This article focused on the investigation of the big picture of top 20 cryptocurrencies for preparing readiness of Thais and inventing the first cryptocurrency for Thais. Documentary research and descriptive statistics like mean and standard deviation were used in this study. The findings stated that cryptocurrecies were mostly developed their products in the stage of fully working product with their own blockchain (native blockchain). C was mostly used as key languages. Decentralized Application (DAPPS), online payment without third party, and Smart Contract were key usages with proof-in-a-consensus, mostly done by Proof-of work (PoW), Proof-of-Stake (PoS) and the hybrid of PoW and PoS, Proof-of Activity (PoA). Finally, the average of block time was 3.25 minutes whereas 70,608.8 transactions per second was in average.
Alvaro Gonzalez Rivas, Mariya Tsyganova, Eliza Mik
Many expect Smart Contracts (SC’s) to disrupt the way contracts are done implying that SC have the potential to affect all commercial relationships. SC’s are automatization tools; therefore, proponents claim that SC’s can reduce transaction costs through disintermediation and risk reduction. This is an over-simplification of the role of relationships, contract law, and risk. We believe there is a gap in the understanding of the capabilities of SC’s. With that in mind we seek to define an amorphous term and clarify the capabilities of SC’s, intending to facilitate future SC research. We’ve examined the legal, technical, and IS views from an academic and practitioner’s perspective. We conclude that SC’s have taken many forms, becoming a suitcase word for any sort of code stored on a blockchain, including the embodiment of contractual terms; and that the immutable nature of SC’s is a barrier to their adoption in uncertain and multi-contextual environments.
Aditya Pradana, Goh Ong, Yogan Jaya, Ali A. Mohammed
In Malaysia, a new regulation of traffic offences demerit points has been over a debate. Therefore, a blockchain model is formulated to solve this issue. It serves a purpose to be a Proof of Work (PoW) of a blockchain system. This model contains application layer and blockchain layer with smart contract inside. The smart contracts act as a conditional filter which follows the regulation rules. It contains three contracts starting from the declaration of each offence’s demerit points and fines until the penalties when a certain amount of demerit points is collected, including revocation of driver license. The contracts will be automatically executed when such conditions are fulfilled. A transaction schema is also designed to match the schema of a traffic offence system. This model is deployed in online environment with two servers synced to each other to prove the decentralized characteristic of blockchain. It is developed using NodeJS while preserving JSON format for transaction between server and client. A user interface is also provided as a simulation media where a traffic officer can input offences and send it to blockchain server while public users or the driver itself can check the status of the driver license recorded on the blockchain. Government officer can monitor the records through a dashboard analytics provided which contains graphs and charts based on the records. This interface is used as media to do evaluation which produces satisfying results. The evaluation shows that the smart contracts are executed properly as compared to real regulations.
Smart contracts are computer programs executed on virtual machines, which are used to regulate relationships between the subjects of law. They allow parties to foresee, with a high degree of certainty, how will the contractual relationship develop and by the use of blockchain technology they provide a high degree of certainty. It has been conjured that smart contracts will offer significantly lower transaction costs in relation to traditional contracts. The paper analyzes this proposition and finds that not only are the gains doubtful, but also that in some cases transaction costs may be significantly higher.
Low transaction cost, low level of entry, worldwide quickness, and anonymity of the transactions is the main advantage of cryptocurrency use, making it an attractive transaction media for African countries. At the same time, there are certain drawbacks of it in terms of strong volatility, lack of user-friendliness and its usage in crime. The conceptual paper explores the use of cryptocurrencies, and its potential in the African context. The research paper utilizes UTAUT 2 Model and adds key constructs for analyzing the adoption of new technology by Africans. These additional constructs include hedonistic motivation, habit and price cost. Key factors were considered in the case of African countries in order to analyze whether cryptocurrency is essential for economic growth in some economic countries. The application of UTAUT model in the case of Arica shows that performance, effort expectations, social influence are favorable for African countries while the influence of hedonic motivations and price is unfavorable for acceptance of cryptocurrencies in African countries.
Kristian Lauslahti, Juri Mattila, Taneli Hukkinen, Timo Seppälä
Platform businesses are born global, with instant access to global markets. Thanks to the algorithmic, self-executing and self-enforcing computer programmes known as smart contracts, platform businesses now also have instant access to global capital markets from birth. However, the legal status of these smart-contract-enabled funding mechanisms and smart contracts in general is not well defined. In this article, we analyse how well the formation mechanisms of the general principles of Finnish contract law can be applied to the technological framework of smart contracts. We find that depending on the case, smart contracts can create legally binding rights and obligations to their parties. We also observe that contracts have not been formerly perceived as technical boundary resources in the sense that platform ecosystems could foster broader network effects by opening their application contracting interfaces to third parties.
