Fadhlan Hafizhelmi Kamaruzaman, Ahmad Ihsan Mohd Yassin, Azlee Zabidi, Fadhlan Hafizhelmi Kamaru Zaman · 7 authors
In recent years, an individual under the pseudonym of Satoshi Nakamoto devised a revolutionary technology called blockchain as the engine behind the first decentralized virtual currency called Bitcoin. A radical concept departing from government-centric controlled currencies, Bitcoin has emerged as a disruptive technology with the power to revolutionize business and its processes. Advantages of the blockchain include decentralized control, immutability, elimination of central authority and solution of concurrency problems in traditional databases. Leveraging on the advantages of blockchain technology defined above, this paper discusses the potential application of blockchain technology for storage of Islamic marriage certificates. Marriage certificates are documents issued to couples to legally recognize their marriage. Due to its paper-based nature, there is significant risk for them to be forged or frauded. These issues can be addressed effective using blockchain. The proposed application was implemented using smart contracts on a simulated Ethereum platform. A smart contract is designed to execute automatically under certain predefined conditions. The use of smart contracts eliminate manipulation by a single party. In addition, the immutable concept of blockchain ensures that data integrity is always preserved, greatly reducing the risk of fraud. Â
Blockchain is disrupting the banking industry and contributing to the increased big data in banking. However, there exists a gap in research and development into blockchain-ed big data in banking from an academic perspective, and this gap is expected to have a significant negative impact on the adoption and development of blockchain technology for banking. In hope of motivating more active engagement by academics, researchers and bankers alike, we present the most comprehensive review of the impact of blockchain in banking to date by summarizing the opportunities and challenges from a bankers perspective. In addition, we also discuss the impact that big data from blockchain will have on banking data analytics in future and show the increasing importance of filtering and signal extraction for the banking industry. Whilst there is evidence of selected banks adopting blockchain technology in isolation or small groups, we find the need for extensive research and development into several aspects of banking with blockchain to overcome the challenges which are currently hindering its adoption in banking across the globe.
The existing credit systems are not well recognized because of separate brokerage systems, non-pertinence, centralized and static evaluation models, and insufficient supporting information. An autonomous credit system is proposed to reform and address the issues of the current systems based on self-regulating blockchain data and programmable smart contracts. The autonomous credit system is trading-oriented to satisfy all the involved trading participants. A blockchain creditworthiness ecosystem is developed to implement the credit system as it provides an open, equal and creditworthy infrastructure. And it is through a collection of smart contracts that all the blockchain operations are processes. A creditworthiness model is developed to implement the credit system to be integrated, traceable, dynamic and personalized. Several pilot projects have been developed to test the feasibility and efficiency of the proposed autonomous credit system. Four creditworthiness clouds have been developed as public blockchain clients and creditworthiness lookup services.
Blockchain is currently one of the most widely discussed and hyped technologies. It has the potential to disrupt existing but also to enable new business models — The top 3 key takeaways in the blockchain technology in the media industry are: New pricing option for paid content using Blockchain: Blockchain makes even micro-cent payments cost-efficient. Current cryptocurrencies, such as Bitcoin or Ethereum permit transactions as small as fractions of cents. It is thus an enabler for penny price content purchases, such as paying for reading a single news article or streaming a single song. Also, traditionally ad-sponsored content such as YouTube videos can be monetized with an “ad-free” alternative for a small fee. — Consumption of paid content without boundaries: National / regional limitations of paid content subscriptions and DRM complexities will be decreased by the Blockchain. Blockchain is not a technical prerequisite for this endeavor since more sophisticated Digital Rights Management systems are also capable of dealing with complexities like multi-country access. Nevertheless, the blockchain has the potential to make DRM systems obsolete or at least to reduce the complexity of these systems, because every transaction/ consumption is tracked in the blockchain and directly linked to a user. The payment will be automatically initiated according to the underlying smart contract terms for the content. — Smart contracts: Ethereum, the second-largest blockchain network by market capitalization, was the first platform to introduce the concept of a smart contract. Smart contracts enable counterparties to automate transaction tasks that are typically performed manually and that require the involvement of third-party intermediaries. Smart contract technology can result in processes that are faster and more accurate and cost-efficient. — Challenges in implementing blockchain technology: — • Trust in blockchain technologies and platforms — • Opaqueness of blockchain platforms and standards due to quickly-changing market participants — • Usability and reach of blockchain technologies in everyday environments — • Interoperability of platforms and various standards needs to be secured
