Blockchain Papers

Andrew Park, Matthew Wilson, Karen Robson, Dionysios S. Demetis · 5 authors

No abstract is available for this record.

Qin Wang, Guangsheng Yu, Shange Fu, Shiping Chen · 6 authors

Existing NFTs confront restrictions of one-time incentive and product isolation. Creators cannot obtain benefits once having sold their NFT products due to the lack of relationships across different NFTs, which results in controversial profit sharing. This paper proposes a referable NFT solution to extend the incentive sustainability of NFTs. We construct the referable NFT (rNFT) network to increase exposure and enhance the referring relationship of inclusive items. We introduce the DAG topology to generate directed edges between each pair of NFTs with corresponding weights and labels for advanced usage. We accordingly implement and propose the scheme under Ethereum Improvement Proposal (EIP) standards, indexed in EIP-5521. Further, we provide the mathematical formation to analyze the utility for each rNFT participant. The discussion gives general guidance among multi-dimensional parameters. The solution, as a result, shape the recognition of potential values hidden in isolated NFTs and raise the interest of communities toward the discovery of NFT derivatives. To our knowledge, this is the first study to build a referable NFT network, explicitly showing the virtual connections among NFTs.

En-Chia Chang, Nan-Ching Tai

The phenomenon of impulsive donation has been encouraged by the rapid growth of internet news and social media. On the one hand, tragic events can be known to the world, necessitating timely donations, whereas on the other hand, it does supplant the committed donations for ones that need long-term support. In this study, a blockchain-based non-fungible token charitable donation platform was developed that allowed people to donate the royalties of transaction of digital assets and therefore, generate continuous support for charitable organizations or suffering individuals.

Janka Hartmann, Omar Hasan

No abstract is available for this record.

Alex Marthews, Catherine E. Tucker

No abstract is available for this record.

Ahmed Idries, John Krogstie, Jayaprakash Rajasekharan

Distributed ledger technologies (DLTs) have become a game changer in electrical services platformization and digitalization. Therefore, the need for DLTs in electrical energy services must be understood. We present a case study of a European Union (EU) project in the Norwegian city of Trondheim, where a DLT-driven energy marketplace was piloted. We contribute to the literature and field by presenting the factors, challenges, and issues affecting DLT implementation in electrical energy services, which can be helpful for further work in electrical energy services and platform ecosystems. For policy makers and practitioners, this paper presents DLT providers' reflections about their experience in an electrical energy services project in the smart city context. These insights could be useful to ease future adoption of DLTs and to provide a ground for future empirical investigations.

Bodicherla Digvijay Sri Sai, Ramisetty Nikhil, Shivangini Prasad, Nenavath Srinivas Naik

Financial inclusion is seen as a dynamic tool for achieving multifaceted microeconomic stability, (and) sustainable economic growth, job creation, poverty reduction, and income equality for both developed and developing nations. The needy segments of the population must be provided with financial services to accomplish this inclusion. Still, the traditional financial market is unavailable due to its lack of collateral and shallow income. Thus, they go to local moneylenders, also known as "loan sharks," who charge exorbitant interest rates. Introduction to microfinance came as a new and refreshing light to these needy segments of the population as it provides small valued loans (micro-credit) to support their micro-scale businesses and engage in productive activities. As emerging technology started to be incorporated into every aspect of society, thus microfinance also needed to be incorporated into the technology. An application is required to protect data integrity and smoothly influence the microfinance sector. As the databases are vulnerable to data manipulation, this can affect the transaction history of the loan. Blockchain technology can be used to solve this problem, as data in the Blockchain is stored immutably. So, we designed a microfinance application that uses blockchain technology with decentralised KYC architecture to reduce multiple KYC verification and easy access to micro-credit.

