Samuel Brülisauer, Anastasia Costantini, Gianluca Pastorelli
"Digitalisation and other advanced technologies are increasingly reshaping our economy, including social economy enterprises. Disruptive technologies can inspire the social economy and vice versa. Blockchain for instance carries an intrinsic decentralisation approach that could have many implications for services and generate a high social added value through traceability, fair pricing, commonly recognised and verified standards and democratization of access to services and products in all societies and areas." - Ms Ulla Engelmann, Head of Unit for Advanced Technologies, Social Economy and Clusters, European Commission, DG Grow In the first two decades of the new century digital technologies have started to reshape work, leisure, behaviour, health, education, money, governance, and other aspects of human life. As people and businesses start using digital appliances for all kinds of interaction, an increasing amount of communication and value exchange shifts to the digital realm. This megatrend holds many promises to spur innovation, generate efficiencies, and improve services, and in doing so boost more inclusive and sustainable growth. But these technologies also tend to disrupt traditional ways to organize our economy and society, entailing important consequences for people, organisations and markets, and raise important issues around jobs and skills, privacy, security. We use the term digital transformation to describe these social, cultural, and economic changes resulting from digital innovations, and identify four socio-technological areas in which people are particularly affected by this transformation: work and income goods and services, money and finance, and state and governance. Digital platforms and blockchains (and other distributed ledger technology) are two of the most impactful technologies. Because of the astonishing possibilities these technologies offer, observers regularly fathom that it is not only unfeasible but also undesirable to ‘stop’ the digital transformation. Rather, it is argued that digital technologies and their impacts must be actively managed and leveraged to ensure their alignment with people-centred development and sustainability. In this context, a growing number of social economy innovations aim to create an internet and digital appliances that put individual users and society first. Social economy enterprises and organizations are either based on participatory governance where users are ultimately in (partial) control over the platform/technology, or bound by a statutory purpose asserting the priority of social and environmental goals before financial returns. The digital social economy innovations discussed in this paper aim to realize this vision in the four areas undergoing digital transformation. Our analysis is informed by insights from the workshop organised by Diesis on “Blockchain, digital social innovation and social economy. The future is here!”, as well as case studies elaborated in close collaboration with various digital social economy enterprises. The study finds a vivid variety of digital social economy enterprises, and important potential for further applications of social economy principles in the digital realm. Yet the realization of this potential depends on whether these enterprises manage the critical challenge to achieve sustainable and user-centred growth. We therefore conclude with a discussion of this challenge and some recommendations for policy, organization and entrepreneurship.
Samuel BRÃœLISAUER, Anastasia Costantini, Gianluca Pastorelli
Digitalisation and other advanced technologies are increasingly reshaping our economy, including social economy enterprises. Disruptive technologies can inspire the social economy and vice versa. Blockchain for instance carries an intrinsic decentralisation approach that could have many implications for services and generate a high social added value through traceability, fair pricing, commonly recognised and verified standards and democratization of access to services and products in all societies and areas.- Ms Ulla Engelmann, Head of Unit for Advanced Technologies, Social Economy and Clusters, European Commission, DG Grow In the first two decades of the new century digital technologies have started to reshape work, leisure, behaviour, health, education, money, governance, and other aspects of human life. As people and businesses start using digital appliances for all kinds of interaction, an increasing amount of communication and value exchange shifts to the digital realm. This megatrend holds many promises to spur innovation, generate efficiencies, and improve services, and in doing so boost more inclusive and sustainable growth. But these technologies also tend to disrupt traditional ways to organize our economy and society, entailing important consequences for people, organisations and markets, and raise important issues around jobs and skills, privacy, security. We use the term digital transformation to describe these social, cultural, and economic changes resulting from digital innovations, and identify four socio-technological areas in which people are particularly affected by this transformation: work and income goods and services, money and finance, and state and governance. Digital platforms and blockchains (and other distributed ledger technology) are two of the most impactful technologies. Because of the astonishing possibilities these technologies offer, observers regularly fathom that it is not only unfeasible but also undesirable to ‘stop’ the digital transformation. Rather, it is argued that digital technologies and their impacts must be actively managed and leveraged to ensure their alignment with people-centred development and sustainability. In this context, a growing number of social economy innovations aim to create an internet and digital appliances that put individual users and society first. Social economy enterprises and organizations are either based on participatory governance where users are ultimately in (partial) control over the platform/technology, or bound by a statutory purpose asserting the priority of social and environmental goals before financial returns. The digital social economy innovations discussed in this paper aim to realize this vision in the four areas undergoing digital transformation. Our analysis is informed by insights from the workshop organised by Diesis on “Blockchain, digital social innovation and social economy. The future is here!†, as well as case studies elaborated in close collaboration with various digital social economy enterprises. The study finds a vivid variety of digital social economy enterprises, and important potential for further applications of social economy principles in the digital realm. Yet the realization of this potential depends on whether these enterprises manage the critical challenge to achieve sustainable and user-centred growth. We therefore conclude with a discussion of this challenge and some recommendations for policy, organization and entrepreneurship.
