Blockchain Papers

Karmila Sari Sukarno, Pujiyono Pujiyono

No abstract is available for this record.

Evariest Callens

No abstract is available for this record.

Maximilian Santner

Die Distributed-Ledger-Technologie (DLT) ist ein neues und sich schnell entwickelndes Gebiet. Ihre dezentralisierten und kryptographisch geschützten Strukturen ermöglichen die sichere Übertragung, Speicherung und Validierung von Daten ohne den Einsatz eines Intermediärs. Dies verleiht ihr ein transformatives Potenzial. Industrie und Regierungen haben seinen Wert erkannt, müssen jedoch die bestehenden Strukturen anpassen. Dazu gehört auch das traditionelle Zivilrecht. Die hier vorgestellte interdisziplinäre Forschung befasst sich mit einer spezifischen Reihe von Bemühungen in diesem Bereich. Sie untersucht Bestimmungen des ersten umfassenden zivilrechtlichen Rahmens für DLT-Systeme, des Gesetzes vom 3. Oktober 2019 über Token und VT-Dienstleister (Token- und VT-Dienstleister-Gesetz; TVTG) LGBl-Nr. 2019.301, LR-Nr.: 950.6. Dies geschieht sowohl aus rechtlicher als auch aus wirtschaftlicher Sicht, um ein umfassenderes Verständnis der Implikationen und Herausforderungen der Einführung des Zivilrechts in DLT-Systeme zu gewinnen. Der angewandte theoretische Rahmen ist der der Transaktionskostentheorie. Ziel dieser Bestimmungen ist es, einen rechtlichen Rahmen für DLT-Systeme zu schaffen, der eine zivilrechtliche Grundlage für Token, die Darstellung von Rechten in Token und die Übertragung dieser Token umfasst, Art. 1 Abs. 1 lit. a TVTG. Die Analyse zeigt, dass der Gesetzgeber eine umfassende Definition des Begriffs "Token" vorsieht, die die Inklusion einer grossen Vielfalt von Rechten wie Eigentumsrechte an materiellen Gegenständen, Gesellschaftsrechte, Wertrechte und mehr ermöglicht. Darüber hinaus gelingt es ihm, eine Disparität zwischen den Verfügungen über Rechte in der analogen und der digitalen Welt zu vermeiden, die, wenn sie nicht vermieden wird, zu erheblicher Rechtsunsicherheit führen würde. Dies hat auch ökonomische Auswirkungen. DLT-Systeme senken die Transaktionskosten, am offensichtlichsten durch den Ersatz von Intermediären durch verschlüsselte dezentrale Datenspeicherung und Konsensmechanismen. Das TVTG senkt Transaktionskosten, indem es die Zuordnung von Rechten zwischen der "realen" Welt und digitalen Systemen klärt und damit effiziente und zuverlässige Transaktionen ermöglicht, weleche rechtliches double spending vermeiden. Dies bildet eine wichtige Brücke zwischen dem traditionellen Zivilrecht und DLT-Systemen und fördert die volle Ausschöpfung des Potentials von DLT-Systemen, indem es Rechtssicherheit bietet. Die hier vorgestellte Forschung deckt nur einen kleinen Teil der Fragen ab, die sich im Zusammenhang mit der Anpassung etablierter Rechtssysteme an diese neue Technologie stellen. Der TVTG dient somit als Diskussionspunkt, der die nachfolgende Forschung und Gesetzgebung stark beeinflussen könnte.

