The fundamental purpose of agri-food supply chain management is to restrict opportunism caused by information asymmetry. Traditional Chinese agri-food supply chain management introduces a contract mechanism and a trust mechanism to manage the uncertainty of the agri-food quasi-organization. However, it is almost impossible to improve the efficiency of transactions and maintain agri-food supply chain stability in the case of asymmetric information. Nowadays, blockchain, Internet of Things technology and big data drive the agri-food supply chain into a vast smart network which would break the information constraints. This paper analyzes the coupling between blockchain-based digital system and the agri-food supply chain. In addition, this paper presents two cases from China, indicating that the proposed blockchain-based system can achieve disruptive transformation in agri-food supply chain management.
In the current discussions around Blockchain and distributed ledger technologies, we find a lack of theory to conceptualize and understand application scenarios. In this paper we propose to conceptualize distributed ledger technologies as trust mechanisms. Whereas previously one had to rely on a trusted third party (e.g. notary), now one must trust a complex software system – the Blockchain and distributed ledger application– as well as the parties that host the software system and ensure its effectiveness. Based on theories of e-commerce, business networks, and trust, we explore relations between trust and Blockchain design. We analyze three case studies of Blockchain applications in the diamond industry. In each case we study two complementary research questions: (1) how does the blockchain application influence trust, and (2) how do trust based requirements affect the design of a blockchain application? We formulate two propositions and find dynamic interactions between trust requirements, blockchain application design, and transaction trust.
Crypto currency is variety of digital and virtual currency on a technology is understood as Blockchain. Bitcoin is understood as peer to peer payment network. Bitcoin victimization payment dealing not needed central authority permission. Here all managing and validatory dealing anonymously payment network system. Bitcoin shows new ways that E cash dealing system. E cash send directly to one user to second user. While not interrupted by the another user. Here even have quicker and minimum fees to transfer e cash. Exploitation Bitcoin all the transaction cryptograpically secured. Bitcoin not provide very safe privacy guarantees, payment communication are saved in a public decentralized ledger. Sanket Subhash Mane "Anonymous E-Cash Transaction is using Bitcoin" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-3 , April 2020, URL: https://www.ijtsrd.com/papers/ijtsrd30222.pdf Paper Url :https://www.ijtsrd.com/computer-science/other/30222/anonymous-ecash-transaction-is-using-bitcoin/sanket-subhash-mane
Invoice financing has been a steadily growing component of the financing market as a whole for the last few years, and, in 2016, it became the third largest financing market. Nonetheless, the risk of frauds is still very high, and most solutions proposed so far are based on private, proprietary platforms that cannot match the global nature of such a market. Even the most recent proposals based on blockchain are mainly adopting a private, permissioned blockchain due to the lack of confidentiality in public blockchain. In this article, we propose an Invoice financing platform based on a public blockchain supporting both fully open and group-restricted auctioning of invoices. We addressed the confidentiality issue by storing the confidential data encrypted in IPFS and the corresponding hash in the smart contract hosted on Ethereum blockchain. Our blockchain-based solution ensures data confidentiality and benefits from the main properties of the public blockchain required in Invoice financing systems, such as transparency, immutability, trustworthiness, and security. Furthermore, our platform introduces a reputation system based on the past behavior of entities, computed using the blockchain global ledger. Such a reputation system allows insurance companies to modulate the cost of the insurance contracts they offer. This combination guarantees the complete transparency and tamperproofness of a public blockchain, while it allows reducing insurance costs and fraud possibilities.
Abstract A vast digital ecosystem of entrepreneurship and exchange has sprung up with Bitcoin’s digital infrastructure at its core. We explore the worldwide spread of infrastructure necessary to maintain and grow Bitcoin as a system (Bitcoin nodes) and infrastructure enabling the use of bitcoins for everyday economic transactions (Bitcoin merchants). Specifically, we investigate the role of legal, criminal, financial, and social determinants of the adoption of Bitcoin infrastructure. We offer some support for the view that the adoption of cryptocurrency infrastructure is driven by perceived failings of traditional financial systems, in that the spread of Bitcoin infrastructure is associated with low trust in banks and the financial system among inhabitants of a region, and with the occurrence of country-level inflation crises. On the other hand, our findings also suggest that active support for Bitcoin is higher in locations with well-developed banking services. Finally, we find support for the view that bitcoin adoption is also partly driven by cryptocurrencies’ usefulness in engaging in illicit trade.
