Hongze Liu, Jie Li, Shijing Yuan, Wenqi Cao · 5 authors
Hierarchical Federated Learning (HFL) is introduced as a promising technique that allows model owners to fully exploit computational resources and bandwidth resources to train the global model. However, due to the high training cost, a single model owner may not be able to deploy HFL. To address this issue, we develop a smart contract based trust crowdfunding mechanism for HFL, which enables multiple model owners to obtain a crowdfunding model with high social utility for multiple crowdfunding participants. To ensure the authenticity of the crowdfunding mechanism, we implemented the Vickey-Clark-Croves (VCG) mechanism to encourage all crowdfunding participants and clients to provide realistic bids and offers. At the same time, in order to ensure guaranteed trustworthiness of crowdfunding and automatic distribution of funds, we develop and implement a smart contract to record the crowdfunding process and training results in the blockchain. We prove that the proposed scheme satisfies the budget balance and participant constraint. Finally, we implement a prototype of this smart contract on an Ethereoum private chain and evaluate the proposed VCG mechanism. The experimental results demonstrate that the proposed scheme can effectively improve social utility while ensuring the authenticity and trustworthiness of the crowdfunding process.
Today cryptocurrency, like Bitcoin, is gaining popularity in the middle people and we cannot deny its role in the global economy. Although cryptocurrency does not instead of fiat money in the near future, it will take a significant part of the market. Despite the fact that it has no special laws in many countries yet, there are already ways people can use cryptocurrency. While the crypto markets have been banned in China, Japan, on the contrary, officially allows people to pay differently services or goods via Bitcoin. Currently, there are a large number of different cryptocurrencies but this thesis describes a service that works with Ether (Eth) in its blockchain - Ethereum. In contrast Bitcoin, the Ethereum blockchain is not just a cryptocurrency support tool for it, it is a a powerful platform dedicated to a country that brings several development opportunities: new markets, loans, registrations and other resources. This makes Ethereum a good replacement by known payment methods. However, the current method of transmitting eth is still difficult for ordinary people and requires a certain technical background. This is one of the current issues for Ethereum platform. The process of creative creation is very complex moment; therefore, most people do not understand or are afraid to use it. That is slow reduces the process of eth integration in society and makes it less enjoyable to compare in standard payment systems. In addition, there is another important factor to consider - risk of loss of property. In order to create a job, the sender must know public address, 42- character long hexadecimal character unit, recipient. If any a error in any characters, money will be sent to the wrong address and can not to be downloaded. As the blockchain network has no centralized management in the system, there are no conditions that can help recover the lost money. The platform on which the service operates is called Ethereum. It can be defined as a a world-class powerful machine that uses different systems - smart contracts - using a custom blockchain. These applications work as planned and cannot checked, closed, rigged or interrupted. Created by Vitalik Buterin in 2015 an open source forum helps to streamline Blockchain (BC) technology process. integration. Therefore, it attracts interests from a variety of sources and major one’s companies such as Microsoft and IBM. The Ethereum platform can be used in a variety of business or financial sectors. It ensures security and prevents any intrusion into the system. Companies and services based on Ethereum they can do business with other companies and services that they do not knowing without the risk of fraud. Ethereum allows you to register any type of trade for any asset without the need to use trial. This makes it easier compared to current methods of trade registration
Blockchain introduces decentralized trust in peer-to-peer networks, advancing security and democratizing systems. Yet, a unified definition for decentralization remains elusive. Our Systematization of Knowledge (SoK) seeks to bridge this gap, emphasizing quantification and methodological coherence. We've formulated a taxonomy defining blockchain decentralization across five facets: consensus, network, governance, wealth, and transaction. Despite the prevalent focus on consensus decentralization, our novel index, based on Shannon entropy, provides comprehensive insights. Moreover, we delve into alternative metrics like the Gini and Nakamoto Coefficients and the Herfindahl-Hirschman Index (HHI), supplemented by an open-source Python tool on GitHub. In terms of methodology, blockchain research has often bypassed stringent scientific methods. By employing descriptive, predictive, and causal methods, our study showcases the potential of structured research in blockchain. Descriptively, we observe a trend of converging decentralization levels over time. Examining DeFi platforms reveals exchange and lending applications as more decentralized than their payment and derivatives counterparts. Predictively, there's a notable correlation between Ether's returns and transaction decentralization in Ether-backed stablecoins. Causally, Ethereum's transition to the EIP-1559 transaction fee model has a profound impact on DeFi transaction decentralization. To conclude, our work outlines directions for blockchain research, emphasizing the delicate balance among decentralization facets, fostering long-term decentralization, and the ties between decentralization, security, privacy, and efficiency. We end by spotlighting challenges in grasping blockchain decentralization intricacies.