Rujia Li, Qin Wang, Feng Liu, Qi Wang · 5 authors

Accountability is a fundamental after-the-fact approach to detect and punish illegal actions during the execution of a warrant for accessing users’ sensitive data. To achieve accountability in a security protocol, a trusted authority is required, denoted as judge, to faithfully cooperate with the rest of the entities in the system. However, malicious judges or uncooperative protocol participants may void the accountability mechanism in practice, for example by fabricating fake evidence or by refusing to provide any evidence at all. To provide remediation to these issues, in this paper we propose Fialka, a novel accountable decryption system based on privacy-preserving smart contracts (PPSC). The neutrality that is inherent to a secure blockchain platform is inherited by PPSC which are then used in our approach as an accountable key manager as well as a transparent judge. To the best of our knowledge, we present the first PPSC-based accountable decryption system to increase the transparency of warrant execution with formal definitions and proofs. Furthermore, we provide and evaluate a prototype implementation using the PPSC-enabled platform Oasis Devnet, which additionally demonstrates the feasibility of Fialka.

Sebastiaan Niels Hooghiemstra

No abstract is available for this record.

Julian Adam Wise, Meng Chak Chan, Dihon Tadic, Stephanie Miles · 9 authors

Abstract This research demonstrates financial derivative trade of unprocessed materials, for the mining industry through legal smart contracts. Within the mining supply chain, a stock of mined resources can reside in a mineral stockpile for over twenty years without gaining financial interest and without undergoing the mineral extraction process to derive value from the asset. This research elaborates on a blockchain solution implemented to increase miners’ short-term cash flow for business operations through the issuance of derivative assets on mineral stockpiles which can be traded through legally binding smart contracts. The system is the first to enable mining companies’ access to the underlying asset’s value earlier in the production lifecycle through smart contract technology whilst providing hedge funds with access to new financial products for investment portfolios.

Matti Mäntymäki, Milla Wirén, A.K.M. Najmul Islam

No abstract is available for this record.

Authors unavailable

No abstract is available for this record.

Authors unavailable

No abstract is available for this record.

Panu Kettunen

Tämän tutkimuksen tavoitteena oli selvittää lohkoketjuteknologian ja hajautettujen tilikirjojen soveltuvuutta arvo-osuuksien käsittelyyn. Lohkoketjuteknologia on saanut verrattain paljon huomioita lähinnä kryptovaluuttojen vuoksi, ja sen on arvioitu muuttavan finanssialaa tulevaisuudessa. Tutkimus keskittyi ensisijaisesti selvittämään, onko lohkoketjuteknologialla aidosti disruptiivisia ominaisuuksia, jotta se voisi muuttaa arvopaperikeskusten, keskusvastapuolten ja säilyttäjäpankkien roolia tulevaisuudessa. Täytyykö lohkoketjun olla suunniteltu juuri tietynlaiseksi, jotta sitä voitaisiin hyödyntää arvo-osuuksien käsittelyssä. Lisäksi tutkimus pyrki löytämään syitä siihen, miksi lohkoketjuteknologian ja hajautettujen tilikirjojen käyttö ei ole yleistynyt sen luvatuista hyödyistä ja mainituista perusominaisuudesta huolimatta. 
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\nTutkimuksessa pyrittiin selvittämään, voitaisiinko hajautetulla tilikirjoilla vähentää arvopapereiden säilytykseen ja selvitykseen liittyviä riskejä, kuten selvitys-, likviditeetti- tai säilytysketjun riskejä. Lisäksi tutkimuksessa pyrittiin selvittämään, voisiko lohkoketjupohjaiset selvitys- ja säilytysjärjestelmät lisätä omaisuuden suojaa, tietosuojaa, sekä lisätä läpinäkyvyyttä liikkeeseenlaskijoille, loppusijoittajille ja valvojille. Tutkimus toteutettiin puolistrukturoituina asiantuntijahaastatteluina. 
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\nTutkimustulokset viittaavat siihen, että lohkoketjuteknologia ja hajautetut tilikirjat eivät tällä hetkellä sovellu laajamittaisesti arvopapereiden säilytykseen ja selvitykseen. Tosin, toimiala näkee mahdollisuuksia lohkoketjuteknologian soveltamiseen esim. fyysisten arvopapereiden, kuten osakeyhtiöiden osakkeiden käsittelyssä. Lohkoketjuteknologian luvatut hyödyt eivät ole toteutuneet, osittain investointien vähyyden vuoksi. Myös nykyisten järjestelmien todellisten ongelmien vähäinen määrä, sekä uuden teknologian tuomat mahdolliset hyödyt ovat osaltaan vähentäneet sen kiinnostusta toimialalla.

