Richard Richard, Harjanto Prabowo, Agung Trisetyarso, Benfano Soewito
Blockchain has become a mainstream technology in our society in recent years. With its nature of secure decentralization, people can create decentralized applications by developing smart contracts on top of a blockchain platform. With blockchain, technology is still in the developing phase, the smart contract development process in blockchain has its unique complexity and uncertainty. The condition will drive the challenge for any developers to work on this issue. In this research, we determine the smart contract development model in creating decentralized applications. Our proposed model aligned with our findings in the systematic mapping process of this study.
Inspired by the recent boom in decentralized finance (DeFi) and the unprecedented success of flash loan projects in this ecosystem, we introduce a decentralized debt derivative named atomic bonded cross-chain debt (ABCD) to bridge the gap between the growth of lending protocols on Ethereum and other UTXO-based blockchains specifically Bitcoin. We think of ABCD as the alphabet of interoperability for DeFi and as a credit infrastructure which unlike the current protocols is not limited by requiring either smart contracts, over-collateralization, or instantaneous payback.
Abstract This paper briefly overviews several challenging dimensions pertaining to cryptocurrencies with respect to their valuation, legitimacy, design, consensual acceptance and market‐based stylized facts with a view to understanding whether this new asset class indeed has the potential to become an alternative, or a replacement, to traditional fiat currencies. Our survey indicates that public embrace of cryptocurrencies continues to lag as the masses currently show reluctance in embracing cryptocurrencies as a complement, let alone a substitute to fiat counterparts. Governments have also successfully defended their sovereignty in preserving legal tender status, structural seigniorage and exclusivity. Market‐based studies hint at consistent inefficiencies across the spectrum. Furthermore, whether fundamental and mining factors determine cryptocurrencies' values remain unsettled. The most promising areas of research for crypto‐financial intelligentsia would be delving into establishing trial runs for central bank‐backed cryptocurrencies. In addition, we highlight that several methodological and data‐based obstacles remain in assessing the link between cryptocurrencies and their traditional rivals. This avenue remains a fertile ground for potential future research.
Rapid technological advancements in the last few decades have given rise to various new products and fields, such as cryptocurrencies, social media and sentiment analysis. The massive surge in internet usage has caused organizations and investors to increasingly base their decisions on content placed on social media platforms which are flooded with data from its users. One of those platforms is twitter, a micro-blogging platform which allows people to share their opinions in a limited number of characters. Certain users on these platforms have the ability to influence other users' decision making, including investing. Although stock market prediction through sentiment analysis has been researched often, the amount of research done on prediction Bitcoin prices is relatively low. Furthermore, there is a gap in existing research in which samples are not limited to users that have more knowledge than individual investors. This paper uses sentiment analysis on tweets made be cryptocurrency influencers to see whether they can be used to predict Bitcoin price fluctuations. This paper, additionally researches differences in predictive capabilities between regions and differences in predictive capabilities between a bear and a bull market. The results in indicate that tweets made by cryptocurrency influencers contain statistically significant information about the future value of bitcoin. Thus, analyzing those tweets to exploit profitable opportunities can be worthwhile.
Purpose This paper aims to retrieve key components of blockchain applications in supply chain areas. It applies natural language processing methods to generate useful insights from academic literature. Design/methodology/approach It first applies a text mining method to retrieve information from scientific journal papers on the related topics. The text information is then analyzed through machine learning (ML) models to identify the important implications from the existing literature. Findings The research findings are three-fold. While challenges are of concern, the focus should be given to the design and implementation of blockchain in the supply chain field. Integration with internet of things is considered to be of higher importance. Blockchain plays a crucial role in food sustainability. Research limitations/implications The research findings offer insights for both policymakers and business managers on blockchain implementation in the supply chain. Practical implications This paper exemplifies the model as situated in the interface of human-based and machine-learned analysis, potentially offering an interesting and relevant avenue for blockchain and supply chain management researchers. Originality/value To the best of the knowledge, the research is the very first attempt to apply ML algorithms to analyzing the full contents of blockchain-related research, in the supply chain sector, thereby providing new insights and complementing existing literature.
