Trading commercial property currently involves several middlemen who are extra time-consuming and cost-consuming elements in a transaction. With recent blockchain-based smart contract innovations, it is possible to use distributed applications (Dapps) for disintermediating third parties and enabling direct peer-to-peer (P2P) transactions. The blockchain serves as an immutable, event-recording ledger that facilitates trust-less P2P transactions. The Evareium system is a distributed application for enabling blockchain-based commercial-property trades that make middlemen superfluous and consequently, investors benefit from cost reductions, faster transaction times, greater transparency and reduced regulatory burdens. As a consequence of the Evareium system, investors and other stake-holders are able to avail a direct interface with the creation and dissemination of optimal financial gains from such investments without interdiction. The corresponding Evareium token is structured for governing platform-related incentives. The Evareium token is also intended for Internet-of-Things (IoT) based hotelmanagement services such as controlling hotel-room blindfolds, A/C, smart keys, checkin, spa, restaurant, room service, and so on.
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.
Çalışmada gün geçtikçe popülerliği ve buna bağlı olarak toplam piyasa değerleri ve işlem hacimleri artan, çok sayıda ve çok çeşitli piyasalarda işlem gören kripto paraların fiyatlarının birbiri üzerindeki etkisi araştırılmıştır. Çalışmada, Bitcoin, Ethereum, Ripple, Bitcoin Cash, Cardano, Litecoin, NEM, NEO, Stellar ve IOTA kripto paralarının seçiminde toplam piyasa değerleri dikkate alınmıştır ve en yüksek toplam piyasa değerine sahip 10 kripto para analize dahil edilmiştir. 15 Aralık 2017 ve 17 Ocak 2018 tarihleri arasında çalışmaya konu olan kripto paraların günlük fiyat hareketleri arasındaki ilişkiyi incelemek için serilere Johansen Eşbütünleşme Testi ve Granger Nedensellik Testi uygulanmıştır. Çalışmanın sonucunda, Cardano’nun NEO’nun Granger nedeni olduğu, Bitcoin’in Bitcoin Cash’in Granger nedeni olduğu, Litecoin’in Bitcoin Cash’in Granger nedeni olduğu, NEM’in Bitcoin Cash’in Granger nedeni olduğu, Ripple’ın Bitcoin’in Granger nedeni olduğu, NEO ve Ethereum’un birbirinin Granger nedeni olduğu, NEO ve Litecoin’in birbirinin Granger nedeni olduğu ve NEM’in Stellar’ın Granger nedeni olduğu tespit edilerek, bu değişkenlerin fiyat hareketlerinin kısa dönemde birbirini etkilediği ortaya konmuştur.
Over the past decade the financial services industry has been disrupted by a range of new technologies. This has included the launch of new, private, digital currencies such as Bitcoin. In this environment, central banks are considering how they can take advantage of these new technologies to help deliver their core functions. This article contributes to this discussion by evaluating the pros and cons of a public digital currency issued by a central bank across four functional areas: currency distribution, payments, monetary stability and financial stability. We distinguish between two kinds of digital currency – ‘conventional’ digital currencies, which rely on existing payments technology to operate, and crypto-currencies which rely on distributed ledged technology (similar to Bitcoin). We find the pros and cons of a central bank issuing a digital currency are mixed across each of the central bank functions, revealing the complexity in evaluating such a currency. In particular, we find the implications for monetary policy and financial stability could be significant, both positively and negatively.
The UK Government is under growing pressure to improve the performance of public services whilst reducing costs. Services are under stress at a national and local level. This pressure to improve the value being delivered to citizens whilst reducing operational costs and risks is analogous to the pressure the financial service industry has been under since 2008. Financial services organisations are increasingly turning to Distributed Ledger Technology (DLT) to address these challenges. Distributed ledger technology is enabling a new paradigm in financial services where organisations collaborate and integrate at the infrastructure and transaction level, freeing up resources for innovation and competition at the application and value proposition level; what we are seeing is wholesale business model transformation. This paper explores how a new Public Value Network might enable Public Service Organisations to: 1. Retain their existing decentralised business models, (budgets, decision making, business, service design) yet optimise and synchronise locally and nationally 2. Collaborate in the design and delivery of frictionless human centric services 3. Automate- services, adherence to and auditing of regulation, policy and process 4. Improve financial transparency across public service value chain.
Grégory Claeys, Maria Demertzis, Konstantinos Efstathiou
This Policy Contribution tries to answer two main questions: can cryptocurrencies acquire the role of money? And what are the implications for central banks and monetary policy?
