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Dmitri Boreiko, Navroop K. Sahdev
No abstract is available for this record.
Usman W. Chohan
No abstract is available for this record.
NicolĂĄs Cachanosky
The growing literature on Bitcoin can be divided in two groups. One performs an economic analysis of Bitcoin focusing on its monetary characteristics. The other one looks takes a financial look at the price of Bitcoin. Interestingly, both of these groups have not given much more than passing comments to the problem whether or not Bitcoin has the right monetary rule. This paper argues that Bitcoin in particular, and cryptocurrencies in general, do not have a good monetary rule, and that this shortcoming seriously limits its prospect of becoming a well-established currency.
George Robert Barker
No abstract is available for this record.
Shah Hassan
The purpose of this thesis was to investigate and study the various issues faced by educational and technological researchers while raising the funds for their respective projects and the issues faced by the fundâs providers. Multiple existing traditional fundraising platforms were identified, and their advantages and disadvantages were studied to check if it was suitable for educational and technological researchers to carry on their funding campaign using the existing platforms. Finally, the goal was to develop a decentralized research funding application which would replace the existing traditional methods of raising funds by providing the researchers the ability to create a fundraising campaign on Ethereum blockchain while ensuring the transparent and auditable usage of the funds provided for the development of the project by the stakeholders.\n\nThe research funding application was developed and deployed to Ethereum blockchain. During the development process, the technologies used were Solidity, HTML, CSS, Javascript and React. The requirements for the Minimum Viable Product of the research funding application were finalized and the project was implemented by following the Waterfall software development model. \n\nAs a result, the requirements set for the research funding application were accomplished and the application was deployed to the blockchain and can be accessed by the general public. Furthermore, additional features such as the ability to create and manage multiple funding campaigns by a single entity were also developed successfully.
Gerrit KKchling, Janis MMller, Peter N. Posch
No abstract is available for this record.
Antonio L. Rappa
Apparently, a few people have become rich over Bitcoin. But there is no way to verify that claim and no one will really ever know if it is anything less than hype. But hype or no hype, the Bitcoin saga appears to have convinced thousands of people to âinvestâ or make purchases using this currency alternative through cyberspace. Financial technology (FinTech) engulfs modernity. FinTech is found in global financial hubs, institutions, markets and government agencies, FinTech is required to provide a wide range of services from mobile apps and ATM cash dispensers to stock markets and hedge funds in London, New York and Paris. Uncertainly is removed and reliability and predictability are enhanced when FinTech is adroitly applied. In Singapore the central bank also known as the Monetary Authority of Singapore encourages innovation and experimentation using FinTech under a controlled and restricted environment. The direct government regulation of FinTech in the financial industry proves that the political authorities are keen to ensure that the use of FinTech does not destabilize or weaken financial norms or encourage overt risk as seen in the Bitcoin saga.Bitcoin are digital coins that can be sent directly from one person to another without going through a central regulatory agency or state political apparatus. There is no need to go through a bank and hence it reduces the cost of bank fees or companies like PayPal to zero. The issues that one might have with PayPal or credit cards from banks evaporate. More importantly, almost every country has Bitcoin machines and accounts cannot be frozen. Anyone can open a bit without showing proof of identity or any other condition that a bank might impose. Therefore, Bitcoin is changing the financial landscape in a way that digital watches changes the price and cost as well as consumer tastes that were monopolized by Swiss watches [1]. The radicalization of the wristwatch market forced Swiss watchmakers to rethink, reduce and innovate in order to survive. How does Bitcoin work? Bitcoin uses miners to verify financial transactions without the controls imposed by a central authority or a private or commercial bank. Bitcoin uses open source FinTech so that in the end no one really owns or controls Bitcoin or written another way, everyone owns and controls Bitcoin. Bitcoin is therefore taking the world by storm because it provides an alternative to the currency system that is controlled by a few countries (that made use of political violence and force to ensure the survival