Blockchain Papers

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53,216 papersLast indexed Aug 31, 2026
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Oct 14, 2019·IEEE/WIC/ACM International Conference on Web Intelligence - Companion Volume
7 cites
BARRETT BlockchAin Regulated REmote aTTestation

Michail Bampatsikos, Christoforos Ntantogian, Christos Xenakis, Stelios C. A. Thomopoulos

Today, an increasing number of Internet of Things (IoT) healthcare devices, crucial to a person's wellbeing and life, connects to the internet and consequently is exposed to a variety of threats. These devices possess low computational resources, and as a result they cannot use security tools such as antivirus or firewalls. Consequently, they become easy targets for cyber-attacks and malware infection, thus putting a person's life at risk. One way to protect these devices from malware infection is Remote Attestation (RA), a process by which a device with low computational power (prover) verifies its internal state to a party with higher computational resources (verifier) upon the latter's request. However, in case the verifier is malicious, it may constantly send numerous requests for RA to a prover to prevent it from performing the functions it was designed for. Thus, keeping it busy and rendering it unusable to its legit users as well as services. In short, the verifier performs a Computational Denial of Service (CDoS) attack against the prover. This paper proposes the BARRETT architecture which uses a Public Ethereum Network (PEN) in conjunction with an RA protocol to protect the prover from CDoS attacks. In particular, the PEN in BARRETT deters CDoS by forcing the verifier to pay a fee in Ether cryptocurrency every time they wish to send an Attestation Request (AR) to a prover. The verifier pays the fee since in BARRETT it can send the AR only via Ethereum transactions. Consequently, any attempt to perform a CDoS becomes prohibitively expensive.

Open access
Security and Verification in Computing
Advanced Malware Detection Techniques
IoT and Edge/Fog Computing
Original source
Oct 14, 2019·Organization Studies
35 cites
Novel Thought: Towards a Literary Study of Organization

Timon Beyes, Jana Costas, Günther Ortmann

Novels espouse an epistemological freedom that is beyond even experimental forms of scholarly research and writing. Precisely this freedom makes novels so conducive to thought. Their enduring presence in organization studies demonstrates literary fiction’s power of conveying how things are, might be, or can be thought of; of inventing new ways of seeing; of enabling different vocabularies as well as staging and transmitting specific affects. In this paper, we trace the mutual ‘contamination’ between the novel and organization studies as well as discuss different modes of engaging prose fiction, drawing on Rancière’s ethical, representative and aesthetic regimes of art. With a special nod to Kafka’s novels and stories and also McCarthy’s Satin Island, we outline the contours of a literary study of organization and introduce the special themed section on ‘The Novel and Organization Studies’.

Open access
Original source
Oct 14, 2019·Sensors
69 cites
Authentication Protocol for Cloud Databases Using Blockchain Mechanism

Gaurav Deep, Rajni Mohana, Anand Nayyar, Sanjeevikumar Padmanaban · 5 authors

Cloud computing has made the software development process fast and flexible but on the other hand it has contributed to increasing security attacks. Employees who manage the data in cloud companies may face insider attack, affecting their reputation. They have the advantage of accessing the user data by interacting with the authentication mechanism. The primary aim of this research paper is to provide a novel secure authentication mechanism by using Blockchain technology for cloud databases. Blockchain makes it difficult to change user login credentials details in the user authentication process by an insider. The insider is not able to access the user authentication data due to the distributed ledger-based authentication scheme. Activity of insider can be traced and cannot be changed. Both insider and outsider user's are authenticated using individual IDs and signatures. Furthermore, the user access control on the cloud database is also authenticated. The algorithm and theorem of the proposed mechanism have been given to demonstrate the applicability and correctness.The proposed mechanism is tested on the Scyther formal system tool against denial of service, impersonation, offline guessing, and no replay attacks. Scyther results show that the proposed methodology is secure cum robust.

