With the growth of the business world, autonomous software programs such as MRP, ERP, and SAP have been used to synchronize different units and departments since the 1960s. There have been great technological developments in the last decades, such as Blockchain, the Internet of Things, artificial intelligence, and machine learning. The attention of the accounting world has also been on those technological developments, especially on Blockchain Technology. Accounting academics and professionals have been trying to understand how blockchain technology can affect accounting and what kind of changes might be brought about by that technology. Therefore, the purpose of this study is to make a systematic literature review in order to foresee the potential effects of blockchain on accounting. Selected keywords were searched for on the Scopus database. The results show that most of the studies in this area focus on technical issues and the development of software applications, and a small number of studies make a connection between blockchain and accounting. Although most of the authors are very optimistic about blockchain technology and claim that this technology may change the double-entry accounting system completely and radically, some have discrete approach and express critical views.
Data sharing is very important for accelerating scientific research, business innovations, and for informing individuals. Yet, concerns over data privacy, cost, and lack of secure data-sharing solutions have prevented data owners from sharing data. To overcome these issues, several research works have proposed blockchain-based data-sharing solutions for their ability to add transparency and control to the data-sharing process. Yet, while models for decentralized data sharing exist, how to incentivize these structures to enable data sharing at scale remains largely unexplored. In this paper, we propose incentive mechanisms for decentralized data-sharing platforms. We use smart contracts to automate different payment options between data owners and data requesters. We discuss multiple cost pricing scenarios for data owners to monetize their data. Moreover, we simulate the incentive mechanisms on a blockchain-based data-sharing platform. The evaluation of our simulation indicates that a cost compensation model for the data owner can rapidly cover the cost of data sharing and balance the overall incentives for all the actors in the platform.
Chibuzor Udokwu, Patrick Brandtner, Alex Norta, Alexandr Kormiltsyn · 5 authors
Abstract Inter-organizational collaboration is an important aspect of organizational operations. Traditional systems that support organizations in executing these collaborations are inefficient, not inter-operable and insecure. Novel functions provided by blockchain technology yields the potential for addressing problems that affect organizational collaborations by enabling tamper-proof, transparent, and secure systems for the exchange of information between organizations. Still, a proper approach for building blockchain-decentralized applications (DApps) that support inter-organizational collaborations is missing. The DAOM framework addresses this gap by providing a model-driven design approach for building DApps. This paper shows the development of the semantics of the DAOM framework, implementation of the support tool, and the evaluation of the DAOM framework and support tool. We conducted an evaluation to understand the usefulness of the DAOM framework in developing blockchain DApps and the effectiveness of the support tool in producing DAOM diagram models. The evaluation result shows that the framework is useful and applicable for developing DApps for inter-organizational collaborations. Furthermore, evaluation of the tool support shows that DApps can be modelled efficiently and correctly with the implemented enterprise-modelling software.
Because of the risks existing in supply chain finance, taking accounts receivable factoring business as the research object, this paper uses the evolutionary game method to analyzes the factors affecting the decision-making of the participants in supply chain finance, constructs an evolutionary game model between small and medium-sized enterprises and financial institutions, and analyzes the mechanism of blockchain to solve the financial risks of the supply chain by comparing the changes of evolutionary stability strategies before and after the introduction of blockchain technology. This paper aims to reduce financing risks by analyzing the mechanism of blockchain technology in supply chain finance. It is found that, firstly, blockchain technology can reduce the credit risk of financial institutions and solve financing problem. Credit risk plays a decisive role in whether financial institutions accept financing business decisions. Blockchain technology can reduce the operational risk of financial institutions and improve the business income of financial institutions. Secondly, the strict regulatory environment formed by blockchain technology makes the default behavior of small and medium-sized enterprises and core enterprises in a high-risk state at all times. No matter the profit distribution proportion that small and medium-sized enterprises can obtain through collusion, they will not choose to default, which effectively solves the paradox that small and medium-sized enterprises cannot obtain loans from financial institutions despite the increased probability of compliance. Then, the evolutionary game between financial institutions and small and medium-sized enterprises is balanced in that financial institutions accept business applications, small and medium-sized enterprises abide by the contract, and the convergence effect is better. Therefore, blockchain technology not only reduces the financing risk of financial institutions but also helps to solve the financing problems of small and medium-sized enterprises.
