Индустрия 4.0 включает создание киберфизических систем, способных децентрализованно управлять производством, продажами, самообучаться и развиваться. Функционирование таких систем нуждается в аналогичных "умных" технологиях хранения и распространения информации. Блокчейн, обеспечивший децентрализацию и кибербезопасность в сфере криптовалют и создавший "умные" контракты, стал рассматриваться как подобная технология. Однако экстраполяция блокчейн с узкой сферы цифровых денег до универсального применения в индустрии и публичном секторе столкнулась с серьезными трудностями. Некоторые из них могут быть преодолены в рамках существующего поколения блокчейн (например, улучшением алгоритмов консенсуса). Большинство же требует существенных трансформаций технологии, комбинирования ее с другими информационными и промышленными инновациями. Трудности такого переходного этапа породили критику блокчейн и, нередко, отказ от его использования. Появились гибридные решения, взявшие от блокчейн лишь часть инновационной идеи (блочную организацию реестра транзакций) и имплантировав ее в традиционные технологии. Предложено считать такие решения неполноценным "квазиблокчейном". На основе анализа эволюции блокчейна обосновано, что дальнейшее развитие его децентрализованных версий наиболее отвечает концепции Индустрия 4.0. Показано, что внедрению таких версий сейчас препятствуют внутренние противоречия: "трилемма" блокчейн плюс его высокая энергоемкость. Исследованы перспективы выхода из тупика "трилеммы" блокчейн с помощью смежных инновационных решений, таких как протокол второго уровня (Lightning Network) и ему подобные. Освещены тенденции дальнейшего развития различных форм и архитектур блокчейн. Предложена классификация, связывающая блокчейн с традиционными распределенными базами данных и учитывающая логику их развития. Проанализированы эффективные методы промышленного внедрения блокчейн, включая реализацию с его помощью цифровых счетов-фактур (e-Invoice) и коммуникаций для промышленного Интернета вещей. Выполненные исследования позволили разработать критерии выбора и оптимизации конкретных блокчейн-решений для индустриального применения.
This thesis work is aimed at developing understanding of the hash functions and algorithms being used in blockchain technologies Bitcoin in comparison to Ethereum and private blockchain hash functions. This study attempts to answer one fundamental research question: “What considerations are important in assessing blockchain cryptographic security, with an emphasis on hash functions”. \n \nThe study was carried out qualitatively using a desk research approach and combining this approach with using two public blockchains-based cryptocurrencies; Ethereum and Bitcoin as case studies. The research aims to provide a holistic view of blockchain cryptographic security comparing Bitcoin and Ethereum as use cases, and thus providing a consolidated document which students studying cryptography can access to obtain a better understanding of what is involved in blockchain security. From an academic perspective, the research aims at providing a model which can be used in assessing what is important to consider in the cryptographic security of blockchains. \n \nThree main categories of factors considered were presented in the proposed model which were strategical factors, complexity attributes and technical drivers. This results in a base crucial metrics such as absence of secret seeds, efficiency of verification, preimage collision resistance, fixed output size, low collision probability, and even distribution of preimages in output.
The behavior of agents to ensure financial security on the basis of game theory was analyzed, the winning strategy taking into account risk and uncertainty was determined. Using Data Mining the useful functions of this technology were identified to ensure financial security: suspicious transactions determination, credit risks analysis, client account reliability analysis, financial indicators predicting and risks control. A comparison was made of the assessment of the effectiveness of various data mining algorithms on the nature of financial transactions and decision-making procedures in the financial security system. It was proved that the development of information technology has created a whole range of vulnerabilities in the financial system, in particular, has transformed the form of money in modern conditions -the emergence of a cryptocurrency. The influence of the formation and development of cryptocurrency on financial security at all levels of the economy: micro and macro was analyzed.
The paper presents the use of states of explosionproof method for analyzing the behavior of systems that provide smart contract technology. The selected example system is ShadowEth, whose main task is to ensure sufficient confidentiality of information stored in the Ethereum blockchain currency. The Petri network model for the ShadowEth system has been presented. The system
We propose a proof of mining system. Roughly speaking, in this system the mining stake ${\rm mstak}(A)$ with discrimination index $a\in[0,1]$ of an account $A$ is defined by the formula: $${\rm mstak}(A)=(1-a)\cdot\frac{1}{\rm NOM}+a\cdot\frac{{\rm NOBM}(A)}{L},$$ where $L$ is the length of the block-chain, ${\rm NOM}$ is the number of miners in the block-chain, and ${\rm NOBM}(A)$ is the number of blocks mined by $A$.
