Muhammad Irfan Khalid, Jawaid Iqbal, Ahmad Alturki, Saddam Hussain · 6 authors
Land registration authorities are frequently held accountable for the alleged mismanagement and manipulation of land records in various countries. Pakistan's property records are especially vulnerable to falsification and corruption because of the country's poverty. Different parties therefore claim varying degrees of authority over a specific piece of land. Given the fact that this data has been consolidated, it has become significantly more vulnerable to security threats. The goal of decentralized system research has been to increase the reliability of these systems. In order to fix the flaws of centralized systems, blockchain-based decentralized systems are currently in development. By using significant land record registration models as the basis for this research, we hope to create a proof-of-concept system or framework for future use. Pakistan's land registration agency will benefit from our proposed conceptual framework. For the Pakistani government to implement a decentralized land record registry system, we propose a conceptual framework that outlines the essential components.
The concept of blockchain has emerged as an effective solution for data-sensitive domains, such as healthcare, financial services, etc., due to its various attributes like immutability, non-repudiation, and availability. Thus, implementation of this technology in various domains rose exponentially; one of such fields is the healthcare supply chain. Managing healthcare supply chain processes effectively is very crucial for the healthcare system. Despite various innovations in the method of treatment methodologies, the healthcare supply chain management system is not up to the mark and lacks efficiency. The traditional healthcare supply chain system is time-consuming and lacks the work synergy among the various stakeholders of the supply chain. Thus, In this paper, we propose a framework based on blockchain smart contracts and decentralized storage to connect all the supply chain stakeholders. Smart contracts in the framework enforce and depict various interactions and transactions among the stakeholders, thus helping to automate these processes, promote transparency, improve efficiency, and minimize service time. The preliminary results show that the proposed framework is more efficient, secure, and economically feasible.
A cryptocurrency is a form of digital payment that does not rely on banks to validate transactions. It’s a peer-to-peer payment system that allows anyone from anywhere to send and receive money. Digital currency is the future of finance. India has huge rapid growth opportunities in cryptocurrency adoption. The objective of the study is to understand the growth of cryptocurrency over the year and to compare the conventional investment avenues with the cryptocurrency and SWOT analysis for future prospective of cryptocurrency in India. In India around 20 million active users of cryptocurrency. From July 2020 to June 2021 cryptocurrency market raised 640%in India. During this period from total digital currency transactions from Southern Asia, 42% is coming from the Indian market which is about $10 million. A comparative analysis of conventional investment avenues with cryptocurrency shows that Indian investors still prefer to invest in conventional investment avenues. The reason behind this, a lack of information, security issues, and no regulations for cryptocurrency are seen. SWOT analysis shows that in the Indian market due to a decentralized system, no mediate intervention, low transaction cost, the worldwide accessibility adoption rate is high. The major barrier for cryptocurrency's major weaknesses and threats are highly volatile market, security threats, black marketing, no regulations, threats associated with unknown identity. Still Indian cryptocurrency market is huge, and growth is high in the future.
Decentralized Finance (DeFi) services are moving traditional financial operations to the Internet of Value (IOV) by exploiting smart contracts, distributed ledgers, and clever heterogeneous transactions among different protocols. The exponential increase of the Total Value Locked (TVL) in DeFi foreshadows a bright future for automated money transfers in a plethora of services. In this short survey paper, we describe the business model for different DeFi domains - namely, Protocols for Loanable Funds (PLFs), Decentralized Exchanges (DEXs), and Yield Aggregators. We claim that the current state of the literature is still unclear how to value thousands of different competitors (tokens) in DeFi. With this work, we abstract the general business model for different DeFi domains and compare them. Finally, we provide open research challenges that will involve heterogeneous domains such as economics, finance, and computer science.
