Blockchain Papers

Joseph M. Green

No abstract is available for this record.

Ellie Rennie, Jason Potts, Ana Pochesneva

Overview:Industries that rely on digital payments (especially micro-transactions) and complex contracting between parties stand to gain the most from the arrival of blockchain technology. In addition, the ability to authenticate a work as it passes from one buyer to the next, and to generate unique digital works, will be a boon to those industries where scarcity is valued. We conclude that the creative industries would benefit greatly from this new economic infrastructure – possibly more than any other segment of the economy. However, the embryonic blockchain-enabled creative economy has a difficult road ahead. Old industry incumbents and new technology platforms alike have failed to demonstrate a willingness to embrace an open and accessible ‘internet of value’ (as blockchain is known). Without concerted efforts to coordinate practitioners and stakeholders (arts organisations, creative firms, funding bodies, collecting societies and others), including shared digital infrastructures and open standards, these benefits may never be realised. We propose what we are calling an ‘industry utility’ approach to cultural policy. An industry utility is a shared infrastructure built to support and grow a segment of the economy. In this scenario, Australia’s cultural institutions would cooperate in the development and use of a shared blockchain infrastructure for the creative industries. We provide some initial ideas on what that might look like for creative practitioners and show how such an approach would position Australia as a leader in the creative economy.Highlights:An overview of distributed ledger technology, including smart contracts.Examples of the way experimentation is already taking place with these technologies in the cultural and creative industries (weighted towards the music and screen sectors where most developments have occurred to date).Consideration of the role that Australia’s cultural institutions might play in the development of a creative industries blockchain economy.

Jeremy Levine

No abstract is available for this record.

Rusni Hassan, Nadiyah Syahira binti Nordin, Rizal Mohd Nor

No abstract is available for this record.

Alex Marthews, Catherine E. Tucker

No abstract is available for this record.

Raina Haque, Rodrigo Seira, Brent Plummer, Nelson Maria Rosário

No abstract is available for this record.

Jakob Roth, Fabian Schär, Aljoscha Schöpfer

No abstract is available for this record.

Chunlin Lang, Yang Hu, Les Oxley, Yang Hou

No abstract is available for this record.

Bronwyn Howell, Petrus H. Potgieter, Bert M. Sadowski

No abstract is available for this record.

Axel Beelen

No abstract is available for this record.

Peter GL Hunn, Accord Project, UK

Smart contracts on a blockchain network can be implemented to control digital value. A key question that arises is the extent to which smart contracts can, or should, operate as "smart legal contracts". Simply put, can smart contracts meet requirements of validity at law and practical efficacy. In order to achieve the goal of value maximization, the efforts of policy-makers, standards organisations and regulators should be informed by first principles. Standards, and other regulatory activities, must be driven by consideration of the technolegal functions of contracting. Blockchain-based smart contracts offer the potential to reduce transaction costs through new methods of stateful computation. When applied to commercial transactions, smart contracts can represent enforcement of an executed state. This paper argues that distributed ledger and smart contracts standards should seek to provide sufficient flexibility to facilitate contracting parties to coordinate in an optimal manner.

Benjamin Heck

Die digitale Transformation stellt das Supply Chain Management vor große Herausforderungen. Es muss Antworten und Lösungen finden, um in einem global vernetzten Marktumfeld die Wettbewerbsfähigkeit der Supply Chain sicherzustellen. Das Konzept der Blockchain und der Smart Contracts versprechen großes Potenzial. Gerade im Bereich der Prozessautomatisierung und der Kostensenkung, durch das Entfallen bisher notwendiger Clearingstellen. Allerdings stellt sich auch immer die Frage nach der Datensicherheit und Schutz vor unbefugter Manipulation. Ziel dieser Arbeit ist es Anwendungsmöglichkeiten und Potenziale einer Blockchain und Smart Contracts im Supply Chain Management zu identifizieren und zu beschreiben

Joseph Lee

No abstract is available for this record.

Yuriy Melnyk

Development of -technologies has led to changes in financial systems of different countries promoting their improvement and progress.

Georgiana-Loredana Schipor

The present paper explores the current development of cryptocurrencies, emphasizing the concept of trust related to the blockchain technology and the digital currency market. The study offers a fundamental review of relevant research papers on Bitcoin, examining the main issues of trust among five categories of stakeholders: Governments, users, miners, exchanges and merchants. The results highlight the trust challenges on Bitcoin, reveling a unique perspective of risks on the cryptocurrency market, contagion effects, decentralisation systems or cryptocurrency regulation. The blockchain features are explained in order to better understand the Bitcoin mechanism, presenting the advantages of using such technology, concluding that Bitcoin is a product of the mistrust in financial institutions and an attempt to use alternative payment systems in a more secure way.

