Blockchain Papers

Igor Kabashkin

No abstract is available for this record.

Jun Wang, Peng Wu, Xiangyu Wang, Wenchi Shou

Current construction engineering management suffers numerous challenges in terms of the trust, information sharing, and process automation. Blockchain which is a decentralised transaction and data management technology, has attracted increasing interests from both academic and industrial aspects since 2008. However, most of the existing research and practices are focused on the blockchain itself (i.e. technical challenges and limitations) or its applications in the finance service sector (i.e. Bitcoin). This paper aims to investigate the potential of applying blockchain technology in the construction sector. Three types of blockchain-enabled applications are proposed to improve the current processes of contract management, supply chain management, and equipment leasing, respectively. Challenges of blockchain implementation are also discussed in this paper.

Koteswara Rao Ballamudi

Distributed ledger technology (DLT) that stores data (usually immutable and sequenced transaction records) in a decentralized way through cryptography and consensus algorithms. The first widely recognized implementation of the blockchain took place in 2009 on the Bitcoin public blockchain. Since then, other types of blockchain have been developed for a wide range of applications and features built on common principles such as decentralization, encryption, consensus, and immutability. In particular, blockchain technology is most widely used in transaction settlement and digital currency banks and the financial sector, as well as in supply chain applications that help participants solve problems quickly and efficiently. Other use cases continue to be developed. As a form of information management, blockchain and related DLTs offer advantages over traditional databases and may help develop certain new technologies such as the Internet of Things. Blockchain regulation is currently restricted at the international and federal levels, but state-level legislation provides support and awareness of aspects of blockchain technology. Most of the current regulations are in the form of self-regulation by blockchain developers and related communities, but many challenges and risks such as data privacy and security need to be addressed in the near future.

Eric M. Wall, Gustaf Malm

In the existing securities market structure, a securities trade between two parties requires the involvement of several financial intermediaries ensuring the safety of the transaction. However, the complexity of today’s market structure in conjunction with the lack of interoperability between financial data infrastructures and the disalignment of business practices, are causing costs, risks and friction—resulting in settlement often taking several days. Blockchain technology is the innovation powering the cryptocurrency Bitcoin, which is a network in which digital tokens can be traded peer-to-peer by the means of cryptography and decentralized consensus. The lack of intermediaries and short settlement period of cryptocurrencies make blockchain technology an inspiring database structure for the securities market. In this paper, we examine the potential of using blockchain technology to create a distributed securities depository. The decentralized consensus algorithm of blockchain technologies allows several entities to maintain a shared record of information without having to trust each other individually, since consensus is formed on a per-network basis. Such a technology could nurture the realignment of the securities market—or, reinvent it altogether. Furthermore, the possibility of leveraging consensus-oriented execution of computer code creates larger opportunities than that of a mere depository; it allows for the creation of new, trustless markets where securities and their contractual clauses are no longer merely legal obligations, rather, they are self-enforcing, autonomous programs. Here, we propose the overarching design choices suitable for a second-generation blockchain platform for securities trading, devised to pursue interoperability within the larger context of the effervescently evolving distributed ledger ecosystem, while attempting to pay the necessary regard to the demands of regulatory compliance within the securities industry.

Alina Khvan

No abstract is available for this record.

Kinga Kądziołka

The aim of the article was to evaluate the risks of investing in Bitcoin cryptocurrency. Particular attention was paid to the risk of investment on the Polish exchanges: Bitcurex, BitBay, BitMarket.pl and LocalBitcoins. To evaluate the risk there was used VaR measure. There were compared the risk of investing in Bitcoin cryptocurrency and the risk of investing in the selected "traditional" currencies. There was also paid attention to the effect of day of the week on the Bitcoin’s exchanges. The investment in cryptocurrency was characterized by higher risk than investing in “traditional” currencies. The Polish Bitcoin exchange LocalBitcoins was characterized by the highest risk and highest average daily rate of return.