The development of technology today is used as a benchmark in the advancement of the industrial world where the development of technology has influenced various aspects in the life of today's society. Smart contracts as one form of blockchain technology that resembles a conventional contract can be used to bind agreements between one party and another. One difference between a smart contract and a conventional contract is the smart contract that is stored in the blockchain. With the presence of smart contracts on the blockchain has become one of the most sought-after technologies, because the number of users is high enough for each transaction within the company. In this case various features of smart contracts applications in various worlds, ranging from financial services, life sciences, energy resources and media voting. Smart contracts still pose a lot of challenges that overwhelm the interaction of some Parties, such as users, developers, and organizations built on smart contracts. Smart contracts are essentially a very effective source of problem solvers, where smart contracts on the blockchain make it easy to maintain data security, and save costs and time. In addition, in the absence of third parties strongly minimizes the fraud that is often done by irresponsible parties, this prevents conflicts between parties. Prone to cases of loss of a document is generated because there is no secure storage media. The advent of smart contracts on the blockchain is expected to be a solution to tackle most of the world's commercial and bureaucratic systems.
Blockchain technology has evolved into many applications and it has many advantages, especially in insurance business, because the Blockchain solutions minimize the time to process claims for losses and operational expenses. This paper compares the application of private and public Blockchain for insurance services through the experimental implementation of smart contracts based on Hyperledger Fabric and Ethereum. The results from the experiments are presented.
The terms decentralized organization and distributed organization are often used interchangeably, despite describing two distinct phenomena. I propose distinguishing decentralization , as the dispersion of organizational communications, from distribution , as the dispersion of organizational decision-making. Organizations can be distributed without being decentralized (and vice versa), and having multiple management layers directly affects only distribution – not decentralization. This proposed distinction has implications for understanding the growth of digital platforms (e.g. amazon.com ), which dominate the global economy in the 21 st century. While prominent platforms typically use machine learning as their core technology to transform inputs (e.g. data) into outputs (e.g. matchmaking services), blockchain has emerged as an alternative technological blueprint. I argue that blockchain enables platforms that are both decentralized and distributed (e.g. Bitcoin), whereas machine learning fosters centralized communications and the concentration of decision-making (e.g. Facebook Inc.). This distinction has crucial implications for antitrust policy, which, I contend, should shift both its analysis and its target of action away from the corporate level and focus instead on the data level. Based on this essay’s framework, I make several predictions regarding the future of competition between centralized and decentralized platforms, the evolution of government regulation, and broader implications for managers in the digital economy and for the business schools charged with their education. I conclude with reflections on the opportunity to revive cybernetic thinking for preventing a dystopian future dominated by a handful of platform behemoths.
Trade finance helps businesses deal with abnormal cash flows whilst managing counterparty risk and enhancing confidence in commercial transactions. It also allows parties to overcome trust barriers that may inhibit commercial activity in both a domestic and international commercial context. Globally, particularly among micro, small and medium enterprises (MSMEs), there exists a significant and widening unmet demand for documentary finance. Securing trade finance is laborious and time-consuming. For MSMEs, the trade finance application process alone, can be an insurmountable barrier that usually ends in rejection. By its nature, trade finance arrangements engage with decentralized stakeholders and diffused information sources across supply chains. Issuers and underwriters of trade finance instruments are required to draw on disparate elements of information, not merely during the application phase, but indeed throughout the life of a transaction. Blockchain technology is similarly decentralized and can capture information in a secure, transparent and immutable manner potentially improving and reinvigorating the trade finance space. As Qatar embarks on a strategy of widening its economic base away from a singular reliance on the hydrocarbon fuel sector, the introduction of blockchain technology holds the potential to overcome the transactional friction associated with trade finance. A more efficient and accessible trade finance sector will ultimately enhance the competitiveness of MSMEs whilst simultaneously fostering the growing FinTech sector in Qatar.