Aleksandr P Alekseenko

Singapore is one of the leading countries in digitalization and blockchain technology. Since 2016, Singapore has implemented the Ubin project to create a national digital currency. In 2019, Singapore passed the Payment Services Act. The paper aims to analyze Singapore's legislation and MAS policies and identify approaches that can be used to improve legislation in other states. To meet that aim, the general scientific techniques and methods of scientific cognition, such as analysis, synthesis, deduction, induction, system-structural and formal-logical approaches are utilised. Based on the analysis, it is concluded that Singapore extends the provisions of securities legislation to digital tokens, which have the characteristics of securities or futures. Digital tokens, which are cryptocurrencies, are regulated by the Payment Services Act containing criteria to distinguish payment tokens from other virtual objects. Using this approach minimizes difficulties in regulating the circulation of, for example, bitcoins. In addition, MAS has developed a set of rules enshrining requirements for cryptocurrency exchanges, which reduces the risks of fraud and money laundering using cryptocurrencies. The paper also analyses MAS reports on developing a state's digital currency. The paper concludes that other states can use Singapore's experience to shape or modernize their legislation.

Óscar Lage, María Sáiz Santos, José M. Zarzuelo

No abstract is available for this record.

Anniina Saari, Jussi Vimpari, Seppo Junnila

The real estate sector is often presented as an exemplary field that benefits from practical blockchain applications. The general hypothesis is that, in theory, blockchain could solve some significant challenges the real estate sector is facing, such as nontransparency, inefficiencies, fraud and corruption , high costs, and trust issues. However, the literature focuses on blockchain’s theoretical benefits, challenges, or concepts. This research aims to understand the recent developments in the blockchain literature, specifically in the real estate sector, and to understand the current real-world applications by collecting empirical evidence from blockchain studies. The systematic literature review identified 262 relevant documents, after which a thematic content analysis was performed. Conceptual blockchain literature was identified to propose blockchain benefits for the real estate sector in four categories: land administration, real estate transactions, tokenization, and real estate management. The thematic content analysis also identified 26 empirical applications, of which all except one were related to land administration. Although the conceptual and theoretical blockchain literature presents blockchain as a disruptive and transformative technology for the real estate sector, the empirical applications suggest that blockchain adoption materializes more in hybrid, smaller-scale settings, where blockchain is merely an add-on layer to existing systems. Overall, most of the conceptual blockchain benefits remain empirically unconfirmed. On the other hand, the empirical applications suggest that blockchain could, for example, increase efficiency, reduce time, and provide verifiability , transparency, and automation, even in smaller-scale, hybrid settings. In addition, the applications indicate that blockchain could, in some cases, help reduce fraud and increase security and trust compared with centralized digital solutions. Finally, the empirical insights emphasize the role of political will, regulatory framework, availability of reliable digital data, public–private partnerships, and educational aspects in blockchain applications.

Hassan Hamid Ekal, Shams N. Abdul-wahab

This research paper explores the concept of Decentralized Finance (DeFi) and the importance of governance and decision-making in DeFi platforms. The paper reviews the literature on traditional finance governance models and blockchain-based governance mechanisms in DeFi platforms, and discusses the challenges and opportunities in designing decentralized governance models for DeFi platforms. The research question is "What are the challenges and opportunities in designing decentralized governance models for DeFi platforms?" and the study objectives are to review the literature on traditional finance governance models, analyze blockchain-based governance mechanisms in DeFi platforms, and discuss the challenges and opportunities in designing decentralized governance models for DeFi platforms. A mixed-methods approach is utilized, combining a systematic review of the literature with a survey of DeFi platform users. The results reveal that there is a growing interest in decentralized governance mechanisms among DeFi platform users, but there are also several challenges that need to be addressed in designing effective decentralized governance models. This research contributes to the ongoing discussion on the importance of governance and decision-making in DeFi platforms, and provides insights for the design and implementation of decentralized governance mechanisms in the DeFi ecosystem.

