The subject of this paper is to analyse utilization of cryptocurrencies in international business. The objectives of the research are to provide the scientific and professional public, researchers and practitioners with an overview of current research on blockchain technology in the economy and to determine the impact of the wider use of cryptocurrencies in international business and their impact on the future of financial markets. The research was carried out by using the method of description, literature analysis and research conducted. The selected examples present the possibility for earning, buying and storing cryptocurrencies, paying with crypto-money and investing in them. The research will offer an answer to the research question “What are the advantages and disadvantages of using cryptocurrencies in international payments and what are the security measures of using cryptocurrencies in the future?” In the answer, this paper will present the direction in which the use of crypts will develop in the future. The contribution of the paper is reflected in the presentation of the scope and restrictions on the use of cryptocurrencies in international business, banking and financial markets. Results have shown that blockchain technology has a bright perspective, even though it would not be known today if bitcoin had not gained in popularity. The conclusions suggest that, as long as the transaction costs are lower than the costs of payment transactions, the rational behaviour of legal and natural persons requires encouraging the use of cryptocurrencies in order to reduce the costs of transactions and to overcome the existence of an intermediary.
Resource-constrained devices are unable to maintain a full copy of the Bitcoin Blockchain in memory. This paper proposes a bidirectional payment channel framework for IoT devices. This framework utilizes Bitcoin Lightning-Network-like payment channels with low processing and storage requirements. This protocol enables IoT devices to open and maintain payment channels with traditional Bitcoin nodes without a view of the blockchain. Unlike existing solutions, it does not require a trusted third party to interact with the blockchain nor does it burden the peer-to-peer network in the way SPV clients do. The contribution of this paper includes a secure and crypto-economically fair protocol for bidirectional Bitcoin payment channels. In addition, we demonstrate the security and fairness of the protocol by formulating it as a game in which the equilibrium is reached when all players follow the protocol.
The article is dedicated to the actual problems of creation, intervention and introduction of electronic money crypto-currency and blockchain technology at the modern stage. Rather narrow description is given to essence, the history of invention and the types of crypto currency (bit coin, ethereum, etc.,), advantages and defects of their use, the electronic wallet and its types, situation of the electronic money introduc tion in Georgia, the global crypto currency spread and the tendencies and prospective of its possible recognition, assessed is significance of the electronic money in manufacturing, based on the modern technical-technological achievements, money-reporting field, maximally just relations creation and by this - further growth of the economic development and accordingly the permanent enhancement of the living standards of the populations.
Yu Rang Park, Eunsol Lee, Wonjun Na, Sung-Jun Park · 6 authors
BACKGROUND: There are many perspectives on the advantages of introducing blockchain in the medical field, but there are no published feasibility studies regarding the storage, propagation, and management of personal health records (PHRs) using blockchain technology. OBJECTIVE: The purpose of this study was to investigate the usefulness of blockchains in the medical field in relation to transactions with and propagation of PHRs in a private blockchain. METHODS: We constructed a private blockchain network using Ethereum version 1.8.4 and conducted verification using the de-identified PHRs of 300 patients. The private blockchain network consisted of one hospital node and 300 patient nodes. In order to verify the effectiveness of blockchain-based PHR management, PHRs at a time were loaded in a transaction between the hospital and patient nodes and propagated to the whole network. We obtained and analyzed the time and gas required for data transaction and propagation on the blockchain network. For reproducibility, these processes were repeated 100 times. RESULTS: Of 300 patient records, 74 (24.7%) were not loaded in the private blockchain due to the data block size of the transaction block. The remaining 226 individual health records were classified into groups A (80 patients with outpatient visit data less than 1 year old), B (84 patients with outpatient data from between 1 and 3 years before data collection), and C (62 patients with outpatient data 3 to 5 years old). With respect to mean transaction time in the blockchain, C (128.7 seconds) had the shortest time, followed by A (132.2 seconds) and then B (159.0 seconds). The mean propagation times for groups A, B, and C were 1494.2 seconds, 2138.9 seconds, and 4111.4 seconds, respectively; mean file sizes were 5.6 KB, 18.6 KB, and 45.38 KB, respectively. The mean gas consumption values were 1,900,767; 4,224,341; and 4,112,784 for groups A, B, and C, respectively. CONCLUSIONS: This study confirms that it is possible to exchange PHR data in a private blockchain network. However, to develop a blockchain-based PHR platform that can be used in practice, many improvements are required, including reductions in data size, improved personal information protection, and reduced operating costs.