of their political economies) [2]. There are also other advantages to the use of Bitcoin because unlike currencies which are subjected to inflation, devaluation, or even counterfeiting. Because Bitcoin is a crypto currency and hence virtual, it does not take on a physical form and cannot be physically carried around. Immigration and customs officials cannot inspect how much Bitcoin you have in your virtual wallet. This can be avoided if one uses Tor or other apps that are accessible through the Dark Web People should be aware of the serious drawbacks to Bitcoin. No one knows if Bitcoin has or is or will be used for terrorist financing [3]. Everyone knows how much a given account number has, the level of transactions and volume as well as the amounts paid and received. Bitcoin is not completely independent of the banking and currency system. Bitcoin is based on mutual trust and hence payments made cannot be refunded. You cannot get cash from Bitcoin âdispensingâ machines but you can buy and sell Bitcoin as well as other products on such machines. You need to pay in cash for Bitcoin and that involves interfacing with a bank. So it isnât that great an invention. In Singapore, the state police and regulatory authorities have a tight control over the people because of the small size of the population as well as the small size of the entire country. For example, in late 2017 fraudulent Bitcoin dispensing machines in Singapore were shut down. The price of Bitcoin was valued at US$0.39 in 2010 but is now worth US$12,000 as of January 2018 [4]. Bitcoin and Block Chain Block chain is the main innovation of Bitcoin. Block chain is a digital database of every transaction, address and wallet since Satoshi Nakamoto invented it. Satoshi Nakamoto is a fake name that is used to mask the authentic owner(s) of Bitcoin. The smallest amount of a Bitcoin is known as a Satoshi and is one-millionth of a Bitcoin. Bitcoin uses a simple node to propagate the blocks of transactions and automatically looks up relevant IP addresses to add to its database. Each block is connected together to form a ledger of all the transactions that occur at the precise date and time. Bitcoin miners are paid a small fee for notarizing a given transaction and for maintaining the Bitcoin ledgers. If anyone miner does not authenticate a transaction, then the transaction is not approved. Bitcoin is made up of mathematically complex algorithms and protocols. It should not be used without carefully studying its impact on. your money [5]. Bitcoin and its main innovative feature, Block Chain, is not merely a kind of crypto currency but may represent other common objects in the Internet of Things. A Bitcoin for example may represent or symbolize 10 million barrels of oil, the face used in a cosmetic product, 88GB of RAM or a basket of fruit. Bitcoin can be programmed, it is âprogrammable currencyâ, and hence can be controlled by the programmer. The representation can be verified through its history of its transactions that have been notarized by the Bitcoin miners. This is why many think that Bitcoin appears to provide transparency, reliability and efficiency by removing the middleman. An expert on financial matters Ravi Menon, who happens to be the chairman of the MAS, warned people of the hype over Bitcoin. In my own view, Bitcoin is indeed the flavor of the month and the hype will evaporate at some point. Also, Bitcoin miners cannot keep increasing the number of coins in circulation as it has been capped at a specific amount. This amount can be seen at the official website that claims to be, the official Bitcoin website. Bitcoin can be accessed from any part of the world that has access to such technology. Having explored the limits of the physical world and the limits of the human body to go beyond our planet, human beings are now looking deeper into virtual space and exploring and expanding those frontiers [6]. Conclusion: The Politics of Finance in Cryptocurrency There is a politics of finance in Cryptocurrency because of the imbalance of power across the Internet. There are many different Cryptocurrencies that compete for customers with different virtual financial goods and products. Some experts believe that it is a clever technological scam that makes use of fancy mathematical logic and algorithms to perhaps delude and mislead people into parting with their money. While there are many people who claim to have made unproblematic transactions, there does not appear to be any reliable evidence of people actually making physically convertible profits from transacting in Bitcoin. The fact that the governments and their agencies cannot or have not interfered in a big way to prevent Bitcoin or other currencies from setting up shop does not mean that there will be no political intervention in the future. The levels of uncertainty and risk in purchasing and selling Bitcoin appear to be about the same as one might have buying the state lottery or making a 4D bet on the Singapore governmentowned betting company named Singapore Pools. But there is also a politics of Bitcoin because it adds to the financial hype that has engulfed academics teaching FinTech in their undergraduate classrooms. FinTech is just a catchall phrase for technology used for financial products and services. It is not something really new or fancy. Bitcoin and Block Chain however are original innovations that are different from FinTech because the former is both new and innovative like a âstrawberryâ while the latter is just a category like âfruitâ. The future of Bitcoin is limited and unknown and the bubble will eventually burst if not sooner than later. But what if it doesnât burst and what if it stabilizes and provides a genuine alternative to immoral and ridiculous credit card interest rates, housing loans
