Blockchain Ă and Cryptocurrency has gotten wider considerations as of late. The decentralized digital Cryptocurrency Ă and its underlying ĂąâŹĆBlockchain ĂąâŹÂ technology has created much excitement in the technology community. The financial technology sector sees high potential value in Cryptocurrency Blockchain Ă protocols, or distributed-ledger technology. The key advantage of this technology lies in the fact that it enables the establishment of secured, trusted, and decentralized autonomous ecosystems for various scenarios, especially for better usage of the legacy devices, infrastructure, and resources. In this paper, we presented a systematic investigation of Blockchain Ă and Cryptocurrencies with explained simply in a way that Cryptocurrency is a form of digital currency that is being used to make transactions using a ledger known as Blockchain Ă which is a decentralized system of banking in which there is no centralized authority and all the control lies on an algorithm and its controlling users. Blockchain , a financial tool that can potentially play an important role in the sustainable development of the global economy. The new technology is expected to bring massive benefits to consumers, to current banking system and to the whole society in general.Ă
Chris Elsden, Kate Symons, Raluca Bunduchi, Chris Speed · 5 authors
Recent work within HCI and CSCW has become attentive to the politics of data and metrics in order to highlight the implications of what counts and how. In this paper, we relate these discussions to the longstanding distinctions made between value and values. We introduce literature on 'Valuation Studies' and argue for understanding the politics of data through valuation - an ongoing social practice that transforms socially embedded values into different forms of more abstract value. This theoretical work is developed through an ethnographic study of contemporary UK charity shops, as a site focused on the labour of valuation, but embedded in both local and global values. Through this study, we consider implications for the intervention and design of 'data-driven innovation', with a particular focus on distributed ledger technologies. We argue that these technologies inevitably engage in valuation, and require careful attention to the ongoing processes by which value is translated and performed by different stakeholders.
Open access
Information Systems Theories and Implementation
FinTech, Crowdfunding, Digital Finance
Innovative Approaches in Technology and Social Development
This Essay explores the barriers to deploying smart contracts in the consumer finance space: the humans themselves, existing consumer protection laws, and the other businesses which have financial contracts with consumers but that cannot deploy smart contracts. These three barriers render perfectly automated enforcement all but impossible. Nevertheless, there may be room for modifiable smart contracts in the consumer finance space â although these contracts may be only marginally more efficient than traditional contracts.
SUMMARY The novelty, ambiguity, and the lack of official guidance surrounding cryptocurrency transactions impose additional audit risks that should be considered during client acceptance and retention and planning audit procedures. We develop a four-quadrant model to assist auditors in client acceptance and continuance decisions and identify cryptocurrency risks that should be considered during audit planning and audit evidence gathering.
In the crypto world, there is a proverbial (and literal) gold rush now occurring. Currently, more than 37 goldâbacked cryptocurrency companies have now emerged. Interestingly, some of them also claim to be SharÄ«Êżah âcompliant. Introducing precious metalâbacked cryptocurrencies is perceived to be an innovation among global payment systems, hampered in part by lack of supporting empirical evidence. Therefore, this research investigates potential users' tendency to adopt a SharÄ«Êżah âcompliant precious metalâbacked cryptocurrency. As such, this study adopts an extended adoption model, which consists of eight factors. Partial least squares structural equation modeling (PLSâSEM) analysis was conducted on data elicited from economic active residents in Klang Valley from questionnaires. Overall, it was found six out of the eight constructs specified to influence the adoption of precious metalâbacked cryptocurrency were statistically significant where 54.5% of the variation in adoption of PMBC can be explained by the structure model provided by this research. It was also found 63.55% of the respondents are willing to adopt precious metalâbacked cryptocurrency in their future transactions.
Bitcoin is among the highest rated digital crypto-currency in financial investment markets. This technology relies on a backbone of distributed data architecture and peer-to-peer networking model called Blockchain. Unlike the current digital economy, which is governed centrally by financial institution or governments, Blockchain is fully autonomous without any third-party involvement. The exorbitant success of Bitcoin has attracted investors, scholars as well as organizations to peek into this lucrative technology for the possible application to other areas apart from crypto-currency. Blockchain can adopt Smart Contracts, which are digitally enabled contracts that can be executed and enforced fully or partially using pre-defined notions. The aim of this research is to investigate the synergy between Smart Contract and Blockchain to propose a digital framework for an academic paper publication model that has the capability to automate the entire process and challenge the existing system. It can also bring together all the stakeholders under the same system. The proposed model can further hold the stakeholders accountable for breach of contracts and/or reward them for executing the successes of terms pre-configured in the Smart Contract. The proposed model, called Digital Smart Publication or DSP (as referred in the document), is highly secure and ensures balance in distributing rewards to the involved stakeholders while keeping data integrity and security as paramount features.
