In China's Greater Bay Area (Guangdong-Hong Kong-Macao), the increasing use of Blockchain technology in financial services has the potential to generate benefits for many stakeholders. Blockchains are known for their distinctive features, such as decentralized architecture, tamper-proof data structures, and traceable transactions. These features make Blockchain a preferred choice of platform for developing applications in financial service areas. Meanwhile, some questions have been raised regarding Blockchain's suitability to compete with or even replace existing financial systems. This paper provides insights into the current progress of Blockchain applications in insurance, banking, payments, asset trading, loans, remittances, the Internet of Things (IoT) for the finance industry, financial inclusions, and enterprise-level interaction in finance and governance. We review the barriers to widespread Blockchain adoption, especially the risks when transaction fees dominate mining rewards. By comparing the emerging Blockchain technologies and incentive issues related to real-world applications, we hope that this paper can serve as a valuable source of reference for Blockchain researchers and developers in financial service areas.
In recent times, content-centric network has been evolved as one of the most popular technologies of the modern era, facilitating cache content-based data sharing, especially in vehicle-to-grid (V2G) networks. However, to get benefits from content-based caching services, it is essential to match the service providers with service requesters optimally during high mobility vehicles scenarios. Most of the existing literature proposals for this problem are based upon the centralized architecture, which may be vulnerable to congestion matching operations, with a lack of trustworthiness among nodes. Also, a content holder may spread fake information about content availability to requesters, which may affect the performance of any implemented solution in this environment. In this paper, we model the two-sided preferences of both parties (service providers and requesters) to maximize the cache content sharing using content centric network (CCN) communications. Then, we formulated a decentralized matching problem with joint transmit power of both the content providers and requesters. The framed matching game involves aspiration level and agreement functions for both the parties. Finally, a distributed blind matching algorithm (BLMA) is also proposed, which is executed by deploying a smart contract on the Ethereum network without involving an intermediate authority. Moreover, we provide the theoretical analysis on the number of successive iterations for convergence of the proposed BLMA algorithm. To verify and validate the effectiveness of the proposal, we compare it with three benchmark schemes and evaluated its performance with respect to average individual utility, latency, and energy consumption on the benchmark data sets. The results obtained show that the proposed scheme is superior in comparison to the existing state-of-the-art solutions with respect to various performance evaluation metrics.
Limited access to large-scale data is a key obstacle to building machine learning (ML) applications in practice, partly due to a reluctance of information exchange among data owners out of privacy and data security concerns. To address this âinformation siloâ problem, federated learning (FL) techniques have been proposed to enable decentralized model training via an orchestrating central server and have received increasing attention in several industries (including healthcare and finance). Despite its superior privacy protection property, adoption of FL is limited by a lack of systematic understanding of its underlying economics. In this paper, we take an analytical approach to answer two questions: (1) when do data owners prefer to form a FL partnership over building ML models by themselves and (2) how can different contractual mechanisms be used to promote repeated contributions to FL (the cooperative outcome that benefits all participants). We formulate an iterated prisonerâs dilemma (IPD) model that accounts for unique FL characteristics, including the specification of the payoff matrix and the involvement of a central server to sanction noncooperation. We find that partnership formation requires participants to be not too forward-looking in temporal preferences, which is contrary to the conventional wisdom in IPD. Furthermore, to promote repeated contributions, it is insufficient to only rely on penalties imposed by the central server or by participants for noncooperation, but a combination of both is enough. Our work advances theoretical understanding of the economics of FL and provides prescriptive insights that can inform FL participant selection and contract design. This paper was accepted by D. J. Wu, information systems. Funding: This work was partially supported by Cisco Research. Supplemental Material: The online appendices are available at https://doi.org/10.1287/mnsc.2023.00611 .
Sruthy Anand, Sai Shibu N B, Kalla Likhit Sai Eswar, Koganti Sri Sai Harshith ¡ 5 authors
Blockchain is a distributed ledger that stores information on networked nodes, ensuring that a single node cannot alter the data. Blockchain has become popular for decentralized and distributed applications, especially managing financial records. This paper examines the importance of using blockchain to maintain decentralized ledgers for self-help groups running micro-finance for rural women in India. This paper provides a comprehensive overview of blockchain technology and its various applications. It also investigates the factors that influence the adoption of this technology by the community. This paper also acknowledges the challenges posed by the digital divide in rural villages, which make it difficult for people to accept and utilize this technology. The paper aims to enhance transparency in governance and create a secure financial module by integrating blockchain technology.
