Identifying and quantifying the drivers for adopting blockchain technologies are important for developing effective launch plan. Technology Acceptance Model (TAM) and its derivatives have been used for this purpose. However, some of these models only use a few standardized, predetermined independent variables to collectively represent the drivers. Low predictive power of TAM leads to questions on whether this restriction may detrimentally constrain the exploration of other driving factors. Some other extended models with higher R2 are considered impractical and lack of theoretical foundations. This paper demonstrates that reasonable predictive power can be achieved even with simple, practically implementable model when research targets are sampled and segmented properly. By employing a more fundamental theory, this study has also included additional variable that would normally not be considered in TAM.
The logical consequence of the concept of regional autonomy is the presence of fiscal decentralization. The independence of rural communities in the formulation of programs for the administration of governance and development at the village level becomes the space of urgency of village financial management, because substantially, through the enormous financial support Central Government, Provincial Government and Regency / City Government, the village is required to be able to organize governance and development implementation properly and correctly. Furthermore, increasing public demand for good governance has encouraged the central government and regional governments to implement public accountability. Krina describes accountability as a principle that guarantees that every administration activity can be accounted openly by the perpetrator to those affected by the implementation of the policy. Based on the problem, the paper builds on literature reviews covering various dimensions of Open Government and its applicability to village finance to build the empirical evidence and the frameworks. \nKeywords—Transparency, Village Finance system, Open \nGovernment Partnership
The information age has dawned upon us through the comprehensive and boundless adoption of the internet; E-banking and smart-phones thus, causing a reliance on online transaction sys-tems reducing the need to handle tangible cash notes. The current monetary system is arguably on the cusp of an evolutionary moment through the adoption of virtualised currencies, this phe-nomenon potentially possesses the next metamorphic step in contemporary global economic money. Cryptocurrency is a radical new innovation, and has become a widely debated topic over the past few years despite this, the topic of the diffusion of innovation and the procedures which the phenomenon needs to overcome have had relatively small amounts of academic attention in comparison to other fields of research. Therefore, this study aims to identify how cryptocurrency is diffusing through the diffusion of innovation model with the intention of identifying the current location of diffusion; this in turn will create a more universalised understanding of the phenomenon in regards to other radical innovations. Due to the nature of the study, the conducted research utilised a qualitative method. Additional-ly, the focus on collecting data which will positively reflect an academic study with the purpose of uncovering information in alignment with the research questions of the study at hand lead to an ‘interpretivist’ methodology. Hence, 10 interviews were conducted of which the interviewees came from a range of different countries allowing the researcher to identify information rich da-ta. This approach allowed for two pathways of research to occur. Firstly, the non/potential in-vestors of which had basic cryptocurrency knowledge and secondly, current users/investors of which had an overall understanding of the cryptocurrency phenomenon. Furthermore, the pri-mary data alongside the utilisation of secondary survey questions and the literature allowed for a wider understanding of the phenomenon. The results of the study unveiled a range of trends and developments in the diffusion process. Accordingly, these findings advance the understanding of the micro, macro and psychological factors which are present in the diffusion of the cryptocurrency innovation. Thereby, the re-search draws attention to how a range of barriers synergistically working together requires a synergistic strategic approach from governments and individuals to surpass the current diffu-sion position and progress further, in turn increasing the chances of mainstream adoption.
Cryptocurrencies such as Bitcoin might revolutionize the economy through enabling peer-to-peer based transactions by abolishing the need for a trusted intermediary. As for now, Bitcoin remains to be the best recognized cryptocurrency, in particular in terms of market capitalization. However, as this paper shows, there are plenty of alternatives. This paper outlines the historical roots which have led to the creation of privately emitted, cryptography based digital currencies. Additionally, this paper discusses future possible hurdles of the development of cryptocurrencies and outlines features which might influence the success of a cryptocurrency. Insights into the beginning of cryptocurrency development are gained by analysis of the publicly available DOACC dataset. The paper does so by providing an overview of the techniques and mechanisms used by cryptocurrencies. It shows that newly created cryptocurrencies tend to be very similar in some properties in the early stages but new features and more diversity developed in more recent years. Additionally, newly created cryptocurrencies tend more and more to create a fixed number of coins before the initial announcement in order to sell these in Initial Coin Offerings. Even when the amount of premining increases over years, it remains at lower levels on the aggregate.
