Blockchain Papers

Yunsen Wang

No abstract is available for this record.

Gregorz Jan Blicharz

The paper seeks to broaden the legal studies on the sea loan by an analysis of the western legal tradition. It undertakes an attempt to find out whether the Roman concept of the sea loan is applicable nowadays. The revival of an ancient solution is more plausible thanks to the idea of the Project Finance and the ongoing process of the decodification of private law. The ancient legal institution of pecunia traiecticia and the modern idea of the Project Finance are good examples of the legal solutions that existed or exist outside the codified legal structure. A broad insight into the history of the sea loan shows how many different contracts were developed under the influence of the pecunia traiecticia. It was a fact in Roman law, in ius commune and in the common law tradition. The vivid development of contractual agreements concerning risky ventures: both on sea and on land was stopped, however, by the process of codification and by the rise of statutory liens, and insurance contracts. The market of risky investments has started to present a challenge to the process of codification once again in the 20th and 21st century. It has been driven by many soft law regulations and uncodified practical solutions. One of them is Project Finance that today seems to be the legal regulation that is the closest to the Roman sea loan. It is an uncodified way to finance and organize risky investments. The significant decentralization of legal systems in all their dimensions, or even in their breakdown into the independent systems makes the revival of pecunia traiecticia more plausible. It can be a useful, less risky alternative to the instruments of speculative investment, e.g. options contracts, forward contracts, hedge contracts, and a less complicated contract than a set of instruments used in the Project Finance. Flexibility of legal solutions used in the risky ventures, variety of legal sources and the openness to the legal tradition could make contemporary legal systems more just and effective than in the era of codification.

Yuanyuan Zhang, Lulu Ren

In real life, there is a problem of capital fracture in some enterprises especially small and medium enterprises in the upstream and downstream of the supply chain. In order to research how retailers choose the optimal financing mode, this paper analyzes the double channel and three- stage supply chain under capital constraint of retailers, uses multi-objective nonlinear programming method, constructs the delayed payment financing model and the loan financing model respectively and gives the optimal decentralized decisions of suppliers, manufacturers and retailers under the two modes. The research shows that under the coexistence of the delayed payment financing model and the loan financing model, when the delayed payment rate is equal to the lending rate, if the retailers choose the delayed payment model, then it can not only increase the profits but also improve the market competitiveness and expand the market. This provides certain theory and numerical reference basis for retailers to choose a financing model.

Venkata Marella

Bitcoin is a social movement in the financial industry. It came into existence at a time when investors were looking for an alternative system for the traditional financial institutions. They wanted a system, which offers high transparency, low transaction fee, and high returns on their investment. Bitcoin is a decentralized system, which reveals all the transactions to the investors, providing a high degree of transparency. It operates without a centralized authority, so the transaction fee will be lower than the traditional financial institutions. The value of the Bitcoin can increase over a period and investors can expect high returns on their investment. As the market for the Bitcoin expanded, Bitcoin exchanges were formed, where investors can trade the fiat currencies for Bitcoins and vice versa. They became targets for the cyber criminals and lost bitcoins worth of millions of dollars in cyber-attacks, diminishing the value of Bitcoin. There is a lack of transparency in disclosing the details of the cyber-attacks to their customers by the exchanges. Bitcoin is failing to provide a solution for these issues and is operating like a traditional financial institution. In this paper, we will discuss how Bitcoin is a social movement using framing theory, examine various kinds of cyber-attacks that occurred on Bitcoin exchanges, their impact on Bitcoin, and make suggestions for the Bitcoin community to continue as a social movement in the financial industry.

Maria Letizia Perugini

Italian Abstract: Questo studio si propone di analizzare il complesso delle novità introdotte al sistema dei pagamenti e al trasferimento di diritti da Distributed Ledger e Blockchain, in una prospettiva che tenga conto delle applicazioni di mercato di queste innovazioni tecnologiche e della tutela giuridica degli interessi economici e delle posizioni soggettive che ne derivano. In particolar modo, l’opera vuole stimolare la discussione volta alla definizione di un quadro normativo socialmente adeguato che sostenga l’efficienza di questi strumenti in un’ottica di scambio economico globalizzato. English Abstract: This essay aims at analyzing the ensemble of innovation introduced by Distributed Ledger and Blockchain to the payment system and the transfer of rights, in a perspective considering the market applications of these new technologies and the legal protection of deriving economics interests and individual rights. Purposely, our dissertation aspires to encourage the discussion for the definition of a socially adequate legal framework sustaining the efficiency of these instruments in a global exchange perspective.