Michael Paul Kramer, Linda Bitsch, Jon Henrich Hanf
Firms in the agri-food sector have started implementing blockchain technology to both provide transparency over the supply chain transactions and to make trust attributes visible to consumers. Besides the well-known public blockchains such as Bitcoin and Ethereum, private- and consortium-type blockchain platforms exist. The latter ones are being operated in the agri-food ecosystem contributing to the vertically cooperated supply networks that are coordinated by a focal firm. Stakeholders’ attitude and behavioral intentions toward the use of the blockchain technology impact their use behavior. The results show that permissioned blockchain governance mechanisms with consensus and incentives to motivate stakeholders are lacking in private and consortium blockchains. This study closes a research gap as understanding how the stakeholder management approach can compensate for the lack of consensus mechanisms can provide managerial guidance toward the development of an effective stakeholder management strategy, which eventually can be provided for a competitive advantage. As there is little research on the role of blockchain as a novel governance mechanism, this research will contribute to the scholarly discussion toward a common understanding.
Governing emerging technologies is one of the most important issues of the twenty-first century, and primarily concerns the public, private, and social initiatives that can shape the adoption and responsible development of digital technologies. This study surveys the emerging landscape of blockchain and artificial intelligence (AI) governance and maps the ecosystem of emerging platforms within industry and public and civil society. We identify the major players in the public, private, and civil society organizations and their underlying motivations, and examine the divergence and convergence of these motivation and the way they are likely to shape the future governance of these emerging technologies. There is a broad consensus that these technologies represent the present and future of economic growth, but they also pose significant risks to society. Indeed, there is also considerable confusion and disagreement among the major players about navigating the delicate balance between promoting these innovations and mitigating the risks they pose. While some in the industry are calling for self-regulation, others are calling for strong laws and state regulation to monitor these technologies. These disagreements, are likely to remain for the foreseeable future and may derail the optimal development of governance ecosystems across jurisdictions. Therefore, we propose that players should consider erecting new safeguards and using existing frameworks to protect consumers and society from the harms and dangers of these technologies. For instance, through re-examining existing legal and institutional arrangements to check whether these cater for emerging issues with new technologies, and as needed make necessary update/amendments. Further, there may be cases where existing legal and regulated systems are completely outdated and can't cover for new technologies, for example, when AI is used to influence political outcomes, or crypto currency frauds, or AI-powered autonomous vehicles, such cases call of agile governance regimes. This is important because different players in government, industry, and civil are still coming to terms with the governance challenges that these emerging technologies pose to society, and no one has a clear answer on optimal way to promote these technologies, at the same time limit the dangers they pose to users.
Transactions submitted through the blockchain peer-to-peer (P2P) network may leak out exploitable information. We study the economic incentives behind the adoption of blockchain dark venues, where users' transactions are observable only by miners on these venues. We show that miners may not fully adopt dark venues to preserve rents extracted from arbitrageurs, hence creating execution risk for users. The dark venue neither eliminates frontrunning risk nor reduces transaction costs. It strictly increases the payoff of miners, weakly increases the payoff of users, and weakly reduces arbitrageurs' profits. We provide empirical support for our main implications, and show that they are economically significant. A 1% increase in the probability of being frontrun raises users' adoption rate of the dark venue by 0.6%. Arbitrageurs' cost-to-revenue ratio increases by a third with a dark venue.
