Blockchain Papers

Marco Dell’Erba

No abstract is available for this record.

Luis Ibáñez, John Domingue, Pascal Molli

It is our great pleasure to welcome you to the WWW 2018 3rd International Workshop on Linked Data and Distributed Ledgers (LD-DL). We envision the workshop as a forum for researchers and practitioners from Distributed Ledgers and Linked Data to come together to discuss common challenges; propose solutions to shortcomings of existing architectures; and identify synergies for joint initiatives. The ultimate goal is the creation of a Web of Interoperable Ledgers. We received 6 submissions from all around the world. We evaluated them regarding relevance, quality, and novelty, selecting 3 short papers and 1 long paper (66% acceptance rate) --ScienceMiles - Digital currency for researchers--Can Blockchains and Linked Data Advance Taxation? --A distributed database with explicit semantics and chained RDF graphs--When trust saves energy: A Reference Framework for Proof of Trust (PoT) Blockchains. We hope that you will find the tutorial program interesting, providing you with a valuable opportunity to learn and share ideas with other researchers and practitioners from institutions around the world.

Michał R. Hoffman

Permissioned distributed ledgers (permissioned blockchains) supporting smart contracts that automatically adjust accounts and coordinate records among multiple parties, present a valid platform opportunity for establishing a fully digital tax regime. We propose a permissioned blockchain-based system aimed at eliminating some of the losses that tax authorities globally are currently struggling with. These multi-billion flaws manifest themselves as the tax gap, or the inability to collect the full amount that is owed by a given entity to a particular authority. Illegitimate or inefficient tax operations could be prevented with a global suite of smart contracts deployed on top of a consortium distributed ledger with on-chain governance. We also introduce the vision for a VAT Invoice 2.0 modelled as a Linked Data document. A tax reference generated by a smart contract would allow anyone with the right permissions to immediately investigate the entire commercial chain for any taxable item on an ontology-based tax document.

Simon Albrecht, Stefan Reichert, J. Schmid, Jens Strüker · 6 authors

This case study analyzes the impact of theory-based factors on the implementation of different blockchain technologies in use cases from the energy sector. We construct an integrated research model based on the Diffusion of Innovations theory, institutional economics and the Technology-Organization-Environment framework. Using qualitative data from in-depth interviews, we link constructs to theory and assess their impact on each use case. Doing so we can depict the dynamic relations between different blockchain technologies and the energy sector. The study provides insights for decision makers in electric utilities, and government administrations.

Mikayla Novak

Purpose The purpose of this paper is to conceptualise the chief aspects of policy interest in blockchain technology. Design/methodology/approach The paper outlines policymaking processes in the context of innovation and technological change, assesses generic variations in policy treatment towards blockchain, and identifies manifestations of policy entrepreneurship using national case studies of blockchain policies. Findings Favourable policy dispositions towards blockchain technology are interpreted as political efforts to develop local, blockchain-enabled economies. So-called “crypto-friendly” jurisdictions proactively clarify regulatory and tax treatments of cryptocurrency and other blockchain applications, and trial blockchain uses in fields predominated by public sector activity. Policymakers in countries hostile towards blockchain-related activity have instigated bans or strict limitations with respect to blockchain engagement by developers and users. Research limitations/implications Reliance upon case studies suggests the need for alternative study approaches (e.g. index construction, empirical research) as blockchain use consolidates throughout the global economy. Practical implications This paper provides insight to policymakers and blockchain practitioners regarding the attributes of accommodative policies towards distributed ledger technology. Social implications Countries and sub-national regions exhibiting a more welcoming policy stance are more likely to attract entrepreneurs and investors in the crypto-economic blockchain space. Originality/value This paper develops a policy “crypto-friendliness” construct to assess the extent to which policymakers enact accommodative policies for blockchain development.

Matti Pärssinen, Mikko Kotila, Rubén Cuevas, Amit Phansalkar · 5 authors

The 200-billion-dollar per annum online advertising ecosystem has become infested with thousands of intermediaries exploiting user data and advertising budgets. All key stakeholders in the value-chain are infected: advertisers with fraud, publishers with their diminishing share of advertising budgets, and users with their right to privacy. Blockchain presents a possible solution to addressing the critical issues in the online advertising supply chain. The question remains whether blockchain scalability, energy-efficiency, and token volatility issues can be solved in the coming years to the extent that online advertising could widely leverage trustlessness and the benefits gained from blockchain technology. This paper aims to review the current progress and to open a discussion to address the issues. We present new requirements for blockchain-based online advertising solutions. We have also analyzed the available solutions against the requirements and recommend directions for future research and solution development. Evidence from our research points out that blockchain is not yet ready to be widely implemented in online advertising. More research is needed, and new proof-of-concepts need to be developed before blockchain technology can be considered a trusted alternative for the current online advertising marketplace based on open real-time bidding.