E.M. Shishkov, E.O. Soldusova, A.V. Pronichev

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Areej M. Abduldaim

Innovative idea using ring theory is raised to build a new algorithm for zero knowledge (ZK) cryptosystem. In this paper we introduce an algorithm for zero knowledge protocol based on a specific kind of rings named weak Armendariz. On the other hand, the aim of this paper focuses on the category of noncommutative algebraic structures to describe a new algebraic scheme of zero knowledge proof using weak Armendariz rings. As a result, we employ for the first time weak Armendariz rings in the science of cryptographic which regards as a new application of this class of rings. Finally, we present a novel idea combining between abstract algebra and cryptography.

Jorge Bernal Bernabé, José L. Hernández-Ramos, Antonio Skármeta

Security and privacy concerns are becoming an important barrier for large scale adoption and deployment of the Internet of Things. To address this issue, the identity management system defined herein provides a novel holistic and privacy-preserving solution aiming to cope with heterogeneous scenarios that requires both traditional online access control and authentication, along with claim-based approach for M2M (machine to machine) interactions required in IoT. It combines a cryptographic approach for claim-based authentication using the Idemix anonymous credential system, together with classic IdM mechanisms by relying on the FIWARE IdM (Keyrock). This symbiosis endows the IdM system with advanced features such as privacy-preserving, minimal disclosure, zero-knowledge proofs, unlikability, confidentiality, pseudonymity, strong authentication, user consent, and offline M2M transactions. The IdM system has been specially tailored for the Internet of Things bearing in mind the management of both users’ and smart objects’ identity. Moreover, the IdM system has been successfully implemented, deployed, and tested in the scope of SocIoTal European research project.

Ludo W. van Meeuwen, Floris P. Verhagen, Perry J. den Brok

No abstract is available for this record.

Aris Rusyiana, Mujibur Rahman Khoirul Muluk, Sujarwoto Sujarwoto

Radical decentralization reform works or does not work for reducing communal conflict is still debatable. This study examines the linkage between decentralization policy and communal conflict in Indonesia. Two measurement of decentralization: administrative decentralization, and fiscal decentralization is examined. Data come from the Village National Census (Podes) 2003-2014 (N=301.974). Results of twolevel logit regression show that fiscal decentralization not significantly associated with reducing communal conflict. The findings suggest that decentralization work for reducing communal conflict through better capacity of local bureaucrats rather than through financing capacity in delivering public services and district proliferation policy

David Lee Kuo Chuen

No abstract is available for this record.

Dominik Harz

Blockchains address trust through cryptography and consensus. Bitcoin is the first digital currency without trusted agents. Ethereum extends this technology by enabling agents on a blockchain, via smart contracts. However, a systemic trust model for smart contracts in blockchains is missing. This thesis describes the ecosystem of smart contracts as an open multi-agent system. A trust model introduces social control through deposits and review agents. Trust-related attributes are quantified in 2,561 smart contracts from GitHub. Smart contracts employ a mean of three variables and functions and one in ten has a security-related issue. Moreover, blockchains restrict computation tasks. Resolving these restrictions while maintaining trust requires verifiable computation. An algorithm for verifiable computation is developed and implemented in Solidity. It uses an arbiter enforcing the algorithm, computation services providing and verifying solutions, and a judge assessing solutions. Experiments are performed with 1000 iterations for one to six verifiers with a cheater prior probability of 30%, 50%, and 70%. The algorithm shows linear complexity for integer multiplication. The verification depends on cheater prior probability and amount of verifiers. In the experiments, six verifiers are sufficient to detect all cheaters for the three prior probabilities.

Robert Leonhard

No abstract is available for this record.

Anastasia Olegovna Barinova, Sergey Zapechnikov

Currently, business processes become more and more complicated. Data used in these processes circulates mainly through the digital communications. Due to these conditions some kind of electronic contracts for business deals becomes necessary. Smart contracts should describe a set of conditions, implemented through some events in the real world and digital systems. The most important requirement for this technology is privacy ensuring. In this work we have explored existing projects of privacy-preserving smart contracts, defined comparison criteria, compared projects and made a conclusion about options required for smart contract frameworks.

Efpraxia D. Zamani, Ioannis Babatsikos

In 2008, following the outbreak of the global financial crisis, a new trading system emerged that was made possible by cryptographically-produced currencies. Among them, the most popular digital cryptocurrency is undoubtedly the Bitcoin. This alternative way of trading quickly captured the interest of both businesses and consumers. Combined with a general lack of confidence towards financial institutions, central governments, and the effect of capital controls imposed across several countries, Bitcoins begun being used extensively for funds transfer across borders and general payments. However, it is unclear whether the use of Bitcoins is extensive enough so as to lead to complete or partial disintermediation of monetary transactions, and whether users understand how the technology works and what are the inherit risks of this alternative payment mechanism. This paper addresses these questions through a survey-based study, conducted within the Greek context, where capital controls are still active and awareness regarding cryptocurrencies seems to be on the rise. Our findings show that despite that end-users of Bitcoin are somewhat concerned with regards to security issues, they are nevertheless interested in its use for identifying new business opportunities and bypassing residencybased measures, such as capital controls.

