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 Blockchain based financial case analysis and its implications

2017 ◽  
Vol 11 (3) ◽  
pp. 312-321 ◽  
Author(s):  
Soonduck Yoo
Keyword(s):  
Financial Institutions ◽  
Design Methodology ◽  
Case Analysis ◽  
Financial Sector ◽  
Smart Contracts ◽  
Related Services ◽  
Content Type ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Technological Developments

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.

Crypto-friendliness: understanding blockchain public policy

2019 ◽  
Vol 9 (2) ◽  
pp. 165-184 ◽  
Author(s):  
Mikayla Novak
Keyword(s):  
Case Studies ◽  
Global Economy ◽  
Design Methodology ◽  
Related Activity ◽  
Policy Entrepreneurship ◽  
Content Type ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Practical Implications

Purpose The purpose of this paper is to conceptualise the chief aspects of policy interest in blockchain technology. Design/methodology/approach The paper outlines policymaking processes in the context of innovation and technological change, assesses generic variations in policy treatment towards blockchain, and identifies manifestations of policy entrepreneurship using national case studies of blockchain policies. Findings Favourable policy dispositions towards blockchain technology are interpreted as political efforts to develop local, blockchain-enabled economies. So-called “crypto-friendly” jurisdictions proactively clarify regulatory and tax treatments of cryptocurrency and other blockchain applications, and trial blockchain uses in fields predominated by public sector activity. Policymakers in countries hostile towards blockchain-related activity have instigated bans or strict limitations with respect to blockchain engagement by developers and users. Research limitations/implications Reliance upon case studies suggests the need for alternative study approaches (e.g. index construction, empirical research) as blockchain use consolidates throughout the global economy. Practical implications This paper provides insight to policymakers and blockchain practitioners regarding the attributes of accommodative policies towards distributed ledger technology. Social implications Countries and sub-national regions exhibiting a more welcoming policy stance are more likely to attract entrepreneurs and investors in the crypto-economic blockchain space. Originality/value This paper develops a policy “crypto-friendliness” construct to assess the extent to which policymakers enact accommodative policies for blockchain development.

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.

China expects bright future for blockchain technology

2018 ◽  
Keyword(s):  
United States ◽  
Service Management ◽  
The United States ◽  
Chinese Government ◽  
Content Type ◽  
Left Behind ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
National Priority

Subject China's position on blockchain and crytocurrencies. Significance After being left behind (mainly by the United States) on critical technologies such as microprocessor design, telecommunication and space engineering, the current Chinese leadership regards technological innovation as a top national priority. In particular, the development of the distributed ledger technology, blockchain, as a cross-industry transformative platform has been written into China’s 13th Five-Year Plan covering 2016-20. Impacts Blockchain technology will be applied to fields such as gaming, global online payments, digital advertising and public service management. The decentralised nature of cryptocurrencies impedes effective regulation. The Chinese government will remain deeply divided on the issue of cryptocurrencies. The United States will probably legalise cryptocurrency exchanges and ICOs soon, followed by Singapore and China.

scholarly journals A Flexibility Market Platform for Electricity System Operators Using Blockchain Technology

Energies ◽  
2022 ◽  
Vol 15 (2) ◽  
pp. 539
Author(s):  
Valeri Mladenov ◽  
Vesselin Chobanov ◽  
George Calin Seritan ◽  
Radu Florin Porumb ◽  
Bogdan-Adrian Enache ◽  
...  
Keyword(s):  
Cost Effective ◽  
Congestion Management ◽  
Smart Contracts ◽  
Blockchain Technology ◽  
Electricity System ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Energy Flows ◽  
Effective Manner

The paper’s main objective is to demonstrate the trading and flexibility of services amongst TSOs, DSOs, and Prosumers in a transparent, secure, and cost-effective manner using Blockchain-based TSO-DSO flexibility marketplace (EFLEX). The aim is to look for ways to help DSOs/TSOs be more flexible and more directly engaged in managing energy flows on the network. EFLEX will streamline the needs of both TSO and DSO on the same platform. Based on the paper’s proposed services, the pilot service demonstration will be carried out in Bulgaria and Romania, and the main focus will be on congestion management, TSO-DSO Coordination, and Marketplace. The proposed objective is achieved by using Blockchain-based smart contracts and distributed ledger technology.

scholarly journals Application of Distributed Ledger Technology for Settlements by Letters of Credit

2020 ◽  
Vol 15 (6) ◽  
pp. 64-72
Author(s):  
L. G. Efimova
Keyword(s):  
Financial Intermediaries ◽  
Smart Contracts ◽  
Legal Analysis ◽  
Letter Of Credit ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Smart Contract ◽  
Distributed Ledger Technology ◽  
New Form ◽  
Letters Of Credit

