Samuel Brülisauer, Anastasia Costantini, Gianluca Pastorelli
"Digitalisation and other advanced technologies are increasingly reshaping our economy, including social economy enterprises. Disruptive technologies can inspire the social economy and vice versa. Blockchain for instance carries an intrinsic decentralisation approach that could have many implications for services and generate a high social added value through traceability, fair pricing, commonly recognised and verified standards and democratization of access to services and products in all societies and areas." - Ms Ulla Engelmann, Head of Unit for Advanced Technologies, Social Economy and Clusters, European Commission, DG Grow In the first two decades of the new century digital technologies have started to reshape work, leisure, behaviour, health, education, money, governance, and other aspects of human life. As people and businesses start using digital appliances for all kinds of interaction, an increasing amount of communication and value exchange shifts to the digital realm. This megatrend holds many promises to spur innovation, generate efficiencies, and improve services, and in doing so boost more inclusive and sustainable growth. But these technologies also tend to disrupt traditional ways to organize our economy and society, entailing important consequences for people, organisations and markets, and raise important issues around jobs and skills, privacy, security. We use the term digital transformation to describe these social, cultural, and economic changes resulting from digital innovations, and identify four socio-technological areas in which people are particularly affected by this transformation: work and income goods and services, money and finance, and state and governance. Digital platforms and blockchains (and other distributed ledger technology) are two of the most impactful technologies. Because of the astonishing possibilities these technologies offer, observers regularly fathom that it is not only unfeasible but also undesirable to ‘stop’ the digital transformation. Rather, it is argued that digital technologies and their impacts must be actively managed and leveraged to ensure their alignment with people-centred development and sustainability. In this context, a growing number of social economy innovations aim to create an internet and digital appliances that put individual users and society first. Social economy enterprises and organizations are either based on participatory governance where users are ultimately in (partial) control over the platform/technology, or bound by a statutory purpose asserting the priority of social and environmental goals before financial returns. The digital social economy innovations discussed in this paper aim to realize this vision in the four areas undergoing digital transformation. Our analysis is informed by insights from the workshop organised by Diesis on “Blockchain, digital social innovation and social economy. The future is here!”, as well as case studies elaborated in close collaboration with various digital social economy enterprises. The study finds a vivid variety of digital social economy enterprises, and important potential for further applications of social economy principles in the digital realm. Yet the realization of this potential depends on whether these enterprises manage the critical challenge to achieve sustainable and user-centred growth. We therefore conclude with a discussion of this challenge and some recommendations for policy, organization and entrepreneurship.
This paper discusses the implications of smart contracts in energy trading for the protection of consumer and individual rights. It examines the legal risks and regulatory solutions for a peer-to-peer energy trading platform (P2P-ETP) in creating a sustainable energy ecosystem. Part I discusses the conceptual framework of P2PETP, which enables consumers to become energy ‘producers' and traders. Smart technologies—smart contracts, smart meters, and distributed ledger technology (DLT) platforms, are the main components of this platform. The study examines the legal basis for these components. Part II analyzes the legal uncertainty of the smart contract, such as its enforceability, and the inadequate protection for consumers and their individual rights through price manipulation, violation of rights to privacy, and data breaches. Part III discusses the potential policy implementations and the principles behind a legal and regulatory framework for establishing a trusted peer-to peer energy trading platform.
Abstract Blockchain technology has rapidly emerged as a decentralized trusted network to replace the traditional centralized intermediator. Especially, the smart contracts that are based on blockchain allow users to define the agreed behaviour among them, the execution of which will be enforced by the smart contracts. Based on this, we propose a decentralized booking system that uses the blockchain as the intermediator between hoteliers and travellers. The system enjoys the trustworthiness of blockchain, improves efficiency and reduces the cost of the traditional booking agencies. The design of the system has been formally modelled using the CSP# language and verified using the model checker Process Analysis Toolkit. We have implemented a prototype decentralized booking system based on the Ethereum ecosystem.
