Blockchain networks as constitutional and competitive polycentric orders

2022 ◽  
pp. 1-17
Author(s):  
Eric Alston ◽  
Wilson Law ◽  
Ilia Murtazashvili ◽  
Martin Weiss
Keyword(s):  
Building Block ◽  
Institutional Analysis ◽  
Collective Choice ◽  
Protocol Design ◽  
Processes Of Change ◽  
Economic Exchange ◽  
Competitive Pressure ◽  
Choice Processes ◽  
External Sources ◽  
Internal Sources

Abstract Institutional economists have analyzed permissionless blockchains as a novel institutional building block for voluntary economic exchange and distributed governance, with their unique protocol features such as automated contract execution, high levels of network and process transparency, and uniquely distributed governance. But such institutional analysis needs to be complemented by polycentric analysis of how blockchains change. We characterize such change as resulting from internal sources and external sources. Internal sources include constitutional (protocol) design and collective-choice processes for updating protocols, which help coordinate network participants and users. External sources include competitive pressure from other cryptocurrency networks. By studying two leading networks, Bitcoin and Ethereum, we illustrate how conceptualizing blockchains as competing and constitutional polycentric enterprises clarifies their processes of change.

scholarly journals PUBLIC DEBT AS A SOURCE OF FINANCING FOR GOVERNMENT EXPENDITURES IN THE PERSPECTIVE OF ISLAMIC SCHOLARS

2019 ◽  
Vol 7 (4) ◽  
pp. 285-290
Author(s):  
Imron Mawardi ◽  
Tika Widiastuti ◽  
Debrina Farrah Anova ◽  
Muhammad Ubaidillah Al Mustofa ◽  
Dewie Saktia Ardiantono ◽  
...  
Keyword(s):  
Public Debt ◽  
Foreign Debt ◽  
General Knowledge ◽  
The Public ◽  
Islamic Perspective ◽  
External Sources ◽  
Internal Sources ◽  
The Government ◽  
State Projects ◽  
Conceptual Research

Purpose of the study: This study aims to examine foreign debt as a source of financing for economic development. This research is expected to provide (1) an overview of debt as a source of funding for state projects, (2) investigate its impacts and (3) offer additional knowledge of its Islamic perspective. Methodology: This research is a qualitative study using the study literature approach. This research is conducted by analysing books, literature, journals, and magazines with themes related to the focus of the discussion on this study. It is expected that the method used can provide insight, general knowledge, and develop the view of Islam in relation to foreign debt. Main Findings: The government has to ensure that the state has the ability to pay off its obligations in the future; guarantee that loans have to be free from interest; prioritize taking loans from internal sources rather than external sources. In Addition, debts are not intended for deferred needs and not taking loans that exceed their needs. Applications of this study: basically the results of this study can be applied to any country that considers the use of public debt, like other Islamic systems. Novelty/Originality of this study: This research is conceptual research in an Islamic perspective. This study successfully examined comprehensively related to the public debt with the Islamic approach.

Internal and external search strategies of innovative firms: the role of the target market

2018 ◽  
Vol 24 (3) ◽  
pp. 495-518 ◽  
Author(s):  
Guillermo Ruiz-Pava ◽  
Clemente Forero-Pineda
Keyword(s):  
International Markets ◽  
Search Strategies ◽  
Local Market ◽  
Target Market ◽  
Local Markets ◽  
Content Type ◽  
Innovative Firms ◽  
External Sources ◽  
Internal Sources

Purpose This paper aims to develop the concept of internal search of ideas to show the contrast between search strategies adopted by firms that introduce new products into local and international markets. Design/methodology/approach Based on data from 2,652 innovative firms, the paper uses factor analysis to explore and confirm appropriate groups of sources of innovative ideas. The analysis differentiates between internal and two types of external sources. Logistic and bivariate regressions reveal different search strategies for innovation in local and international markets. Findings Firms reporting products new to international markets exhibit search strategies combining ideas from internal sources with ideas from other firms. Firms reporting products new to local market reveal a search strategy centered on ideas from other firms. Practical implications Managers and policymakers wishing to promote innovations for international markets should concentrate their resources on developing the organizations’ capacity to generate ideas internally while monitoring other firms’ ideas. Managers targeting local markets may focus their efforts on intelligence over ideas coming from other firms. Originality/value Clarifying the relationship between knowledge and ideas, the paper finds that search strategies of firms are more effective for innovation depending on the target market. Firms searching for ideas among other firms generate ideas that might trigger innovation in products new to local markets. Firms searching both for internal and external ideas generate ideas leading to products new to international markets.