Distributed Ledger Technology (DLT) creates a decentralized system for trust and transaction validation using executable smart contracts to update information across a distributed database. This type of ecosystem can be applied to Commodity Trade Finance to alleviate critical issues of information asymmetry and the cost of transacting which are the leading causes of the Trade Finance Gap (ie. the lack of supply of capital to meet total trade finance demand). The possibility of scaling up such ecosystems with a number of Institutional Investors and micro small medium enterprises (MSME) would be advantageous, however, it brings up its own set of challenges including the stability of the system design. Agent-based modeling (ABM) is a powerful method to assess the financial ecosystem dynamics. DLT ecosystems model well under ABM, as the agents present a clearly defined taxonomy. In this study, we use ABM to assess the Aquifer Institute Platform - a DLT-based Commodity Trade Finance system, in which a growing number of participating parties is closely related to the circulation of utility tokens and transaction flows. We study the system dynamics of the platform and propose an appropriate setup for different transaction loads.
The purpose of this paper is to assess the evolution of cryptocurrency including its demand factors, latent value propositions and regulatory developments. The cryptocurrency market has experienced unprecedented growth driven by improved ease of access, speculation, familiarity, media attention, network effects, mining activity, distrust of traditional banking, global instability hedging, and a demand effect from the initial coin offering (ICO) market. This had led to wide asset bubble speculation. The future of cryptocurrency is impossible to predict, and although it is unlikely that cryptocurrency will eliminate trusted intermediaries, and replace sovereign fiat altogether, it has numerous latent value propositions and long-term use cases including distributed ledger technology (DLT) and blockchain innovations (particularly in financial payments, settlements, clearing, supply chain, agriculture, and voting), identity and data protection mechanisms, crowd-funding, and decentralized business applications and services.There may also be benefits to a bubble including “long tail” successes, hype-financed research and development in DLT and blockchain infrastructure (that wouldn’t have otherwise received funding in a reticent market), and consumer familiarity benefits. The regulatory response to date has largely been enforcement based (emphasizing fraud detection and criminal deterrence), with public statements and interest across a diverse range of regulatory bodies, rather than unified rules. There are however inherent difficulties in regulating the cryptocurrency market, which will be discussed in detail in this paper.
Essence of cryptocurrencies is considered in the article, their risks and prospects of development in Ukraine and world. Advantages and disadvantages of crypto currency are described. Positions of foreign central banks and other financial regulators are lighted up in relation to cryptocurrencies and markets of cryptocurrencies. It is offered, that the experience of Japan, Switzerland, the United States and England in this question should be used as a fairway. It is marked that corresponding activity and financial services must be licensed by the state as a type of professional activity on the stages of formation of cryptocurrency (mining) and support of its circulation (trading and financial consulting).
A useful blockchain should possess the following properties, one or more of which many existing blockchain systems lack: 1) A sound consensus protocol. 2) An efficient transaction-processing system. 3) Immutability of history. 4) Decentralization. 5) An effective avenue for hard-forks and rule changes. We propose a system named the “Verex Blockchain” that will fulfill these requirements. This system employs an “Assigned-Majority-Validation” consensus protocol whereby only nodes within a specialized, designated network may vote on the correct state of the blockchain and add new blocks of transactions without proof of work or stake. New nodes to this network must be approved by existing nodes. These nodes will be controlled by entities with high public visibility such as governments or multinational technology companies, whose identities and actions will be made fully transparent on the blockchain. Transactions will be charged fees in cryptocurrency according to a fixed and known fee schedule, which will be earned by nodes in the designated network. Any user in the world may download the blockchain, receive and verify updates, and submit transactions, but only nodes in the specialized network may write updates to the blockchain.