Abstract In the current environment, where the Covid-19 pandemic has exposed the vulnerabilities of the incumbent paper-based trade and supply chain finance systems, digital transformation pledges to alleviate the friction on international trade. Here, we provide a timely review of state-of-the-art industry applications and theoretical perspectives on the use of blockchain as the medium toward digitalisation for supply chain finance systems. We argue that blockchain technology has an innovation promoting role in supply chain finance solutions through reducing inefficiencies and increasing visibility between different parties, which have hitherto constituted the main challenges in this sphere. Based on a review of the academic literature as well as an analysis of the industrial solutions that have emerged, we identify and discuss the financial, operational and legal challenges encountered in supply chain financing and the promise of blockchain to address these limitations. We discuss the bottlenecks as well as the benefits of blockchain and identify some necessary conditions required for the emergence of blockchain-enabled trade and supply chain financing, such as the establishment of co-opetition among supply chain actors, integration with IoT systems for data quality, and reform of regulatory and legal frameworks. We conclude by identifying promising research directions about the implementation process, inviting further research into the transformation of business models toward a more collaborative nature.
In the last decade, blockchain smart contracts emerged as an automated, decentralized, traceable, and immutable medium of value exchange. Nevertheless, existing blockchain smart contracts are not compatible with legal contracts. The automatic execution of a legal contract written in natural language is an open research question that can extend the blockchain ecosystem and inspire next-era business paradigms. In this paper, we propose an AI-assisted Smart Contract Generation (AIASCG) framework that allows contracting parties in heterogeneous contexts and different languages to collaboratively negotiate and draft the contract clauses. AIASCG provides a universal representation of contracts through the machine natural language (MNL) as the common understanding of the contract obligations. We compare the design of AIASCG with existing smart contract generation approaches to present its novelty. The main contribution of AIASCG is to address the issue in our previous proposed smart contract generation framework. For sentences written in natural language, existing framework requires editors to manually split sentences into words with semantic meaning. We propose an AI-based automatic word segmentation technique called Separation Inference (SpIn) to fulfill automatic split of the sentence. SpIn serves as the core component in AIASCG that accurately recommends the intermediate MNL outputs from a natural language sentence, tremendously reducing the manual effort in contract generation. SpIn is evaluated from a robustness and human satisfaction point of view to demonstrate its effectiveness. In the robustness evaluation, SpIn achieves state-of-the-art F1 scores and Recall of Out-of-Vocabulary (R_OOV) words on multiple word segmentation tasks. In addition, in the human evaluation, participants believe that 88.67% of sentences can be saved 80–100% of the time through automatic word segmentation.
The popularity of the Non-Fungible Token (NFT) has risen rapidly since 2020, becoming one of the most popular applications in the Fintech field. However, there has so far been no attempt to perform a systematic review in this new area. Considering the items of the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA), this paper conducts a systematic review of the research work on NFT, published in journals indexed at the Web of Science and ScienceDirect until April 2022. The results reveal that there are 13 published articles in the targeted journals and they are mainly focused on the asset pricing area. The research gaps identified in the literature also can be the opportunity for future study. Thus, we lay down the research agenda for the future in several important but unanswered fields related to asset pricing, tokenomics, and risk and regulation.
This study focuses on the financing difficulties of small and medium enterprises (SMEs) in China to study the application of blockchain technology in developing the real economy. Deep learning neural network is applied to the vulnerability analysis and detection of smart contracts in blockchain technology by analyzing the connotation of blockchain technology and deep learning. A multiparty joint financial service platform based on blockchain technology is established to help SMEs financing institutions reduce transaction costs, thereby helping them reduce loan interest rates. Finally, Jiangsu Province is studied as a pilot unit. The results show that the Recall and F-score of Bidirectional Neural Network for smart contract vulnerability detection are higher than those of the original neural network. The Recall rate and F-score value of the Wide and Deep model are up to 96.2% and 94.7%, which are higher than those of other vulnerability detection schemes. The Timestamp vulnerability has the highest Recall rate, 94.2%, which can rely on a large amount of valid data to improve detection efficiency. The distribution of financing needs of SMEs in Jiangsu Province from 2020 to 2021 shows that the loan number of SMEs is generally not high. Still, financial institutions and enterprises must spend the same transaction cost. After a technology company in Nanjing made a loan through a blockchain financial service platform, its financing cost decreased by 0.5331%. Blockchain technology has played a great role in the financing process of SMEs, reducing intermediate links and credit costs, and promoting the development of SMEs and the real economy.