Blockchain is in its way of revolutionizing different sectors with its decentralized peer-to-peer networking. Smart contracts are the piece of software that have written rules to be executed automatically to update the state of the block chain in a systematic way. One of the main use of Smart contract is in Supply Chain management. Supply Chain management deals with lot of legal contracts at a time. Contracts are agreements between two or more parties that define the duties and obligations for execution of any kind of activities. In this research, we are trying to automate the supply chain related contracts by identifying the important entities such as contract type, start date, end date etc., by using Natural Language Processing methods, then convert the contract to smart contract. This provides an efficient template for creation of smart contracts from natural language contracts and thereby offer best smart contract template for a given type of contract in Supply Chain.
As the interaction between companies becomes more and more complex, the problems of asymmetric information, weak traceability, and low collaboration efficiency in the traditional centralized supply chain are becoming increasingly prominent. To solve these problems, this paper designs a supply chain system based on blockchain. With the help of trade chain and information chain platforms, an overall framework of the supply chain system is constructed. By formulating platform interaction rules, the system information exchange format is standardized to ensure the stability and efficiency of system interaction. Smart contracts are used to manage supply chain system transactions and information interactions to achieve efficient and convenient information sharing, ensuring the security and reliability of supply chain information. The comprehensive performance of the system is evaluated through experiments. Experimental results indicate that while the system realizes the basic functions of the supply chain, it can promote the sharing of information between participants and improve its efficiency.
Purpose This paper provides a structured literature review of blockchain in accounting. The authors identify current trends, analyse and critique the key topics of research and discuss the future of this nascent field of inquiry. Design/methodology/approach This study’s analysis combined a structured literature review with citation analysis, topic modelling using a machine learning approach and a manual review of selected articles. The corpus comprised 153 academic papers from two ranked journal lists, the Association of Business Schools (ABS) and the Australian Business Deans Council (ABDC), and from the Social Science Research Network (SSRN). From this, the authors analysed and critiqued the current and future research trends in the four most predominant topics of research in blockchain for accounting. Findings Blockchain is not yet a mainstream accounting topic, and most of the current literature is normative. The four most commonly discussed areas of blockchain include the changing role of accountants; new challenges for auditors; opportunities and challenges of blockchain technology application; and the regulation of cryptoassets. While blockchain will likely be disruptive to accounting and auditing, there will still be a need for these roles. With the sheer volume of information that blockchain records, both professions may shift out of the back-office toward higher-profile advisory roles where accountants try to align competitive intelligence with business strategy, and auditors are called on ex ante to verify transactions and even whole ecosystems. Research limitations/implications The authors identify several challenges that will need to be examined in future research. Challenges include skilling up for a new paradigm, the logistical issues associated with managing and monitoring multiple parties all contributing to various public and private blockchains, and the pressing need for legal frameworks to regulate cryptoassets. Practical implications The possibilities that blockchain brings to information disclosure, fraud detection and overcoming the threat of shadow dealings in developing countries all contribute to the importance of further investigation into blockchain in accounting. Originality/value The authors’ structured literature review uniquely identifies critical research topics for developing future research directions related to blockchain in accounting.
Digital transformation of Collaborative Enterprise (CE), both in terms of planning and implementation, relies on new business models and innovative technologies. One of such technologies is Distributed Ledger Technology (DLT) which deploys a decentralised approach requiring no need for intermediaries, thereby facilitating decentralised enterprise operations. Accordingly, this article provides a systematic review and theoretical background of the current state and applications of DLTs within CEs by exploring how this disruptive technology can digitally transform CE practices. Grounded on the review of existing literature, a comprehensive characteristics, application, governance, stakeholders, and emerging security threats faced during DLT adoption and mitigation strategies are presented. More importantly, a model is proposed based on the factors that inhibit DLT adoption in CE. Findings from this study provide implications to support smart digital transition in CE for smart enterprise operations.
This study examined the characteristics of internet rumors in the user-generated content (UGC) mode, analysed the advantages of using the blockchain technology to curb internet rumors, and proposed a framework of the internet rumor reporting system based on the blockchain incentive mechanism. With Truffle as a development framework, intelligent contracts such as create, read, update, and delete were created using Solidity. The end users were connected to the blockchain using the MetaMask plugin. Finally, rewards were obtained by the participants, and the decentralizing program Dapp was created. The results showed that the TRUES could support multiuser reporting and execute intelligent contracts automatically and efficiently in a complex internet rumor environment; for the range of 1–2896 participants, virtual currency rewards could be obtained in 0.5–2.5 d. The conclusion showed that the internet rumor reporting system under the blockchain incentive mechanism had the characteristics of multilevel management, and distributed ledger and digital signatures contributed to the retention and traceability of rumors. Intelligent contracts and consensus mechanisms have obvious advantages in dealing with the complex forms of internet rumors.