Almost everyone has heard about the cryptocurrency Bitcoin. Blockchain, or distributed ledger technology (DLT), is the technology underlying Bitcoin and many other cryptocurrencies. Blockchain, however, is certainly not limited to cryptocurrencies. People will increasingly hear about blockchain’s use in a range of different sectors and industries, including supply chains, healthcare, energy and law. No one should be surprised about blockchain’s wide application: it is a general purpose technology. Smart contracts, which can be run on many different blockchains, are a logical step from electronic data interchange (EDI), which has been in use from the 1970s. While EDI has had some success in reducing some transaction costs, smart contracts are significantly more powerful. For example, as this article outlines, smart contracts can prevent people from breaching the law and breaching contracts, which has profound consequences.
This thesis presents a reflexive law approach to the regulation of cryptocurrencies. Cryptocurrencies are a form of digital or virtual currency generated, exchanged and distributed exclusively online. Whilst there are legitimate uses for cryptocurrencies, and there is considerable interest in their innovative potential in the financial sector and beyond, their use in facilitating illegal activities combined with the risks they pose to consumers and investors warrants their regulation. Current cryptocurrency regulation consists of recommendations, warnings, opinions, and statements of international organisations, whose mandates and purview include and intersect with the issues of regulatory concern raised by cryptocurrencies. It also consists of disparate national approaches, which this thesis has classified into jurisdictions with (a) no regulation, (b) restrictive regulations, (c) neutral regulation, and (d) promotive regulations. However, the inherent technical features of cryptocurrencies present specific challenges to this current regulatory framework, in the areas of enforcement and compliance. This thesis argues that a reflexive regulation approach—in which the law acts at a subsystem-specific level to install, correct, and redefine democratic self-regulatory mechanisms—is best suited to contending with the issues of regulatory concern presented by cryptocurrencies, whilst addressing the shortcomings and limitations of current cryptocurrency regulation. This thesis provides strategies for a reflexive regulation approach to cryptocurrencies, developed through the identification of the internal self-regulatory mechanisms of the cryptocurrency system. Identifying these as computer code and consensus-based distributive governance mechanisms respectively, this thesis concludes by providing recommendations aimed at redirecting these internal self-regulatory mechanisms towards achieving regulatory goals. In this way, this thesis draws from the theory of reflexive regulation as presented by Gunther Teubner, in order to provide both a substantive and jurisprudential perspective on the regulation of cryptocurrencies.
Blockchain technology is the cornerstone of FinTech. Blockchains offer the infrastructure for online platforms which store information and digital assets. Distributed ledgers are about to be employed everywhere. Regulators have opted for a regulatory sandbox approach which demonstrates the need for efficient private law rules to fill potential lacunae. This paper identifies the crucial parameters for ascertaining the private law foundations of blockchain technology and its applications. Aspects of contract and property laws will be assessed in order to determine whether digital assets are capable of acquiring erga omnes status. This will include a survey of current blockchain statutes and potential negative externalities of a blockchain which might trigger liability of its members.
Innovative technologies, such as distributed ledgers, allow securities to be issued or represented in a new form known as digital tokens. Such "tokenisation" of securities will alter post-trade clearing and settlement, and could improve efficiency in some dimensions. But the fundamental trade-offs involving credit risk and liquidity remain in a tokenised world. To succeed, tokens will need to interoperate with account-based systems, at least in the interim.
Bitcoin has been one of the most interesting financial innovations in the last ten years. In this essay, we set out to discover why it has not spread as a medium of payment and how it has become a high-risk form of investment instead. We examine the operational mechanisms of bitcoin technology and explain the ideological background for the popularity of bitcoin. We conclude that, in its present form, bitcoin is not suitable to become a generally accepted medium of payment.