Distributed ledger technologies are emerging as important tools that can positively impact almost all major industries and activities in our society. They are increasingly used in various supply (value) chain applications including financial, governance, regulations, health, logistics, and other industrial sectors. In this letter, we are presenting various ongoing work related to different distributed ledger technologies and their applications in postal sector. In particular, we will highlight some of the innovations in the inclusive financial services for the underbanked and unbanked populations using distributed ledger technologies.
e-Governance is a medium to offer various services to citizens through a web portal, that exists in many countries nowadays. The existing e-Governance technology is a vast, centrally managed database and a set of applications that connect to it via web interfaces. Despite the modernisation of services, it remains with the lack of transparency. Thus, the existing infrastructure of e-Governance paves the way for corrupt practises by the bureaucrats. e-Governance needs a powerful underlying technology which doesn't provide any way to allow tampering of the record and which in turn eliminates corruption. In this paper, we took land registration as a use-case for building e-Governance by keeping Blockchain as an underlying technology, to put off the corrupt practices and to bring transparency. Once transactions in land registration added to the Blockchain, it is immutable as it is cryptographically secured. Besides, the blockchain technology is secured as the ledger is distributed over the network. If a hacker wants to modify the ledger, he needs to hack every node in the blockchain network. Hyperledger Fabric, a permissioned Blockchain adopted for implementation and Hyperledger Caliper for performance analysis with these evaluation metrics such as throughput, latency and execution time.
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Sarah L. Frazar, Rustam Goychayev, Alysha Randall, Cliff Joslyn · 6 authors
This document summarizes the findings from the team’s evaluation of applying DLT to transactions taking place inside and outside of a joint technology development and transfer agreement. As part of this examination, PNNL focused on addressing whether DLT could be used to promote civil nuclear cooperation without raising proliferation concerns.
Pedro Caetano Diniz Siqueira, José Walmir Gonçalves Duque
A evolucao da tecnologia e cada vez mais rapida e tem impacto direto na sociedade - o modo como as pessoas veem o dinheiro mudou drasticamente e a tecnologia comecou a afetar a economia com o nascimento do Bitcoin, a primeira Criptomoeda do mundo, que foi inicialmente proposta em 2008 e em 2018 inspirou este artigo. Em face ao cenario das Criptomoedas, este trabalho tem por objetivo desenvolver um prototipo de aplicacao de Crowdfunding, fazendo uso da Blockchain e que possa ser capaz de processar Smart Contracts dentro da Ethereum Network, a fim de demonstrar a efetividade da aplicacao de metodos, tecnicas e ferramentas adequadas a esse contexto moderno de tecnologia. Para o desenvolvimento da solucao, foi admitida a Criptomoeda Ethereum, totalmente digital e descentralizada. Fazendo uso de uma API disponibilizada pela Ethereum, a web3, foi possivel escrever as transacoes na Blockchain e, para uma interface amigavel, foi utilizada a biblioteca React.js. Em paralelo, para viabilizar a escrita dos contratos, foi utilizada a linguagem Solidity, baseada em Javascript. Como resultado do trabalho, obteve-se um sistema eletronico de transacao descentralizado que nao necessita de um intermediario, que conta com assinaturas digitais que permitem forte controle sobre propriedade prevencao de gasto duplo, tudo isso por meio de uma rede peer-to-peer que utiliza prova de trabalho para criar um registro publico, que e impraticavel para fraudadores modificarem. Portanto, o artigo oferece uma visao atual sobre aplicacoes envolvendo Criptomoedas e mostra o quao eficazes sao essas solucoes modernas referentes a transacoes de capital.
Yudi Fernando, Mohd Ridzuan Darun, Basheer Al-haimi, Daing Nasir Ibrahim · 6 authors
Now, more than ever, with the existence of the new blockchain technology, smart contracts started its revolution. Although the industry has been practices smart contracts using blockchain technology, limited study available on how blockchain technology contributes to Halal supply chain management. Thus, the aim of this chapter is to review the roles, promises and benefits of smart contracts based on blockchain technology for Halal supply chain management applications. An extensive literature exploration is conducted to reveal the existing literature on smart contracts using blockchain technology. The authors have faith in that the findings in this chapter can be used as a solid base for the researchers and practitioners of smart contracts in Halal supply chain management.