In the last four years, the evolution and adoption of blockchain and, more generally, distributed ledger systems have shown the affirmation of many concepts and models with significant differences in system governance and suitable applications. This work aims to analyze distributed ledger technology (DLT) critically. Starting from the topical idea of decentralization, we introduce concepts and building blocks currently adopted in the available systems centering on their functional aspects and impact on possible applications. We present some conceptual framing tools helpful in the application context: a DLT reference architecture, off-chain and on-chain governance models, and classification of consensus protocols. Finally, we introduce the concept of process authenticity, reviewing tools and strategies for integrating DLT with the physical world and proposing a constructive scheme for the authentication of a physical resource through alphanumeric data.
Naram Mhaisen, Mhd Saria Allahham, Amr Mohamed, Aiman Erbad · 5 authors
Service provisioning systems assign users to service providers according to allocation criteria that strike an optimal trade-off between users’ Quality of Experience (QoE) and the operation cost endured by providers. These systems have been leveraging Smart Contracts (SCs) to add trust and transparency to their criteria. However, deploying fixed allocation criteria in SCs does not necessarily lead to the best performance over time since the blockchain participants join and leave flexibly, and their load varies with time, making the original allocation sub-optimal. Furthermore, updating the criteria manually at every variation in the blockchain jeopardizes the autonomous and independent execution promised by SCs. Thus, we propose a set of light-weight agents for SCs that are capable of optimizing the performance. We also propose using online learning SCs, empowered by Deep Reinforcement Learning (DRL) agent, that leverage the chained data to continuously self-tune its allocation criteria. We show that the proposed learning-assisted method achieves superior performance on the combinatorial multi-stage allocation problem while still being executable in real-time. We also compare the proposed approach with standard heuristics as well as planning methods. Results show a significant performance advantage over heuristics and better adaptability to the dynamic nature of blockchain networks.
Purpose The purpose of the research is to investigate users’ adoption of blockchain-based games in China. Design/methodology/approach This research applied existing technology diffusion theories to develop a research model to examine users’ adoption of blockchain-based games. As a result, a research model with nine research hypotheses was developed. The developed research model was empirically tested using data collected from a survey of 210 blockchain-based games users. Structural equation modeling was applied to analyse the collected data. Findings The results indicated that seven of nine research hypotheses were supported. It was found that trust, perceived usefulness, perceived enjoyment and perceived ease of use were key determinants for users’ behavioural intention to use blockchain-based games. The most influential relationship in the research model appeared to be the effect of perceived usefulness on users’ behavioural intention to use blockchain-based games. However, subjective norms did not have significant positive impacts on users’ behavioural intention to use blockchain-based games. Practical implications The regulatory support from governmental authorities is essential to provide additional legal certainty to build users’ trust in playing blockchain-based games. Blockchain-based games providers should arrange the training program targeted to the general users to enhance their understanding of the key features associated with blockchain-based games. Blockchain-based games developers should come up with good design solutions to maximize user enjoyment with blockchain-based games by considering additional entertainment elements. Originality/value To the best of the authors’ knowledge, this study is first of its kind in investigating the adoption of blockchain-based games from users’ perspectives. This study contributes to the existing literature on the adoption of blockchain technology.
Abstract This study furthers recent research on Initial Coin Offerings (ICO) in understanding the set of characteristics that drive ICO performance and reduce information asymmetry. Using data on 166 ICOs and more than 300,000 contribution addresses that sent funds to ICOs in Bitcoins or in Ether between 2013 and 2017, we examined the effect of ICO characteristics on ICO performance. We found that three boundary conditions predict ICO fundraising amount, number of investors, hard cap achievement and token ranking. These are registering ICO and publishing project’s code on GitHub, obtaining VC or Business angel financing before the campaign or during presale, and finally, publishing the whitepaper before the campaign’s start. Other factors such as serial investors, presale of tokens, bonus sales and funders' ownership share explain ICO performance. We offer implications for ICO investors and policymakers.