Blockchain is a distributed open (Public) ledger that is used to record the transaction across many computers. Blockchain technology can be applied in any domain such as banking, healthcare, real estate, travel, food, and supply chain. In supply chain management to train the self-driving vehicle in blockchain technology also integrate the Artificial Intelligence (AI) and Machine Learning (ML) Algorithms. In this paper we have proposed Reinforcement learning integrated heuristic search method (RLIH) for self-driving vehicle using blockchain in supply chain management by combining the advantage of reinforcement learning and heuristic search method. RLIH is developed using Decentralized app and result shows that proposed method outperform the existing heuristic search method in term of service time and data traffic.
Blockchain is a new generation technology that allows the central control mechanism or trusted authority to be removed, spreading the encrypted data across all participants in the network in a distributed database structure instead of central trust. The Smart Contract structure, which defines the rules and flow that allow the things we value to operate automatically as determined without the need for an external trigger mechanism, is the core element of this technology. Blockchain has gained popularity with its most famous application, Bitcoin. After Bitcoin became popular, it turned out that Blockchain might have new uses due to the advantage of technology such as security, brokerage, and transparency, and these areas are being investigated. Many big companies have started to invest in this technology in the face of the opportunities brought by Blockchain. HAVELSAN is a largescale software company that studies and adapts new generation technologies. Blockchain technology has become of the new generation technologies that HAVELSAN is interested in due to its impressive advantages. HAVELSAN has a wide range of activities, so the company can develop various Blockchain-based applications depending on these areas. Combining this diversity with the importance of the Smart Contract concept, which can be considered as the basis for most Blockchain applications, it is decided to create a strong Smart Contract framework before starting to build different applications with Blockchain technology. The creation of HAVELSAN Blockchain Smart Contract Framework; which infrastructures are used during the development phase, the problems encountered during development and the structure of the most suitable applications to be created with the framework to be developed will be explained in this article.
Alexander Bechtel, Agata Ferreira, Jonas Groß, Philipp Sandner
Distributed ledger technology (DLT) hasDistributed ledger technologies (DLTs) the potential to address long-standing industrial challenges, remove frictions, build trust, and unlock new value across businesses and industries. It enables decentralization, the immutability of data, transparency, and the automation of business processes. Thereby, it creates a multitude of use cases ranging from energy and manufacturing to mobility and logistics. However, a digitized economy based on DLT can flourish only if it does not merely enable the exchange of assets, goods, and services but also the exchange of money. In other words, there is a need for a payment solution that is compatible with DLT-based decentralized networks and enables transactions denominated in euro. This is particulary relevant in the currently evolving geopolitical environment.
This paper discusses the legal risks and regulatory solutions for a peer-to-peer energy trading platform (P2P-ETP) in creating a sustainable energy ecosystem. Part I discusses the conceptual framework of P2P-ETP, which enables consumers to become energy ‘producers' and traders. Smart technologies — smart contracts, smart meters, and distributed ledger technology (DLT) — are the main components of this platform. The study examines the legal basis and regulatory framework for these components. Part II analyses the legal uncertainty of the smart contract, such as its enforceability, and the inadequate protection for consumers and their individual rights through price manipulation, violation of rights to privacy, and data breaches. Part III discusses the potential policy implementations and the principles behind a legal and regulatory framework for establishing a trusted peer-to-peer energy trading platform.
This paper is an examination of adoption of distributed ledgers in financial services. We review more than one hundred initiatives and a large practitioner literature, considering fourteen areas of application and seven case studies, in order to provide both a conceptual analysis of these technologies and to review their current and prospective adoption in financial services. There are several component technologies applied in distributed ledger, many offering substantial commercial and operational benefits even applied outside of a distributed ledger and best viewed as part of the broader picture of ongoing digitalization of financial services using various data technologies. Our findings suggest that decision makers can take a pragmatic approach to distributed ledgers, not be concerned about this technology upending their business but be open to cross industry co-operation where this is strategically justified and to then adopt what works to improve outcomes for customers and other stakeholders. Overall, distributed ledgers and crypto assets, are really a distraction from the wider and more important issues of ongoing digitisation and automation of financial services. Data sharing and cross industry co-operation – as well as well as enlightened public policy to promote adoption of new technologies, competition and prudential and systemic safety – are crucial to this digital revolution. This does not depend on widespread adoption of distributed ledgers.