Big Data Architecture Components

2018 ◽  
pp. 10-31
Keyword(s):  
Big Data ◽  
Missing Values ◽  
Noise Removal ◽  
Data Sources ◽  
Data Types ◽  
Layer Analysis ◽  
External Sources ◽  
Internal Sources ◽  
High Level

The previous chapter overviewed big data including its types, sources, analytic techniques, and applications. This chapter briefly discusses the architecture components dealing with the huge volume of data. The complexity of big data types defines a logical architecture with layers and high-level components to obtain a big data solution that includes data sources with the relation to atomic patterns. The dimensions of the approach include volume, variety, velocity, veracity, and governance. The diverse layers of the architecture are big data sources, data massaging and store layer, analysis layer, and consumption layer. Big data sources are data collected from various sources to perform analytics by data scientists. Data can be from internal and external sources. Internal sources comprise transactional data, device sensors, business documents, internal files, etc. External sources can be from social network profiles, geographical data, data stores, etc. Data massage is the process of extracting data by preprocessing like removal of missing values, dimensionality reduction, and noise removal to attain a useful format to be stored. Analysis layer is to provide insight with preferred analytics techniques and tools. The analytics methods, issues to be considered, requirements, and tools are widely mentioned. Consumption layer being the result of business insight can be outsourced to sources like retail marketing, public sector, financial body, and media. Finally, a case study of architectural drivers is applied on a retail industry application and its challenges and usecases are discussed.

scholarly journals Image-Based Feature Representation for Insider Threat Classification

2020 ◽  
Vol 10 (14) ◽  
pp. 4945
Author(s):  
R. G. Gayathri ◽  
Atul Sajjanhar ◽  
Yong Xiang
Keyword(s):  
Class Imbalance ◽  
Feature Representation ◽  
Insider Threat ◽  
Deep Convolutional Neural Networks ◽  
Usage Patterns ◽  
Under Sampling ◽  
External Sources ◽  
Internal Sources ◽  
Malicious Insiders ◽  
Access Patterns

Cybersecurity attacks can arise from internal and external sources. The attacks perpetrated by internal sources are also referred to as insider threats. These are a cause of serious concern to organizations because of the significant damage that can be inflicted by malicious insiders. In this paper, we propose an approach for insider threat classification which is motivated by the effectiveness of pre-trained deep convolutional neural networks (DCNNs) for image classification. In the proposed approach, we extract features from usage patterns of insiders and represent these features as images. Hence, images are used to represent the resource access patterns of the employees within an organization. After construction of images, we use pre-trained DCNNs for anomaly detection, with the aim to identify malicious insiders. Random under sampling is used for reducing the class imbalance issue. The proposed approach is evaluated using the MobileNetV2, VGG19, and ResNet50 pre-trained models, and a benchmark dataset. Experimental results show that the proposed method is effective and outperforms other state-of-the-art methods.

Democracy by Discussion, Not Debate: James Buchanan on Freedom of Inquiry as a Methodological, not Ideological, Necessity

ORDO ◽  
2019 ◽  
Vol 2018 (69) ◽  
pp. 51-62
Author(s):  
Peter J. Boettke ◽  
M. Scott King
Keyword(s):  
Political Economy ◽  
Social Science ◽  
Central Place ◽  
Collective Choice ◽  
James Buchanan ◽  
Free Inquiry ◽  
The Core ◽  
Choice Processes ◽  
Ideological Preference

AbstractFreedom of inquiry remains one of the core tenants of the liberal project. However, in a 1960 letter, James M. Buchanan argued that free inquiry was important for more than just philosophical reasons. In fact, freedom of inquiry and the ability to participate in collective choice processes was at the heart of Buchanan’s methodological commitments to social science and foundational to the entire project of Virginia Political Economy. In this paper, we will show why freedom of inquiry assumes the central place that it holds in Buchanan’s methodology and research more broadly. Insisting on inquiry being open and free to all was not simply an ideological preference held by Buchanan—rather, to him it was the only way forward for Virginia Political Economy.