П. С. Ложников, Alexey Е. Sulavko, Samal S. Zhumazhanova
The paper presents a study on the possibility of using distributed ledger technologies in managing various business processes based on electronic document management systems. In the finance and trade sphere, the type of distributed ledger technology, blockchain, is already presented as a real alternative to the existing infrastructure, however, the experience of developing and implementing such solutions in electronic document management systems is currently insufficient. The model of hybrid workflow proposed earlier by the authors of the article has a number of advantages over usual scheme of information exchange, and combines equal document protection in paper and digital form using cryptographic and biometric methods. The described distributed ledger-based hybrid workflow scheme also provides decentralized information storage, a fixed size of data blocks stored and transmitted by users, generation of cryptographic keys using biometric images of authorized users, and identification of subjects that performed various actions on document regardless of its type format. The authors also considered possible problems that might be encountered in the development and implementation of such an information interaction scheme.
Jan 1, 2019·Proceedings of the 1st International Scientific Conference "Modern Management Trends and the Digital Economy: from Regional Development to Global Economic Growth" (MTDE 2019)
Аннотация.К настоящему моменту сетевизация экономики становится наиболее перспективной формой структурных преобразований хозяйственных систем как на национальном, так и на мировом уровне.Движущей силой сетевизации является становление цифровой экономики.С 1990-х годов в первые четыре десятилетия Интернета возникла электронная почта, глобальная электронная сеть -«Всемирная паутина», Интернет-магазины и компании («доткомы», от англ..com),социальные сети, мобильный доступ в Интернет, мировые вычислительные мощности («Биг Дейта», от англ.Big Data -«Большие данные»), облачные вычисления и становление безлюдных технологий межмашинного взаимодействия -«Интернета вещей».Это оказало значительный позитивный эффект на снижение затрат информационного обмена и рыночных взаимодействий для субъектов национальных и мировой экономики, снизило барьеры для доступа к новым средствам массовой информации и развлечениям, новым формам товародвижения и организации управленческой деятельности, а также создало возможности проявления полностью цифровых предприятий, производящих только информацию.Благодаря технологиям дополненной и виртуальной реальности цифровизация охватывает производство, торговлю и финансы, моду, автомобили, здания, города и даже жизнедеятельность человеческого организма.Насыщение цифровыми технологиями различных процессов жизни современного человека и общества настолько велико, что обращение к цифровым массивам и виртуальной реальности происходит не по требованию, т.е.эпизодически, а постоянно, в ходе соединения рутинной деятельности и ее цифрового отражения в вычислительных системах.Результатом цифровизации и
In general, the construction industry has been pretty resistant to change. While most industries have gained in productivity over the years through implementation of new technologies and other factors, construction industry productivity has been on a steady decline since the 1960s. Even though there are a multitude of reasons for this, including more complex building types and a decline in the workforce, the major problem holding construction back are project management issues and alienation of project stakeholders in the construction process. Some improvements have been made to help with collaboration between parties, like BIM (building information modeling) and project management software like Procore and Plangrid, but there isn’t one application that pools information to share data between parties. This is where blockchain can make a difference and help solve the collaboration problem. Blockchain is a peer-to-peer, controlled, distributed transactional database used to record and store lists of transactions (called blocks) that are verified through cryptography. This paper explores the emergence of blockchain, highlights the progressive companies implementing this technology in construction, and analyzes the best practices and applications needed for blockchain to succeed in the construction industry.
The evolution of financial technology adds to the complexity of the global financial system and the underlying assets that store its value.This complexity manifests as an adverse market risk profile in assets where fintech can be considered an endogenous variable.A theoretical framework that may contribute toward an improved understanding of this relationship is established.In contrast to the adverse risk profile in these markets, however, the literature still suggests a value proposition in these fintech-endogenous markets.The suggested value proposition is investigated by means of an empirical literature review, and partial recreation of some key findings from previous literature.Subsequently, additional empirical findings are contributed through a comparative set of tests in a controlled environment, with some significant results, specifically in the case where an appropriate trading strategy is back-tested along with some neural network forecasting procedures.The implications for researchers and practitioners are emphasised by a re-contextualisation of how the findings could affect future research in forecasting-and trading methodologies as well as the status quo of portfolio management strategies that risk managers have at their disposal.They key contribution is that risk managers should be able to benefit from the erratic behaviour of fintech-endogenous markets in the form of non-negligible short-term abnormal profit, whilst not having to trade off the diversification properties consistent with the established literature.The junction of forecasting-and trading methodologies used here may result in a "best of both worlds" investment strategy where abnormal profits are possible in the short run, in a simultaneously well-hedged trading environment, which relies on (instead of mitigating) the erratic price-formation phenomena prevalent in fintech-endogenous markets.