Zusammenfassung Dieser Beitrag stellt die GrundsĂ€tze von auf Smart Contracts und der Blockchain-Technologie basierenden Rating-Verfahren zur BonitĂ€tsbewertung vor. Es werden die technologischen Grundlagen von Blockchain und Smart Contracts erlĂ€utert und diskutiert, inwieweit die Finanzbranche im Bereich des Ratings von dieser Technologie profitieren kann. ZunĂ€chst werden die Probleme traditioneller Ratingverfahren und deren Akteure thematisiert und anschlieĂend LösungsansĂ€tze aufgezeigt, um diese zu ĂŒberwinden. Damit zeigt dieser auĂerhalb der traditionellen Bankdienstleistungen befindliche Anwendungsfall, dass mit der Blockchain-Technologie neue Potenziale fĂŒr GeschĂ€ftsmodelle entstehen, die etablierte Prozesse grundlegend verĂ€ndern und damit ein weiteres Mosaik zur Disruption der Finanzbranche darstellen können.
M. Wilferd Roshan, Mostafa Mozafari, Hanieh Mirzayi
Bitcoin, one of the realities is the economic system in contemporaneously, which, despite the opportunities, threats and risks it poses to the economic system of countries. At the moment, Bitcoin be considered, as the most used and most valuable virtual currency in the real world. Bitcoin is actually an internet innovation and with similar functions of paperless money or government money, a tool for transferring or storing value is considered with a decentralized nature, which has become widespread in the cyberspace and allows users to do so the entire process of publishing, processing and deals is made by users' networks and without any intermediary. There are many discussions about the nature of bitcoin. Indeed, bitcoin can be considered as a currency, capital or commodity? Extending the welcome to bitcoin has made it possible to examine Bitcoin's various dimensions and its use in the economic system on the agenda of research centers, jurisprudence centers, legislative assembly and central banks of many countries of the world That Iran is no exception. A look on the Bitcoin studies indicate that many experts believe Bitcoin can head certain functions in the real world that traditional cash and e-money play in the economy .Therefore, it does not contradict with Sharia law and Islamic principles, so as virtual currency accepted But the problems and challenges faced in this regard That must be The reliability and confidence in the exchanges by setting proper rules and strict monitoring
Abstract Smart contracts are software codes based on the Blockchain technology which are involved in the field of information technology. The Blockchain smart contract is still in the contractual scope in nature, although its origin and automatic performance functions are different from existing contracts, but it can be identified as a typical unnamed contract. Therefore, at the legal level, a smart contract is a new form of contract that can automatically and automatically perform all or part of the contract. While discussing the technical aspects of smart contracts, we cannot ignore the relevant issues at the legal level. Smart contracts are developments and innovations in the form of traditional contracts. Smart contracts exist in electronic form and automatically fulfill contracts through software that is accurately encoded on the Blockchain. How to create smart contracts according to law and evaluate the legal effect of smart contracts are the main research issue of this paper.
Peilin Zheng, Zibin Zheng, Jiajing Wu, HongâNing Dai
Blockchain-based cryptocurrencies have received extensive attention recently. Massive data has been stored on permission-less blockchains. The analysis of massive blockchain data can bring huge business values. However, the absence of well-processed up-to-date blockchain datasets impedes big data analytics of blockchain data. To fill this gap, we collect and process the up-to-date on-chain data from Ethereum, which is one of the most popular permission-less blockchains. We name such well-processed Ethereum data as XBlock-ETH, which consists of transactions, smart contracts, and cryptocurrencies (i.e., tokens). However, it is non-trivial to partition and categorize the collected raw Ethereum data to the well-processed datasets since the whole processing procedure requires sophisticated knowledge on software engineering as well as big data analytics. Moreover, we also present basic statistics and exploration for each of the well-processed datasets. Furthermore, we also outline the possible research opportunities based on XBlock-ETH, with the data and code released online.
