DT X is building a next generation model from the grassroots of infrastructure Telecommunications 4.0 to IOT, Industry 4.0, Education 4.0 and financial services (Banking 4.0) leveraging Distributed Ledger technology. (Going beyond code and blockchain.)
The aim is to empower and beyond traditional and rational projects by targeting the sore points globally, opposed to the tradition proposals and whitepapers of a target market of 2 billion people who currently don’t have access to banking across the world.
DT X is based over four years of trials and errors of sub projects to evaluate the conditions and possible prospects, which in each and every time fall back to National Infrastructure and resources which varies from country to country: Telecommunications, Energy, Financial Services (Fintech & Regulation), Available Funding, Economic Stimulation, Education and Blockchain adoption & use cases.
Instead of promoting specific problems and identifying alternative underlying issues DT X is targeting the core root of the issue then apply by layers solutions to solve specific requirements.
Western world application will be focused on a similar model of Africa but more evolved around Telecommunication infrastructure merged with Distributed Ledger Technology over its own Network on a national scale thus securing all information and providing Industry 4.0 the infrastructure to grow and create economic growth whilst supporting Fintech, Education and Public or Private services.
Christopher D. Clack, Vikram A. Bakshi, Lee Braine
In this position paper, we consider some foundational topics regarding smart\ncontracts (such as terminology, automation, enforceability, and semantics) and\ndefine a smart contract as an automatable and enforceable agreement. We explore\na simple semantic framework for smart contracts, covering both operational and\nnon-operational aspects, and describe templates and agreements for\nlegally-enforceable smart contracts, based on legal documents. Building upon\nthe Ricardian Contract, we identify operational parameters in the legal\ndocuments and use these to connect legal agreements to standardised code. We\nalso explore the design landscape, including increasing sophistication of\nparameters, increasing use of common standardised code, and long-term research.\n
Pedro Moreno-Sánchez, Muhammad Bilal Zafar, Aniket Kate
Abstract The decentralized I owe you (IOU) transaction network Ripple is gaining prominence as a fast, low-cost and efficient method for performing same and cross-currency payments. Ripple keeps track of IOU credit its users have granted to their business partners or friends, and settles transactions between two connected Ripple wallets by appropriately changing credit values on the connecting paths. Similar to cryptocurrencies such as Bitcoin, while the ownership of the wallets is implicitly pseudonymous in Ripple, IOU credit links and transaction flows between wallets are publicly available in an online ledger. In this paper, we present the first thorough study that analyzes this globally visible log and characterizes the privacy issues with the current Ripple network. In particular, we define two novel heuristics and perform heuristic clustering to group wallets based on observations on the Ripple network graph. We then propose reidentification mechanisms to deanonymize the operators of those clusters and show how to reconstruct the financial activities of deanonymized Ripple wallets. Our analysis motivates the need for better privacy-preserving payment mechanisms for Ripple and characterizes the privacy challenges faced by the emerging credit networks.
Problem Explaining: Nowadays the financial system has been affected dramatically by the development in the era of information and communication technology. One of these phenomena, is Crypto Currency Bitcoin is the most famous among them. In the reviews of Crypto Currency and Bitcoin, we can pay special attention to the public opinion, because it can have a significant impact on the future of money. Purpose: The aim of this study is to identify the preferences of people using Bitcoin as a novel product introduced by human into the financial system. For this purpose, the important factors in choosing Bitcoin have been checked. In terms of practical purpose and collecting descriptive information, this research is survey - correlation. Design/methodology/approach: In this study the important factors in the selection of Bitcoin through the investigation of the opinions of experts and consumers, offering model by patterning the technology acceptance and innovation publication models, interviewing with experts using a questionnaire and the analysis of the model through PLS partial least square method using Version 2 SMARTPLS software. Findings: The results show that the variables of infrastructure, structural, individualistic and cultural factors through perceived value have a significant and positive impact on the intention of using people. Meanwhile cultural factor has had the largest share, but innovative, political and environmental factors haven’t had any significant effect. The results of this research indicate the effective factors in the users’ tendency to use Bitcoin. Originality/value: The main question in this research is that: Is there any significant relationship between the values perceived by the consumer from Bitcoin and the intention of using it?