The emerging Smart Agriculture based on Internet of Things (IoT) is facing major challenges like data sharing, storage, and monitoring, primarily due to the distributed nature of IoT and massive scale. We performed a review of the literature and found that blockchain performance, scalability, cost, and throughput are the major challenges in adopting blockchain for smart agriculture. To overcome these challenges, this paper proposes a scalable and distributed data sharing system integrating access control for smart agriculture. We demonstrate our approach in a smart agriculture setting, which consists of four tiers that are: smart agriculture, smart contract, Interplanetary File System (IPFS) and agriculture stakeholders (remote users). This paper explains in detail the different components of our proposed architecture. Our approach uses anonymous identities to ensure users' privacy. Our approach is fully scalable because a large number of resource owners can use their data sharing smart contracts to create, update or delete data sharing policies. In addition, our approach does not require transaction fees when the smart contract receives a large number of policy evaluation requests. For the sake of simplicity, we publish and test a single data sharing smart contract. However, in practice, multiple smart contracts need to be deployed to allow each resource owner to securely share agriculture data with stakeholders. Finally, we evaluate the performance of our proposed system on the EOS blockchain to show that the resource consumption (in terms of computing power and network bandwidth) introduced by our framework are insignificant compared to its scalability, cost and security benefits.
In recent years, blockchain is experiencing a rapid development and has the huge potential of revolutionizing the information platform in the deposit application field. In this paper, a blockchain based credible e-bidding system (BCES) is presented to address operational compliance, multi-party coordination, and cybersecurity problem in the process of distribution, verification and backtracking of bidding data files. BCES is comprised of basic configuration management, contract business deployment, data service processing, system service support, data visualization. Through detailed design of a set of blockchain integration and transformation mechanism for bidding business, different stakeholders are connected together with the help of the alliance blockchain, forming a flat trust management model. The experiments demonstrate that the average TPS of BCES is stable at around 2600-2800, and the response time of the blockchain deposit platform is within the acceptable time range of 3s, and the error rate is very low. Currently, BCES has been deployed and applied in China Telecom Corporation and has achieved remarkable results.
Nowadays, as student e-portfolio systems increase in popularity, the large storage space and convenient retrieval of e-portfolio system provide a more efficient way for heavy file management, while the security concerns about personal information and privacy of students arise. The traditional student e-portfolio system adopts a centralized system which caused some problems such as an organization that has full control over the information that could tamper with the database, the insecurity of student e-portfolio. However, blockchain application has mushroomed, providing opportunities for solving the shortcomings proposed above. In this paper, we combine with the fabric blockchain technology to implement student e-portfolio system for permanently recording student growth information, which uses smart contract to realize the registration and authentication of student identity, the portfolio recording and management, the publication of learning evaluation. Finally, we analyze the system compared with traditional system, and the comparative result indicates that the proposed system can not only effectively manage student information, but also protect privacy.
Yanhua Wang, Heming Liu, Jianhua Wang, Shunye Wang
Blcokchain smart contract enables the execution of on-chain contracts automatically and definitized. But sometimes it would be triggered by out-chain data. With the help of Oracle Mechanism, which is an independent third party, we can extend the basic smart contract to a systemic and holonomic architecture. The extended system consist of smart contract on-chain and oracle mechanism out-chain. After making data request to oracle mechanism, oracle mechanism collects data from nodes, and make aggregation for the data, then response back to blockchain. In oracle mechanism, an incentive strategy is necessary to keep the nodes' motivation to provide authentic and accurate data. The extended system could bring efficient data interaction between blockchain and internet, which may drive blockchain be used more widely in various areas.