В эпоху цифровизации человечество использует актуальные концепции и технологии, которые помогают упростить жизнь. Развитие информационных технологий оказало значительное влияние на экономическую трансформацию, и привело к появлению электронных денег. Достижения в информационных технологиях облегчили их транзакцию, возникла новая система – криптовалюта, не нуждающаяся в финансовых посредниках. Криптовалюты существуют уже более десяти лет, и их популярность стремительно набирает обороты. Одна из современных технологий, используемых для транзакций с криптовалютами, преимущества и недостатки которой до сих пор неясны, называется блокчейн. По мнению одних экспертов, это технология будущего, но по мнению других – это угроза конфиденциальности пользователей. В статье предпринята попытка обозначить отношение пользователей к криптовалютам. Так как природа криптовалюты неконтролируема, она вызывает множество вопросов у экспертов в данной области. В этом исследовании был произведён систематический библиометрический анализ, в котором, основываясь на мнениях экспертов в области криптовалютного рынка, представлены положительные и отрицательные стороны использования криптовалют. Статья будет полезна исследователям, которые изучают вопросы криптовалюты и блокчейна в области экономических наук. In the era of digitalization, humankind uses up-to-date concepts and technologies that allow simplifying life. The development of information technology has had a significant impact on the economic transformation, and led to the emergence of cyber money. Advances in information technology facilitated the money transaction, and a new system emerged, that is cryptocurrency which does not require financial intermediaries. Cryptocurrencies have been around for over a decade and their popularity is still growing. One of the modern technologies used for cryptocurrency transactions, the pros and cons of which are unclear to date, is blockchain. Some experts claim this is the technology of the future, while others say it is a threat to user privacy. This article attempts to outline users' attitudes to cryptocurrencies. Since the nature of cryptocurrency is uncontrollable, it raises many questions from experts in the field. Based on their views, this study employs a systematic bibliometric analysis showing both positive and negative aspects of using cryptocurrencies. The paper could be useful for researchers specializing in cryptocurrency and blockchain issues in the field of economic sciences
Ümit Cali, D. Jonathan Sebastian-Cardenas, Shammya Shananda Saha, Shawn Chandler · 10 authors
This work presents a formal review of smart contracts, including definitions, technical requirements, and potential power and energy-related use cases. This includes in-depth discussions covering cybersecurity, legality and interoperability goals that must be taken into consideration by potential end-users. The paper presents a first attempt towards the standardization of smart contracts (SCs) within the field of power and energy as a work in progress activity under the IEEE Standards Association (IEEE SA) P2418.5 Working Group. This work also proposes a holistic, language-agnostic reference model that is intended to accelerate the adoption of Distributed Ledger Technology (DLT) by industry stakeholders by providing standardized processes. Finally, the paper discusses key takeaways that must continue to be developed to increase SC usage within the energy industry.
L. Grassi, Davide Lanfranchi, Alessandro Faes, Filippo Renga
Purpose Decentralized finance (DeFi), enabled by blockchain, could bring about a new financial system, where peers will interact directly, with little or no place for traditional intermediation. However, some crucial tasks cannot be left solely to an algorithm and, consequently, most DeFi applications still require human decisions. The aim of this research is to assess the role of intermediation in the light of DeFi, analysing how humans and algorithms will interact. Design/methodology/approach The authors based their work on a twofold qualitative methodology, first analysing publicly available secondary data, particularly from white papers and DeFi Pulse (a website providing data on DeFi solutions) and then running two focus group discussions. Findings DeFi does not eliminate financial intermediation, but enables it to be performed in new ways, where decentralization means that no single entity can hold too much power or monopoly. DeFi has, however, inherited risks from the underlying technologies that unintentionally facilitate illegal behaviour and can hamper the authorities’ supervision. The complex duality algorithm- vs human-based actions will not be solved indisputably in favour of the former, as DeFi solutions can range from requiring algorithms to play a dominant role, to enabling greater human interaction by actively involving more people. Originality/value This research contributes to the emerging debate between algorithm- and human-based intermediation, especially in relation to the standing literature on financial intermediation, where considerations made in the light of the newest theories on blockchain and DeFi are still scarce.
Abstract With the explosive development of decentralized finance, we witness a phenomenal growth in tokenization of all kinds of assets, including equity, funds, debt, and real estate. By taking advantage of blockchain technology, digital assets are broadly grouped into fungible and non-fungible tokens (NFT). Here non-fungible tokens refer to those with unique and non-substitutable properties. NFT has widely attracted attention, and its protocols, standards, and applications are developing exponentially. It has been successfully applied to digital fantasy artwork, games, collectibles, etc. However, there is a lack of research in utilizing NFT in issues such as Intellectual Property. Applying for a patent and trademark is not only a time-consuming and lengthy process but also costly. NFT has considerable potential in the intellectual property domain. It can promote transparency and liquidity and open the market to innovators who aim to commercialize their inventions efficiently. The main objective of this paper is to examine the requirements of presenting intellectual property assets, specifically patents, as NFTs. Hence, we offer a layered conceptual NFT-based patent framework. Furthermore, a series of open challenges about NFT-based patents and the possible future directions are highlighted. The proposed framework provides fundamental elements and guidance for businesses in taking advantage of NFTs in real-world problems such as grant patents, funding, biotechnology, and so forth.