Olga Fullana, Javier Ruiz

In this paper we analyse the advantages that the application of blockchain technology brings to accounting information systems (AIS), but also highlight the potential issues with its use. We examine the use of blockchain against the background of the historical evolution of AIS and explain the operational fit of this technology in AIS. We then analyse the pros and cons of the highly probable use of blockchain technology in AIS. For this purpose, we review the relevant contributions on this subject in the accounting academic literature to date and classify them into four categories on the basis of their focus: governance, transparency and trust; continuous audit; smart contracts; and roles of accountants and auditors. We also analyse the early reactions of the accounting industry and regulators to this new technological environment.

Maria Ribeiro, André Vasconcelos

No abstract is available for this record.

Peter Michaelson

No abstract is available for this record.

Mark D. Sheldon

ABSTRACT Blockchain transactions are recorded in a shared and append-only repository that multiple parties verify, validate, and agree upon. While initially used to keep track of digital assets, blockchains now track the ownership and provenance of tangible assets. An inherent challenge in using blockchain for this task involves keeping the status of a tangible asset in the physical world in sync with its non-fungible token on a blockchain. While several blockchains are already being used in this manner, specific implementation details are fragmented. In response, this study examines four stages of tracking tangible assets using a consortium's permissioned blockchain, including: design and governance of a blockchain, asset creation, asset transfer, and asset retirement. Based on this analysis, this study proposes a framework of risk considerations and control objectives to evaluate the extent to which a unique blockchain serves as a reliable transaction repository for tracking the ownership and provenance of tangible assets.

Alexandros A. Papantoniou

This essay examines whether smart contract innovation is capable of displacing the orthodox adherence to traditional contracts. This examination is underpinned by an analysis of the legality of smart contracts, through which it is exemplified that smart contracts ought to be considered legally binding instruments. The essay proceeds to explore the superiority of smart contracting on a technical and theoretical basis. The advantages generated through smart contract automaticity and enforceability present a concrete basis for undermining reliance on traditional contracts. Blockchain Technology also enhances the benefits of smart contracts by acting as a smart contract enabler through guaranteed performance and enforceability. Nevertheless, such novel technologies inevitably suffer from several shortcomings. This essay considers examples which illustrate the inflexibility of smart contracting. Apart from being susceptible to hacking and code exploitation, smart contracting is unable to deal with ambiguities and potential modifications. Overall, this suggests that the advantages of smart contract practice are currently confined to some specified limited scenarios. Smart contracts perform a different function to traditional contracting by merely guaranteeing technical enforceability as opposed to legal enforceability. This essay thus concludes that, for the time being, it is best to regard smart contracting as a supplement to traditional contracts rather than an outright displacement.

Nir Kshetri

Several blockchain-based financial technologies and cryptocurrencies have been launched for low-income people. Blockchain?s technical potential can be used to serve the needs of unbanked and underbanked populations, but there is no evidence that these needs are being met.

Douglas W. Arner, Ross P. Buckley, Dirk Andreas Zetzsche, Anton N. Didenko

No abstract is available for this record.

Yi Ding, Chenshuo Wang, Qionghui Zhong, Haisheng Li · 6 authors

The close integration of blockchain and smart contract technology has become an important foundation for current trusted applications. High-quality, high-efficiency and high-security codes have become basic requirements for smart contract applications because they are not easy to be modified after being deployed on blockchain. This paper proposes a function-level dynamic monitoring and analysis method for smart contract, and implements a prototype system. The method adds a “shadow stack” and related data structures to virtual machine of testing blockchain platform by analyzing the principle of function management with original stack, then monitors the bytecode after code instrumentation, records the function calling relationships as well as the relevant metrics of time, instruction number and gas consumption. The prototype system identifies contract inefficient behaviors using visualization and intelligent analysis methods, then forms a smart contract optimization closed loop through iterative improvement. Finally, the paper verified the high feasibility and applicability of the monitoring and analyzing method as well as prototype system's performance through experiments.

