Xiaole Wan, Zhengwei Teng, Qianqian Li, Muhammet Deveci
Marine ranching, as a new commercial form, the lack of construction and development funds has become its development constraint. Crowdfunding provides a new way to break through the financing bottleneck of marine ranching, and blockchain technology (BT) can effectively solve the problem of information asymmetry in crowdfunding progress. However, the choice of enterprise crowdfunding methods and the influence of consumer crowdfunding and pre-sale crowdfunding on supply chain value co-creation have not been deeply studied. Based on the theory of value co-creation, this paper uses multi-level programming and backward induction method to construct and solve the supply chain models of consumer crowdfunding and pre-sale crowdfunding under the traditional mode and BT mode, and obtains balanced results. Analyze the influence of the product green attributes, the degree of the enterpriseâs attention to crowdfunding consumer value and ordinary consumer value, consumer recognition of product attributes (quality attributes, green attributes) and other parameters on supply chain operation; Through the comparative analysis of different models and numerical simulation, the optimal decision results are further discussed. The research shows that: (1) The overall value of the supply chain is higher when the marine ranching leading enterprise adopts the consumer crowdfunding method than when the pre-sale crowdfunding method. Moreover, the introduction of BT can improve the value of each subject in the supply chain system. (2) The marine ranching leading enterprise pays attention to the value of crowdfunding consumers and ordinary consumers, which will reduce their own value and increase the value of other subjects in the supply chain. The improvement of crowdfunding consumers' recognition of product attributes will improve their consumer value. (3) When the green attributes of products increase, the values of the leading enterprise, the retailer, the crowdfunding platform and consumers all increase, and the overall value of supply chain is improved. (4) Increasing product sales is the unified goal of all subjects in crowdfunding supply chain system, thus promoting the economic value and environmental value of enterprises.
Ahmet Faruk Aysan, Ahmet Semih Tunalı, Giray Gözgör
âą We discuss an NFT solution for booking and reselling hotel reservations. âą A secondary NFT market for the hospitality industry is a prominent example. âą Hotel NFTs are vehicles to eliminate intermediaries. âą NFTs are even more revolutionary than cryptocurrencies.
Cernera, Federico, La Morgia, Massimo, Mei, Alessandro, Mongardini, Alberto Maria · 5 authors
In the following, we report the regexes we use to find implementations of mechanisms that hinder the action of sniper bots. Sniper bots are software applications that monitor a specific activity to automatically perform an action before anyone else. In the blockchain world, Sniper Bots are commonly used to buy tokens as soon as they are listed on an AMM platform.
Tobias Guggenberger, Benjamin Schellinger, Victor von Wachter, Nils Urbach
Abstract Blockchain-based tokens seek to overcome the friction and opaqueness of the legacy financial infrastructure in the company funding process, particularly in the early-stage and equity crowdfunding domain. While Initial Coin Offerings and Security Token Offerings proposed a solution for crowdfunding, early-stage companies still face challenges in using blockchain as an alternative equity funding infrastructure. In this context, the idea of blockchain-based equity tokens remains hypothetical. In addition, the literature lacks design theory for the development and implementation of blockchain-based equity tokens. This research bridges this gap by designing, developing, and evaluating an equity token prototype for crowdfunding, following the design science research approach. We propose a refined crowdfunding model and derive seven design principles that contribute to the design theory of equity tokens. The research results show that blockchain-based equity tokens improve efficiency, transparency, and interoperability while meeting regulatory requirements and facilitating secondary market trading.
The article addresses the legal design challenges of real estate crowdfunding, proposing potential solutions that combine blockchain technology, tokenisation, finance, and law. We propose a blockchain tokenised security design, based on a sertificate similar to Sukuk, an Islamic finance asset, that draws inspiration from Equipment Trust Certificates and is managed by a Special Purpose Vehicle (SPV), that may issue blockchain tokenised certificates. These certificates grant rights related to an investment property. Each series of certificates represents specific property and will be a liability of the SPV that owns the property. In general, the tokens used resemble but remain categorically distinct from asset-backed securities. Their performance still depends on the underlying assetâs performance. Most important, token owners do not become partners in the SPV but are granted fractional ownership and rights on the underlying property. The proposed token mechanism could prevent delays in the transaction process related to transferring ownership of a property. It could split at some point to allow for the creation of ownership and income rights. The proposed security design potentially protects investorsâ legal rights better without standard application of investors becoming partners in the SPV while shortening the transaction times, and increasing transparency and asset liquidity.