Dirk Andreas Zetzsche, Douglas W. Arner, Ross P. Buckley
The emergence of Decentralized Finance (DeFi) signifies a paradigm shift in the financial sector, introducing both unparalleled opportunities and multifaceted challenges. As DeFi continues to redefine traditional financial systems, it becomes vital for stakeholders to grasp the nuances underpinning this evolution, especially the roles of behavioral finance and public policy. This article presents a literature review on financial market regulation, examining the transformative potential of DeFi and its inherent risks, and explores the implications for regulatory frameworks based on behavioral finance. Public policy in the context of DeFi is a delicate balancing act. On one hand, there's the need to protect investors and ensure market integrity. On the other, there's the risk of over-regulating and stifling the very innovations that make DeFi transformative. Policymakers must grapple with these challenges, seeking ways to create regulatory frameworks that are both protective and adaptive. In addressing the question of how to sensibly regulate financial markets in the age of DeFi, the answer may be both straightforward and somewhat counterintuitive: Regulate peers. In a decentralized system where traditional service providers play a diminished role, peers or individual participants may take on functions that are analogous to those of traditional financial operators. Therefore, these peers may find themselves subject to financial market regulations, trade law, tax law, and other applicable statutes, depending on the services they provide, much like platform operators and their obligations.
The idea of a shared economy becomes one of the companies as an enterprise type. Especially with the advanced development of digital smart devices and the internet, several forms of the mutual economy have been advanced in accord with the need for sharing of separate income. Shareable commodity and digital content are also seeking to utilize. When digital content is used as a sharing economy, various possible threats may arise in the course of transactions, the potential for theft, alteration, and hacking of contents. This paper presents a comprehensive overview of the security and privacy of Blockchain. Blockchain promise transparent, tamper-proof and secure systems that can enable novel solutions, especially when combined with smart contracts. In this research, we proposed a content protection and transaction method using Blockchain Ethereum Technology. The encryption algorithm is incorporated in proposed system to make transparent transactions and it is also implemented on content itself to prevent from smart forgery and hacking. The experimental results signify that the proposed method has strong potential to enhance transactions transparency by minimizing the security threats in digital content transactions.
Jan 1, 2020·Proceedings of the ... Annual Hawaii International Conference on System Sciences/Proceedings of the Annual Hawaii International Conference on System Sciences
H. Schöll, Roman Pomeshchikov, Manuel Pedro Rodríguez Bolívar
Distributed Ledger Technologies (DLTs) such as Blockchain have been heralded for their potential to fundamentally disrupt traditional industries and longstanding practices in private and public business-es. In the financial sectors, for example, quite a number of novel financial technology (fintech) services based on DLT/Blockchain have been introduced with cryptocur-rencies representing prominent cases. While the already highly regulated financial sectors have emerged as ear-ly targets for DLT/Blockchain induced disruption, a diverse set of other areas, such as healthcare record keeping, insurance record keeping, industrial and retail supply chain management, property registries, citizen identification systems, and voting systems to name a few, has also come into the focus of DLT/Blockchain innovation. These new types of services might be in need of both complementary and novel regulations for DLT/Blockchain-based services. Interestingly, smaller jurisdictions such as Bermuda, Gibraltar, Malta, and Liechtenstein were among the first to provide advice and regulation for DLT/Blockchain service provisions. The study compares these early regulatory approaches to each other and discusses the prospects of DLT/Blockchain service regulation based on the study’s findings. DLT/Blockchain service regulation appears to incorporate predominantly principle-based rather than rule-based regulations, which makes the regulation en-forcement a uniquely individual case-based task.
