This article emphasizes the types and threats of cybercrime related to cryptocurrencies. The necessity of implementing legislative regulations and invention of administrative control mechanisms in connection with the growth of the digital economy is also discussed. The presented article also elucidates features of cyber-cartels and their new instruments, such as “Auction Robots”, for committing illicit activities as the new type of the organized crime in a digital world. This work also focuses on describing certain categories of cybercrime, such as cryptojacking, which is a scheme to use people’s devices (computers, smartphones, tablets and etc.), without their consent or knowledge, to secretly mine cryptocurrency on the victim’s dime. To analyze the growth in demand, this work highlights the index of the whole capitalization and the exchange rates of the cryptocurrencies. Article also underlines the threat of the element of anonymity related to cryptocurrencies as the main instrument for criminals to either disguise terrorism financing or evade paying taxes. Some valuable examples of amendments developed and introduced by the US and Great Britain legislations to regulate crypto market and control tax evasion are also cited
Kruakae Pothong, Larissa Pschetz, Arlene Bailey, Billy Dixon
What difference can new technologies make for small-scale farmers facing a multitude of uncertainties that could affect not only the value of their crops but also when and whether they get paid? To understand how Distributed Ledger Technologies such as Blockchains, could be leveraged to address such uncertainties in agricultural trade, we engaged small-scale farmers in a problem delineation exercise and designed CariCrop, a payment system and currency that specifically addresses the issue of delayed payments. We investigated the potential impact of this system through immersive drama and deliberative workshops. We found that although digital payment systems can give farmers greater autonomy in agri-cultural trade, these systems do need to be designed with careful consideration of social values and integrate local economic and legal infrastructures.
Fernando Parahyba, Eldair F. Dornelles, Fabrícia Roos-Frantz, Rafael Z. Frantz · 8 authors
Integration processes involve Business Constraints and Service Level Agreements that, with current technology, are not monitored or enforced automatically at run-time. This approach leaves the participants with no means of supervising the development of their interactions or of collecting indisputable evidence to ease the resolution of disputes that can potentially emerge. In this paper, to address the issue, we suggest the inclusion of smart contracts in integration processes to supervise and mediate, at run-time, the agreements to which the participants commit. We discuss the requirements that smart contracts for integration processes need to meet and the challenges involved in writing, executing, deploying, and verifying them.
Cryptocurrencies (e.g., Bitcoin, EOS, Etherum, Litecoin, and others) are disrupting the traditional banking and financial systems. The cryptocurrencies are based on a set of technologies commonly referred to as blockchain technology. The potential effect of blockchain technology on institutional economics is profound. Already, blockchain technology-based applications in supply chain management, marketing, and finance are decen- tralizing and streamlining vital institutional functions. In this paper, I examine the economics of blockchain technologies as it pertains to transaction costs in startup financing. I try to draw upon the theory of transaction cost economics and the transactional nature of blockchain technology to propose a model to demonstrate how and why blockchain technology based applications are effective. I then apply the model to demonstrate how blockchain technology can be used to overcome many problems inherent in startup financing. For example, information asymmetry and transaction costs involved with matching an entrepreneur with an investor and the terms of the financing deal are some of the fundamental issues in entrepreneurial financing. I try to explain how a financing system based on blockchain technology can ameliorate the problems and lead to a more effective and decentralized entrepreneurial financing process.
The use of blockchain in regulatory ecosystems is a promising approach to address challenges of compliance among mutually untrusted entities. In this work, we consider applications of blockchain technologies in telecom regulations. In particular, we address growing concerns around Unsolicited Commercial Communication (UCC aka. spam) sent through text messages (SMS) and phone calls in India. Despite several regulatory measures taken to curb the menace of spam it continues to be a nuisance to subscribers while posing challenges to telecom operators and regulators alike. In this paper, we present a consortium blockchain based architecture to address the problem of UCC in India. Our solution improves subscriber experiences, improves the efficiency of regulatory processes while also positively impacting all stakeholders in the telecom ecosystem. Unlike previous approaches to the problem of UCC, which are all ex-post, our approach to adherence to the regulations is ex-ante. The proposal described in this paper is a primary contributor to the revision of regulations concerning UCC and spam by the Telecom Regulatory Authority of India (TRAI). The new regulations published in July 2018 were first of a kind in the world and amended the 2010 Telecom Commercial Communication Customer Preference Regulation (TCCCPR), through mandating the use of a blockchain/distributed ledgers in addressing the UCC problem. In this paper, we provide a holistic account of of the projects' evolution from (1) its design and strategy, to (2) regulatory and policy action, (3) country wide implementation and deployment, and (4) evaluation and impact of the work.
