Blockchain Papers

Hongjin Li, Han Li, Han Li, Han Li

No abstract is available for this record.

Mohita Gangwar Sharma, Sachinder Mohan Sharma

No abstract is available for this record.

Mesbaul Haque Sazu, Sakila Akter Jahan

<abstract> <p>Blockchain technology is disrupting the financial services industry and leading to extended big data applications in the banking sectors. Using blockchain and big data technology, banking industries can greatly improve decision-making, efficiency, and transparency. Nevertheless, there is a gap in research on the use of blockchain and big data technologies in banking systems from an academic viewpoint. To address the gap, we present a thorough overview of the impact of blockchain and big data technologies on banking systems. Although some banks have started blockchain development in small groups or isolation, this study was designed as a comprehensive exploration into a few facets of banking with blockchain technology to tackle the difficulties currently impeding the adoption of such technologies into banking systems throughout the world. This study shows that implementing big data and blockchain technology can significantly impact the security, speed and cost of transactions for banks. Further research could be conducted over a long-time span to capture the longitudinal impact of blockchain and big data technologies on banking in terms of the operating costs, profitability and scalability.</p> </abstract>

Samet Günay, Vladimir Dženopoljac, Nick Bontis

This paper investigates the interaction of public information arrivals and volatility in the cryptocurrency market from the perspective of intellectual capital, specifically, relational capital. The empirical analysis was conducted using Kapetanios' unit root test, various scaling (Hurst exponent) tests, a fractionally integrated generalised autoregressive conditionally heteroskedastic model, and Markov regime-switching regression for different series, including the logarithmic returns and abnormal returns, of price and volume series. Following modelling volatility and the derivation of conditional variance, Twitter posts were employed as an independent variable over each series. The results indicate that, while public information arrivals have a positive impact on the volatility of Ripple returns, they cannot divert away the variability of the volume.

R Q Li

In this paper, we aimed to build a quantitative investment trading model based on a combination of a multivariate cycle ARMA model and Apriori. We first note that in order to have a sound investment strategy, a forecast for the next trading day needs to be made. To do this, a basic time series forecasting model was first built to predict the value of gold and bitcoin for the next day based on the market volatility of the previous 40 days. The next step is developing a trading strategy model with a stable rate of return and some risk tolerance. At the same time, we developed a fixed stop-loss strategy to protect the strategy's stability and improve the risk resistance performance. Ultimately, using this model, we calculated that on 10 September 2021, we will have a return of $4816941 in Bitcoin and $1129.0503 in gold.

