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1,898 results · page 73 of 80
Nadine RĂŒckeshĂ€user, Christian Brenig, GĂŒnter MĂŒller
No abstract is available for this record.
Christian Catalini, Catherine E. Tucker
How do bitcoin early adopters seed the adoption S curve?
Dan Geng
The financial services sector has seen dramatic technological innovations in the last several years associated with the âfintech revolution.â Major changes have taken place in channel management, credit card rewards marketing, cryptocurrency, and wealth management, and have influenced consumersâ banking behavior indifferent ways. As a consequence, there has been a growing demand for banks to rethink their business models and operations to adapt to changing consumer behavior and counter the competitive pressure from other banks and non-bank players. In this dissertation, I study consumer behavior related to different aspects of financial innovation by addressing research questions that are motivated by theory-focused research literature and managerial considerations in business practice. I seek to understand how technology is reshaping financial services, and how financial institutions can leverage big data analytics to create deep insights about consumer behavior for decision support.
Ken Alabi
No abstract is available for this record.
Rebecca Lewis, John McPartland, Rajeev Ranjan
Blockchain technology is likely to be a key source of future financial market innovation. It allows for the creation of immutable records of transactions accessible by all participants in a network. A blockchain database is made up of a number of blocks ?chained? together through a reference in each block to the previous block. Each block records one or more transactions, which are essentially changes in the listed owner of assets. New blocks are added to the existing chain through a consensus mechanism in which members of the blockchain network confirm transactions as valid. The technology allows the creation of a network that is ?fully peer to peer, with no trusted third party, ? such as a government agency or financial institution.
Nadine Ostern
The potential of distributed ledger technology and its application in various industries is a controversially debated topic. Advocates of the technology emphasize the economic benefits of decentralization and transparency, leading to cost reductions as well as the alleviation of several of today`s economic and technological problems. In contrast, critics assert that the potential of distributed ledgers might be overhyped, possibly leading to the next tech bubble. This paper contributes to the discussion by developing a typology of business models that are based on distributed ledger technology. In particular, this paper is a first step towards a more differentiated discussion on the potential of distributed ledges, by taking the underlying business models into consideration. Despite a characterization of the types, a discussion about special features of distributed ledger based business models is provided in the context of contemporary business model literature and the associated role of IT. It is proposed that future research must evaluate each business model isolated to achieve a comprehensive assessment of the potential of distributed ledgers. This paper can be interpreted as starting point for more fruitful discussions and the repeal of the partially diametrical opposed opinions towards the potentials of the technology.
Abeer ElBahrawy, Laura Alessandretti, Anne Kandler, Romualdo PastorâSatorras · 5 authors
The cryptocurrency market surpassed the barrier of \$100 billion market capitalization in June 2017, after months of steady growth. Despite its increasing relevance in the financial world, however, a comprehensive analysis of the whole system is still lacking, as most studies have focused exclusively on the behaviour of one (Bitcoin) or few cryptocurrencies. Here, we consider the history of the entire market and analyse the behaviour of 1,469 cryptocurrencies introduced between April 2013 and June 2017. We reveal that, while new cryptocurrencies appear and disappear continuously and their market capitalization is increasing (super-)exponentially, several statistical properties of the market have been stable for years. These include the number of active cryptocurrencies, the market share distribution and the turnover of cryptocurrencies. Adopting an ecological perspective, we show that the so-called neutral model of evolution is able to reproduce a number of key empirical observations, despite its simplicity and the assumption of no selective advantage of one cryptocurrency over another. Our results shed light on the properties of the cryptocurrency market and establish a first formal link between ecological modelling and the study of this growing system. We anticipate they will spark further research in this direction.
