Blockchain Papers

Mikel Cortes-Goicoechea, Tarun Mohandas-Daryanani, José L. Muñoz, Leonardo Bautista-Gomez

No abstract is available for this record.

Jaroslav Konečný

Článek má za cíl analyzovat právní povahu Non-Fungible Tokens neboli NFT a související otázky ochrany spotřebitele. Pro úplné pochopení technologie NFT je nutné nejdříve osvětlit vztah NFT k podkladovému aktivu, použitému k jeho vytvoření. Diferenciace NFT od podkladového aktiva a jejich vzájemný vztah umožní pochopení funkcionalit a následných právních dopadů jednotlivých kategorií NFT a zjištění, jaká práva se vztahují k vlastnictví konkrétního NFT. Vzhledem k faktu, že NFT je virtuálním statkem s určitou hodnotou, je na místě zkoumat aplikaci spotřebitelského práva, které je při prodeji těchto aktiv stále hojně přehlíženo. Článek proto uvádí jednotlivé prvky informační povinnosti podnikatele prodávajícího NFT a blíže se věnuje otázce odstoupení od smlouvy o koupi NFT. Se spotřebitelským právem úzce souvisí ochrana uživatelů digitálního obsahu, je proto poskytnuto teoretické posouzení uplatnění tohoto právního institutu na fenomén NFT.

Tetsuo Morishita

This chapter examines Japanese Private International Law (PIL) on crypto-assets. After making a general observation on the use of blockchain and PIL, this chapter examines the jurisdiction of Japanese courts in civil cases, the extraterritorial application of Japanese criminal and regulatory laws, and applicable law in contracts, torts, and property.

ADITYA MEHROTRA

Non-fungible tokens (NFTs) are often regarded as the cryptocurrency of the future. The ownership and value of an original digital asset like a picture, video, or audio file may be established with the use of a digital asset called a Non-Fungible Token (NFT). Blockchain technology and smart contracts are used to issue them on these assets, creating one-of-a-kind digital signatures and guaranteeing their safety. As a result of their speculative nature, sudden price drops or rises, and susceptibility to cyber security attacks, they are very risky investments. NFTs aim to alleviate the burden of proof-of-ownership verification.

V.I. Lehenko

The article is devoted to the study of the current legal regulation of virtual assets in the Hong Kong Special Administrative Region of the People’s Republic of China. The author analyses the advantages and disadvantages of the relevant legal framework, as well as the possibility and feasibility of implementing the most successful solutions into Ukrainian legislation.
 Due to the lack of in-depth studies that would combine the main regulatory norms and definitions and provide a general overview of this regulatory system, it became necessary to study in detail the current legal system of the Hong Kong Special Administrative Region of the People’s Republic of China, which is characterised by high autonomy from the rest of the PRC, and to identify the institutions that perform the functions of a regulator of virtual assets.
 Next, the author provide a legislative definition of virtual assets and their classification. Unlike other jurisdictions, the Hong Kong Special Administrative Region of the PRC focuses on the key features inherent in this particular object of civil rights, and excludes from the definition other objects that have similar features but are already regulated separately.
 The common law system makes it possible to regulate certain aspects of the circulation of virtual assets through precedents, which helps to quickly adapt to changes in this market, where new concepts and civil law relations emerge every few years. For example, it was through precedent that it was determined that cryptocurrencies are property and can therefore be the subject of a trust.
 Currently, not all objects created on the basis of blockchain technology are subject to regulation, such as non-fungible tokens or central bank digital currencies, as the possibility of their circulation is still being investigated by the Hong Kong Monetary Authority.
 The article also examines the new nuances of licensing service providers related to the circulation of virtual assets, which require dual licensing under two regimes regulated by separate legal acts.
 The author concludes that Hong Kong has managed to regulate the circulation of virtual assets in one way or another, but has not managed to create a clear system for all market participants, so it is possible to introduce some solutions into Ukrainian legislation, but in general, this legal regulation system has many disadvantages and sometimes creates legal uncertainty.

Sandi Blekić

Rad istražuje problem scalpinga u kontekstu preprodaje ulaznica za događaje i predstavlja rješenje putem web3 aplikacije. Scalping, praksa brze preprodaje ulaznica s ciljem ostvarivanja profita, postala je široko rasprostranjena pojava koja negativno utječe na kupce i ozbiljno narušava integritet industrije događanja. Ova web3 aplikacija koristi pametne ugovore na Ethereum blockchainu i koncept nedjeljivih žetona (eng. non-fungible token) kako bi stvorila transparentno i pošteno tržište ulaznica.