Hubert Tardieu

Abstract The Gaia-X project was initiated in 2019 by the German and French Ministers of Economy to ensure that companies would not lose control of their industrial data when it is hosted by non-EU cloud service providers. Since then, Gaia-X holds an international association presence in Belgium with more than 334 members, representing both users and providers across 20 countries and 16 national hubs and 5 candidate countries. The Association aims to increase the adoption of cloud services and accelerate data exchanges by European businesses through the facilitation of business data sovereignty with jointly approved (user and provider) policy rules on data portability and interoperability. Although for many enterprises, data sovereignty is seen as a prerequisite for using the cloud, a significant driver to boost the digital economy in business is incentivizing business data sharing. Two decades of cost optimization have constrained business value creation, driving many companies to neglect the opportunity to create shared value within a wider industry ecosystem. Now, thanks to the participation of large numbers of cloud users in the domains of Finance, Health, Energy, Automotive, Travel Aeronautics, Manufacturing, Agriculture, and Mobility, among others, Gaia-X is ideally positioned to help industries define appropriate data spaces and identify/develop compelling use cases, which can then be jointly deployed to a compliant-by-design platform architecture under the Gaia-X specifications, trust, and labeling frameworks. The creation of national Gaia-X hubs that act as independent think tanks, ambassadors, or influencers of the Association further facilitates the emergence of new data spaces and use/enabler cases at a country level, before these are subsequently extended to a European scope and beyond. Gaia-X partners share the view that data spaces will play a similar role in digital business as the web played 40 years ago to help the Internet take off. The Gaia-X Working Groups are at the core of the Gaia-X discussions and deliverables. There are three committees : the Technical, the Policies and Rules, and the Data Spaces and Business. The Technical Committee focus on key architectural elements and their evolution, such as and not limited to: Identity and Access Management: bridge the traditional X509 realm and new SSI realm, creating a decentralized network of identity federations Service Composition: how to assemble services in order to create new services with higher added value Self-Description : how to build digital trust at scale with measurable and comparable criteria The Policy and Rules Committee creates the deliverables required to develop the Gaia-X framework (compliance requirements, labels and qualification processes, credentials matrix, contractual agreements, etc.): The Labels and Qualification working group defines the E2E process for labels and qualification, from defining and evolving the levels of label, the process for defining new labels, and identifying and certifying existing CABS. The Credentials and Trust Anchors working group will develop and maintain a matrix of credentials and their verification methods to enable the implementation of compliance through automation, contractual clauses, certifications, or other methods. The Compliance working group collects compliance requirements from all sources to build a unique compliance requirements pool. The Data Spaces Business Committee helps the Association expanding and accelerating the creation of new Gaia-X service in the market: The Finance working group focuses on business modeling and supports the project office of the Association. The Technical working group analyzes the technical requirements from a business perspective. The Operational Requirements working group is the business requirements unit. The Hub working groups hold close contact with all Gaia-X Hubs and support the collection and creation of the Gaia-X use and business cases. These working groups maintain the international list of all use cases and data spaces and coordinate the Hubs.

Wendy Charles, Brooke M. Delgado

No abstract is available for this record.

Δαμιανός Π. Σακάς, Nikolaos T. Giannakopoulos, Νίκος Κανέλλος, Stavros P. Migkos

Nowadays, the cryptocurrency market is thriving, through the rise in cryptocurrency trading, opening the way for cryptocurrency trading websites’ optimization. Optimization of customer satisfaction is a vital part of cryptocurrency trade organizations’ digital marketing problems. It is vital to keep digital advertisement costs low while driving more traffic to a website. This study aims to define a digital marketing strategy for cryptocurrency trading websites by utilizing digital behavior metrics. Web analytics data were gathered from 10 world-leading cryptocurrency trade websites over 80 days. Statistical analysis of cryptocurrency trade web analytics, Fuzzy Cognitive Mapping modeling, and Agent-Based Model development have been deployed. Enhancement of cryptocurrency trade digital engagement levels can boost organizations’ SEO and SEM strategy campaigns. Outputs of the study provide a handful of insights regarding cryptocurrency trading websites’ digital promotion strategy optimization and the parameters of digital behavior mostly connected with websites’ digital marketing costs and traffic. Cryptocurrency trade organizations should utilize both organic and paid campaigns, observe regularly their website KPIs connected with visitors’ behavior and enhance their website users’ experience, by increasing their engagement.

Chris Mao

Non-fungible tokens (“NFTs”) are an emerging digital asset that has captured global attention with multi-million-dollar price tags for seemingly basic pixelated JPEG files. In March 2021, British auction house Christie’s sold a digital artwork, ‘Everydays: The First 5,000 Days’, by artist Mike Winkelmann (“Beeple”) for the Ether equivalent of $69.3 million, making it the third-most expensive artwork by a living artist.1 Beeple’s sale was by no means alone—Sotheby's sold an NFT collection of 101 ‘Bored Apes’ for $24.4 million;2 CryptoPunk #7804, one of 10,000 unique ‘CryptoPunk’ NFTs sold for $7.56 million,3 and Twitter founder Jack Dorsey’s first-ever tweet sold for $2.9 million as an NFT.4 NFT sales in the first-half of 2021 have already exceeded $2.5 billion,5 and, as of October 2021, the total value of NFTs on the Ethereum blockchain is estimated to be at least $14.3 billion.6 On one hand, NFTs may be poised to revolutionize creative industries and drastically alter consumer interaction with digital media.7 On the other hand, the NFT market is simultaneously both ripe for speculative investment and vulnerable to criminal activity.8 To date, there appears to be no consensus on the regulation of NFTs, neither from the perspective of generally applicable laws, regulatory capture under existing financial market regulation, nor the implementation of new digital asset laws. This paper attempts to highlight several pertinent dangers of NFTs, from a profound misunderstanding of what an NFT transaction entails, their bubble-like pricing, to various criminal activity concerns. By illustrating how existing laws and regulations may not fully capture nor address these dangers, as well as the potential oversight of NFTs in newly proposed digital asset laws, this paper proposes a categorial approach to regulating NFTs, by reducing the current (and likely future) use-cases of NFTs to their constituent categories and in turn, suggesting the most appropriate regulatory approach to each. Ultimately, given the (potential) wide-ranging use-cases of NFTs, this paper proposes that the NFT’s intended use-case described in broad categorical terms, or more aptly, its underlying reference asset and simultaneous conveyance, or lack thereof, should dictate the regulatory approach.

