This paper defines Conditional Token (CT) as the token with specific conditions and proposes the use functions for its operations in smart contract so that it can be deployed at the public blockchain. If CTs were exchanged to/equivalent to fiat currency once then all conditions are realized, that is, the required performances and obligations/rights are agreed upon. In use, the obligation-type CT can be used as a divisible mortgage or be used as a representation of accounts receivable, accounts payable and vouchers as it is used in accounting. While the rights-type CT can be used as divisible fixed-income bonds or as an investment vehicle. Integrate both types of CTs with a matching methodology can thus be used in any kind of peer-to-peer (P2P) system of the decentralized finance, such as crowdfunding and P2P lending. This paper thus applying this new model to solve the complex issues of supply chain finance. For feasibility, this study concludes CT is the “Verdinglichung Obligatorischer Rechte”, and CTs are better than the current corporate loans in terms of cost and benefits. In addition, it is capable of transferring risk to other investors. In terms of implementation, this paper proposes a system framework and has completed a proof of concept of the system.
We investigate the potential and limits of privacy-preserving corporate blockchain applications for information provision. We provide a theoretical model in which heterogeneous firms choose between adopting a blockchain application or relying on traditional third-party intermediaries to inform the capital market. The blockchain’s ability to generate information depends on each firm’s data profile and all firms’ endogenous adoption decisions. We show that blockchain technology can improve the information environment and outperform traditional institutions with firms’ adoption decisions serving as a credible value signal and the application uncovering firm values by analyzing all participating firms’ data. However, we also characterize an adverse mixed-adoption equilibrium in which neither of the two channels realizes its full potential and information provision declines not only for individual firms, but also in aggregate. The equilibrium is a warning sign that has broad implications for policymakers’ regulatory effort and investors’ assessment of corporate blockchain applications. This paper was accepted by Suraj Srinivasan, accounting. Funding: B. Franke and Q. Gao Fritz gratefully acknowledge financial support from the Deutsche Forschungsgemeinschaft (DFG, German Research Foundation) Project-ID 403041268–TRR 266 Accounting for Transparency. A. Stenzel gratefully acknowledges financial support from the DFG through CRC TR 224 (Project C03) during prior employment at the University of Mannheim. Supplemental Material: The online appendix is available at https://doi.org/10.1287/mnsc.2023.4718 .
In this paper we explore the importance of platform governance. We discuss various problems of centralized architecture in the context of the metaverse or sharing economy applications which may lead to monopoly market structures. We argue that open standards and blockchain-based governance can potentially mitigate some of these issues. We then collect governance data from the first blockchain-based virtual world and conduct an empirical analysis to study voter behavior within Decentralized Autonomous Organizations (DAOs). We provide empirical evidence that open standards and blockchain-based governance are a necessary but not a sufficient condition for a decentralized and neutral platform. Centralization and concentrated voting power may lead to dependencies, rent extraction behavior and create hold-up problems. Consequently, producers, prosumers and service providers must evaluate the governance structure of the platform before establishing a presence.
The power system and markets have become increasingly complex along with an effort to digitalize the energy sector. Accessing flexibility services, in particular, through digital energy platforms, has enabled communication between multiple entities within the energy system and streamlined flexibility market operations. However, digitalizing these vast and complex systems introduces new cybersecurity and privacy concerns, which must be properly addressed during the design of the digital energy platform ecosystems. In this study, the potential and operation of digital flexibility platforms are reviewed, and a generic architecture with/without a combined distributed ledger technology framework is proposed. Finally, concerns about cybersecurity and privacy on digital energy platforms are discussed.
Lioba Heimbach, Quentin Kniep, Yann Vonlanthen, Roger Wattenhofer
Many classical blockchains are known to have an embarrassingly low transaction throughput, down to Bitcoin's notorious seven transactions per second limit.Various proposals and implementations for increasing throughput emerged in the first decade of blockchain research. But how much concurrency is possible? In their early days, blockchains were mostly used for simple transfers from user to user. More recently, however, decentralized finance (DeFi) and NFT marketplaces have completely changed what is happening on blockchains. Both are built using smart contracts and have gained significant popularity. Transactions on DeFi and NFT marketplaces often interact with the same smart contracts. We believe this development has transformed blockchain usage. In our work, we perform a historical analysis of Ethereum's transaction graph. We study how much interaction between transactions there was historically and how much there is now. We find that the rise of DeFi and NFT marketplaces has led to an increase in "centralization" in the transaction graph. More transactions are now interconnected: currently there are around 200 transactions per block with 4000 interdependencies between them. We further find that the parallelizability of Ethereum's current interconnected transaction workload is limited. A speedup exceeding a factor of five is currently unrealistic.