Abstract: The idea of sharing economy provides rise to distinctive concepts and develops innovative businesses. This text aims to relate the good town concept by introducing the good transport system and explores the opportunities of adopting blockchain technology in ridesharing services. Blockchain technology could be a distributed, suburbanized public ledger that allows peer-topeer transactions in a very secure means with no third party. This proposes a blockchain-based framework from the prevailing centralized framework for a ride-sharing service and implements a similar as a suburbanized application (DApp) primarily based on good contracts on Ethereum Blockchain. exploitation good contracts facilitate the users with automated transactions, removes the intermediaries, and allows varied activities to be carried out safely and firmly. Implementation of good contracts is finished exploitation of the Solidity programming language. This DApp uses the min matching algorithmic program to match riders requesting rideshare to avoid wasting total travel distance. With the overwhelming growth in the usage of crypto currencies, good contracts usage in applications as projected during this paper will rework the sharing economy.
The future iteration of the internet is often branded as Web3, claimed to be a decentralising phase of its evolution, a reaction to the centralisation in the Web 2.0 era. This upcoming version of the internet, afforded by distributed ledgers and blockchain technologies, is sometimes also called the "Web of Value". It highlights the expectation that as much of the content and services on the internet get âtokenisedâ, which enables their trade and related operations of âvalue creationâ. It is claimed that as the value of everything on the internet becomes more salient, conditioning new kinds of economic activities, relationships and forms of organising. In this article we discuss these expectations as imaginaries, the implications of which vary based on how they are framed or interpreted by different economic theories. More specifically, the article discusses the interpretations deriving from neoclassical economics, classical economics, heterodox economics and public value theory. We demonstrate significant differences between these interpretations and how they are offering competing imaginaries on the future internet.
Carla Ferraro, Melissa Wheeler, Jason Pallant, Samuel Wilson · 5 authors
Web3 technology is described as trustless in that interactions and transactions do not require trusted third parties and instead rely on smart contracts and the immutability of the decentralized blockchain. Thus, in contrast to earlier iterations of the web, Web3 users are asked to trust the technology itself rather than the human intermediaries. On its face , this shift to a trustless web calls into question the traditional conceptions of and requirements for trust. However, in this article, we caution against claims that advocate distrusting Web3 on the basis that, despite how quickly Web3 technology is advancing, the psychological processes through which people perceive and make sense of the social world remain fundamentally unchanged. Drawing on the psychology of trust and the evolution of web technologies and associated objects of trust, we argue that Web3 is not so trustless after all. We also highlight opportunities for brands to build trust in Web3 technology, including key considerations in leveraging opportunities and directions for further research. Overall, this article provides critical guidance to brand managers, policy advisors, and academics seeking to understand, build, and trust Web3 technology.
Ikram Nur Muharam, Iis Tussyadiah, Albert Nsom Kimbu
Blockchain could disrupt traditional accommodation services by enabling safe, decentralised direct connections between guests and hosts. However, how users will accept and use blockchain-based services in tourism and hospitality remains unascertained. This study explores usersâ perceptions of a blockchain-based peer-to-peer accommodation system and sets a theoretical basis to conceptualise the drivers of the acceptability of such a system. By using a grounded theory approach involving theoretical sampling and three steps of coding and constant comparison procedures, this study revealed that users were drawn to the system because it delivers desirable characteristics that are absent from existing services, such as further reduction of transaction fees, instant transaction settlement, wider income distribution, data integrity, algorithm autonomy, and smart protocol. Personal and social contexts were also found to influence usersâ preferences for blockchain type and system ownership models. By offering key predictors and a theoretical model of user acceptance of a blockchain-based peer-to-peer accommodation system, hence taking a bottom-up approach to complement the highly top-down extant literature, this paper allows stakeholders exploring the use of blockchain technology in the tourism and hospitality sectors to have a comprehensive understanding of the phenomenon.