Paying for electronic commerce products with cryptocurrencies is an increasingly popular method. However, the situations where a seller expects one specific cryptocurrency as a payment while a buyer only possesses another, inevitably create inconvenience to the buyer, which may lead to cancellation of purchase. In this paper, we propose a light-weighted software architecture of a payment system called NAGA platform that works with a number of crypto blockchain networks to support cross-cryptocurrency payments where buyers can pay in one currency, and the seller automatically receives another of his/her choice. This minimizes the complexity and inconvenience of the buyer, leading to an increase in sales and revenues of the electronic commerce system. With the built-in crypto exchange, crosscryptocurrency payment can be processed with real-time exchange rates that enables both buyers and sellers to receive cryptocurrency of their preferred choices.
Constance J. Crawford, Corinne Crawford, Glenn C. Vallach
Subtitle A, of the Internal Revenue Code (IRC), contains regulatory provisions regarding the federal taxes imposed on the income of both individuals and corporations. The IRC guidance is intended to provide a determination of all income that must be reported on tax returns and potentially could become subject to an income tax. A new form of currency, known as cryptocurrency appeared on mainstream trading platforms beginning in 2009. Bitcoin initially was the most widely recognized digital currency but other virtual currency versions soon followed. Initially, taxpayers mistakenly believed that cryptocurrency transactions were not subject to Subtitle A of the IRC. Therefore, crypto transactions were assumed to be non-taxable and non-reportable for tax purposes. However, within a few years of the introduction of Bitcoin into the US economic system, the Internal Revenue Service (IRS) introduced tax guidance pertaining to cryptocurrency transactions. In 2014, the IRS responded with Notice 2014-21 as the popularity of Bitcoin grew exponentially. The IRC guidance stated that cryptocurrency must be treated as property for federal tax purposes. The tax implication of the IRS guidance was that cryptocurrency transactions would result in either a gain or loss for tax purposes on Schedule D. This guidance resulted in a recognition that all cryptocurrency transactions would be subject to federal income tax.
The purpose of the article is to describe the state of the financial market during and after the COVID-19 pandemic. The financial environment is facing new questions about the future, one of which concerns the role played by cryptocurrencies in the coming years. In recent years the cryptocurrency market has been experiencing spectacular growth, with more than 5,500 cryptocurrencies now in existence worldwide. They can either be used as safe haven currencies that provide protection against market volatility or as a payment system with the prospect of consolidation. Whatever the case may be, the pandemic circumstances favour the development of these digital assets. The crisis generated by the pandemic has also affected the value of bitcoin, which has been quite volatile. While it seems to be recovering, the near future is uncertain. The uncertainty brought about by the coronavirus health crisis has caused a general collapse in the stock markets. In this context, the authors review the behaviour of bitcoin, with its dips and recoveries, which can occur in a matter of a few hours. The first months of national lockdowns were mainly marked by social issues. When social distancing has become the norm, cryptocurrencies can play a bigger role than they did previously, driving the evolution of money away from cash in the direction of cashless society.
Reza Toorajipour, Pejvak Oghazi, Vahid Sohrabpour, Pankaj C. Patel · 5 authors
Heterogeneity and complicated processes, risk of information leakage, and higher costs are some of the challenges that stem from third-party involvement in business transactions. This study proposes a novel mechanism to address the shortcomings of third-party-dependent transactions in the context of international trade. Moreover, we provide business process modeling, deployed in a business transaction scenario, to furnish a deeper perspective on the working of the mechanism based on Business Process Model and Notation (BPMN) 2.0 standards and guidelines. By analyzing and identifying blockchain roles and capabilities, this study proposes a blockchain technology-based letter of credit (BTLC), which is a mechanism providing letters of credit (LCs) that incorporate the benefits of blockchain and smart contracts.
The technological advancement of the Internet of Things (IoT) is a well-known phenomenon that mainly affects industrial sectors but also consumers in everyday life. The use of Consumer IoT, i.e. CIoT, devices is increasing, and they are paving the way for a Machine-to-Machine (M2M) communication that could highly enrich consumer services. In this paper we position ourselves in the narrowing gap between the world of CIoT and the world of money, and we explore the emerging interaction between the payment needs of a M2M Economy and the "new ways of payment". Indeed, the advent of Distributed Ledger Technology and cryptocurrencies has introduced a tech-oriented dynamism in the monetary and financial sphere. Accordingly, central banks all over the world have started investigations into digital fiat money, i.e., "retail" Central Bank Digital Currencies (CBDCs). Against this backdrop, we analyze the integration of retail CBDC models into M2M and CIoT dynamics, while heeding regulation-by-design and compliance-by/through-design methodologies, and we propose a preliminary model of integration between a two-tier retail CBDC architecture and CIoT.
