Ella Tallyn, Joe Revans, Evan Morgan, Keith Fisken · 5 authors
Smart contract systems could change the nature of last-mile delivery for the better through enhanced precision, coordination and accountability. However, technological complexity poses a challenge for end-users participating in the design process, making it hard to explore their experiences and incorporate their perspectives. We describe a case study where technological prototypes create smart contract experiences for professional couriers and receptionists, allowing them to speculate about emerging possibilities, whilst remaining grounded in their current practices. Participants enacted a series of deliveries, choreographed by smart contracts, and their responses were explored in post-experience, one-to-one interviews. Working with professionals to explore the potential impact of smart contract technologies, revealed the systemic webs of value underlying their existing work practices. This has implications for design of such technologies, in which increased automation, efficiency and accountability must be delicately balanced with the benefits of sustaining personal values, relationships and agency.
While immutability is Blockchain's* much celebrated covenant, change is the rule of life. The paradox has seriously limited real-world deployability of Smart Contracts (SC), faltering its mainstream adoption and sustainability. Once implemented, SC remains unstoppable even if its execution makes losses, as evident in the recently exploded $50+B DeFi industry. How do we reconcile the two and make DeFI/Blockchain profitable and sustainable? A DISC (Dynamic Immutable Smart Contract) hypothesis was proposed to resolve the paradox. Using an existing decentralized IoT device framework we test the DISC hypothesis, by designing/implementing a DISC protocol that delivers an algorithmically controlled dynamic off-chain data feed into a self-executing SC. The experiment successfully introduced limited dynamism into SC without compromising its immutability or undermining user control over their SC terms. If consistently reproduced in diverse settings, the DISC protocol could earn an important milestone in the evolution of Blockchain's decentralized economy of the future.
A smart contract is a technology that allows the creation of a negotiation process capable of running independently, without human intervention. This chapter intends to frame the figure of the “smart contract” from a legal point of view. It shows that the smart contract is an advanced tool in the context of a contractual relationship. The possibility of making a smart contract “the contract” in a legal meaning opens up scenarios which have hitherto been unexplored for contract law. It is still difficult to determine to what extent current rules are adequate to govern this phenomenon. The chapter will therefore conclude with a review of the strengths and weaknesses of the smart contract technology and with some suggestions for a future smart contract law.
The idea of sharing economy gives rise to unique ideas and develops innovative businesses. This article aims to relate the smart city concept by introducing the smart transport system and explores the opportunities of adopting blockchain technology in ride-sharing services. Blockchain technology is a distributed, decentralized public ledger that allows peer-to-peer transactions in a secured way without any third party. This paper proposes a blockchain-based framework from the existing centralized framework for a ride-sharing service and implements the same as a decentralized application (DApp) based on smart contracts on Ethereum Blockchain. Using smart contracts facilitate the users with automated transactions, removes the intermediaries, and enables various activities to be carried out safely and securely. Implementation of smart contracts is done using the Solidity programming language. This DApp uses the min matching algorithm to match riders requesting rideshare to save total travel distance. With the overwhelming growth in the usage of cryptocurrencies, smart contracts usage in applications as proposed in this paper can transform the sharing economy.
A brief discussion of several paradoxes and misunderstandings regarding blockchain and how tourism researchers can get started. By abstracting from technological specifications and focusing on the core characteristics of blockchain, researchers can create meaningful frameworks, models, and theories that enable incremental research and provide value for the industry.
In this chapter, we present the underlying technical principles of distributed ledger technology (DLT) and blockchain technology and outline their practical applications in FinTech. In recent years, DLT and blockchain technologies in general, and cryptocurrencies in particular, have attracted substantial attention from both researchers and practitioners due to their unique technological features such as the lack of centralized control and high level of anonymity. Because of the disruptive nature, DLT and blockchain have led to the evolution of decentralized applications in multiple domains such as finance, health care, supply chains etc. In this chapter, we first outline basic principles and foundations underpinning the DLT and blockchain technologies. Second, we discuss several applications in the FinTech domain such as cryptocurrencies, smart contracts, risk management, corporate finance, governance, crowdfunding, and derivative markets. Third, we summarize the different kinds of initiatives in terms of regulation, compliance and governance for cryptocurrencies and other DLT applications in the financial domain. Fourth and last, we conclude this chapter with some reflections on the impact of DLT and blockchain technologies on the FinTech domain in the near future.
