújo, Matheus Paixão, Pamella Soares
Presencia-se uma adesão de projetos de Contratos Inteligentes (CIs) ao desenvolvimento open source. Ademais, reconhece-se que o desenvolvimento de CIs lida com novas restrições as quais motivam novos questionamentos sobre a dinâmica de colaboração entre desenvolvedores e para com a comunidade. Enquadrando-se a partir de uma pesquisa exploratória-descritiva, o presente artigo objetiva discutir resultados preliminares sobre elementos colaborativos quanto ao desenvolvimento open source de CIs, em específico: i) a relação entre commits e colaboradores, e ii) quanto ao report e resolução de issues.
Purpose Blockchain technology (BCT) can be used for a wide variety of applications across domains and can bring many benefits. BCT-based applications can be beneficial for the government as well as businesses. Despite the many promises, BCT implementation lags behind. The purpose of this research is to identify a roadmap of critical implementation challenges that influence BCT implementation by governments. Design/methodology/approach The study develops an ISM-based model spread across seven levels to analyze the inter-relationship among the selected BCT challenges. The MICMAC analysis further helps in evaluating the variables based on their driving power and dependencies. Findings The findings show that all challenges have a strong impact on implementing BCT. The foundation for implementation BCT is to define standards and develop appropriate regulations. Next, the findings show the need for a shared infrastructure meeting the basic technical and societal requirements and developing viable business models to advance BCT implementation. Many challenges hinder the development of blockchain applications meeting the technical and ethical requirements. Originality/value Existing research has analyzed the relationship among challenges. To the best of the authors' knowledge this is the first paper to collate these implementation challenges and incorporate them to develop a hierarchical model using interpretive structural modeling technique. The results can be used to prioritize the tackling of the challenges.
Mohammad Amin Moradi, Navid Niazkar, Alireza Dehmardan
Today the emergence of many technologies has transformed the financial and commercial sectors. Blockchain is considered one of the emerging technologies in various industries. Blockchain financing allows investors to choose projects they trust and participate in without the need for third-party intermediaries. According to the main features of blockchain, using it in crowdfunding makes this process more reliable. This study presents a model based on a smart contract on the Ethereum blockchain network and integrates the (ICO) and (IPO) models. As a result, the shareholders can track the project's progress via its corresponding Digital Twins in its respective Metaverse.
Financial supply chain (Supply Chain Finance/SCF) is a hot topic in supply chain management research (Supply Chain Management). SCF's goal is to diversify funding sources from companies with limited capital and be able to improve financial efficiency throughout the company's supply chain network. SCF has become a source of short-term funding for thousands of micro, small and medium enterprises (MSMEs). The current research on SCF still uses a conventional financial framework, and no SCF research uses an Islamic financial framework. This study aims to develop an SCF framework and system based on Islamic sharia principles in the form of a sharia crowdfunding platform using blockchain technology and smart contracts. The system design produced by this research uses smart contracts that are run using the Ethereum protocol to prevent fraud/embezzlement and improve the security system on the planned platform, according to blockchain characteristics, which are very difficult to take over.
Permissionless or public Distributed Ledger Technologies (DLTs) provide full decentralization and transparency. The performance evaluation of permissionless Distributed Ledger Technologies is difficult due to their dynamic nature. This paper focuses on the performance evaluation of permissionless Ethereum DLT. Public test networks highly resemble the main network and capture the dynamic nature of permissionless DLTs. The paper proposes the BloodTrace application to trace the donated blood from the donor to the patient. The performance is evaluated by deploying the BloodTrace smart contract on the public test network Ropsten. The data collection for the calculation of the performance parameters can be performed in two ways: i) RPC based method ii) Log-based method. RPC based method involves polling the blockchain for each transaction data. The log-based method involves the collection of logs and fewer RPC calls to the Blockchain. The probabilistic nature of transaction confirmation is also taken into consideration while calculating the Latency (Finality) by analysing the effect of block confirmations on the latency. The evaluation results are then compared with the results obtained by the Hyperledger Caliper Benchmarking tool as it is using RPC based approach for calculation of performance parameters.