Shreekanth M. Prabhu, Natarajan Subramanyam, Ms. Shreya P Krishnan, Ms. Brindavana Sachidananda
In India, post the demonetization exercise in 2016, digital payments have become extremely popular. Among them, the volume of transactions using Paytm wallets and UPI (Unified Payment Interface) have grown manifold. The lockdowns due to COVID-19 Pandemic have furthered this trend. Side by side, crypto-currencies such as bitcoin are also gaining traction. Many countries are considering issuing a Digital Currency via their Central Banks. In this paper, we propose a novel Decentralized Digital Currency System (DDCS) that makes use of Merkle Hash-Trees as Authenticated Data Structures. DDCS uses a Ledger-less, distributed, peer-to-peer architecture. We name the proposed currency $δ$-Money. $δ$-Money is intended as a replacement for physical currency and has in-built security features that rival crypto-currencies. Transactions using $δ$-Money happen in a disintermediated manner but with post-facto reconciliation. In place of Central Bank-issued Digital Currency (CBDC), we envisage a scenario where multiple Payment Banks issue digital currencies that have stable valuations without being subject to either volatility or perennial devaluation.
As cryptocurrencies become more widely used, so we need to have regulations put in place to regulate them. The terrain is always changing, and keeping up with the rules in several jurisdictions is difficult. In this paper the author looks at the global situation in terms of the current regulatory regime for cryptocurrencies and their trading on crypto exchanges. The authour further analayzed how some of the world's largest economies are attempting to handle crypto assets to provide us with insight into the need for and emerging trends in crypto regulation.
Open Innovation (OI) models have been studied in many fields. However, the challenges and opportunities of a possible OI paradigm application in external auditing have been under-researched. Recent corporate scandals are currently triggering changes and improvements in the regulatory framework by targeting, in particular, the dominance of the so-called “Big Four”. The main research question is whether a permissioned blockchain ecosystem could better enhance an OI paradigm and prove more suitable than the Semi-Open Innovation (SOI) paradigm that currently shapes the external audit field. Some challenges are considered in this article. Notably, blockchain requires suitable legal frameworks to ensure legally binding transactions. Moreover, multidisciplinary teams and high investments are required to develop efficient blockchain ecosystems and exploit the power of data analytics. Systematic analysis is performed based on a relevant literature review, along with abductive reasoning and applied modelling methodologies. The analyses demonstrate that the current Semi-Open Innovation external audit model is inefficient because it has led to market concentration, conflicting interests, and even fraud. Therefore, the regulators’ role in promoting fully Open Innovation models in the audit industry is essential to ensure transparency, information sharing, fair competition, innovation, and collaboration among audit professionals. Hence, this research aims at providing a different perspective by focusing on the necessary assumptions needed to ensure successful application of technologies in the audit field. The innovative introduction of a permissioned blockchain-based audit system is also suggested to ensure the feasibility of the shift from Semi-Open to Open Innovation.
The land registry system is one of the crucial aspects of any government. Proper and reliable land management is essential for economic growth and governance. The traditional land registry model lacks many essential requirements and mired with a different type of malpractices and security concerns. Blockchain technology has been proposed as a possible solution to counter these malpractices and security concerns. Even though there are many advantages of using blockchain in the land registry, still there are some concerns and challenges that need to be reviewed and addressed for successful blockchain implementation in the land registry. This paper reviews the current state of blockchain implementation in the land registry and the existing project being implemented in different countries. It further highlights the requirements, implications and challenges for successfully implementing blockchain in the land registry system. This paper provides a future direction for new implementations.
