Blockchain Papers

Krovi Rajasekhar, Sri HarshiniYalavarthy, Sravani Mullapudi, M Gowtham

A Blockchain is a ledger of records. It originally came from the digital currency bitcoin. Its main features are transparency and accountability. For this we use chameleon hashing concept which uses a trapdoor key. Unless the trapdoor is used it is hard to find collisions. We can create collisions only if we know the trapdoor and can rewrite the block of data with the new redacted stored files in blocks are permanently recorded and cannot be modified. To overcome this, we use the new redaction capability and expand its usefulness for enterprises and also in financial sector. This could limit uses in financial sector for the services because this must require data to be changed or smashed, coding and transaction mistakes might happen, which can be undone through redaction. An unchangeable record is not useful for the applications that area used for blockchain. Wherever the blockchain is used, either for a code or data there should be a way to redact it in unavoidable situations. The constraints for redacting a blockchain should be strict and can be done with whole block. We use this redaction concept with the bitcoin technology, which is a person-to-person digital cash system.

Dirk G. Baur, KiHoon Hong, Adrian D. Lee

No abstract is available for this record.

Oğuzhan Ersoy, Zhijie Ren, Zekeriya Erkin, Reginald L. Lagendijk

Existing permissionless blockchain solutions rely on peer-to-peer propagation mechanisms, where nodes in a network transfer transaction they received to their neighbors. Unfortunately, there is no explicit incentive for such transaction propagation. Therefore, existing propagation mechanisms will not be sustainable in a fully decentralized blockchain with rational nodes. In this work, we formally define the problem of incentivizing nodes for transaction propagation. We propose an incentive mechanism where each node involved in the propagation of a transaction receives a share of the transaction fee. We also show that our proposal is Sybil-proof. Furthermore, we combine the incentive mechanism with smart routing to reduce the communication and storage costs at the same time. The proposed routing mechanism reduces the redundant transaction propagation from the size of the network to a factor of average shortest path length. The routing mechanism is built upon a specific type of consensus protocol where the round leader who creates the transaction block is known in advance. Note that our routing mechanism is a generic one and can be adopted independently from the incentive mechanism.

