Blockchain Technology

2019 ◽  
pp. 86-109
Author(s):  
Tarek Taha Kandil ◽  
Shereen Nassar ◽  
Mohamed Taysir
Keyword(s):  
Legal System ◽  
Business Models ◽  
New Technologies ◽  
Smart Contracts ◽  
New Approach ◽  
Blockchain Technology ◽  
Crypto Currency ◽  
The Creation

Blockchain technology starts to reconfigure all aspects of society to make it clear and beneficial for the legal system. The chapter introduces “The Blockchain Revolution” in categories 1.0, 2.0, and 3.0; in the form of analyzing the use of the technology that is being applied in new innovative business models, Blockchain 1.0 starts with the creation of the first blockchain and the introduction of the technology in the “Bitcoin Whitepaper,” the crypto-currency model, via Bitcoin's application in services related to cash, payments, and transfers. Blockchain 2.0 starts with the indication that using smart contracts on blockchains will be available via the development of syntax (i.e., “solidity” that would enable developers to create solutions with blockchain technology at the backend). The chapter explores the feature of the new disruptive business models-based blockchain technology as a new approach in delivering business products and services. In the chapter, the authors explore the new technologies raised in different fields of business.

Blockchain Technology

2021 ◽  
pp. 1061-1084
Author(s):  
Tarek Taha Kandil ◽  
Shereen Nassar ◽  
Mohamed Taysir
Keyword(s):  
Legal System ◽  
Business Models ◽  
New Technologies ◽  
Smart Contracts ◽  
New Approach ◽  
Blockchain Technology ◽  
Crypto Currency ◽  
The Creation

Blockchain technology starts to reconfigure all aspects of society to make it clear and beneficial for the legal system. The chapter introduces “The Blockchain Revolution” in categories 1.0, 2.0, and 3.0; in the form of analyzing the use of the technology that is being applied in new innovative business models, Blockchain 1.0 starts with the creation of the first blockchain and the introduction of the technology in the “Bitcoin Whitepaper,” the crypto-currency model, via Bitcoin's application in services related to cash, payments, and transfers. Blockchain 2.0 starts with the indication that using smart contracts on blockchains will be available via the development of syntax (i.e., “solidity” that would enable developers to create solutions with blockchain technology at the backend). The chapter explores the feature of the new disruptive business models-based blockchain technology as a new approach in delivering business products and services. In the chapter, the authors explore the new technologies raised in different fields of business.

Smart contracts to enable sustainable business models. A case study

2020 ◽  
Vol 58 (8) ◽  
pp. 1601-1619
Author(s):  
Francesca Dal Mas ◽  
Grazia Dicuonzo ◽  
Maurizio Massaro ◽  
Vittorio Dell'Atti
Keyword(s):  
Business Models ◽  
New Technologies ◽  
Smart Contracts ◽  
Sustainable Business ◽  
Content Type ◽  
Blockchain Technology ◽  
Start Up ◽  
Social Proof ◽  
Sustainable Business Models

PurposeThe objective of this study is to deepen how blockchain technology through smart contracts can support the development of sustainable business models (SBMs). Particularly, the authors aim to determine the key elements enabling SBMs by applying smart contracts.Design/methodology/approachThe research context focusses on the case study of SmartInsurance, which is a fictitious name for a start-up in the insurance sector and the real name of which is not to be revealed. The start-up was able to collect 18m euros in 80 s in a crowdfunding operation, using smart contracts and a revolutionary business model. Internal as well as external documents of different sources are analysed and coded to gather information about the company, its values and its business and what it pursues with employing blockchain technology.FindingsThe results show how smart contracts can reduce the costs of transactions, increase social trust and foster social proof behaviours that sustain the development of new SBMs.Originality/valueThis study contributes to both the transaction cost theory and social proof theory, showing how new technologies such as the blockchain can provide a fresh perspective to support the development of SBMs.