Charles R. Taylor

According to the Merriam-Webster (2023) dictionary, a non-fungible token (NFT) is,” a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, ...

D. Bhanu Sravanthi, P. Venkata Krishna

The International Journal of Computer Engineering in Research Trends (IJCERT) is a peer-reviewed, open access journal that publishes high-quality research papers, reviews, short communications, and notes in the field of computer science engineering and its research trends. The journal covers a wide range of topics in computer science and engineering, including: Welcome to the International Journal of Computer Engineering in Research Trends (IJCERT), is a peer-reviewed, open access journal dedicated to publishing innovative research papers, reviews, short communications, and notes in the field of computer science engineering and related disciplines. IJCERT encourages conceptual, state-of-the-art, research, standard, implementation, experimental, application, and industrial case study discussions in various areas, including: computer architecture, computer networks, software engineering, information security, artificial intelligence, machine learning, data science, robotics, cyber-physical systems, the internet of things, and other areas of computer science engineering and Its Applications.

Syaidina Akasyah, Deslaely Putranti, Reza Ajeng Febiani

NFT (Non-Fungible Token) sebagai alternatif aset digital pada masa kini memunculkan permasalahan pelanggaran hak cipta. Penelitian ini bertujuan untuk mengkaji dan menganalisis perlindungan hukum hak cipta terhadap keberadaan NFT di Indonesia terutama pada platform Opensea. Metode penelitian yang digunakan jenis penelitian yuridis normatif, yakni merupakan penelitian hukum yang dilakukan dengan cara meneliti bahan pustaka atau data sekunder. Dari penelitian yang dilakukan menunjukkan bahwa perlindungan hak cipta terhadap NFT di Indonesia belum secara jelas diatur didalam Undang-Undang Nomor 28 Tahun 2014 tentang Hak Cipta. Namun demikian, perlindungan hak cipta atas NFT pada Platform Opensea, sudah diakamodir di dalam syarat dan ketentuan dari platform tersebut. Opensea berhak melakukan takedown atas konten yang melanggar kekayaan intelektual orang lain khususnya hak cipta.

Khiem Huynh Gia, Huong Hoang Luong, Hong Khanh Vo, Phuc Nguyen Trong · 14 authors

Current traditional shipping models are increas-ingly revealing many shortcomings and affecting the interests of sellers and buyers due to having to depend on trusted third parties. For example, the Cash-on-Delivery (CoD) model must depend on the carrier/shipper, or the Letter-of-Credit (LoC) model depends on the place of the Letter certification (i.e., bank). There have been many examples demonstrating the riskiness of the two models above. Specifically, in developing countries (e.g., Vietnam), the demand for exporting goods and trading between sellers and buyers have not yet applied the benefits of current technology to improve traditional shipping models. Two typical examples in the last five years that have demonstrated the risks of both sellers and buyers when applying CoD and LoC models are the problem of keeping the money of the seller of GNN Expresses (2017) as well as risks in losing control of 4 containers of cashew nuts when exporting from Vietnam to Italy (2021). A series of studies have proposed solutions based on distributed storage, blockchain, and smart contracts to solve the above problems. However, the role of the shipper has not been considered in some approaches or is not suitable for deployment in a developed country (i.e., Vietnam). In this paper, we propose a combination model between the traditional CoD model and blockchain technology, smart contracts, and NFT to solve the above problems. Specifically, our contribution includes four aspects: a) proposing a shipping model based on blockchain technology and smart contracts; b) proposing a model for storing package information based on Ethereum’s NFT technology (i.e. ERC721); c) implementing the proposed model by designing smart contracts that support the creation and transfer of NFTs between sellers and buyers; d) deploy smart contracts on four EVM-enabled platforms including BNB Smart chain, Fantom, Celo, and Polygon to find a suitable platform for the proposed model.

Wenpin Tang

With the increasing adoption of the Proof of Stake (PoS) blockchain, it is timely to study the economy created by such blockchain. In this chapter, we will survey recent progress on the trading and wealth evolution in a cryptocurrency where the new coins are issued according to the PoS protocol. We first consider the wealth evolution in the PoS protocol assuming no trading, and focus on the problem of decentralisation. Next we consider each miner's trading incentive and strategy through the lens of optimal control, where the miner needs to trade off PoS mining and trading. Finally, we study the collective behavior of the miners in a PoS trading environment by a mean field model. We use both stochastic and analytic tools in our study. A list of open problems are also presented.