Various financial products have emerged in the era of the digital economy, including cryptocurrencies. In Indonesia, the Commodity Futures Trading Regulatory Agency (CoFTRA) regulates the use of cryptocurrencies. Cryptocurrencies are designated as investment assets that can be included as commodities in trading on futures exchanges but are prohibited from being used as a means of payment. Crypto investors in Indonesia alone in 2021 have reached 6.5 million people with a transaction value of Rp 370 trillion as of May 2021. This number continues to increase from the previous year, making crypto investors bigger than stocks or mutual funds. This study then analyzes the factors influencing the Indonesian people's interest in investing in cryptocurrencies. Data collection techniques were collected through questionnaires distributed online to 97 respondents, while data processing used multiple regression analysis. The findings of this study indicate that yield and flexibility have a positive and significant effect on interest in investing in cryptocurrencies. Meanwhile, the prohibition of cryptocurrencies has a negative impact on interest in investing in cryptocurrencies.
Muhammad Iqbal Sidiq, William Stanley Roth, Toto Rusmanto
With the advancement of information and communication technology (ICT) and technological innovation, the learning ecosystem has changed greatly facilitating open and distance learning systems (ODL) in providing education anywhere at any time in meeting the changing learning needs in modern society. Blockchain is currently attracting attention as an innovative technology to change the future, has emerged as a new paradigm of financial markets. A blockchain is a distributed ledger created by blocks containing details of transactions connected in chronological order to form a series of chains. Blockchain is designed to store and use a cryptocurrency called bitcoin securely. Cryptocurrency is a virtual currency that operates in a blockchain-based decentralized system. Cryptocurrency transactions are conducted peer to peer (P2P) without the intervention of financial intermediaries. The increasing interest in cryptocurrencies and the underlying technology of blockchain is also reflected in the entry of regular businesses into the crypto world by using token hype prices (HYPE) or token inflated prices to profit. Therefore, the focus in this study is to compare the influence of blockchain usage on cryptocurrencies looking at previous research.
Certificates are often falsified, such as fake diplomas and forged transcripts. As such, many schools and educational institutions have begun to issue diplomas online. Although diplomas can be issued conveniently anytime, anywhere, there are many cases wherein diplomas are forged through hacking and forgery. This paper deals with the required Blockchain diploma. In addition, we use an automatic translation system, which incorporates natural language processing, to perform verification work that does not require an existing public certificate. The hash algorithm is used to authenticate security. This paper also proposes the use of these security protocols to provide more secure data protection. In addition, each transaction history, whether a diploma is true or not, may be different in length if it is presented in text, but converting it into a hash function means that it is always more than a certain length of SHA-512 or higher. It is then verified using the time stamp values. These chaining codes are designed. This paper also provides the necessary experimental environment. At least 10 nodes are constructed. Blockchain platform development applies and references Blockchain standardization, and a platform test, measurement test, and performance measurement test are conducted to assess the smart contract development and performance measurement. A total of 500 nodes were obtained by averaging 200 times, and a Blockchain-based diploma file was agreed upon at the same time. It shows performance information of about 4100 TPS. In addition, the analysis of artificial intelligence distribution diagram was conducted using a four-point method, and the distribution chart was evenly distributed, confirming the diploma with the highest similarity. The verified values were then analyzed. This paper proposes these natural language processing-based Blockchain algorithms.
Naufal Dwinanda Narra Putra, Robiyanto Robiyanto, Hans Hananto Andreas
This study was conducted to analyze the performance of the portfolio formed with different asset classes. The instrument used is the consumption sector index with 5 cryptocurrencies. Does the formed portfolio have a better performance than the portfolio that is only formed from the consumption sector index. The type of data in this study uses secondary data in the form of a daily frequency time series with a research period from January 2019 to January 2021. The data in this study used quantitative data. Portfolio performance measurement in this study was measured using the ratio of Sharpe, Treynor, Jensen, Sortino, and Omega. Based on the results of the study, it shows that the performance of the consumption sector index portfolio that is hedged with cryptocurrency produces a higher rate of return in the period during the pandemic than in the period before the pandemic. However, there is 1 crypto that produces negative values in each ratio and research period, namely Tether. Overall, the results of this study can be concluded that adding cryptocurrency to the formation of a portfolio will get a better portfolio performance<em>.</em>
Since its introduction, blockchain technology has been revered, ridiculed, dismissed, embraced, and presently has become too large to ignore, witnessing exponential growth. The obvious indicator of this growth is that research revolving around blockchain technology has already raised competition in the form of directed acyclic graphs and hashgraph, all of which fall under the umbrella of distributed ledger technology (DLT). Segueing on the back of visibly positive effects of competition, we arrive at the essence of our paper. We show that the current competition regimes around the world are inefficient at promoting and maintaining competition around the world, dominated by the behemoth technology enterprises that have successfully monopolized and monetized data, which is indubitably, one of the most important assets in today’s digital age. Data gathered from users fuels the algorithms, machine learning, and artificial intelligence programs employed by these tech giants, which further entrenches their monopolistic hold over cyberspace. Blockchain and DLTs, just like any other technology, pose new threats to the competition law regimes, while also allowing the authorities to utilize the technology themselves to explore new horizons involving smart contracts, Decentralized Autonomous Organizations (DAOs), Web 3.0, and enforce competition more effectively. In our paper, we briefly illustrate the challenges presented before the competition authorities by the assimilation of blockchain in the existing establishments, and how the competition authorities can themselves collude with blockchain stakeholders to take a holistic approach and establish a symbiotic relationship, which ensures that both, survive, prosper, and enhance consumer welfare.