Matias Travizano, Carlos Sarraute, Gustavo Ajzenman, Martin Minnoni
Our aim is for Wibson to be a blockchain-based, decentralized data marketplace that provides individuals a way to securely and anonymously sell information in a trusted environment. The combination of the Wibson token and blockchain-enabled smart contracts hopes to allow Data Sellers and Data Buyers to transact with each other directly while providing individuals the ability to maintain anonymity as desired. Wibson intends that its data marketplace will provide infrastructure and financial incentives for individuals to securely sell personal information without sacrificing personal privacy. Data Buyers receive information from willing and actively participating individuals with the benefit of knowing that the personal information should be accurate and current.
Marco Conoscenti, Antonio Vetrò, Juan Carlos De Martin, Federico Spini · 6 authors
The Lightning Network (LN) is one of the most promising off-chain scaling solutions for Bitcoin, as it enables off-chain payments which are not subject to the well-known blockchain scalability limit. In this work, we introduce CLoTH, a simulator for HTLC payment networks, of which LN is the best working example. It simulates input-defined payments on an input-defined HTLC network and produces performance measures in terms of payment-related statistics, such as time to complete payments and probability of payment failure. CLoTH helps to predict issues that might arise in the development of an HTLC payment network, and to estimate the effects of an optimisation before deploying it. In upcoming works we'll publish the results of CLoTH simulations.
In this study, we investigated whether bitcoin crypto money is an alternative to the stock exchange as an investment tool. For this purpose, the relationship between bitcoin and the stock market was examined in terms of the returns and liquidity. In the analysis, daily returns of the 9 Far East countries and Turkey's stock markets and daily returns of the bitcoin were used for the period of 22.02.2012-15.08.2018. According to the results of the model, an increase of the Bitcoin's returns has reduced the return on the stock market in Turkey and Far East countries. From point of this, it can be seen that the as an investment tool, bitcoin cryptocurrency has been becoming the substitute for the country stock exchanges included in the sample. The highest impact of bitcoin on the stock exchange was observed in Turkey and Indonesia while the least effect was seen on the Malaysia, Singapore and Korea respectively.
The article reviews one of the solutions to the challenging issue – energy supply and the organization of telemetry and communication system of process facilities located in remote areas, often in the zone of decentralized power supply, where the cable laying is impossible or requires time and money. The author considers the possibility of creating a wireless self-contained block valve unit through the example of the linear section from 0 to 153 km of the “Zapolyarye – Purpe – Samotlor” pipeline s transportation system (the Yamalo-Nenets Autonomous District, Russia), what is proposed to be implemented with energy from fuel-free technologies for generating electricity. The author has developed a scheme of the combined power complex using various sources of energy supply. It is proposed to use wind-driven power plants and solar photovoltaic modules as the main energy source, and a rechargeable battery pack and a diesel generator set for back-up power supply. The energy potentials of wind and solar radiation of the territory where the main pipeline is passes was statistically analyzed. Also, the paper discusses the organization of a wireless telemetry and communications system of the main oil pipeline. It is proposed to carry out by creating a line-of-sight radio relay link system with two radio links (primary and backup) and auxiliary duplication from the existing digital global communication system deployed on the basis of low-orbit satellites.