Polinpapilinho F. Katina, Charles B. Keating, Joseph A. Sisti, Adrian V. Gheorghe

Blockchain is probably best known as a technology that underpins bitcoin cryptocurrency, taking records (e.g., confirmed financial transactions) and placing them into 'blocks', which are linked to prior blocks - forming a chronological 'chain' of blocks. However, bitcoin blockchain is only one instantiation of blockchain technology and there exist a few qualitative analyses addressing instantiations of blockchain technology. The aim of this study was two-fold: 1) to understand the difference between bitcoin and blockchain; 2) to delineate the need (and role) of governance in blockchain technology. First, fundamental relationships (and differences) between bitcoin and blockchain are presented. Second, drawing on societal blockchain technology concerns, a key element (i.e., governance) and its role in shaping blockchain technology is suggested. This research concludes with possible areas of research (and research questions) that can enable realisation of blockchain governance along the areas philosophical, theoretical, axiological, methodological, axiomatic, method and application dimensions.

Vasundhara Sharma, Anitesh Barua, Andrew B. Whinston

No abstract is available for this record.

Eric D. Chason

The 2017 were remarkable times for Bitcoin and other cryptocurrencies.In January 2017, the market price for one unit of Bitcoin (1 BTC)' was approximately $1,000; by December 2017, it had climbed to almost $20,000.2Despite the collapse of this speculative bubble, Bitcoin remains an important development in economics, finance, technology, and law.Also in 2017, Bitcoin produced an offshoot cryptocurrency, Bitcoin Cash.Bitcoin Cash arose because members of the Bitcoin community disagreed on how Bitcoin should change in response to its growing popularity and allow for a greater number of transactions. 3 Bitcoin and other cryptocurrencies are governed by "communities" and "consensus.' Community members who wanted deeper, more structural, changes effectively departed the Bitcoin community and created a new one, Bitcoin Cash.The dissidents did not create Bitcoin Cash from scratch.Instead, they cloned Bitcoin as it existed on August 1, 2017 and grafted their desired changes onto the cloned system.sSince Bitcoin is not backed by any external assets or business enterprise, 6 the dissidents could create Bitcoin Cash seemingly out of thin air, writing some computer code and garnering support of users.There was no severance, spin off, or other division of the Bitcoin system in a formal or legal sense.Since its creation, Bitcoin Cash has become a successful cryptocurrency, currently ranking sixth in terms of market ' See infra Part III.B.

Tatiana Cutts

No abstract is available for this record.

Kristin N. Johnson

No abstract is available for this record.

Tae‐Young Yoon

No abstract is available for this record.

Jeroen Koenraadt, Edith Leung

Despite calls for regulation in the crypto utility token market, it is unclear how crypto token investors value current regulatory proposals. We find that on average, investors react negatively to news that increases the likelihood of securities and transparency-related regulation. We also find that this negative reaction is attenuated for tokens rated higher on quality and transparency by intermediaries, those that have higher levels of disclosure, and listed on more liquid exchanges. The observed variation in token transparency and this muted reaction suggest investors perceive disclosure costs to be lower for tokens in more transparent environments, suggesting that transparency matters to investors.

Remigijus Paulavičius, Saulius Grigaitis, Aleksandr Igumenov, Ernestas Filatovas

In this paper, we present the progress of blockchain technology from the advent of the original publication titled “Bitcoin: A Peer-to-Peer Electronic Cash System,” written by the mysterious Satoshi Nakamoto, until the current days. Historical background and a comprehensive overview of the blockchain technology are given. We provide an up-to-date comparison of the most popular blockchain platforms with particular emphasis given to consensus protocols. Additionally, we introduce a BlockLib, an extensively growing online library on blockchain platforms collected from the various sources and designed to enable contributions from the blockchain community. Main directions of the current blockchain research, facing challenges as well as the main fields of applications, are summarized. We also layout the possible future lines in the blockchain technology development.

Lingxiao Song, Ning Nan, Shan Wang

Blockchain, or distributed ledger technology (DLT), is expected to be a disruptive technology by enabling a highly decentralized and trust-free business environment. Yet the business pursuit for profit maximization calls for a more centralized structure and thereby conflicts with the decentralized ideology of blockchain. In the context of blockchain-driven supply chain finance (SCF), while blockchain technology enables the decentralization of information, the decentralization of cash flow still relies on mid-tier suppliers’ token delivery in a centralized transaction structure. In other words, mid-tier suppliers can become a “bottleneck” in blockchain-driven SCF. In this paper, we consider the supply chain network as a complex system where firms are self-organized and adaptive to their competitive environment. Via this theoretical lens, we investigate how the application of blockchain technology (information flow), mid-tier suppliers’ token delivery (cash flow) and supply chain transaction structures (goods flow) interplay over time. We propose that in short term, blockchain technology increases mid-tier suppliers’ transaction efficiency and thus motivates mid-tier suppliers’ token delivery and promotes the decentralization of supply chain transaction structure; in long term, the decentralized supply chain transaction structure will in turn negatively affect mid-tier suppliers’ token delivery motivations and drive the centralization of a supply chain. We will test our theoretical propositions by a series of simulation experiments in an agent-based model.