Dominic Wörner, Thomas von Bomhard, Yan-Peter Schreier, Dominik Bilgeri
The Bitcoin ecosystem has grown tremendously in recent years.While the main sectors of growth and venture capital funding have been infrastructure for the Bitcoin ecosystem itself as well as financial services, there is also a more recent evolution in sectors beyond financial services.We classify the venture-capital backed start up ecosystem accordingly and present its evolution over time.Thereby, we identify interesting sectors, i.e. digital assets, marketplaces, and notary services.Each sector is further subdivided, and six representative venture-backed start-up companies are presented in comprehensive case studies.We extract the core innovations and Bitcoin features on which these are based.Finally, we critically discuss their disruptive potential.
The American corporate graveyard is littered with prior darlings of Wall Street and pillars of the New York Stock Exchange, such as Kodak and Polaroid (both photography pioneers). More recently, other businesses and entire industries that were once household names have similarly experienced plummeting demand: pay telephone manufacturers; travel agencies; wrist watch manufacturers; print news media such as newspapers and magazines; and many traditional brick and mortar retailers (replaced by Amazon). The common characteristic is that all of these businesses have become completely or substantially obsolete due to digitized technology.Now, the equivalent disruptive technological revolution in financial services is underway. During recent years, rapid technological advances have resulted in a sea change to the way most of the world conducts and regulates financial services. While the implications are vast and the ultimate ramifications are largely unknown at this time, this article: examines the brief but important history of virtual currencies in general; considers the impact of Bitcoin in particular; and explores the promise for widespread application of Bitcoin’s underlying blockchain technological platform to the financial services industry.This brief article proceeds in five parts, as follows. First, there is a discussion of disruptive changes taking place in financial services. Second, the article briefly explores virtual currencies and the genesis of Bitcoin. Third, there is an explanation of blockchain technology - what it is and why it is important. Fourth, the article discusses recent developments that provide a validation of blockchain application to financial services markets. Finally, there is a brief review of regulatory challenges to the adoption of this new technology. A purpose of this article is to enhance the reader’s understanding of the promises and challenges faced by financial service providers due to these rapid advances in technology.
Blockchain is essentially a set of protocols previously known as a “distributed ledger” system. An Economist article published in March 2016, describes it well: <em>Blockchain is… a database that is maintained not by a single actor, such as a bank, but collaboratively by a number of participants. Their respective computers regularly agree on how to update the database using a “consensus mechanism”, after which the modifications they have settled on are rendered unchangeable with the help of complex cryptography. Once information has been immortalised in this way, it can be used as proof of ownership.</em> The reason why this has become such a hot topic is that technologists and business people see, in these basic characteristics, immense potential for using blockchain beyond the financial services sector where it was conceived, in many different areas of the economy from energy to health, from transport to music and even as a form of digital democracy in society as a whole. The key characteristics that are attracting so much attention are the efficiencies to be derived from a network that is distributed and not centralised, combined with the permanence of the record or ledger at its heart that is cryptographically secured. This attracts those that see profound ideological implications in something that is an alternative to systems that are controlled from a single central point. For the music industry, some of these characterstics might mean that creators could, in theory, radically reduce the cost of unit transactions, thus potentially enabling content licensing for very small sums to be viable. Equally, the transparent record keeping inherent in the system has the potential to lead incrementally to the creation of a Global Repertoire Database (GRD), a kind of holy grail of the digital music industry. Some other functions that potentially could be performed on blockchain networks could relate to the establishment, validation and tracking of identities, so that individuals could be uniquely identified (e.g., as the performer on a recording). Equally good behaviour in, for example, transactions or in rights distribution speediness could contribute to developing an online reputation, which in turn could effect the sorts of terms that are made available for a particular individual or business. This paper takes a look at how bitcoin and blockchain captured the public imagination, some of the technology issues at the heart of blockchain and a key dispute that is taking the bitcoin community in different directions and has a bearing on any possible music applications. The paper explores the initially superficial ways in which blockchain represented an attractive technology and then captures some of the voices that have been generating so much deeper interest in the subject in relation to music. The paper concludes with an assessment of opportunities and obstacles.
