Krypto-Assets sind mit der zunehmenden Beliebtheit von Kryptowährungen ein verbreitetes Anlageprodukt geworden. Das Ziel der Arbeit besteht darin, das Konzept der Blockchain mit entsprechender technischer Umsetzung zu erläutern, die Investitionseigenschaften anhand einer Analyse aufzuzeigen und die Auseinandersetzung mit häufigen Kritikpunkten. Die empirisch‑quantitative gewonnenen Daten liefern im Betrachtungszeitraum von 01.02.2018 bis 31.01.2025 folgende Erkenntnisse: Kursentwicklung: Bitcoin (1010%) weist die höchste Performance auf und übertrifft damit Ethereum (211%) um das Fünffache, den S&P 500 (114%) um das Neunfache. Tether (2%) fokussiert keine Rendite, sondern Stabilität, dient daher nur als Referenz. Volatilität: Ethereum (1.9) hat den höchsten Spitzenwert für die rollierende Volatilität im 30-Tage-Fenster, gefolgt von Bitcoin (1.5). Einem vergleichbaren Bewegungsmuster folgen der S&P 500 (0.85) und Tether (0.15) und finden ihre Extremstelle ebenso im ersten Halbjahr 2020. Die deutlich geringere Schwankungsanfälligkeit des S&P 500s ist auf die höhere Diversifizierung durch die dahinterstehenden Wertpapiere zurückzuführen, bei Tether aufgrund der direkten Wertkoppelung an US-Dollar. Rendite-Risiko-Verhältnis: Bitcoin (35%) weist in der jährlichen Betrachtungsform die höchste annualisierte Rendite auf, gefolgt von Ethereum (15%), dem S&P 500 (10%) und Tether (0.003%). Die annualisierte Standardabweichung beschreibt das Risiko und wird von Ethereum (2.11) angeführt, darauffolgend Bitcoin (1.21), der S&P 500 (0.19) und Tether (0.008). Im sich daraus ergebenden Rendite-Risiko-Verhältnis führt der S&P 500 (0.39), danach folgen Bitcoin (0.26), Ethereum (0.04) und Tether (-3.21). Somit liefert der S&P 500 trotz geringerer Performance das beste Verhältnis aus Rendite und Risiko, was auf das deutlich geringere Risiko zurückzuführen ist. Korrelation: Bitcoin und Ethereum haben die höchste Korrelation (0.81), da beide als Kryptowährungen den gleichen Marktbedingungen ausgesetzt sind. Die Differenz zu 1 ist auf Einflüsse zurückzuführen, die das Asset selbst betreffen. Der S&P 500 korreliert leicht mit Ethereum (0.3) und Bitcoin (0.28). Die geringste Korrelation weist Tether auf, im Zusammenhang mit Bitcoin (0.01), dem S&P 500 (0.01) und Ethereum (0.02). Maximum Drawdown: Ethereum (90%) hat den höchsten Verlust im Vergleich zum Höchststand. Darauf, ebenso zu Jahresende 2019, folgt Bitcoin (70%), der S&P 500 (30%) zu Beginn des Jahres 2020 und Tether (5%) Ende 2019. Gesamtbewertung: Statistisch weist Bitcoin im Vergleich zu Ethereum höhere Renditen bei geringerem Risiko auf. Die geringere Korrelation von Bitcoin mit klassischen Anlageprodukten wie dem S&P 500 kann eine Diversifikationsfunktion begründen. Haftungsausschluss: Diese Thesis dient ausschließlich akademischen Zwecken. Trotz größter Sorgfalt bei der Erstellung kann keine Gewähr für die Richtigkeit und Vollständigkeit der enthaltenen Informationen übernommen werden. Der Autor übernimmt keine Haftung für Folgen, die sich aus der Verwendung dieser Arbeit ergeben. Disclaimer: This thesis is intended for academic purposes only. Although care has been taken to ensure the accuracy and completeness of the information, no guarantee is made that it is free of errors or omissions. The author assumes no responsibility for any consequences arising from its use.
Murat V. Agayev, Fatima T. Maltsagova, Natalia N. Grigorieva
This article provides a comprehensive analysis of the regulatory and institutional framework for interbank cooperation between Russia and China in the field of digital financial technologies. It examines the evolution of financial regulation in both countries, including the introduction of central bank digital currencies, legal regimes for digital financial assets, and cross-border settlement systems in national currencies. Particular attention is paid to the impact of national digitalization strategies on the development of compatible infrastructures and the prospects for integrating payment systems, including distributed ledgers and smart contracts. Key areas for further cooperation are highlighted, as well as limitations associated with sanctions risks, regulatory differences, and the volatility of national currencies. It concludes that there is a high degree of institutional and technological complementarity between Russia and China in the context of the emergence of a multipolar financial architecture.