Blockchain-based technologies are predicted as major disruptors for numerous business applications and processes, which bears huge implications for e-commerce. Given the ability of blockchain and related technologies to create so-called “trustless systems” with idiosyncratic properties, various business models and established processes that have emerged over the years to ensure trust, reliability and enforceability in business-to-consumer (B2C), business-to-business (B2B), business-to-government (B2G) and consumer-to-consumer (C2C) relations need to be questioned and potentially adjusted. Blockchain has the potential to shake the foundation of e-commerce by enabling exchange relations that are trustless and operate without dedicated intermediaries or even central authorities in the case of permissionless blockchains. Furthermore, the exchange of information and value between companies and consumers might change considerably by enabling unified access to immutable data along the entire supply chain. In this paper, a framework and 19 high-level research questions are developed to inspire researchers to closely investigate the potential impact of blockchain on e-commerce. The main categories include (a) technological, (b) legal and (c) organizational and quality issues as well as (d) consumer issues. This paper illustrates how blockchain potentially impacts different elements of e-commerce in these respective areas.
Open innovation and distributed ledger technology (DLT) are both based on the underlying principles of distribution and sharing. While open innovation is about sharing knowledge to improve innovation processes and performance, DLT is a distributed data ledger that is utilized to enhance efficiency, reduce costs, and ensure immutability, traceability, security, and transparency. In this paper, we investigate the barriers to open innovation currently faced by small and medium-sized companies (SMEs) that DLT can solve. To achieve this goal, we conducted semi-structured interviews with 11 experts in open innovation and DLTs from Spain, Germany, Australia, and India. The results of our exploratory study show that DLTs can help to solve several problems, including external barriers, such as problems with contracts, financing, lack of trust, raw materials, lack of information, domestic and international market limitations, IP rights, and governmental regulations as well as bureaucracy. Internal challenges include insufficient funding, organizational systems that are out of date, and lack of trust. When it comes to difficulties associated with the management of open innovation, external barriers are frequently caused by customers' demands, while internal barriers are frequently caused by organizational culture or human nature, which cannot be improved by DLTs. Finally, SMEs might face new obstacles when integrating DLTs, such as integration problems, complex transition phases, and high setup costs as well as problems with attracting and retaining qualified employees.
Dulani Jayasuriya Daluwathumullagamage, Alexandra Sims
Blockchain is one of the primary digital technologies utilised in the finance industry with huge future potential. This study conducts a systematic literature review of a final sample of 407 prior literature from an initial set of 1979 records for the sample period of 2013–2020 with regard to blockchain adoption in banking. This review is further supplemented by a machine learning based textual analysis that identifies key themes, trends, divergences and gaps between academic and practitioner led industry literature. Moreover, the study highlights present, future use cases, adoption barriers and misconceptions of blockchains in banking, especially given COVID-19. Furthermore, this study identifies behavioural, social, economic, regulatory and managerial implications of blockchain based banking. In addition, our study identifies the cross-industry potential of blockchains via banking, thus, linking much disconnected prior literature. Finally, we develop a blockchain adoption framework and an adoption life cycle for banking. This study would be of interest to academics, bankers, regulators, investors, auditors and other stakeholders in financial markets.
This article aims to outline the path towards the future of transfer pricing (TP) control by exploring the new possibilities of blockchain and smart contracts and their potential impact on the international and European policy debate. After the introduction of some preliminary concepts, the first outcome is the identification of a uniform methodology for coding advance pricing agreements (APAs) into smart contracts in which conventional elements properly match with computer language components. Despite the challenges of the coding process and the issue of legal prose, the research also approaches the dynamics and the different stages of a new smart system for TP control. Furthermore, the analysis covers the policy perspective and explores how the new technology could improve the outcomes of the recent OECD and European Commission initiatives in the area of TP. Ultimately, the study suggests the adoption of uniform rules for coding APAs into smart contracts and the establishment of an international consortium blockchain. However, other factors will also be crucial for the implementation of the new system including the collection of sufficient supply chain data and the adoption of an interdisciplinary approach that is open to software engineering and data science. Transfer pricing, advance pricing agreements, blockchain, smart contracts, real-time monitoring, artificial intelligence, data analytics, digital economy, OECD Transfer Pricing Guidelines, convention on mutual administrative assistance in tax matters.
