Blockchain Papers

Aditya Bihani

No abstract is available for this record.

Ahmed S. Almasoud

No abstract is available for this record.

Jaeyun Kim

No abstract is available for this record.

David Golumbia

The entire space cryptocurrency/blockchain space is dominated by false claims, conspiracy theories, muddled thinking, and outright fraud of many kinds. It is remarkable how much academic, journalistic and popular writing on blockchain accepts at face value dogma that any dispassionate investigation shows to be false, This paper consists mainly of two lists: falsehoods that nobody who is interested in the world as it really is should ever repeat, at least not without heavy qualification; the second a list of truths and rules of thumb about cryptocurrency and blockchain that have been demonstrated repeatedly (often for many years) but escape notice far too often. Each item in the list is accompanied with some, but only a small subset, of the evidence available to support it.

Sasmita Claudia Pontoh, Eko Rizkianto

No abstract is available for this record.

A.G.D.J. Premarathne, Malka N. Halgamuge, Ruwani Samarakody, Ampalavanapillai Nirmalathas

Cryptocurrency has as of late pulled in extensive consideration in the fields of economics, cryptography, and computer science due to it is an encrypted digital currency, peer- to- peer virtual forex produced using codes, and it is much the same as another medium of the trade like real cash. This study mainly focuses to combine the Deep Learning with Data parallelism and Cloud Computing Machine learning engine as “hybrid architecture” to predict new Cryptocurrency prices by using historical Cryptocurrency data. The study has exploited 266,776 of Cryptocurrency prices values from the pilot experiment, and Deep Learning algorithm used for the price prediction. The four hybrid architecture models, namely, (i) standalone PC, (ii) Cloud computing without data parallelism (GPU-1), (iii) Cloud computing with data parallelism (GPU-4), and (iv) Cloud computing with data parallelism (GPU-8) introduced and utilized for the analysis. The performance of each model is evaluated using different performance evaluation parameters. Then, the efficiency of each model was compared using different batch sizes. An experimental result reveals that Cloud computing technology exposes new era by performing parallel computing in IoT to reduce computation time up to 90% of the Deep Learning algorithm-based Cryptocurrencies price prediction model and many other IoT applications such as character recognition, biomedical field, industrial automation, and natural disaster prediction.

G. V. Mahesh Nath

The largest and best-known Cryptocurrency in the global economy is Bitcoin but it is only one of approximately 2,000 cyptocurrencies in circulation today. A Bitcoin was worth 8,790.51 U.S. dollars as of March 4, 2020 and all the Bitcoins in the world were worth roughly $160.4 billion. In Bitcoin you don’t need to explicitly register or reveal your real world identity, but the pattern of your behavior might itself be identifying. This is the fundamental privacy question in a Cryptocurrency like Bitcoin leading to emergence of Privacy coins such a Monero and Zcash that utilize complex cryptography to achieve the greater Privacy levels with more anonymity features. However, in the zest for increased Privacy with focus on anonymity in Cryptocurrency transaction, the law and order issues are compromised wherein it would be near to impossible for the law enforcement agencies to track criminals dealing in money laundering, terrorist financing, tax evasion and other frauds by using Crypto currencies. In this background, it is necessary to understand “Cryptocurrency and Privacy” as an interface to better comprehends the subject of Cyptocurrency which is very dynamic in technology with multiple global implications on the economic and legal front. The present work aims to study Cryptocurrency in the context of Privacy. The foundational concepts and definitions of the two competing subjects: ‘Cryptocurrency and Privacy’ is taken up for better understanding the background of the interface. Tor, an anonymous communication network is referred in brief to state that the dilemma in the Privacy context is not unique to use of Crypto currencies technology in so far its negative effects are concerned . The conclusion suggest for finding an appropriate balance between an individual’s privacy and State’s security in Cryptocurrency technology.

Kim Hong Bae

No abstract is available for this record.