Open access
Blockchain Technology Applications and Security
Cloud Data Security Solutions
Advanced Steganography and Watermarking Techniques
Original source
Oct 13, 2019·arXiv
0 cites
HyperProv: Decentralized Resilient Data Provenance at the Edge with Blockchains

Petter Tunstad, Amin M. Khan, Phuong Hoai Ha

Data provenance and lineage are critical for ensuring integrity and reproducibility of information in research and application. This is particularly challenging for distributed scenarios, where data may be originating from decentralized sources without any central control by a single trusted entity. We present HyperProv, a general framework for data provenance based on the permissioned blockchain Hyperledger Fabric (HLF), and to the best of our knowledge, the first system that is ported to ARM based devices such as Raspberry Pi (RPi). HyperProv tracks the metadata, operation history and data lineage through a set of built-in queries using smart contracts, enabling lightweight retrieval of provenance data. HyperProv provides convenient integration through a NodeJS client library, and also includes off-chain storage through the SSH file system. We evaluate HyperProv's performance, throughput, resource consumption, and energy efficiency on x86-64 machines, as well as on RPi devices for IoT use cases at the edge.

Open access
cs.DC
Original source
Oct 12, 2019·Sustainability
20 cites
A Novel Decision-Making Model with Pythagorean Fuzzy Linguistic Information Measures and Its Application to a Sustainable Blockchain Product Assessment Problem

Feifei Jin, Lidan Pei, Huayou Chen, Reza Langari · 5 authors

This study presents a novel multi-attribute decision-making (MADM) model on the basis of Pythagorean fuzzy linguistic information measures. To do so, we first present a new concept of Pythagorean fuzzy linguistic sets to describe fuzziness and inconsistent information, in which the Pythagorean fuzzy linguistic values (PFLVs) are represented by the linguistic membership degree and linguistic non-membership degree. Then, we introduce two axiomatic definitions of information measures for PFLVs, including Pythagorean fuzzy linguistic entropy and the Pythagorean fuzzy linguistic similarity measure, to measure the uncertainty degree of PFLVs and the similarity degree between among PFLVs. In addition, based on the logarithmic function, we construct two new information measure formulas and verify that they satisfy the axiomatic conditions of the Pythagorean fuzzy linguistic entropy and similarity measure, respectively. We further explore the relationship between the Pythagorean fuzzy linguistic entropy and similarity measure. Finally, we present a novel Pythagorean fuzzy linguistic MADM model with the Pythagorean fuzzy linguistic entropy and similarity measure. A numerical example of selecting the most desirable sustainable blockchain product is given, and a comparison with the existing approach was performed to validate the reliability of the developed decision-making model.

Open access
Multi-Criteria Decision Making
Original source
Oct 12, 2019·arXiv (Cornell University)
49 cites
A blockchain-orchestrated Federated Learning architecture for healthcare consortia

Jonathan Passerat‐Palmbach, Tyler Farnan, Robert Miller, Marielle S. Gross · 6 authors

We propose a novel architecture for federated learning within healthcare consortia. At the heart of the solution is a unique integration of privacy preserving technologies, built upon native enterprise blockchain components available in the Ethereum ecosystem. We show how the specific characteristics and challenges of healthcare consortia informed our design choices, notably the conception of a new Secure Aggregation protocol assembled with a protected hardware component and an encryption toolkit native to Ethereum. Our architecture also brings in a privacy preserving audit trail that logs events in the network without revealing identities.

Open access
2 source records
Privacy-Preserving Technologies in Data
Blockchain Technology Applications and Security
Cryptography and Data Security
Original source
Oct 11, 2019·Journal of Entrepreneurship and Public Policy
12 cites
Governing the entrepreneurial discovery of blockchain applications

Darcy W E Allen

Purpose The purpose of this paper is to examine the institutional context of the entrepreneurial discovery of blockchain applications. Design/methodology/approach This paper draws on institutional and entrepreneurial theory to introduce the economic problem entrepreneurship in the early stages of new technologies, examines the diversity of self-governed hybrid solutions to coordinating entrepreneurial information and draws policy implications. Findings To perceive a valuable and actionable market opportunity, entrepreneurs must coordinate distributed non-price information under uncertainty with others. One potential class of transaction cost economising solution to this problem is private self-governance of information coordination within hybrids. This paper explores a diverse range of entrepreneurial hybrids coalescing around blockchain technology, with implications for innovation policy. Originality/value This paper points to the problem of how the defining of the innovation problem as either choice-theoretic or contract-theoretic changes the remit of innovation policy. Innovation policy and blockchain policy should extend beyond correcting sub-optimal investments or removing barriers to action, to incorporate how polices impact entrepreneurial choices over governance structures to coordinate information.