Cryptocurrencies are attracting considerable attention around the world because of the various advantages that they offer. On the other hand, they also carry some inherent risks. Although monetary authorities broadly agree that cryptocurrencies do not engender an immediate threat to national and global financial systems, the future is full of unknowns. In this regard, drawing a framework based on the current drivers of demand for cryptocurrencies would help visualize the prospects for these assets and create a roadmap to avoid or manage any disruptive risks. This discussion paper aims to contribute to the literature by examining the key factors that will determine the future performance of cryptocurrencies. The main conclusion derived from the discussion is that national regulations will potentially affect the direction of cryptocurrencies, as well as the need for any special efforts in the domain of monetary policy
Cryptocurrencies based on decentralized systems, especially blockchain, are gaining popularity more than ever. Freedom advocates hail blockchain technology as a breakthrough in digital privacy and internet anonymity. Unfortunately, after recent studies conducted, it may come as a surprise that the transactions are, in fact, not always anonymous. In this short paper, the possibility of identifying a user's accounts in different cryptocurrencies given the user's portfolio of investment gained from social media is investigated. In this study, the generic elements of blockchain systems are briefly studied. In section \ref{sec:blocksim}, BlockSim which is a tool for simulating transactions, and an algorithm for answering this question is introduced.
Decentralized Finance (DeFi) is an emerging and revolutionizing field with notable uncertainties of reliability to be used on a mass scale. On the other hand, Artificial Intelligence (AI) has proved to be a crucial helping tool in numerous domains. In this study, we present a systematic review of the utility of AI in Defi in terms of impact, reliability, and security and conduct exhaustive analysis. We further conclude from our extensive literature review that we can identify possible new research opportunities in AI to bridge the gap of trust between peers and make the integration of DeFi more agile in the near future.
In our research we have investigated the main issues that drive or limit further adoption of cryptocurrencies, specifically as means of electronic payments. The original intention of Bitcoin, the first decentralized cryptocurrency, was to serve as electronic payment system but it still hasn’t (entirely) fulfilled its mission regardless it is sporadically used for payments. Recent studies reveal that the cryptocurrencies and the blockchain, as promising new technology, are starting to have noticeable adoption worldwide, but even with many noted advantages, this technology is not yet matured and still lacks the expected mass adoption, especially in the area of the electronic payments. Bitcoin and many newer digital currencies are more acknowledged and accepted as an investment asset but not that much as a payment method. Regarding the online payment facet of the cryptocurrencies, there are still several issues that need to be addressed in a proper way in order to ensure further adoption of this technology and to successfully compete, or even disrupt, the currently dominant electronic payment systems as digital wallets, banking cards, banking transfers and even cash on delivery. The adoption issues, that we examine in this paper include the following: decentralization, volatility, legislation, trust, security, fees, speed of transactions, scalability, interoperability and energy consumption. Relevant and current literature was studied to identify the main properties of the leading cryptocurrency projects, advantages and disadvantages of the blockchain technology, utilization for electronic payments, adoption drivers and current state of adoption. Additionally, at least 31 different cryptocurrency projects (whitepapers, websites and communities) and several relevant web resources were investigated in order to draw conclusions regarding the main adoption issues. Our findings suggest that crucial issues that still need to be solved in order to achieve wider adoption of cryptocurrencies for payments are (i) the high volatility of their value and (ii) the unfavorable legislation worldwide. The other important issues are mostly technical and since the technology is still in development and not fully matured, there is still room for further improvements before it gets ready for mass adoption. Our research adds to the existing cryptocurrencies and blockchain studies by identifying, summarizing and envisioning possible solutions for the issues for further cryptocurrency adoption. Besides for academic researchers this study may serve as a reference for blockchain developers, cryptocurrency advocates and policy makers
International Business Law Program, Universitas Prasetiya Mulya, BSD City Kavling, Jl. Edutown Jl. BSD Raya Utama No.1, BSD City, Kec. Pagedangan, Tangerang, Banten 15339, Indonesia, Hellen Lorenscia
Nowadays, the development of digital money and the numerous benefits it provides has had a significant impact on many parts of life. However, it is undeniable that these advances carry a number of concerns as well. As a result, each country has a different perspective on regulating this digital money, particularly in terms of its benefits as a payment mechanism. The purpose of this study is to compare the regulation and legality of using digital money as a payment mechanism in Indonesia, Singapore, and China by employing the normative legal research. Digital money is not allowed to be utilized as a payment mechanism in Indonesia. On the other hand, digital money is regarded as an intangible asset that can be used as a payment method in Singapore. China, on the other hand, has outlawed the usage of digital money for both investment and payment. Each country has its own considerations, and there are various things that Indonesia may learn from Singapore and China's arrangements in order to maximize the benefits of digital money.