Bernardo BĂĄtizâLazo
A current trend in both retailing and retail financial services aims to match customers to their purchases with the least amount of friction. For depositary institutions this entails enabling customers to deal with their financial affairs, including purchases, through whatever channel the customer chooses (branch, ATM, web, mobile, etc.). For merchants, it entails shipping and delivering the purchase when and how the customer chooses (in store, at a desired location, at a pick-up point, etc.), while settling outstanding financial claims with the different actors involved in the manufacturing, storage, shipping and distribution network. This essay briefly explores the potential use of distributed ledger technology (DLT) to deliver integrated omni-channel solutions
Michal Elzbieta Janton-Drozdowska, Alicja MikoĆajewicz-WoĆșniak
The year 2016 ended the period of migration from national payment services to the SEPA instruments and it has become apparent that some problems remained unresolved. Overcoming them requires finding suitable technological solutions. The potential of distributed ledger technology (DLT) is currently explored by financial sector and its implementation may affect the SEPA schemes in a variety of dimensions. The aim of the article is to determine the potential impact of the DLT transfer to banking sector on the future SEPA's functioning. The paper presents SEPA's assumptions and the project's current status as well as DLT's concept. It describes the technology transfer implications for banking industry and compares currently operating SEPA schemes with those based on DLT. It also indicates opportunities and threats being the consequence of the new technology implementation and their significance for SEPA.In the article the qualitative analysis is supplemented by the quantitative one. While characterizing the functioning of the main pillars of the SEPA Schemes the elements of descriptive statistics are used. The final conclusions are based on the comparative analysis of SEPA schemes and developed DLT applications. The existing problems might be solved by supplementing currently operating SEPA payment schemes with the applications based on DLT. The developed systems shall provide required real-time processing and a global reach as well as extend the SEPA schemes' functionalities with the ability to transfer other currencies. The technology implementation shall result not only in new financial products but first of all - in creating new business models. Consequently, we shall expect the modification of currently operating SEPA schemes, based rather on their supplement than total replacement in a short time horizon.
Peter Yeoh
Purpose This paper aims to examine the key regulatory challenges impacting blockchains, innovative distributed technologies, in the European Union (EU) and the USA. Design/methodology/approach A qualitative perspective underpins the study. This paper relies on primary data from applicable statutes and secondary data from the public domain including relevant case study insights. Findings The smart regulatory hands-off approach adopted in the EU and the USA to a large extent bodes well for future innovative contributions of blockchains in the financial services and related sectors and toward enhanced financial inclusiveness. Practical implications The paperâs findings provide support for blockchain technology to advance with minimum regulatory brakes for greater value-adding and efficiency advancement, especially for financial services, thereby expanding accessibility and therefore financial inclusiveness. Originality/value This paper helps to draw greater attention to the technology underpinning virtual currencies. It also highlights other economic potentials flowing from blockchain advancement.
Navneet Kaur, Nidhi Chahal, Ritu Dewan, Shikha Singh · 7 authors
Distributed ledger technology, a method of storing and maintaining the integrity of multiple copies of critical data using a massively redundant network of participating machines, has found a âkiller applicationâ in blockchain, a type of distributed ledger. A blockchain consists of sequential blocks that may never be modified or reordered, leaving a public, auditable record that is consistent and highly resistant to tampering and deletion. These qualities make blockchain eminently suitable for its most common use, cryptocurrency, and its occasional variants in the form of cryptocurrency tokens, used to represent ownership or some other right to virtual or physical goods and capabilities. Blockchain also enables smart contracts, discrete bodies of software written to serve both as the memorial and the means of execution of an agreement between parties. Smart contracts can have all the elements of a traditional contract, and as jurisdictions legislate or jurists rule on the fine points of enforceability and the acceptability of smart contracts as traditional contracts, applications in nearly every area of commerce have emerged. Digital lawyers may not need to become software developers, but deepening their understanding of the capabilities and limitations of the technology, developing a keen awareness of the issues at the intersection between code and the law, as well as the lawâs readiness in this area, will be of great advantage to them and their clients in this rapidly evolving area at the intersection of technology, commerce and law.
Emanuele Di Pascale, Jasmina McMenamy, Irene Macaluso, Linda Doyle
The disruptive power of blockchain technologies represents a great opportunity to re-imagine standard practices of telecommunication networks and to identify critical areas that can benefit from brand new approaches. As a starting point for this debate, we look at the current limits of infrastructure sharing, and specifically at the Small-Cell-as-a-Service trend, asking ourselves how we could push it to its natural extreme: a scenario in which any individual home or business user can become a service provider for mobile network operators, freed from all the scalability and legal constraints that are inherent to the current modus operandi. We propose the adoption of smart contracts to implement simple but effective Service Level Agreements (SLAs) between small cell providers and mobile operators, and present an example contract template based on the Ethereum blockchain.
Anna Piotrowska
The payment services market in Poland is particularly open to new payment solutions. The most important financial innovations of the recent years include cryptocurrencies. Bitcoin is the most well-known of them and its applications cover payments and investments. The article aims to determine the potential for using cryptocurrencies in individual segments of the payment services market in Poland. The paper considers the following research hypothesis: Representatives of the financial sector see a potential for a widespread use of cryptocurrencies in the payment services sector in Poland. The aim of the paper was achieved and the hypothesis verified on the basis of selected results of a survey among representatives of institutions operating in the financial market in Poland. The study, primarily carried out by the author, presents the opinions of experts representing the broadly understood community of professionals from the payment services market in Poland. Their views concern the directions in which innovations in the payment services sector may develop and the prospects for the use of cryptocurrencies in that area.