Iftikhar Ahmad, Mohammed A. Alqarni, Abdulwahab Ali Almazroi, Laiba Alam
Blockchain technology is one of the key technological breakthroughs of the last decade. It has the ability to revolutionize numerous aspects of society, including financial systems, healthcare, e-government and many others. One such area that is able to reap the benefits of blockchain technology is the real estate industry. Like many other industries, real estate faces major administrative problems such as high transaction fees, a lack of transparency, fraud and the effects of a middleman including undue influence and commissions. Blockchain enables supporting technologies to overcome the obstacles inherent within the real estate investment market. These technologies include smart contracts, immutable record management and time-stamped storage. We utilize these key properties of blockchain technology in our work by proposing a system that has the ability to record real estate transactions in a private blockchain, using smart contracts. The immutability of the blockchain ledger and transactions can provide a safe space for the real estate business. Blockchain technology can also assist the authentication process by hastening background checks. Personal digital keys are provided to parties that are involved in a contract, thus minimizing the risk of fraud. We also discuss the rationale behind the advantages of using a blockchain in this manner, and how we selected the consensus mechanism for our proposed system.
Francisco José Garcimartín Alférez, Sara Sánchez Fernández
The advances in technology over the past few years have deeply impacted the financial sector. While legal systems are still accommodating FinTech at the substantive-law level, the same task at the level of private international law proves to be even more challenging. The authors note that traditional private international law methodology is based on connecting factors which seek to anchor legal relationships to a particular State. FinTech, on the other hand, is essentially decentralized and delocalized; traditional connecting may thus not work. While the HCCH has already dealt with the first wave of technological challenges in the 2006 Securities Convention, especially distributed ledger technology (DLT) defies traditional approaches given its global reach, the lack of intermediation and the absence of central authorities. After a brief introduction to DLT, the authors consider selected issues concerning DLT in the financial sector from a private international law perspective, testing traditional Savigny’an approaches and arguing that a number of issues could benefit from uniform regulation. They focus on the law applicable to proprietary aspects of securities registered in blockchains and present the different connecting factors that may be considered for a choice of law rule. The Chapter then discusses token sales and the law applicable to smart contracts deployed in such sales. The authors contend that ultimately, any solution which is intended to be effective must be adopted at an international level, hence being highly relevant for the future work of the HCCH.
Blockchain has become an epidemic and significant decision that organizations may make in the next few years, enabling institutions to integrate business functions, operations, and processes in a decentralized distributed ledger technology. This technology will transform the business world and economy in solving the limitations created by centralization and system inefficiency. Accordingly, with the high demand and complexity of growing economies such as the Gulf Cooperation Council GCC countries, the need for a typical solution technology is a game changer. This will lead GCC to a solid economic base. Blockchain technology can be applicable in many different fields such as Banking, education, Health, finance, government and trade. This article will address the literature review and methodology of Blockchain technology and innovation at the GCC, particularly in Saudi Arabia. Also, more research can be conducted in the future as the system may be integrated in these countries.
Alan Veloso, Leonardo da Costa, Billy Pinheiro, Antônio Abelém · 5 authors
As Organizações Autônomas Descentralizadas Baseadas em Blockchain (Blockchain-Based Decentralized Autonomous Organizations - BCDAO) são sistemas que realizam tomadas de decisões visando a segurança. A estrutura organizacional é um aspecto que pode contribuir para a eficiência (e.g., reduzindo gastos redundantes de recursos, esforços e tempo), no entanto, este aspecto não é explicito no desenvolvimento de BCDAO. Neste estudo é apresentado um levantamento das estruturas organizacionais baseadas na literatura de Sistema Multiagente (Multiagent System - MAS) BCDAO, que incluem hierarquia, holarquia, sociedade e mercados. O estudo descreve cada uma das estruturas organizacionais e como elas são empregadas em BCDAO, com o intuito de facilitar a avaliação comparativa de estilos organizacionais. Com isso, objetiva-se permitir a projetistas conhecer o espectro de possibilidades atual e, então, guiar a seleção de uma estrutura organizacional apropriada para um domínio de aplicação particular.