Security, Politics, and Digital Transformation
Economic, Social, and Public Health Issues in Russia and Globally
This article examines the development of a new digital asset management architecture based on distributed ledger technologies as a systemic tool for digital economic transformation. It highlights the impact of blockchain on the technological, organizational, economic, and institutional levels of governance, allowing for the interpretation of distributed ledgers as a trust infrastructure amid the growth of digital platforms, tokenization, and the increasing importance of digital rights protection. It is argued that blockchain implementation leads to reduced transaction costs, increased data reliability, and the sustainability of economic systems, consistent with the logic of systemic and neo-institutional theory. The study hypothesizes that the systemic integration of blockchain technologies can facilitate the transition of economic systems to a model of distributed, transparent, and cost-effective digital asset management, serving as a key factor in increasing investment attractiveness and the sustainability of socioeconomic development.
Global remittances are expected to undergo a paradigm shift in the future, driven by new patterns and projections that represent the changing dynamics of cross-border financial transactions. A noteworthy development is the combination of cryptocurrencies with blockchain technology, which provides safe and decentralised substitutes for established remittance networks. Blockchain's transparent ledger technology boosts security, decreases transaction costs and streamlines the transfer process, while cryptocurrencies like Bitcoin and Ethereum provide prospects for speedier and cost-effective cross-border transactions.
Quantum computers pose a significant threat to blockchain technology's security, which heavily relies on public-key cryptography and hash functions. The cryptographic algorithms used in blockchains, based on large odd prime numbers and discrete logarithms, can be easily compromised by quantum computing algorithms like Shor's algorithm and its future qubit variations. This survey paper comprehensively examines the impact of quantum computers on blockchain security and explores potential mitigation strategies. We begin by surveying the existing literature on blockchains and quantum computing, providing insights into the current state of research. We then present an overview of blockchain, highlighting its key components and functionalities. We delve into the preliminaries and key definitions of quantum computing, establishing a foundation for understanding the implications on blockchain security. The application of blockchains in cybersecurity is explored, considering their strengths and vulnerabilities in light of evolving quantum computing capabilities. The survey focuses on the quantum security of blockchain's fundamental building blocks, including digital signatures, hash functions, consensus algorithms, and smart contracts. We analyze the vulnerabilities introduced by quantum computers and discuss potential countermeasures and enhancements to ensure the integrity and confidentiality of blockchain systems. Furthermore, we investigate the quantum attack surface of blockchains, identifying potential avenues for exploiting quantum computing to strengthen existing attacks. We emphasize the need for developing quantum-resistant defenses and explore solutions for mitigating the threat of quantum computers to blockchains, including the adoption of quantum and post-quantum blockchain architectures. By examining vulnerabilities and discussing mitigation strategies, we aim to guide researchers, practitioners, and policymakers in developing robust and secure blockchain systems capable of withstanding advancements in quantum computing technology.
Background: This paper analyses the influence of fluctuation in gold market on bitcoin prices. Based on previous studies, in present market conditions, volatility in gold prices have caused price changes in several other major assets in the market, such as crude oil. Gold fluctuations are likely to stimulate uncertainty in some other major assets. As bitcoin is becoming an alternative tool to hedge against inflation likewise to gold, the degree of uncertainty in bitcoin market is relatively high. Therefore, the study of causal relationship between gold and bitcoin markets has become appropriate since bitcoin has tremendous growth in its returns and shares many similarities with gold. Thereupon, this study reveals the evidence of Granger causality regression in different time spans to understand the relationship between gold and bitcoin. This relationship is beneficial to study since Granger causality hypothesis acknowledges whether gold’s historical prices are useful for forecasting the bitcoin market. Purpose: This study aims to analyze the relationship between gold and bitcoin market during an 8-year period from 2014 and 2022. Throughout this period, time spans which involves financial crises have been separated from the data set and tested separately to determine if there is a constant relationship between the variables. Through this, it has been intended to find the Granger causality link between gold and bitcoin market to see whether one is leading another one. Identifying the Granger causality correlation helps analyzing the patterns of correlation by using the empirical datasets, and to determine the strength of the Granger causal relationship’s nature between gold and bitcoin. Since the correlation itself does not explain why or how, but only if both markets move together, the Granger causality correlation between gold and bitcoin is the quantification of the impact that gold market performance has on bitcoin’s future price performance. Method: Since the collected data is time-series data, Augmented Dickey-Fuller tests have been conducted initially to the chosen tests. Following the results from ADF tests, Spearman’s Rho, iand Johansen’s Cointegration tests have been utilized to determine the long-term correlation between variables. Thereafter, Toda & Yamamoto and Dolado & Lütkepohl Granger Causality (TYDL-GC) method has been used to analyze the Granger causality link between the variables. Conclusion: The results of this study indicates that (i) no statistically significant correlation between gold and bitcoin market has been found according to the Spearman’s Rho test results, (ii) no long-term relationship has been found between gold and bitcoin according to cointegration test, (iii) gold does Granger Cause bitcoin prices. The evidence of causality link is unilateral from gold towards bitcoin market. Furthermore, it was observed that the Granger causality link weakens in short term and is not constant over time. The results fail to support the semi strong Efficient Market Hypothesis form. Thus, gold and bitcoin’s markets are efficient in the weak form but inefficient in the semi strong form. Since Granger causality has been found from gold towards bitcoin, one can construct a prediction model for bitcoin by using gold’s historical prices.