Merritt B. Fox, Lawrence R. Glosten, E. F. Greene, Sue S. Guan

This Article evaluates the implications of distributed ledger technology (DLT) for the securities markets of the future and their regulation. DLT is an integral part of the larger revolution in computing, communication and data storage capacity that has transformed securities markets over the last few decades and promises further radical change in the years to come. The potential of DLT, if it can be realized, could improve the functioning of our securities markets while at the same time sharply reducing costs. Based on an interview survey of about 100 persons who play prominent roles in actually making these markets work or in regulating them, this Article reports on the most important topics and themes that have emerged from the wide range of interviewees’ opinions about the extent to which DLT will affect the future of securities markets and their regulation. A significant number saw the potential for DLT to transform securities markets and market structure, from the possibility of stock trading on DLT to the potential impact on intermediaries, the ordinary retail investor, and on preventing wrongdoing in the stock market. However, key questions remain about implementation and the appetite for making DLT-based changes among both market participants and regulators.

Russell W. Belk, Mariam Humayun, Myriam Brouard

No abstract is available for this record.

Andreas Strebinger, Horst Treiblmaier

Purpose Blockchain technology is predicted to revolutionize the tourism and hospitality industry through peer-to-peer hotel bookings with little or no involvement of intermediaries. Outstanding features of this technology are its distributed form of storing data, its collaborative way of identifying the “true state” of a system and the immutability of data. These features may lead to a perceived loss of controllability among travelers. Based on the Agentic Theory of Human Behavior, the purpose of this study is to propose that this assumed loss of control matters more to travelers with an individualistic rather than a collectivistic predisposition. Design/methodology/approach In two studies ( n = 475 and n = 196) using verbal scenarios, this study manipulates the perceived controllability of a blockchain-enabled hotel booking app by varying the number of additional services linked to the app. This study tests for the interaction of controllability with individual-level measures of individualistic versus collectivistic (I-C) predisposition. Findings Collectivistic travelers are more willing than individualistic travelers to use blockchain technology for their hotel bookings. This effect can be mitigated by offering additional services that give individualistic travelers an enhanced sense of “being in control”. Practical implications Blockchain-enabled applications facilitating direct hotel bookings without any additional intermediary services are more readily accepted by travelers with a collectivistic mindset. Blockchain applications addressing individualistic travelers require added services that establish a sense of controllability. Originality/value To the best of the authors’ knowledge, this paper is the first to investigate the interaction of I-C predisposition with perceived controllability in tourism and hospitality. Furthermore, it is the first in the technology-acceptance literature to test this interaction using individual-level measures of I-C predisposition and an experimental manipulation of perceived controllability.

K. P. Yong, Eng Siang Tay, Dennis W. K. Khong

The advancement in blockchain technology has enabled smart contracts to automate the execution of tenancy obligations, known as “smart tenancies”. This paper analyses the legal issues on the adoption of smart tenancies within Malaysia using legal doctrinal research method. We seek to answer these questions: (1) whether smart tenancies are enforceable in Malaysia; (2) whether parties to a smart tenancy can apply for an endorsement of tenancy under the National Land Code; (3) whether the legal profession can claim exclusivity in offering and maintaining smart tenancies services; and (4) whether there is room for self-help in resolving tenancy disputes using smart tenancies in Malaysia. The key findings are as follows: (1)(a) smart tenancies can and should be stamped when the user interface stipulates the information required for calculation of stamp duty; (1)(b) smart tenancies service provider have to comply with the Electronic Commerce Act 2006 to ensure that the system is reliable to attribute the electronic signatures to the contracting parties; (2) once the print-out of a smart tenancy is stamped, the tenant and landlord have an option to apply for endorsement of tenancy with the land registry under the National Land Code (Revised 2020); (3) the Legal Profession Act 1976 does not restrict the marketing, operation and maintenance of smart tenancies services to be done by law firms exclusively; and (4) there is no room for self-help eviction of a tenant in Malaysia, and the eviction process ought to be enforced with a court order.