Austin Adams, Xin Wan, Noah Zinsmeister

In the Uniswap Protocol, a price oracle is a tool used to view price information about a given asset over time and enables developers to build highly decentralized protocols with quantifiable manipulation costs using price feeds. With the adoption of Proof of Stake (PoS), oracles are theoretically less secure because a malicious validator knows whether they control the next block created, allowing them to avoid value lost to back-running an attempted oracle manipulation. However, manipulation on most Uniswap v3 TWAP oracles is not currently possible, because bad actors both need to source vast amounts of capital and then earn enough to make up for value lost to fees. This paper studies the difficulty, potential cost, and likelihood of oracle manipulations on Uniswap v3 under Ethereum PoS. We also discuss potential future innovations to create the next generation of PoS manipulation resistant oracles.

Manos – Nikolaos Papadakis, Evangelia Kopanaki

Modern economy faces one of its’ greatest challenges of all times and disruptive innovations are available to corporations as solutions to major business drawbacks (e.g., traceability, communication, data exchange, information modelling etc.). The Maritime Industry combines multiple supply chain stakeholders and operations, globally, generating critical data and exchanging important documents. Mostly, these are paper-based and proprietary. For this industry, digitally exchanged data, must be unambiguous, semantically aligned between trading partners and shared with resilience in real-time using a common operational language. This could be achieved through the prominent from Bitcoin Cryptocurrency Blockchain Technology as a digital verification mechanism complying with global identification, technical and data exchange standards. Acknowledging the difficulties faced in the Maritime Business Operations’ Management, this paper examines the strategic impact of Standards and Blockchain Technology in the industry’s processes.

Vladimir Balentović

Svrha je istraživanja u ovom diplomskom radu utvrditi što je potrebno za pravno i tehnološko unapređenje i usklađivanje pametnih ugovora kako bi pametni ugovori imali širu primjenu i pravnu prihvaćenost te bili ravnopravni s tradicionalnim ugovorima u pisanom obliku. Cilj je istraživanja dokazati spremnost tehnologije koja omogućava pametne ugovore te objasniti zašto pametni ugovori nisu do sad pravno regulirani i prihvaćeni. Analizom i usporedbom definicija za blockchain tehnologiju i pametne ugovore ponuđena je vlastita definicija za blockchain tehnologiju i pametne ugovore. Usporedili su se tradicionalni i pametni ugovori kako bi se istaknule prednosti i nedostaci pametnih ugovora te su se ponudila rješenja za nedostatke pametnih ugovora. Prijedlozi za tehnološko unapređenje pametnih ugovora su ponuđeni za Ethereum blockchain jer je to prva platforma za pametne ugovore koja je najveća i najpopularnija. Ponuđena su rješenja za prepreke koje su detektirali regulatori pojedinih država i organizacije. Pravna unapređenja pametnih ugovora su predložena na temelju analizi stava sudionika u pravnom sustavu.

Cristóbal Marinkovic, Julio López Fenner, Óscar Ancán, Carlos Cares

Smart contracts are contracts made of executable code running on Blockchain platforms. DasContract was introduced in 2019-2020 as a domain-specific language (DSL) for smart contract modeling with the ability to generate code in a programming language (Solidity), yet its environment exhibits various limitations, both in technical and design aspects. In this work, we propose a user interface with improved usability that includes tools for syntax verification, develop a software prototype, demonstrate its usage with a case study, and identify future lines of research.

Jason Chuah

Abstract There is much to be welcomed concerning the role blockchain technology can play in modernising and enhancing international trade, creating a more level playing field and reducing costs. However, it goes without say that the technology also brings with it the risk of abuse leading to trade-based money laundering. This article explores how anti-money-laundering legislation should respond to the use of blockchain technology in shipping and trade. Maritime trade poses unique challenges because of several significant factors: the fact that it concerns large sums but many linked trading transactions over the same goods; its use of documents and involvement of numerous faceless entities; and its cross-border setting. Drawing on tried and tested forms of blockchain technology-based trade transactions, this work examines the fault lines in the current regulatory system and questions how best these gaps should be remedied. It also stresses that even states that have banned the issue and trade of cryptoassets might not be immune to these new challenges.

