Blockchain Papers

Stefan Tönnissen, Frank Teuteberg

No abstract is available for this record.

Seppo Yrjölä

No abstract is available for this record.

Fahad Saleh

No abstract is available for this record.

Lin William Cong, Ye Li, Neng Wang

We develop a dynamic asset-pricing model of cryptocurrencies/tokens that allow users to conduct peer-to-peer transactions on digital platforms. The equilibrium value of tokens is determined by aggregating heterogeneous users' transactional demand rather than discounting cashflows as in standard valuation models. Endogenous platform adoption builds upon user network externality and exhibits an S-curve-it starts slow, becomes volatile, and eventually tapers off. Introducing tokens lowers users' transaction costs on the platform by allowing users to capitalize on platform growth. The resulting intertemporal feedback between user adoption and token price accelerates adoption and dampens user-base volatility.

Camila Sitonio, Alberto Nucciarelli

This paper explores the impact of blockchain on the music industry with a focus on the implications technology can have for artists. By investigating the industry's supply chain, we argue that the on-demand streaming platforms (e.g. Spotify and Apple Music) have allowed consumers to easily access music products but have introduced a level of intermediation between artists and customers leading to inefficiency of the royalty payments systems. The goal of this research is to identify blockchain applications that would enable the disintermediation of the industry, allowing artists to create and capture more value from their own products. This paper discusses some applications and concepts related to blockchain, including smart contracts, record keeping, revenue management, and metadata analysis. By presenting some examples, we assess the current state of the technology's development in the music industry, how companies are introducing this new model into the market, and some limitations these models may have.

Syren Johnstone

No abstract is available for this record.

Sebastian El-Hage, Gustav Holst

Today there exist no standardized payment solution for performing micropayments between Internet of Things (IoT) devices. This study was conducted to examine whether Distributed Ledger Technology (DLT) could be suitable as a micropayment solution for IoT. Also, a more general demand for a scalable micropayment solution was examined, along with its potential. A qualitative study was performed by first conducting eight unstructured interviews regarding the subjects DLT and IoT, to be used as a complement to the literature research. Then, one unstructured and five semi-structured interviews were held to answer the research questions. The Bitcoin blockchain does not work as a micropayment solution, due to scalability issues. This study identified a positive outlook on the idea of Lightning Network, solving the scalability problems with off-chain transactions. However, since a fully functioning network is yet to be implemented, there exist uncertainties, for example regarding how decentralized it will really become. Also, issues considering the usage of DLT:s on small IoT devices arose, stemming from CPU and storage constraints. A demand of a sustainable micropayment solution was identified, possibly being a catalyst of the emergence of pay-per-use business models. Considering more powerful IoT devices, the Lightning Network could function as a micropayment solution. Such a technology is sought after, and its applicability will only increase as IoT devices evolve.

Nicola Borri, Kirill Shakhnov

This paper studies the efficiency of the cryptocurrency market by looking at the distribution of bitcoin prices over time and across exchange-currency pairs. We document persistent differences in relative bitcoin prices (or discounts), with a half-life of 1 day, and a distribution which is leptokurtic, skewed to the right, with a standard deviation of 3.9%. The variability of discounts is larger in countries with tighter capital controls due to the combined effect of market segmentation and local supply and demand shocks, which we relate to location-specific mining activities and investor attention.

Renato Nazzini

No abstract is available for this record.

N. Moretti, F. Re Cecconi

Blockchain is deeply affecting finance procedures and investors behaviour. This technology is gaining momentum also in other disciplinary fields, since it allows to ensure reliability and trust in transaction operations. This paper aims at presenting how blockchain procedure could be applied to maintenance operations, ensuring a lean process and disintermediation between the agreements clauses and the implementation of the Operations Maintenance and Repair (OM&R) interventions. This can be done thanks to the application of the smart contracts to the use phase of the buildings. The research opens to a new scenario in OM&R, disintermediating OM&R contracts from the need for a contracts’ supervisor, which typically ensure the compliance with the terms of the contracts when OM&R contracts are defined. This could lead to a fairer and transparent asset management, despite some drawbacks are presented in the conclusion of the paper.

Alastair Berg, Chris Berg, Mikayla Novak

No abstract is available for this record.

Jonathan Chiu, Thorsten V. Koeppl

No abstract is available for this record.

Mutugi Mutegi

No abstract is available for this record.