Chen Ben Tolila, Yarden Hovav, Kiril Danilchenko, Hadassa Daltrophe
The rising expenses associated with car ownership have driven individuals to seek more affordable alternatives, such as car rentals. However, conventional car rental services often come with high costs due to leasing company overhead expenses. Consequently, car sharing has emerged as a popular and cost-effective solution that not only reduces expenses but also promotes eco-friendliness by reducing the overall number of vehicles on the roads. Nonetheless, centralization and reliability remain persistent challenges in car-sharing implementation. To address these issues, we propose a decentralized crowd car sharing and renting platform called Crowd-CarLink, leveraging blockchain technology's power. This innovative platform enables both individuals and leasing companies to rent out vehicles while securely recording the maintenance history of each vehicle on the blockchain. Within CrowdCarLink, garages are pivotal contributors, adding vehicle information in a reliable and immutable manner. By utilizing blockchain technology, our platform ensures transparency and fosters trust, effectively overcoming the limitations imposed by centralization. Our architectural design incorporates smart contracts which help streamline processes and facilitate seamless transactions within the platform. To demonstrate the feasibility of our approach, we have developed a prototype utilizing a private Ethereum blockchain with Proof of Authority (PoA) consensus. We believe that the architectural design and the practical solution presented here will play an integral role in shaping the future of smart transportation. By offering a cost-effective and efficient solution, our platform aims to benefit individuals and the environment alike, paving the way for a more sustainable and advanced transportation ecosystem.
The growing literature on blockchain technology for tourism and hospitality has identified many ways in which the tourism and hospitality industry and other tourism stakeholders, like local destinations and tourists, can benefit from blockchain technology and its applications. This chapter builds on these existing conceptualizations of blockchain technology benefits and discusses them in three specific contexts: smart tourism, the Metaverse, and sustainable tourism. In doing so, it outlines possible ways in which blockchain technology and tourism and hospitality will shape each other in the future and projects a thriving symbiosis between the two. However, it also discusses potential drawbacks of blockchain technology and warns against uncritical and passive attitudes and approaches. It argues that the development of blockchain technology is a means to an end rather than the objective itself.
Decentralized tourism financial systems are revolutionizing the way people pay for their travels. They enable travelers to make secure, fast, and borderless payments without intermediaries, saving time and money. Decentralized tourism financial systems use blockchain technology to eliminate the need for intermediaries, such as banks and credit card companies. This allows users to make payments directly between themselves, without the need for a trusted third party. In this research, a framework of the decentralized tourism financial payment system is presented as a proposal. Academic publications on what decentralized payment systems are and the use of these payment systems in tourism were examined, and a decentralized finance (DeFi) protocol proposal was presented between a customer and hotel management using the infrastructure that creates DeFi. With the presentation of this proposal, an application of decentralized financial payment systems can be realized in future studies in tourism.
Distributed Ledger Technology (DLT) has the potential to transform the agri-food sector, empowering rural and underserved farming communities by enabling the creation of a more environmentally sustainable and socio-economically inclusive food system. Several PoC and pilot projects are running all over the world to test this specific use case. However, the success rate of these initiatives is still limited. A critical analysis of the state-of-the-art suggests as a possible explanation for the observed trend that the current research approach to DLT for agriculture is mostly technology-driven. This limits our ability to develop solutions that provide benefits to the communities theyâre meant to serve, while potentially increasing inequalities and further marginalising these underserved groups. Achieving a sustainable and inclusive food supply chain entails a paradigm shift that goes beyond technological development to address how technology is socially constructed, thus implying the need for designing DLT applications around and together with users. By adopting a user-centred perspective to technology-enabled innovation, design can help shift the agri-food industry from being tech-centred to being people-centred. To explore the potential contribution of design for facilitating transformation and technology-enabled social innovation in the agri-food sector, we conducted a case study involving Portuguese small farmers which resulted in DigiFarm, a blockchain-based service concept. In this article, we detail the methodology adopted for the scoping and ideation of DigiFarm, concluding with a discussion highlighting the added value of adopting a design-driven approach to research and practice on DLT applications in the agri-food sector.
Blockchain technology speeds up the financing process, reduces costs, and can increase transparency and trust among stakeholders. In this context, decentralized finance (DeFi) platforms built on the structure of blockchain and smart contracts are multiplying the new application possibilities of these emerging technologies in tourism. Although the positive contributions of blockchain technologies to the tourism sector and its sustainability have been examined in the literature, a straightforward approach and model on how to implement them with the participation of stakeholders has not been developed. The study examines how smart contracts, IoT, and DeFi technologies that will form the future digital infrastructure in tourism can be combined and applied in sustainability financing. In addition, it was investigated which sustainable development goals blockchain applications can contribute to in tourism.