Open access
Blockchain Technology Applications and Security
FinTech, Crowdfunding, Digital Finance
Digital Platforms and Economics
Original source
Oct 11, 2019·International Journal of Innovative Technology and Exploring Engineering
18 cites
Applications of Blockchain Technology in Smart City Development: A Research

Sonali Karale, Vishal Ranaware

In 2016, India launched the smart cities mission. The objective of this mission is to developed cities by using ‘Smart’ solutions that provide core infrastructure and give citizens a decent quality of life, a clean and sustainable environment. The focus is on sustainable and inclusive development. To achieve this it uses the technology to integrate and manage the infrastructures to provide better services and ensure efficient and optimal utilisation of available resources. Incorporation of new technologies for the development of smart cities gives the new ways of rethinking different services. In this paper, we are going study the applications of blockchain technology in smart city development

Open access
Blockchain Technology Applications and Security
IoT and Edge/Fog Computing
Internet of Things and AI
Original source
Oct 11, 2019·Journal of Medical Internet Research
37 cites
Blockchain-Enabled iWellChain Framework Integration With the National Medical Referral System: Development and Usability Study

Yu-Sheng Lo, Cheng-Yi Yang, Hsiung‐Fei Chien, Shy-Shin Chang · 6 authors

BACKGROUND: Medical referral is the transfer of a patient's care from one physician to another upon request. This process involves multiple steps that require provider-to-provider and provider-to-patient communication. In Taiwan, the National Health Insurance Administration (NHIA) has implemented a national medical referral (NMR) system, which encourages physicians to refer their patients to different health care facilities to reduce unnecessary hospital visits and the financial stress on the national health insurance. However, the NHIA's NMR system is a government-based electronic medical referral service, and its referral data access and exchange are limited to authorized clinical professionals using their national health smart cards over the NHIA virtual private network. Therefore, this system lacks scalability and flexibility and cannot establish trusting relationships among patients, family doctors, and specialists. OBJECTIVE: To eliminate the existing restrictions of the NHIA's NMR system, this study developed a scalable, flexible, and blockchain-enabled framework that leverages the NHIA's NMR referral data to build an alliance-based medical referral service connecting health care facilities. METHODS: We developed a blockchain-enabled framework that can integrate patient referral data from the NHIA's NMR system with electronic medical record (EMR) and electronic health record (EHR) data of hospitals and community-based clinics to establish an alliance-based medical referral service serving patients, clinics, and hospitals and improve the trust in relationships and transaction security. We also developed a blockchain-enabled personal health record decentralized app (DApp) based on our blockchain-enabled framework for patients to acquire their EMR and EHR data; DApp access logs were collected to assess patients' behavior and investigate the acceptance of our personal authorization-controlled framework. RESULTS: The constructed iWellChain Framework was installed in an affiliated teaching hospital and four collaborative clinics. The framework renders all medical referral processes automatic and paperless and facilitates efficient NHIA reimbursements. In addition, the blockchain-enabled iWellChain DApp was distributed for patients to access and control their EMR and EHR data. Analysis of 3 months (September to December 2018) of access logs revealed that patients were highly interested in acquiring health data, especially those of laboratory test reports. CONCLUSIONS: This study is a pioneer of blockchain applications for medical referral services, and the constructed framework and DApp have been applied practically in clinical settings. The iWellChain Framework has the scalability to deploy a blockchain environment effectively for health care facilities; the iWellChain DApp has potential for use with more patient-centered applications to collaborate with the industry and facilitate its adoption.

