본 연구에서는 아시아 6개국(한국, 일본, 싱가포르, 인도네시아, 말레이시아, 인도)을 대상으로 주식시장의 급격한 하락국면에서 비트코인의 대안적 안전자산 가능성을 실증분석하였다. 표본기간은 2013년 1월 7일부터 2017년 12월 28일까지이며, 국가별 비트코인 가격과 주가지수의 일별자료를 사용하였다. 연구방법론으로는 분포의 꼬리 부분만을 구분해 분석할 수 있는 cross quantilogram 기법을 사용하여, 분위(quantile) 차원에서 안전 피난처의 가능성을 탐색하였다. 본 연구에서 제시하는 표본기간동안의 실증분석 결과는 다음과 같다. 한국의 경우 전통적 안전자산인 금과 달러에 비해 비트코인의 안전 피난처 특성이 강하게 나타났지만, 일본에서는 상대적으로 약화된 현상이 발견되었다. 그리고 싱가포르에서는 비트코인이 금보다 안전 피난처의 특성이 강하고, 인도네시아와 말레이시아에서는 투자 대안처로서의 강도가 3개 자산 모두 비슷하였다. 마지막으로 인도의 경우 모든 자산이 lag에 따라 유사한 특성을 가지는 것으로 확인되었다. 본 연구는 글로벌 금융위기 이후 전통적인 안전 자산의 기능이 점차 약화되어가는 투자환경에서 새로운 대안을 모색중인 시장참가자에게 유용한 결과를 제공할 것이며, 주식시장의 지표가 극단적인 하락추세에 진입했을 때 안전 피난처 자산으로 분류될 수 있는 비트코인, 금, 달러를 포트폴리오 차원에서 비교분석하는데 도움이 될 것이다.This study analyzed whether Bitcoin could be a safe haven in the stock market crash of six Asian countries (Korea, Japan, Singapore, Indonesia, Malaysia and India). The analysis period of the samples was from January 7, 2013 to December 28, 2017, and the daily data of Bitcoin price and stock index were used. In particular, the concept of safety shelter was applied at the quantile level, using a cross-quantilogram technique that can concentrate on the tail of the distribution. The results of empirical analysis during the sample period presented in this study are as follows. In Korea, bitcoin is a safe asset compared to gold and dollar, but in Japan, it has not found the dominant characteristics of bitcoin. And in Singapore, Bitcoin and the dollar are more safe havens than gold, while in Indonesia and Malaysia, all assets have shown potential as investment alternatives.Finally, in India, all assets were found to have similar characteristics. This study will provide useful results for market participants seeking new alternatives in an investment environment where the function of traditional safe assets is weakening after the global financial crisis. It will help to compare bitcoin, gold and dollar that can be classified as assets at the portfolio level.
This paper provides a comparative analysis of the new blockchain-based start-up and small companies funding methods, namely, initial coin offerings (ICOs) and security token offerings (STOs) against the backdrop of traditional fundraising methods like venture capital and private equity building on the experience of Switzerland. In particular, the comparative analysis is based on a theoretical overview of the nature of these blockchain applications, the relevant legislative framework as well as recent market developments with a focus on Switzerland. The paper concludes that both ICOs and STOs are characterized by lower entry barriers for investors and higher cost efficiency as compared to traditional start-up fundraising methods. However, STOs provide more security to investors than ICOs due to their wider regulation.