Joaquín Delgado Fernández, Tom Barbereau, Orestis Papageorgiou

With advancements in distributed ledger technologies and smart contracts, tokenized voting rights gained prominence within decentralized finance (DeFi). Voting rights tokens (a.k.a. governance tokens) are fungible tokens that grant individual holders the right to vote upon the fate of a project. The motivation behind these tokens is to achieve decentral control within a decentralized autonomous organization (DAO). Because the initial allocations of these tokens is often undemocratic, the DeFi project and DAO of Yearn Finance experimented with a fair launch allocation where no tokens are pre-mined and all participants have an equal opportunity to receive them. Regardless, research on voting rights tokens highlights the formation of timocracies over time. The consideration is that the tokens’ tradability is the cause of concentration. To examine this proposition, this article uses an agent-based model to simulate and analyze the concentration of voting rights tokens post three fair launch allocation scenarios under different trading modalities. The results show that regardless of the allocation, concentration persistently occurs. It confirms the consideration that the ‘disease’ is endogenous: the cause of concentration is the tokens’ tradability. The findings inform theoretical understandings and practical implications for on-chain governance mediated by tokens.

Valéri Natanelov, Shoufeng Cao, Marcus Foth, Uwe Dulleck

No abstract is available for this record.

Shu-Fen Tu, Ching-Sheng Hsu, Yanting Wu

A loyalty program is a type of incentive to reward customers’ perceived value and enhance their purchasing behavior. The key to the success of a loyalty program is to allow customers to more actively participate in the program. One possible solution is to allow customers to sell out idle loyalty points and buy in the points that they need. On the basis of a call auction, this study designs a peer-to-peer exchange mechanism for customers to realize the above trade. In addition, a blockchain-based system is developed to support the issuance, redemption, and exchange of loyalty points. In this study, Hyperledger Fabric is adopted as the underlying blockchain technology because it has some features that are beneficial to a cross-organizational coalition loyalty program. This study also proposes a feasible multi-host deployment scheme for the Hyperledger Fabric blockchain network that is suitable for our application scenario. Finally, some implementation results are given to demonstrate the system process from the perspective of the application layer. The mechanism proposed in this study is helpful to improve the likelihood of successfully exchanging points, thus accelerating the circulation and use of loyalty points.

Gabriela Yarlequé Marcelo, Diana Juárez

El auge de las nuevas tecnologías ha impactado significativamente en diversos sectores y el ámbito legal no ha sido la excepción para la transformación digital. La aplicación de estas herramientas tecnológicas en el sector legal es conocida como Legaltech. El constante desarrollo de la programación en beneficio del sector mercantil se ha visto reflejado en el surgimiento de un tipo de organizaciones denominadas Decentralized Autonomous Organizations (DAOs). Estas organizaciones tienen sus bases en la tecnología Blockchain y los Smart Contracts, así como otras tecnologías del ámbito de las Distributed Ledger Technology (DLT). La sistematización de las operaciones que se llevan a cabo en las DAOs traen consigo ventajas frente a las sociedades mercantiles o de capitales tradicionales. Su incremento exponencial a nivel mundial propone una serie de retos en el ámbito jurídico; ante ello, es importante analizar si es conveniente la implementación de una regulación legal en relación a las DAOs y sus principales limitaciones en el Perú.

Gary Sigley, Warwick Powell

In 2019 President Xi Jinping called for the prioritisation of blockchain technology as part of China’s next phase of development. In China, blockchain technologies have been experimentally deployed in various areas including court records, securities exchanges, finance, and food supply chains. The emergence of blockchain as a governmental technology raises numerous questions, including: (i) what are the conditions of emergence and existence of China’s interest in blockchain technology? (ii) what are the features of “blockchains with Chinese characteristics”? (iii) what implications are there for the post-COVID-19 pandemic world, in which technological issues are likely to be pivotal points of contention? This article seeks to examine these questions and frame a research programme that can shed light on how blockchains may impact the evolution and shape of China’s social and economic structure and the interaction of China with the rest of the world, including the prospect of “decoupling” and “deglobalisation.” Examples of blockchain innovation are drawn from food and pharmaceutical supply chains, the Healthy China 2030 policy, the digital RMB/Yuan and the Belt and Road Initiative with attention to the emerging legal and institutional frames that support the application of blockchain technologies.