Blockchain has been posed as a revolutionary technology. Its application is opposed to the centralized conventional mechanisms. However, it would appear that blockchain has only been able to have a significant impact on payment mechanisms and financial transactions. Like cryptocurrencies, smart contracts have a strong positive and negative potential. This paper will aim to analyze the use cases of smart contracts, aim to weigh its positive potential against its negative potential to understand if its positives outweigh its negatives or vice versa, and analyze how this technology can benefit India.
This paper discusses the implications of smart contracts in energy trading for the protection of consumer and individual rights. It examines the legal risks and regulatory solutions for a peer-to-peer energy trading platform (P2P-ETP) in creating a sustainable energy ecosystem. Part I discusses the conceptual framework of P2PETP, which enables consumers to become energy ‘producers' and traders. Smart technologies—smart contracts, smart meters, and distributed ledger technology (DLT) platforms, are the main components of this platform. The study examines the legal basis for these components. Part II analyzes the legal uncertainty of the smart contract, such as its enforceability, and the inadequate protection for consumers and their individual rights through price manipulation, violation of rights to privacy, and data breaches. Part III discusses the potential policy implementations and the principles behind a legal and regulatory framework for establishing a trusted peer-to peer energy trading platform.
Abstract Blockchain technology has rapidly emerged as a decentralized trusted network to replace the traditional centralized intermediator. Especially, the smart contracts that are based on blockchain allow users to define the agreed behaviour among them, the execution of which will be enforced by the smart contracts. Based on this, we propose a decentralized booking system that uses the blockchain as the intermediator between hoteliers and travellers. The system enjoys the trustworthiness of blockchain, improves efficiency and reduces the cost of the traditional booking agencies. The design of the system has been formally modelled using the CSP# language and verified using the model checker Process Analysis Toolkit. We have implemented a prototype decentralized booking system based on the Ethereum ecosystem.
Blockchain is a distributed open (Public) ledger that is used to record the transaction across many computers. Blockchain technology can be applied in any domain such as banking, healthcare, real estate, travel, food, and supply chain. In supply chain management to train the self-driving vehicle in blockchain technology also integrate the Artificial Intelligence (AI) and Machine Learning (ML) Algorithms. In this paper we have proposed Reinforcement learning integrated heuristic search method (RLIH) for self-driving vehicle using blockchain in supply chain management by combining the advantage of reinforcement learning and heuristic search method. RLIH is developed using Decentralized app and result shows that proposed method outperform the existing heuristic search method in term of service time and data traffic.
Blockchain is a new generation technology that allows the central control mechanism or trusted authority to be removed, spreading the encrypted data across all participants in the network in a distributed database structure instead of central trust. The Smart Contract structure, which defines the rules and flow that allow the things we value to operate automatically as determined without the need for an external trigger mechanism, is the core element of this technology. Blockchain has gained popularity with its most famous application, Bitcoin. After Bitcoin became popular, it turned out that Blockchain might have new uses due to the advantage of technology such as security, brokerage, and transparency, and these areas are being investigated. Many big companies have started to invest in this technology in the face of the opportunities brought by Blockchain. HAVELSAN is a largescale software company that studies and adapts new generation technologies. Blockchain technology has become of the new generation technologies that HAVELSAN is interested in due to its impressive advantages. HAVELSAN has a wide range of activities, so the company can develop various Blockchain-based applications depending on these areas. Combining this diversity with the importance of the Smart Contract concept, which can be considered as the basis for most Blockchain applications, it is decided to create a strong Smart Contract framework before starting to build different applications with Blockchain technology. The creation of HAVELSAN Blockchain Smart Contract Framework; which infrastructures are used during the development phase, the problems encountered during development and the structure of the most suitable applications to be created with the framework to be developed will be explained in this article.
