Abstract This chapter focuses on the characterisation of cryptocurrencies as property in East Asia, with particular reference to three jurisdictions: Japan, China and South Korea. It first provides a brief overview of the legal systems of Japan, China and South Korea before discussing whether cryptocurrencies can be considered a thing recognised in the Civil Code, and how ownership is defined as a matter of the civil law in each of the three jurisdictions. It then examines whether cryptocurrencies can be the object of ownership as a matter of Chinese, Japanese or South Korean law and whether the right to cryptocurrencies may be categorised as a quasi-real right rather than real right. It also looks at two remedies available when the right to cryptocurrencies as a quasi-real right is infringed: rei vindicatio, which arises from the law of real rights, and tort liability, which arises from the law of obligations.
Online crowdfunding enables people to raise funds for their project. People who are interested in a project can donate by making an online transaction. The donated money goes to the project manager, which he uses to complete the project or to make a product. This existing method of online crowdfunding has a major drawback. It does not allow contributors to have control over the money they have contributed. Since in the existing method the project manager has all the control over the money contributed he can very easily perform malicious activities. Here we address this problem faced by the existing online crowdfunding platforms by using ethereum network and smart contract. The development of Blockchain technology has allowed businesses to build decentralized models. It has derived new methods to conduct transactions and make agreements. One of the technologies that propose an alternative to the traditional model is the smart contract. A smart contract is similar to a contract in the physical world, but it is digital and represented by a tiny computer program stored in a blockchain. These smart contracts can be used to implement logic. A method has been proposed here that uses smart contract to manage all the activities performed in a crowdfunding campaign. The proposed method has been implemented and its various features are tested by funding campaigns on rinkeby test network.
Modern day entertainment and music streaming has largely been dependent on digital technologies. People prefer subscription based online services to buying physical copies of the music albums. Online streaming services like Spotify, Apple iTunes, Google Music offer great services to the listener with ease. However, drawbacks to these systems includes long delays in payouts for the artists, lack of transparency, confusing payments and licensing terms. In this paper we propose an application that solves all these three drawbacks by making use of Ethereum blockchain and IPFS protocol. The Ethereum blockchain is used for recording transactions and payment management using smart contracts. As storing large files on the Ethereum network costs a lot, the IPFS protocol is used for storing music files, which is a peer to peer protocol. The frontend is built using Web3.js and both listener and artist interact on the blockchain through browser. A PPP(Pay-Per-Play) model with fixed price or as per artist will be defined in the smart contract. The artist can also add other benefactors and share the pay with them. Streaming will be a free service; however, the listeners can tip the artists for supporting. PPP is a smart contract that will be running on the Ethereum blockchain that will be used to set and reward artists with a fixed set of tokens, native currency of platform, per play. Miners will mine new blocks to be added to the blockchain, for which they will be incentivized with tokens. 25 percent of tokens mined per block will go towards a pool for paying artists for streams of their music. The IPFS nodes for storing and distribution of music will be controlled by the artists. Thus, a complete autonomous system for music streaming can be built with least involvement of third parties, and a direct relationship between artist and listener.
The blockchain web platform, most famous for its use in support of Bitcoin, is a sophisticated and unique technology, which many believe is the next disruptive technology that will span across a vast range of industries. Scholars identified more than ten features of this technology that makes it, like no other: open-ledger, encrypted, everlasting, accessible to all, enables peer to peer transactions, fast, global, trustworthy, decentralized, consensus mechanisms, and irreversible. By embracing all of these features, blockchain technology offers an alternative tool to traditional multi-player economic models for conducting transactions without the necessity of relying on third parties.
This article addresses the misperception of blockchain, perceiving it, similarly to the common understanding of the Internet, as an open platform, accessible to the public, with free entry and most important, in the public domain. Hardly anyone thought to consider protected intellectual property (IP) rights in regard to this technology, that was coined democratic. However, this concept, that there is only one public domain blockchain platform that serves all or that blockchain platforms are free from any IP rights is false. This article alleges, for the first time, that unlike the common perception, not only is blockchain technology patentable, but the U.S. Patent Office granted patents in blockchain platforms and keeps on examining inventions of new and different types of blockchain technologies.
