Blockchain Papers

Bhabendu Kumar Mohanta, Soumyashree S. Panda, Debasish Jena

In the last decade blockchain technology become mainstream research topic because of its decentralized, peer to peer transaction, distributed consensus, and anonymity properties. The blockchain technology overshadows regulatory problem and technical challenges. A smart contract is a set of programs which are self-verifying, self-executing and tamper resistant. Smart contract with the integration of blockchain technology capable of doing a task in real time with low cost and provide a greater degree of security. This paper firstly, explains the various components and working principle of smart contract. Secondly, identify and analyse the various use cases of smart contract along with the advantage of using smart contract in blockchain application. Lastly, the paper concludes with challenges lie in implementing smart contract the future real-life scenario.

Prasanta Kumar Dey

Cryptocurrency, a new technology depended electronic currency, is seemed as business commodity for investment and medium of exchange to few number of people of the world. It has different forms in different countries even more different forms in the same country. Bit coin, the first and most popular cryptocurrency, is paving the way as a disruptive technology to long standing and unchanged financial payment systems that have been in place for many decades. In some countries, cryptocurrency has been recognized by the respective governments. While cryptocurrencies are not likely to replace traditional fiat currency, they could change the way internet connected global markets interact with each other, clearing away barriers surrounding normative nationa currencies and exchange rates. Cryptocurrencies bear both some advantages and disadvantages in uses. Over the last few years, it has been gaining rapid popularity in the public eye. In India, recognition process has been started to come into mainstream o the public domain. In this article, a short analysis of cryptocurrency is presented, which illuminates some of the recent events and movements that could influence whether cryptocurrency contributes to a shift in economic paradigms. The article covers th original idea and motivation, the mode of operation and possible applications of Cryptocurrencies block chain technology. We conclude the article mentioning the prospect of cryptocurrency well as in the world.

Sang Keun Jeong

암호화폐는 국가중심의 법정화폐 남용에 대한 반발로 탄생되었다. 탈권위를 특징으로 하는 암호화폐의 미래에 대해서는 그 존재 여부에 대해 부정적 견해와 긍정적 견해가 대립하고 있다. 암호화폐는 국가의 규제를 받지 않는 점에서 국경을 초월한 세계화폐로 발전할 여지가 있는 반면 법정화폐로부터 끈임 없는 견제를 받고 있다. 또한 규제부족으로 마약대금의 지급 등과 같은 불법행위의 수단으로 악용되기도 한다. 그러므로 그에 대한 적절한 규제수단이 마련되어야 할 것인데, 법적 관점에서는 암호화폐를 화폐로 볼 것인가 증권이나 자산으로 볼 것인가에 따라 규제방법이 달라 질 수 있다. 방법에 있어서는 은행규제와 유사한 방법으로 규제를 하고, 대상에 있어서는 거래소를 중심으로 규제를 함으로써 소극적으로 소비자를 보호하고 있는 실정이다. 그러나 암호화폐는 블록체인기술과 결합하여 거래의 보안성을 제고하고, 기존의 사업을 안정적으로 효율화할 수 있는 솔루션을 제공하는 점에서 긍정적 측면도 상당하다. 특히 보험분야에서 이드리움의 스마트계약방식을 통해 보험자의 사업조직과 진행을 외주화하여 비용을 절감할 수 있고, 이러한 스마트 계약방식은 생명보험, 레저보험, 책임보험, 자동차보험 등의 분야에서 유용할 것이다.Cryptocurrency such as bitcoin is an person-to-person network based electronic transaction system. This is a new concept of monetary system in that transactions are made without the control of the issuing countries. Cryptocurrencies, therefore, has a favorable technical characteristic for realizing decentralization. Cryptocurrencies can function as an alternative currency when the value of existing legal currency being fluctuated or excessive taxation on them being a problem. In other words, the dominance of the state currency held by the state power does not apply to the cryptocurrencies, so the cryptocurrencies can develop independently. This serves to weaken the monetary system of an unit country. In this regard, the state can take various positions. Whether to oppose it, to accept it in a limited way, or to absolutely agree with it. I think it is unreasonable to take the extremes. From a legal point of view, in other to regulate the illegal activities of exchanges, it may be necessary to enact business regulate act, later to make an indefendant coin act. If we set up a new business area and an efficiency improvement plan using blockchain technology, we can aly the groundwork for global business without border restrictions. Currently, domestic insurance stat-up, Zikto establish an Ethreum blockchain network, Insureum. it can realize innovations in the insurance industry by outsourcing the insurer’s business organization through smart contracts.