<title>Abstract</title> With the explosive development of decentralized finance (DeFi), 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. Although the application of NFT is currently limited to digital fantasy artwork, games, collectible, etc., due to its unique capabilities, protocols, and platforms, they could be utilized in more practical issues. 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 with a comprehensive discussion on each layer, including storage, decentralized authentication, decentralized verification, Blockchain, and application layer. 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, event ticketing, and so forth.
Felipe K. Shiraishi, Vitor H. Perles, Hector K. Yassuda, Leonardo T. Kimura · 6 authors
We propose Torrente, a distributed file-sharing solution with economic incentives. Its implementation is built as an extension of BitTorrent protocol, in such a manner that user access to file-sharing swarms is controlled by peers that verify micropayments receipts in a blockchain-based ledger. In addition, by using payment commitments, Torrente facilitates off-chain transactions for faster content sharing. The solution is created as a tool to enhance Amazon Biobank application security, but can be used isolated in cases such as file sharing with monetary incentives.
Since 2008, when it was first cited, blockchain technology represents an innovation from both a structural and application point of view. Since then, thanks to its peculiarities and capabilities of implementing smart contracts, blockchain technology has undergone a strong development in different application domains. The interest around this technology also brought to the definition of several platforms facilitating its use and application. Due to their variety, , choosing the most suitable blockchain platform to support a specific business need represents a strategic problem. This paper proposes an analysis for the definition of an evaluation framework and related quality attributes, helping to characterize and compare different blockchain platforms for identifying the most suitable one to the implementation of smart contracts in a specific business context. The analysis of a set of blockchain platforms is proposed for discussing the applicability and use of the proposed framework
Niclas Kannengieser, Sebastian Lins, Christian Sander, Klaus Winter · 6 authors
Smart contracts are a promising means of formalizing and reliably enforcing agreements between entities using distributed ledger technology (DLT). Research has revealed that a significant number of smart contracts are subject to programming flaws, making them vulnerable to attacks and leading to detrimental effects, such as asset loss. Researchers and developers call for a thorough analysis of challenges to identify their causes and propose solutions. To respond to these calls, we conducted two literature reviews and diverse expert interviews and synthesized scattered knowledge on challenges and solutions. We identified 29 challenges (e.g., code visibility, code updateability, and encapsulation) and 60 solutions (e.g., gas limit specification, off-ledger computations, and shadowing). Moreover, we developed 20 software design patterns (SDPs) in collaboration with smart contract developers. The SDPs help developers adjust their programming habits and thus support them in their daily development practices. Our results provide actionable knowledge for smart contract developers to overcome the identified challenges and offer support for comparing smart contract integration concepts across three fundamentally different DLT protocols (i.e., Ethereum, EOSIO, and Hyperledger Fabric). Moreover, we support developers in becoming aware of peculiarities in smart contract development and the resulting benefits and drawbacks.
RICARDO CARREÑO AGUILERA, Miguel Patiño-Ortiz, Julián Patiño-Ortiz, Erick Velázquez Lozada
Due to the exponential growth in the use of systems with applications of blockchain technology, this paper develops a funding system, with donations and offers of shares, through the Ethereum platform with blockchain technology. Given the benefits that blockchain provides data protection and has high security, this paper offers a decentralized donation expert system using smart contracts that makes fully reliable donation systems to attract more funds to this urgent global health issue. Smart contracts provide faithful donations and meet the characteristics of being versatile, accessible, and sustainable to combat the COVID-19 pandemic. This expert system found the Merkle grid as an optimum method to work efficiently on the blockchain. The expert system proved to be steady and efficient by using an essential test dataset. A reliable donation system expects more donors and investors since a sustainable and reliable approach is always a milestone. The primary purpose of developing this system is to attract donors to bring down the COVID-19 pandemic by providing a faithful donation system.