Форгор Лемпого, William Leslie Brown‐Acquaye, Millicent Agangiba, Daniel Selassie Kwasi Twumasi
Although information technology has positively influenced operations in the Ghanaian financial sector, there is still a high operational cost in performing KYC procedures due to duplication of efforts during clients' onboarding. The decentralized nature of blockchains makes them ideal for addressing these challenges. In this paper, the blockchain maturity model was used to assess the maturity and readiness of Ghanaian banks to adopt blockchain technology for KYC processes. Using primary data obtained via questionnaires and interviews, the individual components of the blockchain maturity model were assessed. The results indicate that the network, hardware, and software components are at repeatable, defined, and managed stages, respectively, while the people component lags in the initial stage due to a lack of adequate staff training. Finally, security and privacy are at the defined stage, whereas policy and regulations are at the initial stage.
Developments in the field of internet technologies have changed traditional shopping behaviors and led consumers to shop online on electronic commerce sites. Developments in the field of electronic commerce have also diversified payment systems and virtual currencies have started to be used in payments. When it comes to virtual currencies, the first concept that comes to mind recently is cryptocurrencies. Cryptocurrencies, which are seen as investment instruments, have started to be used as payment methods by many brands in the global market. At this stage, the basis of the research is to reveal the intention of consumers in Turkey to use cryptocurrencies in online shopping. The goal of the study, which was conducted within the framework of the Technology Acceptance Model, was to discover the implications of consumers' perceptions of cryptocurrencies' ease of use, risk, and trust factors on their perceived benefit and intention to use cryptocurrencies in online purchasing. For this aim, it was discovered that perceived ease of use and trust have a significant positive effect on perceived benefit, while perceived risk has a significant negative effect, based on the analysis of data obtained from 391 customers via the online survey technique. In addition, perceived ease of use, trust and benefit also positively affect the intention to use cryptocurrency in online shopping. It is concluded that the perceived risk factor does not affect the intention to use cryptocurrency in online shopping. The findings provide significant theoretical and practical contributions to the fields of cryptocurrency and electronic commerce.
The research, in its general lines, tends to open an interpretative perspective on the fact that the bitcoin and blockchain (BTC-BC) phenomenon could be defined primarily through the social learning lens, and in that case would be considered a privileged way to investigate humans' behavior related to the emergent innovations, considering voluntariness in information seeking as antecedent of reduced reticence to acceptance. The approach inherent in the analysis proposed should be considered as exploratory and embryonic, but interesting and crucial for a seminal investigation of the field, due to the rapid emergence of the phenomenon object of the study. The main implication of the interpretative paradigm provided on the BTC-BC scene, considering the social learning view, could be found on the managerial side, thanks to the possible indirect knowledge-based strategy, able to shape an informed social context, promoting the future probable and potentially facilitated application of “disruptive” technologies in several work environments.
Kripto paralar, dünyada son yıllarda ortaya çıkan ve klasik para anlayışından farklı olarak hızlı bir şekilde yaygınlaşmış ve alternatif yeni bir değişim ve yatırım aracı olmuştur. Gelişmiş ülkelerde kağıt para ile yapılan harcamalar büyük oranda yerini kripto paralara bırakmaya başlamıştır. Kripto paralar elektronik olarak transfer edilebilme ve saklanabilme özelliğine sahip olup, kâğıt paraları temsil etmektedir. Bitcoin (BTC) kripto paraların ilki olup, 2009 yılında ortaya çıkmış ve kripto para çağının kapılarını aralamaya başlamıştır. 
 
 Bu çalışmanın amacı Bitcoin fiyatları ile Dolar endeksi arasındaki ilişkinin ekonometrik olarak araştırılmasıdır. Araştırmada, tarih aralığının belirlenmesinde, Bitcoin verilerinin ulaşılabilir olduğu en eski tarih 02.02.2012 olup, veri aralığı olarak 21.12.2021 dönemi iş gününü kapsamakta ve günlük verilerden oluşmaktadır. Çalışmada yöntem olarak zaman serisi analizlerinden yararlanılmıştır. Değişkenler arasındaki ilişkiyi test edebilmek için serilerin durağan olup olmadığı ve yapısal kırılmaları da dikkate alan “Lee Strazicich Birim Kök Testi” uygulanmıştır. Değişkenler arasında herhangi bir nedenselliğin olup olmadığı, nedensellik mevcutsa bu ilişkinin yönünün ne olduğu “TodaYamamoto Testi” ile ikili analiz şeklinde test edilmiştir. Toda-Yamamoto testi sonuçlarına göre, Bitcoin fiyatlarıyla, Dolar endeksi arasında bir nedensellik ilişkisinin bulunmadığı tespit edilmiştir.
