This paper presents factors to consider when designing DeFi regulations.DeFi regulations may be established by imposing obligations on developers and operators, who exist even in extreme decentralization cases.However, the requirements in current financial legislation, which heavily rely on intermediaries' organization and personnel, are difficult to apply to DeFi.Instead, under DeFi, information can be obtained, analyzed, and aggregated on the blockchain and reported to the authority automatically and regulatory requirements may be reflected in the smart contract and automatically executed.This may require mandatory code audits by supervisory authorities and civil technology experts prior to execution, to check whether legal requirements are embedded in the code.In addition, measures addressing the risk-contagion effects in macroeconomic crisis, potentially arising from DeFi's connectivity with traditional finance, must be considered.
Interlocal cooperation has long been promoted in the Philippines to address the resource limitations of local government units; however, there is a lack of discussion on how it can efficiently deliver urban services. This study aims to investigate cooperation models in the delivery of critical urban services by evaluating the management structure, financing strategies, sustainability, and issues/challenges of the interlocal arrangement in relation to operationalization. It focuses on answering the following policy questions: (1) what forms of interlocal cooperation have been utilized in the delivery of urban services; (2) how has interlocal cooperation improved the delivery of urban services; and (3) how can interlocal cooperation work better and be sustained given the decentralized nature of local politics. A closer look through findings from desk reviews and interviews is given to solid waste management and healthcare since they have been identified as services wherein cooperation among LGUs is extensively developed. Reforms are then proposed to improve the effectiveness of interlocal cooperation in efficiently delivering urban services.
Leandro Pupe Nóbrega, Carlo Kleber da Silva Rodrigues, Vladimir Rocha
This article aims to identify and discuss the challenges andopportunities involved in the deployment of the digital currencybased on Distributed Ledger Technology (DLT) in theBrazilian Payment System (BPS), regulated by the CentralBank (CB) of Brazil. To do so we consider the following twosteps. First, a theoretical study is made concerning learnedlessons from the digital-currency deployment projects in theBahamas, the Eastern Caribbean, and China. These countriesare herein explored due to the maturity stage alreadyreached in their respective projects. Second, an interviewis conducted with specialists in the Brazilian financial market.This interview is carried out with the goal of capturingthe perception of the Brazilian market in the face ofthe challenges and opportunities that lie ahead. The finalresults obtained in this work lead to the main conclusionthat the adoption of a digital currency in Brazil cannotresult successfully without considering proper governmentactions related to motivation for its adoption by the populationand financial institutions, besides the existence ofinvestment in cybersecurity technology. Furthermore, thisdeployment is likely to bear opportunities regarding the useof technology to boost the resilience, interoperability, programmability,and security of the BPS. In this context, as amain contribution, this article provides indicators and theoreticalsubsidies that may help assess the efficiency of theBPS in the face of the deployment of digital currency. Atlast, final conclusions and future works close this article.
The Internet, in its embryonic form, emerged as a government research project designed to facilitate communication between researchers and scientists. Ever since then, the Internet has progressed tremendously from what we understand as an Internet where the functionality is to simply ‘read’, to the Internet where people can read, write, interact with other users, etc. The concept of life without the Internet is now inconceivable. At its current juncture, the Internet has permeated every facet of human existence, significantly impacting the world around us. Now, web 3.0 is the next step in the evolution of the Internet, emphasizing a decentralized Internet, ownership and advanced technologies. It is a paradigm shift for the internet that is defined by a collection of decentralized protocols and networks run by network participants worldwide. The decentralized nature of Web 3.0 will enable the creation of decentralized apps for finance, arts and collectables, gaming, and technology. Web 3.0 will provide users with greater data ownership, control, and privacy. It will be more secure, and scalable, and offer better privacy for users. It is also believed that Web 3.0 will create an ecosystem for users, by users, and of users. However, there are legal issues such as data autonomy, privacy, and protection, among others that need to be addressed. This article aims to demystify the emerging paradigm known as Web3—a new era of the Internet—and shed light on its relevance and the potential legal challenges it presents. Web3 is poised to reshape our digital landscape, and understanding its implications is vital as we navigate the ever-evolving intersection of technology and the law.
The main purpose of this paper is to set a model in which there exist multiple firms producing data in a situation where each firm produces data and shares it voluntarily for new additional revenue. The model is used for theoretical examination of the revenue distribution rule and behaviors to maximize the social welfare. Consequently, the following three main results can be obtained. First, if the number of firms is sufficiently large and some conditions are assumed, the revenue distribution rule to maximize social welfare in a decentralized economy coincides with the elasticity of additional revenue with respect to the provided data. Second, if each firm maximizes profit in the decentralized economy, the firm can achieve allocations to maximize social welfare in a command optimum for any revenue distribution rule as long as the government provides the policy of lump-sum tax and subsidy appropriately. Third, if the subsidy for data sharing is financed by a flat rate tax for additional profit, each firm has an incentive to participate in the platform irrespective of the subsidy rate and revenue distribution rule.