Simona Ibba, Andrea Pinna, Gavina Baralla, Michele Marchesi
Abstract An Initial Coin Offering (ICO) is an innovative way to raise funds and launch a startup. It is also an opportunity to take part in a project, or in a DAO (Decentralized Autonomous Organization). The use of ICO is a global phenomenon that involves many nations and several business categories: ICOs collected over 5.2 billion dollars only in 2017. The success of an ICO is based on the credibility and innovativeness of project proposals. This fund-raising tool contains however some critical issues, such as the use of tokens that have no intrinsic value and do not generate direct liquidity, and the role of investors in the management of the startup. We analyzed if the Lean Startup methodology is helpful to face this critical aspects and we examined some ICOs in which the proposing team states explicitly that a lean startup approach is used.
Daniel Haberly, Duncan MacDonald-Korth, Michael Urban, Dariusz Wójcik
While contemporary technological disruption is increasingly conceptualized in terms of the logic and paradoxes of the digital platform economy, discussions of “FinTech” have only engaged to a limited extent with these debates—particularly from an economic geographic standpoint. Here we fill this gap by proposing an adapted Global Financial Network (GFN) framework for conceptualizing the organizational and geographic logic of the digital platform economy in finance, and applying it to examine the impact of the digital platform model on asset management. As we will show, asset management is being profoundly disrupted by what we dub digital asset management platforms—or DAMPs—which encompass services including index fund and ETF provision, robo-advising, and analytics and trading support. Like other digital platforms, DAMPs do not so much leverage technology to enhance their competitiveness within markets, as to radically restructure the market itself. Also, like other platforms, their rise has produced a winner-take-all paradox of centralization through democratization that defies predictions of technology-enabled industry decentralization. However, the logic and implications of the rise of DAMPs diverges, in other respects, from non-financial digital platforms, as finance has long possessed an informational intensity and regulatory and organizational fluidity characteristic of the digital platform economy. Consequently, the digital platform model has mostly developed endogenously in asset management through incremental innovation by major financial firms—in a process that has reinforced the position of leading incumbent asset management centers, and above all New York—rather than being introduced from the outside by upstart technology firms and clusters.
区块链是一种去中心、去信任的分布式账本技术，起源于比特币。其被业界广泛认为是具有颠覆性潜力的技术，将会重塑行业标准，改变社会和生活，也将为供应链金融带来革命性的影响。在系统阐述区块链概念、关键技术和运行原理的基础上，对当前供应链金融发展过程中所面临的痛点进行分析。提出区块链技术如何能够更好地解决供应链金融上的中小企业融资难、商业汇票和银行汇票使用场景受限、银行对供应链核心企业资金风控成本居高不下等问题。最后，给出了易见股份推出的“易见区块”平台案例研究。 Blockchain is a decentralized and trusted distributed book processing technology, originated from Bitcoin. Its industry is widely regarded as a potentially disruptive technology that will reshape industry standards, change society and life, and will have a revolutionary impact on supply chain finance. On the basis of systematic exposition of the concept, key technology and operation principle of Blockchain, this paper analyzes the pain points in the financial development process of current supply chain and puts forward the solutions to better solve the problems in supply chain finance such as the difficulty in small and medium-sized enterprises’ financing, limited usage scenarios of commercial bills and bank drafts, and funds risk control issues of supply-chain core enterprise. Finally, a case study of “e-visible” platform is presented.
In a world full of new technology, the risk of fraud is constantly increasing. In the securities industry, this risk existed long before the use of technology. Congress enacted the Securities Act of 1933 to combat the risk of fraud and misrepresentation in the sale of securities. By requiring full disclosure, investors have the opportunity to make informed decisions prior to investing. However, Distributed Autonomous Organizations (“DAOs”), through the use of blockchains and smart-contracts, engage in the sale of securities without fully disclosing the risks or complying with the registration requirements of the Securities Act of 1933. Compliance with the burdensome requirements of registration, however, would destroy this new technology and method of conducting business. To avoid this set-back, Congress must amend the registration requirements to provide an exemption for DAOs. This exemption, although reducing current registration burdens, must still require DAOs to disclose certain information, thereby ensuring investors are informed prior to investing. Furthermore, due to the unique nature of the blockchain, smartcontract, and DAOs, Congress must impose a fiduciary duty on the creators of DAOs to ensure compliance with the disclosure requirements. Further, Congress should consider the allowance of burden-shifting following the initial crowdsale.