Purpose - This study conducts an analysis to reveal the interaction between Bitcoin and Exchange Rates to find out whether Bitcoin is becoming a substitution for the exchange rates.Methodology - To investigate the mutually interaction between the exchange rates and the Bitcoin, the interaction (relationship) between daily closing price of both exchange rates and Bitcoin was analyzed through the Var model. Thus, it was tried to show the sensitivity of the values of Bitcoin to the changes occured in the exchange rates.Findings - Based on Variance Decomposition analysis, BITCOIN and Euro can be considered as largely external variables and their prices are not significantly affected by USD. An interesting result in this study is that the USD exchange rate was found to be significantly sensitive to the Euro.Conclusion - Findings obtained from analysis show that Bitcoin and Excange Rates have not become an alternative tools for each other yet.
Rapid advancements in digitalization are reshaping global supply chains and transforming the current modus operandi of the procurement function within companies. Broadly, procurement logistics involves the exchange of a wide variety of data and information relating to suppliers and buyers. As the needs of companies become more complex, many disruptive innovations are adopted to support and advance procurement in terms of predictability, transactional automation and proactivity of supplier relationship management. These emerging technologies encompass big data analytics, robotics, internet of things (IoT), blockchain and smart contracts, etc. Therefore, this paper aims to explore the potentialities of these emerging technologies in activities pertaining to procurement and the main organizational barriers that stand against their wide-scale implementation.
Problem setting. The process of decentralization, which was initiated in order to strengthen the material and financial basis of local self-government, requires the latest approaches to its implementation, given the complexity of the process, the large number of issues of the functioning of the territorial communities, which it covers and the ambiguity of the consequences it leads to. Since it, on the one hand, can contribute to the development of separate territorial communities at the expense of additional financial resources and, on the other hand, create barriers for the development of other communities with less economic potential and can not compete with more developed regions, provided that the transition to a self-financing model of local self-government is preferable .This is particularly evident in the management of budgetary funds that are available to territorial communities and should be used most rationally and efficiently on the one hand and have enough to finance their aspirated needs from another. And in view of this, there is a need for an analysis of the methods of managing budget funds in a decentralized environment that would correspond to the current trends in the development of territorial communities and were of a new character.Recent research and publications analysis. A number of scholars in their writings touched upon issues of budget activity in the conditions of decentralization, including in its fiscal aspect, among them: V. Bodrov, T. Buturlakin, A. Vasiliev, G. Voznyak, O. Kyrylenko, A. Lelechenko, Z. Lobodina, G. Lopushniak, M. Vlivdar, V. Kuybida, I. Lunin, S. Romaniuk, A. Tkachuk, G. Shakhov and others. Among foreign scholars should mention Sh. Blankarta, G. Bivaleets, M. J. Byukenen, R. A. Masgraveva, Y. Kulyavika and others.The scholars and the questions of the concept of fiscal decentralization were considered, which were reflected in the works of O. Borislavskaya, I. Volokhova, V. Hamana, M. Goncharenko, Y. Grinchenko, O. Kyrilenko, N. Kryshtof, O. Lisenko, O. Onishchenko, S. Romanyuk, M. Ruban, A. Yakymchuk, V. Yaroshchuk and others like that.However, the question of the methodology of managing budget funds in conditions of decentralization and its improvement was not the subject of a separate scientific analysis.Highlighting previously unsettled parts of the general problem. In general, the issue of budget activities in the context of decentralization was considered mainly from the point of view of the functioning of individual budgets and the needs of their adaptation to this process. That is, the scholars considered separate issues of budget activity in a decentralized environment without analyzing the methodology of managing budget funds in the course of decentralization processes.At the same time, it is the methods of management of budget funds that would correspond to the current state of decentralization processes taking place in local self-government were not the subject of separate scientific research, and therefore there is a need for scientific research in this direction.Paper main body. From the point of view of public administration of budgetary funds in the conditions of decentralization, it is necessary to determine the method of management of budget funds in the conditions of decentralization as a set of consistent actions aimed at achieving the result in the form of improved management of such budgetary funds. In view of the complex nature of budget relations and the issues of legal and practical regulation of fiscal decentralization, it is advisable to choose an approach based on development, with subsequent practical application, not one and a number of new methods that should improve the management of budgetary funds in conditions of decentralization. Having grasped the most important issues of managing budget funds in the territorial communities.At the state level, the relevant financial, property and budgetary rights of local self-government are guaranteed, with the allocation of local