บทคดยอ การศกษาครงนเนนการวเคราะหพฤตกรรมการตดสนใจใชและวเคราะหปจจยทมผลตอความนาจะเปนในการใชเงนสกลดจทลในประเทศไทย โดยใชแบบสอบถามในการเกบรวบรวมขอมลจากกลมตวอยางทรจกเงนสกลดจทลจำนวน 400 ตวอยาง เพอนำมาวเคราะหขอมลสถตเชงพรรณนาดวยคาความถ คารอยละ คาเฉลยเลขคณต และคาเบยงเบนมาตรฐาน ตลอดทงการทดสอบสมมตฐานความสมพนธระหวางกลมตวอยาง โดยการวเคราะหแบบสถตเชงอนมานดวยคาสถต t-test และคาสถต F-test และใชวธการถดถอยโลจสตกในการคำนวณคาผลกระทบสวนเพมทกำหนดระดบนยสำคญทางสถตเทากบ 0.05 ผลจากการศกษาพบวา กลมตวอยางทเคยใชเงนสกลดจทลมากอนมจำนวน 172 คนของจำนวนผตอบแบบสอบถามทงสน 400 คน สวนใหญมวตถประสงคเพอการเกงกำไร และมจำนวน 288 คนทไมเคยใชเงนสกลดจทลมากอน และในอนาคตกลมตวอยางจำนวน 344 คน ตดสนใจทจะใชเงนสกลดจทล โดยใหความสำคญกบความสะดวกรวดเรวในการใชงานมากทสด สำหรบแหลงขอมลทนยมใชในการหาขอมลเกยวกบเงนสกลดจทลมากทสดคออนเทอรเนต โดยแหลงทมระดบความนาเชอถอมากทสดคอ หนวยงานของรฐ ความคดเหนเกยวกบเงนสกลดจทลในภาพรวมใหความสำคญกบปจจยดานความเสยงในระดบมาก ขณะทผลการประเมนคาผลกระทบสวนเพมจากแบบจำลองโลจสตกบงชวา เพศชายและอาชพพนกงานบรษทเอกชน ธรกจสวนตวและอนๆ สะทอนบคลกทชอบการผจญภยมผลใหโอกาสการใชเงนสกลดจทลเพมขนประมาณรอยละ 10 ในขณะทความเชอมนในขอมลเพมโอกาสความนาจะเปนประมาณรอยละ 15 ดงนน รฐบาลหรอหนวยงานทเกยวของควรเนนใหขอมลความรเกยวกบเงนสกลดจทลพรอมทงสงเสรมการใชงานผานแหลงขอมลทมความนาเชอถอ สะดวกและรวดเรว เพอสรางความเชอมน ซงจะนำไปสการตดสนใจใชเงนสกลดจทลใหเปนไปตามวตถประสงคทแทจรงของสกลเงนดจทลตามโลกาภวตนของระบบการเงนโลก
คำสำคญ: เงนสกลดจทล สกลเงนทถกเขารหส แบบจำลองโลจสตก
ABSTRACT This study aims to investigate the behaviors and factors affecting the chance of using digital currency in Thailand. Questionnaires were employed to collect the data from people that knew about digital currency. The sample consisted of 400 respondents. The statistics employed in the analysis of the data were percentage, arithmetic mean, and standard deviation. The t-test and F-test and logistic regression analysis were applied to estimate the change in the probability of using digital currency with a 0.05 conventional significance level. The results of the study revealed that 172 out of 400 respondents used digital currency for speculative purposes and 288 respondents never used digital currency. It was also revealed that 344 respondents intend to use digital currency in the future. The main reason for using it concerns convenience. The Internet is a main channel for obtaining digital currency information, and government agencies were considered the most reliable source. Additionally, risk was seen as the most important factor regarding digital currency. According to the marginal effects obtained from the logit model, it was found that being male, working in a private company, being a business owner and others, and adventurous characteristics, tended to increase the chance of using digital currency at around 10 percent. Moreover, reliable information was a statistically-significant factor in terms of increasing the chance of using digital currency at 15 percent. The Thai government should focus on providing information and promoting reliable sources with real-time updates that are easy to access by the public. In this way, people would be encouraged to use digital currency, and have more confidence in it, according to the globalization of the financial system.
Keywords: Digital Currency, Cryptocurrency, Logistic Model
Shuchih Ernest Chang, Hueimin Louis Luo, YiChian Chen
This paper explores a potential paradigm shift in trade finance utilizing blockchain technology. Traditionally, the centralized operating model has governed trade finance and the manner in which traders handle business processes. However, such heavy reliance on centralized authorities has made for poor performance, the lack of flexibility and transparency, and vulnerability to malicious alteration. The blockchain, as a distributed ledger technology (DLT), has attracted growing attention and has the potential to disrupt legacy finance procedures such as payment by letter of credit (L/C). International trade players may benefit from the technological reengineering of financial processes through the implementation of blockchain- and smart contract-based platforms. From the conceptual perspective of a paradigm shift, this study analyzes the feasibility of blockchain innovation in trade finance through modern blockchain-based L/C initiatives. Moreover, this study also explores blockchain applications in terms of logistics tracking and how it integrates with trade finance procedures. This study contributes to the understanding of a blockchain paradigm shift with a multi-case study. The results may illuminate the potential future application of blockchain finance and provide researchers with an illustrative example of other finance-related capabilities. Studies of trade-related topics such as customs clearances, insurance, and logistics applications need to be addressed in the future to create a comprehensively trustless environment and facilitate the automation of trade.