Srirath Goi Gohwong

This article focused on the investigation of the big picture of top 20 cryptocurrencies for preparing readiness of Thais and inventing the first cryptocurrency for Thais. Documentary research and descriptive statistics like mean and standard deviation were used in this study. The findings stated that cryptocurrecies were mostly developed their products in the stage of fully working product with their own blockchain (native blockchain). C was mostly used as key languages. Decentralized Application (DAPPS), online payment without third party, and Smart Contract were key usages with proof-in-a-consensus, mostly done by Proof-of work (PoW), Proof-of-Stake (PoS) and the hybrid of PoW and PoS, Proof-of Activity (PoA). Finally, the average of block time was 3.25 minutes whereas 70,608.8 transactions per second was in average.

Alvaro Gonzalez Rivas, Mariya Tsyganova, Eliza Mik

Many expect Smart Contracts (SC’s) to disrupt the way contracts are done implying that SC have the potential to affect all commercial relationships. SC’s are automatization tools; therefore, proponents claim that SC’s can reduce transaction costs through disintermediation and risk reduction. This is an over-simplification of the role of relationships, contract law, and risk. We believe there is a gap in the understanding of the capabilities of SC’s. With that in mind we seek to define an amorphous term and clarify the capabilities of SC’s, intending to facilitate future SC research. We’ve examined the legal, technical, and IS views from an academic and practitioner’s perspective. We conclude that SC’s have taken many forms, becoming a suitcase word for any sort of code stored on a blockchain, including the embodiment of contractual terms; and that the immutable nature of SC’s is a barrier to their adoption in uncertain and multi-contextual environments.

Aditya Pradana, Goh Ong, Yogan Jaya, Ali A. Mohammed

In Malaysia, a new regulation of traffic offences demerit points has been over a debate. Therefore, a blockchain model is formulated to solve this issue. It serves a purpose to be a Proof of Work (PoW) of a blockchain system. This model contains application layer and blockchain layer with smart contract inside. The smart contracts act as a conditional filter which follows the regulation rules. It contains three contracts starting from the declaration of each offence’s demerit points and fines until the penalties when a certain amount of demerit points is collected, including revocation of driver license. The contracts will be automatically executed when such conditions are fulfilled. A transaction schema is also designed to match the schema of a traffic offence system. This model is deployed in online environment with two servers synced to each other to prove the decentralized characteristic of blockchain. It is developed using NodeJS while preserving JSON format for transaction between server and client. A user interface is also provided as a simulation media where a traffic officer can input offences and send it to blockchain server while public users or the driver itself can check the status of the driver license recorded on the blockchain. Government officer can monitor the records through a dashboard analytics provided which contains graphs and charts based on the records. This interface is used as media to do evaluation which produces satisfying results. The evaluation shows that the smart contracts are executed properly as compared to real regulations.

Jakub J. Szczerbowski

Smart contracts are computer programs executed on virtual machines, which are used to regulate relationships between the subjects of law. They allow parties to foresee, with a high degree of certainty, how will the contractual relationship develop and by the use of blockchain technology they provide a high degree of certainty. It has been conjured that smart contracts will offer significantly lower transaction costs in relation to traditional contracts. The paper analyzes this proposition and finds that not only are the gains doubtful, but also that in some cases transaction costs may be significantly higher.

Peder Østbye

No abstract is available for this record.

Anthony Tapiwa Mazikana

No abstract is available for this record.

Pisso Nseke

Low transaction cost, low level of entry, worldwide quickness, and anonymity of the transactions is the main advantage of cryptocurrency use, making it an attractive transaction media for African countries. At the same time, there are certain drawbacks of it in terms of strong volatility, lack of user-friendliness and its usage in crime. The conceptual paper explores the use of cryptocurrencies, and its potential in the African context. The research paper utilizes UTAUT 2 Model and adds key constructs for analyzing the adoption of new technology by Africans. These additional constructs include hedonistic motivation, habit and price cost. Key factors were considered in the case of African countries in order to analyze whether cryptocurrency is essential for economic growth in some economic countries. The application of UTAUT model in the case of Arica shows that performance, effort expectations, social influence are favorable for African countries while the influence of hedonic motivations and price is unfavorable for acceptance of cryptocurrencies in African countries.