Aigerim Iskakova, H. S. V. S. Kumar Nunna, Pierluigi Siano
Blockchain is one of the emerging security technologies that have enormous potential in diverse sectors such as financial organization, academic institutions, national government, business sphere. In this paper, we focus on the application of blockchain systems in the energy industry addressing potential challenges and limitations in this area. The deployment of the proliferation of distributed energy resources requires an efficient and reliable transactive energy (TE) management system in terms of peer-to-peer energy trading. Independence of the energy management system from financial transactions can cause an insecure and vulnerable energy exchange environment. The proposed system design focuses on eliminating gaps in the security by the integration of decentralized application technology with the TE management and Multi-Agent System. The paper discusses the Ethereum blockchain-based peer-to-peer energy trading platform based on the enforced smart contract that controls both financial transactions and energy interchange operations for power trading systems.
Blockchain-based distributed ledger technology (DLT) is transforming the existing operational models of economy, financial transactions and other government machineries so as to allow these to operate in a much more secure and decentralized manner. This research focuses on providing framework for decentralized and secure P2P infrastructure for handling e-stamp and property registration mechanism along with interface for verification of document originality. The proposed efficient consensus mechanism reduces the overhead of broadcasting a new block by more than 50% coupled with saving CPU computation power along with network bandwidth. To ensure that even people at remote locations with constrained resources are able to participate and harness these benefits, a cloud server architecture & web interface for verification of property registered deed is also proposed.
The modern era of world order is dramatically changed with the growth of innovative and revolutionised instruments for finance and payments.Since the decade of 2000 and especially after the inception of Bitcoin, traditional finance is increasingly being replaced and substituted with decentralized voluntary transactions based upon anonymous cryptocurrencies.In recent years, the concept of a nation-state digital currency has been proposed by several central banks worldwide.Digital currencies that are issued, regulated and controlled by governments are called Central Bank Digital Currencies (CBDCs), which are regarded as an evolution of State controlled monetary and financial instruments, but in a digital fashion.Commonly, CBDCs are expected to be widely adopted as a risk-free alternative payment instrument to instantly settle trades and transactions over interoperable mediums.As the size of capital flows increase through digital means, the actors of government instruments have to make sure that potential pernicious behaviours are deferred.Filtering and checking CBDC base transactions for any suspicious activities are needed to comply with regulatory requirements.Risk profiling and scoring models are required for all parties in international trades and transactions to ascertain if the payment is clear followed by investigating suspicious transactions.Financial resources such as liquidity sources, banking instruments, tax systems and other payment infrastructures are needed to allow endangered flows to contact authorities to prevent or harm unwarranted flows.All actors need therefore adequate financial and technical capacities to ensure that the checking on potential pernicious activities is conducted expeditiously without obstructing the delivery of the cleared transactions.For the country context, there lacks payment and fintech infrastructures to instantaneously read CBDC base transactions and make risk profiles.Risk inventory and analysis models are needed alongside messaging formats to extract, aggregate, burden and track suspicious transactions alike all weapons and fittings.Quite fewer regulators possess this surveillance capacity in comparison to the trade and transaction volume.The number of retail banks may fall below fifty as premature acts risk monitoring at systemically important institutions.With low capacities, the risk checking on CBDC base transactions will become prohibitively off-the-books, time-consuming and regretted.
Banking is the backbone of the financial sector of our times. Financial sector is one of the main facilitators in the progress of our society. The world we see today would not have been possible without the banking system. But the banking system currently has a centre dependency. CORE (Centralized Online Real-Time Exchange) banking has major disadvantages like single point of failure, power and authority for planning and decision making rest with top management organized around a hierarchical structure, dictatorial & inflexible. Decentralized/Distributed banking is the need of the hour as it gives anonymity, low/no interest rates, no single point of failure, power to the masses. It is resilient, inherently democratic and efficient. Crypto Banks are decentralized banking platforms that provide the usual services similar to centralized banks, primarily lending services and credit scoring. But it essentially cuts out all of the middlemen that a centralized bank uses. There is no centralization whatsoever. The employees needed in a centralized bank to structure financial data and approve loans are replaced in a crypto banking ecosystem by smart contracts and p2p, peer-to-peer, services. Since all issues can be solved online, most of the network will be online. The bank is moulded in the form of a computer interface, whether on a desktop or a phone, and the currencies dealt with are mostly cryptocurrencies. In this project, I have created a smart contract on Ethereum blockchain that functions as a bank. It covers basic banking operations - creating new accounts, adding/withdrawing money, giving interest to the account holders, showing balances. I used Solidity programming language to write the smart contract and wrote a few tests in Javascript. To test the smart contract, I used Remix IDE. The project gives an idea of how crypto banks work in a real-time environment.