Octavian Dospinescu, Miruna Elena CARAMANGIU

The "buzz" surrounding cryptocurrencies in online media last year has led to an increased interest in the topic as a possible source for investments. This paper aims to identify the key success factors for an m-learning cryptocurrency application that explains blockchain technology and cryptocurrencies for non-tech savvy people. The research methodology used for this paper applies the experimental method and probative logic. A survey was conducted among 128 participants, the target population being composed of people who have an interest in cryptocurrencies and who are involved in online crypto communities. The results of the study show that the people who invest in cryptocurrencies are usually those who have a high income and who possess other investment methods as well. When it comes to analyzing the mobile applications success factors, the study revealed that there are no significant differences between people who have cryptocurrency investments and those who do not in ranking mobile apps success factors. Also, besides cryptocurrency training the news and prices are among the most important features of an m-learning cryptocurrency application and on that account such an app must include them. The originality of this study comes from addressing an innovative topic as the research in this field is scarce. Furthermore, this paper raises awareness towards the necessity of educating people on this topic, on the need to research before investing in a specific project.

Simon Geiregat

No abstract is available for this record.

Obryan Poyser

There are no solid arguments to sustain that digital currencies are the future of online payments or the disruptive technology that some of its former participants declared when used to face critiques. This paper aims to solve the cryptocurrency puzzle from a behavioral finance perspective by finding the parallelism between biases present in financial markets that could be applied to cryptomarkets. Moreover, it is suggested that cryptocurrencies' prices are driven by herding, hence this study test herding behavior under asymmetric and symmetric conditions and the existence of different herding regimes by employing the Markov-Switching approach.

David Wood

Blockchain and blockchain-related technologies are being rapidly invented to the point that it is difficult to define specifically which properties are necessary to constitute a blockchain. It may therefore seem far too early to meaningfully discuss the creation of international blockchain standards. This article will argue the opposite by summarising some existing international standards work related to blockchains, and propose directions for additional standards development that could meaningfully be explored in the near future without negatively impacting additional invention.

Williams Kwasi Peprah, Amos Oppong Afriyie, Joseph Ahor Abandoh-Sam, Emmanuel Oppong Afriyie

Globalization aided by the internet has now come to stay, which has brought in cryptocurrency to support local and international financial transactions. This qualitative study used content analysis research techniques to assess the impact of cryptocurrency on traditional banking and fiat currency. The findings of this study were, firstly cryptocurrency has similar features and function of banks and fiat currency, as it operates through the internet. Secondly, cryptocurrency functions as a unit of account, medium of exchange, store of value and an intermediary on fund accumulation and distribution. Thirdly, cryptocurrency which is dollarization 2.0 has come to restore the confidence and convenience of financial globalization in that it eliminates the third party from interfering with the transactional process. Lastly, its influence on central banks and governments is the elimination of seigniorage. What cryptocurrency requires now is the legal tender status through regulations.

Cem Sütçü, Çiğdem Aytekin

Thanks to the new global order established after the Second World War and the communication networks that have become widespread. Due to this, the electronic payment systems that have started to be used since the second half of the 20th century in the world and the credit cards called plastic money have started to be widely used in our country since the 80 '. From the beginning of 2000's, it is observed that cash-based transactions are lagging e-money-based transactions. Since the beginning of the 90's the Internet and social media emerged with new media technologies and after 2004, it has become a dominant idea that these environments provide freedom and even create disorder. In the last 5-6 years we have seen the trade of crypto currencies like Bitcoin. Bitcoin is a method of payment that people use for their purchases based on mutual trust, without an authority issuing it. It works independently of the state authority and the banking system. From this point of view, it is seen as the reflection of freedom originally envisaged for the internet environment. In this context, the question of how bitcoin systems are perceived, and the level of entrepreneurship are issues that needs to be investigated. In this study, a survey was conducted to measure the level of entrepreneurship of bitcoin miners, buyers and sellers. Twitter users were selected for the sample. The research is designed to examine the impact of entrepreneurship motivated by investors' interest in entering the arena that is said to be quite new and risky, and which sub-factors may dominate, which deals with bitcoin and similar crypto currencies. The findings show that users who are interested in mining, buying-selling and trading have very high level of entrepreneurial points.