The paper carries out a legal analysis of three models of settlements by letters of credit with the use of distributed ledger technology. First, this refers to the model of settlements that uses blockchain as a way of transferring documents under the letter of credit. Second, the author investigates the model of settlements where two smart contracts are used. In the author’s view, such smart contracts should be seen as a way of executing the contracts that, in practice, form the settlement procedure with the use of letters of credit. Third, the most interesting is the settlement model where the payer and the recipient of funds (payee) enter into one smart contract that provides non-cash settlements between them with the use of the P2P service. There is no financial intermediary that organizes non-cash settlements in this settlement model. This difference makes it possible to conclude that settlements similar to settlements with the use of letters by credit via blockchain technology and carried out on the principle of P2P, should be considered as a new form of non-cash settlements. The peculiarity of this form of non-cash settlements is the opportunity given to direct participants of the settlement to fulfil their monetary obligations without using cash and without any assistance of financial intermediaries.

scholarly journals Blockchain as a Type of Distributed Ledger Technology

2016 ◽  
Vol 3 (2) ◽  
pp. 127-136 ◽  
Author(s):  
Koteswara Rao Ballamudi
Keyword(s):  
Data Privacy ◽  
New Technologies ◽  
Self Regulation ◽  
State Level ◽  
Privacy And Security ◽  
Consensus Algorithms ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Wide Range

Distributed ledger technology (DLT) that stores data (usually immutable and sequenced transaction records) in a decentralized way through cryptography and consensus algorithms. The first widely recognized implementation of the blockchain took place in 2009 on the Bitcoin public blockchain. Since then, other types of blockchain have been developed for a wide range of applications and features built on common principles such as decentralization, encryption, consensus, and immutability. In particular, blockchain technology is most widely used in transaction settlement and digital currency banks and the financial sector, as well as in supply chain applications that help participants solve problems quickly and efficiently. Other use cases continue to be developed. As a form of information management, blockchain and related DLTs offer advantages over traditional databases and may help develop certain new technologies such as the Internet of Things. Blockchain regulation is currently restricted at the international and federal levels, but state-level legislation provides support and awareness of aspects of blockchain technology. Most of the current regulations are in the form of self-regulation by blockchain developers and related communities, but many challenges and risks such as data privacy and security need to be addressed in the near future.

scholarly journals Blockchain and the Law

2019 ◽  
Author(s):  
Dariusz Szostek
Keyword(s):  
New Technologies ◽  
Legal Aspects ◽  
Digital Economy ◽  
Smart Contracts ◽  
Legal Regulations ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
It Managers

This book analyses the new blockchain and Distributed Ledger Technology (DLT) in term of its impact on law, contracts and the digital economy. It discusses global legislation in the blockchain and its implications. The analysis of contracts includes the Bitcoin system and the Bitcoin Blockchain. The book is written in an international and European perspective. It is characterised by a practical approach and addressed to lawyers who want to deepen their knowledge about legal aspects of new technologies such as the blockchain and other modern IT tools, but also to entrepreneurs, IT specialists, developers and IT managers in the implementation of DLT and block technologies The book covers the following topicsChapter I Blockchains and DLT in the digital economy Chapter II Blockchains, DLT – basic terms Chapter III Blockchains in finance Chapter IV Durable media with blockchain technology Chapter V "Smart Contracts" Chapter VI The future of blockchain solutions in legal regulations (an initiated discussion). Prof. UO dr hab. Dariusz Szostek is Director of the Centre for Legal Problems of Technic and New Technologies at the Faculty of Law University of Opole.

scholarly journals Third Party Certification of Agri-Food Supply Chain Using Smart Contracts and Blockchain Tokens

Sensors ◽  
2021 ◽  
Vol 21 (16) ◽  
pp. 5307
Author(s):  
Ricardo Borges dos Santos ◽  
Nunzio Marco Torrisi ◽  
Rodrigo Palucci Pantoni
Keyword(s):  
Supply Chain ◽  
Mobile Application ◽  
Consumer Behaviour ◽  
Economic Incentives ◽  
Third Party ◽  
Smart Contracts ◽  
Proof Of Concept ◽  
Socially Responsible ◽  
The Public ◽  
Blockchain Technology

Every consumer’s buying decision at the supermarket influences food brands to make first party claims of sustainability and socially responsible farming methods on their agro-product labels. Fine wines are often subject to counterfeit along the supply chain to the consumer. This paper presents a method for efficient unrestricted publicity to third party certification (TPC) of plant agricultural products, starting at harvest, using smart contracts and blockchain tokens. The method is capable of providing economic incentives to the actors along the supply chain. A proof-of-concept using a modified Ethereum IGR token set of smart contracts using the ERC-1155 standard NFTs was deployed on the Rinkeby test net and evaluated. The main findings include (a) allowing immediate access to TPC by the public for any desired authority by using token smart contracts. (b) Food safety can be enhanced through TPC visible to consumers through mobile application and blockchain technology, thus reducing counterfeiting and green washing. (c) The framework is structured and maintained because participants obtain economical incentives thus leveraging it´s practical usage. In summary, this implementation of TPC broadcasting through tokens can improve transparency and sustainable conscientious consumer behaviour, thus enabling a more trustworthy supply chain transparency.

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