Blockchain technology remains popular for several reasons. The main one is that it has facilitated the rise of digital currencies over the past several years and many other uses of non-crypto currency. There is a belief that the technology itself could far exceed cryptocurrencies by its impact. Thus, researchers are still discovering the real potential of blockchain. This study aims to conduct a comprehensive blockchain analysis with a bibliometric study. The data was retrieved from the Scopus database and was analyzed using the VOSviewer software, developed at Leiden University’s Centre for Science and Technology Studies (CWTS), Leiden University, the Netherlands. The study is based on the analysis of 1842 documents published in the 2007–2021 period using Scopus. From the visualization, three main groups of six clusters are generated. The red area includes topics related to blockchain technology, supply chain management, and sustainable development. The green cluster stands for such keywords as blockchains, smart contracts, electronic money, and Bitcoin and Ethereum. The blue cluster area focuses on issues related to artificial intelligence, big data, health care, and COVID-19. The analysis helps to improve the quality of the review by directing researchers to the most significant documents and mapping areas of publications.
Blockchain technology is a public ledger that stores data in a chain of blocks which can radically improve the quality of our records from “records that might be trustworthy” to “records that trust is absolute”. This chapter explores one area that blockchain technology can radically transform but has not yet received significant attention. We evaluate the suitability of applying blockchain technology for corporate social responsibility (CSR) reporting. We demonstrate that blockchain technology is suitable in the context of CSR reporting since there is a strong need for an immutable common database shared among various stakeholders with potential trust issues. We also argue that blockchain technology does not completely eliminate existing trusted third parties such as governments, international organizations that provide CSR reporting standards, major CSR reporting assurance companies and major CSR infomediaries. In particular, blockchain technology can be used as a platform that integrates all traditional trusted third parties, transforms their functions, and reduces their drawbacks for advancing CSR reporting. We also demonstrate that a permissionless public blockchain would be the most suitable structure.
<p>The immense potential of Blockchain and crypto-currencies is no longer a matter of doubt. These technologies have the power to revolutionize and change the landscape of many sectors, primarily finance. The advent of blockchain technologies provides a potential solution to the first three challenges of financial inclusion. In a few years, blockchain and its applications have the potential to become the "beating heart" of the global financial system as predicted by the WEF (World Economic Forum) in its report "The Future of Financial Infrastructure". All over the world, these technologies are currently considered as the new great technological revolution that could change our lifestyles and impact our economy as the internet did in the 80s and 90s and ideally give birth to a direct economy without intermediation. In Morocco, crypto-currencies are erasing borders and gaining popularity. However, the general opinion on this new innovation is not clear.</p><p> </p><p><strong>JEL</strong>: F65; G21; O32</p><p> </p><p><strong> Article visualizations:</strong></p><p><img src="/-counters-/edu_01/0968/a.php" alt="Hit counter" /></p>
The traditional banking functions of lending, deposit-taking and payment intermediation are being unbundled in the new frontiers of money that extend from virtual currencies to crypto-assets and from shadow payments to quasi-money. The possibility for digital-centred change in the financial industry is illustrated by distributed ledger technology, of which ‘blockchain’ is the most prominent example of automated decision-making. Other forms of decentralised supply of money, payment services, and funding processes may allow households and businesses to obtain loans and pool risks without having recourse to financial intermediaries. This article examines the alternative provision of access to low-cost zero-friction payments from the perspective of the underbanked. Promoting innovation through alternatives to credit means integrating vulnerable and excluded customers into mainstream financial systems. Blockchain technology backed by a possible modification of the law on the recognition and transfer of property rights might prove instrumental in unlocking the value of the assets possessed by the underbanked or even the unbanked.