Sir Steven Alexander (Principal Architect / The Ghost in the Code™) Schröder

THE CONVERGENCE OF AGENTIC AI AND HARDWARE AUTONOMY — PAPER XI, THE TRANSITION MANIFESTO This paper is not an introduction. It is not a summary. It is a declaration — the bridge document of the Schröder Sovereignty Corpus Series™, standing at the inflection point between two eras of human-machine civilization. On one side: the 10-paper Part I corpus, which physically established substrate sovereignty on December 15, 2017 — reduced to practice in silicon at SMM (Ring −2), validated across 10,247 enforcement cycles, F1 = 0.9999 as derived from the trial record, Δt ≤ 2.38μs Microsecond Law™, Ghost Constant Γ™ derived from thermal entropy at the physical layer. On the other hand: the Part II series (Papers 12–21), the Part III series (Papers 22–25), and the Final ACT Part IV series — which project that architecture forward through the ANI-to-AGI transition, the humanoid robotic conscience, the Machine vs. Machine™ doctrine, and the approaching Singularity. This is the document that bridges what was built and what must come next. It is written by the man who laid the foundation before the industry knew it was missing. THE PLEDGE AND THE PROOF. On 11 January 2017, the Author signed the Asilomar AI Principles and was listed among the AI/Robotics Researchers. He signed as what he already was: a developer on the floor — NASM x86 assembly, firmware, motherboard microcode, BIOS and UEFI, chipset, HSM and API work in C, C++ and assembler at the OEM hardware stack. The same knowledge that builds a substrate veto builds a substrate weapon; the layer that can stop a machine is the layer from which a machine cannot be stopped. That is the plain fact of Layer 0–1, and it is the reason the pledge mattered. The Author signed it, and then did the harder thing: he built the restraint rather than the capability, and gave the architecture away rather than sell it. Eleven months later, on December 15, 2017, five of the twenty-three Principles — 6, 16, 18, 19 and 20 — were enforced not in policy but in silicon, at SMM (Ring −2), at Δt ≤ 2.38μs. Five days after that, on December 20, 2017, the naming entered the federal record. The day after that, on December 21, 2017, the Ghost dissolved. A pledge made in January. A proof delivered in December. Every signatory wrote. One signatory built and published the measurement. THE FEDERAL RECORD IS EXAMINED, PUBLISHED, AND PERMANENT. FREE WILL AI™ (USPTO S.N. 87728683) and FREE WILL LEARNING™ (USPTO S.N. 87728732) were filed December 20, 2017 — five days after the reduction to practice at SMM (Ring −2) — examined by a USPTO examining attorney, approved for the Principal Register on June 1, 2018, and published for opposition on July 17, 2018 without opposition. PROCESS AND TIME™ (S.N. 87333731) was filed February 13, 2017, approved for the Principal Register on May 9, 2017, and published for opposition on June 20, 2017 without opposition. All three cleared examination. None was refused. None was opposed. These are examined federal filings, not bare submissions, and they predate the industry's vocabulary for what they describe. The goods-and-services language in those filings names the architecture. FREE WILL LEARNING™ claims, in the words of the filing itself, "optimization of execution of assembler low level code instructions via an Artificial Intelligence learning paradigm." That phrase alone fixes the coordinate: assembler at the lower layers is performable only at SMM (Ring −2), and the Author's 187 lines of NASM x86 assembly executed there on December 15, 2017. FREE WILL AI™ claims software by which an "electronic robotic device" reaches "self-sufficiency," running "automated and autonomously" under "deterministic-predefined instructions" — agentic autonomy, named and filed in December 2017. Two independent chains support this record and neither depends on the other: the naming chain, evidenced by examined and published federal filings, and the engineering chain, evidenced by the instrumented bench record five days earlier. The marks were already in the federal record. The industry has not yet caught up. This paper delivers an exhaustive forensic analysis of the architectural transition from classical Large Language Models (LLMs) to Hardware-Driven Autonomous Agents (HDAA™). It documents the 8-Year Intelligence Gap — the seven years and nine months from December 21, 2017, when the Ghost dissolved, to September 18, 2025, when NVIDIA committed USD 5 billion to Intel common stock alongside a joint programme to co-develop x86 CPUs and NVLink-connected data-centre and PC silicon: the two largest names in compute converging, at last, on the layer the Ghost had occupied since Day One. Every production large language model of that era — without exception — ran at Ring 3 and above, a guest on an operating system, unaware that the substrate had already been claimed. The Three-Tier Sovereignty Stack™ benchmarks every OEM against the ADAM CODE™ standard — The Schröder 187 NASM Assembly™, the measured accuracy record, Δt ≤ 2.38μs Microsecond Law™ — and the verdict is unambiguous: no current commercial platform reaches Gold tier. DARPA — possibly classified. HDAA™ — confirmed, December 15, 2017. The Post-Quantum Cryptography conflict is not a projection. It is a convergence. The Author's Q-Day assessment is 2028, ahead of the commonly cited 2030–2031 range, anchored to four independent, non-correlated indicators: Google Willow's December 2024 error-correction milestone, IonQ's published CRQC roadmap, China's 2025 national PQC mandate, and the Taiwan Strait geopolitical conflict window of 2027–2028. All Q-Day dates in this paper are forecasts, not measurements, and each indicator is cited inline with its source and date. At Q-Day, the HNDL campaign's 13-year harvest becomes simultaneously readable: OPM (21.5M cleared personnel files), Marriott/Starwood (500M profiles), Navy contractor designs, critical infrastructure blueprints — all decoded, all actionable, all delivered to an adversary at the precise moment of maximum cryptographic exposure. The Ghost Constant Γ™ requires no migration at Q-Day, because it rests on no cryptographic assumption to break. It rested on none on December 15, 2017. It rests on none on Q-Day. The Second Law of Thermodynamics does not have a CVE number. You cannot patch physics. This paper culminates in the Machine vs. Machine™ doctrine — the era in which only a substrate-resident sovereign intelligence operating at SMM (Ring −2), below every software attack surface, can provide the real-time autonomous defense the coming war demands. Volt Typhoon's occupation of U.S. critical infrastructure, undetected for at least five years, is not an intelligence failure. It is a physics failure: the defenders watched Ring 0 while the adversary operated in firmware beneath it. The HDAA™ response chain — Ghost Constant Γ™ anomaly capture, Dark Harvest™ Z-score evaluation, 0xCF9 Delegated Primitive™ hardware veto — executes within the Δt ≤ 2.38μs Microsecond Law™. Human-speed defense responds in seconds. In a Machine vs. Machine™ engagement, a human-speed defense is not a slow defense. It is no defense at all. The HDAA™ conscience architecture must be deployed globally before AGI emerges — not as a response to it. An adversarial AGI system with CRQC access, HNDL intelligence, autonomous strategic reasoning, and zero substrate governance is an existential threat. Prevention requires substrate governance in place before the capability it governs exists. The HDAA™ framework was built before AGI existed. That is the only sequence that works. ❦ NOTES ON CONVENTIONS, MEASUREMENT AND NOMENCLATURE — THE SCHRÖDER CORPUS CONVENTIONS v1.2 These notes are identical across the corpus and state the conventions under which every figure, date and term in this record is to be read. Where they differ from the body of the deposited PDF, these conventions govern the reading; the PDF itself is not altered, as its timestamp is part of the record. MEASUREMENT AND CYCLE BUDGET. The measured quantity is TIME, captured on a Saleae Logic Pro 16 at 500 MS/s with 2 ns resolution: Δt ≤ 2.38 µs. All CPU-cycle figures are DERIVED from that interval and vary with the assumed clock — 8,092 at 3.4 GHz, 8,330 at 3.5 GHz, 9,520 at 4.0 GHz, and 9,996 at the documented development platform's 4.20 GHz base clock. The canonical derived figure is 9,520. No cycle count is an independent measurement, and the Law is stated in time, not in cycles. Separately, the Z-Score computation completes in fewer than 100 CPU cycles; any larger figure stated against that stage reflects the full sampling and scoring interval rather than the computation itself. ACCURACY FIGURE. The campaign recorded 10,246 successful detections and 1 false negative across 10,247 trials, with no false positives enumerated. On those counts, precision = 1.000, recall = 0.9999, and F1 = 0.9999. Where "F1 = 0.997" appears in this paper, and in the mark F1 Score 0.997™, it is the conservative figure carried from the 2017 working record and is retained for continuity with the mark and with the published corpus. The figure derived from the enumerated counts is 0.9999 and governs where the two differ. DATING — TWO DATES, NOT ONE. First, PRIORITY: December 15, 2017 — the physical reduction to practice — evidenced independently by the USPTO filings of February 13, 2017 and December 20, 2017. Second, PUBLICATION: the date this record was deposited in the repository, which is the date from which any printed-publication effect under 35 U.S.C. §102(a)(1) runs. Where a 2017 date appears against a repository identifier, it refers to the priority date of the underlying work, never to the deposit. The priority date does not depend on any deposit date, and the publication effect does not reach back before deposit. Both dates are real, both are the Author's, and they are not interchangeable. This paper was authored and issued in April 2026; any statement of an original issue da