Purpose The purpose of this paper is to examine the operational and regulatory positions of the employment of Blockchain in the insurance industry. Blockchain technology has attracted wide interest from various stakeholders. Many theorists are predicting that this technology will disrupt financial services, including insurance. As stated that the development of blockchain is dependent on regulatory acceptance of this technology, it is essential to establish the current state of play with regard to the application and use of blockchain from a commercial and regulatory standpoints. Design/methodology/approach This review encompasses a number of approaches to view the current status of Blockchain applications. From a commercial approach, this research lists the current applications of blockchain within the insurance industry. From a regulatory point of view, the current positions of the EU and national regulatory bodies are enquired upon to establish how they are examining FinTech and Blockchain technologies within their regulatory processes. Findings This review illustrates a number of Blockchain applications in situ from a commercial point of view. From a regulatory setting and following a call from international and EU levels, it appears that various regulatory bodies have begun the process of formulating testing processes for FinTech applications. There are two predominant types in operation, while others are forming points of contact for advice for FinTechs and a small amount who have not begun the process at all. Research limitations/implications This review illustrates the current state of play of blockchain in insurance from a commercial and regulatory point of view. While this has been observational, this review pulls together information from various sources to encapsulate the regulatory positioning of evaluating FinTech and Blockchain technologies for academia, regulatory and industry audiences. Originality/value This review offers a central resource of information with regard to the current state of blockchain technologies in operation and regulatory approaches to this and other FinTech developments.
Over the last decade there has been a continuing decline in social trust on the part of individuals with regards to the handling and fair use of personal data, digital assets and other related rights in general. At the same time, there has been a change in the employment patterns for many people through the emergence of the gig economy. These gig workers include artists, songwriters and musicians in the music industry. We discuss the notion of the data cooperative with fiduciary responsibilities to its members, which is similar in purpose to credit unions in the financial sector. A data cooperative for artists and musicians allows the community to share IT resources, such as data storage, analytics processing, blockchains and distributed ledgers. A cooperative can also employ smart contracts to remedy the various challenges currently faced by the music industry with regards to the license tracking management.
The purpose of the research is to investigate the implementation of blockchains (BCs) and smart contracts (SCs) in smart tourism. BCs and SCs in the context of tourism are underexplored. Data were collected and analysed from relevant secondary sources in extensive desktop research between January and August 2018. The results highlight some implemented examples of BCs and SCs in tourism and few that are still in probation phase. The findings are interesting for tourism policy-makers, professionals, academics and tourism suppliers who are interested in real value added of BCs and SCs in tourism.
Andrea Gaggioli, Shayan Eskandari, Pietro Cipresso, Edoardo Lozza
Blockchain is widely regarded as a breakthrough innovation that may have a profound impact on the economy and society, of a magnitude comparable to the effects of the introduction of the Internet itself. In essence, a blockchain is a decentralized peer-to-peer network with no central authority figure, which adds information to the distributed database by collectively validating the accuracy of data. Since each node of the network participates in the review and confirmation of the new information before being accepted, the need for a trustworthy intermediary is eliminated. However, as trust plays an essential role in affecting decisions when transacting with one another, it is important to understand which implications the decentralized nature of blockchain may have on individuals' sense of trust. In this contribution, we argue that the adoption of blockchain is not only a technological, but foremostly a psychological challenge, which crucially depends on the possibility of creating a trust management approach that matches the underlying distributed communication system. We first describe the decentralization technologies and possibilities they hold for the near future. Next, we discuss the psycho-social implications of the introduction of decentralized processes of trust, examining some potential scenarios, and outline a research agenda.
Blockchain technologies enable new forms of data sharing in platforms. This raises questions around how they are jointly developed and managed in blockchain consortia and what role public agencies play in those efforts. Based on an analysis of prior work on data sharing in public-private partnerships and other blockchain projects, we analyze the case of the Cardossier. The Cardossier project and (later) association develops a platform to link the public and private actors in the Swiss car ecosystem. The participating car registration authority has the roles of an actor in interorganizational processes, supplier of data, source of trust, guarantor of data quality, user of data, and incentive for making goods public. We conclude that the public agencies have a very important role in blockchain consortia and propose that they should use this role actively as part of their efforts to create public value.