Open access
Healthcare Systems and Technology
Blockchain Technology Applications and Security
Electronic Health Records Systems
Original source
Oct 11, 2019·International Journal of Innovative Technology and Exploring Engineering
4 cites
Blockchain-based Smart Waste Management System

Authors unavailable

Blockchain generation and the Internet of Things are two of the most famous technology these days. IoT is an interconnection of devices which have the usefulness to detect, degree, a strategy the country of natural markers just as themselves and incite dependent on the enter outfitted. It can help make astute arrangements which could enhance the best of ways of life of individuals. In like manner, blockchain is dispensed database structures that guarantee an extreme dimension of wellbeing and accessibility of actualities with least exchange overhead. In this proposal, we endeavor to convey together that two innovation to grow a Smart Waste Management System (SWMS). The SWMS is weight-based for example Clients need to pay for the utilization of administrations as indicated by the measure of waste they produce. Installments are made the use of a custom digital currency controlled by utilizing Smart Contracts and the total SWMS can be supported with the guide of a DAO through a totally computerized, observably secure strategy. Blockchain can help bring down the infiltration and supplier esteem which might be particularly valuable to developing countries in which governments are not exceptionally inventive. This paper tries to set up an evidence of concept thru size of performance and evaluation of the applicability of this type of device.

Open access
Healthcare and Environmental Waste Management
Municipal Solid Waste Management
Recycling and Waste Management Techniques
Original source
Oct 11, 2019·Future Internet
29 cites
Blockchain Technology for Intelligent Environments

Spyros Voulgaris, Nikos Fotiou, Vasilios A. Siris, George C. Polyzos · 6 authors

In the last few years, we have been witnessing the convergence of the physical with the digital world. The Internet of Things (IoT) is progressing at a fast pace, and IoT devices are becoming pervasive in our physical environments, bringing the vision of Intelligent Environments closer to reality. At the same time, the newly-introduced blockchain technology is offering for the first time ever cryptographically proven trust based on a set of mutually untrusted nodes. Blockchain technology thus has the potential to become a key component of many IoT systems, offering them an unprecedented level of accountability, transparency, and reliability. This paper first lays out the principles on which blockchain systems are operating, along with descriptions of the most noteworthy blockchain implementations. It then presents a number of systems through which blockchains may interact with external systems and third-party data sources. Finally, it provides a survey of the state-of-the-art blockchain-based systems targeting IoT applications.

Open access
Blockchain Technology Applications and Security
IoT and Edge/Fog Computing
EEG and Brain-Computer Interfaces
Original source
Oct 11, 2019·International Journal of Environmental Research and Public Health
149 cites
Disruptive Technologies for Environment and Health Research: An Overview of Artificial Intelligence, Blockchain, and Internet of Things

Frederico M. Bublitz, Arlene Oetomo, Kirti Sundar Sahu, Amethyst Kuang · 8 authors

The purpose of this descriptive research paper is to initiate discussions on the use of innovative technologies and their potential to support the research and development of pan-Canadian monitoring and surveillance activities associated with environmental impacts on health and within the health system. Its primary aim is to provide a review of disruptive technologies and their current uses in the environment and in healthcare. Drawing on extensive experience in population-level surveillance through the use of technology, knowledge from prior projects in the field, and conducting a review of the technologies, this paper is meant to serve as the initial steps toward a better understanding of the research area. In doing so, we hope to be able to better assess which technologies might best be leveraged to advance this unique intersection of health and environment. This paper first outlines the current use of technologies at the intersection of public health and the environment, in particular, Artificial Intelligence (AI), Blockchain, and the Internet of Things (IoT). The paper provides a description for each of these technologies, along with a summary of their current applications, and a description of the challenges one might face with adopting them. Thereafter, a high-level reference architecture, that addresses the challenges of the described technologies and could potentially be incorporated into the pan-Canadian surveillance system, is conceived and presented.