This paper provides an empirical study to identify the objective of companies that are currently investing in adopting blockchain technologies to improve their processes and services. Unlike other studies based on the theoretical potential application of blockchain technology in different sectors, the main objective of this paper is to analyze real projects and investment of companies in blockchain technology. More than 100 blockchain projects from different sectors were examined with the aim of extracting the perceived applicability and business value of blockchain technology by managers, customers, and partners. We identified the most demanded business value and functional properties in each sector and company size, as well as the relationship between the properties that are demanded together. This article assesses the main functional values attributed to blockchain, highlighting those really appreciated by companies that invest in them and identifying new applications of blockchain technology in different sectors, and generating organizational change. The article reveals that, as expected, significant deviations are already occurring between theoretical applications identified in the literature and those finally adopted by the industry.
A Smart contract is a technology initiated in 1994 by Szabo and was taken over and became potentially highly applicable since the emergence of Blockchain technology. The idea that was developed by Szabo is to adopt digital self-executing contracts between parties without human intervention by using distributed ledgers to store contracts. This new technological era is intended to be used on a large scale in the financial sector. Insofar as the financial sector seeks to benefit as much as possible from these new technologies, Islamic finance also aims to position itself and integrate these innovations into its core. In the context of Islamic finance, the mudaraba contract (equity-based investment contract) despite its great economic benefits remains under-applied because of technical risks, investment obstructions, and Sharia restrictions. This work aims to study to what extent Smart contracts can contribute to the resolution of these drawbacks and the improvement of the mudaraba contract to be applied potentially by Islamic finance institutions. It is concluded that by the mudaraba contract can be enormously developed technologically, operationally, and from Sharia compliance perspective by applying smart contracts.
A decade ago, no one would have envisioned that Bitcoin would be as lucrative as it is today. What many first thought of as a scam, has now turned out to be one of the fastest growing digital currency in the world. This paper attempts to explain the legal framework and implications of Bitcoin mining, mostly in Malaysia, while also citing examples of other nations. The research attempts to shed light on how mining actually becomes illegal, despite not being directly penalized under most laws. The second part of the paper aims to critically analyse the solutions and reforms that can be put into motion in order to further facilitate the growth of Bitcoin in Malaysia. While some nations have started amending existing laws and promulgating new laws to address the rapid growth of Bitcoin, most countries still have no clear guidelines outlining Bitcoin mining and the Bitcoin trade in general. This paper also attempts to shed light on how the Bitcoin mining process can be made more environmentally friendly, so as to benefit both miners as well as the public at large.
Cryptocurrency is a digital currency that utilizes blockchain technology to do investments. This study aims to provide answers for Christians on how to respond to Cryptocurrency investments from the perspective of Christian ethics. The research method used is through the library research approach. This study indicates that cryptocurrency itself as a new technology is an agnostic technology; rather, it is the attitude and motivation of a person that determines the suitability of cryptocurrency in a particular situation. Thus, pastors and believers can invest in cryptocurrency, depending on their motivations.