This session delves into a real use case that led to the development of an existing production quality consumer app currently available on both Apple App Store and Google Play. The discussion focuses on practical considerations, implementation decisions and the nuances of the token economics that were the foundation of this solution.
Purpose This paper addresses a gap in research literature in the fields of blockchain technology (BC), supply chain network dynamics (SC) and network effect phenomena (NE). Extant BC and SC literature describes the potential benefits to be reaped through the adoption of BC technology. While BC technology does not yet meet the researched expectations of adoption, performance and efficacy, the authors analyze the three inter-related fields (BC, SC and NE) to bridge this gap in theory. Design/methodology/approach This paper begins with a research review correlating the technological fundamentals of BC technology into fundamental value propositions for SC logistics contexts. The authors review the gap between these theoretical technological functions and the current ecosystem of BC applications. With an overarching understanding of BC in SC contexts, this paper then explores the phenomena of NE and attempts to synthesize various interrelated aspects of the three fields (BC, SC and NE). Research frameworks from extant literature are used for cross-comparing legacy software/information system solutions with potential and existing BC-based solutions. Case studies are utilized to support this analysis. Findings Several key considerations and themes are identified to better inform practitioner and researcher decision-making. Novel insights pertain to BC platform architecture and application modularity, integrated governance and decision-making capabilities, and the automation capabilities that arise from a healthy application and smart contract ecosystem. Originality/value The core contribution is the synthesis of network effect theory with SC phenomena and BC theory and the exploration of how these three fields are inter-related in the maturation of BC technology. Specifically, the authors deepen insights from extant literature by contextualizing findings with relevant interdisciplinary theoretical frameworks.
PURPOSE: The banking sector is under intense pressure from digitalization. One of the accompanying processes is the development of digital platforms and platform ecosystems in banking services. The paper aims to present the dynamic pattern of behavior among partners stemming from the tensions between governance costs and co-created value within platforms in banking services. METHODOLOGY: The study employs an approach based on a systematic literature review of 54 publications selected from Scopus and WoS databases. We applied an approach that consists of two steps. The first step of the research was a literature review and critical analysis of the sources related to our research questions. In the second step, we propose a causal loop diagram research procedure, which is a research system dynamic tool used in modeling system dynamics. FINDINGS: There are different types of platforms, and among the most important are blockchain-based and cloud-based platforms. In both types, the relations between owners, complementors, and customers are important. The tension between governance costs and co-created value informs behavior patterns among platform partners. The degree of interconnectedness between platform participants and the level of centralization of banking services depends on the platform type. The study highlights that blockchain-based and cloud-based platforms play a significant role in the transformation of the current banking services. The choice of platform type has important implications for the platformization of banking services. IMPLICATIONS: The pattern of behavior among platform partners identifies the self-reinforcing dynamics that suggest how managers can navigate the tension over time amidst the asymmetry of benefits and risks. The research findings can be informative for financial regulators and they help work out a policy that reduces the asymmetry of benefits and contributes to the more sustainable development of digital platforms. ORIGINALITY AND VALUE: This paper addresses the paradox perspective on the banking sector changes during the intensive processes of digitalization and the creation of new ‘platform ecosystems.’ This topic has not been studied in this context so far.
Blockchain tokens have accumulated tremendous market value but remain highly controversial, given their price volatility and seemingly speculative nature. Ironically, this very characteristic can foster token retention as users wait for occasions of appreciation. In this paper, we conduct an empirical analysis with 58 tokens in two steps: first, an investigation of the drivers of user activity and token price volatility using a new blockchain token classification framework, searching for possible tokenomics links. Our findings suggest that there is an intrinsic relationship between the way tokens are used as a means of exchange and how token usage dynamics influence user engagement oppositely to market stability. Only some features, such as earning potential and voting rights, foster token-holding strategies, while only Ethereum ecosystem membership has positive effects on price volatility. Second, we analyze the direct relationship between price volatility and active users. Results show that, on average, a 10% increase in volatility is related to a decrease in active addresses ranging between 3.96% and 5.88%. The finding is supportive of the hypothesis that token price volatility may be treated as an opportunity to increase token retention.