Ricardo Kulušić

Kroz rad se analizira fenomen non-fungible tokena koji su u periodu od 2018. do 2022. postali široko popularni, a njihove vrijednosti dosezale su po nekoliko desetaka milijuna američkih dolara u određenim situacijama. Analizira se pozadinska tehnologija koja je bila osnova za stvaranje tehnologije NFT-jeva, te objašnjava kako je blockchain bio predložan za iste, kao i analizira kako je razlika između kriptovaluta i NFT-jeva u jedinstvenosti. Radi se i pregled tržišta NFT-jeva, kao i udjeli različitih tipova tokena na tom tržištu. Prolazi se kroz rast vrijednosti po godinama, korelaciju vrijednosti kriptovaluta i NFT-jeva, a spominje se i razlika u otpornosti kriptovaluta i non-fungible tokena na svjetske ekonomske krize. Analizira se i korelacija između velikih prodaja i količine pretraživanja na internetu te se dotiče utjecaja krizi na medijsku raširenost NFT-jeva. Za kraj, radi se pregled nekih zanimljivijih kolekcija i primjeraka NFT-jeva i prikazuju zanimljivi načini upotrebe istih. Potom se i prolazi kroz probleme i brojne prevare na tržištu non-fungible tokena, te dotiče manjka regulacija na cjelokupno tržište i naposljetku promišlja bi li potencijalne regulacije pomogle razvoju tržišta.

Knut Erik Knutsen, Liang Qin, Nikita Karandikar, I.H. Ibrahim · 6 authors

Abstract In recent years, distributed ledger technologies (DLTs), especially blockchain technology, has become a popular topic and is being implemented in different industries. Ships are expected to be equipped with more advanced equipment and less crew onboard. The communication and information sharing between different maritime stakeholders such as business partners, port authorities, tax authorities, class societies, flag states, IMO and EU become more important than ever. Trust and authenticity are key properties when utilizing data for safety or business critical applications, and will only increase in importance as automation levels increase towards fully autonomous ships and trading systems. The implementation of DLTs as close as possible to the data source helps provide a reliable, trustworthy way to share, process and verify the data. The objective of this paper is to explore how tamperfree maritime data sharing can enable automated transactions between vessels and shore-based entities. Singapores TradeTrust platform has shown that digitalization of international trade has great potential. In this paper we explore how further enhancements may be implemented and how the distributed ledger VeChain, as compared to Ethereum, have some distinct advantages that may be beneficial for continued automation and efficiency gains. The electronic Bill of Lading was taken as an example to demonstrate the concept. Reporting requirements from the other maritime data sharing scenarios are also expected to require a way of ensuring tamperfree data.

Časlav Pejović, Unho Lee

Recently, great attention has been paid to blockchain technology for creating new opportunities in international trade. Parties involved in international trade can now enter into transactions more securely thanks to immutable, distributed ledgers without necessarily relying on a third-party system provider while benefiting from the improved speed and cost of transactions. Blockchain technology has a decisive impact on the development of electronic transport documents. Pre-existing electronic bills of lading have relied on a system provider of “registry” whose nature has restricted them from being widely used in practice. Blockchain bills of lading are expected to address the shortcomings of their preceding generation by allowing anyone to use them and achieving a mechanism of transferring their control in a similar way to transferring the possession of paper bills of lading. At the same time, however, there are a number of practical and legal issues that might slow down the full application of blockchain bills of lading. To examine the potential issues in their use, this paper aims first to introduce blockchain bills of lading and how they carry out the functions of traditional bills of lading; secondly, the paper seeks to identify what the challenges are and how they may impede the use of blockchain bills of lading; and lastly, it investigates whether the proposed legal instruments could provide legal recognition of the use of blockchain bills of lading. These questions will determine the prospects for blockchain bills of lading: could they eventually render paper bills of lading a relic, or will they simply remain just another type of electronic bill of lading that has to coexist with paper bills of lading?

David S. Christie, Joseph Mante

No abstract is available for this record.