Lerong Lu
The financial industry has witnessed the so-called âfintech revolutionâ in recent years. Due to the emergence of information technologies such as cloud computing, big data, blockchain and artificial intelligence, the landscape of the traditional financial industry has been largely transformed. The interplay between finance and technology has resulted in various new forms of financial services and products, like online P2P lending, digital-based banking, insurtech, bitcoin as well as the burgeoning mobile payment sector. Alipay, the mobile payment service arm of the Ant Financial Services Group (hereafter referred to as Ant Financial), is a perfect example to illustrate the ongoing fintech revolution and how it is disrupting the conventional retail banking model and payment industry. This article aims to introduce and analyse the worldâs largest mobile payment system as well as some of the regulatory challenges it poses. It attempts to offer some guidance for legal practitioners in banking and finance, in particular, the multi-billion dollar fintech sector.<br/><br/>Key points:<br/>- Backed by the e-commerce giant Alibaba, Alipay has become the worldâs largest mobile payment system. Together with Wechat Pay, they dominate Chinaâs $5.7trn mobile payment sector. Alipay has a presence in over 70 countries including the UK, US, Japan, South Korea and Australia.<br/>- Due to the popularisation of mobile payment facilities, many Chinese cities have become a cashless (and cardless) society, as 40% of Chinese people carry almost no cash when going out.<br/>- Alipay relies on the Quick Response code (or QR code) technology, in contrast to the Near Field Communication (NFC) adopted by competitors like Apple Pay.<br/>- Mobile payments and fintech have provoked debate as to legal and regulatory issues such as the regulatory approval regime, data protection, fund security and fintech financing. Most recently, China has set up a unified clearing house for all mobile payment service providers to strengthen the industry supervision.
Dmytro Piatkivskyi, Mariusz Nowostawski
No abstract is available for this record.
Anton N. Didenko, Ross P. Buckley
No abstract is available for this record.
Johan Ălvebrink, Maria Jansson
Internet of Things (IoT) means that physical objects will be able to interact and communicate via embedded systems. This will lead to a distributed network of devices that can communicate with both humans and each other. One application area is in improving supply chain management. The goal in supply chains is to move a product or a service from the producer to the customer as efficient as possible. Implementation of IoT will have many benefits but it also raises security issues that can affect integrity, security and privacy for both individuals and companies. In 2009, Satoshi Nakamoto created bitcoin and more importantly, blockchain. Blockchain is a ledger of facts, data is not stored in only one network with a common processor, but it is distributed among all the clients on the network. This technology may be a solution to some problems that IoT are facing. This paper looks into up to date research of blockchain and IoT with the purpose to study blockchain as a potential solution to secure IoT data management within supply chains. Both blockchain and IoT are relatively new research areas with little existing research, which support our use of a qualitative inductive method. Semi-structured interviews, which will be further explained in the methodology section, have been conducted with people working within the fields of blockchain, IoT and supply chain. The result indicates that blockchain can be used to secure data management within any given supply chain that uses IoT technology, but blockchain should be seen as a tool, and not as a complete solution. Many of the security issues within IoT are related to the devices and blockchain will not be able to provide a solution to these problems. Blockchain can however be used for handling information, securing identities, traceability of goods, transactions being made without human interaction, automated storage management and time stamped actions to name some examples. There are still barriers to make these benefits work in reality but there is a lot of research currently on-going, trying to make it happen.