Mohammad Badruddoza Talukder, Musfiqur Rahoman Khan, Sanjeev Kumar, Kuldeep Singh
Blockchain is a revolutionary tool that improves the clarity of the participation of the commune and the sustainable development of the tourism industry. It lessens various mediators, making it easier for small and regional businesses, artisans, and service providers to access tourists and get a better share of the cake equitably. This decentralized model brings forth a culture of trust owing to the transparency of smart contracts to ensure safe and genuine sales and encourage the responsible behavior of tourists using tokens. This means that tourism management can be decentralized, and local communities get a say in how tourism is managed to reflect their interests. Furthermore, blockchain can potentially preserve cultural assets by creating an open indigenous art and tourism market. Based on previous literature, we found that blockchain plays a versatile function in enhancing the tourism environment by engendering inclusion, efficiency, and sustainability for tourists and stakeholders, which aligns with long-term sustainability goals.
Alexander Bechtel, Agata Ferreira, Jonas Groß, Philipp Sandner
Distributed ledger technology (DLT) hasDistributed ledger technologies (DLTs) the potential to address long-standing industrial challenges, remove frictions, build trust, and unlock new value across businesses and industries. It enables decentralization, the immutability of data, transparency, and the automation of business processes. Thereby, it creates a multitude of use cases ranging from energy and manufacturing to mobility and logistics. However, a digitized economy based on DLT can flourish only if it does not merely enable the exchange of assets, goods, and services but also the exchange of money. In other words, there is a need for a payment solution that is compatible with DLT-based decentralized networks and enables transactions denominated in euro. This is particulary relevant in the currently evolving geopolitical environment.
R Naveenkumaran, S. Geetha, Kaushik Selvaraju, C Kishore · 5 authors
Crowdfunding is a method of online fundraising process that was initially developed for public members to make modest contributions to support the projects of creative individuals. Crowdfunding uses blockchain technology to offer smart contracts for users. This allows us to offer crowdfunding in a secure, transparent, and safe manner. The task of this work is to provide interactive forms for campaign development and financial contributions. Both campaign makers and donors may develop and support the campaigns by viewing or submitting requests for approval and fulfilling requests using this system. In addition, the donor may be able to see the progress of the funds they provide. All transactions will be recorded on the blockchain and stored as blocks. It is alluring to use smart contracts in blockchain. Without the aid of a trustworthy third party, a blockchain-based agreement must be negotiated, carried out, and enforced amongst unreliable participants. It is essential to develop executable code that runs on the blockchain. Blockchain was initially primarily used as the basis for cryptocurrencies, but in recent years, it has expanded to various industries. Blockchain is anticipated to be the most widely used technology as a green way to conduct internet transactions One application area for blockchain technology is crowdfunding websites. The biggest problem with today’s global crowdfunding market is that campaigns are no longer under strict control, and some crowd- investment efforts have proven fake. By utilizing Ethereum smart contracts on the crowdfunding site, this work aims to allay these worries by assuring that the initiatives may be added within the designated time limit, eliminating fraud, and allowing the contracts to be fully mechanically performed.
espanolEl mercado de pagos evoluciona exponencialmente gracias a la incesante innovacion tecnologica y la popularizacion de tecnologias como la Distributed Ledger Technology (DLT). Su aplicabilidad va mas alla de las criptomonedas y tendra mayor impacto en los propios sistemas de pago. Sin embargo, el marco juridico europeo vigente todavia no da respuesta a todos los retos que plantean los nuevos servicios fintech. En este trabajo estudiamos posibilidades de aplicacion de la tecnologia DLT al mercado de pagos bajo el contexto normativo vigente, asi como sus potenciales efectos, desde el punto de vista juridico. EnglishPayments market is rapidly evolving due to the constant technological innovation and the popularization of new technologies as the Distributed Ledger Technology (DLT). Its applicability goes beyond cryptocurrencies and it will impact specially in payment systems. However, the European legal framework does not face every challenge posed by these new fintech services. In this paper, DLT possible applications in payments market are studied within the current legal framework, as well as their potential effects from a legal perspective.