Gabriella Erdős

Hungarian abstract: : A kriptovaluták népszerűsége világszerte növekszik. Használják őket fizetésre, befektetésre, kincsképzésre, annak ellenére, hogy nem minősülnek fizetőeszköznek, értékpapírnak, vagy vagyontárgynak, bár kétségkívül minden kategóriának a tulajdonságaiból rendelkeznek néhánnyal. Egy magyar állásfoglalás szerint a krioptovalutákat egyéb követelésnek kell tekinteni, míg a nemzetközi számviteli sztenderdek ajánlása szerint a kriptovalutákat vagy az immateriális javak, vagy a készletek között kell bemutatni. A cikk elemzi a kriptovaluták tulajdonságait, és bemutatja, hogy milyen társasági adózási következményei vannak annak, ha a vállalkozás a magyar állásfoglalás ajánlását követi, és hogyan vezet a helytelen besorolás fals adózási eredményekhez. A szerző az állásfoglalás visszavonását, és új számviteli szabályok és értelmezés megalkotását javasolja – akár egy új eszközkategória megalkotásával a kriptovaluták számára. English abstract: Cryptocurrencies are gaining in popularity worldwide. They are used as if they were currencies, securities, debt or equity instruments, or property. They are neither of those things although they certainly show characteristics of each categories. A Hungarian non-binding ruling classifies them as claims or accounts receivable, while the international accounting standards recommend to present cryptocurrencies either as intangible assets or as inventories. The article analyses the characteristics of cryptocurrencies, and the corporate income tax consequences of following the recommendations of the Hungarian non-binding ruling. It shows why the wrong classification of cryptocurrencies leads to false tax results. The author recommends the withdrawal of the tax ruling and the establishment of new accounting rules and interpretations - possibly also the introduction of a new accounting category for cryptocurrencies.

Ishita Tiwari, Alisha Goyal, Abhishek Joshi

No abstract is available for this record.

Lauri Ahlberg, Jorge Soria

No abstract is available for this record.

Fahad Ahmed Al-Zahrani

In modern times, many individuals, businesses and the Internet of Things (IoT) integrated industries collect huge amounts of meaningful data daily, which may be beneficial for other individuals and businesses as well. By utilizing this data, future trends to make the right decisions on the bases of facts and figures are analyzed efficiently. In addition to that, many new ways are paved for researchers to utilize this data in their upcoming research. However, due to some major issues like security, privacy and access control of data, data owners avoid sharing data among themselves. Another main problem is the selfish behavior of data owners. Businesses also act selfishly and invest huge amounts of money to collect and maintain the data for their benefits. Therefore, data owners are hesitant to share their data with others without the availability of a fair profit and secure data-sharing platform. Moreover, consumers are not much motivated to buy data from Data Providers (DPs) due to its bad quality and inconsistency. The data provided by data owners is mostly incomplete, outdated, heterogeneous and costly. In this paper, a subscription-based data-sharing model is proposed by leveraging the blockchain technology and Data as a Service (DaaS) concept. In this model, users subscribe to a DP for a specific period to get access to the data and pay according to the subscription plan. The DP keeps receiving revenue recurrently for a long-time, which has a huge profit margin in comparison with selling data at once. Furthermore, two major pricing models, Flat Rate Pricing (FRP) and Usage-Based Pricing (UBP), are discussed to set standards for data owners to monetize their data, and a new hybrid pricing model is also proposed. Blockchain technology is utilized in the proposed model to make it secure, transparent and immutable. To investigate the performance of the proposed model, a private blockchain network is deployed using a web interface provided by MultiChain blockchain. The simulation results demonstrate that the proposed model is feasible and efficient. The theoretical discussion proves that the proposed model is beneficial for both data owners and data consumers and has a good scope in the future for data management and trading processes.

Sahil Gupta, Shubham Kumar Sinha, Bharat Bhushan

No abstract is available for this record.

