Guillermo Martínez Cons, Alondra Guadalupe Mora Hernández
Technological advances have resulted in better strategic business planning and new and innovative ways of doing business. However, not all industries adapt immediately to these transformations that, even when they have innovated with the disruptive technologies that they introduce, they have also brought with them irreversible consequences in the way in which we relate. The fourth industrial revolution that we are witnessing today shows a panorama where scientific advances are increasingly challenging traditional jobs and careers to adapt and the social sciences are no exception. In the particular case of law, new challenges are presented in those that it is essential to frame in a normative all those conducts that derive in a human connection including those that are carried out by means until recently considered unconventional, such as digital platforms and electronic encryptions that nowadays are practiced in innumerable areas, one of the most relevant ones: economic transactions.
Ingolf Gunnar Anton Pernice, Georg Gentzen, Hermann Elendner
The velocity of money is central to the quantity theory of money, which relates it to the general price level. While the theory motivated countless empirical studies to include velocity as price determinant, few find a significant relationship in the short or medium run. Since the velocity of money is generally unobservable, these studies were limited to using proxy variables, leaving it unclear whether the lacking relationship refutes the theory or the proxies. Cryptocurrencies on public blockchains, however, visibly record all transactions, and thus allow one to measure-rather than approximate -velocity. This paper evaluates most suggested proxies for velocity and also proposes a novel measurement approach. We introduce velocity measures for UTXO-based cryptocurrencies, focused on the subset of the money supply effectively in use for the processing of transactions. Our approach thus explicitly addresses the hybrid use of cryptocurrencies as media of exchange and as stores of value, a major distinction in recently-proposed theoretical pricing models. We show that each of the velocity estimators is approximated best by the simple ratio of on-chain transaction volume to total coin supply. Moreover, "coin days destroyed," if used as an approximation for velocity, shows considerable discrepancy from the other approaches.
Hai Trieu Le, Ngoc Tien, Nguyen Ngoc, Nghia Duong‐Trung · 7 authors
One of the major problems of e-commerce globally is the selling and buying of goods among the parties over the Internet in which the traders may not trust their partners. Cash on delivery allows customers to pay in cash when the product is delivered to their home or a location they choose. This is sometimes called a payment system because customers receive goods before making a payment. This paper investigates a critical verification process issue in the cash on delivery system. In particular, we propose a multi shippers mechanism, which consists of blockchain technology, smart contracts and hyper-ledger fabric platform to achieve distributed and trustworthy verification across participants in the decentralized markets. Our proposed mechanism is given to not only ensure the benefits of the seller but also prevent shipper’s fraudulent. The solution leverages the consistency and robustness of decentralized markets where trust is flexible and effectively controlled. To demonstrate the application and implementation of the proposed framework, we conduct several case studies on real-world transaction datasets from a local computer retailer. We also provide our sources codes for further reproducibility and development. Our conclusion is that the continued integration of multi-shipper mechanism and blockchain technology in the decentralized markets will cause significant transformations across several disciplines.
Jan 1, 2019·Proceedings of the ... Annual Hawaii International Conference on System Sciences/Proceedings of the Annual Hawaii International Conference on System Sciences
This paper explores the emergence of ecosystems in the context of Fintechs infusing digital technology into financial services. The rapid rise of Fintechs has changed the business landscape, challenging the established firms with novel solutions and services. As a result, the established firms are turning to new models of cooperation, replacing the hierarchically managed value chains with ecosystems that are modular and decentralized in their architecture. First, a bibliometric analysis was conducted to present the content and relationships in Fintech research in general. Then, a case study on two of the biggest retail banks in Finland and their innovation relationships in developing Distributed Ledger Technologies and related services was conducted. The results show how established players have established multiple innovation relationships, in different ecosystems as well as between them. These can be seen to demonstrate the emergence of Fintech ecosystems. The study contributes to previous literature by making the linkages explicit, particularly by examining the contextual elements that are crucial enablers or hindering factors in such relationships.
Currently the search for a decentralized data model in companies for its big advantage in removing the middleman has been increasing. For that reason, DLT (Distributed Ledger Technology) technologies have gained a lot of visibility in the business world, the most well-known being Blockchain and its emerging Smart Contracts. The identified problem is the lack of knowledge and skill of companies in the domain of the rising Smart Contracts. In this paper, we propose a generic model that could increase the competence of companies in this field by creating a step-by-step tutorial on how to set up the development environment of Smart Contracts.
