scholarly journals The mechanism of using distributed ledger technology by payment systems: advantages and disadvantages

2020 ◽  
Vol 19 (2) ◽  
pp. 122-130
Author(s):  
Umar Kaplanov
Keyword(s):  
Payment System ◽  
Payment Systems ◽  
Advantages And Disadvantages ◽  
Distributed Ledger ◽  
Distributed Ledger Technology

In this article, the author considers the role of distributed registries in improving the modern payment system. The essence of the distributed ledger mechanism is analyzed. The advantages and disadvantages of using distributed registries in the development and implementation of payment systems are identified.

ANALYSIS OF THE SCO NATIONAL PAYMENT SYSTEMS AND PROPOSALS FOR OPTIMIZATION OF THE SETTLEMENTS IN SCO

2020 ◽  
Vol 2 (6) ◽  
pp. 147-158
Author(s):  
L. N. KRASAVINA ◽  
◽  
L. I. KHOMYAKOVA ◽  
Keyword(s):  
External Factor ◽  
Digital Technologies ◽  
Central Banks ◽  
Payment System ◽  
Payment Systems ◽  
Shanghai Cooperation Organization ◽  
Regional Features

The article discusses the features of the functioning of national payment systems of the countries of the Shanghai Cooperation Organization (SCO). The specifics of the payment systems of the SCO countries are revealed, the emphasis is placed on their regional features. The role of central banks in ensuring the stable and safe functioning of national payment systems is highlighted. The importance of the supervisory function of central banks in order to control the payment system operators of the SCO countries is emphasized. Forecasts of the development of remote and digital technologies in the payment sector are given taking into account the influence of a new external factor (pandemic).

scholarly journals Comprehensive use of identification technologies and distributed ledger technology for the development of electronic services provided through multi-purpose smart documents

2020 ◽  
Vol 65 (1) ◽  
pp. 110-116
Author(s):  
A. V. Reshetniak ◽  
V. I. Dravitsa
Keyword(s):  
Education System ◽  
Weighting Factor ◽  
Fair Competition ◽  
Advantages And Disadvantages ◽  
Functional Capabilities ◽  
Distributed Ledger ◽  
Smart Contract ◽  
Distributed Ledger Technology ◽  
Payment Cards ◽  
And Control

The article covers the possibilities of comprehensive use of identification technologies and Distributed Ledger Technology (DLT) for increasing the efficiency of electronic services provided through multi-purpose student cards. The main advantages and disadvantages of the existing intellectual document emission systems in the Belarusian education system are assessed, including: centralized (the “Student Card” project) and decentralized (the electronic student card) ones. The proposal to use the DLT-model for issuing multi-purpose electronic student cards combined with bank payment cards has been grounded. Such model makes it possible to implement new functional capabilities when providing electronic services and has a number of advantages over the existing systems of electronic student documents issuance. The article describes how Public Blockchain and Private Blockchain can be used to issue and control intellectual documents, to accelerate the development of the electronic services provided through Smart Contract, and how the Smart Contract technology can be used to promote fair competition among electronic services providers. The methodology of evaluating the electronic services provider rating basing on the weighting factor of “usefulness” or “being in demand” is proposed. The article provides information on the expected effects of the proposed DLT-model implementation, obtained through the comprehensive use of identification technologies and distributed ledger technology.

scholarly journals Novel Payment Wallet Management with Blockchain Based Cryptocurrency

2019 ◽  
Vol 8 (2S4) ◽  
pp. 228-233
Keyword(s):  
Regulatory Authority ◽  
Payment Systems ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Payments System ◽  
Enterprise Technology ◽  
Business Application ◽  
The World ◽  
Actual Life

