Liudmila Zavolokina, Rafael Ziolkowski, Ingrid Bauer
In recent years, an increasing number of blockchain consortia have emerged. However, little is known about how these consortia are developed and what tensions emerge in such collaborations. We describe the evolution of the cardossier blockchain consortium in Switzerland, which is building a system for managing car data and seeking to improve collaboration between players in the car-related ecosystem. From our involvement with the cardossier project, we have gained insights that will be valuable to enterprises considering whether to join a blockchain consortium.
We model a cryptocurrency as membership in a decentralized digital platform developed to facilitate transactions between users of certain goods or services. The rigidity induced by the cryptocurrency price having to clear membership demand with supply of token by speculators, especially with strong complementarity in membership demand, can lead to market breakdown. While user optimism mitigates the market fragility by increasing user participation, speculator sentiment exacerbates it by crowding users out. Informational frictions attenuate the risk of breakdown by dampening price volatility and platform performance. Furthermore, the users' anticipation of losses from strategic attacks by miners exacerbates the market fragility.
Tobias Riasanow, Lea Jäntgen, Sebastian Hermes, Markus Böhm · 5 authors
Abstract Digital transformation is continuously changing ecosystems, which also forces established companies to re-evaluate their value proposition. However, only transformations of single ecosystems have been studied. Therefore, this work targets to examine the similarities of digital transformation in five platform ecosystems: automotive, blockchain, financial, insurance, and IIoT. For our analysis, we combine the strengths of conceptual modeling using e3 value with a cluster analysis based on text mining to identify similarities in the respective ecosystems. As a result, we identified 15 clusters. Cluster 01 is the core cluster, containing the roles of organizations from all five ecosystems. Cluster 02–05 are intertwined, as they include roles from at least two ecosystems. Clusters 06–15 are ecosystem-specific that only include roles found in one ecosystem. Scholars and practitioners can use these clusters when analyzing or building a new platform ecosystem, or transforming a traditional ecosystem towards a platform ecosystem.
Blockchain technology is an enabler of value transactions on decentralized, secure databases (ledgers). Despite still being in its early stages, we expect blockchain's impact on business and society to be disruptive. We provide a theory-based examination of blockchain technology's transformational impact from a business model and ecosystem perspective to accelerate the debate on its potential effects. By conceptualizing blockchain's key features through the lens of value, actor-network and contract (property rights) theories, we develop a theoretical framework for analyzing the implication of blockchain technology on value creation. We posit that blockchain serves as a resource, a capability, and an agent to its users. Blockchain technology thereby enables a range of efficiency gains, novelties, and lock-in reductions that have sustaining, enabling, and threatening implications for the emergence and attractiveness of business models and business ecosystems. These findings contribute to the discussion on how digital technologies, blockchain in particular, transform business models, and business ecosystems. Additionally, we contribute to the discussion of digital technology's agency by conceptualizing the blockchain as a symbiosis of human/organizational and technological actors that join forces and thereby achieve a new form of agency that is distinct from traditional perspectives on human or machine agency.
Purpose - The main purpose of the study is to classify the different barriers in adoptions of Bitcoins and provide the appropriate elucidations for the problems faced by Bitcoin users in India.Design/ methodology/ approach - The study reviews researches on the adoption of Bitcoin as a medium of transactions and investments. A review of literature has been carried out to explore various existing Bitcoin. A case study has been conducted on Bitcoin and its adoption by individuals in different countries. AHP has been used to propose the model and for insights.Originality/value - Bitcoin adoption is still an unexplored area of research. This research has attempted to explore the root causes of the non-adoption of Bitcoin in different countries.
Open innovation is a concept in flux; from the practice of large-scale, internet-mediated collaboration, to a strategic option and business model for firms. However, the scope and breadth of its transformative dynamic is arguably restrained. Despite the theoretical and empirical benefits of openness, established firms face significant challenges deploying the coordination patterns of open innovation communities, further reducing the potential of spill-overs in the supply chain. Viewed differently, open innovation presents more user-centric and responsible innovation paths. These are manifested in the processes and outputs of open innovation by empowering participation and by successfully employing the capacities of user communities. To reap the benefits of open innovation, a rapid reconfiguration of the production and exchange structures is needed in intrafirm and interfirm relations. Sensorica is an open enterprise that achieves such forms of organization and a unique techno-social infrastructure supporting them. It illustrates a potential path that can realize the full potential of open innovation, for users, firms, and the economic system as a whole.
