Blockchain Papers

Pietro Marchionni

No abstract is available for this record.

Jorge Martínez-Vázquez, Cristian F. Sepúlveda

No abstract is available for this record.

Theodoros Stylianou

No abstract is available for this record.

Sajjad Hosain

Cryptocurrencies are a sort of digital money created and managed through the use of advanced encryption techniques known as cryptography. This paper has made a simple explanation of cryptocurrencies (particularly Bitcoin) as well as an attempt to make some future assumptions regarding such virtual currencies with the aid of previous literature and published online sources. The various aspects of these virtual currencies are yet to be discovered in detail, but the author hopes that this simple, basic and narrative paper will be helpful to those seeking basic references regarding this newest issue.

Hoang-Long Nguyen, Claudia‐Lavinia Ignat, Olivier Perrin

Public key server is a simple yet effective way of key management in secure end-to-end communication. To ensure the trustworthiness of a public key server, transparent log systems such as CONIKS employ a tamper-evident data structure on the server and a gossiping protocol among clients in order to detect compromised servers. However, due to lack of incentive and vulnerability to malicious clients, a gossiping protocol is hard to implement in practice. Meanwhile, alternative solutions such as EthIKS are not scalable. This paper presents Trusternity, an auditing scheme relying on Ethereum blockchain that is easy to implement, scalable and inexpensive to operate.

Alicemani, P. Likithakariappa

Bitcoin is the first decentralized cryptocurrency to be traded. There has been drastic increase in the price of bitcoin since 2013. Granger Causality analysis has been carried out to examine whether the price of commodities and the exchange rates helps in predicting the future price of bitcoin. For this study, the price of bitcoin, commodity prices and exchange rates have been considered from Jan 2103-Sep 2017. After the analysis it can be concluded that the price of commodities and the exchange rates does not help in predicting the future price of bitcoin. The past data of the price of bitcoin helps in predicting the future price of copper and British pound exchange rate with that of U.S dollars. Using Regression analysis, it can be determined that when the price increases by 0.0084 dollars there is one unit increase in the volume of transaction. Using variance analysis it can be observed that the price of bitcoin is more volatile compared to the price of commodities and the exchange rates.

Anand Shah, Anu Bahri

No abstract is available for this record.

Harold Szu

The invention of "BiT Coin (BTC)", by Satashi Nagamoto circa 2008, remains as a formidable task. There is a plenty of benefits to motivate a further development of BTC without the rare metal material as the token, as the early Digital Crypto Currency (DCC), e.g. ( "I owe you such under this reneging condition." The major difference in secured feature is taking the available World Wide Web broadcasting one-way to all memberships in the Cloud. However, only the (1) involved trading partners can read with their private keys, (2) no third party banking or broker fee, (3) no International currency exchange fee, and (4) no one can rob the digital bank, etc. These benefits have been endorsed by Small Business Innovative Research.

Aggelos Kiayias, Annabell Kuldmaa, Helger Lipmaa, Janno Siim · 5 authors

No abstract is available for this record.

Adam J. Sulkowski

No abstract is available for this record.

Sofia Johan, Anshum Pant

No abstract is available for this record.

Dragos Strugar, Rasheed Hussain, Manuel Mazzara, Víctor Rivera

Electric Autonomous Vehicles (EAVs) promise to be an effective way to solve transportation issues such as accidents, emissions and congestion, and aim at establishing the foundation of Machine-to-Machine (M2M) economy. For this to be possible, the market should be able to offer appropriate charging services without involving humans. The state-of-the-art mechanisms of charging and billing do not meet this requirement, and often impose service fees for value transactions that may also endanger users and their location privacy. This paper aims at filling this gap and envisions a new charging architecture and a billing framework for EAV which would enable M2M transactions via the use of Distributed Ledger Technology (DLT).

Juan A. Garay, Aggelos Kiayias, Nikos Leonardos, Giorgos Panagiotakos

No abstract is available for this record.

Ming Chao Wong, Kwang Chien Yee, Christian Nøhr

Blockchain technology is often considered as the fourth industrial revolution that will change the world. The enthusiasm of the transformative nature of blockchain technology has infiltrated healthcare. Blockchain is often seen as the much needed and perfect technology for healthcare, addressing the difficult and complex issues of security and inter-operability. More importantly, the "value" and trust-based system can deliver automated action and response via its smart contract mechanism. Healthcare, however, is a complex system. Health information technology (HIT) so far, has not delivered its promise of transforming healthcare due to its complex socio-technical and context sensitive interaction. The introduction of blockchain technology will need to consider a whole range of socio-technical issues in order to improve the quality and safety of patient care. This paper presents a discussion on these socio-technical issues. More importantly, this paper argues that in order to achieve the best outcome from blockchain technology, there is a need to consider a clinical transformation from "information" to "value " and trust. This paper argues that urgent research is needed to address these socio-technical issues in order to facilitate best outcomes for blockchain in healthcare. These socio-technical issues must then be further evaluated by means of working prototypes in the medical domain in coming years.

