Blockchain Papers

Sebastian Richter, Erich Heumüller

No abstract is available for this record.

Authors unavailable

Bitcoin is a well known cryptocurrency that has existed for over a decade. We examine the historical cross-market dynamic relationships among four important Bitcoin cryptocurrency markets at a pivotal point in cryptocurrency acceptance among markets and the public. We pay particular attention to cross-market relations during the introduction of a new, competing Bitcoin exchange, Bitfinex, and the subsequent demise of the once-prominent Bitcoin exchange, Mt. Gox. Our findings show that Bitfinex's introduction led to a shifting of trading activity from the once popular Mt. Gox exchange to other exchanges. Mt. Gox's loss of trading activity caused price distortions in all Bitcoin markets under study. In addition, cross-market relationships became less efficient while Mt. Gox experienced its death throes. Our study provides evidence that (1) Bitcoin markets are susceptible to volume losses to rival exchanges, (2) shifting trading activity is also associated with price distortions mainly originating from the suffering exchange, and (3) Bitcoin cross-market dynamics are resilient and, ultimately, self-healing from shocks, strengthening Bitcoin's long-term viability.

Barton E. Lee, Daniel J. Moroz, David C. Parkes

No abstract is available for this record.

Abeba N. Turi

This chapter presents the Web 3.0 economy with a primary focus on the network economies of blockchain technology and distributed ledger technologies (DLTs). It is designed to present a general overview of the Web 3.0 distributed network economy in light of some business, finance, and economic theories and practices. The chapter thus lucid the analyses to aid understanding the applications of economic thinking and design to the newly evolving digital economic system. The chapter provides a conceptual review of blockchain tech economics by organizing dispersed thoughts in the field.

Andrew Le Gear

No abstract is available for this record.

Ahto Buldas, Dirk Draheim, Takehiko Nagumo, Anton Vedeshin

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Guangzhi Shang, Noyan Ilk

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Samuel BRÃœLISAUER, Anastasia Costantini, Gianluca Pastorelli

Digitalisation and other advanced technologies are increasingly reshaping our economy, including social economy enterprises. Disruptive technologies can inspire the social economy and vice versa. Blockchain for instance carries an intrinsic decentralisation approach that could have many implications for services and generate a high social added value through traceability, fair pricing, commonly recognised and verified standards and democratization of access to services and products in all societies and areas.- Ms Ulla Engelmann, Head of Unit for Advanced Technologies, Social Economy and Clusters, European Commission, DG Grow In the first two decades of the new century digital technologies have started to reshape work, leisure, behaviour, health, education, money, governance, and other aspects of human life. As people and businesses start using digital appliances for all kinds of interaction, an increasing amount of communication and value exchange shifts to the digital realm. This megatrend holds many promises to spur innovation, generate efficiencies, and improve services, and in doing so boost more inclusive and sustainable growth. But these technologies also tend to disrupt traditional ways to organize our economy and society, entailing important consequences for people, organisations and markets, and raise important issues around jobs and skills, privacy, security. We use the term digital transformation to describe these social, cultural, and economic changes resulting from digital innovations, and identify four socio-technological areas in which people are particularly affected by this transformation: work and income goods and services, money and finance, and state and governance. Digital platforms and blockchains (and other distributed ledger technology) are two of the most impactful technologies. Because of the astonishing possibilities these technologies offer, observers regularly fathom that it is not only unfeasible but also undesirable to ‘stop’ the digital transformation. Rather, it is argued that digital technologies and their impacts must be actively managed and leveraged to ensure their alignment with people-centred development and sustainability. In this context, a growing number of social economy innovations aim to create an internet and digital appliances that put individual users and society first. Social economy enterprises and organizations are either based on participatory governance where users are ultimately in (partial) control over the platform/technology, or bound by a statutory purpose asserting the priority of social and environmental goals before financial returns. The digital social economy innovations discussed in this paper aim to realize this vision in the four areas undergoing digital transformation. Our analysis is informed by insights from the workshop organised by Diesis on “Blockchain, digital social innovation and social economy. The future is here!†, as well as case studies elaborated in close collaboration with various digital social economy enterprises. The study finds a vivid variety of digital social economy enterprises, and important potential for further applications of social economy principles in the digital realm. Yet the realization of this potential depends on whether these enterprises manage the critical challenge to achieve sustainable and user-centred growth. We therefore conclude with a discussion of this challenge and some recommendations for policy, organization and entrepreneurship.

Thibault Schrepel, Vitalik Buterin

No abstract is available for this record.

Franz J. Hinzen, Kose John, Fahad Saleh

No abstract is available for this record.

