scholarly journals Regulating Blockchain, DLT and Smart Contracts: a technology regulator’s perspective

ERA Forum ◽  
2020 ◽  
Vol 21 (2) ◽  
pp. 209-220
Author(s):  
Joshua Ellul ◽  
Jonathan Galea ◽  
Max Ganado ◽  
Stephen Mccarthy ◽  
Gordon J. Pace
Keyword(s):  
Regulatory Framework ◽  
Smart Contracts ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Regulatory Frameworks

Abstract Blockchain, Smart Contracts and other forms of Distributed Ledger Technology provide means to ensure that processes are verifiable, transparent, and tamper-proof. Yet the very same enabling features that bring decentralisation also pose challenges to providing protection for the various users and stakeholders. Most jurisdictions which have implemented regulatory frameworks in this area have focused on regulating the financial aspects of cryptocurrency-based operations. However, they have not addressed technology assurance requirements. In this paper we present a world-first technology regulatory framework.

scholarly journals Distributed Ledger Technology as a Tool for Environmental Sustainability in the Shipping Industry

2020 ◽  
Vol 8 (5) ◽  
pp. 366
Author(s):  
Srdjan Vujičić ◽  
Nermin Hasanspahić ◽  
Maro Car ◽  
Leo Čampara
Keyword(s):  
Supply Chain ◽  
Real Time ◽  
Environmental Sustainability ◽  
Digital Systems ◽  
Maritime Transport ◽  
Smart Contracts ◽  
New Wave ◽  
Shipping Industry ◽  
Distributed Ledger ◽  
Distributed Ledger Technology

In recent years, many industries have adopted technology and digital systems to automate, expedite and secure specific processes. Stakeholders in maritime transport continue to exchange physical documents in order to conduct business. The monitoring of supply chain goods, communication among employees, environmental sustainability and longevity control, along with time framing, all create challenges to many industries. Everyday onboard work, such as cargo operations, navigation and various types of inspections in shipping, still requires paper documents and logs that need to be signed (and stamped). The conversion of traditional paper contracts into smart contracts, which can be digitalized and read through automation, provides a new wave of collaboration between eco systems across the shipping industry. Various data collected and stored on board ships could be used for scientific purposes. Distributed ledger technology (DLT) could be used to collect all those data and improve shipping operations by process expediting. It could eliminate the need to fill in various documents and logs and make operations safer and more environmentally friendly. Information about various important procedures onboard ships could be shared among all interested stakeholders. This paper considers the possible application of distributed ledger technology as an aid for the control of overboard discharge of wastewater from commercial ships. The intended outcome is that it could help protect the environment by sending data to relevant stakeholders in real time, thus providing information regarding the best discharge areas. The use of a structured communal data transference would ensure a consistent and accurate way to transmit data to all interested parties, and would eliminate the need to fill in various paper forms and logs. Wastewater overboard discharges would be properly monitored, recorded and measured, as distributed ledger technology would prevent any possibility of illegal actions and falsification of documents, thus ensuring environmental sustainability.

Use of blockchain in designing smart city

2020 ◽  
Vol 9 (4) ◽  
pp. 695-709 ◽  
Author(s):  
Surbhi Dewan ◽  
Latika Singh
Keyword(s):  
Smart Cities ◽  
Smart Contracts ◽  
Proof Of Concept ◽  
Revolutionary Change ◽  
Content Type ◽  
Decentralized System ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Wide Range

PurposeA blockchain is a shared distributed ledger technology that stores the information of every transaction in the network. The blockchain has emerged with a huge diversity of applications not only in the economic but in the non-economical domain as well. Blockchain technology promises to provide a wide range of solutions to the problems faced during implementation of smart cities. It has the potential to build smart contracts more secure, thus eliminating the need for centralized authority.Design/methodology/approachThis paper presents a proof-of-concept for a use case that uses an Ethereum platform to build a blockchain network to buy, sell or rent a property.FindingsThe findings of this study provide an opportunity to create novel decentralized scalable solutions to develop smart cities by enabling paperless transactions. There are enormous opportunities in this distributed ledger technology which will bring a revolutionary change in upcoming years.Originality/valueThe concept of blockchain along with smart contracts can be used as a promising technology for sharing services which is a common requirement in smart cities. All the blockchain transactions are stored in decentralized shared database. The transaction recorded in decentralized system is immutable, it cannot be altered and hence chance of forgery is negligible.

scholarly journals Consortium Blockchain Smart Contracts for Musical Rights Governance in a Collective Management Organizations (CMOs) Use Case

2020 ◽  
Vol 12 (8) ◽  
pp. 134
Author(s):  
Nikolaos Kapsoulis ◽  
Alexandros Psychas ◽  
Georgios Palaiokrassas ◽  
Achilleas Marinakis ◽  
Antonios Litke ◽  
...  
Keyword(s):  
Music Industry ◽  
Use Case ◽  
Smart Contracts ◽  
Non Profit ◽  
Collective Management ◽  
Distributed Ledger ◽  
Smart Contract ◽  
Distributed Ledger Technology ◽  
End To End ◽  
Permissioned Blockchains

Private and permissioned blockchains are conceptualized and mostly assembled for fulfilling corporations’ demands and needs in the context of their own premises. This paper presents a complete and sophisticated end-to-end permissioned blockchain application for governance and management of musical rights endorsed by smart contract development. In a music industry use case, this disclosed solution monitors and regulates conflicting musical rights of diverse entities under a popular permissioned distributed ledger technology network. The proposed implementation couples various and distinct business domains across the music industry organizations and non-profit blockchain associations.

