최근에 ICO(Initial Coin Offering)가 활성화되면서 이더리움 네트워크에 트랜잭션 발생이 짧은 시간에 급증하였고, 그 결과 이더리움의 시간당 거래 처리량이 현저하게 떨어지는 현상이 나타났었다. 본 논문에서는 이러한 현상을 사설 블록체인 환경에서 서로 다른 복잡도를 가진 3가지의 스마트 컨트랙트로 실험하였다. 그 결과, 블록당 트랜잭션의 수가 감소하는 현상을 보이면서 수행속도가 크게 떨어지는 현상이 나타났다. 결과 분석 및 결론에서 성능 저하의 이유를 분석하고, 어떤 스마트 컨트랙트의 특징이 실험 결과에 어떻게 영향을 주었는지 설명한다.
As one of the most cutting-edge technologies in Fintech, the application of blockchain has been prevailing across a series of industries. By adopting literature research, this paper analyzes the origin, characteristics and working principle of blockchain. According to the features and requirements of traditional auditing, this paper finds the superiority of blockchain technology, for example, distributed ledger, consensus mechanism and timestamp could facilitate auditing in three ways: (1)improve timeliness of auditing and reduce auditing cost; (2)ensure data integrity and realize automatic auditing; and (3)realize pre-warning and real-time supervision to reduce auditing risk. However, although blockchain has brought unprecedented opportunities to the development and reform of audit industry, the blockchain technology still faces a number of challenges, such as data security, talent and technology support, industry and recognition promotion, and practical application and execution. Concerning these limitations, this paper looks forward to further research field which could contribute to the upcoming improvement of blockchain auditing.
Blockchain technology will increasingly gain attention from both academics as well as practitioners and has \\ the potential to disrupt traditional work methods in most industries. At least, that is what innovators and \\ early adopters have promised. Published papers in the current body of knowledge are almost solely aimed \\ towards technical aspects of blockchain technology. As far as the researchers are aware, no research has \\ been conducted to identify factors affecting blockchain technology diffusion. Through grounded theory-based data collection and analysis, the factors affecting blockchain technology diffusion are identified in \\ this research. Based on 18 semi-structured expert interviews, 13 factors affecting blockchain technology \\ diffusion have been identified. The identified factors could be used as guidelines in the future when \\ implementing or considering the implementation of blockchain technology. Future research should \\ continue to focus on identifying additional factors. Additionally, the factors should be validated more \\ thoroughly in future studies.
Jan 1, 2018·Proceedings of the ... Annual Hawaii International Conference on System Sciences/Proceedings of the Annual Hawaii International Conference on System Sciences
Smart City infrastructures require contracts between public and private organizations collaborating in what is frequently referred to as fog computing platforms. We investigate contract provision variations from different stakeholder perspectives. Our methodology relies on complex adaptive systems theory, and we simulate different contract provision scenarios to identify patterns that emerge. The specific contract provisions we investigate in this paper are related to analytical model and data ownership paradigm variations. We find that some variations offer advantages to stakeholders that include those who participate in the smart city fog platform and those who may have ownership of smart city fog platform infrastructure.
Blockchain is a relatively new technology created for Bitcoin’s network to store transaction records happening in it. The system is redundant and distributed, making it difficult for corrupt transactions. Without doubt the greatest use case of this technology is cryptocurrencies, however is wrong to restrict this tool only to the financial area. Many use cases are also being developed for business areas like digital identity and technological areas like IoT and many other areas. Due to the complexity, privacy and bureaucracy of certain processes in many areas a new technology rise called Smart Contracts, computational code programmable to meet certain conditions. These digital contracts act like traditional contracts, with the difference of its automaticity, where the need for a notary and certified people to validate signatures can be erased. So, the point of this thesis is to understand the concept of Blockchain and Smart Contracts and how they can be integrated together in other business and technological areas to improve and increase the efficiency of the organizational processes. After that, to create a demonstration case that show all the potential behind these technologies in a business area.
This study argues that the value of Bitcoin is dependent on the likelihood of its price volatility reducing in the future. This study attempted to shed light on whether increased speculation, in both spot and derivative market volumes, will eventually lead to a reduction in Bitcoin price volatility. The study investigates several factors that influence Bitcoin volatility and tests empirically whether trading volumes in the spot market and trading volumes in the new derivative markets have had an effect on the price volatility. The study used, among other tests, an ARCH(1) and Granger-causality test and found that spot trading volumes had a significant positive effect on price volatility in the study period. The study also found that, in the year of introduction of Bitmex derivative contracts, derivative trading volumes had a significant negative effect on Bitcoin price volatility. In the years thereafter though, the relationship was not sustained and therefore it is not definitive whether derivative contracts trading volume increases has led to reduced volatility in the Bitcoin price.