Ryan Francisco, Nelson Rodelas, John Edison Ubaldo
Purpose – This study aims to shed light on the rise of play-to-earn games in the Philippines alongside cryptocurrency. The lack of research and public understanding of its benefits and drawbacks prompted the researchers to investigate its market. As such, the study tried to look into the risks and benefits of crypto gaming if it would be regulated by the government, and how market volatility influences the churn rate of crypto games. Method – The research used a descriptive study to determine the perception of people who are engaged in playing “Axie Infinity”. The research also used non-probability sampling using the snowball method. The only tool used to collect data was Google Forms. Furthermore, the study used Statistical Package for Social Science (SPSS) to analyze the descriptive data. Result – The results showed that most players spend their time playing Axie Infinity for about 1 to 4 hours a day. Predominantly, the return of investments for playing the game will take about 1 to 3 months. It also showed that these players agreed that there is a possible financial instability in a volatile market. With this, they have a high trust issue in terms of price manipulation, privacy and security, and its design and usability. Conclusion – Understanding the cryptocurrency market requires comprehending the perspective of the people who are engaged in a play-to-earn game, and their concerns are critical for any government actions aimed at regulating self-employed income earners playing (Non-fungible Tokens) NFT games in the Philippines. Recommendations – It is suggested that further research must be conducted to understand how self-employed Filipino income earners comprehend NFT gaming and cryptocurrency, impacting their level of interest and participation. Research Implications – Taxing NFT games without sound regulatory frameworks may result in the disarray of this alternative income source. Therefore, the government must tread carefully to avoid a market collapse or other unfavorable outcomes.
Kripto para, mal ve hizmet satın almada çevrimiçi işlemleri güvence altına alan güçlü bir kriptografiye sahip hesap defteri kullanan dijital bir para birimidir Kripto para birimlerinin küresel sınırları yoktur ve kullanımları kolaydır. İşlemleri kaydetmek için bir cüzdan oluşturulur ve hemen kullanılır. Kripto para birimleri özellikle son yıllarda ön plana çıksa da tarihsel bir süreçleri bulunmaktadır. Kripto para birimleri özellikle Coronavirus (COVID-19) salgınında popülaritesini artırmıştır. Artan hacim ve güçlü piyasa kazancına rağmen Kripto para birimlerine şüphe ile yaklaşan ünlü ekonomistler de bulunmaktadır. Bu çalışmanın amacı 11 Aralık 2017 - 31 Mart 2021 döneminde Bitcoin fiyatını etkileyen ekonomik ve finansal göstergelerin belirlenmesidir. Değişkenler düzey seviyede birim kök taşıdığından ve ilk farklarında durağan olduklarından duruma uygun olan eşbütünleşme testi tercih edilmiştir. Johansen eşbütünleşme testi sonuçlarına göre değişkenler arasında uzun dönemde 1 eş bütünleşme denkleminin var olduğu görülmüştür. Vektör Hata Düzeltme Modeli ise Bitcoin fiyatının kısa dönemde belirlenen ekonomik ve finansal değişkenlerden etkilenmediğini göstermektedir. Bitcoin fiyatı spekülasyona açık bir digila varlıktır.
Abdullah Ayub Khan, Zaffar Ahmed Shaikh, Larisa Belinskaja, Лаура Байтенова · 9 authors
Distributed forecasting of agriculture commodity prices has an attractive research perspective that delivers active breakthrough analysis of the rapid fluctuations in pricing forecasts for participating stakeholders without being manually dispatched lists. The increased use of an efficient forecasting mechanism for the agriculture information management of generated records and processing creates emerging challenges and limitations. These include new government mandates and regulations, the price of land for expansion, forecasting the growing demand for commodities, fluctuations in the global financial market, food security, and bio-based fuels. Building and deploying distributed dynamic scheduling, management, and monitoring systems of agricultural activities for commodity price forecasting and supply chains require a significant secure and efficient approach. Thus, this paper discusses a collaborative approach where two different folds are demonstrated to cover distinct aspects with different objectives. A metaheuristic-enabled genetic algorithm is designed to receive day-to-day agricultural production details and process and analyze forecast pricing from the records by scheduling, managing, and monitoring them in real-time. The blockchain hyperledger sawtooth distributed modular technology provides a secure communication channel between stakeholders, a private network, protects the forecasting ledger, adds and updates commodity prices, and preserves agricultural information and node transactions in the immutable ledger (IPFS). To accomplish this, we design, develop, and deploy two distinct smart contracts to register the system’s actual stakeholders and allow for the addition of node transactions and exchanges. The second smart contract updates the forecasting commodity pricing ledger and distributes it to participating stakeholders while preserving detailed addresses in storage. The simulation results of the proposed collaborative approach deliver an efficient E-agriculture commodity price forecast with an accuracy of 95.3%. It also maintains ledger transparency, integrity, provenance, availability, and secure operational control and access of agricultural activities.