Khoi Le Quoc, Phuc Nguyen Trong, Hieu Le Van, Hong Khanh Vo · 13 authors

The exchange of goods between countries is growing, contributing to the promotion of logistics-related technologies. More and more systems are adopting advances in science and engineering to reduce manual handling steps, thereby reducing transit time. Letter-of-Credit (LOC) is a standard method where the parties involved will enter into agreements for the sale and exchange of goods. Specifically, each party will receive a set of original documents and does not need to meet face-to-face under the bank’s witness. The process brings many benefits in terms of time and reduces records processing. However, the system faces a lot of risks when one of the parties is dishonest. On the other hand, the traditional LOC systems face a lot of risks related to the transparency of information about the goods, and also the supplier may lose the goods (e.g., 4/100 Vietnamese cashew nut containers are lost. stuck in Italy) or deposits in the hands of shipping companies (e.g., GNN Express - Vietnam) and many more. To this end, many research directions have exploited blockchain technology and smart contracts. Specifically, all information related to the transaction between the supplier and the demander including package, time, and delivery location. However, there needs to be a mechanism to ensure the smooth implementation of smart contracts, specifically for sanctioning when there is a conflict between a supplier and a demander. This role should be considered for the transaction manager, who directly designs and is responsible for their smart contracts. Currently, there is no mechanism to guarantee all interests of the parties involved in non-bank transactions. To increase the processing capacity and integrate with the Blockchain system, we propose the Letter-of-credit Chain that defines the agreements between the parties in international trade. We also deploy the proof-of-concept of the Letter-of-credit Chain on the three EVM-supported platforms (i.e., under ERC20), namely, Ethereum, Binance Smart Chain, and Fantom. By evaluating the actual execution of Gas for each platform, we found that our proposed model had the cheapest fee when deployed on the Fantom platform. Finally, we share the deployment/implementation of these platforms’ proof-of-concept to encourage further future research.

Lisa Toohey

The topic of ‘trade and technology’ usually gives rise to discussions of the ways in which new technologies might be traded, and the limitation of current trade rules in adapting to rapidly changing innovations. In contrast, this chapter asks a fundamentally different question – what opportunities will technology present to change the modes and methods by which trade regulation is achieved? Specifically, the chapter considers how the World Trade Organization (WTO), or a future trade organisation, might itself take advantage of technology to restructure how it manages trade and fulfils its mandate. That mandate includes serving as a facilitator of trade agreements and market access negotiations, a forum for resolution of trade disputes, and a watchdog for national trade policies. It argues that technologies such as artificial intelligence, distributed ledger technologies, and the Internet of Things can be used in order to streamline and improve a range of WTO processes, particularly dispute settlement, negotiations, notifications, and monitoring.

Kristin B. Cornelius

Transparency and accountability are important aspects to any technological endeavor and are popular topics of research as many everyday items have become ‘smart’ and interact with user data on a regular basis. Recent technologies such as blockchain tout these traits through the design of their infrastructure and their ability as recordkeeping mechanisms. This project analyzes and compares records produced by non-fungible tokens (NFTs), an increasingly popular blockchain application for recording and trading digital assets, and compares them to ‘document standards,’ an interdisciplinary method of contract law, diplomatics, document/interface theory, and evidentiary proof, to see if they live up to the bar that has been set by a body of literature concerned with authentic documents. Through a close reading of the current policies on transparency (i.e., CCPA, GDPR), compliance and recordkeeping (i.e., FCPA, SOX, UETA), and the consideration of blockchain records as user-facing interfaces, this study draws the conclusion that without an effort to design these records with these various concerns in mind and from the perspectives of all three stakeholders (Users, Firms, and Regulators), any transparency will only be illusory and could serve the opposite purpose for bad actors if not resolved.

Brydon T. Wang, Mark Burdon

There is an increasing commercial imperative to automate various <br/>components of the construction contract administration process, including <br/>technologies such as sensors, common data environments, machine learning <br/>frameworks and smart contracts. These technologies of automation augment <br/>the role of the superintendent that administers construction contracts and <br/>impact how the superintendent exercises discretion in relation to legal <br/>obligations captured in the construction contract. This article analyses the <br/>discretionary aspects of a superintendent’s legal obligations as articulated in <br/>Australian standard form construction contracts. It argues that the exercise of <br/>superintendent discretion in a fair and reasonable manner signals <br/>trustworthiness to the construction industry and positions the superintendent <br/>as a trusted intermediary on the construction contract. Consequently, the <br/>augmentation of the trusted role of a superintendent requires a deeper <br/>understanding of how automation of contract administration processes can <br/>support the signalling of trustworthiness. To do so, this article adopts a <br/>conceptual framework of trustworthiness to examine how the exercise of <br/>superintendent discretion signals trustworthiness in three ways: ability, integrity <br/>and benevolence. The article concludes that care must be taken when <br/>deploying technologies of automation in the contract administration process in <br/>order to ensure that superintendent discretion is exercised fairly, reasonably, <br/>and in good faith