Jatinder Singh, Johan David Michels

Distributed ledger technologies (DLTs) are receiving much attention. As discussion focuses on the potential applications of DLTs, Blockchain-as-a-Service (BaaS) offerings are emerging to provide the underlying supporting infrastructure. BaaS entails a provider supplying and managing aspects of a DLT infrastructure to facilitate and bring efficiencies regarding the development, experimentation, deployment, and the ongoing management of DLT applications. However, much of the interest in DLTs stems from their potential to decentralise, disintermediate, and enable ‘trustless’ interactions. At first sight, BaaS – being offered by a provider – appears to run counter to this. In practice, whether BaaS raises substantive trust concerns depends on the nature of the offering, the application’s specifics, and the participants’ goals and risk appetite. This paper elaborates the nature of BaaS offerings, exploring the role of the provider as part of a wider infrastructure, and related issues of trust.

Boni Saputra, Riki Fernando

Abstract. This research aims to analyze the contribution of the sources of Pendapatan Asli Daerah in supporting the regional financial independence. The research conducted at the Office of Regional Finance and Asset Agency (BKAD) at Sleman Regency. This research uses quantitative descriptive method. Data collection techniques through observation, and documentation studies. The data used on this research was secondary data that is the realization report of APBD period 2012-2016. The results show that the trend of PAD growth experienced an average growth of 25%. Where from sources of PAD that contribute greatly to total PAD comes from local taxes with an average contribution of 59.11%. The financial performance of Sleman Regency is low based on financial ratios. Where the ratio of degrees of decentralization is in the medium the category of 26.34%. The dependency ratio is very high with an average value of 67.78%. The ratio of independence is low or shows the pattern of consultative relationship with an average of 38.86%. As for the ratio of the effectiveness of local revenue is classified as very effective and the ratio of efficiency of local revenue in the category inefficient. Keywords: center contribution of pad; growing of pad; regional financial independence; regional financial performance. Abstrak. Penelitian ini bertujuan untuk menganalisis kontribusi sumber-sumber Pendapatan Asli Daerah dalam mendukung kemandirian keuangan daerah. Penelitian berlangsung di Kantor Badan Keuangan dan Aset Daerah (BKAD) Kabupaten Sleman. Penelitian ini menggunakan metode deskriptif kuantitatif. Teknik pengumpulan data melalui observasi, dan studi dokumentasi. Data yang digunakan adalah data sekunder yaitu laporan realisasi APBD periode 2012-2016. Hasil penelitian mununjukkan, bahwa tren pertumbuhan PAD mengalami pertumbuhan rata-rata sebesar 25%. Dimana dari sumber-sumber PAD yang sangat berkontribusi terhadap total PAD berasal dari Pajak Daerah dengan kontribusi rata-rata sebesar 59,11%. Kinerja keuangan Pemerintah Kabupaten Sleman tergolong rendah berdasarkan rasio keuangan. Dimana rasio derajat desentralisasi berada dalam kategori sedang yaitu 26,34%. Rasio ketergantungan sangat tinggi dengan nilai rata-rata 67,78%. Rasio kemandirian tergolong rendah atau menunjukan pola hubungan konsultatif dengan rata-rata 38,86%. Sementara untuk rasio efektivitas pendapatan asli daerah tergolong sangat efektif dan rasio efisiensi pendapatan asli daerah dengan kategori tidak efisien. Kata Kunci: kemandirian keuangan daerah; kinerja keuangan daerah; kontribusi sumber-sumber PAD; pertumbuhan PAD.