Blockchain for business is a new concept which enables many industries and organizations to implement even the basic of systems on foundation of blockchain technology. Using this technology, our goal is to develop a payments system that enables transfer of funds for a monetary transaction between two parties. Hyperledger is an open source community oriented effort which was made to propel cross-industry blockchain advances that were available. The Linux Foundation has it. It has partners from everywhere throughout the world , at a worldwide dimension and incorporates ventures like funding, banking, Internet of Things, supply chains, assembling and Technology. Using Blockchain for Enterprise technology, we are going to develop a new payments system that makes use of regulated cryptocurrency. Using this system, we want to create a new cryptocurrency specific to the payment portal for people to buy, sell and pay or earn rewards using this cryptocurrency. This system will majorly consist of participants and admins that will be divided based on the certificates assigned to every participant. Our implementation involves. using the fabric for creating a payment system run on the backend of blockchain technology. This will involve having a regulatory authority to maintain the cryptocurrency, ledger and authenticity of the users. Theoretically, the blockchain technology maintains anonymity for transactions. It uses a distributed ledger to record transactions for people to be able to make secure transactions without any repercussions. Blockchain for Enterprise implements Blockchain technology by using concepts like Trust, Privacy and Smart contracts in addition to the distributed ledger to create an industry friendly Blockchain business application. Blockchain is a rapidly growing field with multiple implementations which can be explored not just on anonymity but also on actual life implementations. Distributed ledger technology is applied to the payment systems. Cryptocurrency would now not only be used for anonymous transactions but also for regular day to day transactions.

scholarly journals Approach and models for using distributed ledger technology to authenticate educational documents

Doklady BGUIR ◽  
2020 ◽  
Vol 18 (7) ◽  
pp. 14-22
Author(s):  
D. A. Kachan ◽  
U. A. Vishniakou
Keyword(s):  
Public Administration ◽  
Third Party ◽  
Digital Documents ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Urgent Task ◽  
Block Chain ◽  
Structural Solutions

The purpose of this article is to analyze methods, approaches, and tools of distributed ledger technology (DLT) for working with documents in education. The objectives of the article are to analyze problems with the authentication of educational documents, develop new structural solutions using block chain technology, consider two models, and evaluate their use for educational documents.Authentication of educational documents is carried out using state registers, which is a complex and resource-intensive process. There is an increase in the number of forged documents in the world, which calls into question the effectiveness of modern mechanisms. Distributed ledger technology (block chain) is a sustainable technological trend that affects the development and quality of the digital economy. The existence of a mechanism for verifying the authenticity of educational documents that is resistant to malicious manipulation is an urgent task that goes beyond the sphere of education, possible solutions to which are proposed to be considered in this paper.The article provides a brief description of DLT and considers the approach of using the technology to authenticate educational documents. It consists of two main stages: the issue of a digital educational document and its verification. The role of a trusted third party in the issue and validation process is considered. The paper presents the models for issuing and validating digital documents based on distributed ledger technology, which allows one to eliminate the limitations and shortcomings of existing approaches. The effectiveness of the approach based on the proposed models is revealed. The formulated approaches can be applied in various socio-economic areas and public administration to work with similar documents.

scholarly journals The Regional Role of the Eurasian Development Bank in the Post-Coronavirus World

2021 ◽  
Vol 14 (4) ◽  
pp. 22-32
Author(s):  
A. V. Kuznetsov
Keyword(s):  
Financial Policy ◽  
Payment Systems ◽  
Member States ◽  
Scientific Methods ◽  
Technology Markets ◽  
Advantages And Disadvantages ◽  
Dialectical Approach ◽  
The Us ◽  
The Impact

Until now, the processes of global regionalisation have not been adequately reflected in the formation of systemic approaches to the management of financial relations within the Eurasian Economic Union. It leads to the search for new financial policy mechanisms necessary to stimulate the economies of the EAEU countries in the context of emerging economic and geopolitical constraints, as well as the creation of the necessary prerequisites for industrial cooperation in the context of anti-Russian sanctions and de-globalisation trends intensified by the COVID-19 pandemic. Currently, the vulnerability of the economies of the EAEU member states is due to their extreme dependence on external extra-regional demand, international capital and technology markets, as well as international settlement and payment systems based on the US dollar. The study is based on a dialectical approach. In conducting the research, we used general scientific methods of analysis, synthesis, generalisation, as well as methods of systemic, historical-logical and comparative analysis. The contradictory nature of the development of the world economy at the present stage was revealed. The role of the EDB in creating conditions for sustainable development of the EAEU member states has been substantiated. Changes in the structure of the EDB’s investment portfolio were analysed. The advantages and disadvantages of the EDB’s current activities in the context of the implementation of the Bank’s Strategy for 2018–2020 were summarised. Comparative characteristics of financing of EDB member countries through multilateral development banks were presented. The impact of the COVID-19 coronavirus pandemic on the current and future activities of the EDB was shown.