Alessandro Piccolo

This master thesis explores how blockchain technologies can be utilized within the financial sector with focus on how to store both private and public information on the blockchain. The capital market is looking into ways of cutting down administrative work through streamlining the financial process by using blockchain technologies. Public key encryption together with hash functions and a consensus mechanism make up the basis for creating a shared trustless database system. The thesis was conducted by extensive research concerning cryptographic topics, and a literature study was made to compare existing solutions. This was done in order to come up with a new design which suggests how to utilize blockchain technologies in order to create private transactions. The design solves issues regarding key management and how to handle both private and public information on the blockchain. The proposed design is an extension of Visigon's existing permissioned blockchain, and it introduces different roles within the peer to peer network as well as a concept of having regulating nodes that together with the involved bank's nodes handle the process of private transactions. Private transactions are encrypted by using symmetric keys and thereafter recorded on the blockchain. In conclusion blockchain technology might not be the most suitable database system for banks to keep transactions private. Future solutions should consider the best attributes of blockchain technologies and create a new system with the single purpose of being a tool for the financial market.

Ethan Kane

No abstract is available for this record.

A Outchakoucht H Es-Samaali, Nn Van, R Nakagawa S Kodama

No abstract is available for this record.

Nicolas Herbaut, Nicolas Negru

The constant rise of over-the-top video consumption nowadays challenges the current Internet architecture. In this article, we propose a user-centric approach that helps the necessary reshaping of the content delivery ecosystem. We study how blockchain-powered smart contracts and network service chaining can be exploited to support such novel collaboration schemes. Finally, our findings suggest that the proposed solution can complement existing technologies by supporting a wide range of business cases while at the same time significantly reducing costs.

Lockheed Martin, Dallas, TX, USA, Jeff Daniel, Arman Sargolzaei, Mohammed Abdelghani · 6 authors

No abstract is available for this record.

Nicholas Jewkowicz

This paper examines the current state of smart homes and proposes an alternative model based on biomimicry. It is argued that a house that is modeled on a basic living organism will be more efficient for the inhabitants, and more effective to insulate them from the unpredictable effects of climate change in the near future. By using an organism as a model, the house will be able to self-organize its systems, and adapt to both its inhabitants as well as environmental perturbations. This can be accomplished with the use of sensors and actuators in a decentralized configuration with artificial life programming. Since organisms are autonomous by definition, off-grid housing systems are infused to create a new housing model that is zero-emission, zerowaste, and can serve as a model for other forms of infrastructure at greater scales.

Anna Zhu

<p>Background </p><p> Human resources for health are crucial for health system strengthening and achieving sustainable development goals and universal health coverage, but the shortage and maldistribution of health workers have been critical concerns in the Asia Pacific region. This study aimed to identify the key interventions on attracting and retaining rural health workers, understand their management structure, examine the effectiveness and analyze the contexts in the Asia Pacific region.</p><p>Methods </p><p> This mixed-method study used systematic review and country case studies to synthesize and analyze the available data. A systematic review on attraction and retention of rural health workers in the Asia Pacific region was conducted. Thirty-five, fourteen and nineteen studies were included for the interventions and their management structure, effectiveness and contexts, respectively. In-depth interviews of twenty-two key informants and gray literature recommended from the key informants in China, Vietnam and Cambodia were used to gather information for the country case studies. Narrative synthesis was applied to review and synthesize the extracted data from the systematic review and qualitative analysis using Nvivo 11 was conducted for the interviews.</p><p>Results </p><p> Five categories of interventions, involving education, regulation, financial incentives, personal and professional support and bundled interventions were implemented to attract and retain rural health workers in the Asia Pacific region. Regulatory interventions, such as MRBS, task shifting and compulsory rural services, were the key interventions reported in the systematic review. Although financial incentives were scarce in the systematic review, they were the key strategies in the country case studies of China, Vietnam and Cambodia. Asian Pacific countries also had their distinctive interventions, such as a system of compulsory rural services in Thailand, training on community health workers in Afghanistan, and a government midwifery incentive scheme in Cambodia. Geographically, the Pacific island countries were neglected. </p><p> Six categories of management structure of implementation were summarized. Decentralization from the central to the regional government was the dominant management structure. The regional government was responsible for program implementation in the decentralized programs, program development and implementation in the regional initiatives, which were more likely to be discovered in the countries and regions with strong economies. International donors were significant stakeholders for the low-income and post-conflict countries through providing financial and technical assistance. Several challenges emerged during implementation, including lack of rural eligible candidates, low and unsustainable financial incentives, complicated recruitment, poor management and deployment of HRH.</p><p> Although the majority of interventions lacked rigorous effectiveness evaluation or were without evaluation, most evaluated interventions demonstrated effectiveness in attracting and retaining rural health professionals. Some of the interventions also reported effectiveness in expanding health service coverage and improving health status. The regulatory interventions seemed to be more effective in attracting and retaining rural health workers through administrative and legislative enforcement. Bundled interventions were expected to be more effective and be more often recommended by the researchers and interviewees. </p><p> Various contexts, including political, economic and social factors and health system related issues, directly and indirectly impacted the attraction and retention of rural health workers. The political issues, economic development and social culture influenced rural HRH strengthening at the macro level while the health system reform pulled or pushed rural health workers. The promotion of rural health workers to be civil servants in Vietnam and Cambodia was a good motivation for rural health workers. The post mechanism in China, abolition of the referral system and increasing financial autonomy in the hospitals in Vietnam, the popular private sector, limited physical and human resources all served to push the health workers out of rural positions.</p><p>Conclusion </p><p> Due to great variation in economic development, Asian Pacific countries implemented three different patterns of interventions: 1) comprehensive packages in the high-income countries; 2) one or two categories of interventions in the low- and middle-income countries; and 3) training of community health workers in the post-conflict countries. Economic variation was also reflected in the differences of the management structure of implementation. The upper-middle- and high-income countries were likely to initiate regional interventions while the low-income countries partly relied on donations for HRH development and implementation, especially for the post-conflict countries. Although decentralization was widely applied to implementation, its implications were neglected and unclear. Based on the exclusive mechanism, effectiveness of each category of interventions varied. However, the regulatory interventions seemed be better. The socio-economic development significantly influenced interventions on attracting and retaining rural health workers. Rural HRH strengthening required strong economic support. Health financing reform for universal health coverage did impact the capacity building of rural health workforce. Further research was needed.</p>