Joseph Lee, Vere Marie Khan

This paper discusses the legal risks and regulatory solutions for a peer-to-peer energy trading platform (P2P-ETP) in creating a sustainable energy ecosystem. Part I discusses the conceptual framework of P2P-ETP, which enables consumers to become energy ‘producers' and traders. Smart technologies — smart contracts, smart meters, and distributed ledger technology (DLT) — are the main components of this platform. The study examines the legal basis and regulatory framework for these components. Part II analyses the legal uncertainty of the smart contract, such as its enforceability, and the inadequate protection for consumers and their individual rights through price manipulation, violation of rights to privacy, and data breaches. Part III discusses the potential policy implementations and the principles behind a legal and regulatory framework for establishing a trusted peer-to-peer energy trading platform.

Vaishnavi Reddy, Komal Pawar, Sagar Dhawale, Renuka Pawar · 5 authors

The commercial real estate (CRE) industry appears to take pride in keeping several aspects of its operations private, such as comparable lease rental rates, property prices, and valuations, to create a possible competitive advantage. However, secrets are hard to keep and may not even be desired in today’s hyperconnected and digitized world. In response to greater demand for transparency, technology advancements and the disintermediation by startups are gradually making some of this information public. As a result, property-related information is increasingly available in digital and paper form. However, a significant portion of the digitized information is hosted on disparate systems, which results in a lack of transparency and efficiency, and a higher incidence of inaccuracies that creates a greater potential for fraudulence.[1] This paper aims to present the Blockchain and smart contract for a specific domain which is real estate. Currently, the real estate business online is at risk of fraudulence. The main objective of this project is to create a platform to maintain transparency in the real estate world so that no fraudulent activities can happen due to false contracts. Goal is to create tamper proof systems and to remove third party reliability for transactions. Consensus algorithms such as Proof of Work and Proof of Authority can be used to achieve consensus in the network. Blockchain uses Proof of work concept to ensure transaction denial thus helping remove denial of services. Proof of authority on the other hand ensures only authorized smart contracts pass the system.

Joseph Lee, Florian L’heureux

The paper examines cryptocurrency in the crypto-finance ecosystem and identifies areas in which regulatory intervention is required. Part I focuses on the system and processes of cryptocurrency and identifies the features of this ‘decentralised’ system and the legal and regulatory implications. Part II discusses the perceived benefits and the rise of cryptocurrency to determine whether those benefits fit with regulatory objectives and contribute to the rise of cryptocurrency. Part III discusses the fall of cryptocurrency and some associated factors, particularly a lack of governance. Part IV discusses the need for regulation and governance. Cryptocurrency, blockchain, DLT, tokenization, cryptoasset, exchanges, investor protection

Feras Shehada, Mohanad Shehada

No abstract is available for this record.

Rabin K. Jana, Debojyoti Das

No abstract is available for this record.

Xingxiong Zhu

Abstract This paper elaborates on the blockchain-based identity authentication and intelligent credit reporting method. The technologies of multidimensional authentication, multifactor weighted score calculation, security threshold, distributed ledger, smart contract and encryption algorithm are proposed to realize dynamic identity security authentication and intelligent risk control. The user behaviour analysis system, real-time risk identification system and intelligent risk prevention system are constructed. The multidimensional credit data collection is realized through blockchain distributed nodes. The distributed ledger of credit reporting, intelligent pricing of assets and automatic credit rating of users are proposed. It realizes credit reporting system and service based on multidimensional data, distributed ledgers, and smart contracts.