The article examines the problem of the ICO (Initial Coin Offering, from English — “initial offer of coins, initial placement of coins”). The information source is the ICO rating data of the return on investment in blockchain startups. The methodological base of the research is a situational comparative analysis of the ICO, DAOICO, IEO and STO and systematization of information. The author analyzes three new ICO models. The first one includes elements of Decentralized Autonomous Organizations (DAO). Its aim is to minimize the difficulties and risks associated with the ICO. The second model (Initial Exchange Offering (IEO), from English — “primary exchange offer”) is designed to minimize risks, liquidity problems and a delay in listing tokens at the end of the token sale. The third model — the Security Token Offering (STO, from English — “offer of security token”) — was designed to support real assets and comply with the SEC requirements. These models are a new direction for small and medium enterprises and investors. The absence of any scientific work emphasizes the relevance and scientific novelty of the study. The article is a follow-up of the empirical work related to the success of the ICO, as well as the basis for its revision using the case study results.
Nor Razinah Binti Mohd. Zain, Engku Rabiah Adawiah Engku Ali, Adewale Abideen, Hamizah Abdul Rahman
In 2017, the global Blockchain technology market was predicted to reach 339.5 million U.S. dollars in size and is forecasted to grow to 2.3 billion U.S. dollars by 2021. The smart contract has an increasing role in governing the legal relationship between the interested parties. This research explores the current position of smart contracts in Malaysia and the viability of the Malaysian framework in handling the latest development. This research adopts the qualitative and doctrinal legal approaches in analysing the current legal practice, the relevant statutes and the viability of the Malaysian legal framework. These approaches are necessary to be carried out in ensuring the workability of smart contracts in Blockchain. Additionally, the practices of smart contracts from international experiences are collected as case studies in this research. As a part of the findings, the researchers found that smart contracts are more or less similar to traditional contracts. Therefore, the requirements as stipulated under the Contract Act 1950 that are applicable in Malaysia must be followed accordingly. In this study, based on the nature of Blockchain technology, the researchers evaluate the current position of Malaysian laws in dealing with smart contracts. Additionally, the researchers also looked at the acceptable legal practice of smart contracts in Malaysia.
Jörg Weking, Michael Mandalenakis, Andreas Hein, Sebastian Hermes · 6 authors
Abstract Blockchain technology enables new ways of organizing economic activities, reduces costs and time associated with intermediaries, and strengthens the trust in an ecosystem of actors. The impact of this seminal technology is reflected by an upcoming research stream and various firms that examine the potential uses of blockchain technology. While there are promising use cases of this new technology, research and practice are still in their infancy about altering existing and creating new business models. We develop a taxonomy of blockchain business models based on 99 blockchain ventures to explore the impact of blockchain technology on business models. As a result, we identify five archetypal patterns, which enhance our understanding of how blockchain technology affects existing and creates new business models. We propose to use these results to discover further patterns fueled by blockchain technology and illustrate how firms can use blockchain technology to innovate their business models.
Initial Coin Offerings (ICOs) and cryptocurrencies are applications of blockchain technology that offer many benefits.ICOs are increasingly used by companies for crowdfunding, allowing startups to find investors.Cryptocurrencies allow cheap, fast and straightforward international money transfers.However, along with such benefits also come risks, like volatility of cryptocurrency rates, abuse by (cyber)criminals, and other risks and uncertainties for investors.Governments across the globe are struggling with the question whether and how to regulate cryptocurrencies and ICOs.The technologies and applications are similar in different jurisdictions, but the responses of legislators, regulators and supervisory authorities widely differ.In this article, we investigate the regulatory responses to cryptocurrencies and ICOs in nine jurisdictions worldwide.The aim of investigating different approaches towards regulating cryptocurrencies and ICOs is to identify different approaches, to make a comparison between jurisdictions, and to identify potential good or best practices.The nine jurisdictions that are compared in this paper are Australia, Belgium, China, Estonia, Japan, Switzerland, The Netherlands, the United States, and the European Union. of cybercrime.Moreover, it should provide some sort of consumer/investor protection and clarity when it comes to tax liability.A legislative and regulatory framework that provides all these aspects will prevent abuse and may enable governments to intervene when issues occur.
Roben Castagna Lunardi, Henry Cabral Nunes, Vinicius da Silva Branco, Bruno Hugentobler Lipper · 6 authors
Blockchain emerged as a solution for data integrity, non-repudiation, and availability in different applications. Data sensitive scenarios, such as Health Care, can also benefit from these blockchain properties. Consequently, different research proposed the adoption of blockchain in Health Care applications. However, few are discussed about incentive methods to attract new users, as well as to motivate the system or application usage by existing end-users. Also, little is discussed about performance during code execution in blockchains. In order to tackle these issues, this work presents the preliminary evaluation of TokenHealth, an application for collaborative health practice monitoring with gamification and token-based incentives. The proposed solution is implemented through smart contracts using Solidity in the Ethereum blockchain. We evaluated the performance of both in Ropsten test network and in a Private instance. The preliminary results show that the execution of smart contracts takes less than a minute for a full cycle of different smart contracts. Also, we present a discussion about costs for using a Private instance and the public Ethereum main network.