John Thomas, Pam Mantri

The blockchain revolution upholds the decentralizing ideal of “control nothing.” It is natural that such a pursuit would face issues of governance that demand reasonable control; control that is both operational as well as adaptive in nature. Eliminating middlemen and handing over controls to a trusted system of trustless agents does not thereby bestow trust across time. This is especially true when relentless change is the order of the day. Issues of governance rise up when blockchain systems (especially those that have embedded smart contracts) are forced to operate increasingly away from their original intent. Smart contracts need governance when beset with the problem of the unknown-unknowns. Guided by the axiomatic approach, this paper looks at the paradoxical issue of blockchain governance from a Complex Adaptive Systems (CAS) perspective that helps frame the fundamental problem of decentralization. The objective is to solve the Blockchain Governance Kernel Design. Real-life examples are used to illustrate the findings.

Yunsen Wang

This dissertation consists of three essays that design and evaluate the continuous audit analytics and fraud prevention systems using three emerging technologies (i.e., the blockchain, in-memory cloud computing, and deep learning). The first essay designs a framework of Blockchain-based Transaction Processing System using the homomorphic encryption and zero-knowledge proof mechanisms. Furthermore, this study develops a prototype of the designed system to demonstrate its applications in real-time accounting, continuous monitoring, and fraud prevention. Although the simulation tests show the Blockchain-based Transaction Processing System consumes more computational overhead than the conventional database-based ERP system, the blockchain should be considered as a promising technology for future accounting and auditing practice. The second essay introduces the database architecture that manages data in main physical memory and columnar format. This essay proposes a conceptual framework for applying the in-memory columnar database system to support high-speed continuous audit analytics. Moreover, this study develops a prototype and conducts the simulation tests to evaluate the proposed framework. The test results show the high efficiency and effectiveness of the in-memory columnar database relative to the conventional ERP system regarding the computational time and the storage volume. Furthermore, the deployment of the in-memory columnar database to the cloud shows great promise of applying the in-memory columnar database for continuous audit analytics. The third essay designs a continuous fraud detection system based on modified deep learning technology. Specifically, this essay builds an accounting layer on top of the deep learning architecture to process financial data for predicting the fraudulent financial statements. A prototype is developed to evaluate the prediction accuracy of the proposed design. The test results show the deep learning-based continuous fraud detection system provides high prediction accuracy relative to the existing studies of financial statement fraud detection.

Anders Tveita, Martin Borander

Blockchain was launched as a social experiment by Satoshi Nakamoto in 2009, when the person
\nor persons behind the pseudonym launched an online currency named Bitcoin. What started out
\nas a decentralized alternative to traditional finance, has eventually turned into what some people
\nbelieve to be a technological revolution. This may in time alter governments and businesses in
\nthe same way the Internet did when it was popularized.
\nHowever, there has been done little research on corporations and governments adoption of this
\nnew technology. The presented study aims to expand this research, and develop a theoretical
\nmodel that could explain some of the adoption intentions among corporations and their
\nemployees. While being narrow in scope, the research may prove to be a suitable framework for
\nbroader future studies on the technology. The established theoretical framework of the
\nTechnology Adoption Model, with extensions from the Theory of Reasoned Action and Theory
\nof Planned Behavior is the foundation for the research.
\nThe data for this research was obtained through a survey (N=102), before the output was
\nanalyzed. The results show that subjective norm and perceived usefulness are important factors
\nof the intention to use Blockchain technology among Norwegian corporations. All in all, this
\nmodel explains 45.7 % of the variance in intention to adopt the technology.

Mira Nagarajan

Cryptocurrency, or digital currency that utilizes blockchain technology and cryptography to encode transactions, has excited many with the promise of minimizing governance. Although the structure of cryptocurrency is inherently decentralized, cryptocurrency relies upon complex relationships between different actors with various functions and roles.. The execution of cryptocurrency thus depends on the mutually satisfying interactions of these actors, who form the basis for non-technical governance structures.\nThis paper investigates the extent to which technical governance mitigates traditional governance problems by examining the governance structures of two cryptocurrencies. It first gives background into the origin and technical value proposition of cryptocurrency, as well as governance theory, before analyzing Bitcoin and Ethereum to understand whEther technology mitigates actors’ motivations. This paper finds that despite cryptocurrency’s promise of minimizing governance, both Bitcoin and Ethereum rely heavily on trust networks, indicating that elements of non-technical governance are, in fact, crucial to their effectiveness.