Banks as a group have traditionally been considered âspecialâ in the sense of meriting the full set of provisions of the financial safety net. The specific motivations for that view have evolved over time, although it owes more to a specific combination of economic functions performed as opposed to any particular function. These functions include offering transaction accounts redeemable in cash on demand, providing liquidity, and serving as conduits for payments and monetary policy transmission. Recent developments suggest however that almost all of the individual economic functions performed by banks can in fact be provided in unbundled form by Fintech initiatives, in some cases more rapidly, at lower fees, and via more streamlined digital interfaces. One important exception remains monetary policy transmission. For the performance of this function, policy makers and central bankers have reserved a privileged role for banks. A radical departure from the current fractional reserve system would be required to unbundle that function and separate money from the banking system, and some private cryptocurrencies have been proposed with the explicit intent to change the nature of money. So far, the present article concludes such initiatives remain marginal, so that banks as a group remain âspecialâ. This observation owes much to the fact that central banks rely on the capacity of the banking system to create money and provide the economy with adequate liquidity and, despite occasional financial crises, have concluded that the efficiency of the current system outweighs the associated costs.
Distributed ledger technology (DLT) has the potential to disrupt many financial service domains. Aiming to explore the use of DLT to enhance financial system efficiency and resiliency, the Bank of Thailand (BOT) launched the Project Inthanon and Project DLT scripless bond initiatives in 2018. Project Inthanon is a proof-of-concept for wholesale domestic and cross-border funds transfer using central bank digital currency. The Project DLT scripless bond is an initiative to increase efficiency for the saving bond registration and sales processes. With these two projects, the BOT aims to catalyze an industry-wide effort to innovate digitally by exploring and assessing the potentials and applications of DLT. In addition, the BOT focuses on cultivating people's way of thinking and redesigning work processes to accommodate decentralized settings. In this paper, we discuss the project design, key findings, and future considerations of both projects. In brief, we find that DLT demonstrates promise for enhancing the financial infrastructure by enabling digital value direct transfers among parties, along with immutable record keeping, and programmable automation using smart contracts. However, further explorations of technology capacity, governance arrangement, and regulatory issues are needed as a prerequisite before moving these proofs-of-concept into production.
Eka Purnama Harahap, Qurotul Aini, Reza Khaerul Anam
Crowdfunding sebagai program sosial di era teknologi ini merupakan terobosan baru untuk penggalangan dana kepada orang-orang yang membutuhkan atau untuk permodalan suatu project tertentu dengan cepat melalui media internet. Penelitian ini bertujuan untuk mengetahui manfaat dari kemajuan teknologi blockchain dengan konsep smart contract sebagai media transaksi dalam platform crowdfunding, serta bagaimana teknologi ini dapat menyelesaikan masalah kepercayaan masyarakat karena platform ini melibatkan transaksi menggunakan uang. Dengan diterapkannya teknologi blockchain pada platform crowdfunding diharapkan dapat memastikan keamanan data serta transparansi dalam setiap transaksinya, sehingga tidak ada pemalsuan suatu project untuk mendapatkan keuntungan pribadi.
Invoice discounting is a market with a double-digit potential growth rate in Europe and worldwide in the next years. The main beneïŹt of invoice discounting is the acceleration of cash ïŹow from customers to suppliers: suppliers get advance payments from the bank, rather than waiting for the customers to pay. Hence, thanks to the quick availability of capital, businesses can invest in expansion and growth. More speciïŹcally, one of the most relevant problems today is how to provide better and faster invoice discounting services while preventing the double spending and maintaining the risk low. The blockchain frameworks have the potential to provide the right solution and thus to revolutionize the invoice discounting process. The beneïŹts for suppliers, customers and ïŹnancial institutions are related to the increased transparency added to the whole discounting process and the following risk reduction for the banks due to the capability to enhance the entire process and to reduce the double spending. In our paper, we introduce a blockchain-based invoice discounting system, called Distributed Ledger Invoice, and we propose a novel assessment method for evaluating currently available blockchain solutions for the invoice discounting scenario. Moreover, we also discuss two main issues regarding the information accessibility and the interoperability. In particular, since blockchain is still an emerging technology interoperability is a key factor for the blockchain adoption in inter-banking processes, where different blockchains solutions might be used. In this work we propose a decoupling layer, based on the Attribute-Based Access Control language, to unify the access control to reserved information across heterogeneous blockchains.