Jan Mendling, Gero Decker, Richard Hull, Hajo A. Reijers · 5 authors
This paper summarizes a panel discussion at the 15th International Conference on Business Process Management. The panel discussed to what extent the emergence of recent technologies including machine learning, robotic process automation, and blockchain will reduce the human factor in business process management. The panel discussion took place on 14 September, 2017, at the Universitat Politècnica de Catalunya in Barcelona, Spain. Jan Mendling served as a chair; Gero Decker, Richard Hull, Hajo Reijers, and Ingo Weber participated as panelists. The discussions emphasized the impact of emerging technologies at the task level and the coordination level. The major challenges that the panel identified relate to employment, technology acceptance, ethics, customer experience, job design, social integration, and regulation.
Purpose Blockchain is a distributed ledger, in which the blocks containing transaction details are connected chronologically to form a series of chains, thus raising the possibility of improving the process and innovating business model for the financial institutions. The purpose of this paper is to study the actual cases of Blockchain applied in Korea in 2017, so that a vision of business model innovation of financial institutions can be drawn. Design/methodology/approach The financial institutions in Korea are in the technology verification stage to introduce Blockchain technology. Since there is an insufficient amount of actual measurement data, case study method was adopted. The authors interviewed ICT officers of major banks in Korea. The purpose of the interview was to understand the relationship between Blockchain and business models of financial institutions, and the effects and challenges that Blockchain has on the business model of financial institutions. Findings From the perspective of financial institutions, the emergence of Blockchain does not just have technical significance – emergence of highly efficient database system – but has the possibility that if the business model of existing financial intermediaries disappears or get reduced, the financial services relying on them can disappear altogether, or some of them can be replaced, and financial transaction patterns of consumers can be changed. As a case studies researched for this paper, it was discovered that the distributed characteristic of Blockchain cannot be applied when actually developing financial services.
Analogous to the emergence of the internet, the introduction of blockchain technology augurs disruptive change to the music industry. Though in its infancy, the technology presents interesting policy issues related to registering and monetizing intellectual property, policing piracy, and creating and executing more flexible contracts between and among members in the music supply chain, among others. This paper assesses the ability of the distributed ledger technology to steer the industry toward a distributed model and its potential to drastically alter the entire music supply chain. It initiates a conversation about policy implications and how policymakers might address the issues related to adopting blockchain technology, including designing policies that support an environment that enables the well-deserved compensation of artists.
This paper analyses the effect of adding Bitcoin, to the portfolio (stocks, bonds, Baltic index, MXEF, gold, real estate and crude oil) of an international investor by using daily data available from 2<sup>nd</sup> of July, 2010 to 2<sup>nd of</sup> August, 2016. We conclude that adding Bitcoin to portfolio, over the course of the considered period, always yielded a higher Sharpe ratio. This means that Bitcoin’s returns offset its high volatility. This paper, recognizing the fact that Bitcoin is a relatively new asset class, gives the readers a basic idea about the working of the virtual currency, the increasing number developments in the financial industry revolving around it, its unique features and the detailed look into its continuously growing acceptance across different fronts (Banks, Merchants and Countries) globally. We also construct optimal portfolios to reflect the highly lucrative and largely unexplored opportunities associated with investment in Bitcoin.
Technological antecedents can radically change the way firms organize value creation and \nengage in value exchange. Blockchain, considered to be an extension of internet is said to \nhave the potential to disrupt many industries. Blockchain is an open, decentralised ledger for \nrecording and moving information, value, assets between peers without the assistance of \nintermediaries. The transactions are done with in minutes and have minimal transaction fees. \nGiven blockchain’s potential to disrupt many industries, it is important to investigate its \nimplications on business models, which represent how firms create, deliver and capture \nvalue. Keeping this in view, the aim of this research is to study how the attributes of \nblockchain affect the elements of a business model. In order to see the impact of these \nattributes on individual elements of a business model, a framework was developed based on \nthe works of Teece (2010), Zott and Amir (2010), Ostwalder & Pignuer (2010) and Weill & \nWoerner (2013). \nUsing Delphi Technique methodology, the impact of the attributes of blockchain on the \nelements of business model was assessed. From the results of the study, it was inferred that \nblockchain has the potential to facilitate significant innovation in business model. However, \nit should be kept in mind that the results would be most applicable to firms who rely on \nintermediaries for recording and exchanging information, value, assets. The more the \nreliance on such intermediaries, the greater the expected benefits of using blockchain to \ninnovate business model. Whereas, intermediaries who provide services with regards to \nrecording and exchanging information, value or assets face great risk from blockchain, and \nthus should look to either incorporate blockchain in their business models or find other \nmeans to counter the threat.
The main aim of this diploma thesis is to find out how the Czech printed media face relatively new and complex phenomenon that emerged in the monetary sphere - virtual currency bitcoin. Through the means of quantitative content analysis, all printed titles showing relevant references to bitcoin between the years 2009 and 2016 were examined. The thesis is divided into several chapters. The theoretical part contains different media concepts dealing with the agenda-setting, the creation of a media portrayal and the construction of social reality through mass media. From a theoretical point of view, the cryptocurrency bitcoin was also subject for detailed analysis. The following methodological part of the thesis introduces the main objective of research, research questions and research design. The analytical part provides a clear overview of the results obtained, then interpreted and compared with predetermined hypothesis. The overview of collected findings about the media image of the virtual currency bitcoin in the Czech press are summarized in the conclusion. The thesis is the first paper to deal with the issues of the virtual currency bitcoin from the point of view of media discourse in the Czech Republic, and its ambition was to gather completely new information on this topic.