Liudmila Zavolokina, Rafael Ziolkowski, Ingrid Bauer
In recent years, an increasing number of blockchain consortia have emerged. However, little is known about how these consortia are developed and what tensions emerge in such collaborations. We describe the evolution of the cardossier blockchain consortium in Switzerland, which is building a system for managing car data and seeking to improve collaboration between players in the car-related ecosystem. From our involvement with the cardossier project, we have gained insights that will be valuable to enterprises considering whether to join a blockchain consortium.
Abstract The electoral process has suffered from deep political instability following the post-colonial independence of most African nations. Moreover, the electoral process in many countries is characterized by massive rigging, high cost of electoral materials, and declaration of false results. In this paper, we will present a review of the blockchain Technology and some of the potential roles to play in conducting a transparent election. This paper opines that with the emergence of the blockchain technology, African Nations should tap from it and build a reliable, secure, and convenient electoral voting system. It further suggests that a blockchain electoral voting system will eliminate most of the challenges faced by African nations in conducting a free, fair and transparent election with low cost and total security. The issue of election rigging is almost completely eradicated with this technology (if properly installed). An attempt to alter/manipulate records (votes) in the system’s database can be spotted easily, because of its rigorous consensus rules, such an attempt is considered void and denied permission to access, alter, or destroy any of the previously saved votes. However, the paper argues that there are institutional challenges to implementing this technology within the continent. Specifically, there is a need to educate the masses as well as create robust policies that can accommodate this technology within the continent. Failure to acknowledge these challenges may well prevent the application of blockchain technology in African electoral process in the foreseeable future.
Purpose: The purpose of this study is toanalyses the factors that influence blockchain & bitcoin for peer money transfer. Also, this study identifies the concept of blockchain and cryptocurrency. Furthermore, the conceptual framework of this study developed incorporating trust on software as a mediator for a better understanding of the use of blockchain in a peermoney transaction. Theory: The unified theory of acceptance and use of technology (UTAUT2) by adding trustin software as an independent variable. This research also demonstrates the relationship between the blockchain and bitcoininpeer transaction. The theoretical framework of this study developed to merge trust on software as a synthesis in UTAUT2 for a better understanding of the use of blockchain for peer transaction in Malaysia. Methodology: 142 self-administered questionnaires distributed through simple random sampling technology aimed at blockchain users in Malaysia from 20 to 30 years. Data analysis performed using PLS. This studyalso demonstrate the relationship of peer transaction and trustin software have a positive and significant relationship with using blockchain& bitcoin. Significant: This research will significantly contribute to blockchain diversityin Malaysia. It is also providing them with useful information about the interaction between the critical determinants of the trust and intention of blockchain behaviourin Malaysia. Originality: This is one of the most recent studies that describe the blockchain& bitcoin fundaments and transaction policy in Malaysia.
Abstract There is a wealth of information, hype around, and research into blockchain’s ‘disruptive’ and ‘transformative’ potential concerning every industry. However, there is an absence of scholarly attention given to identifying and analyzing the political premises and consequences of blockchain projects. Through digital ethnography and participatory action research, this article shows how blockchain experiments personify ‘prefigurative politics’ by design: they embody the politics and power structures which they want to enable in society. By showing how these prefigurative embodiments are informed and determined by the underlying political imaginaries, the article proposes a basic typology of blockchain projects. Furthermore, it outlines a frame to question, cluster, and analyze the expressions of political imaginaries intrinsic to the design and operationalization of blockchain projects on three analytic levels: users, intermediaries, and institutions.
This study looks into the current, and potential uses of Blockchain technology in business, specifically in Accounting and in cybersecurity. We relate Blockchain uses to current concerns within cybersecurity and accounting. We review the literature that includes topics such as Big Data in Accounting, blockchain’s use in financial security and cybersecurity, and its use in financial accounting though the use of ledger technology and also as a system of tracking financial misconduct. We also review the Department of Homeland Security plan for cybersecurity over the next few years to understand what the US Government plans because of the importance of cybersecurity development. We show that Blockchain impacts auditing in different ways that will change the profession drastically. We also find that blockchain should be effectively implemented into different aspects of cybersecurity, and accounting, such as Auditing and general accounting procedures.