Centered on the value of listed banks in investment management, this article proposes an automatic pattern recognition value system based on blockchain. It will be of great value for investors to reasonably estimate the stock value of listed banks. In this way, the investors will make a better investment decision, which will realize the rational allocation of social resources. The new value system includes three layers: (a) production of value; (b) record of value; (c) assessment of value. In the framework, we encapsulate the valuable business processes of listed banks through smart contracts. The cryptographic algorithms and token mechanism ensure the normal operation of the transaction. We record the value of listed banks by distributed ledger technology. Consensus mechanism verifies the validity of records. Meanwhile, the token mechanism completes the value transfer and acts as an incentive measure for network node accounting. Finally, we evaluate the value of listed banks from integration, optimization, control, and value-added satisfaction services. Therefore, the new value system can correctly guide investors in making a rational investment, which will increase investment returns and ultimately realize the rational allocation of social resources.
Henry Rossi Andrian, Novianto Budi Kurniawan, Suhardi Suhardi
As research on blockchain continues to grow, blockchain technology was adopted to develop several information systems. There are many opportunities to examine the utilization of blockchain technology to be used in developing systems as needed. This paper summarizes the conditions of blockchain research in terms of technology and its implementation. This paper was written using a systematic literature review (SLR) as one of the methodologies used to solve problems by tracing the results of previous studies. The problem that you want to study in SLR is usually referred to as a research question (RQ). The defined RQ is related to the topic and clarifies each question by tracing previous research papers indexed in reputable journal databases such as IEEE Xplore, Springerlink, Scopus, and ScienceDirect. After synthesizing 41 articles, the result is: blockchain can be used in many applications, some applications that adopt blockchain technology are banking applications, e-voting applications and digital forensic applications. Often, applications that use blockchain technology only focus on developing one of the blockchain technologies that suits their needs. Some developers maximize the components of the contract on the blockchain, some further develop the data structure of the blockchain itself. The use of blockchain technology is still wide open for the implementation of other information systems. The expected contribution of this paper is to provide a general overview for researchers who want to build applications that use blockchain as a basis for researching so they can conduct further studies to better understand whether the applications they will develop are suitable for using blockchain technology as a basis.
Manisa Pipattanasomporn, Murat Kuzlu, Saifur Rahman
Over the last decade, the increasing uptake of rooftop solar photovoltaics (PV) at the grid edge transforms residential houses into complex energy "prosumers". A house with rooftop solar PV can both consume and export electricity. Hence, it can participate in a "Transactive Energy" network involving peer-to-peer (P2P) exchange of excess electricity. The challenge is to keep track of these transactions and compensate buyers and sellers accordingly. Recently, blockchain has emerged as a distributed ledger technology which allows exchanges among participants without the need for a central market entity. There are several blockchain pilots in the energy sector, which focus on the business, legal and financial aspects, but without much details about how to implement a blockchain-based P2P trading platform. This paper addresses this issue by presenting laboratory-scale implementation of a blockchain network for exchange of solar electricity among participants using Hyperledger - an open-source collaborative effort. Participants, assets and transactions necessary to establish the blockchain-based network for keeping track of solar PV output exchanges are described, together with the smart contract, use cases and their implementation.
Ahmed S. Almasoud, Maged M. Eljazzar, Farookh Hussain
In recent years, Blockchain technology has been highly valued and disruptive. Several researches have presented a merge between blockchain and current application i.e. medical, supply chain, and e-commerce. Although Blockchain architecture does not have a standard yet, IBM, MS, AWS offer BaaS (Blockchain as a Service). In addition to the current public chains i.e. Ethereum, NEO, and Cardeno; there are some differences between several public ledgers in terms of development and architecture. This paper introduces the main factors that affect integration of Artificial Intelligence with Blockchain. As well as, how it could be integrated for forecasting and automating; building self-regulated chain.