Marta Cristina Pelucio Grecco, Jacinto Pedro dos Santos Neto, Diego Constancio
Abstract This essay presents recommendations in regard to accounting for operations that involve bitcoins, in compliance with the International Financial Reporting Standards (IFRS), and analyzes their main tax aspects. There is no specific pronouncement on the part of the International Accounting Standards Board (IASB) or from the Brazilian Accounting Pronouncements Committee (CPC) regarding the accounting treatment to be applied in operations that use these currencies. Bitcoin is of interest to economists as a virtual currency with the potential to disrupt existing payment systems and even monetary systems. This essay offers a contribution for standard-setters and the tax authority (fisco) by providing the basis for possible guidelines to be issued on the accounting treatment of bitcoin operations, as well as by defining the appropriate tax treatment; in addition, it makes a contribution for accounting professionals by suggesting the accounting policy to be adopted in these operations. Here, the analysis of the characteristics of bitcoins is compared with the guidelines and concepts of IFRS, in order to elaborate the recommendation for accounting treatment, and it suggests that the most adequate procedure would be that of foreign currency, which would go against the tax treatment adopted up until now by the Brazilian Internal Revenue Service (Receita Federal) or the Internal Revenue Service (IRS) of the United States of America (USA), which suggest treating virtual currencies as goods and not as currencies. It warrants mentioning that this contradiction may cause tax risks for taxpayers.
Stefan Tönnissen, Jan Heinrich Beinke, Frank Teuteberg
Abstract Start-ups in the blockchain context generate millions by means of initial coin offerings (ICOs). Many of these crowdfunding endeavours are very successful, others are not. However, despite the increasing investments in ICOs, there is still neither sufficient theoretical knowledge nor a comprehensive understanding of the different types of business models and the implications for these token-based ecosystems. Scientific research equally lacks a thorough understanding of the different business model forms and their influence on collaboration in token-based economies. We bridge this gap by presenting a taxonomy of real-world blockchain-based start-ups. For this taxonomy, we used 195 start-ups and performed a cluster-analysis in order to identify three different archetypes and thus gain a deeper understanding. Our taxonomy and the archetypes can equally be seen as strategic guidance for practitioners as well as a starting point for future research concerning the token-based business models.
Στην παρούσα διπλωματική εργασία σχεδιάστηκε και υλοποιήθηκε μία κατανεμημένη εφαρμογή ηλεκτρονικών δημοπρασιών αξιοποιώντας την τεχνολογία του blockchain. Παρέχονται στον χρήστη οι δυνατότητες δημιουργίας ανοιχτών ανοδικών δημοπρασιών, η εύρεση των ενεργών και των ολοκληρωμένων δημοπρασιών. καθώς και η δυνατότητα υποβολής προσφοράς. Η υλοποίηση έγινε χρησιμοποιώντας το δημόσιο blockchain του ethereum, υλοποιώντας smart contracts γραμμένα στην γλώσσα προγραμματισμού solidity. Παράλληλα, για την διεπαφή του χρήστη με το blockchain χρησιμοποιήθηκαν τεχνολογίες διαδικτύου όπως τα frameworks Laravel, Vue.js, web3.js.
Ingrid Bauer, Liudmila Zavolokina, Fabian Leisibach, Gerhard Schwabe
Blockchain technology is expected to create a variety of new opportunities for businesses. Yet, little is known about how the technology actually enables to create value and how companies will be able to exploit true business value. However, without a clear understanding of the value creation potential from the technology, and corresponding adaption of business practices, the realization of value is doomed to failure. Hence, we contribute to this gap by exploring and explicating the specificities of value creation from blockchain in the ecosystem of a car. In the course of an exploratory case study analysis, over a time period of 2 years, we conducted three iterations of interviews and workshops with industry and blockchain experts from five diverse stakeholder groups. In brief, we provide early evidence that (1) blockchain enables value creation through: Distributed Product Innovation, Shared Operational Efficiency, and Controlled Customer Intimacy. Furthermore, we discuss our learnings for businesses in other domains aiming to leverage value from blockchain technology. We do so, by deriving guidelines for each blockchain value discipline. Furthermore, we give recommendations on how blockchain projects in ecosystems should approach multiple blockchain value potentials.
Ethereum is one of the most popular blockchain systems that supports more than half a million transactions every day and fosters miscellaneous decentralized applications with its Turing-complete smart contract machine. Whereas it remains mysterious what the transaction pattern of Ethereum is and how it evolves over time. In this paper, we study the evolutionary behavior of Ethereum transactions from a temporal graph point of view. We first develop a data analytics platform to collect external transactions associated with users as well as internal transactions initiated by smart contracts. Three types of temporal graphs, user-to-user, contract-to-contract and user-contract graphs, are constructed according to trading relationship and are segmented with an appropriate time window. We observe a strong correlation between the size of user-to-user transaction graph and the average Ether price in a time window, while no evidence of such linkage is shown at the average degree, average edge weights and average triplet closure duration. The macroscopic and microscopic burstiness of Ethereum transactions is validated. We analyze the Gini indexes of the transaction graphs and the user wealth in which Ethereum is found to be very unfair since the very beginning, in a sense, "the rich is already very rich".