VIROVETS D.V., OBUSHNYI S.M.

The subject of the study. The effective functioning of decentralized autonomous organizations<br> (DAOs) is associated with moving from the digital level to the real level in order to find or provide<br> information and communicate with the real environment. Obtaining or transmitting necessary<br> information about certain real–world facts, or information from other digital databases that cannot<br> interact directly with the DAO, is provided through oracles as intermediaries between decentralized<br> databases and real–world events.<br> Results of work. In this article, we consider the oracle as a tool for collecting information for DAO,<br> able to ensure transition of information from the unstable and unsecured physical world in the digital<br> environment of blockchain technology, where information acquires new characteristics and values.<br> Oracle, as a tool with a function of information delivery, combines the functions of finding the necessary<br> information with the functions of ensuring the authenticity and encryption of data in the required format.<br> Conclusions. This article gives a general understanding of the concept of the oracle, and its<br> significance for the work of DAO, as well as development of digital projects built using blockchain<br> technology. Classification of oracles for work with DAO is also given together with characteristics of<br> their possible role for organization of data supply. In addition, the possibility of building a DAO with oracle<br> functions to perform non–standard tasks for the transportation and adaptation of information for<br> various purposes in a blockchain environment is considered. The article also presents main problems<br> that may arise in interactions of oracles with DAO, and suggests possible solutions.

Mounir El Khatib, Asma Al Mulla, Wadha Al Ketbi

This paper discusses the impact of e-governance powered by blockchain in the project and program management industry. With the rise in technological innovations, many countries have turned to e-governance for efficiency in service delivery, transparency, and decision-making. E-governance backed by blockchain technology entails improving the public services provision by implementing structures of information and communication technologies. There are many challenges with the traditional project management approach that causes organizations and its stakeholders’ cost and time. Thus, the introduction of blockchain has given many organizations a new approach to adopt in order to eliminate the challenges associated with the typical project management approach. In spite of the cutting-edge technology of blockchain and its broad applications in program management and e-governance, there are still many challenges that restrain its adoption on a broader scale. The research discusses the challenges of the blockchain deployment in the program management field and e-governance in private and government sectors and it highlights the efforts put by both sectors to make use of the technology. Also, the research covers the opportunities and the advantages of a blockchain adoption in various segments. The paper uses various case studies in the UAE, in both private and government sectors, and a qualitative research approach was implemented. The case studies were on government entities such as Smart Dubai and the Ministry of Health Prevention and also private entities like DP World and Emirates NBD. The paper concludes with recommendations and solutions on how to maximize the benefit of blockchain in the program management industry and how it is improving the decision-making process.

