Jan Mendling, Gero Decker, Richard Hull, Hajo A. Reijers · 5 authors
This paper summarizes a panel discussion at the 15th International Conference on Business Process Management. The panel discussed to what extent the emergence of recent technologies including machine learning, robotic process automation, and blockchain will reduce the human factor in business process management. The panel discussion took place on 14 September, 2017, at the Universitat Politècnica de Catalunya in Barcelona, Spain. Jan Mendling served as a chair; Gero Decker, Richard Hull, Hajo Reijers, and Ingo Weber participated as panelists. The discussions emphasized the impact of emerging technologies at the task level and the coordination level. The major challenges that the panel identified relate to employment, technology acceptance, ethics, customer experience, job design, social integration, and regulation.
Purpose Blockchain is a distributed ledger, in which the blocks containing transaction details are connected chronologically to form a series of chains, thus raising the possibility of improving the process and innovating business model for the financial institutions. The purpose of this paper is to study the actual cases of Blockchain applied in Korea in 2017, so that a vision of business model innovation of financial institutions can be drawn. Design/methodology/approach The financial institutions in Korea are in the technology verification stage to introduce Blockchain technology. Since there is an insufficient amount of actual measurement data, case study method was adopted. The authors interviewed ICT officers of major banks in Korea. The purpose of the interview was to understand the relationship between Blockchain and business models of financial institutions, and the effects and challenges that Blockchain has on the business model of financial institutions. Findings From the perspective of financial institutions, the emergence of Blockchain does not just have technical significance – emergence of highly efficient database system – but has the possibility that if the business model of existing financial intermediaries disappears or get reduced, the financial services relying on them can disappear altogether, or some of them can be replaced, and financial transaction patterns of consumers can be changed. As a case studies researched for this paper, it was discovered that the distributed characteristic of Blockchain cannot be applied when actually developing financial services.
Analogous to the emergence of the internet, the introduction of blockchain technology augurs disruptive change to the music industry. Though in its infancy, the technology presents interesting policy issues related to registering and monetizing intellectual property, policing piracy, and creating and executing more flexible contracts between and among members in the music supply chain, among others. This paper assesses the ability of the distributed ledger technology to steer the industry toward a distributed model and its potential to drastically alter the entire music supply chain. It initiates a conversation about policy implications and how policymakers might address the issues related to adopting blockchain technology, including designing policies that support an environment that enables the well-deserved compensation of artists.
This paper analyses the effect of adding Bitcoin, to the portfolio (stocks, bonds, Baltic index, MXEF, gold, real estate and crude oil) of an international investor by using daily data available from 2<sup>nd</sup> of July, 2010 to 2<sup>nd of</sup> August, 2016. We conclude that adding Bitcoin to portfolio, over the course of the considered period, always yielded a higher Sharpe ratio. This means that Bitcoin’s returns offset its high volatility. This paper, recognizing the fact that Bitcoin is a relatively new asset class, gives the readers a basic idea about the working of the virtual currency, the increasing number developments in the financial industry revolving around it, its unique features and the detailed look into its continuously growing acceptance across different fronts (Banks, Merchants and Countries) globally. We also construct optimal portfolios to reflect the highly lucrative and largely unexplored opportunities associated with investment in Bitcoin.
Blockchain technology has been raising enthusiasm over a variety of disciplines, from information technology and finance, to law and economics. Blockchain is a decentralized ledger, which facilitates trust and makes peer-to-peer transactions possible without a central third-party authority. Since 2008, cryptocurrency bitcoin has provided an example of how to implement a marketplace without a central authority by using blockchain technology . The fact that a broad range of economic and government activities rely on a centralized recording of the basic data of the economy makes this technology potentially significant. The utopian views of blockchain have argued that it will disrupt a wide range of markets by eliminating the need for intermediation. The objective of this thesis is to review the relevant literature related to the topic and provide a guide to what blockchain means in the field of economics. The published research is mapped through a three stage literature review, and based on this, it is organized in three main categories: monetary-, innovation- and governance-centred research. Even though the literature surrounding the topic is still in its infancy, the potential of blockchain technologies is recognized by the literature. From the monetary viewpoint blockchain gives unprecedented flexibility in designing the attributes of currencies in terms of supply, value and exchange. From the innovation viewpoint, blockchain can create both increased efficiency of existing markets but also profits through entirely new markets. From the governance viewpoint blockchain facilitates trust and can be instrumental in democratizing economy more towards peer-to-peer production and consumption. Rather than a single technology, blockchain should be understood as a part of a greater digital transformation. In this case, blockchain can play a role in unlocking the potential of digital commons as well as the sharing and platform economy through a decentralized, universal record-keeping system.