ABSTRACT The period from the mid-1990s to the mid-2000s saw the transformation of information and communication infrastructure. In the same period, TPRC evolved from a narrower focus on conventional telecommunications and information policy to “The Research Conference on Communications, Information, and Internet Policy.” Through the lens of my own interdisciplinary work on Internet policy and intersecting TPRC activity, this retrospective describes an arc of change that began at the 1994 TPRC and continued for about a decade. It combines description, commentary, and reflections on what this history might bode for TPRC as metaverses and Web3 progress from today’s hype to tomorrow’s Internet.
There is a large body of empirical and theoretical literature on the effects of technological change on individuals, labor markets, and overall economic activity. Theories of skill-biased technical change (SBTC) suggest that technology increases the earnings power of skilled workers, but substitutes for less skilled workers. Distributed ledger technologies (DLTs) provide a new context for examining and understanding the impact of technology change on labor, competition, and economic outcomes. This paper explores the theoretical frameworks through which DLTs could enhance economic mobility and provides examples from several areas, including: i) the creation of new jobs and higher value-added jobs, and the modularization of complex tasks; ii) improvements in the way people learn and acquire human capital; iii) increased competition in the marketplace; and iv) more inclusive access to financial services with fewer intermediaries.
We propose a new way to share licensed spectrum bandwidth capacity in mobile\nnetworks between operators, service providers and consumers using\nblockchain-based smart contracts. We discuss the foundational building blocks\nin the contract as well as various extensions to support more advanced features\nsuch as bulk purchases, future reservations, and various auction mechanisms.\nFurthermore, we demonstrate how the system can be implemented with an\nopen-source, permissioned Enterprise blockchain, Hyperledger Sawtooth. We show\nthat our smart contract implementation can improve blockchain transaction\nperformance, by approximately four orders of magnitude compared to serial\ntransactions and one order of magnitude compared to parallell transactions,\nusing PKI-driven bulk purchases of mobile access grants, paving the way for\nfully automated, efficient, and fine-grained roaming agreements.\n
Benedikt C. Eikmanns, Pascal Mehrwald, Isabell M. Welpe, Philipp Sandner
Similar to mobile operating systems, public blockchain infrastructures, such as Ethereum, represent a platform for the development of software applications. Since 2020, we observe the emergence of a rapidly evolving ecosystem of blockchain-based applications called Decentralized Finance (DeFi), which aspires to challenge traditional finance and associated business models. To explore the economic structures that constitute DeFi, we follow an interdisciplinary approach, supplementing information systems (IS) research with strategic management literature. We apply the theoretical lens of strategic groups to identify platform-specific dimensions and conceptualize DeFi as a hierarchical structured platform economy consisting of four strategic groups, namely 1) Token Management Applications, 2) Protocol Platforms, 3) Aggregation Platforms, and 4) Decentralized Financial Services Solutions. Further, we give a market overview of DeFi applications and discover archetypal attributes of the respective groups. Lastly, we present an integrated framework for the analysis of software-based platform ecosystems and derive areas for future research.
Emanuele Di Pascale, Hamed Ahmadi, Linda Doyle, Irene Macaluso
Neutral Host Small Cell Providers (SCP) represent a key element of the 5G\nvision of ultra-dense mobile networks. However, current business models mostly\nfocus on multi-year agreements for large venues, such as stadiums and hotel\nchains. These business agreements are regulated through binding Service Level\nAgreements (SLAs), which tend to be too cumbersome and costly for smaller scale\nSCPs. As a result, the neutral host model does not scale up to its full\npotential. In this paper, we propose a framework to enable the participation of\nsmall- to medium-sized players in the cellular market as providers offering\nnetwork resources to Mobile Network Operators (MNOs). To this purpose, we\nreview the current and emerging spectrum and technology opportunities that SCPs\ncan use for neutral host deployments. We also propose the use of\nblockchain-enabled smart contracts as a simple and cost-efficient alternative\nto traditional SLAs for small-scale SCPs. To demonstrate this, we describe a\nproof of concept implementation of an Ethereum-based smart contract platform\nfor best-effort service between an SCP and an MNO. Our simulations on potential\nsmart contract-based deployments in city centre Dublin show that the received\nsignal strength in the considered area will increase by an average of $10$\npercent.\n
Alexander Bechtel, Agata Ferreira, Jonas Groß, Philipp Sandner
Distributed ledger technology (DLT) hasDistributed ledger technologies (DLTs) the potential to address long-standing industrial challenges, remove frictions, build trust, and unlock new value across businesses and industries. It enables decentralization, the immutability of data, transparency, and the automation of business processes. Thereby, it creates a multitude of use cases ranging from energy and manufacturing to mobility and logistics. However, a digitized economy based on DLT can flourish only if it does not merely enable the exchange of assets, goods, and services but also the exchange of money. In other words, there is a need for a payment solution that is compatible with DLT-based decentralized networks and enables transactions denominated in euro. This is particulary relevant in the currently evolving geopolitical environment.