Gonçalo Lima, Enrico Rossi

The consistent trend towards dematerialisation and business process automation that has been developing around the world over recent years has also shaped the recent evolution of securities markets. The emergence of distributed ledger technologies (DLTs) has the potential to disrupt the present-day business model of security markets based on central securities depositories (CSDs). The transition from centralised analogic infrastructures (such as CSDs) to more distributed digital and protocol-based infrastructures (such as DLTs) has a variety of implications that have only recently started to emerge and raises new questions and unexplored issues. This paper analyses the impact that technological innovations in the field of DLTs have on the business of CSDs, assesses the nature of that impact and figures out what lies ahead for CSDs in an age of technological revolution and transformative changes. It highlights that current infrastructure is functional but complex, fragmented and limited in scale and scope and mainly zooms in on Custody and CSDs whose roles are evolving. The paper discusses how DLTs and digital assets are transforming the securities end-to-end process. On the one hand, the DLT disruption is challenging current constraints of traditional settlement times, operating hours and also national boundaries. The paper discusses how as DLTs disintermediate and ‘decentralise’ the role played by CSDs, the operational and counterparty risks are also reduced. As a result, market participants, while maintaining their critical roles in ensuring fair and effective markets, can now transform themselves and embrace a new operational, technological and regulatory framework. On the other hand, the paper also discusses how this disintermediation can introduce novel types of operational, technological and regulatory risks in security markets and post trade too. These new aspects introduce further re-centralisation and re-intermediation in the industry, mainly in the form of custodians, which are increasing their relevance within a DLT ecosystem to address novel technological and operational risks. More generally, the work discusses how hierarchical, closed and permissioned governance structures are naturally more suited to reduce novel regulatory, technological and operational risks, together with the contextual definition of industry-wide standards, which ensure interoperability between old and new systems, regulatory harmonisation and compliance. In sum, while the decentralisation and disintermediation potentially fostered by DLTs can contribute to the reduction of certain types of risks in post trade the emergence of brand-new risks requires other forms re-centralisation and re-intermediation. This requires the emergence of novel actors and novel architectural solutions. Ultimately, the paper outlines how the collaboration between regulatory authorities and industry participants is becoming a key enabler for wider DLT adoption, especially in heavily regulated industries. This has a direct impact on financial market infrastructures (FMIs) that are challenged to become more client-oriented, to be able to cope with increasing competition and to take advantage of new opportunities to grow through novel business models.

Dinuka Piyadigama, Guhanathan Poravi

This research explores the methods that Non-fungible Token (NFT)s can be recommended to people who inter-act with NFT-marketplaces to explore NFTs of preference and similarity to what they have been searching for. While exploring past methods that can be adopted for recommendations, the use of NFT traits for recommendations has been explored. The outcome of the research highlights the necessity of using multiple Recommender Systems to present the user with the best possible NFTs when interacting with decentralized systems.

Barbara Guidi, Andrea Michienzi

Decentralized Finance (DeFi) is considered a new vision of banking and financial services based on Peer-to-Peer technology, and in particular on the blockchain technology. Since 2020, DeFi has started to develop in the cryptocurrency markets. Then, with the increase in popularity of digital platforms such as Twitter, Facebook and Instagram, and with the launch of the Metaverse, DeFi has been introduced into the Social environment by the combination of social networking and finance in the blockchain. This new shape of DeFi has been called Social Finance (SocialFi). SocialFi can be seen as the social influence on any medium that can be tokenized, allowing to get monetary benefits from being part of SocialFi platforms. In detail, SocialFi has a special feature that is decentralized, open and user-controlled, and it started to be adopted by the communities. The main component of SocialFi is the Social token used to reward people. In this paper, we describe in detail the concept of SocialFi, and we discuss its application on future Social Media platforms.

Aristea Kontogianni, Efthimios Alepis

The “marriage” of tourism and technology has given birth to a new realm, this of Smart Tourism. During the last decade, a significant number of researches in the aforesaid sector have been published, revealing the growing interest in the field. With our ultimate goal being to give prominence to existing knowledge in the smart tourism sector and lay the foundations for future research in the field, we attempt to conceptualize it, by extending our previous research [1] were 12 main approaches-concepts were identified. In this research paper, we have managed to expand the borders of the smart tourism realm with three more concepts, namely Artificial Intelligence, Blockchain and Cyber tourism giving insight to the state of art and emphasizing what the focus of further research should be.