Blockchain technology has been raising enthusiasm over a variety of disciplines, from information technology and finance, to law and economics. Blockchain is a decentralized ledger, which facilitates trust and makes peer-to-peer transactions possible without a central third-party authority. Since 2008, cryptocurrency bitcoin has provided an example of how to implement a marketplace without a central authority by using blockchain technology . The fact that a broad range of economic and government activities rely on a centralized recording of the basic data of the economy makes this technology potentially significant. The utopian views of blockchain have argued that it will disrupt a wide range of markets by eliminating the need for intermediation. The objective of this thesis is to review the relevant literature related to the topic and provide a guide to what blockchain means in the field of economics. The published research is mapped through a three stage literature review, and based on this, it is organized in three main categories: monetary-, innovation- and governance-centred research. Even though the literature surrounding the topic is still in its infancy, the potential of blockchain technologies is recognized by the literature. From the monetary viewpoint blockchain gives unprecedented flexibility in designing the attributes of currencies in terms of supply, value and exchange. From the innovation viewpoint, blockchain can create both increased efficiency of existing markets but also profits through entirely new markets. From the governance viewpoint blockchain facilitates trust and can be instrumental in democratizing economy more towards peer-to-peer production and consumption. Rather than a single technology, blockchain should be understood as a part of a greater digital transformation. In this case, blockchain can play a role in unlocking the potential of digital commons as well as the sharing and platform economy through a decentralized, universal record-keeping system.
Analyzing 242 articles related to the study of blockchain which were published in China and abroad from 2014 to 2016, and from the aspects of literature sources, research subjects, research methods and western countries, the basic frame of blockchain research classification is put forward. Summarize the current blockchain technology progress, research limitations and future development trends. The research shows that the domestic research on the blockchain is more decentralized, non-systematic, and has not reached a certain research depth. Whatâs more, it is lack of quantitative analysis. Digital currency, Internet finance, and the risk of blockchain technology research will be the focus of future research.
Financial technology (FinTech) is the new business model and technology which aims to compete with traditional financial services and blockchain is one of most famous technology use of FinTech. Blockchain is a type of distributed, electronic database (ledger) which can hold any information (e.g. records, events, transactions) and can set rules on how this information is updated. The most well-known application of blockchain is bitcoin, which is a kind of cryptocurrencies. But it can also be used in many other financial and commercial applications. A prominent example is smart contracts, for instance as offered in Ethereum. A contract can execute a transfer when certain events happen, such as payment of a security deposit, while the correct execution is enforced by the consensus protocol. The purpose of this paper is to explore the research and application landscape of blockchain technology acceptance by following a more comprehensive approach to address blockchain technology adoption. This research is to propose a unified model integrating Innovation Diffusion Theory (IDT) model and Technology Acceptance Model (TAM) to investigate continuance intention to adopt blockchain technology.
An appealing feature of blockchain technology is smart contracts. A smart contract is executable code that runs on top of the blockchain to facilitate, execute and enforce an agreement between untrusted parties without the involvement of a trusted third party. In this paper, we conduct a systematic mapping study to collect all research that is relevant to smart contracts from a technical perspective. The aim of doing so is to identify current research topics and open challenges for future studies in smart contract research. We extract 24 papers from different scientific databases. The results show that about two thirds of the papers focus on identifying and tackling smart contract issues. Four key issues are identified, namely, codifying, security, privacy and performance issues. The rest of the papers focuses on smart contract applications or other smart contract related topics. Research gaps that need to be addressed in future studies are provided. http://aircconline.com/ijcsit/V9N5/9517ijcsit11.pdf
<p style='text-indent:20px;'>In Bitcoin system, transactions are prioritized according to transaction fees. Transactions without fees are given low priority and likely to wait for confirmation. Because the demand of micro payment in Bitcoin is expected to increase due to low remittance cost, it is important to quantitatively investigate how transactions with small fees of Bitcoin affect the transaction-confirmation time. In this paper, we analyze the transaction-confirmation time by queueing theory. We model the transaction-confirmation process of Bitcoin as a priority queueing system with batch service, deriving the mean transaction-confirmation time. Numerical examples show how the demand of transactions with low fees affects the transaction-confirmation time. We also consider the effect of the maximum block size on the transaction-confirmation time.
In the literature review, I summed up the evolution of the monetary system, evaluate portfolio of cryptocurrencies and detailed description of what Bitcoin is, how it works and how it developed over time. In the practical part I evaluate views on the future growth of Bitcoin, I analyzed the law regulation of Bitcoin in several countries and reviewed aspects of security. After that I made the selected cryptocurrencies comparison with Bitcoin. I processed the analysis on the basis of liquidity and risk. I summarize the main advantages. At the end I declared the evaluation report regarding whether Bitcoin is an adequate and possible replacement of today´s currencies.