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Article
Publication date: 4 December 2017

Soonduck Yoo

In Korea and abroad, this paper investigates the use of blockchains in the financial sector. This study aims to examine how blockchains are applied to the financial sector…

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17875

Abstract

Purpose

In Korea and abroad, this paper investigates the use of blockchains in the financial sector. This study aims to examine how blockchains are applied to the financial sector and how to respond to the Korean conditions.

Design/methodology/approach

This paper investigates the movements of the financial sector and related services using the blockchain in the current market.

Findings

First, as a result of examining domestic and foreign cases, it can be seen that the areas where blockchains are most actively applied in the financial sector are expanding into settlement, remittance, securities and smart contracts. Also, in Korea, many of the authentication procedures based on the equipment possessed by the consumers are used so that introduction of the blockchain in the authentication part is prominent. Second, the move to introduce a closed (private) distributed ledger that does not go through the central bank is accelerating in payments between banks. Third, domestic financial institutions also need joint action by financial institutions through a blockchain consortium to apply blockchain technology to the financial sector. Fourth, consumer needs and technological developments are changing. At the same time, as the opportunity to infringe on the information held by individuals has expanded, the need for blockchain technology is strongly emerging because of the efforts of the organizations to defend it.

Originality/value

This paper contributes to understanding the changes in the financial sector using the blockchain.

Details

Asia Pacific Journal of Innovation and Entrepreneurship, vol. 11 no. 3
Type: Research Article
ISSN: 2071-1395

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Book part
Publication date: 9 March 2021

Hak J. Kim

Abstract

Content available
Article
Publication date: 4 December 2017

Daniel Conte de Leon, Antonius Q. Stalick, Ananth A. Jillepalli, Michael A. Haney and Frederick T. Sheldon

The purpose of this article is to clarify current and widespread misconceptions about the properties of blockchain technologies and to describe challenges and avenues for…

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19383

Abstract

Purpose

The purpose of this article is to clarify current and widespread misconceptions about the properties of blockchain technologies and to describe challenges and avenues for correct and trustworthy design and implementation of distributed ledger system (DLS) or Technology (DLT).

Design/methodology/approach

The authors contrast the properties of a blockchain with desired, however emergent, properties of a DLS, which is a complex and distributed system. They point out and justify, with facts and analysis, current misconceptions about the blockchain and DLSs. They describe challenges that these systems will need to address and possible solution avenues for achieving trustworthiness.

Findings

Many of the statements that have appeared on the internet, news and academic articles, such as immutable ledger and exact copies, may be misleading. These are desired emergent properties of a complex system, not assured properties. It is well-known within the distributed systems and critical software community that it is extremely hard to prove that a complex system correctly and completely implements emergent properties. Further research and development for trustworthy DLS design and implementation is needed, both practical and theoretical.

Research limitations/implications

This is the first known published attempt at describing current misconceptions about blockchain technologies. Further collaborative work, discussions, potential solutions, evaluations, resulting publications and verified reference implementations are needed to ensure DLTs are safe, secure, and trustworthy.

Practical implications

Interdisciplinary teams with members from academia, business and industry, and from disciplines such as business, entrepreneurship, theoretical and practical computer science, cybersecurity, finance, mathematics and statistics, must be formed. Such teams must collaborate with the objective of developing strategies and techniques for ensuring the correctness and security of future DLSs in which our society may become dependent.

Originality value

The value and originality of this article is twofold: the disproving, through fact collection and systematic analysis, of current misconceptions about the properties of the blockchain and DLSs, and the discussion of challenges to achieving adequate trustworthiness along with the proposal of general avenues for possible solutions.

Details

Asia Pacific Journal of Innovation and Entrepreneurship, vol. 11 no. 3
Type: Research Article
ISSN: 2071-1395

Keywords

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Article
Publication date: 20 February 2020

Patricia C. Franks

The purpose of this paper is to assist records managers and information governance professionals to understand the challenges presented by their organization’s use of…

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1040

Abstract

Purpose

The purpose of this paper is to assist records managers and information governance professionals to understand the challenges presented by their organization’s use of blockchain distributed ledger technology (DLT).