The bitcoin payment innovation has gained wider interest around the world, but its adoption among the general population has been a challenge. Bitcoin as a peer-to-peer technology works with no central authority or banks, and the transaction management and issuing of bitcoin is carried out collectively by the network. One major debate on bitcoin development and diffusion is the critical matter of nongovernment intervention through adequate policy and regulatory framework and thus hinders people’s active participation (acceptance) in the bitcoin market. Consequently, this study is purposed to examine the role government policy and regulations (moderating impact) can have in driving the acceptance of bitcoin payment from the Chinese perspective. The UTAUT was used as the theoretical basis from which a model was developed for testing. The structural equation model (SEM) through the use of SmartPLS was employed to undertake the analysis. The results have demonstrated that government regulation moderates (significant) the influence of both performance expectancy and infrastructure support on the behavioral acceptance of bitcoin payment. However, government regulation contrary to expectations was not significant in moderating the influence of effort expectancy (EE) and security on the acceptance of bitcoin payments. Additionally, the study discovered that performance expectancy, security, EE, and infrastructure support were significant in encouraging bitcoin behavioral adoption. The practical and theoretical implications of these findings on the development and diffusion of bitcoin technology systems are dissected meticulously.
O artigo tem como elemento central o estudo dos reflexos da adoção de smart contracts nas relações privadas. O trabalho concentra sua abordagem na possibilidade de esvaziamento das formas de jurisdição tradicionais, pela característica da auto executoriedade das cláusulas contratuais, como consequência da utilização da tecnologia blockchain. A tecnologia blockchain vem se tornando um dos maiores protagonistas na transformação das tecnologias digitais e isso se deve a sua peculiar característica de gestão descentralizada das informações, além de sua confiabilidade. A análise parte da identificação dos elementos intrínsecos dos smart contracts, demonstrando, de maneira dedutiva, suas especificidades e seus pontos de intersecção com a teoria contratual tradicional. Com a ampliação da utilização dos smart contracts para regular cada vez mais situações da vida privada, estabeleceu-se a necessidade de incorporar um elemento exógeno ao sistema, que é a figura do oráculo, cuja função é alimentar com dados externos a blockchain. Tem-se, portanto, um elo entre o mundo fenomênico e o mundo puramente virtual, através da tecnologia blockchain. Desse modo, a partir da concepção do oráculo, abre-se a possibilidade de ligação entre a jurisdição e os smart contracts.
Blockchain technology could emerge as a disruptive innovation that streamlines financial transactions and attenuates their cost. Therefore, the financial industry must assess the opportunities and challenges presented by the technology. As a grand breakthrough, it could transform financial transactions and introduce new possibilities for established financial institutions as well as for new entrants. At the same time, incumbents and startups need to overcome technological, regulatory, and adoption challenges before blockchain technology can become a mainstream reality. Despite its potential, the literature on its impact on financial transactions is still fragmented, with weak empirical insights and limited theoretical explanations. Therefore, financial industry managers lack guidance on how to plan and prepare for the impact of blockchain technology on the operation of financial transactions. Against that backdrop, this dissertation explores the asserted and potential impacts on financial transactions with emphasis on asset verification, record keeping, data privacy, and transaction costs. The dissertation adopts a pluralist approach to examine the subject matter based on three approaches: analysis of the extant literature about blockchain technology concerning financial transactions; perception analysis based on interviews with financial executives, subject matter experts, and researchers; and a theoretical interpretation using transaction cost theory. Therefore, the dissertation synthesizes insights from the three approaches to offer managers of financial institutions guidance concerning the opportunities and challenges of blockchain technology.
Parth Merchant, Kshitij Patil, Nikhil Panchal, Prof. Sanketi Raut
Abstract: Property registration is a subject that hardly ever crosses the thoughts of most people outside of the actual property sector, besides for whilst they’re concerned in an actual property transaction themselves. Even then, it’s typically taken into consideration one of the mundane administrative matters, a rubber-stamping exercise that’s way much less tangibly thrilling than gathering the keys to a brand-new home. However, the critical role of property registration withinside the actual property markets cannot be understated. Property registry in India as well as in many parts of the world is very slow and cumbersome process. The onset of the Blockchain technology inside Bitcoin, has generated a super deal of hobby through displaying a possibility to remove the central floor wished and remodel verbal exchange among humans and machines through growing trust. Originally restrained to the included forex domain, it has created an impact on different sectors as well. Developing a system that now not only accelerates the technique of land registration, however additionally makes it less difficult for Buyers, Sellers and Government registrars to switch the land possession from vendor to a brand new client whilst addressing troubles which include file integrity, privacy, and most significantly the lack of common platforms among concerned organizations. The system that we're seeking to enforce is primarily based on Ethereum Blockchain that will store all the transactions made at some stage in the process of land ownership transfer. Using the idea of smart contracts of blockchain technology we are able to trigger diverse activities like access of land documents to a land inspector and fund transfer event from client to vendor after a successful verification of the land possession switch. Ultimately the motive of this idea is to check the general overall performance of a blockchain primarily based totally on land revenue & recording automation machines. A peer-to-peer tamper-proof and forgeproof network was used for this motive, the use of a Blockchain-accredited permission such as Ethereum network. The system is connected to the Interplanetary File System to manage secure document records. Using the system, validation of the lands is likewise viable as immutable transactions are being saved with inside the public ledger. Keywords: Blockchain, Ethereum, IPFS, Passport, peer-to-peer, decentralized, land record management
Bitcoin is an online payment system of peer-to-peer electronic money that is sent directly from one party to another without going through a financial institution. Bitcoin has characteristics as a currency or medium of exchange because it is accepted as a means of payment by its community. However, there will be a lot of hope that can happen to bitcoin users, namely because bitcoin is al-jahalah (unclear) will cause an element of fraud in buying and selling with bitcoin. So the purpose in this study is to find out how fiqh review is muamalah on buying and selling transactions with bitcoin. This research is qualitative literature (library research). Data collection methods use documentation and data analysis using deductive analysis techniques. The results of this study show that the practice of buying and selling with bitcoin is either aimed at the needs of exchange tools or investment businesses, especially in online financial transactions including from syubhat, and something that syubhat should be abandoned, because it does not bring benefits at once that is the purpose of Islamic sharia, namely its own benefits will not be realized.