Dashiell Shapiro

No abstract is available for this record.

Xiao He, Bohan Qin, Yan Zhu, Xing Chen · 5 authors

The smart contract is an interdisciplinary concept that concerns business, finance, contract law and information technology. Designing and developing a smart contract may require the close cooperation of many experts coming from different fields. How to support such collaborative development is a challenging problem in blockchain-oriented software engineering. This paper proposes SPESC, a specification language for smart contracts, which can define the specification of a smart contract for the purpose of collaborative design. SPESC can specify a smart contract in a similar form to real-world contracts using a natural-language-like grammar, in which the obligations and rights of parties and the transaction rules of cryptocurrencies are clearly defined. The preliminary study results demonstrated that SPESC can be easily learned and understood by both IT and non-IT users and thus has greater potential to facilitate collaborative smart contract development.

Mahdi H. Miraz, David C. Donald

Securities exchange being digitalised and online, security of information and data has become a major concern. Blockchain (BC) technology, being distributed and immutable in nature, has proved to the "Trust Machine" eliminating the need for third-parties. Authors of this paper investigate how Blockchain can be used to secure stock exchange transactions, with an especial focus to the technological as well as legal aspects of such applications. Considering the intricate operational structure of the securities exchange, the research proposes to design, develop and implement a hybrid BC, customised according to the need of the respective stock exchange. The study suggests that the use of such BC can bring many benefits which the other technologies currently being used cannot offer. However, during the design process of any such application using BC, the relevant laws and regulations of the corresponding country need to be considered.

Asheer Jaywant Ram

Purpose The Bitcoin has experienced wide popularity in academic and commercial spheres during the years following 2012. Research has been conducted in respect of information technology, finance and reporting paradigms, but there has been little research into the taxation of the Bitcoin. The purpose of this paper is to present a conceptual approach for developing a taxation policy for the Bitcoin, using a multi-jurisdictional analysis. Design/methodology/approach An interpretive mixed-method approach is followed. The traits of the Bitcoin are determined through a review of the literature, followed by the determination of key taxation themes using a multi-jurisdictional view where the jurisdictions were determined using the largest Bitcoin exchanges. These form the row and column headings of the correspondence table research instrument, respectively. The correspondence table was completed by 40 tax experts. Correspondence analysis (a multivariate statistical technique) was then used to determine correlations between the Bitcoin traits and taxation themes, further used to present initial insights into developing a taxation policy for the Bitcoin. Findings The correspondence analysis reveals that, contrary to current tax laws, the manner of acquisition as opposed to the reason (intention) for acquisition is key in determining how the Bitcoin is to be taxed. For taxing purposes, Bitcoin is seen as being distinct from currency, given that transactions with the Bitcoin are seen as barter transactions. Finally, because of the unique characteristics of the Bitcoin, it is shown that exchanges and the Bitcoin need to be regulated in the same manner as a currency. Research limitations/implications This research focuses on income tax including capital gains tax and consumption taxes and was conducted with a sample of purposefully selected South African tax experts, given that the Bitcoin is experiencing enhanced popularity in South Africa. As a result, this research does not provide generalisable positivist conclusions and does not purport to represent the views of all tax practitioners. This paper does, however, provide an initial mechanism to develop taxation treatments for transactions not covered by existing legislation. Originality/value This paper is the first to provide normative recommendations on the taxation of the Bitcoin. Using correspondence analysis, this paper offers an innovative approach for developing taxation policies when a transaction is not specifically included in the extant legislation. Further value is added through the use of a third dimension in the correspondence analysis which enhances the exploratory potential of the research.