This chapter explores the potential of blockchain technology, tokenization, and non-fungible tokens (NFTs) in promoting sustainable tourism and preserving tourism attractions. From the stakeholder perspective, the chapter examines the benefits of using these technologies in creating new revenue streams in tourism management. It further discusses the challenges and opportunities that come with implementing blockchain, tokenization, and NFTs in the tourism industry, including issues of environmental concerns and how to address them. The chapter concludes with recommendations for various stakeholders in the tourism industry to leverage these technologies in creating a more sustainable and responsible tourism sector.
Blockchain technology, the bedrock of cryptocurrency, has evolved beyond its initial scope, paving the way for a plethora of decentralized, secure applications.The anticipation surrounding blockchain's potential to become the dominant technology orchestrating online transactions is growing, due to its ability to provide efficient and secure solutions for a diverse range of applications on a global scale.This study delves into the potential benefits of deploying blockchain technology in the realm of crowdfunding.In recent years, crowdfunding has emerged as an alternative route for startups to garner funds, presenting a less bureaucratic and simpler process.The conventional crowdfunding model entails a collective of individuals contributing minor sums to support a project or start-up, with the crowdfunding platform earning a commission to coordinate the needs of both funders and fundraisers.Nonetheless, blockchain technology could potentially enhance the crowdfunding process by introducing a decentralized, tamperproof system comprised of interconnected nodes, thereby bolstering transparency, trust, efficiency, and convenience.To realize this potential, this paper proposes the application of Ethereum smart contracts to tackle prevalent issues in both Donation-Based and Equity-Based crowdfunding models.By adopting this approach, we hope to bring about greater transparency and efficiency to the crowdfunding process, thereby fostering an environment of trust that may catalyze further innovation in this space.
Nekada davno svaki oblik trgovine podrazumijevao je trampu za odreÄene artikle bez formiranja standardiranih cijena. Izumom novca eliminira se potreba "dvostruke podudaranost Ĺželja" Äime se omoguÄava specijalizacija poslova. PoveÄanjem specijalizacije proprocionalno se ubrzavaju i inovacije i razvoj tehnologije. Ĺ to postepeno dovodi do fundamentalnog izuma interneta, koji u potpunosti mjenja ljudski Ĺživot u gotovo svakom pogledu. PoÄevĹĄi od brzine i koliÄine informacije koje postaju lako dostupne, novih oblika trgovina i plaÄanja, pa do ljudskih navika. 2008. poÄinje nova era interneta, pojavom blockchain tehnologije i Bitcoina. Kroz vrijeme se pojavljuju novi alternativi tokeni koji nude razne moguÄnosti na decentraliziranoj mreĹži. U radu se provodi istraĹživanje na temu "Kriptovalute i njihov utjecaj na turizam" gdje se utvrÄuju glavne motivacije, zadovoljstvo i namjera ponovnog koriĹĄtenja kriptovaluta. Rezultati pokazuju kako su ljudi primarno motivirani brzinom i jednostavnoĹĄÄu transakcije, te uklanjanjem konverzije valuta. Korisnici su zadovoljni dosadaĹĄnjim transakcijama, te veÄinskim dijelom smatraju kako bi ih koristili i ÄeĹĄÄe ukoliko bi se poveÄao broj turistiÄkih usluga koji bi primali kriptovalute.
Purpose Decentralised autonomous organisations (DAOs) are internet-native self-governing enterprises where individual groups, communities, agencies, consumers and providers work together using blockchain-led smart contracts (SCs). This study aims to examine the role of DAO marketplaces in technology-led autonomous organisation design for enterprise technology sourcing industries, with algorithmic trust and governance. Design/methodology/approach The authors examined the importance of an enterprise marketplace governance platform for technology sourcing using DAO as a decentralised/democratised business model. A total of 98 DAO products/services are evaluated across 11 industries that envisage DAO as a strategic choice for the governance of decentralised marketplace platforms. Findings The research findings validate how a DAO-led enterprise marketplace governance platform can create a cohesive collaboration between consumers (enterprises) and providers (solution vendors) in a disintermediated way. The proposed novel layered solution for an autonomous governance-led enterprise marketplace promises algorithmic trust-led, self-governed tactical alternatives to a strategic plan. Research limitations/implications The research targets multiple industry outlooks to understand decentralised autonomous marketplace governance and develop the theoretical foundation for research and extensive corporate suitability. Practical implications The research underpinnings boost the entrepreneursâ ability to realise the practical potential of DAO between multiple parties using SCs and tokenise the entire product and service offerings over immutable ledger technologies. Originality/value To the best of the authorsâ knowledge, this research is unique and the first of its kind to study the multi-industry role of algorithmic trust and governance in enterprise technology sourcing marketplaces driven by 98 decentralised and consensus-based DAO products across 11 industries.