Elżbieta Mirecka

Cel – Celem opracowania było przedstawienie w aspekcie poznawczym różnych opinii odnośnie do istoty kryptowalut, jako nowego elektronicznego instrumentu płatniczego i jego wpływu na bezpieczeństwo ekonomiczne gospodarki zarówno światowej, jak i lokalnych. Metodologia badania – Analiza opinii finansowych i gospodarczych, analiza źródeł prawa, prezentacja danych statystycznych dotycząca wartości kryptowalut, szacowanie wpływu kryptowalut na poziom gospodarki wybranych państw na podstawie statystycznych danych gospodarczych. Wynik – Opinie na temat istoty kryptowalut i ich oddziaływania są skrajnie zróżnicowane. Kategoria ta, ze względu na jeszcze krótki okres funkcjonowania i odmienność w stosunku do tradycyjnych instrumentów finansowych, nie doczekała się jeszcze pełnej definicji prawnej. W obszarze funkcjonowania banków centralnych zauważa się skrajne stanowiska – od zakazu wprowadzania kryptowalut na rynki finansowe, aż do chęci ich emisji. Także w ocenach ich wpływu na poziom gospodarczy krajów zauważa się odmienne stanowiska: od negacji ich wpływu, a nawet zagrożeń, aż do nadawania kryptowalutom rangi czynnika wzrostu gospodarczego. Oryginalność/wartość – Opracowanie wybiegające poza klasyczne ukazanie mechanizmu funkcjonowania kryptowalut, a w szczególności jako czynnik spekulacyjny przy decyzjach finansowych indywidualnych inwestorów. Wyniki sugerują brak jednolitego stanowiska i opinii zarówno badaczy problemu, jak i państw i instytucji gospodarczych, finansowych i nadzorujących. Brak także wypracowanych mechanizmów ochronnych przed negatywnym wpływem kryptowalut na bezpieczeństwo ekonomiczne gospodarek.

Artem Kazakov

The present work aims to provide a general economic analysis of cryptocurrencies. This
\nanalysis refers in a general way to all cryptocurrencies but will mainly focus on bitcoin
\nsince it is the currency with the highest usage and worldwide acceptance. Because the
\nsubject is relatively new, this work begins by summarizing the history and important
\nde nitions of the cryptocurrency ecosystem...

Zoran Jović, Goran Kunjadić

An emergence and a rapid development of cryptocurrencies have its monetary and technological background. From the monetary aspect, cryptocurrencies emerged as one of the solutions to the consequences of the last major World financial and economic crisis. To address the consequences of this crisis, the solution was the expansive monetary policy on the global level. Increasing the quantity of money in circulation leads to the fall of its value, and makes depositors search for the solutions for preserving the value of savings, apart from gold and other precious metals, outside the existing monetary system. In addition to this investment opportunity, the nature of cryptocurrencies as an easily transferable payment method, without an intermediary, further increased their attractiveness. From a technological point of view, the emergence of cryptocurrencies was enabled and supported by the emergence of a blockchain technology as a distributed database. This technology represents a decentralized, publicly available database containing registers of asset and transactions in the socalled peer to peer network run by globally connected computers without the impact of any state institutions or powerful individuals and corporations. Therefore, there is a common belief that transactions with cryptocurrencies are anonymous and, thus, often used on the black market. However, these transactions are only partially anonymous. Governments, as well as other users, may check each and every bitcoin address, the amount of money on these addresses, and the flows of money between those addresses through the Internet. There are also browsers called "blockchainexplorers", on the Internet, where after entering the address, it is possible to obtain information about the cash balance and all incoming and outgoing transactions.

Thomas Walther, Tony Klein

No abstract is available for this record.

Christian Masiak, Joern Block, Tobias Masiak, Matthias Neuenkirch · 5 authors

We analyse the triangle of Initial Coin Offerings (ICO) and cryptocurrencies, namely Bitcoin and Ethereum. So far, little is known about the relationship between ICOs, bitcoin and Ether prices. Hence, we employ both bitcoin and Ether prices but also the ICO amount to measure the future development of raised capital in ICOs. First, our results indicate that an ICO has an influence on the subsequent ICO. Second, not only bitcoin prices but also Ether prices play a considerable role with regard to the output of ICO campaigns. However, the effect of Ethereum is of shorter duration on ICO compared to Bitcoin on ICO. A further finding is that the cryptocurrency Bitcoin positively influences Ether. The implications of these findings for investors and entrepreneurial firms are discussed.

O.Y. Yelisieieva, O.V. Voloshina, Serhii Didur

No abstract is available for this record.