scholarly journals A Decentralized, Secure, Peer-to-Peer Multi-Voting System on Ethereum Blockchain

2021 ◽  
Vol 9 (10) ◽  
pp. 1354-1359
Author(s):  
Ashmita Pandey
Keyword(s):  
Electoral System ◽  
Peer To Peer ◽  
Third Parties ◽  
Smart Contracts ◽  
Time Loss ◽  
Consensus Protocol ◽  
Distributed Ledger ◽  
Smart Contract ◽  
Distributed Ledger Technology ◽  
Voting System

Abstract: A decentralised, Secure, Peer-to-Peer Multi-Voting System on Ethereum Blockchain is a distributed ledger technology (DLT) that permits virtual votes to be transacted in a peer-to-peer decentralized network. Those transactions are validated and registered through every node of the network, so creating a transparent and immutable series of registered events whose truthfulness is supplied through a consensus protocol. Smart contract automates the execution of agreement that runs routinely as soon as the conditions are satisfied. Smart contract would not need any third parties consequently prevents time loss. By Eliminating the requirement for third parties, consequently, allows numerous processes to be extra efficient and economical. The system is secure, reliable, and anonymous. Smart contract is enforced for the Ethereum network using the Ethereum wallets and also the Solidity language. Users are capable of submit their votes immediately from their Ethereum wallets, and those transaction requests is handled with the consensus of each single Ethereum node. This creates a transparent environment for evoting. A lot of concerning efficiency of the peer-to-peer decentralized electoral system on Ethereum network along with application and the outcomes of implementation are provided in this paper. Keywords: Blockchain, Distributed Ledger Technology (DLT), Consensus Protocol, Smart Contracts, Ethereum, Solidity

scholarly journals PROSPECTS FOR THE APPLICATION OF DISTRIBUTED LEDGER TECHNOLOGY TO IMPROVE FINANCING OF START-UP (JAPAN EXPERIENCE)

2019 ◽  
pp. 166-172
Author(s):  
S. S. Matveevskii
Keyword(s):  
Credit Risk ◽  
Investor Behavior ◽  
Smart Contracts ◽  
Investment Fund ◽  
Development Fund ◽  
Investor Confidence ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Start Up ◽  
Start Ups

A project on the use of distributed registry technology to improve funding for start-ups in Japan has been considered. The project is based on the application of distributed registry technology, smart contracts, a big database of start-ups credit risk (in Japan CRDS), a local investment fund, a unified marketing and trading platform. The model of investor behavior (taking into account risk and profitability) has made it possible to show, that with growing investor confidence (individuals and households) and a certain level of profitability of startups, investing in startups will be more preferable, than a bank deposit. The features of the project have been highlighted and a conclusion has been made, that under certain conditions, the adduced scheme for financing start-ups can be used in Russia, for example, by the Industry Development Fund.

502 Bad Gateway: Rebooting Smart Contracts

2020 ◽  
Vol 20 (2) ◽  
pp. 106-107
Author(s):  
Alicia Lim
Keyword(s):  
Smart Contracts ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Power Asymmetries ◽  
Recent Developments

Smart contracts, which were once theorised, are now somewhat realised, thanks to recent developments in distributed ledger technology. Yet, these self-executing agreements written in code are not a panacea to businesses’ and individuals’ contracting woes. It is argued that smart contracts worsen existing power asymmetries between contracting parties, thus, fallbacks must be provided for.

Smart contracts that violate the Commodity Exchange Act: which parties are liable?

2019 ◽  
Vol 20 (3) ◽  
pp. 28-31
Author(s):  
Nikiforos Mathews ◽  
Jonas Robison
Keyword(s):  
Smart Contracts ◽  
Futures Trading ◽  
Virtual Currency ◽  
Commodity Exchange ◽  
Content Type ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
The Us ◽  
Commodity Futures Trading Commission ◽  
Practical Implications

Purpose The US Commodity Futures Trading Commission (CFTC), to date, has not directly addressed how liability for Commodity Exchange Act (CEA) violations involving blockchain or distributed ledger technology should be allocated among the various parties involved in the distributed ledger network, such as the network itself, persons running consensus nodes, developers building applications on the platform, and businesses and end users using such applications. This article discusses recent statements by CFTC Commissioner Brian Quintenz regarding this issue and the approach that the CFTC may take going forward. Design/methodology/approach This article examines the allocation of liability in the context of smart contracts that may violate the CEA. The article discusses how the CFTC, despite its significant focus in recent years on virtual currency and blockchain, has not addressed the issue of liability allocation directly. Recent remarks by Commissioner Quintenz may shed light on the CFTC’s future approach. Findings This article finds that liability allocation questions may become increasingly pressing as smart contracts that potentially violate the CEA proliferate, possibly exposing a broad range of parties involved in a distributed ledger network to liability. To the extent that Commissioner Quintenz’s recent remarks are indicative, the CFTC ultimately may adopt a foreseeability standard in determining liability. Practical implications Applications of distributed ledger technology (DLT) are ever-expanding, continually posing novel CFTC regulatory issues. This is especially the case with respect to smart contracts that may be subject to CFTC jurisdiction. Parties involved in such applications should be mindful of potential liability. Originality/value Practical guidance from experienced finance and derivatives lawyers with strong CFTC expertise.

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