Open access
Air Quality Monitoring and Forecasting
Data-Driven Disease Surveillance
Health, Environment, Cognitive Aging
Original source
Oct 11, 2019·arXiv (Cornell University)
22 cites
Blockchain 3.0 Smart Contracts in E-Government 3.0 Applications

Sofia Terzi, Konstantinos Votis, Dimitrios Tzovaras, Ioannis Stamelos · 5 authors

The adoption of Information Communication Technologies (ICT) and Web 3.0 contributes to the e-government sector by transforming how public administrations provide advanced and innovative services to interact with citizens. Blockchain (BC) and Artificial Intelligence (AI) disruptive technologies will reshape how we live, work, and interact with government sectors and industries. This paper presents how Blockchain 3.0 and Artificial Intelligence enhance robust, secure, scalable, and authenticity provenance solutions. Two validation scenarios are analyzed to present how blockchain smart contracts and AI agents support energy and health-oriented e-government services.

Open access
2 source records
Blockchain Technology Applications and Security
FinTech, Crowdfunding, Digital Finance
Privacy, Security, and Data Protection
Original source
Oct 11, 2019·Jurídicas CUC
27 cites
Legal status of smart contracts: features, role, significance

Elena Kirillova, Богдан Варвара Владимировна, Igor B. Lagutin, Evgeniy Dmitrievich Gorevoy

This article using critical analysis discusses the legal status of smart contracts, their features and characteristics, and the possibility of introducing this category into the legal field. The main goal of the study is to determine the legal status of smart contracts. The study concludes that a smart contract is a program code based on blockchain technology, which, by legal characteristics, is a legally significant message recorded in a language (artificial language) and sealed with an electronic digital signature of each of the parties (or certified with a special key). It is proved that the multilateral interactions implemented through smart contracts can reduce the costs of operations and control them, increase the speed of operations and reduce the risks associated with dishonest actions of the parties, minimize or completely exclude intermediaries from the transaction; therefore, legislation should provide for the possibility of using smart contracts along with existing contracts.

Open access
Digital Transformation in Law
Security, Politics, and Digital Transformation
Legal Studies and Reforms
Original source
Oct 10, 2019·arXiv
0 cites
Blockchain and radio communications over suborbital spaceflights: Watchtowers and Mystics

Sergio Martinez-Losa del Rincon, Esteban Damian Gutierrez Mlot

The communication between ground and satellites is tough due to long distances and interferences in the propagation medium. Using the blockchain technology and a series of ground nodes, information can be distributed in a secure and reliable way. The satellite discovers nearby ground stations and sends the information that it is verified with other nodes present in the same network. Ground nodes are classified into two types, master (Watchtowers) and working (Mystics) nodes. The Watchtower controls the entering gate of new nodes to the network and the distribution of information between the working nodes.

Open access
cs.CR
Original source
Oct 10, 2019·Cambridge University Press eBooks
1 cites
Regulating Smart Contracts and Digital Platforms

Jia Wang, Lei Chen

China’s contract law is examined to determine if there are legal ambiguities with regard to formation, performance, and modification of smart contracts and the problems relating to the enforcement, remedies, and dispute resolution. It is important to Chinese law not to act prematurely to change existing legal frameworks in response to a still evolving technology (blockchain-based smart contracts). On the other hand, the regulatory framework for platform operators needs be adjusted carefully to incentivize them to diligently check and verify the information of vendors who conduct business on the platform.

Open access
Law, Economics, and Judicial Systems
European and International Contract Law
Legal principles and applications
Original source
Oct 10, 2019·arXiv (Cornell University)
19 cites
Security analysis of a blockchain-based protocol for the certification of academic credentials

Marco Baldi, Franco Chiaraluce, Migelan Kodra, Luca Spalazzi

We consider a blockchain-based protocol for the certification of academic credentials named Blockcerts, which is currently used worldwide for validating digital certificates of competence compliant with the Open Badges standard. We study the certification steps that are performed by the Blockcerts protocol to validate a certificate, and find that they are vulnerable to a certain type of impersonation attacks. More in detail, authentication of the issuing institution is performed by retrieving an unauthenticated issuer profile online, and comparing some data reported there with those included in the issued certificate. We show that, by fabricating a fake issuer profile and generating a suitably altered certificate, an attacker is able to impersonate a legitimate issuer and can produce certificates that cannot be distinguished from originals by the Blockcerts validation procedure. We also propose some possible countermeasures against an attack of this type, which require the use of a classic public key infrastructure or a decentralized identity system integrated with the Blockcerts protocol.

