Timber Tracking: Reducing Complexity of Due Diligence by Using Blockchain Technology

AbstractFinancial sanctions and trade control regulations are becoming increasingly relevant in the current global situation, characterized by multiple ongoing conflicts, sophisticated terrorist organizations, and serious tensions between international economic actors. The United Nations, under Article 41 of the UN Charter, the United States and Europe, in particular, regularly introduce and enforce a number of tools (e. g., financial restrictions, trade restrictions, arms embargoes, travel bans). Such tools can range from comprehensive, “territory-wide” sanctions against States to targeted sanctions on entities, including individuals, to obtain a change in policy or activity by the target country, part of the country, governments, entities, and individuals, with the ultimate aim of pursuing peace, human rights, democracy, and respect for the rule of law. Recent history proves that companies and financial institutions have adopted complex solutions to conceal transactions with sanctioned countries and entities.Blockchain technology, through the use of distributed digitalized ledgers, grants a high level of transparency, for instance providing real-time updates on the development of an export transaction, and the use of smart contracts can automatize payments, or the triggering of guarantees, etc. While blockchain technology continues to be an area of enormous promise, it is also one of risk, if not managed properly, especially in a transnational, multi-jurisdictional context. Not only might the use of blockchain-based solutions prove challenging for the enforcement of current international sanctions programs by competent authorities, but blockchain technologies developers will also need to set up solutions suitable to comply with the requirements imposed by the various sanctions in place. At the same time, businesses will need to determine which measures and due diligence practices are needed to protect against the risks of a sanctions violation, which can result in significant fines and even criminal penalties. This paper explores how blockchain solutions that may be implemented in the context of international financial and commercial transactions can interrelate (or interfere) with sanctions enforcement and sanctions compliance, highlighting the multiple legal issues that may arise in connection thereto.

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Initial coin offerings (ICOs): Why do they succeed?

Financial Innovation ◽

10.1186/s40854-021-00317-2 ◽

2022 ◽

Vol 8 (1) ◽

Author(s):

José Campino ◽

Ana Brochado ◽

Álvaro Rosa

Keyword(s):

Human Capital ◽

Success Factors ◽

Recent Literature ◽

Important Determinant ◽

Due Diligence ◽

Blockchain Technology ◽

Several Variables ◽

Future Potential ◽

The Impact ◽

Initial Coin Offerings

AbstractRecent literature has addressed initial coin offering (ICO) projects, which are an innovative form of venture financing through cryptocurrencies using blockchain technology. Many features of ICOs remain unexplored, leaving much room for additional research, including the success factors of ICO projects. We investigate the success of ICO projects, with our main purpose being to identify factors that influence a project’s outcome. Following a literature review, from which several potential variables were collected, we used a database comprising 428 ICO projects in the banking/financial sector to regress several econometric models. We confirmed the impacts of several variables and obtained particularly valuable results concerning project and campaign variables. We confirmed the importance of a well-structured and informative whitepaper. The proximity to certain markets with high availability of financial and human capital is also an important determinant of the success of an ICO. We also confirm the strong dependency on cryptocurrency and the impact of cryptocurrency valuations on the success of a project. Furthermore, we confirm the importance of social media in ICO projects, as well as the importance of human capital characteristics. Our research contributes to the ICO literature by capturing most of the success factors previously identified and testing their impacts based on a large database. The current research contributes to the building of systems theory and signaling theory by adapting their frameworks to the ICO environment. Our results are also important for regulators, as ICOs are mainly unregulated and have vast future potential, and for investors, who can benefit from our analysis and use it in their due diligence.

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Protecting yourself: Due diligence in mergers and acquisitions

Journal of Corporate Accounting & Finance ◽

10.1002/jcaf.1219.abs ◽

2002 ◽

Vol 13 (2) ◽

pp. 17

Author(s):

A. Carr Conway ◽

Robert W. Rouse

Keyword(s):

Mergers And Acquisitions ◽

Due Diligence

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Comprehensive Study of Blockchain Technology - Architecture, Consensus and Future Trends

International Journal of Scientific Research in Computer Science Engineering and Information Technology ◽

10.32628/cseit206292 ◽

2020 ◽

pp. 319-325

Author(s):

Shreya Joshi ◽

Ms Bhavyaa ◽

Suhani Gupta ◽

Lalita Luthra

Keyword(s):

Internet Of Things ◽

Product Management ◽

Future Trends ◽

Deep Dive ◽

Record Keeping ◽

Blockchain Technology ◽

Healthcare Product ◽

Core Technology ◽

Technical Challenges ◽

Comprehensive Study

Blockchain is considered to be a disruptive core technology. Although many researchers have realized the importance of blockchain, but the research of it is still emerging. It is the record-keeping technology behind bitcoin and is one of the hottest and fastest growing skills in the IT sector today. It serves as an immutable ledger which allows transactions to take place in a decentralized man Blockchain-based applications are rising up, covering numerous fields including finance, healthcare, product management, Internet of Things (IoT), and many more. However, there are still some challenges of blockchain technology such as scalability and security problems which need to be overcome. This paper comprises of a comprehensive study of Blockchain technology. We have included here a deep dive into how blockchains work, its architecture, consensus and various applications. Furthermore, technical challenges are briefly listed.