JĂžrgen Brastad, Philip Alexander Stendahl
A blockchain is an open, decentralized ledger that provides a cryptographically secure way of \ntransacting without the need of trusted third parties. The technology has garnered a variety \nof claims and perceptions regarding the future of financial institutions. Originally introduced \nto circumvent the incumbent financial intermediaries, blockchain technology has increasingly \nattracted interest from the very institutions that it was meant to replace. \nIn this exploratory study, we seek to analyze the impact of blockchain technology on the \ncurrent market infrastructure by conducting a literature review and in-depth interviews with \nexperts and stakeholders from the financial industry. Our findings suggest that smart contracts \ncan automate and potentially decentralize a variety of transactions. Moreover, the \nintroduction of initial coin offerings has brought about a new means of peer-to-peer fundraising \nin a space previously dominated by venture capital firms, but financial intermediation \nwill likely remain to support the effective functioning of financial markets by resolving information \nasymmetry. \nFurthermore, we find that the distributed and immutable nature of blockchain technology \nprovides a robust and secure infrastructure by increasing the integrity of data. This will interconnect \ninstitutions across financial markets by streamlining settlement- and verification \nprocesses and potentially expanding global financial services in ways previously neglected. \nThe foundation of the financial system will, however, remain. We have considered various \naspects such as regulatory concerns and market designs to unfold the extent of potential \ngains and limitations provided by blockchain technology. \nWe conclude that there are yet many unknowns with respect to the extent and speed with \nwhich blockchain technology will impact financial services and intermediation. However, \nthe technology will improve efficiency in current infrastructures, as well as facilitate new \ndecentralized ways of transacting.
Thomas C. Winter
In our current society both the demand for electricity is increasing and the demand for electrical energy as energy carrier is increasing. Renewable sources will play an important role in future energy generation due to societal developments. These distributed energy resources introduce new challenges to our current electrical power system. One of these challenges imposed on our current electrical power system is the introduction of a new grid user, the prosumer, who consumes and produces electrical energy. Another challenge is the intermittent nature of renewable sources such as solar and wind energy. During the past year Blockchain gained momentum as a technology mainly through the evolving industry of cryptocurrencies such as Bitcoin and Ether. Application of the Blockchain to the electrical power system could oer solutions to some of these challenges that the future electrical power system will face. The main goal of this thesis is to identify the opportunities, advantages and technical challenges of applying the Blockchain to the electrical power system. First, as part of the literature study the Blockchain has been studied and the operation of the Blockchain has been analyzed. The Blockchain has been dened as a collective of technologies that can be described as a database, which is distributed among a peer to peer network, combined with securitization elements relying on multiple cryptographic technologies. Second, the opportunities where the Blockchain could be applied in the current electrical power system were identied. In order to study the application of the Blockchain to the electrical power system four case studies have been introduced. These case studies dierentiate themselves in the level of adoption of the Blockchain and the functionality which could be provided to the electrical power system. Ranging from a local peer to peer trading infrastructure to the entire market being operated via the Blockchain with advanced features such as the control of power ows. Third, the various advantages of applying the Blockchain to the electrical power system have been explored based on the proposed case studies. A distinction has been made between advantages which are inherently linked to the characteristics of the Blockchain and the provided functionality to the electrical power system. Fourth, the challenges of applying the Blockchain to the electrical power system have been analyzed and discussed. Based on the dierent case studies a segregation has been made between challenges attributable to the characteristics of the Blockchain and challenges specically linked to the implementation of the case studies. Last, the practical application of the Blockchain to the electrical power system of the dierent case studies have been discussed. Explanation is given how the dierent case studies could be implemented within the electrical power system and what the role will be of dierent parties currently involved within the electrical power system.<br/>
Maryline Laurent, Nesrine Kaaniche, Christian Le, Mathieu Vander Plaetse
International audience
Fahad Saleh
No abstract is available for this record.
Lin William Cong, Ye Li, Neng Wang
We develop a dynamic asset-pricing model of cryptocurrencies/tokens that allow users to conduct peer-to-peer transactions on digital platforms. The equilibrium value of tokens is determined by aggregating heterogeneous users' transactional demand rather than discounting cashflows as in standard valuation models. Endogenous platform adoption builds upon user network externality and exhibits an S-curve-it starts slow, becomes volatile, and eventually tapers off. Introducing tokens lowers users' transaction costs on the platform by allowing users to capitalize on platform growth. The resulting intertemporal feedback between user adoption and token price accelerates adoption and dampens user-base volatility.