The landscape of work is undergoing significant changes, and the advent of Web 3 technologies is poised to accelerate this transformation. The gig economy, which emphasizes short-term contracts and freelance work, has been subject to criticism for its lack of job security, limited worker protections, and heightened competition. However, the emergence of Web 3 technologies and decentralized autonomous organizations (DAOs) offers a potential solution to these problems, by providing greater worker autonomy, transparency, and democratic decision-making. DAOs can help to give workers greater control over their working environment, as well as offering them greater job security. These technologies can also create new opportunities for workers to work remotely and receive payment more quickly than traditional methods. This chapter aims to examine the potential opportunities and obstacles presented by Web 3 and DAOs for the future of work.
Purpose This research aims to extract Industry 4.0 technological building blocks (TBBs) capable of value generation in collaborative consumption (CC) and the sharing economy (SE). Furthermore, by employing a mixed methodology, this research strives to analyse the relationship amongst TBBs and classify them based on their impact on CC. Design/methodology/approach Due to the importance of technology for the survival of collaborative consumption in the future, this study suggests a classification of the auxiliary and fundamental Industry 4.0 technologies and their current upgrades, such as the metaverse or non-fungible tokens (NFT). First, by applying a systematic literature review and thematic analysis (SLR-TA), the authors extracted the TBBs that impact on collaborative consumption and SE. Then, using the Bayesian best-worst method (BBWM), TBBs are weighted and classified using expertsâ opinions. Eventually, a score function is proposed to measure organisationsâ readiness level to adopt Industry 4.0 technologies. Findings The findings illustrated that virtual reality (VR) plays a vital role in CC and SE. Of the 11 TBBs identified in the CC and SE, VR was selected as the most determinant TBB and metaverse was recognised as the least important. Furthermore, digital twins, big data and VR were labelled as âfundamentalâ, and metaverse, augmented reality (AR), and additive manufacturing were stamped as âdiscretionalâ. Moreover, cyber-physical systems (CPSs) and artificial intelligence (AI) were classified as âauxiliaryâ technologies. Originality/value With an in-depth investigation, this research identifies TBBs of Industry 4.0 with the capability of value generation in CC and SE. To the authorsâ knowledge, this is the first research that identifies and examines the TBBs of Industry 4.0 in the CC and SE sectors and examines them. Furthermore, a novel mixed method has identified, weighted and classified pertinent technologies. The score function that measures the readiness level of each company to adopt TBBs in CC and SE is a unique contribution.
This article examines non-fungible token (NFT) applications and their users through a qualitative textual analysis of NFT-based video game Axie Infinityâs Discord server. It considers NFT applicationsâ dual purposes as entertainment media and financial instruments and posits that the interests of capital inform usersâ engagement. In an environment defined by distrust and uncertainty, predominantly Filipino digital laborersâ (âScholarsâ) experiences and interactions with the gameâs ownership class (âManagersâ) reflect pre-existing patterns of exploitation made inexpensive by differences in currency valuations, accessible by access to digital devices, available by global financial uncertainty, possible by a lack of user protection and governance, and permissible by light government regulation. To navigate an interplay of designed systems and human behavior, users share gameplay and marketplace knowledge. The blurring of gaming, gambling, and finance discussed here risks fostering an increasingly gamified approach to work and finance and facilitates exploitation of global, stratified labor.
Abstract Distributed Ledger Technology (DLT) faces increasing environmental scrutiny, particularly concerning the energy consumption of the Proof of Work (PoW) consensus mechanism and broader Environmental, Social, and Governance (ESG) issues. However, existing systematic literature reviews of DLT rely on limited analyses of citations, abstracts, and keywords, failing to fully capture the fieldâs complexity and ESG concerns. We address these challenges by analyzing the full text of 24,539 publications using Natural Language Processing (NLP) with our manually labeled Named Entity Recognition (NER) data set of 39,427 entities for DLT. This methodology identified 505 key publications at the DLT/ESG intersection, enabling comprehensive domain analysis. Our combined NLP and temporal graph analysis reveals critical trends in DLT evolution and ESG impacts, including cryptography and peer-to-peer networks researchâs foundational influence, Bitcoinâs persistent impact on research and environmental concerns (a âLindy effectâ), Ethereumâs catalytic role on Proof of Stake (PoS) and smart contract adoption, and the industryâs progressive shift toward energy-efficient consensus mechanisms. Our contributions include the first DLT-specific NER data set addressing the scarcity of high-quality labeled NLP data in blockchain research, a methodology integrating NLP and temporal graph analysis for large-scale interdisciplinary literature reviews, and the first NLP-driven literature review focusing on DLTâs ESG aspects.