Juan Emmanuel Delva Benavides, Alondra Guadalupe Mora Hernández

The inherent changes brought by the implementation of technology in everyday life have repercussions in all areas, one of them, to mention a few among the most significant, is in the financial market, which it is among the most regulated sectors by both national governments and international entities

Emanuele Borgonovo, Alessandra Cillo, Stefano Caselli, Donato Masciandaro

No abstract is available for this record.

michele faioli

No abstract is available for this record.

Mira Nagarajan

Cryptocurrency, or digital currency that utilizes blockchain technology and cryptography to encode transactions, has excited many with the promise of minimizing governance. Although the structure of cryptocurrency is inherently decentralized, cryptocurrency relies upon complex relationships between different actors with various functions and roles.. The execution of cryptocurrency thus depends on the mutually satisfying interactions of these actors, who form the basis for non-technical governance structures.\nThis paper investigates the extent to which technical governance mitigates traditional governance problems by examining the governance structures of two cryptocurrencies. It first gives background into the origin and technical value proposition of cryptocurrency, as well as governance theory, before analyzing Bitcoin and Ethereum to understand whEther technology mitigates actors’ motivations. This paper finds that despite cryptocurrency’s promise of minimizing governance, both Bitcoin and Ethereum rely heavily on trust networks, indicating that elements of non-technical governance are, in fact, crucial to their effectiveness.

Jie Hao

With the popularity of cryptocurrency like bitcoins in recent years, the social circles have been confusing whether cryptocurrency is real money essentially. Lots of voices have clarified the question from the traditional view that regards the nature of money as commodity. However, historical evidences have proved that the traditional theory deviates from the real nature of money originating from debt and is not exactly true. State Theory of Money holds the debt-based opinion on the nature of money and regards the nature of money as the debt of state, which is allowed to be the payment of tax. Therefore based on this, the paper analyzes the debt nature of money and the characteristics of cryptocurrency like bitcoins, and draws the conclusion that cryptocurrency like bitcoins is not accepted by the state as the payment of tax, not the national debt, so not the currency.

Lucía Amorós Poveda

espanolLos conceptos de cadenas de bloques (blockchains) y contratos inteligentes (smart contracts) ofrecen una alternativa sostenible en educacion superior. Desde este objetivo, se presenta una revision de ambos conceptos y su relacion con los terminos bitcoin, ledger, edublock y educoin. En un segundo momento, se atiende a las redes en educacion superior basadas en tecnologia de cadenas de bloques, su vinculo con los contratos inteligentes y las posibilidades a dia de hoy. catalaEls conceptes de cadenes de blocs (blockchains) i contractes intel·ligents (smart contracts) ofereixen una alternativa sostenible en educacio superior. Des d’aquest objectiu, es presenta una revisio d’ambdos conceptes i la seva relacio amb els termes bitcoin, ledger, edublock i educoin. En un segon moment, s’aten a les xarxes en educacio superior basades en tecnologia de cadenes de blocs, el seu vincle amb els contractes intel·ligents i les possibilitats a dia d’avui. EnglishThe concepts of blockchains and smart contracts at the university offer a sustainable alternative. From this aim, in a first moment, it presents a review of concepts and their connection with the terms bitcoin, ledger, edublock and educoin as well. In a second moment, it shows the social networks based on the technology of blockchains and nowadays how are they linked on the subject of smart contracts and possibilities.

Steven De Lara, Colin Grech

Distributed ledger technology (DLT) is on the rise. With this in mind, Steven De Lara and Colin Grech, both from Signature Litigation, ask what exactly does DLT do, and where does the law stand in relation to it?

Alexandra Schneiders, David Shipworth

No abstract is available for this record.

Vladimir Plotnikov, Valentina Kuznetsova

The development of information technology in the modern economy is one of the drivers of economic growth. Digital technologies are developing at an accelerating pace. Digitalization stimulates not only economic, but also social and technological progress. The impact of digital technology in different industries is not the same. The authors of the article consider such promising modern technology as Blockchain. Its advantage is that the information is protected from unauthorized modification. This transforms the system of economic relations. The level of trust increases. Opportunistic behaviour of participants in contractual relations is blocked. As a result, economic efficiency improves. These positive effects are analyzed in the case of the pharmaceutical industry. The introduction of Blockchain technologies into pharmaceuticals allows you to track all stages of production of drugs and guarantee their quality. Blockchain technology allows you to confirm the authenticity of recipes and the drugs with the help of special digital devices. The consequence of this is a reduction in the number of counterfeit drugs on the market, as well as improving the quality of medical care for the population.

Hans Schaffers

No abstract is available for this record.

Thibault Schrepel

No abstract is available for this record.