Design/methodology/approach

An extensive literature review was conducted, which revealed a multitude of articles based on research into blockchain DLT, most written from the technology perspective. This paper differs in that it applies a records management lens to an analysis of the records created, registered or stored on a blockchain. A six-stage blockchain records consideration model is provided to illustrate examples of the records management challenges presented by the implementation of blockchain DLT. Questions are posed and recommendations are made to aid the reader in developing a blockchain DLT records management and information governance strategy.

Findings

Because there is no one universal configuration for a blockchain DLT solution, each implementation must be analyzed to understand the resultant records management and information governance challenges. A series of questions that should be asked and answered can not only help records management and information governance professionals adapt their policies and practices to the technology but also provide a basis for discussion with those designing the blockchain DLT solutions so they can include records management features in their designs.

Originality/value

This paper contributes an original analysis of the implications of the adoption of Blockchain DLT for records management and information governance programs through the lens of a six-stage Blockchain Records Consideration Model.

Details

Records Management Journal, vol. 30 no. 3
Type: Research Article
ISSN: 0956-5698

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Article
Publication date: 9 April 2018

Efpraxia D. Zamani and George M. Giaglis

The purpose of this paper is to argue for the role of the blockchain, i.e., distributed ledger technology, in building innovative business models, including machine money…

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1805

Abstract

Purpose

The purpose of this paper is to argue for the role of the blockchain, i.e., distributed ledger technology, in building innovative business models, including machine money, autonomous economic agents and decentralised organisations.

Design/methodology/approach

The paper is conceptual/argumentative. As such, it draws on research on (e-)commerce, theories of markets, disruptive innovation and extant studies and conceptual work at the intersection of cryptocurrencies, machine-to-machine commerce and the Internet of Things.

Findings

The authors highlight three application areas for blockchains, whereby they can function as applications, can help develop autonomous economic agents and can lead the development of decentralised autonomous organisations. With regards to the question of market disintermediation, the authors suggest that, rather than complete disintermediation, the most probable scenario is that of new types of intermediaries finding previously unthinkable roles to play in mediating blockchain-based economic transactions. With regards to the inhibitors that slow down the technology’s adoption and, therefore, the development of new business applications, the authors posit that these relate mainly to the inherent risk of the technology, infrastructure requirements, scepticism of early decision makers and the lack of required new skills and competencies.

Originality/value

The authors examine how new forms of digital money and technologies embedding trust in decentralised networks will alter markets and commerce, at a time when many regulatory issues remain unresolved; in doing so, the authors focus on how blockchain-enabled technologies can be used to enable and further develop decentralised trusted peer-to-peer transaction ledger systems and applications and lead to sustainable business models.

Details

Industrial Management & Data Systems, vol. 118 no. 3
Type: Research Article
ISSN: 0263-5577

Keywords

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Book part
Publication date: 30 September 2020

Gerard Brennan

Abstract

Details

The Definitive Guide to Blockchain for Accounting and Business: Understanding the Revolutionary Technology
Type: Book
ISBN: 978-1-78973-865-0

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Article
Publication date: 8 May 2017

Peter Yeoh

This paper aims to examine the key regulatory challenges impacting blockchains, innovative distributed technologies, in the European Union (EU) and the USA.

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9579

Abstract

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 paper’s 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.

Details

Journal of Financial Regulation and Compliance, vol. 25 no. 2
Type: Research Article
ISSN: 1358-1988

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Article
Publication date: 29 October 2020

Oleksii Konashevych

The purpose of this paper is to present a concept of the protocol for public registries based on blockchain. New database protocol aims to use the benefits of blockchain…

Abstract

Purpose

The purpose of this paper is to present a concept of the protocol for public registries based on blockchain. New database protocol aims to use the benefits of blockchain technologies and ensure their interoperability.