This false assumptions may be based on misunderstanding the technology of different types of blockchain platforms or on the legend about the unknown figure, entity or artificial intelligence (AI) system, named Satoshi Nakamoto, who mysteriously created the technology and donated this platform technology, in 2009, without identifying him/her/itself, for the benefit of society.
Additionally, this paper innovatively takes a step further and investigates, the implications of patent law concerning blockchain technology, in order to unveil the emerging risks of patent infringements, which users are unaware of while naively using blockchain platforms. By understanding the peer-to-peer multi-player structure of these platforms, one can evaluate the threat the inevitable patent infringements may cause. This article further argues that this threat will become more crucial and weighty with the rising popularity of blockchain platforms. Finally, this research not only points out unexpected legal and economic risks, but also proposes a simple solution to mitigate this potential patent minefield.
The proposal of this paper is to present a summary of ten years of research at the P2P Foundation, including by our own P2P Lab but also by our partners in common research programs, of what we know today about the emerging commons economy. It includes a basic account of why the ‘invention’ of the blockchain has been important, but stresses that the needed distributed ledgers may take other forms in the future. This section may not offer a lot of new elements for those that are already technologically savvy about the topic, but it does offer a critical engagement with the qualities and flaws of the current model, and suggests how it can be tweaked and transformed, to also serve as a basis for a post-capitalist, commons-centric economy.
Bruno W. França, Sophie Radermacher, Reto Trinkler
Katallassos is a new blockchain that provides a standard way to build and deploy decentralized financial applications.
It brings together all the components necessary for the backend of a financial application, namely: a high-performance consensus, an authenticated data feed system, a standard for financial contracts and connectivity to the rest of the blockchain ecosystem.
Katallassos enables and simplifies the creation of financial services that are non-custodial, trustless, fast, convenient and interoperable.
Blockchain technology and cryptoassets may have seized the attention of the financial services space, but as the technology ecosystem continues to mature there are additional considerations coming to the forefront. Smart contracts represent an important piece of the blockchain conversation and play a critical role in how blockchains interact with other technology platforms. Accounting and auditing professionals will need to understand both how smart contracts function, and also how these applications will impact accounting and auditing processes. The present paper, written keeping both the academic and practitioner audience in mind, seeks to examine how smart contracts interact with blockchain technology, analyze how these applications can change audit processes, and propose potential future roles for the profession.
Bitcoin has ended up being the most proficient cryptocurrency ever. Precluding the impedance of any third party which monitors the cash flow, Bitcoin is a blockchain technology based decentralized form of online currency which has come into wide acceptance for all internet transactions across the world. Hence, a literature review is conducted to understand the technical know-how of the working of the blockchain for a financial application such as the bitcoin. Cite this Article Heenal Sapovadia, Adarsh Sutariya. Blockchain for Cryptocurrencies: A Literature Survey. Journal of Network Security . 2018; 6(3): 23–27p.
We have reviewed the potential impact of blockchain technology on the music industry by analyzing the views of academia and the industry experts. The music industry had rapid changes from the physical market to the digital market in the past decades. The consumers download and stream music online and mobile during the digital dominant market. While streaming music has been recently growing at a fast rate, fair distribution of revenue to the artists continues to be an issue. Some industry experts believe that the issue of fair distribution of revenue to the artist may be resolved using blockchain technology, while some are skeptical about the application or the duration of impact. The blockchain may enhance speedier payment using smart contracts, provide additional revenue and promote the music if excellent fan support is achieved. The positive impact on the music industry may only be possible if there are detailed consideration of the industry and careful understanding of the customers.