scholarly journals Blockchain Beyond Cryptocurrency: Non-Fungible Tokens

2021 ◽  
Author(s):  
Burcu Sakız ◽  
Ayşen Hiç Gencer
Keyword(s):  
Business Models ◽  
Disruptive Innovation ◽  
Peer To Peer ◽  
Smart Contracts ◽  
Blockchain Technology ◽  
Wide Range ◽  
Peer Network ◽  
Work Mechanism ◽  
Distributed Networking ◽  
Peer To Peer Network

Blockchain technology is a disruptive innovation with the potential to replace existing business models that rely on centralized systems and third parties for trust. Even if there are a lot of application areas, blockchain used primarily for cryptocurrencies. Satoshi Nakamoto implemented the first blockchain application and invented the world’s first digital currency which is named as Bitcoin in 2008. Fundementally Bitcoin relies on cryptographic “proof of work” mechanism, digital signatures, and peer to peer distributed networking layer in order to provide a distributed ledger holding transactions. In 2014, a second generation of blockchains allow to program and execute them over distributed networks such as Ethereum project. The code to program any asset stored in blockchain’s peer-to-peer network is called as "smart contract" and smart contracts gives a powerful tool to developers for decentralized applications. There are various types of tokens that anyone can built on top of Ethereum and by combining smart contracts and new tokens, this paved the way of possibility to build a wide range of decentralized projects. One of the disruptive blockchain based innovation impacting intellectual property is called non-fungible-tokens or NFTs firstly introcuced in late 2017 on Ethereum network. This research contends that blockchain and non-fungible tokens (NFTs) which are cryptographically unique, scarce, non-replicable digital assets created through smart contracts and provably digital collectible assets. Our objective is to give NFT taxonomy, review NFT platforms and discuss technical challenges as well as recent advances in tackling the challenges. Moreover, this paper also aims to point out the future directions for NFT technology.

Intelligent Agents for E-Commerce

2001 ◽  
pp. 101-120 ◽  
Author(s):  
Merrill Warkentin ◽  
Vijayan Sugumaran ◽  
Ravi Bapna
Keyword(s):  
Information Exchange ◽  
Business Models ◽  
New Technologies ◽  
Intelligent Agent ◽  
Data Representation ◽  
Decision Criteria ◽  
Return Policies ◽  
New Business ◽  
The Creation ◽  
Price Comparisons

A characteristic feature of the explosive growth in electronic commerce is the rapid innovation and adoption of new technologies, which results in the creation of new business relationships between consumers, firms, and markets. One such technology that is profoundly changing the dynamics of the electronic marketplace is ‘intelligent agent’ technology. Agents have the ability to autonomously carry out various activities on behalf of their principals. At a micro-economic level, agents can help buyers and sellers achieve greater efficiencies of information exchange in the electronic business-to-consumer and business-to-business domains. Additionally, they facilitate the creation of vertically integrated portals that have a significant impact on the macroeconomic landscape. Using many real-world examples, we characterize the different roles that software agents play in the various e-commerce business models and also touch upon their impact on creation of new market structures. We address price-matching versus price-comparison agents. We highlight the various purchase decision criteria evident in various vertical markets and suggest the need for a cross-industry product (and service) attribute data representation model, based on the expanded capabilities of XML. We contrast the autonomous price comparisons enabled by agents with the expanded criteria comparisons facilitated by the e-commerce rating sites. We discuss the public policy implications of these second-generation e-commerce agents with regard to data representation standardization and consumer information privacy. We present future directions for intelligent agent functions that encompass standard representation of decision criteria such as delivery and payment options, return policies, service, quality, trust, and reputation.