As an emerging distributed technology, blockchain has begun to penetrate into many fields such as finance, healthcare, supply chain, intelligent transportation. However, the interoperability and value exchange between different independent blockchain systems is restricting the expansion of blockchain. In this paper, a notary group-based cross-chain interaction model is proposed to achieve the interoperability between different blockchains. Firstly, a notary election mechanism is proposed to choose one notary from the notary group to act as a bridge for cross-chain transactions. Secondly, a margin pool is introduced to limit the misconduct of the elected notary and ensure the value transfer between the involved blockchains. Moreover, a reputation based incentive mechanism is used to encourage members of the notary group to participate in cross-chain transactions. Ethereum-based experiments demonstrate that the proposed mechanism can provide an acceptable performance for cross-chain transactions and provide a higher security level than ordinary cross-chain mechanisms.
Xi Zhao, Peilin Ai, Fujun Lai, Xin Luo · 5 authors
Abstract In the emerging platform economy, blockchain technologies are reshaping the digital economy. Moreover, disintermediation and decentralization have broken new ground for platform organizations and management mechanisms and instigated the concept of a DAO ( Decentralized Autonomous Organization ). Recent literature on operations management has called for further research on governance issues related to DAOs. In response to this call, we explore the relationship between DAO management efforts and platform performance in this study. Specifically, we propose and theoretically articulate decentralized voting tasks in DAOs as a new form of organizing. Harnessing both online and on‐chain data from seven sources, we empirically examine how voting task division, task allocation, reward distribution, and information provision affect platform performance in the context of MakerDAO (an Ethereum‐based stablecoin issuance platform). Our findings reveal that strategic decisions arrived at through voting have a positive impact on platform operational performance under certain conditions, whereas operational decisions resulting from voting have a negative impact. Moreover, we elucidate the moderating effects of voting task execution characteristics on the relationship between completed decision tasks and operational performance. These findings have important implications from both theoretical and practical perspectives. We also share all the raw data we use to promote the development of blockchain‐related empirical research.
The main contribution of this work is: Discuss the challenges and opportunities in the emergence of Decentralized Finance. This work provides a comprehensive overview of the fundamental principles that underpin Blockchain technologies, such as system architectures and distributed consensus algorithms. Next, we focus on possible Blockchain solutions for the financial sector by discussing their challenges and opportunities.
Tooba Faisal, José Antonio Ordóñez Lucena, Diego López, Chonggang Wang · 5 authors
With the growing demand for network connectivity and diversity of network applications, one primary challenge that network service providers are facing is managing the commitments for Service Level Agreements (SLAs). Service providers typically monitor SLAs for management tasks such as improving their service quality, customer billing and future network planning. Network service customers, on their side, monitor services provided to them, to optimize their network usage and apply, when required, penalties related to service failures. In future 6G networks, critical network applications such as remote surgery and connected vehicles will require these SLAs to be more dynamic, flexible, and automated to match their diverse requirements on network services. Moreover, these SLAs should be transparent to all stakeholders to address the trustworthiness on network services and service providers required by critical applications. Currently, there is no standardized method to immutably record and audit SLAs, leading to challenges in aspects such as SLA enforcement and accountability - traits essential for future network applications. This work explores new requirements for future service contracts, that is, on the evolution of SLAs. Based on those new requirements, we propose an end to end layered SLA architecture leveraging Distributed Ledger Technology (DLT) and smart contracts. Our architecture is inheritable by an existing telco-application layered architectural frameworks to support future SLAs. We also discuss some limitations of DLT and smart contracts and provide several directions of future studies.
Paolo Bottoni, Claudio Di Ciccio, Remo Pareschi, Nicola Gessa · 5 authors
Smart contracts show a high potential for ensuring that Supply Chain Management strategies make a qualitative leap toward higher levels of optimality, not only in terms of efficiency and profitability but also in the aggregation of skills aimed at creating the best products and services to bring to the market. In this article, we illustrate an architecture that employs smart contracts to implement various algorithmic versions of the Income Sharing principle between companies participating in a supply chain. We implement our approach on Hyperledger Fabric, the most widespread platform for private and consortium distributed ledgers, and discuss its suitability to our purposes by comparing this design choice with the alternative given by public blockchains, with particular attention to Ethereum.
Decentralized Finance (DeFi) is a nascent set of financial services, using tokens, smart contracts, and blockchain technology as financial instruments. We investigate four possible drivers of DeFi returns: exposure to cryptocurrency market, the network effect, the investor's attention, and the valuation ratio. As DeFi tokens are distinct from classical cryptocurrencies, we design a new dedicated market index, denoted DeFiX. First, we show that DeFi tokens returns are driven by the investor's attention on technical terms such as "decentralized finance" or "DeFi", and are exposed to their own network variables and cryptocurrency market. We construct a valuation ratio for the DeFi market by dividing the Total Value Locked (TVL) by the Market Capitalization (MC). Our findings do not support the TVL/MC predictive power assumption. Overall, our empirical study shows that the impact of the cryptocurrency market on DeFi returns is stronger than any other considered driver and provides superior explanatory power.