Anderson, Ross, Shumailov, Ilia, Ahmed, Mansoor, Rietmann, Alessandro

We study how attempts to regulate cryptocurrencies, or at least to mitigate the harm they do, are misdirected. We started by looking at how one might blacklist stolen bitcoin, and find that two established legal principles – the nemo dat rule and the Clayton's case precedent -- make tracing crime proceeds much simpler than researchers previously thought; they support a first-in first-out rule for taint tracking, which turns out to be much more efficient. However once we published initial results and were approached by theft victims, we discovered a more serious problem. Many bitcoin exchanges do not now give their customers actual bitcoin, but rather do off-chain transactions with other exchange customers or transact on customers' behalf with outsiders. Except where customers withdraw cryptocurrency into self-hosted wallets, the ownership of these assets is unclear. The number of off-blockchain transactions has increased enormously in the last eighteen months; we can't find good figures but the volume is sufficient to raise serious concerns and the practice falls under e-money regulations that are not being enforced. In short, the security, economics and regulatory problems of cryptocurrencies in 2018 turn out to be rather different from those described in the academic literature. The real problem is that we are seeing the emergence of a shadow banking system. Cryptocurrencies do not solve the underlying problems that made bank regulation necessary, and we sadly predict that many of the familiar second-order problems will also reappear. We discuss the implications for regulating cryptocurrencies and smart contracts more generally, and suggest eight things that regulators and central banks might usefully do.

Ekaterina Butenko, N.R. Isakhaev

Аннотация Предмет

Hilde Camilla Mari Sæther, Erik Johan Helland

Cryptocurrency is a relatively recent economic and technological phenomenon, competing with established traditional third party financial systems through a trust-based peer-to-peer decentralized network. This unique financial and technological transactional structure opens new market opportunities and challenges, defining the cryptocurrency compared to the established financial market. To illuminate and analyse the inner workings of the cryptocurrency market, this thesis highlights the market drivers for the current top five cryptocurrencies in terms of market capitalization, by focusing on the current market situation and market history. This is supplemented by examining the history of traditional money and how cryptocurrencies can be compared with it. In addition, the technological and financial structure of the main cryptocurrencies and how the main components of the market work will be examined. Financial analysis such as price, volatility, market correlation, market history matching, liquidity of the cryptocurrency market and strategic market analysis were conducted as part of this study. By using this information, it is possible to establish a foundation for further market comprehension of the five major cryptocurrencies and the future challenges. Based on the analysis in this thesis, several findings were made regarding the nature of the cryptocurrency market. Generally, it is apparent that established market models are applicable to the cryptocurrency market. However, the cryptocurrency market experiences symptoms of its own free decentralized market model, technology, and limited public adoption.\nArguably, a common public opinion is that the cryptocurrency market is difficult to comprehend, and market development can often seem arbitrary and mysterious to outsiders. The market is complicated by periods of with seemingly arbitrary exceptionally high volatility. This along with historical growth levels that are unparalleled in many other industries are common in the cryptocurrency market. Other common unbalancing factors are the exposure to market manipulations, geopolitical uncertainties and agendas, and market responses to news and singular events. There are additionally several limitations and challenges with regards to the industry’s technological foundations. This has the potential to impact the valuation and longevity of the different cryptocurrencies. By analysing these aspects, an insightful and comprehensive comparative market analysis of the cryptocurrency industry is formed.

Nischal Risal

This paper aims toward amplifying the concept of cryptocurrency as emerging digital money in the world and its practices in Nepal. The paper is based on review of various articles, books and relevant websites that provide information regarding cryptocurrencies. The paper highlighted the conceptual part and types of cryptocurrencies in the first section, the major literature review in the context of world in the second section, and the practices of cryptocurrency in Nepal in third section followed by conclusion in final section. An exploratory research design has been adopted in the study. The primary survey has been done to collect the data with self administered questionnaire. The paper reveals the importance of cryptocurrencies in the present context of digital world. The paper concluded that the majority of the respondents are not well known about cryptocurrency in Nepal. The respondents are found interested to invest with knowledge, policy and security on cryptocurrency in Nepal. This thematic based research paper will create a platform for the researcher to study the practical scenario of cryptocurrency.NCC JournalVol. 3, No. 1, 2018, page: 100-107