Michele Ciampi, Roberto Parisella, Daniele Venturi

We study adaptive security of delayed-input Sigma protocols and non-interactive zero-knowledge (NIZK) proof systems in the common reference string (CRS) model. Our contributions are threefold: We exhibit a generic compiler taking any delayed-input Sigma protocol and returning a delayed-input Sigma protocol satisfying adaptive-input special honest-verifier zero knowledge (SHVZK). In case the initial Sigma protocol also satisfies adaptive-input special soundness, our compiler preserves this property. We revisit the recent paradigm by Canetti et al. (STOC 2019) for obtaining NIZK proof systems in the CRS model via the Fiat-Shamir transform applied to so-called trapdoor Sigma protocols, in the context of adaptive security. In particular, assuming correlation-intractable hash functions for all sparse relations, we prove that Fiat-Shamir NIZKs satisfy either: (i) Adaptive soundness (and non-adaptive zero knowledge), so long as the challenge is obtained by hashing both the prover’s first round and the instance being proven; (ii) Adaptive zero knowledge (and non-adaptive soundness), so long as the challenge is obtained by hashing only the prover’s first round, and further assuming that the initial trapdoor Sigma protocol satisfies adaptive-input SHVZK. We exhibit a generic compiler taking any Sigma protocol and returning a trapdoor Sigma protocol. Unfortunately, this transform does not preserve the delayed-input property of the initial Sigma protocol (if any). To complement this result, we also give yet another compiler taking any delayed-input trapdoor Sigma protocol and returning a delayed-input trapdoor Sigma protocol with adaptive-input SHVZK.

Mukaramah Harun, Ting Ding Hooi, Hussin Abdullah

In developed countries, urban growth has multiplied the demand for investment in basic infrastructure services such as water supply, waste removal, roads and mass transportation. At the same time, decentralization strategies have shifted the responsibility for much of these investments to the local governments. This decentralized investment requires the development of decentralized capital financing. No longer can a central government pay for local investment by raising national taxes or borrowings on international markets and using the funds simply to construct projects at the local level. The introduction of municipal bonds is one of the alternative source of funds to finance the escalating costs of financing local governments. This paper discusses the conditions underlying the development of municipal credit markets, which Malaysia can use to provide a vehicle to narrow the local government’s resource gap through debt funding.

Mykyta V. Sokolov

No abstract is available for this record.

Javier M. Rodríguez Olmos

Spanish Abstract: el contrato inteligente (smart contract) es una tecnología que permite la ejecución automatizada de un comando que sigue la lógica “si X entonces Y”, ante la verificación de una condición preestablecida. En combinación con la tecnología blockchain el contrato inteligente adquiere las características de descentralización, inalterabilidad y, sobre todo, de irreversibilidad. En este escrito se analiza el impacto del contrato inteligente en el derecho contractual, a partir de la distinción fundamental entre contrato inteligente y ‘contrato legal inteligente’. A partir de esa distinción se revisan algunas cuestiones que plantea esa tecnología al confrontarla con ciertos aspectos del contrato: su formación, su ejecución, su interpretación y la protección contractual del consumidor. El análisis lleva a concluir que el contrato inteligente, cuando cumple una función dentro de un contrato en sentido jurídico, no puede escapar a la influencia de los principios y reglas del derecho contractual. English Abstract: Smart contracts are a technology which enables the automated execution of a “if this-then that” function, upon the meeting of a predetermined condition. Combined with blockchain technology, Smart contracts become descentralized, tamper-proof and above all irreversible. This paper focuses on how Smart contracts impact on Contract law. On the basis of the distinction between Smart contract and ‘Smart legal contract’, I examine some issues arising from the interacción of Smart contract technology with some aspects of contract’s life cycle: formation, performance, interpretation, and contractual consumer protection. The outcome of the análisis Will show that Smart contracts, whenever they are imbedded in the context of a contract in a legal sense, cannot avoid the principles and rules of Contract law.