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The Potential Of Blockchain Technology To Change International Mobile Roaming Business Model

ACMIT Proceedings ◽

10.33555/acmit.v5i1.70 ◽

2019 ◽

Vol 5 (1) ◽

pp. 15-22

Author(s):

Ardian Thresnantia Atmaja

Keyword(s):

Business Model ◽

Current Situation ◽

Business Value ◽

Third Party ◽

Fundamental Aspect ◽

Clearing House ◽

Blockchain Technology ◽

Smart Contract ◽

Target Architecture ◽

Architecture Development

The key objectives of this paper is to propose a design implementation of blockchain based on smart contract which have potential to change international mobile roaming business model by eliminating third-party data clearing house (DCH). The analysis method used comparative analysis between current situation and target architecture of international mobile roaming business that commonly used by TOGAF Architecture Development Method. The purposed design of implementation has validated the business value by using Total Cost of Ownership (TCO) calculation. This paper applies the TOGAF approach in order to address architecture gap to evaluate by the enhancement capability that required from these three fundamental aspect which are Business, Technology and Information. With the blockchain smart contract solution able to eliminate the intermediaries Data Clearing House system, which impacted to the business model of international mobile roaming with no more intermediaries fee for call data record (CDR) processing and open up for online billing and settlement among parties. In conclusion the business value of blockchain implementation in the international mobile roaming has been measured using TCO comparison between current situation and target architecture that impacted cost reduction of operational platform is 19%. With this information and understanding the blockchain technology has significant benefit in the international mobile roaming business.

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Diligentia quam in suis as a Technique for a Contextual Application of the Full Protection and Security Standard: Considering the Level of Development of Host States in International Investment Law

African Journal of International and Comparative Law ◽

10.3366/ajicl.2020.0341 ◽

2020 ◽

Vol 28 (4) ◽

pp. 596-611

Author(s):

Nitish Monebhurrun

Keyword(s):

International Law ◽

International Investment ◽

Due Diligence ◽

Foreign Investors ◽

International Investment Law ◽

Local Means ◽

Security Standard ◽

Maximum Protection ◽

Investment Law ◽

Full Protection

With international investment law as the background to this study, the present article examines how the full protection and security standard can be construed from the perspective of developing states hosting foreign investments. The research delves into classical public international law to argue that the diligentia quam in suis rule can be used as a means of interpretation to strike a balance between foreign investors’ and developing states’ interests when construing the full protection and security standard. The rule provides that any expected due diligence from the state party is necessarily of a subjective nature. This means that developing host states must deploy their best efforts to offer maximum protection to foreign investors not on an in abstracto basis but as per their local means and capacity. Accordingly, the standard is presented as an adaptable and flexible one which moulds its contours as per the level of development of the host state. Such flexibility does not imply condoning states’ abuse and negligence. The article explains how the diligentia quam in suis rule enables a conciliation between the full protection and security standard and the host state's level of development while rationalising the standard's application to developing nations.

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Blockchain technologies and their application in governmentadministration

Problems of Innovation and Investment Development ◽

10.33813/2224-1213.19.2019.15 ◽

2019 ◽

pp. 182-190

Author(s):

Myroslav Kosіak ◽

Inna Kosіak

Keyword(s):

The State ◽

Public Authorities ◽

Property Insurance ◽

Data Registration ◽

State Management ◽

Digital World ◽

Blockchain Technology ◽

The Government ◽

Historical Comparative ◽

Methods Analytical

The purpose of the article. The article considers the Blockchain technology asan innovative tool. In particular, the essence and background of the developmentof blocks, the principles and specifics of the functioning of the system, as well asthe scheme of its work, are determined. The article presents the prospects forusingdistributed registry technologies (blockchain) in various socioeconomic spheresrelated to state administration. Provided examples and forecasts of the use ofblockchain technologies in the provision of state and municipal services forindividuals and legal entities in the following areas: formation of a unified registercontaining the history of the placement of the state, municipal order, as well asprocurement of corporations with state participation and / or control; registers ofdocuments (diplomas, certificates, lost and disavowed passports, policies for movableand immovable property insurance, health, etc.); database of court decisions andexecutive proceedings; public participation portals for citizens of Ukraine district- city – country. The fact that the blockchain technology is, first of all, theprinciples, and not the only possible way of implementing them, allows us to counton maximum openness and multivariate application in a dynamically changingchanging«digital world». Methodology. The research methodology is to use a combinationof methods: analytical, historical, comparative. The scientific novelty. The priorityof state blockchain systems introduction in stationary and distant voting, distributeddocument circulation, medical data registration, land resources registration,electronic auctions (auctions) in Ukraine was grounded. Conclusions. Already today,blockchain systems can change the role and participation of citizens in the conductof the state-management process, by raising the responsibility level, from thetransparent will expression in the elections to regulating the government serviceactivity in the society’s digitization conditions. The main advantages blockchainsystems using by public authorities that will increase the level of citizens trust todigital technologies using in general, namely: reliability and reliability of datastorage, transparency of transactions and virtually absolute protection of informationfrom distortion and unauthorized removal (relocation), are determined. In furtherscientific research it is proposed to consider the promising areas of the blockchaindigital technology usage: service activities of public authorities, legal proceedings,property rights management, implementation of migration control, verification ofgoods and services, registration of data on passing qualifying tests, patenting,intellectual property, digital identification, logistics , taxation, accounting ofbudget funds movement.

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