Ludwig Trotter, Mike Harding, Chris Elsden, Nigel Davies · 5 authors
We demonstrate Smart Donations, a blockchain powered mobile platform and application that facilitates a novel model for real-time, condition-based donations using smart contracts. By leveraging the benefits of blockchain technology, Smart Donations empower donors to (i) attach conditions dependent on real-world phenomena to a donation, (ii) store funds in a secure, transparent and decentralised escrow, and (iii) automatically release funds to charitable organisations or particular projects once the donor's conditions have been met. We believe this mobile prototype demonstrates a compelling new approach to charitable giving that leverages dynamic pledge controls and considers new trust relationships between donors and NGOs.
The achievements of west and central Africa in producing more than 60% of the world's cocoa, and sub-Saharan Africa's achievement in producing 13% of the world's cotton, hide child labor. These significant levels of production often involve child exposure to issues such as a lack of education; pesticides; dangerous farming tools; work accidents; human trafficking; etc. Blockchain offers an immutable register that allows for digital transactions, smart contract creation, as well as end-to-end product traceability. The main aim of this article is to provide an intelligent contract framework that protects child labor in farming while further enlightening understandings of adoption-related challenges. This framework considers conditions that farmer associations need to satisfy and gives them a tool to improve children's welfare. A research model for the adoption of this tool has been proposed and validated through surveys in the cotton and cacao sectors.
Technological advancements in the provision of financial services are transforming the economic landscape by providing opportunities for financial institutions, corporate sector, and consumers. Financial technologies (fintech) offer broader economic development and inclusive growth and facilitate international payments and remittances. Fintech applications, such as mobile wallets and crowdfunding that are hugely successful, especially in developing countries such as India, are examples of how simple technologies can enhance financial inclusion through the decentralized provision of payments, borrowings, and risk management. However, these innovations also create challenges for regulators. The emerging fintech models raise concerns on investor protection, adequacy of existing regulations and potential threats to financial stability, leading to questions on the policies and institutional framework required to tap into the benefits of these technologies securely. In this paper, we look at the landscape of fintech companies and their suitability for financing sustainable development. The paper also examines the policy and institutional frameworks required for the effective utilization of fintech for sustainable development. Fintech has the potential to involve the private sector to finance sustainable development and hence the paper would be of interest to policymakers, particularly in developing countries, as many struggles to bridge gaps in financing their sustainable development goals (SDGs)
Data sharing techniques have progressively drawn increasing attention as a means of significantly reducing repetitive work. However, in the process of data sharing, the challenges regarding formation of mutual-trust relationships and increasing the level of user participation are yet to be solved. The existing solution is to use a third party as a trust organization for data sharing, but there is no dynamic incentive mechanism for data sharing with a large number of users. Blockchain 2.0 with smart contract has the natural advantage of being able to enable trust and automated transactions between a large number of users. This paper proposes a data sharing incentive model based on evolutionary game theory using blockchain with smart contract. The smart contract mechanism can dynamically control the excitation parameters and continuously encourages users to participate in data sharing.