Analyzing 242 articles related to the study of blockchain which were published in China and abroad from 2014 to 2016, and from the aspects of literature sources, research subjects, research methods and western countries, the basic frame of blockchain research classification is put forward. Summarize the current blockchain technology progress, research limitations and future development trends. The research shows that the domestic research on the blockchain is more decentralized, non-systematic, and has not reached a certain research depth. Whatâs more, it is lack of quantitative analysis. Digital currency, Internet finance, and the risk of blockchain technology research will be the focus of future research.
Financial technology (FinTech) is the new business model and technology which aims to compete with traditional financial services and blockchain is one of most famous technology use of FinTech. Blockchain is a type of distributed, electronic database (ledger) which can hold any information (e.g. records, events, transactions) and can set rules on how this information is updated. The most well-known application of blockchain is bitcoin, which is a kind of cryptocurrencies. But it can also be used in many other financial and commercial applications. A prominent example is smart contracts, for instance as offered in Ethereum. A contract can execute a transfer when certain events happen, such as payment of a security deposit, while the correct execution is enforced by the consensus protocol. The purpose of this paper is to explore the research and application landscape of blockchain technology acceptance by following a more comprehensive approach to address blockchain technology adoption. This research is to propose a unified model integrating Innovation Diffusion Theory (IDT) model and Technology Acceptance Model (TAM) to investigate continuance intention to adopt blockchain technology.
An appealing feature of blockchain technology is smart contracts. A smart contract is executable code that runs on top of the blockchain to facilitate, execute and enforce an agreement between untrusted parties without the involvement of a trusted third party. In this paper, we conduct a systematic mapping study to collect all research that is relevant to smart contracts from a technical perspective. The aim of doing so is to identify current research topics and open challenges for future studies in smart contract research. We extract 24 papers from different scientific databases. The results show that about two thirds of the papers focus on identifying and tackling smart contract issues. Four key issues are identified, namely, codifying, security, privacy and performance issues. The rest of the papers focuses on smart contract applications or other smart contract related topics. Research gaps that need to be addressed in future studies are provided. http://aircconline.com/ijcsit/V9N5/9517ijcsit11.pdf
<p style='text-indent:20px;'>In Bitcoin system, transactions are prioritized according to transaction fees. Transactions without fees are given low priority and likely to wait for confirmation. Because the demand of micro payment in Bitcoin is expected to increase due to low remittance cost, it is important to quantitatively investigate how transactions with small fees of Bitcoin affect the transaction-confirmation time. In this paper, we analyze the transaction-confirmation time by queueing theory. We model the transaction-confirmation process of Bitcoin as a priority queueing system with batch service, deriving the mean transaction-confirmation time. Numerical examples show how the demand of transactions with low fees affects the transaction-confirmation time. We also consider the effect of the maximum block size on the transaction-confirmation time.
Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2016.
As the world's first completely decentralized digital payment system, the emergence of bitcoin represents a revolutionary phenomenon in financial markets. This paper mainly studies the fluctuations of bitcoin price and discusses weather digital currencies represented by bitcoin have the potential to invest. Cointegration analysis and VEC (Vector Error Correction) Model have been performed to demonstrate the relationship between bitcoin price and some variables including stock price index, oil price and daily trading volume of bitcoin. The empirical research indicates that there is long-term equilibrium and short-term dynamic relationship among the four factors. The short run analysis reveals that oil price and bitcoin trading volume have little influence on bitcoin price while stock price index has relatively larger impact on it. In the long run, stock price index and oil price have a negative effect on bitcoin price. On the contrary, the value of bitcoin is positively affected by daily trading volume.
Predmetom bakalárskej práce je analýza problematiky virtuálnej meny Bitcoin. Teoretická časť sa zaoberá vysvetlením podstaty tejto virtuálnej meny, jej technickou implementáciou, problematikou bezpečnosti, priblížením právneho hľadiska, ďalej sa praktická časť venuje teoretickému vysvetleniu technickej a fundamentálnej analýzy a približuje aj základy psychologickej analýzy. V praktickej časti je analyzovaný vývoj kurzu bitcoinu od jeho vzniku po súčasnosť prostredníctvom fundamentálnej, technickej a psychologickej analýzy. Napokon sa práca venuje tvorbe predikčného modelu na základe uvedených analýz.