Modern centralized online marketplaces such as eBay offer an alternative option for consumers to both sell and purchase goods with relative ease. However, drawbacks to these marketplaces include the platform's ability to block merchants at their own whim, the fees paid to the platform when listing a product and when selling a product, and the lack of privacy of users' data. In this paper, we propose an application that remedies all three of these drawbacks through use of the Ethereum blockchain platform. The application was developed using the Truffle development framework. The application's functions were contained within an Ethereum smart contract, which was then migrated to the Ethereum network. The user's input was read through a web interface and sent to the Ethereum network via the web3.js API. Statistics about the application were gathered on the Rinkeby test network. The application was shown to have an average transaction runtime of 3.8 seconds, and an average gas consumption of 4.6 wei. Contract creation times for the application were shown to be less than a second. A cost analysis of the application was then conducted. The gas consumption of the transactions needed to both buy and sell a product was converted into US dollars, and the gas cost of the application was then compared to the cost to use an online auction marketplace such as eBay as well as an in-person auction house such as Sotheby's. The results showed that selling on the application is cheaper than existing online options as well as existing in-person options. These tests showed that our application was successful in addressing the drawbacks of current auction marketplaces.
Blockchain technology is growing everyday at a fast-passed rhythm and it is possible to integrate it with many systems, namely Robotics with AI services. However, this is still a recent field and there is not yet a clear understanding of what it could potentially become. In this paper, we conduct an overview of many different methods and platforms that try to leverage the power of blockchains into robotic systems, to improve AI services, or to solve problems that are present in the major blockchains, which can lead to the ability of creating robotic systems with increased capabilities and security. We present an overview, discuss the methods, and conclude the paper with our view on the future of the integration of these technologies.
With the rapid development of blockchain technology, blockchain becomes a good platform for execution of smart contracts. However, since smart contracts still have a low performance of transaction processing on blockchain. It can't satisfy real-time requirements in some situations. This paper proposes a parallel smart contract model on blockchain which has a better performance in transaction processing. The challenges with the proposed approach are the implementation of the parallel mode and the solution of synchronization problem of the proposed model. This paper uses multi-thread technology to implement the proposed model where transactions are executed in parallel. Then we propose a transaction splitting algorithm to resolve the synchronization problem. Finally, experimental analysis proves that this parallel model exactly makes a remarkable development of performance in transaction processing.
In December 2017, CryptoKitties, a game on the Ethereum blockchain became an instant success shortly after its launch. It attracted 180,000 users with over $20 million of spend in Ether, and was at one point taking up 12% of all Ethereum transactions.
Technically speaking, CryptoKitties is a smart contract - a piece of code with storage capability that resides on a blockchain. Smart contracts are gaining increasing popularity in recent years. We present a comprehensive review of smart contracts with a focus on existing applications and challenges they face. We have covered the smart contract mechanisms, promising use cases, as well as relevant research work and the open issues.
A blockchain-based smart contract or a "smart contract" for short, is a computer program intended to digitally facilitate the negotiation or contractual terms directly between users when certain conditions are met. With the advance in blockchain technology, smart contracts are being used to serve a wide range of purposes ranging from self-managed identities on public blockchains to automating business collaboration on permissioned blockchains. In this paper, we present a comprehensive survey of smart contracts with a focus on existing applications and challenges they face.
Abstract Based on a systematic review of influential publications among 402 papers published between 2010 and 2018, this paper identifies gaps in Economics and Finance research regarding two applications of FinTech: crowdfunding and blockchain. Analysing these records shows that (i) current research on FinTech is fragmented with limited theoretical grounding; (ii) crowdfunding and blockchain can be regarded as two innovations that may disrupt traditional financial intermediation but in different ways; (iii) crowdfunding platforms substitute for traditional financial intermediaries and serve as a new intermediary, without eliminating the need for intermediation; (iv) similar to crowdfunding, blockchain also creates new intermediaries; and (v) the trust element inherent in blockchain enables blockchain to eliminate the need for intermediaries in some financial areas but not all.