The market of virtual currencies, called cryptocurrency, has grown immensely since 2008 in terms of market \ncapitalisation and the numbers of new currencies. Bitcoin is one of the most famous cryptocurrency with an estimated \nmarket capitalisation of nearly $ 69 billion. The fact that Bitcoin prices have fallen about 70% from their peak value and \nmost indices were down double-digit year to date (2018) with a high daily volatility create the appearance that there has \nto be a correlation. \nThe purpose of this paper is to investigate the contagion effect between Bitcoin prices and the leading American, \nEuropean and Asian equity markets using the dynamic conditional correlation (DCC) model proposed by Engle and \nSheppard (2001). \nContagion is defined in this context as the statistical break in the computed DCCs as measured by the shifts in their \nmeans and medians. Even it is astonishing that the contagion is lower during price bubbles, the main finding indicates the \npresence of contagion in the different indices among the three continents and proves the presence of structural changes \nduring the Bitcoin bubble. Moreover, the analysis shows that specific market indices are more correlated with the Bitcoin \nprice than others.
In the field of cryptoeconomics the Ethereum (Ethereum Foundation) project gave opportunity to create “own” cryptocurrency – new token based on its smart-contract platform to everyone without lowlevel programming skills. Then it became obvious that tokens could be used for crowdfunding as the Ethereum did in 2014. Unregulated and easy to access such scheme became popular among related to the blockchain tech startups. It was named Initial Coin Offering (ICO/or ITO). Despite its name, which is similar to IPO, this scheme is usually used for venture funding of a new project instead of expanding already well-established working business. The authors use machine-learning algorithms to classify ICOs and estimate ROI based on public digital data and web-sources. The goal of the research is to develop sustainable and efficient model, which will predict target profit ROI (profit trends) of ICO startup. Data collection and analysis period: Feb-Mar 2018. The prediction model and the application (service) of ICO startups’ selection are developed as the result of the study. Results. There were over 3000 samples of ICO-startups in the research dataset. After cleaning and elimination of outliers, it contained only 518. The number of samples with positive ROI (which means that these ICOs were profitable) was 234. Cross validation metric was confirmed to be accurate. The model achieved 79 % accuracy (average value). To prove this score separated prediction was executed the metrics: for test dataset AUC is 0.78; for profitable samples Precision: 0.76; Recall: 0.9 for profitable; F1-score: 0.82. Discussions. In order to achieve the objectives of this study, various IT components of the service architecture (applications) were developed to monitor, analyze and predict the risks of ICO startups. An artificial neural network was developed to solve the problem of ROI classification and prediction. The average ROI among profitable ICOS was 47 %. Taking into consideration that the crypto market is highly volatile and that there is a possibility that such investments will not bring any profit, this model of monitoring, analysis and prediction can be very valuable for the purposes of critical selection (exclusion) of a number of ICO projects from potential investment. Conclusion. The developed components can be used as a basis of monitoring service of ICO startups. The risk-forecasting model can be improved, foremost, by using the most complete (and wider) set of data. In this case, individual data collection and processing tasks can be performed manually, which will require additional resources. It should be noted that other types of neural networks can be developed for both text analysis and trading data analysis. This may lead to the logic of using a combination of models, which will potentially help to provide the most accurate predictions.
The cryptocurrency markets have experienced a drastic increase in trading volume and prices since the global realization of blockchain technologies’ potential in the mid-2017. The market capitalization of the cryptocurrency markets increased from only $18 billion on January 1st, 2017 to $565 billion on December 31st, 2017. Thus, it is important to understand the market’s current operating state. \n\nThis research aims to test whether price and volume data from the cryptocurrency markets conform with Benford’s Law and is the first research conducted in this manner. Similar research performed with data from the international financial markets show that price and volume data conform with the Benford’s Law distribution, which is also the expected result of this study. The data is gathered from coinmarketcap.com and includes 30 of the top 100 largest cryptocurrencies determined by market capitalization. \n\nBenford’s Law offers distributions for first, second and first-two occurring digits of numbers in naturally formed data sets. If the distribution deviates from Benford’s Law, it can be caused by an unnatural data formation process, low quality of data or insufficient data. This study also offers theoretical aspects affecting the cryptocurrency markets and its data formation. The authenticity of the use of Benford’s Law as a data analyzation tool is emphasized by the fact that it is frequently used in research and as a fraud detection tool in auditing worldwide. \n\nThree tests are conducted for both entire price- and volume data sets. As a further assessment, each subsample included is tested individually. The results show that when testing entire data sets, they closely conform with Benford’s Law. Interestingly, when testing the subsamples, only two subsamples of the volume data set conform with Benford’s Law at some level. Each price data subsample fails at least one of the three tests. Furthermore, the results show that the volume data conforms far more closely with Benford’s Law than the price data. The results indicate that the majority of the subsamples experience something else than a natural data formation process. This gives direction for further research and assessments.