Blockchain technology is disrupting society by enabling new kinds of disintermediated digital platforms. Furthermore, it is also providing efficiency gains on top of old existing structures by removing the need for actively intermediated data-synchronization and concurrency control. Due to this dual effect, blockchain technology has the potential to impact all sectors and layers of society, in a multitude of combined ways. While there is a lot of hype around the concept of blockchains, the phenomenon itself has remained ambiguous and misconceptions have emerged about the capabilities and the potential of blockchain technology. Drawing from ETLA’s participation in blockchain research in 2014–2016, this paper aims to provide a more comprehensive understanding on blockchain technology, its true possibilities, and its potential larger societal implications. It offers a holistic view of the key concepts and the basic principles, and the tools and the framework to understand the ongoing discussion, to critically evaluate different viewpoints, and to delve deeper in a constructed manner
Ryan Michael Burke, Brett Reardon, Stephen Happel, William J. Boyes
Evolved by way of an anonymous programmer, Bitcoin is a global cryptocurrency and a machine for virtual currency.The transactions take location immediately among the users minus any intermediaries.Bitcoin is an awesome mode of exchange whilst in comparison to traditional banks.Those transactions are verified through network nodes and recorded in a public dispensed ledger called blockchain.The price of bitcoins are volatile i.e. they could unpredictably boom or lower over a quick time period.They are taken into consideration excessivedanger assets whose transactions can simplest be refunded and not reversed.The bitcoin came into life in January 2009, with Satoshi Nakamoto mined the primary block of bitcoins ever.Given that then, some of supporters engaged in transactions and acquired bitcoins.International locations round the world started out accepting bitcoin as a legitimate mode of currency like the United States.However, some countries like Djibouti haven't legalized yet the usage of this foreign money due to some of reasons.The targets of this paper are to understand the awareness about the existence of bitcoins, to evaluate the perception of bitcoin as the future currency and to research the possibility of legalization of bitcoins in Djibouti.
Current regulation of decentralized ledger technology leaves industry actors in confusion, facing high risk, and confronting significant disincentives to innovate. This Article argues that an endogenous regulatory approach offers an avenue for alleviating these obstacles while still providing sufficient tools for government oversight. In particular, this Article proposes regulation that is endogenous at two levels: first, in that it is created through an iterative, cooperative process involving both regulators and industry actors, and second, that it is implemented as regulation-through-code, that is, regulation written into the code itself. In so doing, this Article also investigates whether successful implementation of such an approach could disrupt the dichotomous choice between ex ante and ex post regulation in the financial and other spheres. This Article first examines the current regulatory landscape facing decentralized ledger technologies, including payments applications such as bitcoin. This Article then discusses ways in which these regulatory approaches have failed to keep pace with the technology and, as a result, are impeding innovation in a variety of sectors. This Article next outlines criteria for improving the regulatory landscape applicable to decentralized ledger technologies, evaluating alternative models of regulation in light of the criteria, and concluding that most such proposals continue to leave a regulatory lacunae. Drawing on theories of endogenous economic regulation, endogenous development, comparative law’s functional method and financial regulation, this Article attempts to fill the gap by proposing that decentralized technologies, including decentralized payment systems such as bitcoin, are robust enough to support a theory of endogenous, technology-assisted regulation.
Alexia Maddox, Supriya Singh, Heather A. Horst, Greg Adamson
Cryptocurrencies such as Bitcoin are a recent socio-technical innovation that seeks to disrupt the existing monetary system. Through mundane uses of this new digital cash, they provide a social critique of the centralized infrastructures of the banking industry. This paper outlines an ethnographic research agenda for this new digital frontier of social practice and exchange and the human affordances of engaging with cryptocurrencies such as Bitcoin. Firstly we argue that the use of Bitcoin can be seen as acts of social resistance and a form of social mobility that harnesses the emergent, serendipitous and dynamic properties of digital community. We then outline the disruptive nature of borderless, affordable and instantaneous international transfers within social practice. Finally, we identify the possible permutations of trust that may be found in the technical affordances of Bitcoin and how these relate to user (pseudo)anonymity, cybertheft, cyberfraud, and consumer protection. Bringing together these three key areas we highlight the importance of understanding the ordinary (rather than extra-ordinary) uses of cryptocurrencies such as Bitcoin. We contend that focusing upon users interactions with Bitcoin as a system and culture will shed light upon mundane acts of socio-technical disruption, acts that critique and provide alternative financial exchange practices to the economic and regulatory financial infrastructures of the centralised banking industry.
version anglaise de Crowdfunding baseado em blockchain: qual seu impacto sobre a produção artística e o consumo de arte?, Observatorio/ITAU cultural,n°19
Fast development of technologies has led to emergence of the new market – FinTech – which is very attractive for investors today. By now this market has a great number of different concepts: P2P-crediting, E-wallets, Bitcoins, mPOS-acquiring, T-commerce, mobile banks, etc. Many of these tools have already heavily entered our ordinary life. People can obtain any credits through special services on the Internet from other users without participation of banks, pay by credit card using mobile devices, and get information about expenses and incomes according to the card anywhere in the world. Users do not need to go to banks anymore and to spend their time for credit arrangements, currency exchange, to look for ATMs to remove cash. Purchases on the Internet can be paid not only in rubles, but also in new digital currency. These tools make life easier, however, they pose a serious threat for banks. Now, bank institutions should create more convenient and utility services for the clients to keep clients. Therefore, bank and credit systems start to change actively.