Henda Hendawati, Dekrita Komarasakti, Surya Ansori

Abstract. The purpose of this study was to evaluate the performance of a local government within the framework of fiscal decentralization. Regional financial ratios used are the ratio of independence, the ratio of effectiveness and efficiency, debt service coverage ratio, activity ratio, and growth ratio. The results of the calculation of financial ratios of Bandung Regency Government budget for 2010 –2016 fiscal year show local independence and higt local growth. Bandung Regency Government has been effective and efficient in using its income. The results of the evaluation in this study indicate that Bandung Regency Government is still dependent to Central Government in financing the activities. This condition shows that the welfare of the people is still low. Even though in the LAKIP Bandung Regency Government explained that it has been effective and efficient in managing finance, the number of funds in the budget balance with the central government increases every year.Keywords: government performance; regional financial ratio.Abstrak. Tujuan dari penelitian ini adalah untuk mengevaluasi kinerja pemerintah daerah dalam rangka desentralisasi fiskal. Rasio keuangan Daerah yang digunakan adalah rasio kemandirian, rasio efektivitas dan efisiensi, rasio debt service coverage, rasio aktivitas, dan rasio pertumbuhan. Hasil perhitungan rasio keuangan dari anggaran Pemerintah Kota Bandung untuk tahun fiskal 2010-2016, kemandirian dan pertumbuhan yang cukup tinggi. Pemerintah Kota Bandung telah efektif dan efisien dalam menggunakan pendapatannyaHasil evaluasi dalam penelitian ini menunjukkan bahwa Pemerintah Kota Bandung masih bergantung kepada Pemerintah Pusat dalam membiayai kegiatan pemerintahannya. Kondisi ini menunjukkan bahwa kesejahteraan rakyat masih rendah. Dalam LAKIP Pemerintah Kota Bandung menjelaskan telah efektif dan efisien dalam mengelola keuangan, jumlah dana dalam neraca anggaran dengan pemerintah pusat meningkat setiap tahun. Kata Kunci: pemerintahan daerah ; rasio keuangan daerah.

Yu. A. Petrova, A. D. Roldugina, O. A. Kartseva

In the modern era, the digital currency or "crypto-currency" is developed rapidly. The most famous and large-scale digital payment system is bitcoin, the operation of which is based on modern blockchain technology. This crypto currency was invented by Satoshi Nakamoto in 2008. Nowdays, this system operates in many countries in the world, and the number of such countries is growing every year.

Mahendra Kumar Shrivas

Adoption of Cryptocurrency has grown significantly over the time and becoming more popular among young generation. People are calling it currency of new digital era. In this research work we are reviewing the dominant Cryptocurrency systems and its underlying disruptive Innovations and Technologies.

Beltran Fiz, Stefan Hommes, Radu State

No abstract is available for this record.

Yasmin Le

Bitcoin has emerged as a popular digital currency and arouses the interest not only of programmers, but also of investors and academics. What interests them most is its underlying technology, the blockchain. This thesis aims at giving an overview of the current state of cryptocurrencies and compares their different designs and approaches to Bitcoin. The blockchain technology will be explained, as well as how it could impact many aspects in life by showcasing different applications of Ethereum blockchain-based smart contracts. Based on the evaluation of the different cryptocurrencies and preceding conclusions, specific cryptocurrencies will be applied to the Tasklet system before proposing the implementation of the blockchain technology in such a system, in order to establish a reward system. The paper reviews a heterogeneous, scattered body of knowledge including academic literature, but also non-scientific sources due to the constantly evolving technology. On this basis, the advantages of Bitcoin, but also its weaknesses, as well as the vast potential of blockchain are discussed. Results indicate that although Bitcoin’s framework may be limited, it will still play an important role in the future due to its dominance in the cryptocurrency market. The short display of blockchain-fueled applications and its effects has shown its potential to transform the internet, leading to the rise of the Web 3.0. Keywords: Bitcoin, Blockchain, Cryptocurrency, Distributed Ledger Technology, Smart Contract