Tri Nguyen, Huong Nguyen, Juha Partala, Susanna Pirttikangas
Mobility-as-a-Service (MaaS) is an advanced Intelligent Transport System (ITS) that integrates various modes of transportation to meet the demands of travellers. The system relies on frequent communication for data exchange between the MaaS provider and transport service providers. Ideally, such communication would utilize trust technologies between these entities. However, current MaaS systems lack transparency and reliability, and their centralized nature creates a single point of failure for the entire service. To address these issues, this paper proposes a blockchain-based MaaS, which includes an architecture and smart contract functionalities. The solutions are built on permissioned and permissionless Hyperledger Fabric and Ethereum blockchain platforms, respectively, for a realistic deployment of network architecture and proposed smart contracts. Additionally, the paper presents a framework derived from comparing these two blockchain platforms. Finally, the framework is evaluated, and open questions and challenges are analyzed.
Erya Jiang, Bo Qin, Qing K. Wang, Zhipeng Wang ¡ 10 authors
Decentralized Finance (DeFi) is a new paradigm in the creation, distribution, and utilization of financial services via the integration of blockchain technology. Our research conducts a comprehensive introduction and meticulous classification of various DeFi applications. Beyond that, we thoroughly analyze these risks from both technical and economic perspectives, spanning multiple layers. We point out research gaps and revenues, covering technical advancements, innovative economics, and sociology and ecology optimization.
Mary Rachelle Anne F. Eliang, Rona Klarizz S. Del Rosario, Dorothy B. Matalang, Sam-Eduard T. Quintana ¡ 8 authors
Efficient food bank operations are crucial in addressing food insecurity and providing resources to those in need. However, traditional approaches often face challenges related to accountability, transparency, and traceability. This paper proposed an innovative solution utilizing blockchain technology and smart contracts on the Ethereum platform. The system utilized the Remix Integrated Development Environment for contract development and testing, along with Ganache for local blockchain simulation. This combination enabled the establishment of a decentralized and immutable ledger to track the journey and quality of food donations and distributions. This study provided a reliable and transparent framework for food bank operations, enhancing the effectiveness and efficiency of food distribution processes. Results indicated that this approach promotes collaboration, builds stakeholder confidence, and ultimately contributes to reducing food insecurity in communities.
Social sciences are investigating the societal implications of using blockchains for social collaborative economies and participatory practices. This article contributes by advancing an original approach to blockchain-based applications defined as Civic Blockchain. It is implemented with a wallet app currently experimented upon in local communities. Our approach is informed by an analysis of the critical literature on ethical and design dilemmas concerning blockchain for social impact. The conceptual framework revolves around three principles (Internet of Values 2.0, disintermediation of services, and local adaptation), that are reflected in our technical choices. The approach makes blockchains accessible to local community members, leveraging some of their core affordances and advancing new interpretations with a focus on technical and economic accessibility. Blockchain technology can support new socio-economic practices on a local level when intentional actions are undertaken by developers and users to address the societal challenges.
Decentralized Finance (DeFi) platforms are often governed by Decentralized Autonomous Organizations (DAOs) which are implemented via governance protocols. Governance tokens are distributed to users of the platform, granting them voting rights in the platform's governance protocol. Many DeFi platforms have already been subject to attacks resulting in the loss of millions of dollars in user funds. In this paper we show that governance tokens are often not used as intended and may be harmful to the security of DeFi platforms. We show that (1) users often do not use governance tokens to vote, (2) that voting rates are negatively correlated to gas prices, (3) voting is very centralized. We explore vulnerabilities in the design of DeFi platform's governance protocols and analyze different governance attacks, focusing on the transferable nature of voting rights via governance tokens. Following the movement and holdings of governance tokens, we show they are often used to perform a single action and then sold off. We present evidence of DeFi platforms using other platforms' governance protocols to promote their own agenda at the expense of the host platform.