Smart contracts continue to formulate the backbone of blockchain transactions. After the foundation of the Ethereum protocol, the Initial Coin Offerings, Security Token Offerings, and Non-Fungible Tokens have all relied on smart contracts, with enormous market volume. The broad scope of smart contracts’ (potential) application is undisputed, yet many countries have been silent on the regulation of smart contracts. These same countries, however, have already set some standards regarding crypto assets and crypto asset service providers. We can include Switzerland and the European Union, that has already prepared a draft Regulation for Markets in Crypto Assets, in this first group. Some jurisdictions, such as the UK and the US, have already concluded that common law principles suffice to tackle with smart contracts. The third group, including Italy, has defined smart contracts but has no comprehensive regulatory framework. There is a final group of countries that have chosen not to regulate any aspects of the distributed ledger technology (yet). It is without a doubt that the use of smart contracts will cause problems regarding formation, contract performance, applicable law, jurisdiction, protection of consumers, and personal data.
Xia Chen, Mahadi Hasan Miraz, Md. Abu Issa Gazi, Md. Atikur Rahaman · 6 authors
This empirical study examines the factors influencing the adoption (AD) of cryptocurrencies in Malaysia's digital market. It is assumed that the adoption of cryptocurrencies would continue to increase. The role of the dependent variables of social influence (SI), transparency (TR), price value (PV), traceability (TRA), and attitude (AT) was examined to identify customer satisfaction as a mediator variable for cryptocurrency adoption. Random sampling was used to ensure that the research objectives were adequately examined. A total of 295 respondents answered the survey questions intended for cryptocurrency users in Malaysia. Data were analyzed using partial least squares structural equation modelling (PLS-LSM). The findings revealed that SI, PV, TRA, and AT were all impactful in terms of AD (dependent variable) through the mediation of customer satisfaction in Malaysia's digital market. However, TR negatively impacts Malaysia's digital market. Future researchers in other regions and industries may be able to reproduce these findings and use similar constructs to add to the present body of knowledge. This study adds to the small body of literature on Bitcoin and digital money. These findings can assist researchers in understanding the role of cryptocurrency and identifying its primary influences on the Malaysian cryptocurrency market.
Decentralized autonomous organizations (DAOs) are blockchain-based organizations fed by a peer-to-peer (P2P) network of contributors. Their management is decentralized without top executive teams and built on automated rules encoded in smart contracts, and their governance works autonomously based on a combination of on-chain and off-chain mechanisms that support community decision-making. A growing body of literature has emerged exploring DAOs. However, there is a considerable lack of clarity about this organizational design and its theoretical conceptualization. To this end, we undertake an integrative literature review that reveals three main principles—decentralized, automated and autonomous organizations—and the following four theoretical perspectives mainly adopted to examine this novel organizational form: transaction cost theory, institutions for collective action, agency theory, and socio-materiality. By extending these theories, we propose an integrative model of DAO for research and theory building. Our contribution provides conceptual clarity and proposes a framework for future research directions.
The Metaverse refers to a shared vision among technology entrepreneurs of a three-dimensional virtual world, an embodied internet with humans and the physical world in it. As such, the Metaverse is thought to expand the domain of human activity by overcoming spatial, temporal, and resource-related constraints imposed by nature. The technological infrastructure of the Metaverse, i.e., Web3, consists of blockchain technology, smart contracts, and Non-Fungible Tokens (NFTs), which reduce transaction and agency costs, and enable trustless social and economic interactions thanks to decentralized consensus mechanisms. The emerging Metaverse may give rise to new products and services, new job profiles, and new business models. In this brief note, I assess the promises and challenges of the Metaverse, offer a first empirical glimpse at the emerging Metaverse economy, and discuss some simple Metaverse economics that revolve around building and operating the Metaverse.