THE METHODOLOGY OF PAYMENT SYSTEM CHOOSING BASED ON ACCOUNTING AND ANALYTICAL DATA

2017 ◽  
Author(s):  
Olena Fomina ◽  
◽  
Maksym Semenikhin ◽  
Keyword(s):  
Business Processes ◽  
Analytical Data ◽  
Communication Technologies ◽  
Payment System ◽  
Payment Systems ◽  
Individual Enterprise ◽  
Expert Assessments ◽  
The Cost

This article overviews the task of choosing the optimal payment system for e-commerce enterprises. The relevance of the topic is due to the increasing role of communication technologies for business processes, trends towards globalization, an increase in the share of payments made via the Internet, as well as an increase in the volume of the e-commerce market as a separate field of business activity. The topic of the settlement transactions, the specifics of accounting for enterprises in the field of e-commerce and the study of payment systems were researched by a lot of ukrainian and foreign scientists. But the problem of the methodology for choosing an optimal payment system for enterprises was not previously discussed (only articles on choosing the PS for the banking). This aspect (the problem of choosing ) is even more important and requires attention because of the presence of a large number of PS (83 payment systems, according to the published list on the NBU website) and the importance of such element for the enterprise for minimizing the cost of out settlement fees, as well as avoiding of restrictions on making payments with foreign counterparties, certain types of currency, and so on. To select the optimal payment system for an enterprise, we offer an algorithm scheme which contains the following stages: 1. Determination of the company's strategy and further development vector. 2. Identification of the specifics of settlement transactions as for the studied enterprise. 3. Using the method of expert assessments to establish the gradation of the main criteria for choosing a PS. 4. Selection of the most relevant applicants (PS) according to the main criteria to reduce the selection. 5. Using the scale of relative advantages and applying the method of pairwise comparisons, select the best applicant (s). The use of this method of mathematical modeling is preferable due to the ability to take into consideration the specific preferences of an individual enterprise, as well as all the multifactorial selection matrix. The article provides a task-example of applying this method. Special attention should be paid to the accounting and analytical data necessary for the application of such an analysis: the dynamics of indicators in the Financial Statements, analysis of the territorial affiliation of the main counterparties, the average amount of transaction.

Regulatory changes for redesigned securities markets with distributed ledger technology

2020 ◽  
Vol 35 ◽  
Author(s):  
Muthukkumarasamy Thuvarakan
Keyword(s):  
Information Disclosure ◽  
Regulatory Compliance ◽  
Securities Market ◽  
Securities Markets ◽  
Payment Systems ◽  
Regulatory Changes ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Potential Applications ◽  
The Impact

Abstract Distributed ledger technology (DLT) is regarded as a revolutionary solution that offers immutability, transparency, trust, and efficiency while ‘transcending law and regulation’. One of the potential applications of DLT is in the securities market. Share registration, settlement, regulatory compliance, information disclosure, payment systems, and market service requirements can be redesigned with the use of DLT. This paper will examine the impact that such changes will have on legal theories and governance, while also discussing the effects on enforcement techniques. In addition, general blockchain-legal issues will be critically analyzed in the context of securities markets.

Overview of Electronic Payment System

2015 ◽  
pp. 391-418
Author(s):  
Sanghita Roy
Keyword(s):  
Credit Card ◽  
Banking Sector ◽  
Payment System ◽  
Electronic Payment ◽  
Payment Systems ◽  
Advantages And Disadvantages ◽  
Business Transactions ◽  
The Difference ◽  
Card Payment ◽  
Electronic Payment System

The emergence of e-commerce has created new financial needs that in many cases cannot be effectively fulfilled by the traditional payment systems. The advent of the Electronic commerce has prompted the invention of several payment tools to facilitate the completion of business transactions over the Internet. There are different methods to pay electronically. Recognizing this, virtually all interested parties are exploring various types of electronic payment system and issues surrounding electronic payment system and digital currency. Broadly electronic payment systems can be classified into four categories: Online Credit Card Payment System, Online Electronic Cash System, Electronic Cheque System and Smart Cards based Electronic Payment System. Each payment system has its advantages and disadvantages for the customers and merchants. These payment systems have numbers of requirements: e.g. security, acceptability, convenience, cost, anonymity, control, and traceability. Therefore, instead of focusing on the technological specifications of various electronic payment systems, the researcher has distinguished electronic payment systems based on what is being transmitted over the network; and analyzed the difference of each electronic payment system by evaluating their requirements, characteristics and assessed the applicability of each system. To sustain in the competition more banks are following e-commerce and especially using e-payment mechanism. Though Indian economy is basically cash driven, still India is not far behind in adopting E-payment services in retail and banking sector.

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