Sunghun Chung, Keongtae Kim, ChulâHo Lee, Wonseok Oh
Online peerâtoâpeer (P2P) lending has emerged as an innovative financial technology (FinTech) platform that renders financial services that are potentially more inclusive and affordable than those offered by traditional financial institutions. A similar purpose is served by cryptocurrency markets, where transaction costs are reduced and financial accessibility is improved based on disruptive technologies such as blockchain and distributed ledgers. Despite these developments, however, in the operations management literature limited attention has been devoted to the contribution of online P2P lending to the promotion of financial inclusion (i.e., the availability and usage of financial services for all groups of people) and its dynamic interplay with cryptocurrency markets. The rise of cryptocurrency markets affects the composition and activity of borrowers and investors in P2P lending markets and hence the capacity of the latter to support financial inclusion, leading to an operations management challenge in online P2P lending. We examine how cryptocurrency markets influence P2P lending markets' democratization of access to financial services, particularly P2P borrowing. To investigate these effects in depth, we develop a simple theoretical model to derive testable propositions, which are then empirically validated on the basis of unique data sets. We find that the growth in cryptocurrency markets is associated with increased loan requests and larger loan amounts in P2P markets, especially from borrowers who maintain good credit ratings, possess technical knowledge about cryptocurrencies, and intend to borrow for investment purposes. Our results suggest that cryptocurrency markets bring economic gains to the P2P lending market, at least in the short term. Nonetheless, the transfer of funds from P2P lending to cryptocurrency markets, particularly by highly creditworthy and techâsavvy investors, may provoke increased inequality in access to P2P lending markets. By scrutinizing the interdependence between two representative FinTech markets we uncover important operations management implications for theory and practice regarding the healthy growth and effective governance of crowdfunding platforms and the corresponding sustainability of their role in upholding financial inclusion.
Usually whenever we take a subscription from any OTT platform we often use it only for 5-10% of time we subscribe for, but we end up paying for the whole lot of time. Also, often users keep sharing their subscriptions with their friends and a single screen subscription ends up running on multiple devices. It causes losses to service providers. So, a more smooth and efficient subscription system is needed and it would benefit both the parties - Customers and Service Providers. Since Ethereum has been an open source development platform, the industry has taken advantage of decentralized application or DApp where by the application is based on Smart Contract, a set of programming written code becomes the law of in agreement.
Abstract This chapter synthesizes the economics, law, and technology of security tokens and security token offerings (STOs). Security tokens are an increasingly important instrument in decentralized finance (DeFi) markets. They are blockchain-based investment contracts that are subject to securities law. Interoperability, fractional ownership, market liquidity, and rapid settlement are the main reasons security tokens are a primary catalyst for digitizing finance. The chapter empirically compares STOs with initial exchange offerings (IEOs) and initial coin offerings (ICOs). STOs take longer and raise more funding. However, controlling for other factors, the amount raised in STOs and IEOs is lower than in utility-token ICOs. These findings suggest an avenue for future research. Moreover, both the law and the technology of security tokens need to address critical challenges related to the competent jurisdiction in multinational activities and blockchain interoperability, scalability, and natural resource degradation.
Blockchain technology is expected to have many far-reaching effects on entrepreneurship and entrepreneurial activity. In this paper, we explore blockchain technology from the perspective of vulnerable entrepreneurial ecosystems. Specifically, we look into how blockchain technology is affecting six domains of entrepreneurial ecosystems identified by prior researchers: policy, finance, culture, supports, human capital and markets. We highlight major opportunities that blockchain technology can create for vulnerable populations by its effect on these domains. The analysis of this paper is expected to help researchers understand the implications of blockchain technology to vulnerable entrepreneurial ecosystems and generate research insights that can benefit vulnerable communities. Various research avenues have been outlined.
Ethereum is both a platform and a protocol: it is a place where something (accounts, code, state) is hosted and a set of rules for communicating between those things. Smart contracts are to Ethereum the platform as transactions are to Ethereum the protocol.
Service provisioning is of paramount importance as we are now heading for a world of integrated services giving rise to the next generation of service ecosystems. The huge number of service offerings that will be available for customers in future scenarios require a novel approach to service registry and discovery that lets customers choose those offerings that best match their preferences. One way to achieve this is to introduce the providerâs reputation, i.e., a quality indicator of the provisioned service, as an additional search criterion. Now, with blockchain technology in our hands, automated regulation of service-level agreements (SLAs) that capture the mutual agreements between all involved parties has regained momentum. In this article, we report our full-fledged work on the conception, design, and construction of a platform for SLA-minded service provisioning called PenChain. With our work, we demonstrate that penalty-aware SLAs of general services â if represented in a machine-readable logic and assisted by distributed ledger technology â are programmatically enforceable. We devise algorithms for ranking services in a search result taking into account the digitized values of the SLAs. We offer scenario-based evaluation of PenChain in the field of precision agriculture and the domain of automotive manufacturing. Furthermore, we examine the scalability and the data security of PenChain for precision agriculture.