Blockchain technology was initially employed as the public transaction ledger for cryptocurrencies. However, beyond cryptocurrencies, blockchain technology has been recently considered for a plethora of other applications as it encapsulates unique properties including decentralization, security, transparency and anti-tampering. Such properties are particularly advantageous for variety of prominent issues experienced in the financial sector. As a result, blockchain technology holds the potential to revolutionize the financial industry by altering the way in which different services are conducted in the financial industry. In this paper, we outline five different financial industry use cases that are expected to be radically transformed by the use of blockchain technology.
Since 2013, Initial Coin Offerings (ICO) have allowed companies to attract financing with the help of cryptocurrencies. Statistics of ICO shows that the ICO market is increasing and demand for funds continues to grow with claims of over $ 15 billion raised in the first half of 2018. The increasing volumes of investment in ICO projects as an alternative method to venture capital or IPO are caused by, for example, the possibility of reselling the received tokens at a higher price after the launch of the project or obtaining the companyâs services at lower prices. While the importance of the topic is growing, there is the absence of fundamental works emphasizing the determinants of an ICOâs success. The scientific novelty of the forthcoming research consists in the formation of the model evaluation of ICO success. Using econometric analysis based on data for 1392 projects, we show that the volatility of the main cryptocurrencies has a significant impact on the success of ICO. The constraints of the platform for Smart Contacts (ERC-20) and dependence on the Ethereum volatility overcome all other factors. Our data contributes to existing literature and shows the insignificance e of the sector of the project, almost all location region and fl of infl e of quality of the team. This result may be explained by the uncertainty of the investor about the project (weak signals), absence of the regulation and legal framework. This result is beneficial for owners of companies since it is an argument for decreasing costs for marketing.
Douglas W. Arner, Ross P. Buckley, Dirk Andreas Zetzsche, Bo Zhao · 7 authors
Abstract Since the launch of Bitcoin in 2009, cryptocurrencies and their underlying blockchain technology have risen to global attention. It is now clear Bitcoin and a number of other cryptocurrencies were the focus of one of the largest speculative bubbles in history. This chapter explores blockchain, cryptocurrencies and Initial Coin Offerings (ICOs), as well as policy and regulatory responses in Asia. It demystifies key aspects of blockchain systems, while also disentangling concepts that are often (incorrectly) used interchangeably, such as distributed ledgers and blockchains. The chapter provides data on total capital raised through ICOs and analyzes the distribution of ICOs by country and region. Based on this framework, it conducts a comprehensive analysis of regulatory statements and disparate policy approaches in Asian countries toward digital assets, focusing on cryptocurrencies, blockchain, and ICOs.
In recent years, the term âblockchainâ has been sprinkled widely and the hype around it attracts billions in investments. The promises that this technology can be a solution to many of societyâs present problems have drawn attention from all sectors, including development aid. The historical recognition of potential and actual corruption resulting from development aid sparked a rise in demands for more transparency and accountability in this sector. So far, there have been reflections in different academic disciplines about the potentials of Blockchain in this area. However, little empirical investigation has been conducted to understand the technological and institutional enablers and barriers for its adoption in the development aid sector. This study aims to take initial steps towards such understanding with a focus on the potential role for Blockchain Technology in financial aid flows through an analysis of the donorsâ perspectives. Our research is based on diverse qualitative material. It relies on reports and discussion papers produced by donor organizations and on case studies of two start-ups focused on introducing Blockchain into development aid management. Besides a body of archival qualitative material, we conducted interviews with different actors in the development financing field. Based on an inductive qualitative methodology, we grouped findings into three categories of barriers and enablers: discursive, technological and institutional. Our study shows that discourses about Blockchain Technology vary a lot and there is a lack of common framing of its definition, attributes, and insufficient engagement around these concerns between different actors. Overall, the ability to increase the visibility of cash flows and a potential to reduce administration costs were perceived to be the most useful features, combined with the desire/need expressed by some donors to be at the forefront of technological developments. Lack of understanding about this technology and fear of its complexity and related security challenges were the most cited technological obstacles. Lack of institutional structures for rule making and for enabling field-level exchanges and knowledge production around Blockchain-based projects is currently the most prominent challenge to its diffusion and wider adoption.