The rise of blockchain has resulted in discussions on (new) governance models with multiple actors collaborating. Incidents and problems occurred due to flaws in blockchain protocols, smart contracts and Decentralized Autonomous Organizations (DAOs). Often it is unclear how decisions are made concerning evolvement of blockchain applications. In this paper, we identify and analyze potential challenges regarding governance of blockchain initiatives in various types of decentralized networks using literature and case study research. The governance challenges are classified based on a framework consisting of different layers (infrastructure, application, company and institution/country) and stages (design, operate, evolve/crisis). The results show that in various stages and layers, different challenges occur. Furthermore, blockchain applications governance and blockchain infrastructure governance were found to be entangled adding to the challenge. Our research shows a specific need for further research into governance models for DAO applications on permissionless blockchains, linked to the products and services offered whereas in permissioned blockchains and other type of applications, existing governance models might often be feasible. For developing new governance models, we recommend learning from the lessons from the open source community.
Trung-Viet Nguyen, Lam-Son Lê, Bo Dao, Khuong Nguyen-An
A system for evaluating current services in the tourism industry is one of the sources of reference affecting tourists' decisions. However, such the system may not be trusted by users. The main reason may come from the evaluation result that has been tampered with via a third party or a network attack. Besides, the relationship between service providers and tourists is the service level agreements (SLAs), which is the provider's commitment. Nevertheless, the process of implementing the SLAs is manual, not automatic, so this leads to many disputes. In this study, we propose BlockSLA, an architecture for evaluating and enforcing agreements based on the blockchain. Our proposal uses the blockchain to ensure that the assessment process can be kept safe and reliable through the blockchain consensus processing mechanism. From these evaluations, smart contracts on the blockchain can automatically make compensation immediately and the parties (e.g., tourists, providers) can track these changes on their device. The architectural design is described in detail in this work.
Οι υπηρεσίες ονοματοδοσίας παρέχουν τα απαραίτητα θεμέλια για την ανάπτυξη ποικίλων και σημαντικών εφαρμογών, όπως το ηλεκτρονικό εμπόριο και η ηλεκτρονική τραπεζική. Επί του παρόντος, αυτές οι υπηρεσίες ονοματοδοσίας βρίσκονται υπό τον έλεγχο κεντρικοποιημένων οντοτήτων, τις οποίες πρέπει να εμπιστευόμαστε ότι λειτουργούν σωστά. Δυστυχώς, η κεντρικοποίηση (εμπιστοσύνης) επιφέρει πολλά μειονεκτήματα όσον αφορά την ασφάλεια, τη διαθεσιμότητα και την ανοχή σφαλμάτων,όπως φαίνεται από μία πληθώρα περιστατικών ασφάλειας κατά τη διάρκεια των ετών όπου τέτοιες οντότητες έχουν παραβιαστεί. Η αποκέντρωση έχει προταθεί ως εναλλακτική λύση για την αντιμετώπιση αυτών των ζητημάτων. Παρ 'όλα αυτά,η αποκέντρωση εγείρει άλλα προβλήματα όπως, π.