Die vorliegende Bachelorarbeit gibt einen Uberblick uber die Funktionsweise und Auswirkungen der Blockchain-Technologie auf den Wertpapierhandel. Dabei werden zunachst die essentiellen, technischen Grundlagen der Kryptografie und Dezentralisierung am Beispiel der fuhrenden Kryptowahrung Bitcoin untersucht. Danach werden die gewonnenen Erkenntnisse mit einer SWOT-Analyse auf den Wertpapierhandelsprozess angewandt und es wird die Implementierung eines Distributed Ledgers auf Chancen und Risiken fur die Finanzmarkte hin evaluiert. Als Essenz der Literaturauswertung ist festzustellen, dass die Starken der DLT nur nach Einigung auf einen technischen Marktstandard voll abgeschopft werden konnen. Die Basis der Bachelorarbeit sind aktuelle Studien und Arbeitspapiere von Regulierungsbehorden, Beratungsunternehmen und Finanzdienstleistern aus Europa und den USA zur Auswirkung der Distributed Ledger Technology auf den Wertpapierhandel sowie die Fachbucher und Arbeitspapiere von Narayanan (2016) und Nakamoto (2008) zur Funktionsweise der Blockchain-Technologie. Durch die Verknupfung von Informationstechnologie und Finanzwirtschaft erhofft sich der Autor einen interdisziplinaren Erkenntnisgewinn uber aktuelle Entwicklungen auf den Finanzmarkten.
Money laundering can be defined as any act or attempted act to conceal or disguise the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources (Money Laundering, 2016). It is difficult to determine the magnitude of money laundering because these illicit financial flows remain hidden (Schott, 2006). A report issued by the United Nations Office on Drugs and Crime (UNODC) quoted that the total of all criminal proceeds amounted to $2.1 trillion in 2009. The study also shows that “Less than 1 percent of global illicit financial flows are currently seized and frozen” (Pietschmann & Walker, 2012). This is concerning because money laundering not only enables the operation of criminal organizations such as drug and human traffickers but can also significantly distort the economies in which they enter.\nThe Financial Action Task Force (FATF) is an inter-governmental policy-making body that has helped to promote anti-money laundering efforts since its formation in 1989. It has issued 40 recommendations to fight money laundering and nine special recommendations to combat terrorist financing which have been adopted by 32 countries (About - Financial Action Task Force, 2016). Unfortunately, implementing these strategies has proved to be difficult for both developed and lesser developed countries. According to a study conducted by PricewaterhouseCoopers in 2016, “over the last few years, in the U.S. alone, nearly a dozen global financial institutions have been assessed fines in the hundreds of millions to billions of dollars for money laundering and/or sanctions violations" (PricewaterhouseCoopers, 2016). It stands to say that if financial institutions are having difficulties implementing frameworks to prevent and detect money laundering, then our enforcement agencies are unable to adequately address the issue as well.\nA new hurdle that enforcement agencies have had to face is the emergence of Bitcoin, as well as other cryptocurrencies, that can be described as “a digital currency and online payment system in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank” (Swan, 2015). Being an often unrecognized currency, many banks and financial institutions have not had to worry about modifying their compliance programs. The biggest benefit of cryptocurrencies to money launderers is its decentralized nature. There is no governing authority, as members of the network handle issuances and payments. Once a disruptive technology, Bitcoin is beginning to lose momentum for a number of reasons and some its strongest proponents are now referring to it as nothing more than an experiment. The purpose of this paper is not to examine Bitcoin, but rather its underlying technology that has been found to be the actual value: blockchain. After providing a brief overview of the technology and the hurdles that financial institutions face when implementing anti-money laundering compliance programs, the possible ways in which blockchain can help alleviate these difficulties will be examined.
Information technology has become an indispensable part of the U.S. banking industry. The industries commitment to evolving advantageous technology is evident in the growing financial commitment to distributed ledger or "blockchain" technology. The advancing technology is transforming the configuration of the U.S. banking industry model established with the passing of the Federal Reserve Act in 1913. The present paper investigates the literature to provide an understanding of the transformation of the U.S. banking industry created by advancing technology.