Fintech, which is a shorthand expression for financial technology, is basically referring to all the technological innovations in the financial sector that started to develop exponentially, especially in the second decade of the 21st century, in the era of the mobile internet revolution.The Generation Z, also called Gen Tech, who was growing up using the internet and especially the mobile internet on a daily basis, will probably be the larger adopter and beneficiary of these innovative financial technologies.The current generation of students, born about twenty years ago, is part of this cohort and this is why we decided to initiate a study regarding their perception and behavior concerning the fintech area with the help of a questionnaire applied on some of the students of the Faculty of European Studies from Babeș-Bolyai University.Because the fintech is covering financial innovations from a very broad area (including cryptocurrency, online payments, financial transfers, openbanking, investments, regtech, insurtech, etc.) we decided to focus in this preliminary study, only on the blockchain technology and cryptocurrencies and in relation to these, on the online payments.
Guicang Peng, Songpu Ai, Li Zhang, Chunming Rong · 5 authors
Equipment management is gradually becoming more decentralized, and in many cases, the equipment owner, operator, maintainer and inspector are not the same legal entity. This slows down equipment data transmission between stakeholders and reduces business and technical process automation. In this paper we dis-cussed the use of a distributed ledger concept and propose to use private block-chain together with smart contract to resolve these challenges and to create a more automated and surveillance-free equipment lifecycle management process.
Para kavramı ihtiyaçlara ve teknolojideki gelişmelere bağlı olarak tarih boyunca değişim göstermiştir. Elektronik para kavramından sonra şimdi de kripto para kavramı küçük tasarruf sahiplerinden büyük devletlere varıncaya kadar hepimizin gündemine girmiş durumda. Kripto para kavram ve sistemi, bilişim ve ekonominin yanı sıra din ve hukuk tarafından da irdelenmeye muhtaçtır. Kripto para sistemine peşinen taraftar veya karşı olmak yerine, borsa, bankacılık, kredi gibi kavram ve sistemlerin geçirdiği dönüşümü dikkate alarak konuya dair çok boyutlu değerlendirmeler yapılması zaruret arz etmektedir. Bu çalışmada farklı yaklaşımlar arasında karşılaştırmalarda bulunarak İslam hukuku cephesinden konuya temas etmeye gayret göstereceğiz.
The advent of Blockchain Technology allows us to develop a Decentralized Application called DApp on peer-to-peer network, which can harden changes of contracts in the DApp and denial of service (DoS) attacks to the DApp. We reengineer an App to a DApp allowing smart contracts, and compare the given legacy App and the target DApp. We conclude that DApp is not a separate application but a complementary application of the current App by comparing their architectures.
With the rapid development of distributed renewable energy (DRE), demand response (DR) programs, and the proposal of the energy internet, the current centralized trading of the electricity market model is unable to meet the trading needs of distributed energy. As a decentralized and distributed accounting mode, blockchain technology fits the requirements of distributed energy to participate in the energy market. Corresponding to the transaction principle, a blockchain-based integrated energy transaction mechanism is proposed, which divides the trading process into two stages: the call auction stage and the continues auction stage. The transactions among the electricity and heat market participants were used as examples to explain the details of the trading process. Finally, the smart contracts of the transactions were designed and deployed on the Ethereum private blockchain site to demonstrate the validity of the proposed transaction scheme.
Philipp Hacker, Ioannis Lianos, Georgios Dimitropoulos, Stefan Eich
This introductory chapter provides an overview of the main legal and policy implications of blockchain technology. It proceeds in four steps. First, the chapter traces the technical and legal evolution of blockchain applications since the early days of bitcoin, highlighting in particular the political ambitions and tensions that have marked many of these projects from the start. Second, it shows how blockchain applications have created new calculative spaces of financial markets that seek to challenge existing forms of money. Third, it discusses the core points of friction with incumbent legal systems, with a particular focus on the regulability of decentralized systems in general and data protection concerns in particular. Fourth, the chapter provides an outline to the contributions to the volume, which span a wide array of topics at the intersection of blockchain, law, and politics.