Grégory Claeys, Maria Demertzis, Konstantinos Efstathiou
This Policy Contribution tries to answer two main questions: can cryptocurrencies acquire the role of money? And what are the implications for central banks and monetary policy? Money is a social institution that serves as a unit of account, a medium of exchange and a store of value. With the emergence of decentralised ledger technology (DLT), cryptocurrencies represent a new form of money: privately issued, digital and enabling peer-to-peer transactions. Historically, currencies fulfil their main functions successfully when their value is stable and their user network sufficiently large. So far, cryptocurrencies are arguably falling short against these criteria. They resemble speculative assets rather than money. Primarily this is because of their inherent volatility, which is the by-product of their inelastic supply, and which limits their widespread use as a medium of exchange. Cryptocurrency protocols could theoretically evolve to limit their volatility and correct their current deficiencies. If successful, this could lead to an increase in their popularity as an alternative to official currencies. A successful alternative to official currencies could put pressure on those who manage official currencies to provide better policies. But the widespread substitution of central bank currency for cryptocurrencies would effectively create parallel currencies. This by itself could create risks to the effectiveness of monetary policy, to financial stability and ultimately to growth. Nevertheless, the risks of cryptocurrencies becoming serious contenders remain small as long as fiat currencies issued by the world's major central banks continue to deliver effectively the three traditional functions of money. It would take a deep crisis of trust in official currencies for their widespread substitution by cryptocurrencies to materialise. For cryptocurrencies to replace official currencies they would have to overcome a triple challenge. First, the supply of cryptocurrency would need to act as an instrument (or identify a different instrument) that affects the economy. Second, in the presence of fractional reserve banking, the supply would need to respond to liquidity crises and act as a lender of last resort in order to safeguard financial stability. Third, there would need to be a system of checks and balances to keep the agent, ie the cryptocurrency issuer, accountable to the principal, ie society, which is not possible because cryptocurrencies are automatically and privately-issued. For these reasons, official currencies controlled by inflation-targeting independent central banks still appear to be a far superior technology than cryptocurrencies to provide the money functions.
The Banking Union is a framework composed of “Single Supervisory Mechanism （SSM）”, “Single Resolution Mechanism （SRM）” and “Deposit Guarantee Scheme （DGS）” and aims at strengthening regulation, observation and governance in the European financial sector. In the case that a bank goes into bankruptcy, it will be saved, without using public finance, between stockholders and creditors under the framework of banking union. Moreover, European Union （EU） integrates the responsibility of observation into the European Central Bank （ECB） and expects that ECB will be able to timely intervene banking system in member countries so that it can stop spreading financial crisis. On the other hand, European financial system is diversified and regional oriented in nature, reflecting its history, culture and policies. For example, in Germany, Landesbank/Sparkasse system, which is like a public bank owned by local government, and cooperative banks, which have close relationship with local businesses, has a larger share and influence. In France, large financial institutions such as Credit Agricole, BPCE group and Credit Mutuele, which are owned partly by public entity, make it possible to be both commercialization and localization at the same time by owning numerous small local banks under their umbrellas. In the Netherlands and Finland, which are economically successful in Euro zone, cooperative banks such as RaboBank and OP Group have also larger share and could keep sound banking even during European debt crisis. However, In Spain and Italy, which owns about 1/3 of bad loans in whole Euro zone, cooperative and saving banks also have larger share in their financial systems but it is criticized that its governance is one of major reasons causing financial crisis. Purpose of this paper is to overview how de-centralized financial system like saving banks and cooperative banks, which have larger influence in European countries, are overcoming the financial crisis in major European countries and to analyze and discuss effectiveness of both banking union and stability of regional financial system, emphasizing its importance as a stabilizer of money circulation in regional economy. This paper also tries to show the soundness of regional financial system during European debt crisis with recent business performance of cooperative banks which have decentralized financial structure and to complement precedent papers by indicating that characteristic of financial structure have some relationships with degree of financial crisis through comparing the characteristics of four major Euro countries such as Germany, France, Spain and Italy. （395 words）
A proof of balance plus transaction fees block-chain cash system as well as a proof of logarithmic stake block-chain system are proposed. Securities of both systems are analysed.
Revisiting analytically the notion of embeddedness and its connections with the concept of trust, this paper shows that contrary to Bitcoin’s premises and promises to be a trust-low or even trust-less currency, trust enters the system at many various levels and with different nuances. Applying a conceptual framework that conceives embeddedness as both the possible source and outcome of trust, it is pointed out that Bitcoin should better be regarded as doubly embedded: in technology and in its peculiar social structure. Due to the existence of computational and cognitive asymmetries within the system, in fact, trust is necessary for the very functioning of this new form of money, as well as for its future prospects.
The emergence of new technologies leads to the reconsideration of business processes identified with older technologies, but many advantages that they promise do not immediately appear. The transfer of the ledgers kept in paper form to the computer environment presents a challenge as a revolution in the field of payments. However, since this change takes place in the form of recording rather than recording the transaction, the processes underlying the transactions remain substantially the same.