Felix Fritsch, Jeff Emmett, Emaline Friedman, Rok Kranjc · 7 authors
The re-emergence of commoning over the last decades is not incidental, but rather indicative of a large-scale transition to a more “generative” organization of society that is oriented toward the planet’s global carrying capacity. Digital commons governance frameworks are of particular importance for a new global paradigm of cooperation, one that can scale the organization of communities around common goals and resources to unprecedented levels of size, complexity and granularity. Distributed Ledger Technologies (DLTs) such as blockchain have lately given new impetus to the emergence of a new generation of authentic “sharing economy,” protected from capture by thorough distribution of power over infrastructure, that spans not only digital but also physical production of common value. The exploration of the frontiers of DLT-based commoning at the heart of this article considers three exemplary cases for this new generation of commons-oriented community frameworks: the Commons Stack, Holochain and the Commons Engine, and the Economic Space Agency. While these projects differ in their scope as well as in their relation to physical common-pool resources (CPRs), they all share the task of redefining markets so as to be more conducive to the production and sustainment of common value(s). After introducing each of them with regards to their specificities and commonalities, we analyze their capacity to foster commons-oriented economies and “money for the commons” that limit speculation, emphasize use-value over exchange-value, favor equity in human relations, and promote responsibility for the preservation of natural habitats. Our findings highlight the strengths of DLTs for a federated scaling of CPR governance frameworks that accommodates rather than obliterates cultural differences and creates webs of fractal belonging among nested communities.
본 연구는 디파이(Decentralized Finance, DeFi)에 대한 개념 및 구조를 분석하고 시사점을 제시하였다. 디파이 시장동향과 생태계를 살펴보고 디파이 개념 이해를 바탕으로 스테이블 코인, 대출, 거래소, 파생상품 등 디파이 유형별 거래 구조 및 방법을 분석하였다. 그리고 디파이 구조 분석을 바탕으로 가상자산 거래소, CBDC 발행, 그리고 규제환경에 대한 시사점을 제시하였다. 디파이는 가상자산 기반의 탈중앙화된 금융서비스로 전통금융과 핀테크에 비해 익명성, 투명성, 안정성 등의 장점이 있으며 CBCD 발행 이후의 금융서비스에 선례가 될 수 있다. 디파이에서의 가상자산은 금융서비스의 제공, 서비스 참여에 대한 보상, 그리고 의사결정 권한 결정 등의 역할을 하고 있으며, 가상자산 거래소는 디파이와의 결합 서비스를 제공하고자 하는 노력을 기울이고 있다. 마지막으로 디파이 관련 규제 도입에 있어서는 가상자산이 시간이 지남에 다라 성격이 변한다는 점, 블록체인 산업 육성과 혁신 금융을 저해하지 말아야 한다는 점을 명심해야 한다.
Our paper focuses on the economic perspective of the Blockchain technology in economics and business in general and in agricultural business in particular.The field of the study is the European agri-food supply chain and related government politics (CAP, F2F, Green Deal) focused on the Czech Republic.Analysis of the agribusiness is conducted on an evaluating the existing data from the FADN CZ database and Eurostat database.Blockchain technology is evaluated through fundamental analysis of the context.Findings from this investigation were used in enhanced SWOT-analysis in the context of technological foresight.This method examines both the existing situation, external factors and forces, as well as possible changes in the future.Our results confirmed that Blockchain technology has big opportunities in agricultural business and agri-food supply chain in the digital economy.The group of issues that could be solved with Blockchain includes food traceability, support of new business models and direct sales models, rebalance the power in the food chain, etc.The key problem of the Czech agricultural business is inefficiency and low innovative activities.However, existing state support and positive trends show perspectives in this area.Although the Blockchain could bring benefits, there is a research gap related to financing the Blockchain implementation and cooperation between businesses and the authorities.
Pietro Ferraro, Lianna Zhao, Christopher King, Robert Shorten
This paper describes the use of Distributed Ledger Technologies as a mean to enforce social contracts and to orchestrate the behaviour of agents in a smart city environment. Specifically, we present a scheme to price personalised risk in sharing economy applications. We provide proofs for the convergence of the proposed stochastic system and we validate our approach through the use of extensive Monte Carlo simulations.