The Effect on Concrete Resistivity of Sulfate Content in Water

2012 ◽  
Vol 1488 ◽  
Author(s):  
Luis Emilio Rendon ◽  
Montserrat Rendon ◽  
Norma Ramirez
Keyword(s):  
Research Work ◽  
Sulfate Attack ◽  
Industrial Processes ◽  
X Ray Diffraction ◽  
X Ray ◽  
Naturally Occurring ◽  
Sulfate Solutions ◽  
External Sources ◽  
Internal Sources ◽  
Concrete Resistivity

ABSTRACTSulfate attack on concrete has been studied worldwide for more than 60 years. However, the mechanisms of attack are still not entirely understood, and deterioration of concrete from sulfates still occurs. The source of the sulfates may be either external or internal. External sources are the naturally occurring sulfates in the environment or those sulfates that are the product of industrial processes or various human activities (e.g. fertilizers often release sulfates into the soil and groundwater). Internal sources of sulfates may include the sulfates introduced in the cements from which concrete is made. The purpose of this study is to find out the amount of sulfates that concrete can withstand in the water. Standards tests have been developed to evaluate the resistance of concretes to sulfate attack. Some, but not all of these tests, take into account the mechanisms of sulfate attack so far discovered in research work. The tests range from those that monitor changes in the strength of concrete specimens after set periods of immersion in known compositions sulfate solutions, to those that use x- ray diffraction to examine concrete specimens for expansive products (e.g. ettringite and thaumasite) that have resulted from sulfate attack.

scholarly journals SOURCES OF STATE SOVEREIGNTY AND THE IDEA OF NATIONAL IDENTITY

2020 ◽  
pp. 158-173
Author(s):  
Mykhailo Boichenko ◽  
Yuliia Rudenko
Keyword(s):  
National Identity ◽  
The State ◽  
State Sovereignty ◽  
Cultural Groups ◽  
National Interests ◽  
Nation States ◽  
External Relations ◽  
National Values ◽  
External Sources ◽  
Internal Sources

The article is devoted to the analysis of the ratio of external and internal sources of state sovereignty. It is found that sovereignty cannot be established without external sources, and the sovereignty of the state is to establish external relations with other states as political monads, i. e. coexisting political substances. At the same time, the sovereignty of the state is closely interconnected with the idea of national identity: the justification of sovereignty is the integration of all cultural groups of the country around the idea of national identity, which is the subject of protection of state sovereignty. The national idea acts as the main source of legitimation of the state’s sovereignty, and the national identity acts as a mechanism for combining the national idea and the state’s sovereignty. In today’s globalized society, national identity appears not as an opponent of internationalism, but as a prerequisite for building international relations in recognition of the sovereignty of states that have their own national idea. The global state appears not as a replacement for the nation-state, but only as a principle of interdependence and expression of the need for cooperation between modern nation-states. Global civil society creates a need for the principle of multilateralism in the interaction between modern states, i. e. the need for their constructive interaction based on mutual respect for the idea of national identity and its derivatives — national interests, national values and so on. The strategic provision of internal sources of state sovereignty, especially a clear link between national identity and the integrated national idea, makes possible and appropriate to turn to external sources of state sovereignty.

scholarly journals Model Assessment of Accidents Factor Impact on Efficiency of Water Utilities

2021 ◽  
pp. 121-125
Author(s):  
А.А. Tskhai
Keyword(s):  
Numerical Modeling ◽  
Water Utilities ◽  
Model Assessment ◽  
Accident Rate ◽  
Water Utility ◽  
External Resources ◽  
Starting Point ◽  
External Sources ◽  
Internal Sources ◽  
The Relationship

The objective of the study is numerical modeling of the relationship between resources and results of water utilities with consideration of the accident factor. Usage of numerical methods to assess and predict the reduction of accident rate of a water utility enterprise during its development can be considered as a novelty. Eight Russian cities and their water utility enterprises are taken as an example for developing and testing the numerical model, which applied further to solve the problem. Only three out of eight enterprises with mixed ownership (Voronezh, Cheboksary, and Yakutsk) are able to improve their efficiency by following the predicted conditions of the minimal accident rate. Starting points with external sources are considered to be the most effective for external investment when external resources are transformed into results as effectively as possible. There are two water utility enterprises in this category during the 2013- 2017 period — Voronezh (2nd and 4th periods) and Orenburg (3rd period). It is shown that the growth point and the starting point with internal sources are the most effective when using their own resources.

scholarly journals FINANCIAL RISK MANAGEMENT STRATEGIES AND THE GROWTH OF MICROFINANCE SECTOR IN KENYA

2017 ◽  
Vol 2 (1) ◽  
pp. 23-53
Author(s):  
Dr. James Rurigi Njuguna ◽  
Prof. Roselyn Gakure ◽  
Dr. Anthony Gichuhi Waititu ◽  
Dr. Paul Katuse
Keyword(s):  
Risk Management ◽  
Financial Risk ◽  
Management Practices ◽  
Management Strategies ◽  
Credit Risk Management ◽  
Financial Risk Management ◽  
Risk Management Strategies ◽  
External Sources ◽  
Internal Sources ◽  
The Relationship