In this paper, by using econometric techniques we provide evidence that bitcoin exhibited the formation of speculative bubble in 2017. To conceptually rationalize the results, we delve into the extant theoretical approaches developed by Kindleberger's (1978) speculative bubbles and Minsky's (1992) financial instability hypothesis. Certainly, bitcoin has spurred a revolution in payment technology that, if treated cautiously can facilitate financial intermediation and inclusion. Ultimately, whether or not bitcoin constitutes a bubble is a decision for investors as the road to hell is paved with good promises.
The recent decade has witnessed an extraordinary degree of innovation in the financial sector. Developments in financial technology, computing power, and networking theory have allowed decentralized online platforms such as Bitcoin to fundamentally change the way that financial services are provided. While these innovations have been applauded by many as bringing a welcome degree of competition to a sector long dominated by powerful incumbents, they also create a set of challenges for current financial regulation. How do fiduciary standards apply to algorithms? How does online finance affect the behavior of investors? And more generally, how can regulators monitor and constrain the financial industry when it is increasingly run by autonomous, dispersed computer networks? This Article argues that current financial regulation is inadequate to address the unique problems presented by the rise of Bitcoin and other fintech industries. In particular, these innovations raise concerns about the ability of financial regulation to promote three inter-related financial goals: the efficient allocation of capital, the protection of consumers, and the prevention of systemic risk. These goals, at the core of current approaches to financial regulation, are all challenged by fintech’s defining feature: its reliance on disembodied institutions and complex algorithms for its functioning. These traits render the traditional tools used by regulators to discipline markets—substantive behavioral obligations, the threat of sanctions, and the constraining effect of reputation—largely ineffective. The Article concludes by proposing a set of principles to guide lawmakers in designing a more effective financial regulatory structure for the Bitcoin era.
Bitcoin and its enabling technology, the blockchain, are front and center in discussions of the future of finance and “fintech.” This essay argues that Bitcoin is a special case and a weak analogy for future applications of blockchain technology. Adoption will grow, and applications will spread, but the nature of the technology and of the financial markets suggest that instead of being disruptive to major incumbent institutions, blockchain-based innovation will tend to strengthen existing market participants, serving more to lower costs than to encourage new entrants or new business methods. <b>TOPICS:</b>Currency, global
The thesis consists of three chapters and studies the role of corporate bond dealers as liquidity providers in decentralized over-the-counter markets. The first two empirical chapters explore the impact of dealers' inventory financing constraints on their ability to act as middlemen in corporate bond markets. Specifically, the first chapter provides empirical evidence that dealers' financing constraints are a crucial determinant of the costs of their liquidity provision. The second chapter demonstrates that bonds handled by dealers with higher financing constraints are associated with substantially larger and abrupt price declines and slower price reversals in case of a rating downgrade from investment to non-investment grades. The third theoretical chapter studies the effects of post-trade disclosure on a dealer's dynamic trading strategy in a two-period dealership market and shows that in terms of customer welfare neither a regime with full nor one without post-trade transparency is universally dominating.
Gucun merkezlerde olmayip insanlarin elinde toplandigi finansal teknolojiler gelecegi sekillendirmeye basladilar. Guvenligi matematiksel yontemler sifrelenerek saglanan kripto paralar, klasik anlamda kullanilan paralarin aksine hicbir devlet ve/veya kurum destegi olmaksizin dunyanin her herhangi bir yerinde bireysel kullanicilar tarafindan uretilerek kullanilmaktadir. Hâlihazirda bin alti yuz elli civarinda kullanilan kripto para piyasada islem gormektedir. Bunlardan one cikanlar; Ripple, Ethereum, Bitcoin, Cardano, NEM, Litecoin, Stellar, Bitcoin Cash, IOTA ve TRON’dur. Bu paralarin yatirim araci olarak degerlendirilirken bazi sirketler hatta ulkeler emtia olarak da degerlendirmektedir. Kripto paralarin dunyada islem hacimlerinin artmasi onlenemeyen bir gercekliktir. Bu gercekligin akademik bir makalede yer almasi gerekliligi uzerine calismanin literature degerlenmesi onemli gorulmustur. Calisma ile, zaman ve mekan siniri olmayan kripto paralarin avantaj ve dezavantajlarini degerlendirerek ulkelerin ve sirketlerin kripto paralari kullanimlarina yonelik yaptiklari calismalar ve hukuki duzenlemeleri inceleyip Turkiye acisindan konuyla ilgili yapilacak calismalara isik tutmak amaclanmaktadir. Bu baglamda calismada, dijitallesen dunyada yenilikci finansal teknolojileri kullanarak dunyanin gerisinde kalmadan gelecekte inovasyona liderlik edebilme olasiligi olan kripto paralar, yatirim olanaklari ve hukuksal duzenlemeleri ikincil verilerin isiginda ampirik olarak degerlendirilmektedir. Bunun yani sira Turkiye’de yeni nesille birlikte buyuyen kripto para yatirimcilarinin dikkat etmesi gereken unsurlar ile Turkiye’nin bu teknolojiye hazir olmasi icin gerekli model de calismada yer almaktadir.