Purpose of the study. The first goal of the study is a comparative analysis of the models of the accounting system of the stock market operating on the territory of the Russia, in particular, the model of the distributed accounting system and the model of the centralized accounting with the use of the central depository are considered. The second goal is to apply the distributed ledger technology in the development of a new model for the stock market accounting system. The goals are conditioned by the growing interest to the technology and similarity of its internal processes with the system of accounting of digital assets. The needs in optimization of the existing accounting system, bringing the system to the logical centralization are revealed. The application of distributed ledger technology for the purpose of unification of depository accounting systems is proposed. The analysis of efficiency of the given models is carried out and the criteria of efficiency estimation of each model are revealed. Materials and methods. For carrying out the research the works of description of register system genesis of stock market in Russia were applied. Works of Russian and foreign researchers in the field of influence of technology of distributed registers on accounting system and business processes of organizations are studied. The methodology for comparing models was the approach to the development of highly specialized evaluation criteria that meet the needs of the largest number of stock market participants. Results. Evaluation criteria were developed, on the basis of which the comparison of the existing models of the accounting system of stock market and the projected model on the distributed ledger technology was carried out. The needs for optimization of the existing accounting system of Russia, bring the system to the logical centralization of interaction of elements are revealed. Suggestions for the use of distributed ledger technology in order to unite the register systems of obligations have been developed The variety of elements of the accounting system of the Russian stock market was determined a large number of indicators used in comparisons of models, as well as a variety of approaches, both to the construction of the indicators themselves and to the collection of data to ensure their calculation and comparison. Conclusion. According to the results of the research it was determined that the decentralized model of the stock market accounting system on the distributed ledger technology in comparison with the classic model reduces the transaction cost of obligation right accounting operations, optimizes the complexity of the processes of interaction between the elements of the system, such as depositories and registrars, increases the transparency of the stock market, the processes of the transition of assets rights, due to which the liquidity of such assets and the increases investors interest. Decentralized model standardizes the of communication data, which has a positive effect on the indicators of information systems of participants. In comparison with the centralized model, the decentralized model eliminates the central depository transaction commission, eliminates monopolization to choose the direction of stock market depository accounting system development. Finally, the positive influence of the decentralized model on the stock market as a whole was revealed. The resulting form of relations will reduce the main cost indicators of the accounting system elements, such as transaction costs, the cost of support and development of information systems, the number of necessary formats for the application of interaction with counterparties.
Darya Korepanova, Stanislav Kruglik, Yash Madhwal, Timur Myaldzin Β· 8 authors
Counterfeit stamps cause considerable financial damage to the states and companies. The blockchain-based supply chain management system for their market is proposed in the article. It can make stamps circulation transparent and guarantee invariability of stamps volume produced and used. The technical description and performance tests of the proposed system are provided.
This article is part of a series of articles that describe an Integrated Decision Making Platform modeled after the human anatomy. In the first articles we presented the main components of the platform and the way they integrate with each other to form a cohesive and heterogeneous system. A resources is a quantifiable source of value and represents the scope or object of any decision making process. The allocation, management and distribution of resources is the main reason why a good decision making process becomes the essential factor that determines the success of any person, corporation, institution or state. The difference between success and failure is given by the way we decide to spend our resources. For this reason one vital component for a good decision making platform or system is the resource management component. The resource management and logistics component we will describe uses the blockchain as a robust, transparent and distributed ledger. The blockchain will not only allow us to keep track of our resources but using stored blockchain procedures, popularly called smart contracts, we can create the logistics for how we add, allocate, distribute and spend our resources.
Π ΠΎΠ±Π·ΠΎΡΠ½ΠΎΠΉ ΡΡΠ°ΡΡΠ΅ ΠΏΡΠ΅Π΄ΡΡΠ°Π²Π»Π΅Π½ Π°Π½Π°Π»ΠΈΠ· ΡΠ°Π·Π²ΠΈΡΠΈΡ ΠΈΡΠΏΠΎΠ»ΡΠ·ΠΎΠ²Π°Π½ΠΈΡ ΡΠ΅Ρ Π½ΠΎΠ»ΠΎΠ³ΠΈΠΉ ΡΠ°ΡΠΏΡΠ΅Π΄Π΅Π»Π΅Π½Π½ΠΎΠ³ΠΎ ΡΠ΅Π΅ΡΡΡΠ° (Π±Π»ΠΎΠΊΡΠ΅ΠΉΠ½) Π² ΡΠ°Π·Π»ΠΈΡΠ½ΡΡ ΡΡΠ΅ΡΠ°Ρ ΡΠΎΡΠΈΠ°Π»ΡΠ½ΠΎ-ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠΉ ΠΆΠΈΠ·Π½ΠΈ ΠΎΠ±ΡΠ΅ΡΡΠ²Π°. This article presents a distributed ledger technology (blockchain) development analysis in throughout different socioeconomic spheres of the society.