A new technology that considerably provides help in case of application of distributed ledger system by use of decentralized transactional databases is introduced as Blockchain. The functions of Blockchain can be categorized into three phases: Firstly, it emphasizes on decentralization i.e. no centralized body can dictate on other blocks. Secondly, it emphasizes on transparency i.e. easy validated transactions take place through it permits verifiable transparency in case of each mechanism. Finally, it has an immutable feature which never permits tampering of database/data as any change in data may affect or agitate the entire data-chain. For the purpose of security, the immutable pillar is basically used in this technology. In Blockchain technology, generally the peer to peer network is applied that allows new block to join in the chain without affecting all other blocks in the system. It is a well accepted view or proposition that for obtaining block chain of a high quality some basic attributes like security, privacy, input, size and bandwidth, usability, performance, scalability and data integrity are highly essential. Block chain based applications across multiple domains or in other words across diverse sectors such as Medical care, Agriculture, Social medias, Banking sector, Education, Digital voting, Travelling, Crypto-currency, Information Technology and Data management along with the limitations of this technology-a-viz a systematic literature review of Blockchain enabled applications is altogether an interesting field of analysis as well as a predominant area of research for scholars and software industries.
This paper presents how blockchain can be leveraged in the domain of trade finance, to provide an adept model, which simplifies the end-to-end process. The paper elaborates upon the integration of the components of trade finance with blockchain. We discuss the traditional trade finance model and how the integrated blockchain model helps mitigate its pain points. Using this integrated model, a trade transaction that would normally take close to a week can be successfully executed in, approximately, a quarter of a day. The process flow of the events of a transaction powered by blockchain are elucidated upon. This paper highlights how distributed ledgers, smart contracts, events, and system integration will power trade finance. The key features which are focused on include - authentication, decentralization, immutability, and consensus mechanisms. Furthermore, we explore the benefits and functionalities of adopting blockchain, which includes - efficiency, transparency, collaboration, and auditability and the way they can be achieved without compromising security, confidentiality, and interoperability. The objective of the paper is to illustrate how blockchain technology can reshape the landscape of Trade Finance and improve financial mechanisms.
Blockchain is an open distributed database that carries out transactions on an open decentralized ledger. It is a technology that will probably be the source of a huge digital change especially in the financial sector. The application of this technology has started to take its first steps recently and its importance is undeniable in an emerging and expanding field such as Islamic finance. In this context, the purpose of this article is to study the integration of the blockchain and one of its important components, namely the smart contract in the management of the compulsory Islamic charity the zakat. To do this, we have developed a funding model linking all the stakeholders in question and the diversities of blockchain technology. We were thus able to conclude huge benefits and technical contributions in this context which encourages Islamic financial institutions to develop more models likely to support this technology without ignoring the compliance with the Islamic jurisprudence rules.
Helder Miguel Correia Virtuoso Sebasti�ã, o N.A., Paulo José Osório Rupino da Cunha, Pedro Manuel Cortes�ã · 5 authors
This paper presents an overview of the main developments of cryptocurrencies and discusses their future perspectives. First, it briefly reviews the history of cryptocurrencies since the creation of Bitcoin, presents the main market trends, and discusses the key features of cryptocurrencies in the context of blockchain. Second, it analyses current cryptocurrency projects, like the Libra project, and other applications of the blockchain technology. Third, it presents a systematic economics and financial literature review on cryptocurrencies. Fourth, it examines the challenges, benefits, and future perspectives of cryptocurrencies and blockchain technology, with a focus on the environmental issues and central bank digital currencies.