Code, and Other Laws of Blockchain†

2020 ◽  
Vol 40 (3) ◽  
pp. 645-665
Author(s):  
Mimi Zou
Keyword(s):  
Social Norms ◽  
Legal System ◽  
Real World ◽  
Smart Contracts ◽  
Focal Points ◽  
Relational Analysis ◽  
Blockchain Technology ◽  
The Law

Abstract There has been burgeoning interest among legal scholars in recent years regarding the implications of blockchain technology for the law. Two thoughtful monographs that go beyond the hyped claims of enthusiasts and cynics are Primavera De Filippi and Aaron Wright’s Blockchain and the Law: The Rule of Code and Kevin Werbach’s Blockchain and the New Architecture of Trust. While the two books have different focal points, both contain a common Laurence-Lessig-inspired theme of ‘code as law’ in which decentralised blockchain networks are viewed as a regulatory ‘modality’ or ‘architecture’ with its own system of rules. However, as this article argues, blockchain is not outside the law or the existing legal system. Code necessarily interacts with other modes of regulation, namely the market, social norms and law, in constraining the operation of blockchain applications such as smart contracts. This argument also situates smart contracts in a relational analysis of real-world contracting practices.

scholarly journals Digital Technologies in State and Municipal Procurement: The Future or Reality

2020 ◽  
Vol 1 (12) ◽  
pp. 36-42
Author(s):  
M. V. Shmeleva
Keyword(s):  
Artificial Intelligence ◽  
Legal System ◽  
New Technologies ◽  
Digital Technologies ◽  
Smart Contracts ◽  
Rapid Changes ◽  
The Future

The paper is devoted to the issues of digitalization in state and municipal procurement. Every year the field of state and municipal procurement is becoming more and more processible, new technologies and solutions are being introduced, procurement processes are becoming more and more automated. Rapid changes in the field under consideration force participants of procurement to intensively master such technologies as chat bots, artificial intelligence, blockchain, etc. As a result of the research, the author has come to the conclusion that the existing regulation of state and municipal procurement is already sufficient for smart contracts to be successfully integrated into the Russian legal system.

scholarly journals Reliable Electronic Voting using Blockchain Technology

2020 ◽  
Vol 9 (4) ◽  
pp. 2040-2043
Keyword(s):  
New Technologies ◽  
Electronic Voting ◽  
Voting Systems ◽  
Effective Implementation ◽  
Blockchain Technology ◽  
Crypto Currency ◽  
Voting System ◽  
Block Chain ◽  
Electronic Voting System ◽  
Democratic Country

Voting is the principal incident in any democratic country. Generally voting is done using ballots system, but this technique is ancient and can be easily sabotaged. There is a necessity to bring in new technologies to ensure effective implementation of digital voting systems. The security of digital voting is a significant aspect for implementation and must meet the requirements to be appropriate for trust worthiness. Block chain technology provides reliable electronic voting system that can be secured by adding more decision so that the possible attacks can be avoided. Block chain technology based on crypto currency implements diffused database architecture with transaction records secured by transactions.

scholarly journals THE ESSENCE OF BLOCKCHAIN TECHNOLOGY AND ITS APPLICATION IN THE FINANCIAL SPHERE

2021 ◽  
Author(s):  
Viktor Stepura
Keyword(s):  
Business Processes ◽  
Banking Sector ◽  
New Technologies ◽  
Distributed Database ◽  
Smart Contracts ◽  
Process Step ◽  
Customer Data ◽  
Legal Norms ◽  
Theoretical Substantiation ◽  
Blockchain Technology