The digitization of economic activity creates new opportunities for increasing the goods production level in conditions of severe resources limitation. Significant optimization can be achieved due to, firstly, reduction the costs of transactions, and, secondly, engagement in the economic turnover of poorly low nondistributable assets (for example, real estate). The paper studies the problems regarding applicability of smart contract in economic activities at the regional and federal levels. An attempt is being made to form a decentralized system of smart contracts. Based on the component-based analysis, the key trends of this system effect on the gross output at the federal and regional levels are determined. The authors propose a quantitative assessment of the impact of each of these factors. The macroeconomic model IS-LM is used, which takes into account the impact of digitalization processes in terms of implementing the smart contracts system, on the aggregated output indicators of the economic system.
Open access
Economic and Technological Developments in Russia
Economic and Technological Systems Analysis
Digitalization and Economic Development in Agriculture
The main principles of blockchain operation and its main advantages of efficiency increase of investment and construction activity (ICA) participants' interaction are described in this article. Blockchain process operation principles in a technical sense are stated. Practical examples of efficiency increase of ICA participants' interaction with the use of blockchain process in Russia and abroad are given. The main trends and results of blockchain use in construction domain are systematised. Potential of blockchain process use in development of the system of ICA participants' interaction is described. Specific features and advantages of blockchain use in construction domain are highlighted. The main problems requiring improvement of normative and methodical base while developing blockchain within ICA participants' interaction are analysed. The article gives a review of blockchain influence on improvement of the process of ICA participants' interaction.
This thesis work is aimed at developing understanding of the hash functions and algorithms being used in blockchain technologies Bitcoin in comparison to Ethereum and private blockchain hash functions. This study attempts to answer one fundamental research question: βWhat considerations are important in assessing blockchain cryptographic security, with an emphasis on hash functionsβ. \n \nThe study was carried out qualitatively using a desk research approach and combining this approach with using two public blockchains-based cryptocurrencies; Ethereum and Bitcoin as case studies. The research aims to provide a holistic view of blockchain cryptographic security comparing Bitcoin and Ethereum as use cases, and thus providing a consolidated document which students studying cryptography can access to obtain a better understanding of what is involved in blockchain security. From an academic perspective, the research aims at providing a model which can be used in assessing what is important to consider in the cryptographic security of blockchains. \n \nThree main categories of factors considered were presented in the proposed model which were strategical factors, complexity attributes and technical drivers. This results in a base crucial metrics such as absence of secret seeds, efficiency of verification, preimage collision resistance, fixed output size, low collision probability, and even distribution of preimages in output.
The behavior of agents to ensure financial security on the basis of game theory was analyzed, the winning strategy taking into account risk and uncertainty was determined. Using Data Mining the useful functions of this technology were identified to ensure financial security: suspicious transactions determination, credit risks analysis, client account reliability analysis, financial indicators predicting and risks control. A comparison was made of the assessment of the effectiveness of various data mining algorithms on the nature of financial transactions and decision-making procedures in the financial security system. It was proved that the development of information technology has created a whole range of vulnerabilities in the financial system, in particular, has transformed the form of money in modern conditions -the emergence of a cryptocurrency. The influence of the formation and development of cryptocurrency on financial security at all levels of the economy: micro and macro was analyzed.
The paper presents the use of states of explosionproof method for analyzing the behavior of systems that provide smart contract technology. The selected example system is ShadowEth, whose main task is to ensure sufficient confidentiality of information stored in the Ethereum blockchain currency. The Petri network model for the ShadowEth system has been presented. The system
We propose a proof of mining system. Roughly speaking, in this system the mining stake ${\rm mstak}(A)$ with discrimination index $a\in[0,1]$ of an account $A$ is defined by the formula: $${\rm mstak}(A)=(1-a)\cdot\frac{1}{\rm NOM}+a\cdot\frac{{\rm NOBM}(A)}{L},$$ where $L$ is the length of the block-chain, ${\rm NOM}$ is the number of miners in the block-chain, and ${\rm NOBM}(A)$ is the number of blocks mined by $A$.
A. B. Goldstein, Π.Π. Π‘ΠΎΠΊΠΎΠ»ΠΎΠ², Vasiliy Elagin, A. V. Onufrienko Β· 5 authors
Due to the increased popularity of distributed registry technology applications on the Internet, each of which uses network resources in different ways, has different characteristics and service requirements, there are the problem of impact of this technology to the network characteristics and how does the technology affect the network. In this article, the authors introduce a definition of the term blockchain, describe the services implemented by this technology and its scope. The authors identify the main technical characteristics and their features associated with transfer of information through the network. The authors explain how does the blockchain technology work and block structure. The authors indicate basic features of the network required for guarantee quality of service during provision and transfer for different type of traffic, determine the network scheme working with blockchain transactions and the dependence of network characteristics on application parameters. Authors show different classes of traffic priority, based on the requirements and behavior of certain types of applications, allowing maximum flexibility in the transmission of user information.