Sebastian Beckschulte, Louis Huebser, Raphael Kiesel, Robert Schmitt

This paper describes the utilization of Distributed Ledger Technology (DLT) as means of a digital backbone – the so-called digital vehicle protocol – across the commercial vehicle industry. Enabling a digital vehicle protocol along the value chain resolves common data management problems, which are still the main inhibitor for advanced analytics methods and serves as a basis for new business models. This contribution demonstrates a per product-data centered approach in which low structured data can be written to and read from any point along the value chain on a product unit-based scope by using DLT. By embedding data post-processing pipelines per product-unit, data easily can be retrofitted to the task at hand. Therefore, it decouples data post-processing from data generation as well as overcoming current data silos within organizations. DLT hereby allows tying processing routines to data leading to a temper-proof digital vehicle protocol. Besides obtaining a stronger product-individual focus, our approach enables an easier integration of stakeholders into the entire business process landscape such as suppliers as well as sellers and leads to future business models such as billing depending on quality defects found during production. Our conceptual framework resolves current problems, i.e. data access, data quality and data processing costs. We align conceptual applicability with regards to a Truck Original Equipment Manufacturer (OEM) within the scope of failure management in production in order to specify implementation details, which reveal new business process models that further can transform commercial vehicle manufacturers from producers to service providers.

Tom Taulli

With the strong growth in Web3 from 2020 to 2022, there have been many high-profile tech executives that have moved from megatech companies to startups in the space. Here are some notable examples:

Benjamin Leiding, Priyanka Sharma, Alex Norta

Nowadays, business enactments almost exclusively focus on human-to-human business transactions. However, the ubiquitousness of smart devices enables business enactments among autonomously acting machines, thereby providing the foundation for the machine-driven Machine-to-Everything (M2X) Economy. Human-to-human business is governed by enforceable contracts either in the form of oral, or written agreements. Still, a machine-driven ecosystem requires a digital equivalent that is accessible to all stakeholders. Additionally, an electronic contract platform enables fact-tracking, non-repudiation, auditability and tamper-resistant storage of information in a distributed multi-stakeholder setting. A suitable approach for M2X enactments are electronic smart contracts that allow to govern business transactions using a computerized transaction protocol such as a blockchain. In this position paper, we argue in favor of an open, decentralized and distributed smart contract-based M2X Economy that supports the corresponding multi-stakeholder ecosystem and facilitates M2X value exchange, collaborations, and business enactments. Finally, it allows for a distributed e-governance model that fosters open platforms and interoperability. Thus, serving as a foundation for the ubiquitous M2X Economy and its ecosystem.

Elnaz Rabieinejad, Abbas Yazdinejad, Tahereh Hasani, Reza M. Parizi · 5 authors

In today’s world, industries are looking to improve their productivity through effective logistics and supply chain management. The efficiency of the supply chain in dealing with the huge volumes of data plays a key role in the overall performance of businesses. Supply Chain Finance (SCF) aims to improve the robustness and efficiency of companies’ supply lines. However, SCF suffers from problems like fraudulent transactions, information inconsistencies, and delays in financial transfers. Decentralized finance (Defi) is a new blockchain paradigm that tackles traditional finance problems. This paper proposes a Defi-based model on a hybrid private-public blockchain for SCF. Our model improves the efficiency of SCF by eliminating costs of using centralized financial institutions, reducing overload costs due to better estimation of the required amount of products, and also decreasing supply delays for the requested products. We also evaluated our model using the SWOT technique for adopting it in the supply chain.

Mark S. Merkow

The stakes for software development teams are already rather high and getting higher. This chapter aims to present a potpourri of new technologies and new ways software is being packaged, deployed, and used across the world. It provides best practices for different classes of technology that lead to “Building Security In”, and evaluates organizational standards for implementing security controls in new technology. The Internet of Things Security Foundation is a non-profit organization that has been dedicated to driving security excellence since 2014. Blockchain, as a distributed ledger technology that makes Bitcoin and hundreds of other cryptocurrencies possible, is touted as a tremendous advance in computer security. Web application firewalls are a control mechanism that operates in front of the Web server load balancer. Technopedia describes big data as a process that is used when traditional data mining and handling techniques cannot uncover the insights and meaning of the underlying data.