Lewis Gudgeon, Daniel Pérez, Dominik Harz, Benjamin Livshits · 5 authors
The Global Financial Crisis of 2008, caused by the accumulation of excessive financial risk, inspired Satoshi Nakamoto to create Bitcoin. Now, more than ten years later, Decentralized Finance (DeFi), a peer-to-peer financial paradigm which leverages blockchain-based smart contracts to ensure its integrity and security, contains over 702m USD of capital as of April 15th, 2020. As this ecosystem develops, it is at risk of the very sort of financial meltdown it is supposed to be preventing. In this paper we explore how design weaknesses and price fluctuations in DeFi protocols could lead to a DeFi crisis. We focus on DeFi lending protocols as they currently constitute most of the DeFi ecosystem with a 76% market share by capital as of April 15th, 2020. First, we demonstrate the feasibility of attacking Maker's governance design to take full control of the protocol, the largest DeFi protocol by market share, which would have allowed the theft of 0.5bn USD of collateral and the minting of an unlimited supply of DAI tokens. In doing so, we present a novel strategy utilizing so-called flash loans that would have in principle allowed the execution of the governance attack in just two transactions and without the need to lock any assets. Approximately two weeks after we disclosed the attack details, Maker modified the governance parameters mitigating the attack vectors. Second, we turn to a central component of financial risk in DeFi lending protocols. Inspired by stress-testing as performed by central banks, we develop a stress-testing framework for a stylized DeFi lending protocol, focusing our attention on the impact of a drying-up of liquidity on protocol solvency. Based on our parameters, we find that with sufficiently illiquidity a lending protocol with a total debt of 400m USD could become undercollateralized within 19 days.
The suitability of assets-backed money has been the subject of considerable debate, although hampered in part by lack of theoretical and empirical evidence. Therefore, the motivation of this research is to investigate the perceptions of Shari’ah scholars and financial experts on the concepts and salient features of Shari’ah-compliant precious metal backed crypto-currency (PMC). To achieve this, this study adopted a qualitative method using semi-structured interview based on saturation technique. The results from Shari’ah advisors and financial experts indicated that the informants have differences of views on the assets-backed money, but they agreed that it ensures stability of money and adding the cryptocurrency technology is found to be desirable and recommendable. It is also found that PMC would be subjected to financial regulation challenges and using blockchain technology will increase the transparency. The informants agreed that PMC is closer to Maqāsid al-Shari’ah and there is some form of justice and equality compared to the current interest-based financial system. Therefore, the informants recommended the implementation of PMC.
Silvia Valero, Francisco Climent, Rafael José Esteban de la Rosa
The banking sector has begun a process of digital transformation that is changing the way financial products and services are sold. This transformation is a consequence of the growing demand for digital channels by some sectors of the population, the progress of new technologies and the banks’ need to improve efficiency after the economic crisis. The emergence of innovative financial technology (fintech) startups in the banking sector has been the lever initiating this digital transformation. Technology companies are challenging established banking business models and promoting the democratisation of finance in a more efficient and transparent financial ecosystem. Increasing investment in these technology companies has also attracted the interest of various regulators, and the future suggests a scenario of collaboration between these new players and traditional companies, with a consequently difficult task for the regulators of guaranteeing the same conditions of competition for new entrants and incumbents. However, technology companies with vast experience in the gathering and use of data from millions of users (such as Amazon, Google or Facebook) are considered a threat. Moreover, some types of evolving fintechs, such as neobanks with bank licences, may also become competitors. Distributed ledger technology (DLT) or blockchain, a fintech technology that is evolving constantly, has already awoken the interest of all financial sector participants because it could trigger real disruption and produce a new era of value.
Mingxiao Du, Qijun Chen, Jie Xiao, Houhao Yang · 5 authors
Blockchain, the underlying technology of digital currency, such as Bitcoin, has the characteristics of decentralization, stability, security, anonymity, and nontampering. Blockchain is being applied in an increasing number of fields. Supply chain finance is a financing model in which banks connect core enterprises with upstream and downstream enterprises to provide flexible financial products and services. In the traditional supply chain finance, the core enterprises with strong competitiveness and a large scale play an irreplaceable role in managing the supply chain information flow, logistics, and capital flow, which results in inequality and information asymmetry. Fraud in supply chain finance is also very serious. To solve the problems of the traditional supply chain finance, in this article, we build a new type of supply chain financial platform that uses blockchain technology to manage the whole process. This supply chain financial platform solves the problem of nontrust among the participants in the supply chain, improves the efficiency of the capital flow and information flow, reduces costs, and provides better financial services to the relevant parties in the supply chain. To protect users' privacy, we propose a new method of using homomorphic encryption in the blockchain to meet the needs of sensitive data privacy protection in supply chain financial scenarios.