Mohd Javaid, Abid Haleem, Ravi Pratap Singh, Rajiv Suman · 5 authors
Financial service providers find blockchain technology useful to enhance authenticity, security, and risk management. Several institutions are adopting blockchain in trade and finance systems to build smart contracts between participants, improve efficiency and transparency, and open up newer revenue opportunities. Blockchain’s unique recording capabilities make the existing clearing and settlement process redundant. Banks and other financial entities are adopting blockchain-enabled IDs to identify people. Better results come from organisations’ capacity to foresee emerging trends in financial blockchain applications and develop blockchain functionality. The transfer of asset ownership and addressing the maintenance of a precise financial ledger. Measurement, communication, and analysis of financial information are three significant areas to be focussed on by accounting professionals. Blockchain clarifies asset ownership and the existence of obligations for accountants, and it has the potential to improve productivity. This paper identifies and studies relevant articles related to blockchain for finance. This paper focuses on Blockchain technology and its importance for financial services. Further takes up various tools, strategies, and featured services in Blockchain-based financial services. Finally, the paper identifies and evaluates the significant applications of Blockchain technology in financial services. Credit reports significantly impact the financial lives of customers. Recent data breaches demonstrate the superior security of blockchain-based credit reporting over conventional server-based reporting. Blockchain-based systems enable the faster, more cost-effective, and more customised issuance of digital securities. With its adoption, the market for investors can be expanded, costs for issuers can be reduced, and counterparty risk can be reduced due to the ability to customise digital financial instruments to the demands of investors. It uses mutualised standards, protocols, and shared procedures to give network users a single common source of truth. Participants in the business network can now more easily collaborate, manage data, and agree with this technology’s application.
Zaid Saidat, Maurício Silva, Derar Al-Daboubi, Ahmad A. Al‐Naimi · 5 authors
This article aims to explore blockchain, its applications, and its impact on banks in Jordan. The potential applications and improvements that blockchain might bring to the financial industry are astounding. Specifically, this study discussed the importance and possible areas of deploying blockchain technology in the banking sector of an emerging country with a fast-growing economy, namely Jordan, for different reasons. First, due to the shrinking interest-rate spread, Jordan's financial sector lacks long-term lending and unsecured loans. Second, many economic revolutions, such as the internet and banking innovations, have impacted the Jordanian banking sector. As a result, the banking sector must undergo significant transformation to increase performance and attain new levels of growth. Third, the underlying technology in clearing payment and credit bank information systems could be revolutionized by blockchains. Fourth, blockchain applications facilitate "obtain credit, unsecured loans" scenarios, improving banking efficiency. Finally, while blockchain has much appeal because it allows free and self-governing transfers, overall regulation and security for this decentralized system are still being created and agreed upon. We argue that for blockchain to change Jordan's financial system, legal frameworks must be in place to control banking transactions. This study explores the technology of blockchain, the emerging technology that powers Bitcoin and other cryptocurrencies. It highlights the features of the blockchain and shows why it could profoundly influence the entire banking sector in areas ranging from payments to settlements and identity services.
The cryptocurrency was a very popular issue in recent years. There was a debate among scientists regarding the prohibition of cryptocurrencies as a medium of exchange. Some Islamic institutions use cryptocurrencies and blockchain platforms in the financial transaction. This study analyzes the arguments of classical and modern Muslim scientists regarding the evolution of money to become modern Islamic digital money in the form of cryptocurrency. We used ARCH GARCH to predict the volatility of cryptocurrencies. Our samples are Bitcoin, Ethereum, IDR Token, and Tether USD Token. IDRT and USDT are stablecoins. Bitcoin and Ethereum are cryptocoin. We use daily data of cryptocurrency fluctuations from August 7, 2015, to May 21, 2021. The data were taken from the official website for cryptocurrency transactions, coinmarketcap.com and blockchain. com. This study proves that Bitcoin and Ethereum are types of cryptocurrencies which have very high volatility. Meanwhile, IDRT Rupiah Token and Tether USD Token are more stable types of cryptocurrencies. In terms of using digital money for modern Islamic financial transactions, we suggest using cryptocurrencies of the token type.
Klemens Katterbauer, Hassan Syed, Laurent Cleenewerck de Kiev
The digital economy has undergone significant transformations with blockchain becoming a household name in the fintech environment. Besides powering cryptocurrencies, blockchain technology enables power transactions in a variety of forms and enables decentralization which may reduce transaction costs. Islamic microfinance has become important with many new institutions arising in order to satisfy the demand for microfinance services while ensuring that these services comply with the Shariah Law. Cost of transactions and low degree of digitalization are the major obstacles with current solutions. We present an innovative blockchain artificial intelligence framework for the optimization of Islamic microfinance service provisioning as well as providing financial and transaction services in order to ease transactions and make them more secure and readily available. The framework was evaluated on a large dataset from the Central African Republic, and we could demonstrate strong performance of the AI-blockchain framework. The framework provides a viable solution for Islamic microfinancing to enhance transactions services and overcome some of the existing challenges with Islamic finance.