Marc Sel, Henning Diedrich, Sander Demeester, Harald Stieber

This paper explains the main features of and motivation for the “report once” demonstrator1 shown at the 2017 Data For Policy conference. It shows how Ethereum2 smart contracts, based on the semantics and algorithmic representations defined in ACTUS3 can implement “digital doppelgängers” of financial contracts. <br> <br> The implementation makes use of a private4 Ethereum blockchain, with smart contracts written in Solidity.5 The limitations of using ACTUS in a semi real-time scenario are explored, as well as how to overcome these limitations. <br> <br> The major innovation, visualized by the demonstrator, is that compliance reports can be generated in semi realtime, using the information present in the “digital doppelgängers”, residing in the blockchain. <br> <br> The demonstrator supports various use cases, illustrated through the narration of stories. In these stories, Alice, Bob and Eve are contracting parties, Romeo acts as regulator, and the narrator tells the stories. The stories cover trading a Bond, trading an Interest Rate Swap (IRS), the defaulting of a party (i.e. a payment stop), and various types of regulatory reports. <br>

Oleksii Drozd, Yaroslav Lazur, Ruslan Serbin

The aim of this article is to study the theoretical, methodological, and legal possibilities of application of certain types of legal responsibility to the relations, which are connected with cryptocurrency (bitcoin). Some types of liability in the field of cryptocurrency relations make the subject of the study. Methodology. The research is based on a comparison of legal regulation of the sphere of cryptocurrency in Ukraine and in foreign countries. Advantages and disadvantages of different modes of cryptocurrency turnover are determined: from direct prohibition to granting the status of the official payment system. It is made on the basis of the analysis of peculiarities of the circulation of virtual money in Australia, Germany, the Netherlands, New Zealand, Singapore, Indonesia, China, the Russian Federation, Bolivia, Ecuador, Thailand, Vietnam, the USA, Japan, Spain, and some other countries. On the basis of the comparative legal study of certain provisions of the civil, administrative, tort, and criminal legislation of Ukraine, the possibilities and limits of the application of certain types of legal responsibility to violations in the field of cryptocurrency are determined. The results of the comparative legal study have shown that, unlike most foreign countries, in Ukraine, there is no legislative consolidation of the legal status of the virtual currency. In this regard, today in the national legislation, there are no direct rules that would predict the occurrence of administrative, criminal or civil liability for the offenses in the field of cryptocurrency relations. Practical impact. Since guarantees of compulsory restoration or protection of violated law play an important role in the legal regulation of any social relations, the proper legislative regulation of public relations in the sphere of crypto currency circulation is an urgent problem today, including with the help of establishing liability for the offenses in this field. Correlation/Authenticity. Comparative and legal research of legal regulation of the sphere of crypto currency gives us a better understanding of the most promising directions of development of administrative, criminal, and civil liability in this field.