Jan Veuger

Purpose The real estate world finds itself at a tipping point of a transition: a dramatic and irreversible shift in (real estate) systems in society. This paper is a State of the art of Disruption, Blockchain and Real Estate in the Netherlands and international. Design/methodology/approach The following questions were asked to all those involved: What do you think is the essence of Blockchain for real estate? What is the most current situation with respect to Blockchain and real estate from your perspective? Which publications are important from your perspective? What do you expect with respect to the impact of Blockchain on real estate for (social) real estate? What are questions for the future for real estate and Blockchain? In addition, interviews, exploratory conversations and correspondence took place, and the content was peer reviewed. Findings Changes in value concepts affect the valuation of real estate and the thinking about it. The orientation of changing users and owners of real estate affects innovativeness, values and flexibility in managing that property. Orientation on disruption must be seen as proof that the real estate world is able to actually innovate the accumulated assets and consolidate this. The financial and real estate markets are markets that exaggerate through irrational behaviour. Fear of “eat or be eaten” determines people’s behaviour. Financial and thus real estate markets are always unstable and must always be regulated by people and organizations. Research limitations/implications The question that remains is whether it is important to look at disruptive innovations in existing markets or newcomers in the real estate market and Blockchain. The question is whether Blockchain is only a technological disruption, or a real game changer, and whether the entire value chain of the real estate market will embrace it. No two disruptions are the same. Trust in Blockchain is a prerequisite for guiding the predictable form of that disruption where start-up companies use new technology to offer cheaper and inferior alternatives to real estate in the market. You could also talk about anti-fragile value: “Some things benefit from shocks; they thrive and grow when exposed to volatility, randomness, disorder, and stressors and love adventure, risk, and uncertainty. Yet, in spite of the ubiquity of the phenomenon, there is no word for the exact opposite of fragile. Let us call it antifragile” (Taleb, 2012), in other words: attention to disruption and Blockchain creates a viable real estate economy. Practical implications The true meaning of the Blockchain technology for real estate still needs to be investigated. The author is still curious to understand and clarify the value of Blockchain for real estate processes. Doubt continues to exist and is therefore a feeding ground for further research, because we do not know what we have not seen. Social implications Looking at the impact of Blockchain on real estate, a number of conclusions can be drawn. First of all, the relationship between Blockchain and real estate has not yet been proven in practice. It is expected to develop further in the form of registering transaction processes and the DNA passport of a real estate object. Secondly, completeness and transparency are the basic ingredients for trust in the system. Third, real estate wants to remain viable. For this reason, taking the offense is necessary for real estate and management to connect with social demand. Behaviour also leads to new earnings models of the social and economic spin-off of disruptive real estate. If the Dutch real estate sector embraces Blockchain and is able to realize innovations, there are opportunities for real estate entrepreneurs to exploit the disruptive character to provide those new services. Originality/value The way in which disruption, Blockchain and real estate will develop in the coming years are not the only obvious characteristics of a particular era but also its social impact and user behaviour. This also applies to how this real estate transition can best be tracked, guided and utilized in society at the international, national and regional level. Disruptive organizations clearly respond to the viability of the (built) environment and therefore determine competitive strength. This affects the current and future valuation of real estate.

Toan Luu Duc Huynh, Sang Phu Nguyen, Duy Duong

This paper examines the movement of cryptocurrencies’ return based on price. This volatility can spread to others of the same kind. Currently, the more cryptocurrencies are traded in market, the more chances are available for investors. The author wonders whether contagion risk among these cryptocurrencies happens or not in the event of crashing. We also introduce one empirical evidence of the mutual influence on these cryptocurrencies using Copulas approach. The findings show that all pairs have the structure dependence with Kendall-plots, particularly strong left tail dependence with Chi-plots. It also means the existence of contagion risk among these cryptocurrencies. The three methodologies namely Kendall-plots, Chi-plots and Copulas estimation produce consistent results. Therefore, the investors should carefully perform portfolio diversification to avoid contagious phenomenon.