La presente indagine si pone come obiettivo di analizzare l’impatto ambientale delle criptovalute nell’ambito delle iniziative avviate in ambito europeo. Dopo aver delineato un excursus storico delle criptovalute ed illustrato i principali interventi normativi adottati in materia dal legislatore italiano, verrà illustrata la nuova disciplina europea concernente il mercato delle cripto-attività, ovvero il Regolamento MiCA.
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 evolution of blockchain technology has transcended its initial application in cryptocurrencies, leading to the development of decentralized applications (dApps) with far-reaching implications across various industries. This paper investigates the evolution and impact of blockchain beyond cryptocurrencies into decentralized applications, exploring the transformative potential of blockchain-based solutions in reshaping traditional systems and processes.Blockchain technology, originally conceived as the underlying infrastructure for Bitcoin, has since evolved into a versatile platform that enables the creation of decentralized, immutable, and transparent digital ledgers. Beyond serving as the backbone of cryptocurrencies, blockchain has paved the way for the development of decentralized applications, which leverage its inherent features such as decentralization, immutability, and cryptographic security to enable trustless interactions and automate complex processes.The impact of blockchain-powered decentralized applications extends across diverse sectors, including finance, supply chain management, healthcare, and governance. In the financial realm, blockchain facilitates secure and efficient transactions, enables the tokenization of assets, and fosters financial inclusion by providing access to banking services for underserved populations. In supply chain management, blockchain enhances transparency, traceability, and accountability, enabling stakeholders to track the provenance of goods and mitigate fraud and counterfeiting.Moreover, blockchain-based decentralized applications are revolutionizing healthcare by enabling secure sharing of medical records, enhancing interoperability among healthcare providers, and ensuring patient data privacy and integrity. In governance, blockchain offers opportunities for transparent and tamper-proof voting systems, verifiable identity management solutions, and the digitization of public services.However, the adoption and implementation of blockchain beyond cryptocurrencies into decentralized applications are not without challenges. Issues such as scalability, interoperability, regulatory compliance, and environmental sustainability pose significant hurdles to widespread adoption. Moreover, concerns regarding data privacy, security, and governance in decentralized ecosystems necessitate careful consideration and mitigation strategies.In conclusion, the evolution of blockchain technology into decentralized applications represents a paradigm shift in how digital systems and processes are conceived, implemented, and governed. By exploring the evolution and impact of blockchain beyond cryptocurrencies, this paper sheds light on the transformative potential of decentralized applications and highlights the challenges and opportunities associated with their adoption in various domains.
The growing demand for wireless communications drives the development of new networking technologies, but also makes efficient usage of the limited frequency spectrum increasingly important. Leasing unused spectrum on a short-term basis would help increase utilisation, but the complicated lease negotiations usually make it financially unviable. To address this, the whole leasing process including the negotiations needs to be streamlined. This paper proposes an automated spectrum marketplace for leasing that allows frequency bands to be put for anonymous auction between qualified (sub)leasers. The solution utilizes decentralized identifiers and verifiable credentials for the entities’ privacy and distributed ledgers for automation and auditing of contract agreements. The prototype implementation demonstrates that the solution significantly streamlines the spectrum leasing process compared to the existing solution.
Rakesh Kumar, Rithika Singh, P. Neeharika, M. Shashi Vardhan Reddy · 5 authors
This research paper investigates the transformational potential of Polkadot-based NFT (Non-Fungible Token) marketplaces in transforming digital ownership.NFTs have evolved as distinct digital assets on blockchain networks, reflecting ownership of different materials such as art, music, and collectibles.However, present blockchain platforms face scalability, interoperability, and transaction cost constraints that prevent the full realization of NFTs' potential.In this setting, Polkadot, a multi-chain environment, stands out as a novel solution.The platform's emphasis on interoperability enables smooth communication between various blockchains, encouraging collaboration and liquidity.Furthermore, its scalable architecture allows for parallel processing, decreasing congestion and improving user experience.Polkadot's shared security concept protects NFT assets across interconnected para chains, enhancing the accuracy of ownership records.Additionally, decentralized governance allows stakeholders democratic control over the platform's progress.As Polkadot's ecosystem grows, the research investigates its impact on the broader NFT market, providing insights into the future of digital ownership.This study contributes to the ongoing discussion about altering the digital world through decentralized and efficient ownership systems by assessing the benefits of Polkadot-based NFT marketplaces.