The ability to store and share digital data offers benefits that the digitization of information has become a growing trend but has raised questions about the security of personal data. There have been countless high-profile hacks and personal information leaks. Furthermore users don’t (and shouldn’t) always trust an external server of a third party to store their personal data. Blockchain tries to offer a compelling solution to the problem of combining accessibility with privacy and security. Records can be held securely, using end-to-end encryption, and yet openly authenticated so that data can still be trusted as reliable. This project goes deeper in this solution thanks to an innovative idea and development of a new kind of blockchain non fungible token specifically created to store and manage digital identities and sensible data. It has the potential to resolve issues blockchain alone was starting to approach and improves security, privacy and accessibility.
Project Stella studies the possible use of distributed ledger technology (DLT) on financial market infrastructures (FMIs). DLT solutions have the potential to improve the safety and efficiency of existing systems, as shown by research undertaken by central banks and FMIs. Yet, balancing performance and network size with the distance between nodes, as in the case of Stella phase 1, or the flexibility of cross-ledger delivery-versus-payment (DVP) using hashed timelock contracts without connection between ledgers and liquidity efficiency, as in the case of phase 2, remains a challenge. Project Stella studies the possible use of DLT for FMIs, including large-value central bank RTGS systems. Phase 1 implemented the processing logic of the standard liquidity-saving mechanisms in a DLT environment, and the analysis found that an application could meet the performance needs of an RTGS system. There is a trade-off between DLT performance and network size or distance between nodes. DLT solutions have the potential to strengthen resiliency and reliability. In phase 2, the project team proved that cross-ledger DVP could function even without any connection between individual ledgers. Hashed timelock contracts and digital signatures would be used to achieve interoperability between ledgers, while liquidity efficiency and settlement speed may be negatively affected as a result. DLT solutions have the potential to improve safety and efficiency of existing systems adopted at FMIs, yet balancing diverse system requirements demands careful analysis and consideration. As shown by increasing research and proofs-of-concept on DLT undertaken by many central banks1 and securities exchanges in major jurisdictions, there are both opportunities and challenges for further exploration.
We exploit the public good attributes of information and communication technologies (ICTs) and theoretically analyze an aggregate economy of two smart cities in which ICTs are provided in either a decentralized or a centralized manner. We first determine the efficient ICT levels that maximize the aggregate surplus from the provision of ICTs in the two cities. Second, we compute the optimal level of ICT provision in the two cities in a decentralized regime in which spending on the ICTs is financed by a uniform tax on the city residents. Third, we ascertain the optimal level of ICT provision in the two cities in a centralized regime subject to equal provision of ICTs and cost sharing. Fourth, we show that if the two cities have the same preference for ICTs then centralization is preferable to decentralization as long as there is a spillover from the provision of ICTs. Finally, we show that if the two cities have dissimilar preferences for ICTs then centralization is preferable to decentralization as long as the spillover exceeds a certain threshold.
Lakshmi Prasad. Chinthalapalli, Y. V. Lakshmana Rao
The sustainable development of State requires infrastructure and good governance system i.e. Infrastructure, decentralized administration, digitalization, technology based E-governance; infrastructure finance will help the government of Telangana to attain the new heights of economic growth and development. The development process of Telangana is a better design through T-hub, Policy initiatives and peoples participation.
Morten Linnemann Bech, Yuuki Shimizu, Paul T. P. Wong
This feature looks at technology in payment systems. It compares the diffusion of real-time gross settlement (RTGS) systems for wholesale payments with that of faster systems for retail payments (fast payments). RTGS systems emerged in the 1980s and were adopted globally within a span of 30 years. Fast payments followed in the early 2000s, offering instant payments on a 24-hour, seven-day basis. So far, the diffusion of fast payments mirrors that of RTGS, and it is primed to take off. Yet even while adoption of fast payments is under way, the next generation of payment systems, such as those based on distributed ledger technology, is under development.

 
 
 This article examines whether hitherto marginalized actors, industries and innovations – such as women, services industries and service innovations – could be acknowledged by the use of a bottom-up approach in innovation research in a way that helps make public innovation support more inclusive. It is scrutinized whether the relation between context, organization and outcomes in publically financed innovation networks such as clusters and innovation systems serves to highlight how more inclusive innovation support could be designed. Four regional innovation networks promoting women’s entrepreneurship and innovation in Sweden are analyzed by a bottom-up approach, since while emphasizing decentralization and inclusion in theory, most innovation theories and policies are in practice characterized by a top-down approach, ascribing superiority to certain actors, industries and innovations while marginalizing others in a distinct – often gendered – pattern. The bottom-up approach makes it possible to expose that being a marginalized actor in public innovation support is related to the organization of entrepreneurial types of innovation systems, based on contacts established ad hoc and resources gathered from scratch, making a wider range of actors, industries and innovations relevant than in institutional types of innovation systems favored in prevalent public innovation support. By acknowledging both types of innovation systems, more inclusive innovation policies could be designed and more nuanced innovation theories could be developed.