A blockchain is a distributed database or ledger that maintains an ever-growing list of data records in opposition to tampering and revision. It provides immutable data storage over a distributed network and supports a large number of encrypted and coded interactions, which improves the reliability of the entire network interaction system and reduces the need for trust. Even if some nodes in the blockchain are hacked and fail, the system can run as usual. (In such a scenario, users are enabled to form a distributed peer -to peer (P2P) network in which they could interact with each other in an efficient manner without a trusted intermediary). In addition to being famous for decentralization, blockchain has shown other significant characteristics during its development, such as reliability, anonymity, transparency, auditability and programming. According to the different degree of openness and coverage, the current blockchain can be classified into three categories: public blockchain, consortium blockchain and private blockchain. In this process, the evolution of blockchain has gone through three processes: blockchain 1.0, 2.0 and 3.0. Blockchain 1.0, known as digital currency stage, is strongly related with the decentralization and payment of cryptocurrencies. Blockchain 2.0, known as digital finance stage, introduces economic, financial and market applications by programming far from simple currency transactions. Among them, the most significant features of blockchain 2.0 are the introduction and application of smart contracts. Blockchain 3.0, known as digital society stage, provides decentralized solutions for a variety of industries beyond just financial scene.
Альона Ільдусівна Гнатовська, А. І. Гнатовська, Алена Ильдусовна Гнатовская, Alona I. Hnatovska · 16 authors
The article deals with the problems of determining the place of the cryptocurrency in the system of financial instruments and the study of its legal status in Ukraine and in the world. The problems of influence of cryptocurrencies on the economy of Ukraine and other countries across the world, potential threats posed by the cryptocurrency system for users of such systems and ways of legal regulation of cryptocurrency transactions are considered. The terminology that is widely used in the cryptocurrency field is analyzed, the main types of cryptocurrencies and the technologies on which they function are considered. Their characteristic features, positive and innovative concepts, which were introduced with their appearance, are identified. The legal status of cryptocurrencies and their prevalence has been investigated. The modern concepts of regulation of the cryptocurrency market in Ukraine and in the world are characterized. In the course of researching the subject of the article, the authors conclude that it is necessary to establish state control over the regulation of the legal status of cryptocurrency and prevent its possible negative impact on the country's economy. It was also concluded that a draft law would be considered that would address the issue of regulation and control of cryptocurrency transactions.
Ayushi Sharma, Shashwat Tiwari, Nitin Arora, S. C. Sharma
Blockchain is an emerging technology that can radically improve transactions security at banking, supply chain, and other transaction networks. It's estimated that Blockchain will generate $3.1 trillion in new business value by 2030. Essentially, it provides the basis for a dynamic distributed ledger that can be applied to save time when recording transactions between parties, remove costs associated with intermediaries, and reduce risks of fraud and tampering. This book explores the fundamentals and applications of Blockchain technology. Readers will learn about the decentralized peer-to-peer network, distributed ledger, and the trust model that defines Blockchain technology. They will also be introduced to the basic components of Blockchain (transaction, block, block header, and the chain), its operations (hashing, verification, validation, and consensus model), underlying algorithms, and essentials of trust (hard fork and soft fork). Private and public Blockchain networks similar to Bitcoin and Ethereum will be introduced, as will concepts of Smart Contracts, Proof of Work and Proof of Stack, and cryptocurrency including Facebook's Libra will be elucidated. Also, the book will address the relationship between Blockchain technology, Internet of Things (IoT), Artificial Intelligence (AI), Cybersecurity, Digital Transformation and Quantum Computing. Readers will understand the inner workings and applications of this disruptive technology and its potential impact on all aspects of the business world and society. A look at the future trends of Blockchain Technology will be presented in the book.
Stephen Chan, Jeffrey Chu, Yuanyuan Zhang, Saralees Nadarajah
In financial trading, cryptocurrencies like bitcoin use decentralization, traceability, and anonymity features to perform transactional activities. These digital currencies, using the emerging blockchain technologies, are forming the basis of the largest unregulated markets in the world. This creates various regulatory challenges, including the illicit purchase of drugs and weapons, money laundering, and funding terrorist activities. This chapter analyzes various legal and ethical implications, their effects, and various solutions to overcome the inherent issues that are currently faced by the policymakers and regulators. The authors present the result of an analysis of 30 recently published peer-reviewed scientific publications and suggest various mechanisms that can help in the detection and prevention of illegal activities that currently account for a substantial proportion of cryptocurrency trading. They suggest methods and applications that can also be used to identify the dark marketplaces in the future.