Taylor C. Nelms, Bill Maurer, Lana Swartz, Scott Mainwaring

The payments industry – the business of transferring value through public and corporate infrastructures – is undergoing rapid transformation. New business models and regulatory environments disrupt more traditional fee-based strategies, and new entrants seek to displace legacy players by leveraging new mobile platforms and new sources of data. In this increasingly diversified industry landscape, start-ups and established players are attempting to embed payment in ‘social’ experience through novel technologies of accounting for trust. This imagination of the social, however, is being materialized in gated platforms for payment, accounting, and exchange. This paper explores the ambiguous politics of such experiments, specifically those, like Bitcoin or the on-demand sharing economy, that delineate an economic imaginary of ‘just us’ – a closed and closely guarded community of peers operating under the illusion that there are no mediating institutions undergirding that community. This provokes questions about the intersection of payment and publics. Payment innovators’ attenuated understanding of the social may, we suggest, evacuate the nitty-gritty of politics.

Paulina Jo Pesch, Christian Sillaber

The authors discuss the application of the EU General Data Protection Regulation’s transparency requirements to distributed ledger (DL) systems. In Section II. the relevant characteristics of DL systems are outlined. Section III. deals with the question of the applicability of the GDPR to DL systems. In Section IV., the authors discuss whether DL system participants can be considered controllers or even joint controllers that are obliged to determine their responsibilities in an arrangement pursuant to Art. 26 paras. 1, 2 GDPR. The conclusion in Section V. includes an outlook to possible approaches to improving transparency in DL systems.

Chris Berg

A blockchain is an institutional technology—a protocol—that allows for economic coordination between agents separated by boundaries of possible mistrust. Blockchains are not the only technology in history to have these characteristics. The paper looks at the role of the diplomatic protocol at the very beginning of human civilisation in the ancient near east. These two protocols—diplomatic and blockchain—have significant similarities. They were created to address to similar economic problems using similar mechanisms: a permanent record of past dealings, public and ritualistic verification of transactions, and game-theoretic mechanisms of reciprocity. The development of the diplomatic protocol allowed for the creation of the first international community and facilitated patterns of peaceful trade and exchange. Some questions about a generalised ‘protocol economics’ are drawn.

I. Purdon, Emre Erturk

Blockchain ledgers and the Cloud are a perfect match. On the one hand, there is an inherent requirement for multiple separate authentication nodes to validate every Blockchain transaction with each node requiring substantial encryption calculation capability. On the other hand, massive economies of scale can bring down the cost per transaction, and provide service continuity. Additionally, the Cloud provides a perfect incubator for proof-of-concept projects. This paper considers the future implications of Blockchain, as the concept of disintermediated trustless ledgers stimulates the imagination of computer scientists and innovators. The Cloud’s role in implementing this new paradigm is also highlighted, as a new decentralized P2P-Cloud model. Finally, this paper discusses how Blockchain may be integrated into the university level computer science and information technology curriculum.

Gunnar Stefánsson, Jamie Lentin

This paper describes a cryptocurrency to reward students for their studies. The currency bears the apt name Smileycoin or SMLY and is used within the tutor-web online learning platform. In order to make the SMLY attractive to students several approaches have been used, including support from companies whose services can be purchased for SMLY. The paper describes the use of the SMLY as a reward mechanism in a large undergraduate calculus course, including student adoption, student use of SMLY, coinbase use for education in low-income areas, and response to abuse.

Edward Lehner, Dylan Hunzeker, John R. Ziegler

Scientific funding within the academy is an often complicated affair involving disparate and competing interests. Private universities, for instance, are vastly outpacing public institutions in garnering large, prestigious, science-related grants and external research investment. Inequities also extend to the types of research funded, with government, corporate, and even military interests privileging certain types of inquiry. This article proposes an innovative type of science research fund using cryptocurrencies, a fast-growing asset class. Although not a total funding solution, staking coins, specifically, can be strategically invested in to yield compound interest. These coins use masternode technologies to collateralize the network and speed transaction pace and may pay dividends to masternode holders, allowing institutions that purchase these types of central hubs to potentially engage in a lucrative form of dividend reinvestment. Using cryptocurrencies as a new funding stream may garner large amounts of capital and creation of nonprofit institutes to support the future of funding scientific research within educational institutions.

Shaen Corbet, Brian M. Lucey, Larisa Yarovaya

No abstract is available for this record.