Matteo Cristofaro, Pier Luigi Giardino, Sanjay Misra, Quốc Trung Phạm · 5 authors
Purpose This paper claims to identify the behavioral and cultural features that push to use, or not, cryptocurrencies for electronic commerce. Indeed, despite the use of cryptocurrencies for electronic commerce spreading worldwide at a fast and growing pace, there are supporters and detractors among their users. The analysis of what distinguish these two groups of users is fundamental for understanding their different intention to use cryptocurrencies for electronic commerce. Design/methodology/approach A survey has been administered to 2,532 cryptocurrencies’ users across the USA and China, collecting data on their behavioral predispositions and cultural features. Results were then analyzed through structured equation modeling. Findings Results showed that while attitude, subjective norms, perceived behavioral control and herding behavior have a positive impact on the intention to use cryptocurrencies for electronic commerce, financial literacy has no influence. Cultural dimensions amplified or reduced the discovered relationships and caused different effects: positive for the USA and negative for China when considering illegal attitude and perceived risk. Originality/value Theory of planned behavior, financial behavior and cultural factors can, all together, represent a useful framework for envisioning the behavior of users in adopting cryptocurrencies for electronic commerce purposes through a test of all its elements. To the best of the authors’ knowledge, this is the first study considering behavior and cultural variables on the intention to use cryptocurrencies for electronic commerce as well as being the largest carried out, in terms of sample, on the cryptocurrency topic.
The security and disclosure of information in online transaction data remain a sensitive subject until this day. Whenever data collection from a transaction process is accessible over the internet system, certain parties may misuse any one of these data. Blockchain technology, which includes the use of smart contracts, is thought to overcome this problem due to the blockchain's decentralized and distributed nature. Blockchain allows transaction data to be accessed openly and transparently while securely protected by hashing encryption owned by intelligent contracts. This enables users to have detailed access privileges to each transaction's data. The development of smart contracts will be carried out in the production of microservices payment gateways based on decentralized apps (DApps) on the Ethereum blockchain in this research, with the payment gateway generated being used in the tuition payment process. The Truffle framework and the Metamask wallet will be used to assist the Ethereum payment process during the DApps development process. Testing the functionality of each intelligent contract feature reveals that the payment system can be utilized effectively and that there are no issues that cause transaction failures.
Rural areas are steadily being marginalised in a global economy where ‘core/periphery’ models of development are dominant. To overcome this, rural areas have experimented with decentralised governance. However, this process is fraught with political, fiscal, and institutional difficulties. These often revolve around transparency and accountability issues and low participation rates. Blockchain technology could act as a social innovation to overcome issues in decentralised governance, and rural areas could even prove to be a fertile environment for future innovation. In this conceptual paper, the potential of blockchain technology is theoretically positioned in regional development discourses. After exploring how blockchain could be applied to rural governance and the barriers it needs to overcome to reach mass adoption, a new distributed model of governance is suggested.