Advancements in Artificial Intelligence (AI) and Big Data technologies are reshaping the global economy. The community currency network is receiving more attention through enhancing social ties within a community. As the most popular type of community currency, Time Banking (TB) is a generalized community exchange economy, which uses the time to evaluate each participant's contributions on the same scale rather than any equivalence with the official national currency. TB is a noble idea with the potential to improve the quality of life through prosocial, reciprocally beneficial activities among community members. However, it also brings new concerns about security and trust issues. Inspired by blockchain and smart contract, this paper introduces a Blockchain Integrated Timebanking (BIT) system to secure a decentralized community exchange economy. In BIT system, service providers and recipients can securely exchange effort through a self-executing smart contract without relying on a third-party trust authority. The blockchain network ensures immutability, auditability, and traceability of all data and service transactions recorded on the distributed ledger. A proof-of-concept prototype was implemented and tested on a private Ethereum network. The experimental results verify the feasibility of the proposed BIT to provide decentralized community service exchanges with limited computation overhead and network latency.
Blockchain will be the future of accounting education. Triple entry accounting system is here, and shared ledger has been considered. From the shared ledger different parties can access transactions. As our discussion reveals that distributed ledger, Smart contract and Blockchain are three important elements in the triple entry accounting system. As a result, blockchain technology is helping the upgrading the process of education system. Blockchain technology is a peer to peer communication that allows participants to secure the settlement of transactions, achieve the transactions and transfer of assets at low cost. With certain advantages there are disadvantages too. Based on performance and acceptance, it is clear that in future the implication of blockchain technology would be developed. The concept of triple accounting has introduced the new way of accounting work replacing accounting standard formula. The blockchain technology eliminates the involvement of third party, maintain transparency and charges low transaction cost. It will save money and time of people as it is secure and due to decentralization, it is not controlled by one single entity. Due to the decentralization, every user of the network can see the file. So, blockchain should the part the Accounting Education in future.
The recurrence of global financial crisis catalysed the advancement of the financial technology which in this study proposes conceptual model for Cryptocurrency based Islamic financing Instrument. The paper is an attempt in proposing the conceptual model of Unified Theory of Acceptance and Use of Technology (UTAUT) to determine factors influencing the adoption which derived from the literature review. Thus, the model proposes a direct relationship between variables of FC and BI and maintaining moderating factors of GEN and AGE while USE, EXP and VOL variables were removed. The paper expected to contribute to the development of a theoretical knowledge of UTAUT theory that expand the current limited studies on adoption of cryptocurrency based Islamic financing. The study also provides contribution to financial technology firms, academicians, regulators and practitioners on future work extension in applications in relation to Islamic instruments model adoption with end client. Nevertheless, the proposed conceptual model is set forth as the underlying approach for future empirical study validation in keeping with the technology momentum.
This chapter examines the potential impact of ever-increasing digitisation upon the regulation of financial products. It outlines a methodology for assessing the implications of digital developments for existing regulatory regimes and for developing the right level of reform to those in order to ensure that new digital financial products do not operate beyond the ambit of the regulatory environment. The chapter considers two instances: the first is the regulation of cryptocurrencies and distributed ledger technology; the second is the use of digital processes and algorithms for trading in securities and making business decisions, including lending decisions, which raises broader issues of the future use of artificial intelligence. Financial regulation consists of legislative, regulatory and soft-law rules and principles that apply to financial firms and their senior management. A 2011 Treasury report highlighted that: ‘macro-prudential policy seeks to augment the existing regulatory framework by focusing on systemic risk.