Design/methodology/approach

This paper is framed with design science research (DSR). The primary method is exaptation, i.e. adoption of solutions from other fields. The research is looking into existing technologies which are applied here as elements of the protocol: Name-Value Storage (NVS), Berkley DB, RAID protocol, among others. The choice of NVS as a reference technology for creating a database over blockchain is based on the analysis and comparison with two other similar technologies Bigchain and Amazon QLDB.

Findings

The proposed mechanism allows creating a standard database over a bundle of distributed ledgers. It ensures a blockchain agnostic approach and uses the benefits of various blockchain technologies in one ecosystem. In this scheme, blockchains play the role of journal storages (immutable log), whereas the overlaid database is the indexed storage. The distinctive feature of such a system is that in blockchain, users can perform peer-to-peer transactions directly in the ledger using blockchain native mechanism of user access management with public-key cryptography (blockchain does not require to administrate its database).

Originality/value

This paper presents a new method of creating a public peer-to-peer database across a bundle of distributed ledgers.

Details

International Journal of Web Information Systems, vol. 16 no. 5
Type: Research Article
ISSN: 1744-0084

Keywords

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Article
Publication date: 1 January 2018

Alexander Lipton

The purpose of this paper is to introduce blockchains and distributed ledgers and describe their potential applications to money and banking.

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1621

Abstract

Purpose

The purpose of this paper is to introduce blockchains and distributed ledgers and describe their potential applications to money and banking.

Design/Methodology/Approach

The analysis compares public and private ledgers and outlines the suitability of various types of ledgers for different purposes. Furthermore, a few historical prototypes of blockchains and distributed ledgers are presented, and results of their hard forking are illustrated. Next, some potential applications of distributed ledgers to trading, clearing and settlement, payments, trade finance, etc. are outlined.

Findings

Monetary circuits are argued to be natural applications for blockchains. Finally, the role of digital currencies in modern society is articulated and various forms of digital cash, such as central bank issued electronic cash, bank money, Bitcoin and P2P money, are compared and contrasted.

Details

The Journal of Risk Finance, vol. 19 no. 1
Type: Research Article
ISSN: 1526-5943

Keywords

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Article
Publication date: 6 July 2020

Oleksii Konashevych

Many recent social media posts and news may create a perception of big success in the use of blockchain for the real estate industry, land registration and protection of…

Abstract

Purpose

Many recent social media posts and news may create a perception of big success in the use of blockchain for the real estate industry, land registration and protection of titles and property rights. A sobering outlook is crucial because misleading concepts may bury the whole idea of blockchain use. This paper aims to research the possibilities of blockchain and other distributed ledger technologies (DLT) and applicability of these technologies for different purposes in real estate, property rights and public registries.

Design/methodology/approach

This research is framed with policy studies and focuses on property rights, land registration regulatory framework and information and communication technologies innovations. The context of this paper is decentralization which has been developed in political science studies and the role of blockchain and DLT in it. Therefore, the provided analysis of blockchain and DLT is interdisciplinary research to interpret the facets of DLT technologies in the context of real estate and land title registration.

Findings

Permissioned and private DLT systems cannot be considered a significant evolutionary step in government systems. Blockchain, which is distinguished from permissioned systems as the technology of the immutable ledger that does not require authorities, is a new word in governance. However, this technology has some principal features that can restrain its implementation at the state level and thus require further research and development. The application of blockchain requires a proper architecture of overlaid technologies to support changes of outdated and mistaken data, address issues of digital identity and privacy, legal compliance and enforceability of smart contracts and scalability of the ledger.

Originality/value

This paper shows the constraints of the technology’s properties which were not explained before in the context of title rights and land registration even though technological limits are known in more specific technical sources. Along with the known benefits this meant to help to avoid misinterpretation of some DLT features by non-technical people. A multidisciplinary approach in analyzing the technology and laws helped to better understand what can and cannot be beneficial for public registries and the protection of property rights. The presented outcomes can be laid down as requirements for the technical protocols aimed at addressing the issues of DLT and public policies to put blockchain at the service of society.

Details

Journal of Property, Planning and Environmental Law, vol. 12 no. 2
Type: Research Article
ISSN: 2514-9407

Keywords

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