Oleksii Konashevych

The blockchain is a technology that was initially designed as an alternative to the banking system aimed to decentralize money circulation. It has become apparent that the invention has a vast potential to improve various industries and fields of human activities. The blockchain industry generated a variety of ideas of how to use this technology: to crowdfund business with Initial Coin Offerings (ICO), to tokenize and manage assets online, to improve public administration and state-owned registries, or even to use it for electronic voting. Multiple applications of this technology became possible since the industry started experimenting with overlay technologies on blockchains, for example, Colored Coins, known as tokens on Bitcoin; Namecoin, a blockchain as a decentralized infrastructure for Top-Level Domain “.bit,” but the significant step forward happened when Ethereum proposed their concept of smart contracts on blockchain. There are several platforms that offer users the ability to design their own private and public distributed ledgers (Hyperledger, Azure). It is not easy to mention all of the projects in the field of blockchain industry; however, at this stage, it has become clear that the technology (along with some other innovations, like Artificial Intelligence) is penetrating spheres that are traditionally highly regulated and centralized with a high level of human participation: securities and exchanges, public registries (notary, real estate, business entities and other registries), public finances, elections, etc. This discussion is devoted to the issues of regulations for the activities that arise from the blockchain.

Jiahao He, Guangyuan Zhang, Jiheng Zhang, Rachel Zhang

No abstract is available for this record.

Nerenda N. Atako

No abstract is available for this record.

Basil Guggenheim, Sébastien Kraenzlin, Christoph O. Meyer

We use unique individual bank-to-bank repo transaction data to empirically assess the efficiency of the existing Swiss financial market infrastructure (FMI) for executing delivery versus payment transactions. This approach enables us to identify its current benefits and drawbacks and discuss how these could be addressed and to what extent distributed ledger technology (DLT) could provide a remedy. We find that the fastest settlement time for repo transactions is 12 seconds, but that settlements are often delayed by more than 10 minutes due to the lack of collateral availability. We conclude that the cross-border availability of securities needs to be addressed by either improving interoperability of existing infrastructures or using new technologies.

José Jiménez

No abstract is available for this record.

Darcy W E Allen, Chris Berg

Understanding the complexities of blockchain governance is urgent. The aim of this paper is to draw on other theories of governance to provide insight into the design of blockchain governance mechanisms. We define blockchain governance as the processes by which stakeholders (those who are affected by and can affect the network) exercise bargaining power over the network. Major considerations include the definition of stakeholders, how the consensus mechanism distributes endogenous bargaining power between those stakeholders, the interaction of exogenous governance mechanisms and institutional frameworks, and the needs for bootstrapping networks. We propose that on-chain governance models can only be partial because of the existence of implicit contracts that embed expectations of return among diverse stakeholders.

Fay Koster, Hans P. Borgman

Blockchain has been heralded as a technology that can transform entire sectors, including the public sector where blockchain applications are believed to bring a wide range of benefits. The public sector is lagging behind, however, in its actual adoption of blockchain technology, and our understanding of the factors that explain the slow adoption rate, is lacking. Based on seven case studies of blockchain projects at various adoption stages, this research contributes to our understanding of what factors influence blockchain adoption in the public sector. We use an extended TOE framework that includes an inter-organizational perspective. The findings show that adoption is influenced by the hype around—and resistance to—blockchain technology; by top management support, by (perceptions of) the regulatory environment; as well as by trust between blockchain partners, which is both an antecedent as well as a consequence of blockchain adoption.

Ron Berndsen, Ruth Wandhöfer

No abstract is available for this record.

Jorge Soria

No abstract is available for this record.

Rolf H. Weber

No abstract is available for this record.

Blandine Eggrickx, Marine Lefort, Alain Roset

No abstract is available for this record.

Руслан Долженко

No abstract is available for this record.

Kirill Shakhnov, Luana Zaccaria

No abstract is available for this record.

Nenad Tomić, Violeta Todorović

Cryptocurrencies have been in the center of interest of both scientific and professional public for over ten years. Due to the volatile exchange rate against convertible currencies, investors predominantly use cryptocurrencies as an instrument of speculative investment, while their use in the payments is at a negligible level. On June 18, 2019, the Internet giant Facebook announced the creation of a consortium of financial and technology companies aimed at establishing a global cryptocurrency with stable value called Libra. It is planned to create an open blockchain through a new programming language, which will serve development teams in the future for creation of smart contracts. The subject of research in the paper will be the potential operational performances of Libra concept. The basis for the research will be a white paper published by Facebook and knowledge about the functioning of other cryptocurrencies, notably Bitcoin. The aim of the paper is to highlight the expected economic and security implications of Libra concept.