Abstract The goal is to identify the characteristics of innovative business models that use blockchain technology. Through a qualitative and descriptive research, we sought, in the Crunshbase database, the companies that had in their activity description the word Blockchain, obtaining a total of 810 companies. The data obtained were tabulated in Excel spreadsheet and we carried out a collection of additional information on the websites of the organizations. The process of data analysis used the technique of document analysis and content analysis. The results allowed us to identify that most organizations' foundation date from 2014 and are located in North America. Regarding the area of expertise of these organizations, it can be observed that most of them belong to financial and technology areas. Moreover, 10 companies were already in operation before the creation of blockchain technology, pointing out the characteristic of a disruptive technology, which is the readjustment of established companies. Finally, we highlight the contributions related to the field, by identifying the main areas of business that use blockchain technology, as well as revealing important descriptions about these companies. In addition to contributions to the theory, by presenting empirical evidences of active business with this technology and its contributions to the various areas.
Speculation on Bitcoin, the evolution of money in the digital age, and the underlying blockchain technology are attracting growing interest. In the context of the Eurosystem, this briefing paper analyses the legal nature of privately issued virtual currencies (VCs), the implications of VCs for central bank’s monetary policy and monopoly of note issue, and the risks for the financial system at large. The paper also considers some of the proposals concerning central bank issued virtual currencies. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.
We developed a blockchain-based E-marketplace. A decentralized E-marketplace platform utilizing the blockchain technology is implemented. We use the self-enforcement of smart contracts to secure the deposit and process the payment. Each transaction is verified through the blockchain and is recorded to the decentralized ledger. This enables trustless transactions since the smart contract is self-executed. The smart contract is able to perform credible transactions without trusted third parties, and the transactions on the blockchain are trackable and irreversible. Therefore, both the buyer and the seller cannot breach the contract. All processes are recorded on the blockchain including the product launch, purchase, delivery, and payment. It is trackable and could be submitted to courts as electronic evidence to solve the transaction disputes.
Blockchain, arguably the most discussed and promising of FinTech trends, has incredible potential to transform legal technology. Infamous as the technology behind cryptocurrencies, distributed ledger technology (DLT) has developed far beyond these origins and may prove far more valuable than the currency it supports. As a form of DLT, blockchain allows for secure decentralisation of peer-to-peer, irreversible exchanges, providing a transparent and irrevocable record as these occur. The technology is already used across the legal industry and a plethora of opportunities to extend its application bubble beneath the surface, under development, waiting to break into the current market.
In recent years, blockchain technology has been developing rapidly in social economy. As blockchain technology has many excellent properties, it is used for the transaction of Bitcoin at first. With the rise of Bitcoin, the connection between blockchain technology and financial market will be closer more integrative. And then more and more financial institutions have recognized the importance of blockchain technology and started to try to use this technology in financial operations, such as R3CEV, Hyperledger and Qiwi. Many financial institutions have started trying to apply blockchain technology into financial transactions in order to decrease transaction costs and increase operational efficiencies, especially in financial note, cross-border payment and asset-backed securitization. It can be seen that blockchain technology will have widely application prospects in financial fields in the future.
Abstract This paper critically examines the intersection and interactions between conventional law produced and enforced by national legal systems (ie the ‘code of law’) and the internal rules of blockchain systems, which take the form of executable software code and cryptographic algorithms operating across a distributed computing network (‘code as law’). In so doing, it seeks to identify whether, and to what extent, ‘regulation by blockchain’ will successfully avoid governance by conventional law. It identifies three different ways in which the code of law is likely to interact with code as law, based primarily on the intended motives and purposes of those engaged in activities in developing, maintaining or undertaking transactions upon the network. It argues that these different classes of case are likely to generate different kinds of dynamic interaction between the blockchain code and conventional legal systems, and critically examines the normative foundations of these emerging and anticipated interactions.