Open access
2 source records
cs.CR
Cryptography and Data Security
Blockchain Technology Applications and Security
Original source
Oct 10, 2019·Emerging Markets Finance and Trade
16 cites
The Asymmetric Effect of Volatility Spillover in Global Virtual Financial Asset Markets: The Case of Bitcoin

Hao Dong, Liming Chen, Xinyi Zhang, Pierre Failler · 5 authors

In this paper, we measure the asymmetric volatility spillover among six virtual financial asset (VFA) markets from January 1, 2014, to September 30, 2017, using the volatility spillover index based on a Markov regime-switching vector autoregressive (VAR) model and conduct a static and dynamic analysis under different regimes. The static results show that asymmetric effects of total, internal and net volatility spillover, on average, exist in all six VFA markets under different regimes. The dynamic results show that total, directional, and net spillover have significantly asymmetric effects. Thus, the government should monitor the specific VFA regimes and improve market regulation.

Open access
Blockchain Technology Applications and Security
Market Dynamics and Volatility
Complex Systems and Time Series Analysis
Original source
Oct 10, 2019·Journal of Parallel and Distributed Computing
104 cites
Differential privacy in blockchain technology: A futuristic approach

Muneeb Ul Hassan, Mubashir Husain Rehmani, Jinjun Chen

Blockchain has received a widespread attention because of its decentralized, tamper-proof, and transparent nature. Blockchain works over the principle of distributed, secured, and shared ledger, which is used to record, and track data within a decentralized network. This technology has successfully replaced certain systems of economic transactions in organizations and has the potential to overtake various industrial business models in future. Blockchain works over peer-to-peer (P2P) phenomenon for its operation and does not require any trusted-third party authorization for data tracking and storage. The information stored in blockchain is distributed throughout the decentralized network and is usually protected using cryptographic hash functions. Since the beginning of blockchain technology, its use in different applications is increasing exponentially, but this increased use has also raised some questions regarding privacy and security of data being stored in it. Protecting privacy of blockchain data using data perturbation strategy such as differential privacy could be a novel approach to overcome privacy issues in blockchain. In this article, we cover the topic of integration of differential privacy in each layer of blockchain and in certain blockchain based scenarios. Moreover, we highlight some future challenges and application scenarios in which integration of differential privacy in blockchain can produce fruitful results.

Open access
3 source records
Blockchain Technology Applications and Security
Privacy-Preserving Technologies in Data
Cryptography and Data Security
Original source
Oct 10, 2019·International Journal of Engineering and Advanced Technology
3 cites
Directed Acyclic Graph-based Distributed Ledgers – An Evolutionary Perspective

Kiran Kumar Kondru, R. Saranya

Blockchain platforms like Bitcoin and Ethereum have introduced a distributed and decentralized cryptocurrency system with no third-party intermediation required. These peer to peer network systems allows Internet users to directly transact with each other. However due to the heavy emphasis on decentralization, scalability has taken a back seat. It has also become a key issue in the wider adoption of these technologies. The change to the underlying data organizing structure to Direct Acyclic Graphs (DAG) of the distributed ledger, has significantly increased transaction scalability. In this paper, we analyse some of the Distributed Ledger Technologies that use DAGs and have shown marked improved in transaction performance without weakening security.

Open access
Blockchain Technology Applications and Security
Peer-to-Peer Network Technologies
Distributed systems and fault tolerance
Original source
Oct 10, 2019·Proceedings of the ACM on Programming Languages
100 cites
Safer smart contract programming with Scilla