The constant demand of society to improve the speed and security of business processes is the driving force behind the emergence of new technologies and solutions, one of which is the blockchain. The article provides a theoretical substantiation of the essence of blockchain technology as an economic category. The object and subjects of the blockchain are defined, its inherent functions and principles are formed. The article also proposes an approach to the classification of blockchain types, all this allows a comprehensive approach to the study of the process of using blockchain technology in the financial sphere. The paper describes and reveals the blockchain process step by step. The process is described in a universal way, suitable for working with any projects based on a distributed database. The article provides examples of the use of blockchain technology in various areas of financial activity. In the banking sector, blockchain can improve the security and speed of domestic and international payments, and such payments will also be practically free for the parties. In insurance, the introduction of blockchain technology will help companies instantly exchange customer data, and the use of smart contracts will speed up the work with insurance policies. Thanks to the blockchain in accounting, information about transactions, contracts, etc. will be recorded in the general register in real time, so the verification of compliance with legal norms will occur automatically. This will significantly increase the operational efficiency of organizations. The use of blockchain in audit will make this process more transparent, and the time of its implementation will be significantly reduced due to reliable and up-to-date accounting records between counterparties. In the securities market, the blockchain will digitize securities, which will increase their liquidity, as well as help to better comply with the law, and will allow flexible transfer and accounting of ownership of such assets. In working with smart contracts, thanks to the code running on the blockchain, the contract can be executed automatically. At the end of the article, the conclusions are formed and the forecast of the development of the blockchain market for the coming years is given.

scholarly journals Prospects for the creation of national and supranational cryptocurrencies in the BRICS countries

Upravlenie ◽  
2019 ◽  
Vol 7 (2) ◽  
pp. 115-123
Author(s):  
O. M. Makhalina ◽  
V. N. Makhalina
Keyword(s):  
Data Storage ◽  
Subsequent Development ◽  
Goods And Services ◽  
Brics Countries ◽  
Monetary System ◽  
Blockchain Technology ◽  
National Currencies ◽  
Crypto Currency ◽  
The Creation ◽  
Development And Management

The article proposes to carry out the process of developing a new financial system of the BRICS States in the following sequence: to transfer foreign trade between the States to settlements in national currencies, with the subsequent development of its own unit of account, which will subsequently be able to replace the dollar and the Euro in mutual settlements within the BRICS; develop your own cryptocurrency or choose one of the existing cryptocurrencies, which for a certain period will be one of the possible elements of the settlement mechanism in the mutual trade of these five countries; to develop supra-national crypto-currency for the countries members of the BRICS. This process will be very complex, as it will require many technological, macroeconomic and organizational challenges.To solve the problem of building a new financial and monetary system of the BRICS countries, the article analyzes the actual level of digitalization of financial activities in the countries of the Association, on the basis of which proposals are developed and the following conclusions are formulated: crypto-currency operations are not completely prohibited in any of the States of the Association, and the prohibitions apply only to certain operations (ISO, mining, exchanges). Cryptocurrency is not recognized as a legal means of payment; in the BRICS countries there are no own, national cryptocurrencies, and only projects of future cryptocurrencies are developed, taking into account the features of the set goalsof economic development and management of cryptocurrency activities; the countries of the Association do not abandon the use of blockchain technology in the field of economy and Finance, as it ensures the openness and security of data storage, the creation of centralized exchanges, the exchange of goods and services; the BRICS countries should be interested in a gradual shift away from dollar dependence. The instruments of this movement are the national currency, its own, internal unit of account, its own national cryptocurrency, supranational cryptocurrency.

Blockchain is making global insurance more efficient

2017 ◽  
Keyword(s):  
Asymmetric Information ◽  
Financial Stability ◽  
New Technologies ◽  
Private Firm ◽  
Smart Contracts ◽  
Content Type ◽  
Insurance Sector ◽  
Blockchain Technology ◽  
Bank Of England

Subject Blockchain is transforming the insurance sector. Significance Insurers are turning to disruptive new technologies to facilitate the management of risks within their organisation and across the industry. Blockchain technology can cut through the complexity surrounding asymmetric information that has hindered the sector. Impacts In November 2016, the Financial Stability Board said it is assessing the likely impacts of blockchain technology on financial stability. In partnership with a private firm, the Bank of England has built a model with smart contracts to test different applications of blockchain. A Deloitte survey of 300 US firms found that 10% had invested 10 million dollars or more in blockchain, though 39% knew little about it.

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