Purpose: The purpose of this study was to investigate how financial risk management strategies lead to growth of MFI sector in Kenya.Methodology: The study adopted a correlation survey research design. The population of this study was fifty seven (57) MFIs. The sampling frame was the list of MFIs provided in the AMFI website www.amfikenya.com. A sample of thirteen (17) MFIs was selected using the random sampling approach. A questionnaire and an interview schedule were the main data collection tools. Qualitative data was analyzed using content analysis whereas the quantitative data was analysed using Statistical Package for Social Sciences (SPSS) where descriptive and regression analysis were conducted to determine the relationship between enterprise risk management strategies and growth of MFIs.Findings: The findings indicated that MFIs had effective financial risk management strategies such as effective credit risk management practices, liquidity risk management practices, interest risk management practices and price risk management practices. In particular, MFIs took into consideration the conditions, characters, capacity, collateral and capital of borrowers. Strict debt collection practices were widely adopted by MFIs. In addition, the concept of Know Your Customer (KYC) policy, seem to have been adopted by MFIs. The relationship between financial risk management strategies and growth was positive and significant. It also shown that sources of funds for MFIs include external sources and internal sources and the most frequently used source of funds are bank loans. The use of banks loans may present various risk exposures to MFIs, the most significant being interest rate risk. However, the ability of MFIs to source funds from various sources indicates that MFIs can apply the pecking order by first exploiting internal sources of funds since they present a lower financial risks and then move on to external sources. However, despite the financial risk exposure accompanied by leverage from external sources, MFIs may also benefit as they may experience higher growth driven by the leverage. It was also found that MFIs had put in place a number of good practices that had emerged to promote responsible and inclusive lending. These include loan size limits, standardized (simple) loan terms, zero tolerance on delinquency, group-based lending. This finding implies that MFIs have put in place effective credit risk management policies which are part of an overall financial risk management strategy. The existence of effective financial risk management practices may have influenced the growth of MFIsUnique contribution to theory, practice and policy: The study recommends that the MFIs to continue practicing effective financial management practices as this would improve the growth of MFIs.

scholarly journals Operating cost analysis: sources and methods

2019 ◽  
pp. 132-138
Author(s):  
Nadiya Khorunzhak ◽  
Tetyana Portovaras
Keyword(s):  
Cost Optimization ◽  
Operating Cost ◽  
Operating Costs ◽  
Sources Of Information ◽  
Methods Of Analysis ◽  
External Sources ◽  
Internal Sources ◽  
Abc Analysis ◽  
The Cost ◽  
The Impact

Purpose. The aim of the article is identification of requirements and composition of sources of analysis, critical assessment of their information content, as well as emphasis on the application of a systematic approach to the analysis of operating costs and compliance of its method with these criteria. Methodology of research. The empirical research methods are used in the course of the research, in particular: analysis – in order to identify the composition of sources of analysis of operating expenses; generalization – to substantiate the classification of sources of analysis and to formulate recommendations on the choice of methods of analysis, which most fully allow to estimate the operating costs. Findings. The principles of formation of information base of the analysis of operating expenses are substantiated, which will allow to obtain high-quality information on their status and on the basis of the obtained results to predict the activity of the enterprise in the future. The study of the impact of factors on the analysis of operating expenses allowed us to distinguish sources of information into two groups: internal and external. It is determined that internal sources of data for analysis are accounting records, which are formed at enterprises, and which is considered by the authors as a source of analysis of operating expenses. External sources of information the authors consider all possible information resources of an external nature, research of the competitive environment and reporting of subjects with similar types of activity. Originality. The scheme of interconnection sources and analysis results of operations is proposed, which comprehensive utilization, will allow obtaining result analytical information on which management can optimize the cost of compliance with objectives and increase effectiveness of operations. According to modern realities, the most suitable methods of analysis are offered, which allow to adequately assessing the situation of the enterprise in the strategic plane with respect to operating expenses. Practical value. Carrying out an assessment of the operating costs of an enterprise with using various methods and tools of analysis in a complex provides obtaining unbiased data that can be effectively used for the purpose of cost optimization and increase of productivity. Key words: analysis; operating costs; cost optimization; internal sources of information; external sources of information; strategic methods; ABC analysis.

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