This article aims to offer a new free banking proposal with a 100% cash ratio that uses the DeFi 2.0 model. The current monetary system, based on Central Banking with fractional reserve, has created a huge debt spiral and has distorted the entire production system, which produces deep recurring socioeconomic crises that increasingly impoverish citizens. This paper presents an innovative proposal that aims to take advantage of blockchain technology using the Defi 2.0 model. It would be a first attempt to merge centralized finance with the DeFi world, laying the foundation for a fairer and more decentralized monetary society.
Luona Song, Yiqing Luo, Zixi Chang, Chunhua Jin · 5 authors
Within the context of the rise of the Internet of Things, blockchain, and other new technologies, telecommunications operators are committed to applying technologies to promote business transformation and upgrading. The government also actively applies technologies to traditional fields to promote social progress. In agriculture, the agricultural supply chain has a low information level and low degree of digitization. The application of blockchain technology in agriculture offers exceptional advantages because of its decentralization, openness, and transparency. Based on the application of blockchain in an agricultural scenario, an evolutionary game model made up of governments, telecom operators, and agricultural enterprises was established to analyze the model’s equilibrium stability and evolutionary stable strategy. Then, numerical simulation was carried out to study the influence of the initial green level, equipment deployment cost, technology operation cost, and other core factors on the tripartite evolution behaviour. The results show that each factor influences the behaviour of a third party in different ways. Finally, according to the simulation results, this paper puts forward practical suggestions, explores the long-term impact of the application cost and sustainable income of blockchain technology on cooperation, and provides new ideas for the governance of China’s traditional fields from the perspective of new technology application.
Transformative innovation of blockchain technology and distributed ledger technologies greatly impact secure financial transactions. This paper mainly discusses the importance of blockchain and distributed Ledger Technologies, and the principles behind these technologies to revolutionize the security and transparency of the financial industry. The risk factor in banking or any financial industry for transactions can be reduced by a decentralized transaction method and records, employing the cryptographic techniques involved in blockchain technology. This paper widely discusses the various applications of blockchain in finance, including cryptocurrency, smart contracts, digital tokens, and cross-border payments. Understanding all the merits and demerits of blockchain and DLTs, this paper will provide a clear understanding of using blockchain and DLTs for secure, efficient, and transparent financial transactions and how they can transform financial transactions in a digital economy.
This paper examined factors influencing the intention to adopt cryptocurrencies in Tanzania. Specific objectives were to assess the roles of cryptocurrencies in Tanzania, to evaluate the risks of adopting cryptocurrencies to the existing financial and banking ecosystem and to examine the challenges of using cryptocurrencies in Tanzania. The study was carried out in Dar es salaam city. Purposive and snowball sampling technique were used to reach 368 respondents. The study employed quantitative method. Data were collected by using structural questionnaires and analyzed by employing regressions and correlationtesting. Technology Acceptance Model (TAM) was used to formulate conceptual framework and hypotheses. The findings indicated that the perceived usefulness and the perceived ease of use showed positive association on the intention to use cryptocurrencies. The ease and usefulness of cryptocurrencies was found in fulfilling various roles including making instant international money transfer, transacting at low charges, using it as an alternative source of currency, making free anonymous transaction and payingfor the online services that accept cryptocurrencies. On contrary, the perceived challenges and risks were insignificance to both the perceived usefulness and the perceived ease of using cryptocurrencies. The study concludes that cryptocurrencies such as Bitcoin can be used in Tanzania to fulfill various roles. Furthermore, the study concludes that, risks and challenges are the key factors that delays cryptocurrencies from being used as a legal tender in many countries including Tanzania. The study recommends to the government of Tanzania to consider establishing a cryptocurrency based in Tanzania. Also, the syllabus on blockchain technology particularly cryptocurrencies should be established in both school and higher education. Finally, the study recommends central bank to review the Tanzania monetary policy in order to accommodate this financial technology