João Pedro Quintais, Balázs Bodó, Αλεξάνδρα Γιαννοπούλου, Valeria Ferrari
It is a high-risk, high-reward enterprise to write a scholarly monograph on an emerging technology when its societal use, economic worth, and even its technical design are still in flux. With little empirical material with which to work, one often has to resort to extrapolating the future developments from the myriad seed of possibilities of the present. Yet, there are moments in time when undertaking such an enterprise seems inevitable, because there is a rough consensus that the emerging technology represents more than just an incremental improvement of already existing routines, and promises—or threatens—a disruption of the status quo. Such is the case of blockchain or distributed ledger technologies. In that light, Primavera De Filippi’s and Aaron Wright’s Blockchain and the Law is a timely and valuable contribution.
Jan 1, 2019·Proceedings of the ... Annual Hawaii International Conference on System Sciences/Proceedings of the Annual Hawaii International Conference on System Sciences
Benedikt Notheisen, Sven Willrich, Maximilian Diez, Christof Weinhardt
In recent years, blockchain and distributed ledger technology (DLT) and its disruptive potential has been one of the most discussed topics in the field of information systems. Driven by the prospect of cost savings and efficiency gains, financial markets are at the core of these discussions. However, in the increasingly convoluted and constantly evolving market of technology providers and platforms, organizations struggle to find a solution that fulfills the specific requirements of their application scenario. To evaluate the suitability of different blockchain-based platforms for securities post-trading, we develop a new methodology to create a technology classification that takes the demands of a specific application context into account. The resulting requirement-based taxonomy sheds light on factors that impede the adoption of blockchain- and DLT-based post-trading, highlights future research challenges, and offers a valuable tool to induce communication between involved stakeholders.
أهداف البحث: يهدف البحث إلى التوصل لحكم العملات المشفرة في ضوء المقاصد الشرعية، وهناك أسئلة كثيرة حول العملات المشفرة، وحكم الاشتراك في مجمعات تعدينها، وحكم تداولها في عقود البيع والشراء والصرف؛ فجاء البحث ليجيب عنها في ضوء مقاصد الشريعة الإسلامية. منهج الدراسة: تم استخدام المنهج الوصفي مع الاستعانة بالمنهجين الاستنباطي والتحليلي، كما تم دراسة المسألة وفق الأسس العلمية لبحث فقه النوازل المعاصرة، واستشارة عدد من الخبراء؛ لفهم المسألة فهمًا صحيحًا مطابقًا للواقع. النتائج: تم التوصل إلى أن العملات المشفرة لا تتوافر فيها شروط النقد الشرعي؛ حيث تفتقد القبول العام والرواج بين الناس، ولا تصلح أن تكون مقياسًا للسلع والخدمات بشكل عام، فلا تعتبر مستودعًا للقيمة، ولا معيارًا للمدفوعات الآجلة، ولا يوجد دولة أو سلطة تتبناها وتقدر على ضمانها. أصالة البحث: إن حجم المشاكل الاقتصادية والنقدية التي يمكن أن تنشأ كنتيجة لتداول العملات المشفرة، يوجب أن تكون تلك العملات محل بحث فقهي؛ فجاء هذا البحث ليتناول حكم تلك العملات في ضوء المقاصد المتعلقة بالتصرفات المالية، مع التوصية بعرض المسألة على المجامع الفقهية؛ للتوصل إلى كل ما يتعلق بها من أحكام شرعية.
Blockchain is a distributed network based ledger that is secured by the methods of cryptographic proof. It enables the creation of self-executable digital contracts i.e. smart contracts. This technology is working in collaboration with major areas of research including governance, IoT, health, banking and education. It has anticipated revolutionary ways, which helps us to overcome the problems of governance such as human error, voting, privacy of data, security and food safety. In governance, there is a need to ameliorate the services and facilities with the assistance of blockchain technology. This paper aims to explore the issues of governance which can be resolved with the assistance of Blockchain features. Furthermore this paper also provides the future work directions.
Christian Fries, Peter Kohl-Landgraf, Björn Paffen, Stefanie Weddigen · 11 authors
In this note we describe the application of existing smart contract technologies with the aim to construct a new digital representation of a financial derivative contract. We compare several existing DLT based technologies. We provide a detailed description of two separate prototypes which are able to be executed on a centralized and on a DLT platform respectively. Beyond that we highlight some insights on legal aspects as well as on common integration challenges regarding existing process and system landscapes. For a further introductory note and motivation on the theoretical concept we refer to https://www.law.ox.ac.uk/business-law-blog/blog/2018/12/smart-derivative-contract-constructing-digital-financial-derivative . A very detailed methodological overview of the concept of a smart derivative contract can be found in doi:10.2139/ssrn.3163074.