The rapid development and globalization of modern tourism have brought more and more tourists and tourist attractions, bringing opportunities to the tourism industry. However, challenges also come with it, including the cost of travelersâ trust, the satisfaction of personalized tourism needs, and the supervision and management of tourist attractions. In order to solve these problems and improve the tourism experience, this paper designs a blockchain-based smart tourism platform. First, by adopting blockchain technology, a decentralized database is established to reduce the cost of trust for travelers. Secondly, through the blockchain-based smart tourism platform, travelers can customize personalized travel routes and itineraries according to their preferences and needs. The platform uses the data interaction function of blockchain to visually display various resources and services of tourist attractions, and travelers can choose according to their own preferences to enhance the personalized experience of tourism. Third, the smart tourism platform based on the blockchain can provide the reliability and transparency of data information, and through the decentralized nature of blockchain, the relevant data of tourist attractions can be recorded and stored, and cannot be tampered with, ensuring the authenticity and credibility of the data. Regulatory authorities can easily access and review these data, and more effectively control and supervise scenic spots. Finally, this paper combines DPOS (Delegated Proof of Stake) and PBFT (Practical Byzantine Fault Tolerance) consensus algorithms to improve the on-chain consensus efficiency of blockchain-based smart tourism platforms. The consensus algorithm is the core mechanism to ensure the normal operation and consistency of the blockchain system, and improve the throughput and performance of the system by introducing DPOS and PBFT algorithms.
Purpose The existing literature offers various perspectives on integrating cryptocurrencies into investment portfolios; yet, there is a gap in understanding the behaviours, attitudes and cross-investment links of individual investors. This study, grounded in the modern portfolio theory and the random walk theory, aims to add empirical insights that are specific to the UK context. It explores four hypotheses related to the influence of socio-demographics, digital adoption, cross-investment behaviours and financial attitudes on cryptocurrency owners. Design/methodology/approach This study uses a logistic regression model with secondary data from the Financial Lives Survey 2020 to assess the factors impacting cryptocurrency ownership. A total of 29 variables are used, categorized into four groups aligned with the hypotheses. Additionally, hierarchical clustering analysis was conducted to further explore the cross-investment links. Findings The study reveals a significant lack of diversification among UK cryptocurrency investors, a pronounced inclination towards high-risk investments such as peer-to-peer lending and crowdfunding, and parallels with gambling behaviours, including financial dissatisfaction and a propensity for risk-taking. It highlights the influence of demographic traits, risk tolerance, technological literacy and emotional attitudes on cryptocurrency investment decisions. Originality/value This study provides valuable insights into cryptocurrency regulation and retail investor protection, underscoring the necessity for tailored financial education and a holistic regulatory approach for investment products with comparable risk levels, with the aim of minimizing regulatory arbitrage. It significantly enhances our understanding of the unique dynamics of cryptocurrency investments within the evolving financial landscape.
Distributed Ledger Technologies (DLTs) have been widely endorsed in various areas and by numerous entities. With the promises of decentralisation, taking out the middlepersons and cost-efficiency, DLT-implementations seem desirable in various fields, from finance and copyright to health. However, all pros come with cons. DLTsâ architecture may by nature run counter to some data protection principles; this could limit or even halt innovation. Moreover, there is a tendency for (re)centralisation contesting the very nature of DLTs and risking having centralised systems serving the economic interests of the few big players, instead of the fundamental rights and freedoms of the many. Last, contemporary forms of DLTs, allowing for smart contracting, appear to challenge traditional contract laws. This contribution aims to address the above challenges. It argues that data protection laws, dynamically interpreted, could raise security thresholds and promote the development of user-friendly and decentralised DLTs, thus avoiding (re)centralisation; and that, while smart contracting appears suitable in various situations, it can be avoided where traditional legal contracts can better satisfy the individual needs and desires of the parties. Finally, the concluding section recommends that regulators wait for scientific advances in the field and carefully balance the fundamental rights and freedoms at stake before introducing DLTs in the public sphere. Keywords: Distributed Ledger Technologies | Decentralisation | Pseudonymisation | Smart Contracts