Abulfathi Ibrahim Saleh Al-hussaini, Adamu Abubakar, Mohamad Fauzan Noordin, Hazwani Mohd Mohadis
Cryptocurrency is a peer-to-peer digital exchange system that uses cryptography to generate and distribute token. It is based on an encrypted, peer-to-peer network that facilitates digital barter. By using a cryptocurrency, users are able to exchange value digitally without third party oversight. In regard to the Islamic perspective of cryptocurrency, Muslim scholars and Shari’ah experts have developed varied opinions, some considering it to be permissible (halal) and others prohibited (haram). Among those scholars who consider it to be legally impermissible put forward their reasons, some of them arguing that it violates the constitutions of their governments. On the other hand, there are Muslim scholars who regard cryptocurrency as permissible in principle. Furthermore, there are many uncertainties related to the implementation of the cryptocurrency reported by many researchers and mentioned in the respective fatwas. A number of empirical studies have acknowledged the fact that cryptocurrency, from the Islamic perspective, constitutes the focus of most ongoing research work. Therefore, this current paper seeks to examine the user’s perception of cryptocurrency system application from the Islamic views. The paper utilized qualitative research approach by conducting interviews in order to determine the user perceptions of the system. The interview data gathered were analyzed. The findings indicate that there is lack of Islamic law on the basic criteria for the use of cryptocurrency as either a legal or illegal machinery transaction tool. Hence, Islamic digital currency model is necessary for applying Islamic law to the use of cryptocurrency.
Recently, the world has seen the emergence of new phenomenal technology named crypto currency (Bitcoin) which is attracted to several international networkers across the globe. Yet, the Bitcoin was the online currency which is replaced the hard currency in a business online transaction and was accepted only by internet users so far. Though, this invisible currency was not allowed or even accepted in Arab world society because of religious circumstances or governmental consent. In this study, we tried to analyze the real challenges and necessitates that face the Bitcoin in the Arabian region. Therefore, the outcomes have been found that Islamic business rules somehow have restricted the using of the Bitcoin process in financial transactions. Furthermore, the lowest and highest service cost of internet represent the key consequences behind lessen of using Bitcoin. According to Google trends Data from 2013 to 2019, many Arabian-individuals did not know or even unfamiliar with the use of Bitcoin. Keywords: key words, Bitcoin; Arabic countries; Islamic; Internet services DOI : 10.7176/JESD/10-6-18 Publication date :March 31 st 2019
ABSTRACT Blockchain and smart contracts are evolving business practices by enhancing efficiencies and transparency in the value chain. The fusion of these innovations is also likely to transform auditing by automating workflows but more importantly, by enhancing audit effectiveness and reporting. This paper envisions the future financial statement audit by proposing an external audit blockchain that supports smart audit procedures. The external audit blockchain has the potential to improve audit quality and narrow the expectation gap between auditors, financial statement users, and regulatory bodies.
In September 2018 the authors released a report funded by the Law Foundation entitled “Regulation of Cryptocurrencies in New Zealand”. This article includes the report’s recommendations as well as background on the implications of cryptocurrencies and blockchain to society and the law.
Cryptocurrencies, in particular bitcoin, have captured the public’s attention. It is hard to find a person who has not heard about bitcoin, albeit blockchain, the technology that the creators of bitcoin devised, is still a mystery to most. Blockchain, however, is just one form of distributed ledger technology (DLT). For the sake of simplicity, the term blockchain is used in this article.
ABSTRACT Greenhouse gas (GHG) emissions control requires coordinated efforts and collaboration at all levels of governmental bodies, non-for-profit organizations, and private sectors. However, the target is difficult to achieve due to challenges arising from conflicts of interest and lack of trust between stakeholders. Thus, we propose a distributed carbon ledger (DCL) system using blockchain technology. Our analysis suggests that the adoption of DCL not only strengthens the corporate accounting system for carbon asset management but also fits within existing market-based emissions trading schemes (ETSs). Blockchain-enabled DCL allows the integration of national emission trading schemes (ETSs) and corporate carbon asset management into a synthetic single mechanism. JEL Classifications: M41; O44.