Modern patent systems are slow, inefficient, expensive, and may result in outcomes that actively harm technological progress. This paper proposes a substantive re-think of these systems and lays a foundation upon which practical solutions can be built. Many solutions proposed in the past, such as prior-art bounties, outsourced examination, and dynamic fee setting, have gone unheeded due to the cost of administering them and the rigidity of the patent system. We explore how distributed ledger technologies (DLTs) enable these major changes by altering the way stakeholders are able to interact with the patent records system. We find that transitioning to a DLT-based patent records system can enable many previously suggested improvements to current patent systems in a flexible, scalable, and transparent manner. The case for such a transition is strengthened when jointly considering the complex but common roots of problems facing modern patent systems, rather than a balkanised set of technical solutions to address each issue independently. Noting that a DLT-based system is not a panacea, we also provide comment on the political, legal, and organisational challenges that must be overcome for such changes to be implemented at scale.
The study focused on Blockchain because can provide the ease of use of smart contract and the platform for adopt and implementation of smart contracts. Furthermore, it is an agreement under certain conditions implemented between two parties in the purchase is also a safe, easy and time-saving method. Stability, decentralized nature, and consensus mechanisms of blockchain technology make smart contract and its development cycle a new area of study in business, Furthermore, one of the advantages of smart contract decentralization, which helps to build new ways of running a business. furthermore, the study will open the way about traditional contracts in Iraq thus there disadvantages in traditional contracts, for example, the difficulty of preservation, vulnerability to damage, fraud, thefts and the difficulty of access in time. However, there is the need to develop a smart contract and secure contracts. Driven by the need for a new approach to development, this study suggests the application of smart contract technology in the Iraqi financial sector. The alignment between the importance and utilization of smart contracts and the impact on organizational performance has been an issue of concern for many researchers. Therefore, this study explain the effect of individual factors, environmental factors and organizational factors on implementation of smart contract technology. It also examined the moderating effect of organizational culture on the relationship between these independent variables and of smart contract technology. The study indicate that staff working in information technology sector, banking and insurance companies in Iraq.
This paper examines companies' adaptation of cryptocurrencies and comprises a quantitative empirical study. The emerging potentials of cryptocurrencies but the gap of practical application and respective existing knowledge are addressed in this paper. Technological, economic, social and regulatory aspects are depicted in the literature review. In addition, a comprehensive status quo of on companies' cryptocurrency adaptation research is provided and previous contributions are discussed. This study is based on an online questionnaire that was sent out to CFOs of German Prime Standard listed companies. As suggested in preceding papers the extended technology acceptance model (TAM2) is applied. Results indicate a very low level of adaptation and companies' utilisation of the blockchain technology. Lower potentials are seen in cryptocurrencies than in the underlying blockchain technology. The main obstacles are to overcome regulatory uncertainty and high price volatility. Low transaction costs and the omission of intermediaries are seen as great potential benefits. Suggestions for further research and practical implications are provided.
Blockchain technologies created the most valuable digital currency in the world; Bitcoin. Bitcoin uses a Blockchain to be decentralized and widely accessible: Blockchains work by recording all transactions into online ledgers that are saved onto many separate blocks across the internet. Coins that use Blockchain technology are inherently difficult to modify, and transactions are permanently recorded because of the redundancy and reliability of the Blockchain system. So, this widely-available means of exchange has gained appeal as an online alternative to traditional currencies and securities. Blockchain coins gain popularity as currencies where there is reason to doubt the existing traditional currencies that are in place. These coins gain popularity as securities in countries where securities are highly regulated because of challenges in applying those regulations to Blockchain technologies. Because of this appeal, Cryptocurrencies have become increasingly popular all around the world, and countries must now respond to the new sizeable Cryptocurrency markets within their economies. However, the process of exerting jurisdiction over Blockchain coins raises several hurtles that countries must address to avoid losing out to decentralization. This note seeks to evaluate regulations and proposed future measures that several countries have taken to control this new technology. The efficacity of these regulations will be measured against the goals of the relevant governing bodies, and their shortcomings will be identified. Ultimately, this note endeavors to provide an overview of effective Cryptocurrency regulation to provide a framework for countries to adapt themselves to the Blockchain.
Decentralized applications (DApps) – digital applications that operate on blockchain and smart contract technologies – have proliferated across diverse industrial sectors. With the recent surge in DApp adoption, we have yet to understand the impetus behind this rapid expansion. Our research aims to bridge this gap by examining the role and extent of peer influence on individual decisions to adopt DApps. Given the inherently peer-to-peer nature of blockchain and the robust sense of community amongst users, this influence is expected to be significant. To identify evidence, we empirically study Ethereum, the world's largest DApp platform. We utilize an unprecedented dataset encompassing the entire lifetime of Ethereum, from inception to the present day. Our findings reveal a positive correlation between DApp adoption and the decisions of proximate peers. We further uncover that the magnitude of peer influence varies depending on network structure characteristics, including network size, density, and the degree of decentralization. These results substantiate the powerful role of peer influence in driving the diffusion of DApps, operating through a variety of mechanisms. Such insights could offer valuable guidance for industry practitioners to devise targeted marketing strategies that capitalize on this peer influence to optimize DApp adoption rates.