Sanjeev Kumar Joshi, Nitesh Khatiwada, Jyoti Giri

The cryptocurrency is thought to be the next internet revolution, where transactions are done utilizing peer-to-peer network creating a blockchain of the participants involved. Therefore, it is in totality creating a new virtual world, which might change the course of the foreseeable future finance. The reaction to the block chain and cryptocurrency is synonymous to the reaction to the internet when for the first time it emerged. While it is widely accepted for transactions in some countries; for instance in Nepal, it is illegal. Where the basic knowledge about the cryptocurrency is scarce in terms of Nepal, this article attempt to connote the grass root construct on cryptography, cryptocurrency and its practices across the globe to its readers.NCC JournalVol. 3, No. 1, 2018, page: 167-175

Filip Novotný

Cryptocurrencies are newly emerging asset class that has received a lot of at- tention recently. Many investors are considering investing in them as a way of portfolio diversification. This thesis examines whether cryptocurrencies are gambling assets which could be important for investors' decision making and also for better understanding of the cryptocurrencies themselves. Gambling asset is understood in terms of stocks and therefore a comparison of crypto- currency and stock lottery characteristics is made. It is shown that in most time periods it cannot be said that cryptocurrencies exhibit larger lottery characteristics. Furthermore, it is shown that Litecoin, Ethereum, Ripple, Dash and Monero would classify as gambling asset, however, Bitcoin would not. JEL classification C12, C38, C55, G11, O33 Keywords cryptocurrencies, Bitcoin, gambling, gambling asset, investment Author's e-mail novotnyf1@gmail.com Supervisor's e-mail ladislav.kristoufek@fsv.cuni.cz 1

Bill Buchanan, Naseem Naqvi

A blockchain enabled ‘Digital Single Economy” can act as a catalyst for growth and could provide a platform where borderless innovative practices will thrive and create a true collaborative global economy, with shared goals and objectives for the benefit of wider community. A society where digital economy flourishes irrespective of geopolitical ideologies and where a technology like Blockchain holds transformative potential to unite the nations together. The UK currently has strong collaborations around blockchain including with the British Blockchain Association which aims to integrate with the EU on the adoption of Blockchain based methods around a range of application areas. However, at the core of these alliances must be the promotion of technology which link industry, the public sector, and academia, whilst also integrating key stakeholders, such as law enforcement, finance, health care, professional bodies and the legal industry.

Universiti Utara Malaysia, Nashirah Abu Bakar

In year 2017, Bitcoin attracted most investors because high return of investment. The system for Bitcoin transaction is known as blockchain. The blockchain is blocks of transaction history that shared publicly using secured cryptography. Each block contains the previous transaction information, timestamp and new transaction data in secured cryptographic hash programming language. This paper evaluates the Bitcoin framework whether the security of the system is satisfied with a definition of reliable computer system. In the same time, this paper discovers the reliability of the programming process that involved in blockchain system. The finding of this paper will help investors to understand the blockchain system properly in developing better understanding of cryptocurrency framework. The better understanding of the blockchain will help investors making proper decision in their investment portfolio to gain better profit and preventing loss.

Fakhar Shahzad, Guoyi Xiu, Jian Wang, Muhammad Shahbaz

No abstract is available for this record.

Akash Santosh Loya

Blockchain technology is a distributed ledger technology which helps to store information in a decentralized way. It can be put to use for various purposes ranging from the handling and transaction of virtual currency to maintenance of land registries. The adoption of the technology in India will surely enhance the efficiency and effectiveness of the various sectors. However, certain legal ramifications may arise. The three prominent usages of Blockchain technology are: Bitcoins, Smart Contracts and the Land Registry System. The legal ramifications of all the three usages under various Indian laws have been examined. Further, adoption of Blockchain technology in the Land Registry System will require certain structural changes. Therefore, the said structural changes have been examined and certain suggestions have been made for successful adoption of Blockchain technology in the Land Registry System in India.

Johannes Hinckeldeyn, Jochen Kreutzfeldt

Blockchain and Internet of Things are supposed to have big impact on logistics. This study presents a prototypical smart contract using smart storage containers in order to investigate the potential and the maturity of Blockchain and Internet of Things for logistical processes. A smart storage container is developed and connected to an Ethereum-based smart contract. The smart contract is based on a multi signature wallet of three parties to process the payment and arbitrate disagreements. Further research implications for the development of smart contracts for supply chains are derived from the experiences of this prototype study.