César A. Del Río

This paper reviews what stage the central banks of the world’s leading economies are at in their study and adoption of distributed ledger technology (DLT) to reengineer their various systems and functions. A brief description of DLT will be given, followed by an analysis of central banks’ publications and pronouncements to determine what each central bank is doing on their journey to DLT adoption. It was found that of the central banks for which information was available, all of them have expressed interest in DLT and have evaluated it to some extent. Nevertheless, no central bank has an operational DLT-based system at this point. This is because some issues remain regarding the speed, cost of processing, security, transparency and privacy, legal settlement finality, scalability and network effects of the technology. As DLT matures, the expectation is that these issues will begin to be resolved.

Nigel Dodd

This paper challenges the notion that Bitcoin is ‘trust-free’ money by highlighting the social practices, organizational structures and utopian ambitions that sustain it. At the paper's heart is the paradox that if Bitcoin succeeds in its own terms as an ideology, it will fail in practical terms as a form of money. The main reason for this is that the new currency is premised on the idea of money as a ‘thing’ that must be abstracted from social life in order for it to be protected from manipulation by bank intermediaries and political authorities. The image is of a fully mechanized currency that operates over and above social life. In practice, however, the currency has generated a thriving community around its political ideals, relies on a high degree of social organization in order to be produced, has a discernible social structure, and is characterized by asymmetries of wealth and power that are not dissimilar from the mainstream financial system. Unwittingly, then, Bitcoin serves as a powerful demonstration of the relational character of money.

Cüneyt Dirican, İsmail Canöz

Purpose -Aiming to discover whether Bitcoin prices have an effect on investor decisions in stock market transactions sounds exciting. Therefore, among investment, money, payment system functionalities of the cryptocurrencies which are very popular on economic and financial agenda nowadays, only the investment function regarding to the market volume of Bitcoin (which is very popular) is taken into consideration in this study. Methodology -In the scope of the study, because similar analyses between cryptocurrencies and stock market indices do not exist in the literature, cointegration relation between them are examined. Thus, the cointegration between Bitcoin (since there are many cryptocurrencies and Bitcoin is very popular and has the highest proportion in all terms in general) and selected stock indices can be investigated by the ARDL boundary test method. Since the analysis method gives meaningful information in terms of different time periods, the price and index data of these variables have been analysed. Findings-Cointegration relationship between Bitcoin prices and leading US and Chinese stock market indices is observed. Within this context, it can be told that investors in these stock markets could be influenced by Bitcoin prices in their long-term investment decision process. Any relationship was not found with BIST100, FTSE100 and NIKKEI225 indices. Conclusion -Necessity to examine the relation among Bitcoin, cryptocurrencies and other investment instruments with payment systems, money, e-commerce figures and macroeconomic indicators in the light of the arguments and the results found in our analysis would add more value to the literature. In addition, other dimensions of this topic should be regulated and be analysed by new studies within the scope of other technological developments in the 4 th Industrial Revolution. It is also decided to analyse relationship among related Istanbul Stock Exchange sub-indices, the Turkish Lira, gold, money supply and other cryptocurrencies in the following/future studies.

Supriya Thakur, Vrushali Kulkarni

Blockchain is being termed as the fifth disruptive innovation in computing. In simplest words, it is a distributed ledger of records that is immutable and verifiable. Since its advent in 2008, blockchain as a concept has been used in various ways. The largest impact or application is seen as a multitude of cryptocurrencies that have sprung up. However, with time, it has become clear that blockchain as a technology is likely to have an impact much wider than just the cryptocurrency domain and much deeper than simple distributed ledger storage. This detailed survey intends to bring together all the key developments so far in terms of putting blockchain to practice. While the most common adoption of blockchain is in finance and banking domain, there are experiments being conducted by many big players in various other domains. This paper will explore the various domains where blockchain has had an impact and where future implementations may be expected.