Mohammad Abdul Matin Chowdhury, Dzuljastri Bin Abdul Razak
Technology advanced has brought rapid changes in all human activities along with financial activities and tools. Digital currency one of the technological innovations which have taken significant focuses from consumers, investors, researchers, entrepreneurs and policy makers around the world. with the trend of changing patterns, Islamic finance is rapidly developing all over the world by serving Muslims and non-Muslims, as a result, it is mandatory for Islamic finance to adapt with modern technology systems in terms of providing innovative products and services to the consumers in line with shariah perspectives. As a result, cryptocurrency (digital currency) has taken the focus on Islamic scholars in regards of its permissibility. There are many arguments over the permissibility issues. Therefore, this study aims to explore those issues and mechanisms of cryptocurrency in order to evaluate with Islamic perspective. This study gathered secondary sources from past literatures, books, news and websites with qualitative approach. The findings inclined that there are still lacking in mechanisms of digital currency to comply with Islamic perspective such as real asset backed and legal authorization. The findings of this study will benefit the Islamic scholars and policy makers along with Muslim consumers and investors in regards of permissibility and developing existing cryptocurrency to widely use in the Islamic finance and banking sector.
Investing into a new product or service is a high-risk, high-return activity. This is best symbolized by the observation that the return over investment distribution of startups is a power law. Introduction of new products or services to the market might fail to generate profit even though there is a demand. Early adopters are also penalized, as they often pay a high price for something which will end up being cheaper, and might lose their warranty if the firm goes bankrupt. Innovation is slowed down. We propose to equally redistribute part of the generated profit at the end of a predefined time period to previous customers using Ethereum smart contract. Because customers are aware of the amount they would get back, their behaviors will change. The return over investment distribution and therefore the risk and return balance of the firms will also be affected. We formally define both a classic market and a market that is using our proposed system, and present an architecture to deploy such system. A preliminary numerical simulation is provided.
Rantai pasok finansial (Supply Chain Finance/SCF) merupakan topik baru dalam penelitian manajemen rantai pasok (Supply Chain Management). SCF bertujuan melakukan diversifikasi sumber pendanaan dari perusahaan dengan modal terbatas dan meningkatkan efisiensi keuangan seluruh jaringan rantai pasok perusahaan. SCF telah menjadi sumber pendanaan jangka pendek bagi ribuan usaha mikro, kecil dan menengah (UMKM). Penelitian tentang SCF yang ada sekarang ini masih menggunakan framework keuangan konvensional dan belum ada penelitian SCF yang menggunakan framework keuangan Islam. Penelitian ini bertujuan untuk mengembangkan framework dan system SCF berdasarkan prinsip- prinsip syariah Islam berupa platform crowdfunding syariah dengan menggunakan teknologi blockchain dan smart contract . Rancangan system yang dihasilkan pada penelitian ini menggunakan smart contract yang dijalankan menggunakan protocol Ethereum untuk mencegah adanya penipuan/penggelapan dan meningkatkan system keamanan dari platform yang dirancang, sesuai dengan karaktrist i k blockchain yang sangat sulit di - hack.
As the accounting profession is rapidly changing, faculty members are challenged with the task of incorporating emerging advances into the accounting curriculum in order to equip students for future success. There is little debate that cryptocurrency is prominent in the business world today, thus prompting attention for accounting professionals and educators is important. In this paper, we document our experiences in introducing cryptocurrencies to undergraduate financial accounting students with the goal of capturing their knowledge and measuring their perceptions of the impact digital currency holds in the current economic environment. To operationalize our research question, students were given a cryptocurrency assignment to complete outside of class and were asked a series of questions in the class period directly after the assignment was due. The results of our case study show that students became more aware of cryptocurrencies and accounting practices associated with them after their completion of this assignment and the vast majority of students found this knowledge would benefit them in their future careers.
Cryptocurrencies have embraced Twitter as a major channel of communication. Employing social network analysis and sentiment analysis, this study investigates the Twitter-mediated communication behaviors among cryptocurrencies. This study determines whether a significant association exists between cryptocurrencies' Twitter networks and their credit scores. Data were drawn from the Twitter pages of several top cryptocurrencies. The results indicate that reply-mention networks had the densest structure, that the following-follower network structure was correlated with the reply-mention structure, and that the reply-mention and co-tweet networks were positively correlated. The results also indicate that cryptocurrencies' active networking strategies affected their credit scores and more importantly, that cryptocurrencies frequently linked with fellow currencies tended to have high credit scores.