Blockchain technology with its distributed ledgers attracts massive attention today and creates interest in many different industries. One of the most promising areas for implementation of blockchain technology is its use to create fully automated and decentralized contract solutions, so-called smart contracts. The blockchain technology is also expected to develop the concept of BIM by facilitating the creation of a common model. The problem addressed in this study is the limited amount of research carried out in the blockchain field and the potential use of smart contracts in procurement of services in the construction industry. The construction industry differs from many other industries as it is project-based with changing circumstances and conditions. The study shows that the construction industry is an industry focused on discussions and disputes, the majority of which are linked to payments and contractual interpretations. Two of the key concepts of the study are therefore moral hazard and opportunistic behavior. Opportunistic behavior can affect norms, the willingness for cooperation and the degree to which parties trust each other. Designing contracts to reduce the risk of moral hazard and opportunistic behavior is therefore an important aspect. The study has chosen to study both relationships that are hierarchical to nature but also peer-to-peer. The purpose of the study has been to conceptually reflect on percived opportunities and challenges with blockchains in the construction industry regarding two identified applications, smart contracts and BIM. To investigate this, a qualitative interview study has been conducted. The study points to the need for a more standardized building process that is subject to a certain degree of repetition to achieve successful use of a blockchain network and smart contracts. The study also shows that there is a positive attitude from the respondents regarding a possible development for several of the potential applications of blockchain technology. Blockchain technology and smart contracts have the potential to improve the reliability and credibility of logbooks, self-checks and work performed within a building project. Furthermore, the study highlights the importance of long-term relationships and confidence in reducing opportunistic behavior. Based on previous research and empirical analysis, the study contributes to an increased understanding of which levels in the construction industry smart contracts may be applicable. The study shows that smart contracts are not perceived suitable for complex contracts where the work to be performed can be changed many times during the contract period. The study, on the other hand, indicates that blockchain development with BIM is not demanded at the present time. Finally, the study points out that blockchain technology is perceived to have the potential to make the building process more transparent and open with reduced power conditions at the same time as it gets less centralized which opens up the need for research in that direction.
The world is becoming more and more digitized. Recently many industries have started to research the blockchain technology and particularly smart contracts. One industry that so far has not adopted new technology in the same pace as other industries, is the insurance industry so this interview study aims at finding opportunities and challenges for insurance companies that want to learn about smart contracts and its use cases.By doing a literature review and performing interviews with blockchain experts and insurance company employees, this study found that both IT companies working with smart contracts and the insurance companies have limited knowledge of the legal aspect of smart contracts. The lack of standards and regulations allows IT companies to freely create smart contracts without much quality control. The insurance companies must innovate themselves in order to not be disrupted. The blockchain technology will offer many new insurance types and if the insurance industry fails to adopt the blockchain technology they may face market disruption.There is much room for future research following this study. It would be beneficial to research how contract theory could be used in practice during the creation of legally binding smart contracts. Furthermore, research around fraud prevention in smart contracts would be interesting as would an in-depth exploration of the ecosystem of third party software and services around smart contracts.
Digitalization makes almost everything quicker, sleeker, and more efficient. Many argue cryptocurrency is the future of money and payment transfers. This paper explores how the unique nature of cryptocurrencies creates barriers to a strict application of traditional regulatory strategies. Indeed, state and federal regulators remain uncertain if and how they can regulate this cutting-edge technology. Cryptocurrency businesses face difficulty navigating the unclear regulatory landscape, and consumers frequently fall prey to misinformation. To reconcile these concerns, this paper asserts cryptocurrency functions as “currency” or “money” and should be treated as such for regulatory purposes. It also proposes each state implement a uniform cryptocurrency-specific framework following the Uniform Regulation of Virtual-Currency Business Act. Such a harmonious approach would reduce compliance costs for cryptocurrency businesses, protect consumers, and provide satisfactory state and federal oversight.