S. A. Jayalath, Chathura Rajapakse, Janaka Senanayake
Ticketing mechanism in a public transportation system is a major factor which defines the service quality of the system. Current online payment systems (credit/debit cards, PayPal, etc.) are not compatible with micropayments because transaction processing companies need a minimum transaction amount to make the transaction profitable for them. Therefore, an acceptable micro-transaction model is required in the micropayments domain. In blockchain systems, a third-party intermediary is not facilitating the transactions. Therefore, transaction fees decrease drastically. Using consortium blockchain concept, these fees can be further minimized when proof of work is also handled by a set of approved entities. In this study, an Ethereum based micro-transaction model is proposed to be implemented within the ticketing system in Sri Lankan public transport sector. Bus tickets are programmed as Ethereum smart contracts to handle the payment distribution. Consortium blockchain concept is used in the blockchain-based model where there are regulated bodies as nodes such as the national transport commission to handle the proof of work. Digital currency and Quick Response (QR) codes are incorporated to identify and complete the transaction process. The methodology of this development-oriented research can be described under three major phases. In the first phase, interviews were carried out with relevant stakeholders to identify the process of the current system and its limitations. Also, a broad and extensive study of literature was done parallel to this. During the second phase, identified issues, limitations and downfalls were addressed by designing a novel architecture. In the final phase a prototype is being developed to demonstrate the architecture, In the final phase a prototype is being developed to demonstrate the architecture, then prototype validation and testing were done with simulated data and several key use cases in the domain. The preliminary results of the prototype model show signs of considerable improvement in the service level of the public transport ticketing process and a significant reduction of transaction fees.
Martina Botticelli, Fabio Moretti, Stefano Pizzuti, Sabrina Romano
This article analyzes entrepreneurial start-up initiatives that have developed energy solutions based on Block chain and DLT (Distributed Ledger Technologies) and wide-ranging projects. The most innovative cases summarized by a swot analysis were examined. Finally, a concept of a possible application of Block chain technology is presented to manage the flexibility applied to a microgrid from the DSO point of view.
Since the dawn of time, mankind has been in search of different ways of exchanging goods and services. Such exchanges have been built upon contracts or agreements between two or more parties whose will has given way to the creation of a legal phenomenon. Since the last few decades, man’s ever-growing needs have given rise to a need for different kinds of limitless exchange. Such exchanges encompass a whole range of goods, services, technology, science, etc. The need for more exchange has caused people to look for platforms through which one could partake in such activities all around the World in the most time-efficient and cost-efficient manner. This has caused unprecedented attention being given to state-of-the-art technologies such as the BlockChain, Internet of Things, Artificial Intelligence, Smart Contracts, and Automatic Automation. Such technologies are aimed at facilitating different aspects of exchange between the parties and putting data and information in order. Therefore, a large number of companies and organizations have examined, invested in, and made use of said technologies from the early days of their existence. In this study, we go through an overview of such things as the Internet of Things, Artificial Intelligence and Robotic Automation Process, and after defining BlockChain as the foundational technology for Smart Contracts, we examine the opinion of an expert on how it could affect the fields of accounting and auditing. Afterward, we examine Smart Contracts and discuss their significance for accounting and auditing services.
Electronic money has evolved in one of the relevant ways to achieve electronic payment, that is, a form of payment with significantly lower online transactions.The idea for the development of the above has consolidated the segment of retaining all the favourable characteristics of cash while eliminating deficiencies.The paper purpose is to discuss the relevance of electronic money or alternative currencies, cryptocurrencies, and to present statistical processing the most 30 influential cryptocurrencies with an emphasis on the most popular cryptocurrency called Bitcoin.We elaborate on the main differences between the virtual currency and electronic money after we present the historical development of cryptocurrencies.In the end, we present the statistical and forecasting analysis of the most important cryptocurrencies.
Joao Martins, Manuel Parente, Mário Amorim‐Lopes, Luis Amaral · 7 authors
Firms have available many forms of collaboration, including cooperatives or joint ventures, in this way leveraging their market power. Customers, however, are atomic agents with few mechanisms for collaborating, leading to an unbalanced buyer-supplier relationship and economic surpluses that shift to producers. Some group buying websites helped alleviate the problem by offering bulk discounts, but more advancements can be made with the emergence of technologies, such as the blockchain. In this article, we propose a customer-push e-marketplace built on top of Ethereum, where customers can aggregate their proposals, and suppliers try to outcompete each other in reverse auction bids to fulfil the order. Furthermore, smart contracts make it possible to automate many operational activities, such as payment escrows/release upon delivery confirmation, increasing the efficiency along the supply chain. The implementation of this network is expected to improve market efficiency by reducing transaction costs, time delays, and information asymmetry. Furthermore, concepts such as increased bargaining power and economies of scale, and their effects in buyer-supplier relationships, are also explored.