Olga Gouveia, Enestor Dos Santos, Santiago Fernåndez de Lis, Alejandro Neut · 5 authors
Los libros contables distribuidos (distributed ledgers, en ingles) constituyen una tecnologĂa que permite una version digitalizada del dinero en efectivo al tiempo que potencialmente mantiene sus cuatro caracterĂsticas principales: la universalidad, el anonimato, la intercambiabilidad entre pares (P2P) y un valor nominal constante.
David A. Hensher
No abstract is available for this record.
Artem Kharitonov
No abstract is available for this record.
David Meijer
Blockchain technology is increasingly being seen as a general purpose technology with far reaching (institutional) effects. However, the ongoing empirical blockchain discussions on these effects are unstructured, due to high complexities. Both practitioners and researchers therefore struggle to get to the core of blockchain technology consequences. We use a Grounded Theory approach to map the ongoing blockchain discussion, which leads to our empirical core category that explains the core of the blockchain discussions: the disintermediation of trust in environments with highly institutionalized values. Blockchain technology is thus often related to trust in our empirical data. However, following the conceptualization of Reliance â Trust and Control by Nooteboom, we show that blockchain technology should be more related to control, instead of trust. Futhermore, we argue that complete control is not always possible in blockchain- systems due to inherent character of decentralized decision making and thus, trust is still a factor in some blockchain environments. We conclude that blockchain technology is a technology that increases control over counterparties in a transaction, but decreases control from a systems-perspective. A transfer of power in the system therefore takes place in blockchain environments. We therefore present our final core category as: power transfer in environments with highly institutionalized values. This strong conceptualization of blockchain technology helps actors understand and discuss the essence of blockchain technology, and provides a much- needed empirical basis for further scientific research. Further development of this conceptualization of trust and control is needed to structure the ongoing blockchain discussions in both scientific literature and practice.
Bernardo BĂĄtizâLazo
No abstract is available for this record.
Reevana Balmahoon
This research project investigated the reasons for price fluctuations of cryptocurrencies. Cryptocurrencies are digital currencies that are created over a decentralised, secure network built on the blockchain technology. The current challenges with understanding price fluctuations are that there is limited research in the field and extreme volatility in the environment. \nExploratory research was conducted using semi-structured interviews to understand and analyse the drivers of factors identified in the literature contributing to price fluctuations of cryptocurrencies. Insights were generated for the drivers of user perception, misconceptions that surround cryptocurrency security and the role of regulators in the cryptocurrency space. The research expanded the existing literature and offered propositions for future research that contribute to the theory surrounding price fluctuations of cryptocurrencies. \nThe findings should provoke business and management to reshape the way that cryptocurrencies are received and positioned in the marketplace. In addition, these findings are significant for those making business or social decisions regarding cryptocurrencies or those that are redefining traditional currency transactions.
Erwin Filtz, Axel Polleres, Roman Karl, Bernhard Haslhofer
No abstract is available for this record.
Morten Linnemann Bech, Yuuki Shimizu, Paul T. P. Wong
This feature looks at technology in payment systems. It compares the diffusion of real-time gross settlement (RTGS) systems for wholesale payments with that of faster systems for retail payments (fast payments). RTGS systems emerged in the 1980s and were adopted globally within a span of 30 years. Fast payments followed in the early 2000s, offering instant payments on a 24-hour, seven-day basis. So far, the diffusion of fast payments mirrors that of RTGS, and it is primed to take off. Yet even while adoption of fast payments is under way, the next generation of payment systems, such as those based on distributed ledger technology, is under development.
Timothy Peterson
No abstract is available for this record.
Emanuele Borgonovo, Stefano Caselli, Alessandra Cillo, Donato Masciandaro
The aim of this paper is to offer a theoretical primer in order to analyse the demand of a central bank digital currency (CBDC). Using a financial portfolio approach and assuming that individual preferences and policy votes are consistent, we identify the drivers of the political consensus in favour or against such as new currency. Given three different properties of a currency â where the first two are the standard functions of medium of exchange and store of value and the third one is the less explored function of store of information â and three different existing moneys â paper currency, banking currency and cryptocurrency â if the individuals are rational but at the same time can be affected by behavioural biases â loss aversion - three different groups of individuals â respectively lovers, neutrals and haters â emerge respect to the CBDC option. Given the alternative opportunity costs of the different currencies, the CBDC issuing is more likely to occur the more the individuals likes to use a legal tender, and/or are indifferent respect to anonymity; at the same time, the probability of the CBDC introduction increases if a return can be paid on it, and/or its implementation can guarantee at least the counterparty anonymity.
Dr Craig S Wright
No abstract is available for this record.