Due to the widespread use of smart contracts, Ethereum has become the second-largest blockchain platform after Bitcoin. Many different types of Ethereum accounts (ICO, Mining, Gambling, etc.) also have quite active trading activities on Ethereum. Studying the transaction records of these specific Ethereum accounts is very important for understanding their particular transaction characteristics, and further labeling the pseudonymous accounts. However, traditional methods are generally based on static and global transaction networks to conduct research, ignoring useful information about dynamic changes. Our work chooses six kinds of important account labels, and builds ego networks for each kind of Ethereum account. We focus on the interaction between the target node and neighbor nodes with temporal analysis. Experiments show that there is a significant difference between various types of accounts in terms of several network features, helping us better understand their transaction patterns. To the best of our knowledge, this is the first work to analyze the dynamic characteristics of Ethereum labeled accounts from the perspective of transaction ego networks.
Reza Toorajipour, Pejvak Oghazi, Vahid Sohrabpour, Pankaj C. Patel · 5 authors
Heterogeneity and complicated processes, risk of information leakage, and higher costs are some of the challenges that stem from third-party involvement in business transactions. This study proposes a novel mechanism to address the shortcomings of third-party-dependent transactions in the context of international trade. Moreover, we provide business process modeling, deployed in a business transaction scenario, to furnish a deeper perspective on the working of the mechanism based on Business Process Model and Notation (BPMN) 2.0 standards and guidelines. By analyzing and identifying blockchain roles and capabilities, this study proposes a blockchain technology-based letter of credit (BTLC), which is a mechanism providing letters of credit (LCs) that incorporate the benefits of blockchain and smart contracts.
To combat global warming, “carbon neutrality” has gradually become a consensus. Some countries have constructed domestic and regional carbon trading markets, and links to global carbon markets are receiving increasing attention. Blue carbon, an important component of nature-based solutions (NbS), has not received the attention it deserves and is still isolated from the carbon trading market. Based on summarizing the existing achievements of blockchain application in carbon trading, this paper analyzes how to make each participating body provide services in the process of blue carbon production, circulation and trading, and designs the architectural diagram of the blue carbon system under peer-to-peer (P2P) transactions based on the theoretical framework of blockchain 3.0. Utilizing the advantages of decentralization, high transparency and non-tamperability of blockchain, we can realize a highly efficient, low-cost and intelligent blue carbon trading management system. Thus, we can make the world pay more attention to the development and utilization of marine resources and increase investment in blue carbon sink projects; and promote the development of blue carbon market, enrich the carbon trading market, and help achieve “emission reduction without reduction in production”.
Blockchain is a cutting-edge technology that is transforming and reshaping many industries. Hence, the adoption of Blockchain is becoming an increasingly significant topic. The number of publications discussing the potential of Blockchain adoption has been expanding significantly. In addition, not enough attention has been given to Blockchain adoption in the software development industry. As a result, a systematic overview to investigate the research trends in this area is needed. This study uses a Scientometric analysis and critical review to examine the evolution of Blockchain adoption research on the Web of Science Principal Collection. In addition, a systematic literature review (SLR) was conducted to identify gaps in Blockchain adoption research and the top reasons for adopting Blockchain with the intention of proposing a sustainable adoption framework. This study extends the body of knowledge by discussing the most influential countries, authors, organizations, publication themes, and most cited publications on Blockchain adoption research. Additionally, this study identifies the 30 relevant studies from the Web of Science and Scopus, including their industries, countries, methods, and respondent sample size, and the top 18 adoption factors among them. Consequently, this study proposes a suitable Blockchain adoption framework based on these top 18 factors. Finally, this study’s aim and unique contribution is to serve as an initial launching point for upcoming Blockchain adoption in software development industry research.
The technological advancement of the Internet of Things (IoT) is a well-known phenomenon that mainly affects industrial sectors but also consumers in everyday life. The use of Consumer IoT, i.e. CIoT, devices is increasing, and they are paving the way for a Machine-to-Machine (M2M) communication that could highly enrich consumer services. In this paper we position ourselves in the narrowing gap between the world of CIoT and the world of money, and we explore the emerging interaction between the payment needs of a M2M Economy and the "new ways of payment". Indeed, the advent of Distributed Ledger Technology and cryptocurrencies has introduced a tech-oriented dynamism in the monetary and financial sphere. Accordingly, central banks all over the world have started investigations into digital fiat money, i.e., "retail" Central Bank Digital Currencies (CBDCs). Against this backdrop, we analyze the integration of retail CBDC models into M2M and CIoT dynamics, while heeding regulation-by-design and compliance-by/through-design methodologies, and we propose a preliminary model of integration between a two-tier retail CBDC architecture and CIoT.