This paper discusses the legal risks and regulatory solutions for a peer-to-peer energy trading platform (P2P-ETP) in creating a sustainable energy ecosystem. Part I discusses the conceptual framework of P2P-ETP, which enables consumers to become energy ‘producers' and traders. Smart technologies — smart contracts, smart meters, and distributed ledger technology (DLT) — are the main components of this platform. The study examines the legal basis and regulatory framework for these components. Part II analyses the legal uncertainty of the smart contract, such as its enforceability, and the inadequate protection for consumers and their individual rights through price manipulation, violation of rights to privacy, and data breaches. Part III discusses the potential policy implementations and the principles behind a legal and regulatory framework for establishing a trusted peer-to-peer energy trading platform.
This paper is an examination of adoption of distributed ledgers in financial services. We review more than one hundred initiatives and a large practitioner literature, considering fourteen areas of application and seven case studies, in order to provide both a conceptual analysis of these technologies and to review their current and prospective adoption in financial services. There are several component technologies applied in distributed ledger, many offering substantial commercial and operational benefits even applied outside of a distributed ledger and best viewed as part of the broader picture of ongoing digitalization of financial services using various data technologies. Our findings suggest that decision makers can take a pragmatic approach to distributed ledgers, not be concerned about this technology upending their business but be open to cross industry co-operation where this is strategically justified and to then adopt what works to improve outcomes for customers and other stakeholders. Overall, distributed ledgers and crypto assets, are really a distraction from the wider and more important issues of ongoing digitisation and automation of financial services. Data sharing and cross industry co-operation – as well as well as enlightened public policy to promote adoption of new technologies, competition and prudential and systemic safety – are crucial to this digital revolution. This does not depend on widespread adoption of distributed ledgers.
Abstract Distributed ledger technology (DLT) is regarded as a revolutionary solution that offers immutability, transparency, trust, and efficiency while ‘transcending law and regulation’. One of the potential applications of DLT is in the securities market. Share registration, settlement, regulatory compliance, information disclosure, payment systems, and market service requirements can be redesigned with the use of DLT. This paper will examine the impact that such changes will have on legal theories and governance, while also discussing the effects on enforcement techniques. In addition, general blockchain-legal issues will be critically analyzed in the context of securities markets.
Dirk Andreas Zetzsche, Douglas W. Arner, Ross P. Buckley
The emergence of Decentralized Finance (DeFi) signifies a paradigm shift in the financial sector, introducing both unparalleled opportunities and multifaceted challenges. As DeFi continues to redefine traditional financial systems, it becomes vital for stakeholders to grasp the nuances underpinning this evolution, especially the roles of behavioral finance and public policy. This article presents a literature review on financial market regulation, examining the transformative potential of DeFi and its inherent risks, and explores the implications for regulatory frameworks based on behavioral finance. Public policy in the context of DeFi is a delicate balancing act. On one hand, there's the need to protect investors and ensure market integrity. On the other, there's the risk of over-regulating and stifling the very innovations that make DeFi transformative. Policymakers must grapple with these challenges, seeking ways to create regulatory frameworks that are both protective and adaptive. In addressing the question of how to sensibly regulate financial markets in the age of DeFi, the answer may be both straightforward and somewhat counterintuitive: Regulate peers. In a decentralized system where traditional service providers play a diminished role, peers or individual participants may take on functions that are analogous to those of traditional financial operators. Therefore, these peers may find themselves subject to financial market regulations, trade law, tax law, and other applicable statutes, depending on the services they provide, much like platform operators and their obligations.
The idea of a shared economy becomes one of the companies as an enterprise type. Especially with the advanced development of digital smart devices and the internet, several forms of the mutual economy have been advanced in accord with the need for sharing of separate income. Shareable commodity and digital content are also seeking to utilize. When digital content is used as a sharing economy, various possible threats may arise in the course of transactions, the potential for theft, alteration, and hacking of contents. This paper presents a comprehensive overview of the security and privacy of Blockchain. Blockchain promise transparent, tamper-proof and secure systems that can enable novel solutions, especially when combined with smart contracts. In this research, we proposed a content protection and transaction method using Blockchain Ethereum Technology. The encryption algorithm is incorporated in proposed system to make transparent transactions and it is also implemented on content itself to prevent from smart forgery and hacking. The experimental results signify that the proposed method has strong potential to enhance transactions transparency by minimizing the security threats in digital content transactions.