Anusha Thakur

Blockchain technology is paving its way from novel technology to leveraging its exclusive proficiencies. This technology refers to a platform that chronologically accounts and tracks the transactions and assets via distributed ledgers in a network. In today's scenario, the blockchain technology is gaining traction to completely revolutionize the healthcare services. This chapter discusses different competitive advantages offered by the healthcare sector on inclusion of blockchain technology in their strategic decisions and models. One of the key focus areas of the chapter includes market determinants impacting blockchain technology in the healthcare industry along with the market sizing and forecast analysis. Further, this chapter emphasizes how the blockchain concepts help in simplifying healthcare businesses amidst different challenges being faced by these industries in today's competitive scenario.

Ting Liu

With the implementation of the government accounting system and the advancement of the construction of “double first-class” in colleges and universities, the state has put forward higher requirements for the financial management level of colleges and universities. In order to further improve the level of financial management, colleges and universities need more intelligent financial management systems, and the application of data dimensionality reduction technology in the financial management of colleges and universities can improve the efficiency and intelligence of the financial management system. The article first introduces the distributed architecture of data dimensionality reduction, smart contracts and data encryption technologies, and then discusses the feasibility of related technologies to be applied to smart financial systems.

Jihan Li, Yangqinzhe Xiao, Muhan Yao

Bitcoin (cryptocurrencies) is the hottest economic product in recent years. However, due to its highly volatile trend, it is difficult for investors to invest in a targeted manner in the direction of its market trend. And the correlation among cryptocurrencies is often overlooked. In this paper, to solve this problem, the currency data of the past year has been used to put into four regression models to predict and analyze the top five currencies(ranked by market cap) on the market. Among the models, the KNN model has the highest accuracy, reaching 0.923.

Shuoling Zhu

During the Fourth Industrial Revolution, the lines between the physical, digital and biological spheres were blurred by the fusion of technologies. (Schwab, 2018) These developments change auditing and the broader field of accountancy. This research analyses the driving factors contributing to the demand for the technologies used in auditing. Following this, the research introduces Data Analytics, Machine Learning, Distributed Ledger Technology, which changes the audit process with these new technologies. Moreover, it raises questions and challenges for auditors to adapt to new technologies and their effects on the industry in the future.

Michela Magas, Dimitris Kiritsis

This paper introduces the background, concept and definition of the Industry Commons. It initiates a discussion on the positioning of the Industry Commons Ecosystem (ICE) with respect to current research directions in advanced manufacturing and production systems that shape advances in engineering and technology, novel business models and innovation breakthroughs. The potential value of data sharing across industrial domains is estimated at over $100 billion, particularly in view of optimising manufacturing processes. Data sharing across domains however faces a series of well-documented challenges associated with the lack of semantic interoperability and related standards, management of trust and sustainability. Solving bottlenecks in data sharing requires a systemic approach to data management, which can account for all aspects of data use, levels of application, attribution and dynamic exchanges. In this paper we propose a high-level ecosystem approach that integrates societal values with digital affordances of industry’s cognitive-assisted processes, remote interfacing, hybrid applications and large-scale value networks. Early development of an Ontology Commons EcoSystem (OCES) is presented as the key enabling framework for Industry Commons interoperability and a series of enabling frameworks form the basis of future research directions in Trusted Data Sharing and Closed-Loop Lifecycle Management for greater sustainability.Abbreviations: AI – Artificial Intelligence; AIOTI – Alliance of Internet-of-Things Innovation; ALM – Asset Lifecycle Management; ALO – Application-Level Ontology; AP – Application Protocol; API – Application Programming Interface; B2B – Business-to-Business; B2C – Business-to-Customer; CDE – Cross-Domain Ecosystem; CDEI – Cross-Domain Ecosystem Interoperability; CL2M – Closed-Loop Lifecycle Management; CNO – Collaborative Networked Organisations; CPS – Cyber-Physical Systems; CSR – Corporate Social Responsibility; DLO – Domain-Level Ontology; DLT – Distributed Ledger Technology; EM – Enterprise Modelling; FAIR – Findable, Accessible, Interoperable and Reusable; GUI – Graphical User Interface; ICE, Industry Commons Ecosystem; IOF – Industrial Ontology Foundry; IP – Intellectual Property; IPR – Intellectual Property Rights; ISN – Intertwined Supply Network; MIR – Music Information Retrieval; MLO – Middle-Level Ontology; MO – Meta-Ontology; OCES – Ontology Commons EcoSystem; PI – Physical Internet; PLM – Product Lifecycle Management; ROI – Return-on-Investment; SC – Supply Chain; SCM – Supply Chain Management; SOS – System-of-Systems; TDS – Trusted Data Sharing; TLO – Top-Level Ontology; TRO – Top Reference Ontology; TUI – Tangible User Interface.