Ilya Sergey, Vaivaswatha Nagaraj, Jacob Johannsen, Amrit Kumar · 6 authors

The rise of programmable open distributed consensus platforms based on the blockchain technology has aroused a lot of interest in replicated stateful computations, aka smart contracts. As blockchains are used predominantly in financial applications, smart contracts frequently manage millions of dollars worth of virtual coins. Since smart contracts cannot be updated once deployed, the ability to reason about their correctness becomes a critical task. Yet, the de facto implementation standard, pioneered by the Ethereum platform, dictates smart contracts to be deployed in a low-level language, which renders independent audit and formal verification of deployed code infeasible in practice. We report an ongoing experiment held with an industrial blockchain vendor on designing, evaluating, and deploying Scilla, a new programming language for safe smart contracts. Scilla is positioned as an intermediate-level language, suitable to serve as a compilation target and also as an independent programming framework. Taking System F as a foundational calculus, Scilla offers strong safety guarantees by means of type soundness. It provides a clean separation between pure computational, state-manipulating, and communication aspects of smart contracts, avoiding many known pitfalls due to execution in a byzantine environment. We describe the motivation, design principles, and semantics of Scilla, and we report on Scilla use cases provided by the developer community. Finally, we present a framework for lightweight verification of Scilla programs, and showcase it with two domain-specific analyses on a suite of real-world use cases.

Open access
Security and Verification in Computing
Distributed systems and fault tolerance
Logic, programming, and type systems
Original source
Oct 9, 2019·Econstor (Econstor)
4 cites
Project Stella and the Impacts of Fintech on Financial Infrastructures in Japan

Michinobu Kishi

Project Stella studies the possible use of distributed ledger technology (DLT) on financial market infrastructures (FMIs). DLT solutions have the potential to improve the safety and efficiency of existing systems, as shown by research undertaken by central banks and FMIs. Yet, balancing performance and network size with the distance between nodes, as in the case of Stella phase 1, or the flexibility of cross-ledger delivery-versus-payment (DVP) using hashed timelock contracts without connection between ledgers and liquidity efficiency, as in the case of phase 2, remains a challenge. Project Stella studies the possible use of DLT for FMIs, including large-value central bank RTGS systems. Phase 1 implemented the processing logic of the standard liquidity-saving mechanisms in a DLT environment, and the analysis found that an application could meet the performance needs of an RTGS system. There is a trade-off between DLT performance and network size or distance between nodes. DLT solutions have the potential to strengthen resiliency and reliability. In phase 2, the project team proved that cross-ledger DVP could function even without any connection between individual ledgers. Hashed timelock contracts and digital signatures would be used to achieve interoperability between ledgers, while liquidity efficiency and settlement speed may be negatively affected as a result. DLT solutions have the potential to improve safety and efficiency of existing systems adopted at FMIs, yet balancing diverse system requirements demands careful analysis and consideration. As shown by increasing research and proofs-of-concept on DLT undertaken by many central banks1 and securities exchanges in major jurisdictions, there are both opportunities and challenges for further exploration.

Open access
FinTech, Crowdfunding, Digital Finance
Microfinance and Financial Inclusion
ICT Impact and Policies
Original source
Oct 9, 2019·Energies
35 cites
Consortium Blockchain-Based Microgrid Market Transaction Research

Wenting Zhao, Jun Lv, Xilong Yao, Juanjuan Zhao · 8 authors

The microgrid trading market can effectively solve the problem of in-situ consumption of distributed energy and reduce the impact of distributed generation (DG) on the grid. However, the traditional microgrid trading model has some shortcomings, such as high operation cost and poor security. Therefore, in this paper, a microgrid market trading model was developed using consortium blockchain technology and Nash game equilibrium theory. Firstly, blockchain container is used to authenticate the users who want to participate in the transaction. Then, the pricing system collects and integrates transaction requests submitted by users, then formulates transaction pricing strategy of microgrid using Nash equilibrium theory. Finally, the price, trading volume, and user information are submitted to the blockchain container for transaction matching to achieve the transaction. After the transaction is completed, its related information is recorded in the hyperledger and the dispatch system is called. The scene simulation was implemented on Fabric 1.1 platform and the results analyzed. Results show that the trading model proposed in this paper greatly reduces the cost of electricity purchase and improves the benefits of electricity sales. Besides, the model is far more capable of handling transactions than the models based on Bitcoin and Ethereum.

Open access
Blockchain Technology Applications and Security
Smart Grid Energy Management
Caching and Content Delivery
Original source