Lars Aasland, Eirik Skei Lerfald
Denne avhandlingens mÄl er Ä analysere om medieoppmerksomhet er en drivende faktor i etterspÞrselen etter Bitcoin, og pÄ sÄ mÄte avkastning pÄ Bitcoin. Et nyttig verktÞy i denne analysen er Ä kategorisere Bitcoin. De to hovedspÞrsmÄlene som da vil bli besvart er:\n(i) Hva slags finansielt aktivum kan Bitcoin kategoriseres som?\n(ii) Hvordan pÄvirker medieoppmerksomhet Bitcoin?\nDette er gjort ved Ä fÞrst presentere et teoretisk rammeverk for prisdannelse hvor investorers interesse er forklart i en variable for medieoppmerksomhet. Ved Ä bygge videre pÄ dette rammeverket blir Bitcoins funksjonalitet som en valuta i samfunnet i dag analysert og sammenlignet ved bruk av det tradisjonelle rammeverket for penger vi kjenner til. Dette er videre analysert ved hjelp av volatilitetsprosessene til Bitcoin og andre finansielle aktivum. Funnene fra denne analysen tyder pÄ at Bitcoin ikke kan klassifiseres sammen med tradisjonelle finansielle aktivum, og pÄ sÄ mÄte er et spekulativt finansielt aktivum som stÄr pÄ egenhÄnd. Videre blir det funnet at medieoppmerksomhet gjÞr Bitcoin mer attraktiv for investorer og er en driver av etterspÞrsel. Denne spekulative driveren av etterspÞrsel sammenfaller godt med kategoriseringen av Bitcoin som et spekulativt aktivum.
Nikolay Teslya, Alexander Smirnov
The creation and functioning of intelligent robots coalition is impossible without the organization of an information interaction environment between them. To solve this problem, it is proposed to use the concept of cyberphysical framework, which involves the unification of physical and cyber (virtual) environments. Intelligent robots can interact with each of the environments. The paper proposes methodology of the cyber physical smart space creation for the intelligent robotsâ coalition formation and functioning, based on the concept of the âblackboardâ with the support of smart contracts over the blockchain technology. It provides a new approach to the distribution of sensory, computational, information-control and service tasks between intelligent robots, embedded devices, fixed service equipment, cloud computing and information resources.
Giovanni Ciatto, Roberta Calegari, Stefano Mariani, Enrico Denti · 5 authors
The blockchain is a novel approach to support distributed systems enabling a common, consistent view of a shared state among distributed nodes. There, smart contracts are computer programs that allow users to deploy arbitrary computations, in charge of automatically regulate state transitions and enforce properties. In this paper we speculate on how the blockchain and smart contracts could take advantage of a logic programming approach, and, complementarily, on how logic programming can benefit from the blockchain infrastructure. Accordingly, we discuss some possible research directions and open questions for future research.
Hugo Benedetti, Leonard Kostovetsky
No abstract is available for this record.
George Robert Barker
No abstract is available for this record.
Matthew N. O. Sadiku, Yonghui Wang, Suxia Cui, Sarhan M. Musa
Originally developed as the accounting method for the virtual currency Bitcoin, Blockchains are appearing in a variety of commercial applications today. Blockchain technology is a type of distributed digital ledger that uses encryption to make entries permanent and tamper-proof and can be programmed to record financial transactions. It is used for secure transfer of money, assets, and information via a computer network such as the Internet without requiring a third-party intermediary. It is now being adopted across financial and non-financial sectors. As a catalyst for change, the Blockchain technology is going to change the business world and financial matters in major ways. This paper provides an introduction to Blockchain.
Chen Yang, Kun Yang, Xin Jiang
As a brand-new network structure, WLAN Mesh network is a distributed network with large capacity, fast speed and wide coverage. However, the security problems caused by the characteristics of wireless connection are not negligible. This paper proposes a new blockchain-based WLAN Mesh design method, including user encryption module, blockchain authentication module and kernel space module. Using the blockchain technology, each user's access authentication request is treated as a transaction, and all authentication records in the mesh network are treated as public ledgers. This method based on blockchain enables secure access to the network and prevents malicious attacks.
Esteban Landerreche, Marc Stevens
Recently we presented a single-party cryptographic timestamping mechanism based on proof-of-sequential-work, which we proved secure in the universal composability framework [16]. This paper describes this construction and its security claims and uses it to construct a multi-party permissioned blockchain protocol and show that it achieves an immutability notion. Finally we discuss applications of this protocol, including unpermissioned blockchains, and how these may benefit.