Robin Westerlund

Background: Due to the rising popularity of autonomous unmanned vehicles, and the lack of well-defined rules to follow, a solution is needed when the physical space is crowded to a point where it becomes a hazard. Partitioning space discretely is currently done in some cases, allowing vehicles to reserve partitions to operate within. This idea is expanded upon to ultimately propose a blockchain-based solution to the inefficiency of safety margins. Objectives: The main objective was to explore whether a blockchain-based system can be used by vehicles to automatically reserve the volumes of space they need for a limited time. The solution to congestion becomes a method for vehicles to communicate between each other to exchange the remainder of their reservations once they are no longer needed, even while disconnected from the main blockchain network, in exchange for the same currency used to reserve the volumes. Methods: An Ethereum private blockchain network is set up, and a smart contract is developed and deployed onto this blockchain. An emulation program used the smart contract functions to reserve and exchange volumes to evaluate the functionality, several isolated tests evaluated the network performance, and aspects that could not be tested were theoretically analyzed. Results: The system functions as intended, although a level of trust is required during exchanges. There is no risk of two vehicles reserving the same volume at the same time. The results indicate that some performance aspects will be affected by an increasing number of users, although the entire effect can be placed on synchronization time if the network parameters are adjusted. This likely affects the overall efficiency but not as much as it would with the original parameters. Conclusions: The proposed solution is viable to use, although further development is necessary before it is ready for release. The necessity currently is not evident, although projections suggest that this solution, or a similar one, will be necessary in the future.

Cristina Argelich Comelles

El presente trabajo ofrece soluciones a los problemas juridicos que plantean los smart contracts, por tratarse de clausulas contractuales autoimplementadas en un codigo informatico que autoejecuta su contenido. Estos versan sobre su discutida naturaleza juridica, la adhesion del consumidor 2.0 mediante Blockchain, su personalizacion con Ethereum, los errores de programacion y la responsabilidad civil, la proteccion y encriptacion de datos de caracter personal, y la formacion y ejecucion del contrato. Las dificultades que plantean los smart contracts requieren de una regulacion europea, inspirada en las legislaciones existentes en algunos territorios de los Estados Unidos y Francia, asi como en los estudios formulados en el ambito de UNIDROIT y la CNUDMI.

Nektarios Aslanidis, Aurelio F. Bariviera, Christos S. Savva

This paper adopts a versatile multivariate conditional correlation model to estimate daily seasonality in the returns, the volatility, and the correlations between stocks, bonds, gold and Bitcoin. Besides the well known seasonality in stocks and bonds, the day-of-the-week effect is also present in Bitcoin. Mondays are associated with higher Bitcoin returns, while Wednesdays with higher Bitcoin volatility. As opposed to previous literature, our results indicate strong evidence of Bitcoin’s leverage effect. Moreover, we show that daily correlations between Bitcoin and traditional assets are higher at the beginning of the week, while the volatility of these correlations decreases over the week. Our results offer interesting insights in terms of investment and portfolio diversification, that can be applied to the analysis of systematic risk asset allocation and hedging. Keywords: Day-of-the-week effect; dynamic conditional correlation; Bitcoin; volatility seasonality. JEL codes: G01; G10; G12; G22

Алла Озеран, Renata Korshykova

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Kirill Shakhnov, Luana Zaccaria

No abstract is available for this record.

Svitlana Yermak, Margaryta Satanievska

No abstract is available for this record.

Vincent K. Assamoi, Adelphe Ekponon, Zihan Guo

We use portfolio sorting to examine cryptocurrency returns in connection to other asset classes. Using the 110 cryptocurrencies with the highest market capitalization from September 2014 to June 2021, we consider 23 financial and uncertainty factors. We find that cryptocurrencies have a strong relationship with measures of uncertainty, equity markets, foreign exchange, and precious metals. Our results provide evidence that cryptocurrencies are related to other assets through portfolio sorting, complementing studies that have found that factors related to the cryptocurrency market itself can explain their prices.