Π. Π‘. ΠΠΎΠΆΠ½ΠΈΠΊΠΎΠ², Alexey Π. Sulavko, Samal S. Zhumazhanova
The paper presents a study on the possibility of using distributed ledger technologies in managing various business processes based on electronic document management systems. In the finance and trade sphere, the type of distributed ledger technology, blockchain, is already presented as a real alternative to the existing infrastructure, however, the experience of developing and implementing such solutions in electronic document management systems is currently insufficient. The model of hybrid workflow proposed earlier by the authors of the article has a number of advantages over usual scheme of information exchange, and combines equal document protection in paper and digital form using cryptographic and biometric methods. The described distributed ledger-based hybrid workflow scheme also provides decentralized information storage, a fixed size of data blocks stored and transmitted by users, generation of cryptographic keys using biometric images of authorized users, and identification of subjects that performed various actions on document regardless of its type format. The authors also considered possible problems that might be encountered in the development and implementation of such an information interaction scheme.
Jan 1, 2019Β·Proceedings of the 1st International Scientific Conference "Modern Management Trends and the Digital Economy: from Regional Development to Global Economic Growth" (MTDE 2019)
In general, the construction industry has been pretty resistant to change. While most industries have gained in productivity over the years through implementation of new technologies and other factors, construction industry productivity has been on a steady decline since the 1960s. Even though there are a multitude of reasons for this, including more complex building types and a decline in the workforce, the major problem holding construction back are project management issues and alienation of project stakeholders in the construction process. Some improvements have been made to help with collaboration between parties, like BIM (building information modeling) and project management software like Procore and Plangrid, but there isnβt one application that pools information to share data between parties. This is where blockchain can make a difference and help solve the collaboration problem. Blockchain is a peer-to-peer, controlled, distributed transactional database used to record and store lists of transactions (called blocks) that are verified through cryptography. This paper explores the emergence of blockchain, highlights the progressive companies implementing this technology in construction, and analyzes the best practices and applications needed for blockchain to succeed in the construction industry.
The evolution of financial technology adds to the complexity of the global financial system and the underlying assets that store its value.This complexity manifests as an adverse market risk profile in assets where fintech can be considered an endogenous variable.A theoretical framework that may contribute toward an improved understanding of this relationship is established.In contrast to the adverse risk profile in these markets, however, the literature still suggests a value proposition in these fintech-endogenous markets.The suggested value proposition is investigated by means of an empirical literature review, and partial recreation of some key findings from previous literature.Subsequently, additional empirical findings are contributed through a comparative set of tests in a controlled environment, with some significant results, specifically in the case where an appropriate trading strategy is back-tested along with some neural network forecasting procedures.The implications for researchers and practitioners are emphasised by a re-contextualisation of how the findings could affect future research in forecasting-and trading methodologies as well as the status quo of portfolio management strategies that risk managers have at their disposal.They key contribution is that risk managers should be able to benefit from the erratic behaviour of fintech-endogenous markets in the form of non-negligible short-term abnormal profit, whilst not having to trade off the diversification properties consistent with the established literature.The junction of forecasting-and trading methodologies used here may result in a "best of both worlds" investment strategy where abnormal profits are possible in the short run, in a simultaneously well-hedged trading environment, which relies on (instead of mitigating) the erratic price-formation phenomena prevalent in fintech-endogenous markets.
The market of virtual currencies, called cryptocurrency, has grown immensely since 2008 in terms of market \ncapitalisation and the numbers of new currencies. Bitcoin is one of the most famous cryptocurrency with an estimated \nmarket capitalisation of nearly $ 69 billion. The fact that Bitcoin prices have fallen about 70% from their peak value and \nmost indices were down double-digit year to date (2018) with a high daily volatility create the appearance that there has \nto be a correlation. \nThe purpose of this paper is to investigate the contagion effect between Bitcoin prices and the leading American, \nEuropean and Asian equity markets using the dynamic conditional correlation (DCC) model proposed by Engle and \nSheppard (2001). \nContagion is defined in this context as the statistical break in the computed DCCs as measured by the shifts in their \nmeans and medians. Even it is astonishing that the contagion is lower during price bubbles, the main finding indicates the \npresence of contagion in the different indices among the three continents and proves the presence of structural changes \nduring the Bitcoin bubble. Moreover, the analysis shows that specific market indices are more correlated with the Bitcoin \nprice than others.
This study analyzed the main mechanisms for achieving consensus in distributed ledgers. Different types of distributed ledgers were classified according to the characteristics of who can form data chains and who has access to them. Such important applications of the distributed ledger (blockchain) as smart contracts were examined in detail, the principle of their work was described, the features of functioning on various platforms were systematized. Most of the work is devoted to a detailed review of the use of blockchain technology in the financial sector. Using the analysis of individual international and domestic practices as an example, the benefits of using the blockchain in the banking sector and in payment systems are analyzed. In conclusion, recommendations are given for economic policy in the field of blockchain technology implementation.