Decentralized Factoring for Self-Sovereign Identities

Invoice factoring is a handy tool for developing businesses that face liquidity problems. The main property that a factoring system needs to fulfill is to prevent an invoice from being factored twice. Distributed ledger technology is suitable for implementing the platform to register invoice factoring agreements and prevent double-factoring. Several works have been proposed to use this technology for invoice factoring. However, current proposals lack in one or several aspects, such as decentralization and security against corruption, protecting business and personally identifiable information (PII), providing non-repudiation for handling disputes, Know-Your-Customer (KYC) compliance, easy user on-boarding, and being cost-efficient. In this article, a factoring registration protocol is proposed for invoice factoring registration based on a public distributed ledger which adheres to the aforementioned requirements. We include a relayer in our architecture to address the entry barrier that the users have due to the need of managing cryptocurrencies for interacting with the public ledger. Moreover, we leverage the concept of Verifiable Credentials (VCs) for KYC compliance, and allow parties to implement their self-sovereign identities by using decentralized identifiers (DIDs). DIDs enable us to relay on the DIDComm protocol for asynchronous and secure off-chain communications. We analyze our protocol from several security aspects, compare it to the related work, and study a possible business use case. Our evaluations demonstrate that our proposal is secure and efficient, as well as covers requirements not addressed by existing related work.

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A Game Model for Incentive Mechanism of Distributed Nodes in Supply Chains

Computational Intelligence and Neuroscience ◽

10.1155/2021/7502860 ◽

2021 ◽

Vol 2021 ◽

pp. 1-10

Author(s):

Jingjing Jiang ◽

Aobo Lyu

Keyword(s):

Supply Chain ◽

Incentive Mechanism ◽

Operation Mode ◽

Game Model ◽

The Public ◽

Digital Currency ◽

Distributed Ledger ◽

Distributed Ledger Technology ◽

The Incentive Mechanism ◽

Reward Mechanism

This study aims to solve the credit problems in the supply chain commodity and currency circulation links from the perspective of the ledger, while the game model method has been adopted. The research firstly reviews the relationship between distributed ledger technology and the essential functions of currency. Then, by constructing two-agent single-period and multi-period game models in the entire supply chain, the researchers analysed the incentive mechanism and equilibrium solution of distributed nodes of Central Bank Digital Currency (CBDC). The results of this study include the incentive mechanism and optimization of distributed nodes based on licensed distributed ledger technology, which is an important issue that CBDC faces when performing currency functions. The implications of this study mainly cover the limitations of the underlying technology of the public chain and its reward mechanism in the supply chain management and provide support for the rationality of the CBDC issuance mechanism based on state-owned commercial banks, which provides a reference for the CBDC practice. The main value of the research not only serves the decision-making department of the CBDC issuance but also provides ideas on the operation mode of digital currency for the field of digital currency research.

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

Future Internet ◽

10.3390/fi12080134 ◽

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.

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Consensus Algorithms Blockchain: A comparative study

International Journal on Perceptive and Cognitive Computing ◽

10.31436/ijpcc.v5i2.103 ◽

2019 ◽

Vol 5 (2) ◽

pp. 66-71

Author(s):

Siham Hattab ◽

Imad Fakhri Taha Alyaseen

Keyword(s):

Comparative Study ◽

Peer To Peer ◽

The State ◽

Verification And Validation ◽

Consensus Algorithm ◽

Consensus Algorithms ◽

The Public ◽

Distributed Ledger ◽

Distributed Ledger Technology ◽

Encrypted Database

A blockchain is a Distributed Ledger Technology that has been defined as a â€œdistributed, shared, encrypted database that serves as an irreversible and incorruptible repository of information. Blockchain can be defined as a peer-to-peer distributed ledger that is cryptographically secure, append-only, immutable and updatable only via consensus or agreement among peers. In blockchain platforms, each transaction in the public ledger is verified by consensus of the majority of the system participants in a transparent and secure way. The consensus algorithm refers to the process of attaining an unified agreement on the state of the network in a decentralized way and to facilitate the verification and validation of information being added to the blockchain. This paper aims at providing a comparison between most of the recent consensus algorithms regarding the scalability of the algorithm; the type of blockchain, node identity, the performance of the algorithm (in terms of throughput & latency) and Adversial Tolerance and to deliver a solid basis for discussions about current statistics. In this research, we also presented a new category of the Blockchain consensus algorithms, which consist of three groups as follows; the proof based on Hardware, the proof based on stake, and the proof based on voting.