budgets as independent components in the budget system of Ukraine, and the opportunities for transferring resources to the bodies of self-organization of the population are guaranteed, which must be taken into account during the management of budget funds in conditions of decentralization.Until the start of a new budget period, territorial communities are not able to take advantage of all the financial opportunities provided to united territorial communities. Including receive corresponding revenues to the budget of the united territorial community, as provided for in Article 64 of the Budget Code of Ukraine. And this reduces the budget opportunities of the united territorial community, especially when the union took place at the beginning of the fiscal year. Therefore, it is expedient to allow such associations to be held and in the future, without limiting them only in the framework of 2018, by making appropriate amendments to the current legislation and adding in this part of the Methodology for the formation of capable territorial communities.The territorial community is estimated by the population criterion and the area without taking into account the particulars of the area (the mountainous location, the severity of the availability of particular settlements or parts of the territories), the existing infrastructure on the ground (its degree of development, wear, suitability for use), natural and climatic conditions, etc. Therefore, it is advisable to supplement the Methodology, as well as the Law of Ukraine “On Voluntary Association of Territorial Communities”, with norms that would take into account a greater number of factors for the financing needs of territorial communities.The resources available to the territorial communities should be the basis of their activities and the effectiveness of their use will be directly dependent on the possibility of functioning of such communities, on the principle – the lack of resources dictates the need for joining another territorial community. Also, not all territorial communities are fully capable of self-financing, and therefore need support from the State Budget.An important issue is the transfer of powers without their proper funding, which leads to the creation of a significant amount of deficit within the local budgets to cover the use of funds that could be used to develop the territorial communities. Therefore, it is important in the Methodology for the formation of capable territorial communities to consider the mechanism of management of budget funds, which should be based on the appropriate level of financing of delegated powers, without which the execution of such powers or other functions of local self-government may be endangered. Also, during the management of budget funds, it should be possible to borrow all the budgets of local self-government bodies, especially the budgets of the joint territorial communities, which at the expense of the received funds will be able to implement projects that are important for the communities and develop the economies of such communities. At the same time, the restrictions contained in the Budget Code of Ukraine, regarding the financial possibilities of borrowing funds of territorial communities and their use within the budgets of development should be kept.There is a legal framework for involving civil society organizations in the consideration of budget issues of local self-government and their control by the budget process at the level of territorial communities. However, the Methodology for the formation of capable territorial communities does not provide for the possibility of conducting public financial control over the formation of the budget, primarily through its public discussion, and further control over its implementation by the public and public organizations of such a community. This shortcoming must be corrected by making appropriate additions to this Methodology.Conclusions of the research and prospects for further studies. The main new approaches to improving the methodology for managing budget funds in the territorial communities are as follows:– transition to the budget of the united territorial community from the budgets of the territorial communities that united without setting the time frame for such a transition;– management of budget funds in terms of allocating financial support between the budgets of the joint territorial communities, which needs to be improved and taking into account additional factors influencing the need for features of location (in particular landscape), natural and climatic conditions;– management of the budget funds of a territorial community is based on the following key provisions: 1) territorial communities should receive at least 50% (according to the model of European states) from taxes, fees, payments paid on the territory of the community; 2) territorial communities should be self-financing, which, on the one hand, will put them in an effective use of resources, and on the other, create additional incentives for the formation of united territorial communities that will be financially self-sufficient; 3) support from the state budget should be provided on the basis of functions, including social, carried out by the territorial communities, with full financing of these functions;– management of local budgets, which consists of borrowing opportunities for all budgets of local self-government bodies, especially budgets of united territorial communities;– introduction of public control in the field of local budgets, the formation and implementation of the budget of territorial communities.The prospect of further research is the detailed elaboration of the identified ways of improving the methodology of budget funds management and the formation of legislative acts for its implementation.