χ., η αντιμετώπιση της μη ανταποδοτικότητας και οι Σιβυλλικές επιθέσεις. Σε αυτή τη διατριβή, αξιοποιούμε την επεκτασιμότητα, την ασφάλεια, καθώς και τον ενσωματωμένο μηχανισμό παροχής κινήτρων των συστημάτων blockchain και προτείνουμε τον σχεδιασμό μιας αποκεντρωμένης υπηρεσίας ονοματοδοσίας βασισμένη σε έξυπνα συμβόλαια. Πιο συγκεκριμένα, είμαστε οι πρώτοι που παρουσιάζουμε τον πλήρη φορμαλισμό του προβλήματος σχεδιασμού υπηρεσιών ονοματοδοσίας στο πλαίσιο τoυ μοντέλου Γενικής Σύνθεσης και αποδεικνύουμε την ασφάλεια της κατασκευής μας υπό την ισχυρή υπόθεση RSA στο μοντέλο του Τυχαίου Μαντείου και την ύπαρξη μιας ιδεατής λειτουργικότητας έξυπνου συμβολαίου.Το κύριο εμπόδιο στην πραγματοποίηση μιας υπηρεσίας ονοματοδοσίας βασισμένη σε έξυπνα συμβόλαια είναι το μέγεθος της αποθηκευμένης πληροφορίας σε αυτά η οποία,όντας η πιο δαπανηρή πηγή πρόσβασης και τροποποίησης, θα πρέπει να ελαχιστοποιηθεί για να θεωρηθεί μια κατασκευή βιώσιμη. Επιλύουμε αυτό το ζήτημα ορίζοντας και χρησιμοποιώντας στην υπηρεσία ονοματοδοσίας μας έναν προσθετικό, παγκόσμιο κρυπτογραφικό συσσωρευτή δημόσιας κατάστασης σταθερού μεγέθους, ένα κρυπτογραφικό εργαλείο το οποίο μπορεί να είναι ανεξάρτητου ενδιαφέροντος στο πλαίσιο των πρωτοκόλλων blockchain. Αυτός ο συσσωρευτής προκαλεί αποθήκευση σταθερού μεγέθους πληροφορίας εις βάρος υπολογιστικής πολυπλοκότητας. Για να διερευνήσουμε το αντίκτυπο ανάμεσα σε αυτά τα δύο,προτείνουμε και υλοποιούμε μια δεύτερη κατασκευή, η οποία διατηρεί τις ιδιότητες ασφαλείας της πρώτης και, όπως απεικονίζεται μέσα από την αξιολόγησή μας, είναι η μόνη έκδοση με σταθερού μεγέθους αποθηκευμένη πληροφορία που μπορεί να αναπτυχθεί στη βασική αλυσίδα τουEthereum, της πιο αξιοσημείωτης δημόσιας πλατφόρμας έξυπνων συμβολαίων κατά τη στιγμή αυτής της γραφής. Συγκρίνουμε αυτές τις δύο κατασκευές με την απλή προσέγγιση των περισσότερων προηγούμενων υλοποιήσεων, π.χ., του EthereumName Service, όπου όλα τα αρχεία ταυτότητας αποθηκεύονται πάνω στο έξυπνο συμβόλαιο, για να καταδείξουμε αρκετές ελλείψεις του Ethereumκαι του μοντέλου κοστολόγησής του. Για την αντιμετώπιση αυτών των ζητημάτων, καθώς και άλλων,εισαγάγουμε ένα εναλλακτικό παράδειγμα για την ανάπτυξη εφαρμογών βασισμένες σε έξυπνα συμβόλαια στις οποίες το μέθεγος της αποθηκευμένης πληροφορίας σε αυτά είναι σταθερή και διευκολύνει την επαλήθευση των δεδομένων των εφαρμογών, τα οποία αποθηκεύονται σε και αναζητούνται από ένα εξωτερικό, δυνητικά αναξιόπιστο, δίκτυο αποθήκευσης. Αυτή η προσέγγιση είναι σχετική για ένα ευρύ φάσμα εφαρμογών, όπως κάθε σύστημα αποθήκευσης κλειδιών και τιμών.Δείχνουμε την αποτελεσματικότητα της προσέγγιση μας με την παρουσίαση μιας μελέτης όπου προσαρμόζουμε το πιο ευρέως αναπτυγμένο πρότυπο για ανταλλάξιμα νομίσματα, δηλ., το πρότυπο νομισμάτων ERC20.Αντιμετωπίζουμε τη μονοτονικά αυξανόμενη αποθηκευμένη πληροφορία του Ethereum η οποία, αν δεν ελεγχθεί, θα έχει άμεσο αντίκτυπο στην ασφάλεια του Ethereum και, τελικά, στη μακροζωία του. Εισαγάγουμε επαναλαμβανόμενα τέλη που είναι ανάλογα με την αποθηκευμένη πληροφορία στα έξυπνα συμβόλαια και ρυθμιζόμενα από τους κόμβους που διατηρούν το δίκτυο. Προτείνουμε ένα μοντέλο όπου το κόστος των λειτουργιών αποθήκευσης αντικατοπτρίζει την προσπάθεια που πρέπει να καταβάλουν οι κόμβοι για να τις εκτελέσουν. Δείχνουμε ότι κάτω από ένα τέτοιο σύστημα τιμολόγησης που ενθαρρύνει οικονομία στην αποθηκευμένη πληροφορία στα έξυπνα συμβόλαια, οι κατασκευές που παρουσιάζονται σε αυτή τη διατριβή μειώνουν τα τέλη συναλλαγών κατά μία τάξη μεγέθους. Υποστηρίζουμε ότι αυτές οι βελτιώσεις είναι λογικές για κάθε πλατφόρμα έξυπνων συμβολαίων που επιθυμεί να υποστηρίζει την ανάπτυξη αυθαίρετων κατανεμημένων εφαρμογών από τους χρήστες της.