Over the past decade, the blockchain technology and its Bitcoin cryptocurrency have received considerable attention. Bitcoin has experienced significant price swings in daily and long-term valuations. In this paper, we propose a partial differential equation (PDE) model on the bitcoin transaction network for predicting bitcoin price. Through analysis of bitcoin subgraphs or chainlets, the PDE model captures the influence of transaction patterns on bitcoin price over time and combines the effect of all chainlet clusters. In addition, Google Trends Index is incorporated to the PDE model to reflect the effect of bitcoin market sentiment. The experiment shows that the average accuracy of daily bitcoin price prediction is 0.82 for 362 consecutive days in 2017. The results demonstrate the PDE model is capable of predicting bitcoin price. The paper is the first attempt to apply a PDE model to the bitcoin transaction network for predicting bitcoin price.
The Fourth Industrial Revolution, driven by rapid technological change and digitization, is having a profound impact on global trade. By applying innovative new technologies to trade, “TradeTech” promises to increase efficiency, drive economic development and grow inclusivity. However, challenges and uncertainties remain on the policy governance of TradeTech. Public-private partnerships are needed to maximize the benefits and mitigate the potential downsides of applying new technologies to global trade. Building on global developments and aspirations for TradeTech, the World Economic Forums Centre for the Fourth Industrial Revolution, through its Digital Trade team, collaborated with the Inter-American Development Bank (IDB) to launch a new project. This project aims to guide public-sector stakeholders to make informed decisions about using emerging technologies to facilitate trade, drive economic development and improve competitiveness particularly in the case of blockchain deployment in trade single windows. Given its prioritization of emerging technologies and having worked closely with Latin American and Caribbean (LAC) governments, the IDB has valuable experience and knowledge to help co-design and shape the trade agenda. Within trade facilitation, trade single windows serve as the single electronic point for exporters and importers to submit regulatory and commercial documents to respective government ministries and agencies. However, promises of increased efficiency are hindered by pain points and challenges, such as the lack of interoperability among agencies, persistence of outdated processes and limited visibility and traceability of shipped goods. By exploring the application of new technology blockchain in the trade single windows network, this White Paper outlines the current obstacles governments face in implementing and maintaining single windows, and the potential for blockchain to address those issues while understanding the experimental nature of the technology. The opinions expressed in this publication are those of the authors and do not necessarily reflect the views of the Inter-American Development Bank, its Board of Directors, or the countries they represent.
Jan 1, 2020·Proceedings of the ... Annual Hawaii International Conference on System Sciences/Proceedings of the Annual Hawaii International Conference on System Sciences
Nico Abbatemarco, Leonardo Maria De Rossi, Aakanksha Gaur, Gianluca Salviotti
New digital technologies are changing the way organizations create and capture value. In particular, blockchain is bringing up opportunities for organizations in terms of transparency and security, and at the same time threatening the position of intermediaries such as banks and notaries. Therefore, intermediaries need to design new business models to generate value from blockchain. Little academic re-search has been conducted to identify the business models that intermediaries could exploit to leverage a disintermediation technology such as blockchain. Employing a qualitative research based on focus group and interviews, this study highlights how a specific intermediary, the Italian notaries, tried to design appropriate business models to derive value from blockchain ecosystems. Specifically, drawing on the key concepts of value configuration, value creation and business model dimensions, this paper identifies three different business models that Italian notaries can implement to create and capture value from permissionless blockchain ecosystems.
This chapter explains the role and how interoperability standards and compatibility standards will enable the development of cross-chain blockchain networks. Blockchain currently lacks standardization. There are different initiatives aimed at facilitating interoperability between different blockchains. But if there are no uniform interoperability and compatibility standards, that will cause a problem for the development of cross-chain blockchain networks. In the EU, there is an initiative to facilitate a continental cross-chain blockchain network. Interoperability and compatibility standards are an integral aspect of the initiative. This chapter uses the case of the EU as a basis for explanation on how blockchain service providers can work together to develop these standards.
Київський національний економічний університет імені Вадима Гетьмана, Михайло ОРЄХОВ, Т.В. Орєхова, Донецький національний університет імені Василя Стуса
The paper analyzes the role of digital currencies in the global financial system, the peculiarities of their use. The paper pays attention to the characteristics of the historical preconditions for the emergence of electronic payments and, as a consequence, digital currencies. The paper analyzes the features of the emergence and functioning of major global cryptocurrencies - Bitcoin, Ripple and Ethereum. The advantages of cryptocurrencies, the authors of the study include unlimited opportunities for transactions, no borders, transaction speed. Among the disadvantages of cryptocurrencies is the lack of a proper level of knowledge, which leads to the spread of fraud. The paper presents the volume and share of bitcoin trade in different markets during the period from January 2013 to January 2018. The results of the study allow us to conclude that the modern cryptocurrency market, despite the fact that the evolution of electronic money is in its infancy, and cash is still the most important form of payment for retail transactions, is highly competitive and fragmented.