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The main purpose of this paper is to set a model in which there exist multiple firms producing data in a situation where each firm produces data and shares it voluntarily for new additional revenue. The model is used for theoretical examination of the revenue distribution rule and behaviors to maximize the social welfare. Consequently, the following three main results can be obtained. First, if the number of firms is sufficiently large and some conditions are assumed, the revenue distribution rule to maximize social welfare in a decentralized economy coincides with the elasticity of additional revenue with respect to the provided data. Second, if each firm maximizes profit in the decentralized economy, the firm can achieve allocations to maximize social welfare in a command optimum for any revenue distribution rule as long as the government provides the policy of lump-sum tax and subsidy appropriately. Third, if the subsidy for data sharing is financed by a flat rate tax for additional profit, each firm has an incentive to participate in the platform irrespective of the subsidy rate and revenue distribution rule.
Decentralized Autonomous Organization (DAO) is very popular in Decentralized Finance (DeFi) applications as it provides a decentralized governance solution through blockchain. We analyze the governance characteristics in the Maker protocol, its stablecoin DAI and governance token Maker (MKR). To achieve that, we establish several measurements of centralized governance. Our empirical analysis investigates the effect of centralized governance over a series of factors related to MKR and DAI, such as financial, transaction, network and twitter sentiment indicators. Our results show that governance centralization influences both the Maker protocol, and the distribution of voting power matters. The main implication of this study is that centralized governance in MakerDAO very much exists, while DeFi investors face a trade-off between decentralization and performance of a DeFi protocol. This further contributes to the contemporary debate on whether DeFi can be truly decentralized. centralized governance in MakerDAO very much exists, while DeFi investors face a trade-off between efficiency and decentralization. This further contributes to the contemporary debate on whether DeFi can be truly decentralized.
Zhou Liao, Shuwei Song, Hang Zhu, Xiapu Luo · 10 authors
Being the most popular programming language for developing Ethereum smart contracts, Solidity allows using inline assembly to gain fine-grained control. Although many empirical studies on smart contracts have been conducted, to the best of our knowledge, none has examined inline assembly in smart contracts. To fill the gap, in this paper, we conduct the first large-scale empirical study of inline assembly on more than 7.6 million open-source Ethereum smart contracts from three aspects, namely, source code, bytecode, and transactions after designing new approaches to tackle several technical challenges. Through a thorough quantitative and qualitative analysis of the collected data, we obtain many new observations and insights. Moreover, by conducting a questionnaire survey on using inline assembly in smart contracts, we draw new insights from the valuable feedback. This work sheds light on the development of smart contracts as well as the evolution of Solidity and its compilers.
Amaç –Bu çalışmanın amacı; kripto para seçimine etki eden faktörlerin ortaya çıkartılması hususunda subjektif değerlendirmelerin objektif ağırlıklandırmalar yoluyla tespit edilmesidir.Yöntem -Çalışmada, Analitik Hiyerarşi Prosesi (AHP) çok ölçütlü karar vermetekniği kullanılmıştır. Kriptoloji ve kripto para alanında uzman ekipten oluşan yedi kişilik bir değerlendirme ekibi kriter ve alt kriterleri, ikili karşılaştırmalar yoluyla değerlendirmiştir. Buradan yola çıkarak, bu değerlendirmeler, Analitik Hiyerarşi Prosesi ile global ağırlık vektörlerine dönüştürülmüştür.Bulgular -Analiz sonuçlarına göre, işletmelerin kripto para yatırımı yapan bireysel portföy yöneticilerinin kripto para seçimini etkileyen kriterlerde en yüksek skora sahip olanlar “Teknolojik Merak”, “Kişinin Parası Üzerindeki Kontrol Gücü” ve “Veri ve İşlem Gizliliği” olarak belirlenmiştir. Bunun yanında, en düşük skora sahip kriterler ise “Sistem Üzerinde Kontrol Gücü”, “Coin Üreticisi” ve “Kimlik Bilgisi Gizliliği”, olarak tespit edilmiştir.Tartışma: Bu çalışmada, kripto para yatırımı yapan bireysel portföy yöneticilerinin kripto para seçimini etkileyen kriterlerin ağırlıklandırılması ve en önemli kriterin belirlenmesi amacıyla çok kriterli karar verme yöntemlerinden biri olan Analitik HiyerarşiProsesi (AHP) yöntemi ile analizler gerçekleştirilmiştir. AHP ile gerçekleştirilen analizde kripto para yatırımı yapan bireysel portföy yöneticilerinin kripto para seçimini etkileyen kriterler tespit edilmiş olup bu kriterlerin önem sıralaması yapılarak elde edilen sonuçlar tartışılmıştır.