Ryan Shivers, Mohammad Ashiqur Rahman, Hossain Shahriar
Ride-hailing and ride-sharing applications have recently gained in popularity as a convenient alternative to traditional modes of travel. Current research into autonomous vehicles is accelerating rapidly and will soon become a critical component of a ride-hailing platform's architecture. Implementing an autonomous vehicle ride-hailing platform proves a difficult challenge due to the centralized nature of traditional ride-hailing architectures. In a traditional ride-hailing environment the drivers operate their own personal vehicles so it follows that a fleet of autonomous vehicles would be required for a centralized ride-hailing platform to succeed. Decentralization of the ride-hailing platform would remove a road block along the way to an autonomous vehicle ride-hailing platform by allowing owners of autonomous vehicles to add their vehicle to a community driven fleet when not in use. Blockchain technology is an attractive choice for this decentralized architecture due to its immutability and fault tolerance. This paper proposes a framework for developing a decentralized ride-hailing architecture implemented on the Hyperledger Fabric blockchain platform. The implementation is evaluated using a static analysis tool and performing a performance analysis under heavy network load.
Advocates of blockchain believe that distributed ledger technologies can provide us with a technological infrastructure to challenge the concentrated power of tech giants such as Amazon, Facebook and Google, and create a more equitable, sustainable and decentralized world. This paper considers these claims and concludes that they are preferable to defending the status quo or arguing that a solution might be found in more and better regulations. Nevertheless, the future remains highly uncertain and we are currently living in a rapidly evolving “space” between two competing realities: a centralized old-world reality and a fast-emerging, but, as yet, incomplete, decentralized reality. We remain optimistic that decentralization is coming but identify powerful competing forces seeking to preserve the status quo. As such, we must encourage more organizations – business, government, investors, charities – to experiment with distributed ledger technologies and to participate actively in the digital transformation. We need more experimentation to address the current shortcomings of decentralisation and to ensure the early arrival of mainstream applications of a technology that has the potential to solve some of the most pressing global challenges of a digital age.
Both the functionality and the flexibility of distributed ledger technology (DLT) systems can raise complex questions of applicable law for users. This chapter considers the challenges of establishing what laws or regulations may be relevant to the operation and governance of DLT systems and transactions conducted on them. It highlights the risks of failing to include express contractual clauses to make the parties' choice of law and forum for dispute resolution clear. It also discusses how governing law and jurisdiction will be assessed in the absence of any express contractual clauses, including an explanation of common DLT governance systems.
Dirk Andreas Zetzsche, Ross P. Buckley, Douglas W. Arner, Anton N. Didenko
The transformative potential of distributed ledger technology (DLT) is attracting significant interest around the world. Many institutions are investing heavily in proof of concept demonstrations, pilot initiatives and the rollout of applications of DLT. Part of the attraction of distributed ledger systems, such as blockchain, lies in their perceived ability to transcend law and regulation. Yet, while the law may be dull and the technology exciting, the impact of the law cannot be simply wished away. With data distributed among many ledgers, legal risks will remain. Legal relationships recorded on, or evidenced by, distributed ledgers may give rise to various forms of liability based on contract, tort, partnership or joint venture structures, specific legislation or breach of fiduciary duties. At the same time, despite existing similarities among common law and civil law systems, the sources of DLT-linked liability may vary substantially across jurisdictions.