Kartik Hegadekatti

No abstract is available for this record.

Kristian Lauslahti, Juri Mattila, Taneli Hukkinen, Timo Seppälä

Platform businesses are born global, with instant access to global markets. Thanks to the algorithmic, self-executing and self-enforcing computer programmes known as smart contracts, platform businesses now also have instant access to global capital markets from birth. However, the legal status of these smart-contract-enabled funding mechanisms and smart contracts in general is not well defined. In this article, we analyse how well the formation mechanisms of the general principles of Finnish contract law can be applied to the technological framework of smart contracts. We find that depending on the case, smart contracts can create legally binding rights and obligations to their parties. We also observe that contracts have not been formerly perceived as technical boundary resources in the sense that platform ecosystems could foster broader network effects by opening their application contracting interfaces to third parties.

Tiffany L. Minks

No abstract is available for this record.

Ryan Amsden, Denis Schweizer

No abstract is available for this record.

Wessel Reijers, I.S. Wuisman, Morshed Mannan, Primavera De Filippi · 8 authors

No abstract is available for this record.

Simona Ibba, Andrea Pinna, Gavina Baralla, Michele Marchesi

Abstract An Initial Coin Offering (ICO) is an innovative way to raise funds and launch a startup. It is also an opportunity to take part in a project, or in a DAO (Decentralized Autonomous Organization). The use of ICO is a global phenomenon that involves many nations and several business categories: ICOs collected over 5.2 billion dollars only in 2017. The success of an ICO is based on the credibility and innovativeness of project proposals. This fund-raising tool contains however some critical issues, such as the use of tokens that have no intrinsic value and do not generate direct liquidity, and the role of investors in the management of the startup. We analyzed if the Lean Startup methodology is helpful to face this critical aspects and we examined some ICOs in which the proposing team states explicitly that a lean startup approach is used.

Daniel Haberly, Duncan MacDonald-Korth, Michael Urban, Dariusz Wójcik

While contemporary technological disruption is increasingly conceptualized in terms of the logic and paradoxes of the digital platform economy, discussions of “FinTech” have only engaged to a limited extent with these debates—particularly from an economic geographic standpoint. Here we fill this gap by proposing an adapted Global Financial Network (GFN) framework for conceptualizing the organizational and geographic logic of the digital platform economy in finance, and applying it to examine the impact of the digital platform model on asset management. As we will show, asset management is being profoundly disrupted by what we dub digital asset management platforms—or DAMPs—which encompass services including index fund and ETF provision, robo-advising, and analytics and trading support. Like other digital platforms, DAMPs do not so much leverage technology to enhance their competitiveness within markets, as to radically restructure the market itself. Also, like other platforms, their rise has produced a winner-take-all paradox of centralization through democratization that defies predictions of technology-enabled industry decentralization. However, the logic and implications of the rise of DAMPs diverges, in other respects, from non-financial digital platforms, as finance has long possessed an informational intensity and regulatory and organizational fluidity characteristic of the digital platform economy. Consequently, the digital platform model has mostly developed endogenously in asset management through incremental innovation by major financial firms—in a process that has reinforced the position of leading incumbent asset management centers, and above all New York—rather than being introduced from the outside by upstart technology firms and clusters.

Massimiliano Vatiero

No abstract is available for this record.

Jelena Madir

No abstract is available for this record.

Tiffany L. Minks

In a world full of new technology, the risk of fraud is constantly increasing. In the securities industry, this risk existed long before the use of technology. Congress enacted the Securities Act of 1933 to combat the risk of fraud and misrepresentation in the sale of securities. By requiring full disclosure, investors have the opportunity to make informed decisions prior to investing. However, Distributed Autonomous Organizations (“DAOs”), through the use of blockchains and smart-contracts, engage in the sale of securities without fully disclosing the risks or complying with the registration requirements of the Securities Act of 1933. Compliance with the burdensome requirements of registration, however, would destroy this new technology and method of conducting business. To avoid this set-back, Congress must amend the registration requirements to provide an exemption for DAOs. This exemption, although reducing current registration burdens, must still require DAOs to disclose certain information, thereby ensuring investors are informed prior to investing. Furthermore, due to the unique nature of the blockchain, smartcontract, and DAOs, Congress must impose a fiduciary duty on the creators of DAOs to ensure compliance with the disclosure requirements. Further, Congress should consider the allowance of burden-shifting following the initial crowdsale.

Lawrence J. Trautman

No abstract is available for this record.