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Sustainable Public Spending Through Blockchain

European Journal of Sustainable Development ◽

10.14207/ejsd.2020.v9n4p317 ◽

2020 ◽

Vol 9 (4) ◽

pp. 317

Author(s):

Judit Glavanits

Keyword(s):

Best Practices ◽

Financial Markets ◽

Public Spending ◽

The State ◽

The Public ◽

Digital Currency ◽

Blockchain Technology ◽

Distributed Ledger ◽

Distributed Ledger Technology ◽

Industrial Use

Blockchain technology and its industrial use cases can be detected worldwide. It is time for the state to think about the blockchain as an opportunity to reduce costs and build trust in the public spending. The paper and the presentation give an overview on how the state can apply the distributed ledger technology (DLT) and blockchain technology in the public administration: there are several countries with best practices already, and even more are in the introduction phase of opening to Industry 4.0 in the public services as well. On the field of FinTech area the state has great responsibility to regulate (or at least define) the phenomena of cryptocurrencies, that is already in use for more than 10 years now without any responsible governmental acts. Within this topic the Central Bank Digital Currency projects are also discussed in the paper, which are supported by IMF, and declared as the next natural step forward on financial markets. Keywords: blockchain, DLT, SDG, public spending

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Designing a Distributed Ledger Technology System for Interoperable and General Data Protection Regulation–Compliant Health Data Exchange: A Use Case in Blood Glucose Data (Preprint)

10.2196/preprints.13665 ◽

2019 ◽

Author(s):

David Hawig ◽

Chao Zhou ◽

Sebastian Fuhrhop ◽

Andre S Fialho ◽

Navin Ramachandran

Keyword(s):

Blood Glucose ◽

Data Privacy ◽

Data Exchange ◽

Personal Data ◽

Use Case ◽

Concept System ◽

General Data Protection Regulation ◽

The Public ◽

Distributed Ledger ◽

General Data

BACKGROUND Distributed ledger technology (DLT) holds great potential to improve health information exchange. However, the immutable and transparent character of this technology may conflict with data privacy regulations and data processing best practices. OBJECTIVE The aim of this paper is to develop a proof-of-concept system for immutable, interoperable, and General Data Protection Regulation (GDPR)–compliant exchange of blood glucose data. METHODS Given that there is no ideal design for a DLT-based patient-provider data exchange solution, we proposed two different variations for our proof-of-concept system. One design was based purely on the public IOTA distributed ledger (a directed acyclic graph-based DLT) and the second used the same public IOTA ledger in combination with a private InterPlanetary File System (IPFS) cluster. Both designs were assessed according to (1) data reversal risk, (2) data linkability risks, (3) processing time, (4) file size compatibility, and (5) overall system complexity. RESULTS The public IOTA design slightly increased the risk of personal data linkability, had an overall low processing time (requiring mean 6.1, SD 1.9 seconds to upload one blood glucose data sample into the DLT), and was relatively simple to implement. The combination of the public IOTA with a private IPFS cluster minimized both reversal and linkability risks, allowed for the exchange of large files (3 months of blood glucose data were uploaded into the DLT in mean 38.1, SD 13.4 seconds), but involved a relatively higher setup complexity. CONCLUSIONS For the specific use case of blood glucose explored in this study, both designs presented a suitable performance in enabling the interoperable exchange of data between patients and providers. Additionally, both systems were designed considering the latest guidelines on personal data processing, thereby maximizing the alignment with recent GDPR requirements. For future works, these results suggest that the conflict between DLT and data privacy regulations can be addressed if careful considerations are made regarding the use case and the design of the data exchange system.

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