This article explores four critical groups of systematic risk embedded in smart contract employment using the analytic hierarchy process (AHP). The four principal risk analysis groups include: 1) transparency in the light of corporate governance 2) IT security 3) contract management automation and 4) legality. The AHP assists both decision-makers and stakeholders alike in the evaluation process essential for identifying potential technological constraints posed within a permissioned blockchain environment using peer-to-peer format in the absence of digital currency. Based upon critical assessment, the AHP methodology enables pairwise comparisons among different features and consequently increases the knowledge regarding these attributes in light of the software’s risk assessment.
The comparative characteristic of consensus algorithms in distributed ledgers based on different technologies such as blockchain and directed acyclic graph is given in the article. Advantages and disadvantages of GHOST, Tangle and Hashgraph consensus algorithms are given, as well as recommendations of optimal variant selection.
Blockchain technologies (BC) are immutable distributed systems of digital ledgers (i.e., without central repository) and, as rule, without central authority. Currently, there is a lot of excitement around the use of BC technology, although the technology itself, on the one hand, is still not quite clear to many ones, and on the other (and this is the main thing) is not new. Superficial understanding of the BC as a phenomenon with «magical properties» leads to numerous predictions about the possibility of revolutionary transformations based on its application to entire sectors of the economy and, above all, in the credit and financial sphere. In this regard, this article presents a systematized analysis, the history of the BC emergence, leading from the international standards ISO 7498-2 of 1989 and ITU-T X.800 of 1991, as well as a brief informal definition of BC and considered are the basic principles and components of this technology, including cryptographic one-way functions (hashes), transactions, addresses and their retrieval, «digital wallets», ledgers, blocks, blockchain in operations. Representation of the BC as a sequence of blocks bounded base on known mechanisms of the data integrity with using asymmetric cryptography allows us to conclude that only its evolutionary development is possible, although at a rapid pace in real time. This is a characteristic feature of establishing modern stage of and all other IT types. In conclusion, attention is drawn to the need for additional research to assess the security and reliability of the BC in terms of assessing the prospects for its use in specific business applications and critical information infrastructure systems.
Over the past 30 years financial markets have moved from a highly centralized to a globalized system that includes all the world's stock exchanges and other financial institutions. The global stock architecture has united the world market. Traditionally, trading in financial instruments took place between stock brokers and traders who made personal transactions on trading platforms. At that time, stock brokers were monopolists of the market, only their information, their recommendations were the only source of information for investors. This was before the dotcom revolution, when communication became simple and accessible to everyone. Trade has been transformed from physical to electronic form, today you can buy securities, currencies and any derivatives in any quantity, at any time and from anywhere in the world. Development of blockchain technologies is integrated into financial transactions. Financial intermediaries are forced to follow the market and actively introduce new technologies in their processes. This article will consider the possibility of using the technology of the distributed ledger by institutions of custodian infrastructure. Today, a number of Russian financial institutions are developing their own projects using blockchain.
The paper analyzes the advantages of using the blockchain technology in the supply chain management. It is determined that the blockchain will simplify the procedure of the government control over the supply chain and contribute to the implementation of the state policy aiming to reduce the level of counterfeit products and improve the quality of goods entering the retail network, which will have a direct impact on the socio-economic development of the regions. The subject of research is the organizational and technological mechanism of the interaction between business entities in the process of introduction and application of the blockchain technology for supply chain management. The purpose of the paper was to find out how to use the blockchain in logistics in the most effective way. The paper presents the summary of works of Russian and foreign economists and identifies the main areas of existing and prospective blockchain studies, formulates the principles for the promotion of the blockchain technology in logistics and identifies factors that impede the active use of the blockchaining by Russian and foreign businessmen. The necessity of the DLT/blockchain legalization in economic activities and determining the responsibility for including incomplete and/or unreliable information in a distributed ledger is substantiated.
M. Dorofeyev, M. Ksov, Vadim V. Ponkratov, A. Masterov · 6 authors
M. Vasyunina6 The main aim of this article is to analyze the prerequisites for the development and the promotion of cryptocurrencies, covering the period from the emergence of the first forms of money to recent period. The paper focuses on findings of comparative analysis of consumer value of precious metals, cash and non-cash money and cryptocurrencies as different forms of money. The authors provide comprehensive descriptions and expert quantitative estimates for each of the listed forms of money, as well as determine the place of cryptocurrency in the modern financial system as a means of payment. The research presents a detailed analysis of the advantages and disadvantages of new technologies. The paper defines the status of cryptocurrencies in various countries of the world and names promising development trends. The authors determine the main obstacles hindering the circulation of cryptocurrencies in certain markets and assess the risks and prospects associated with the introduction and use of cryptocurrencies as a new form of money which aims at full/partial replacement of fiat money in the modern financial system. As a conclusion it is noted that weak integration into the financial system is the main obstacle to major distribution of cryptocurrencies as a means of payment.