Jan 1, 2020·Proceedings of the ... Annual Hawaii International Conference on System Sciences/Proceedings of the Annual Hawaii International Conference on System Sciences
H. Schöll, Roman Pomeshchikov, Manuel Pedro Rodríguez Bolívar
Distributed Ledger Technologies (DLTs) such as Blockchain have been heralded for their potential to fundamentally disrupt traditional industries and longstanding practices in private and public business-es. In the financial sectors, for example, quite a number of novel financial technology (fintech) services based on DLT/Blockchain have been introduced with cryptocur-rencies representing prominent cases. While the already highly regulated financial sectors have emerged as ear-ly targets for DLT/Blockchain induced disruption, a diverse set of other areas, such as healthcare record keeping, insurance record keeping, industrial and retail supply chain management, property registries, citizen identification systems, and voting systems to name a few, has also come into the focus of DLT/Blockchain innovation. These new types of services might be in need of both complementary and novel regulations for DLT/Blockchain-based services. Interestingly, smaller jurisdictions such as Bermuda, Gibraltar, Malta, and Liechtenstein were among the first to provide advice and regulation for DLT/Blockchain service provisions. The study compares these early regulatory approaches to each other and discusses the prospects of DLT/Blockchain service regulation based on the study’s findings. DLT/Blockchain service regulation appears to incorporate predominantly principle-based rather than rule-based regulations, which makes the regulation en-forcement a uniquely individual case-based task.
The first part of this article proposes a conceptual framework for a sociological understanding of the uses of bills of lading. We argue that platforms that aim to facilitate an electronic format of bills of lading should be based upon the constituent components of the practices associated with paper bills of lading. In the second part of this article we suggest that Distributed Ledger Technology (DLT), including blockchains, is the best technological means for facilitating the use in practice of immaterial bills of lading. The appropriate type of DLT is then evaluated in light of expected legal difficulties.
Smart contract technology is increasingly being seen as a way for the derivatives industry to realise operational efficiencies and cut costs. With this new technology potentially transforming how derivatives are executed and managed through the entire life cycle, it seems the derivatives market is on the cusp of significant modernisation. But this technology is at the relatively early stage of development, and there is still a lack of agreement on what a smart contract is, what role it can play in the derivatives market and how it might interact with existing legal standards and documentation. This paper analyses whether a smart contract could ultimately replace an existing legal contract in its entirety, or whether it will only automate the execution of certain actions specified within the contract?
Purpose The purpose of this paper is to examine the operational and regulatory positions of the employment of Blockchain in the insurance industry. Blockchain technology has attracted wide interest from various stakeholders. Many theorists are predicting that this technology will disrupt financial services, including insurance. As stated that the development of blockchain is dependent on regulatory acceptance of this technology, it is essential to establish the current state of play with regard to the application and use of blockchain from a commercial and regulatory standpoints. Design/methodology/approach This review encompasses a number of approaches to view the current status of Blockchain applications. From a commercial approach, this research lists the current applications of blockchain within the insurance industry. From a regulatory point of view, the current positions of the EU and national regulatory bodies are enquired upon to establish how they are examining FinTech and Blockchain technologies within their regulatory processes. Findings This review illustrates a number of Blockchain applications in situ from a commercial point of view. From a regulatory setting and following a call from international and EU levels, it appears that various regulatory bodies have begun the process of formulating testing processes for FinTech applications. There are two predominant types in operation, while others are forming points of contact for advice for FinTechs and a small amount who have not begun the process at all. Research limitations/implications This review illustrates the current state of play of blockchain in insurance from a commercial and regulatory point of view. While this has been observational, this review pulls together information from various sources to encapsulate the regulatory positioning of evaluating FinTech and Blockchain technologies for academia, regulatory and industry audiences. Originality/value This review offers a central resource of information with regard to the current state of blockchain technologies in operation and regulatory approaches to this and other FinTech developments.