Purpose The purpose of this study is to thoroughly review studies that have used blockchain technology in financial services. This study will help provide a holistic framework that would highlight the current state and challenges of the blockchain in the financial services sector. Design/methodology/approach The objective of this study is to systematically examine and organize the current body of research literature that either quantitatively or qualitatively explored the use of blockchain technology in financial services. The study uses PRISMA-guided systematic review along with bibliometric analysis to achieve the purpose. Findings This study contributes to the existing literature by exploring and analyzing systematic studies available on blockchain with special reference to financial services sector. With blockchain based on five principles, namely, computational logic, peer-to-peer transmission, irreversibility of records, distributed database and transparency with pseudonym has immense potential to unleash and transform the financial service industry. With increasing blockchain-based operations of decentralized banking, insurance, trade finance, financial markets and cryptocurrency market, the subject is rapidly growing and seeking considerable contribution from scholars from around the world. Research limitations/implications This study uses systematic literature review approach, which has its own demerits. Like other studies based on Systematic Literature Review, this study also suffers from a certain bias such as sample selection bias, publication bias, data interpretation and the combination of quantitative and qualitative studies in the population. Further, the adoption and resultant benefits of blockchain have not been empirically tested. Practical implications This study can help policymakers and institutions in determining their future course of action, as it highlights the state of research in the area of blockchain technology and financial services. Originality/value Very few studies have done a comprehensive review of literature on blockchain in financial services.
The last financial downturn has imposed severe changes on the labour market leading to the disappearance of a number of traditional jobs and social securities. Among the diverse effects induced by those recent modifications to the socio-economic fabric, we have seen the emergence of the sharing economy. The sharing economy can be defined as an economic system where entities can share services and goods, for a fee or a payment via shared platforms or peer-to-peer networks (P2P). The idea behind the rise of the sharing economy is related to sustainability and social justice, and the promotion of the democratisation of goods and resources.
Rohan Bennett, Todd Miller, Mark E Pickering, Al-Karim Kara
The emergence of “blockchain” technology as an alternative data management technique has spawned a myriad of conceptual and logical design work across multiple industries and sectors. It is also argued to enable operationalisation of the earlier “smart contract” concept. The domain of land administration has actively investigated these opportunities, albeit also largely at the conceptual level, and usually with a whole-of-sector or “big bang” industry transformation perspective. Less reporting of applied case applications is evident, particularly those undertaken in collaboration with practicing land sector actors. That said, pilots and test cases continue to act as a basis for understanding the relative merits, drawbacks, and implementation challenges of the smart contract concept in land administration. In this vein, this paper extends upon and further refines the existing discourse on smart contracts within the land sector, by giving an updated, if not more nuanced, view of example applications, opportunities, and barriers. In contrast to the earlier works, a hybrid solution that mixes smart contract use with existing technology infrastructure—enabling preservation of the role of a land registry agency as the ultimate arbiter of valid claims—is proposed. This is hypothesised to minimise disruptions, whilst maximising the benefits. Examination of proof-of-concept work on smart contract and blockchain applications in Sweden, Australia (State of New South Wales), and Canada (Province of British Columbia) is undertaken. Comparative analysis is undertaken using several frameworks including: (i) business requirements adherence, (ii) technology readiness and maturity assessment, and (iii) strategic grid analysis. Results show that the hybrid approach enables adherence to land dealing business requirements and that the proofs-of-concept are a necessary step in the development trajectory. Furthering the uptake will likely depend on again taking a whole-of-sector perspective, and attending to remaining issues around business models, stakeholder acceptance, partnerships and trust building, and legal issues linked to data decentralisation and security.
Abstract While blockchain technology is commonly considered potentially disruptive in various regards, there is a lack of understanding where and how blockchain technology is effectively applicable and where it has remarkable practical effects [1] . Against this background, we present and discuss a case study at length on the impact of this technology in the concrete setting of small short-term loans in retail banking. We propose to banks a robust and scalable blockchain technology with proof of stake and limited energy consumption used to streamline their processes, resulting in lower transaction and administration costs. This is made possible by smart contracts. Thereby, we facilitate small scale lending at high frequencies and short-term duration as well as an easier and more efficient way to connect small borrowers and lenders.
The hospitality industry is one of the fastest-growing sectors globally. With the emergence of different distribution platforms, customers can obtain real-time price changes, availability, and promotions. Looking to the future, traditional online travel agencies will have to undergo a utility shift in order to adapt to new technology. Therefore, blockchain technology has the potential to revolutionize distribution channels’ operational processes. This article aims to introduce blockchain’s immense potential and initiate two research propositions for further study.