Yangqing Fu, Pooi-Mun Wong, Chee‐Kong Chui

Blockchain can be used to store data safely while ensuring data transparency in quality control of advanced manufacturing. A smart contract running on blockchain can prevent data from being tampered with, along with specifying data transmission rules efficiently and securely. This paper proposes a smart contract system for manufacturing quality control that encompasses machine learning to solve dynamic multi-objective combinatorial optimization problem in production. The proposed system was experimented in various production scenarios. Experimental results showed that the system can effectively restore data through smart contracts when the data were artificially tampered with. In addition, the machine learning algorithm can improve the efficiency of the productions and achieve the combined optimization of multiple objectives.

Jerzy Kisielnicki, Jan Zadrożny

Purpose: The aim of the paper is (1) to analyze the DARQ (Distributed ledger, Artificial Intelligence, Extended Reality, Quantum Computing) technology in terms of its implementations and (2) to compare these technologies with the SMAC technology (Social, Mobile, Analytics, Cloud). We present the thesis that DARQ technologies can help in building information systems aimed at both predicting and monitoring global crises. We argue that the DARQ technology will support the management of network organizations in the first period of development. Design/methodology/approach: The research procedure consists of the following steps: literature analysis, conducting qualitative research and its presentation, obtaining expert opinions and recommendations for further research. Findings: The results of work on the DARQ technology that supports management systems allowed for the evaluation of usability both in terms of the expected effects and the areas of risk of application. Research limitations/implications: Due to the lack of practical applications of all the elements that make up the DARQ technology, the analysis of such components as Extended Reality (Virtual Reality), Quantum Computing (Virtual Computing Technology) is not complete and requires complementary research and a more complete analysis of its applications. We consider the presented work as an introduction to broader research. Originality/value: The thesis has been substantiated that the transition from SMAC to DARQ technology can be done gradually. Both of these technologies are compatible. This may result in gradual and collision-free changes in the quality of the management system. Elements of the new DARQ technology, such as Distributed ledger, Artificial Intelligence, Extended Reality and Quantum computing, allow for abrupt changes in both the management system and the functioning of the organization. Already today, each component of the DARQ technology has a significant impact on various sectors of the economy. However, it should be noted that apart from the positives, the DARQ technology also poses some threats. The article contains conclusions from the research and indicates a recommendation for further work, which concerns extending the application of DARQ technology to predict and monitor disasters and unpredictable events. To this end, we analyze the Black Swan theory (based on the COVID-19 pandemic case study) as the theoretical framework for the use of DARQ technology as a tool to reduce the occurrence of unpredictable events.

Brian L. Frye

Something is happening and we don’t know what it is. Suddenly last summer, the internet went nuts for “non-fungible tokens” or “NFTs.” In a matter of months, NFT sales swelled from a sleepy slough of the blockchain to a thundering cataract that shows no sign of slaking. Special NFTs sell for millions of dollars, and some are even securitized. It’s a big business that’s only getting bigger. But no one seems to know why. Objectively, NFTs are useless, meaningless, and worthless. So why are people willing to pay millions of dollars for them, even begging for the opportunity? Maybe it doesn’t matter. If themarket says NFTs are valuable, who are we to doubt it? Still, I’m curious. Why are people buying NFTs, and what accounts for their value?