Blockchain is a peer-to-peer public ledger which guarantees the reliability of all the transactional record without a trusted third party. Basically, all the participants in the network create transactional record, examine the validity of the transaction, and keep the valid transactional record. The whole finance industry including banks and fintechs recognizes the value of the blockchain because of its efficiency and secure mechanism. In this paper, we explained the blockchain mechanism by providing its basic principles, strengths and weaknesses. Then, we provided what comes with it in the finance industry. Though there are still a few disadvantages such as persistence, and lack of the standard improvements and modifications in blockchain technology could overcome them and lead to the broader acceptance. Blockchain is definitely a disruptive technology in the financial system.
The relationship between the development of financial technologies and the formation of the financial ecosystem has been investigated. It is proposed to divide the properties of the financial ecosystem into general and specific ones. The definition of the financial ecosystem has been clarified on the basis of identification of the institutional, functional and sectoral approaches to its understanding. The signs of classification of blockchains in the financial sphere are systematized.
Since the world’s first virtual currency was issued on the Bitcoin blockchain network in 2009, there has been a proliferation of various other private digital token offerings on blockchain networks—in particular, on the Ethereum blockchain. Milkau and Bott (2018) report that several governments are considering implementing digital currencies as a “complement to cash.” Blockchain technology holds great promise for innovative applications capable of facilitating any number of business operations, and several large companies including IBM, American Express, Toyota, JP Morgan Chase, Goldman Sachs, Walt Disney, Oracle, and Facebook have already invested heavily in the emerging technology. Crowdfunding is also a popular application of blockchain technology. Tech entrepreneurs have issued digital tokens for virtual currency as a means of circumventing the tedious regulations of the SEC governing the raising of capital. The regulatory status of these digital tokens and their associated trading platforms has been approached with a certain degree of ambiguity and controversy. This paper explores and explains the regulatory issues of fintech regarding digital tokens, making a valuable addition to the scarce literature on this topic.
Smart contract technology is reshaping conventional industry and business processes. Being embedded in blockchains, smart contracts enable the contractual terms of an agreement to be enforced automatically without the intervention of a trusted third party. As a result, smart contracts can cut down administration and save services costs, improve the efficiency of business processes and reduce the risks. Although smart contracts are promising to drive the new wave of innovation in business processes, there are a number of challenges to be tackled.This paper presents a survey on smart contracts. We first introduce blockchains and smart contracts. We then present the challenges in smart contracts as well as recent technical advances. We also compare typical smart contract platforms and give a categorization of smart contract applications along with some representative examples.
Roben Castagna Lunardi, Henry Cabral Nunes, Vinicius da Silva Branco, Bruno Lippert · 6 authors
Blockchain emerged as a solution for data integrity, non-repudiation, and availability in different applications, such as in the industry sector. Data sensitive scenarios, such as health care, can also benefit from these blockchain properties. Consequently, different research proposed the adoption of blockchain in health care applications. However, few is discussed about incentive methods to attract […]
Distributed Ledger Technology (DLT) is developing as a potential problematic power in the money related ser-indecencies industry and has collected critical enthusiasm from different partners. The innovation offers the capability of huge productivity gains and hazard decrease, yet in addition carries with it another arrangement of dangers, for example, those identified with security and protection. Some contend that it could change existing conditions of how securities are issued, exchanged and cleared, and rethink the jobs of different market players. This paper gives an outline of dispersed record innovation and clarifies key highlights, for example, open versus private systems, the utilization of computerized resources, and the general procedure for directing and checking exchanges and recording them on a DLT organize. It at that point features some key applications being investigated in the securities business incorporating those in the value, obligation and subsidiaries markets, and in the utilities space. Further, the paper investigates the potential effect of the innovation in key zones of market efficiencies, straightforwardness, job of delegates and activities, and features related advantages and dangers. A significant number of the securities laws that the Financial Industry Regulatory Authority (FINRA) is accused of directing are possibly ensnared by different DLT applications.
Vyacheslav Davydov, Alexander Gazaryan, Yash Madhwal, Yury Yanovich
The paper describes the transfer of exchange investment mechanisms to the cryptocurrency and tokenized assets market. We propose an architecture of a new token standard, which allows dividing different assets into a commodity. The implementation of the prototype on the Ethereum platform is provided. An example of the token application on the banking system is presented.