Blockchain Risk and Uncertainty in Automated Applications

2021 ◽  
pp. 64-86
Author(s):  
Devesh Kumar Srivastava ◽  
Saksham Birendra Bhatt ◽  
Divyangana
Keyword(s):  
Financial Services ◽  
Use Cases ◽  
P2p Network ◽  
Reputation Systems ◽  
Smart Contracts ◽  
Automated Systems ◽  
Risk And Uncertainty ◽  
Security Services ◽  
Digital Currency ◽  
Blockchain Technology

Blockchain could be called a string of blocks that acts like a ledger that is also distributed. Members in a defined P2P network are given access to the blockchain and can create new blocks. When the data is stored in a blockchain, changing it becomes virtually impossible. The data stored within blocks is timestamped to avoid tampering. Blockchain has applications in numerous fields like IoT, digital currency, financial services, reputation systems, smart contracts, security services, etc. If any virtual or real asset transaction is happening online, blockchain technology can be easily applied to optimize and secure the transaction better. Blockchain-based applications bring controversies, and yet many exceptional and diverse use-cases have been found for blockchain in both financial and non-financial sectors. Although it holds immense promise, it doesn't come without risks and uncertainties. This chapter elucidates the growing risks and uncertainties which accompany the use of blockchain in automated systems.

A Study of Use Cases for Smart Contracts Using Blockchain Technology

2021 ◽  
pp. 1823-1844
Author(s):  
S R Mani Sekhar ◽  
Siddesh G M ◽  
Swapnil Kalra ◽  
Shaswat Anand
Keyword(s):  
Natural Disaster ◽  
Vital Role ◽  
Use Cases ◽  
Use Case ◽  
Smart Contracts ◽  
Digital Identity ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Healthcare Finance ◽  
Natural Disaster Management

Blockchain technology is an emerging and rapidly growing technology in the current world scenario. It is a collection of records connected through cryptography. They play a vital role in smart contracts. Smart contracts are present in blockchains which are self-controlled and trustable. It can be integrated across various domains like healthcare, finance, self-sovereign identity, governance, logistics management and home care, etc. The purpose of this article is to analyze the various use cases of smart contracts in different domains and come up with a model which may be used in the future. Subsequently, a detailed description of a smart contract and blockchain is provided. Next, different case-studies related to five different domains is discussed with the help of use case diagrams. Finally, a solution for natural disaster management has been proposed by integrating smart contract, digital identity, policies and blockchain technologies, which can be used effectively for providing relief to victims during times of natural disaster.

scholarly journals Smart Contracts to Support the Advancement of Blockchain Technology in the Security Integrity

2020 ◽  
Vol 2 (11) ◽  
pp. 31-39
Author(s):  
Sulistiawati Wati
Keyword(s):  
Data Security ◽  
Financial Services ◽  
Energy Resources ◽  
Smart Contracts ◽  
Secure Storage ◽  
Blockchain Technology ◽  
Storage Media ◽  
Smart Contract ◽  
Problem Solvers ◽  
Effective Source

The development of technology today is used as a benchmark in the advancement of the industrial world where the development of technology has influenced various aspects in the life of today's society. Smart contracts as one form of blockchain technology that resembles a conventional contract can be used to bind agreements between one party and another. One difference between a smart contract and a conventional contract is the smart contract that is stored in the blockchain. With the presence of smart contracts on the blockchain has become one of the most sought-after technologies, because the number of users is high enough for each transaction within the company. In this case various features of smart contracts applications in various worlds, ranging from financial services, life sciences, energy resources and media voting. Smart contracts still pose a lot of challenges that overwhelm the interaction of some Parties, such as users, developers, and organizations built on smart contracts. Smart contracts are essentially a very effective source of problem solvers, where smart contracts on the blockchain make it easy to maintain data security, and save costs and time. In addition, in the absence of third parties strongly minimizes the fraud that is often done by irresponsible parties, this prevents conflicts between parties. Prone to cases of loss of a document is generated because there is no secure storage media. The advent of smart contracts on the blockchain is expected to be a solution to tackle most of the world's commercial and bureaucratic systems.  

scholarly journals BLOCKCHAIN TECHNOLOGY IN COUNTERING CYBER TERRORISM

2019 ◽  
pp. 167-177 ◽  
Author(s):  
E. A. Antonyan ◽  
I. I. Aminov
Keyword(s):  
Law Enforcement ◽  
20Th Century ◽  
Financial Services ◽  
Criminal Activity ◽  
The Internet ◽  
Law Enforcement Agencies ◽  
Cyber Terrorism ◽  
Digital Currency ◽  
Blockchain Technology ◽  
New Type

In the paper, modern blockchain technologies are called a revolutionary phenomenon, equal in importance to the ingenious invention of the 20th century — the Internet. Originally developed for Bitcoin digital currency and launching the network of the same name, the blockchain technology created a platform for the new type of the Internet, influenced the decentralization of the Network according to the distributed registry principle, and began to be used in various types and combinations for various purposes, including cybersecurity. The paper argues that the use of blockchain technology to ensure cybersecurity is infinite due to such unique properties as reliability, accessibility, high adaptability, economic efficiency, profitability. The use of blockchain technologies to combat cybercrime, including cyberterrorism, may extend to control over financial services, transportation or any other industry. However, the growth of criminal activity using the blockchain technology will also be enhanced if the law enforcement agencies are not technologically competent, can detect these developing centers, determine their actions and destroy plans at a faster pace.

scholarly journals A use case centric survey of Blockchain: status quo and future directions

2019 ◽  
Author(s):  
Srinath Perera ◽  
Frank Leymann ◽  
Paul Fremantle
Keyword(s):  
Status Quo ◽  
Use Cases ◽  
Potential Outcomes ◽  
Use Case ◽  
Financial Systems ◽  
Future Directions ◽  
Digital Currency ◽  
Blockchain Technology ◽  
To Come ◽  
Level Of Effort

This paper presents an assessment of blockchain technology based on the Emerging Technology Analysis Canvas (ETAC) to evaluate the drivers and potential outcomes. The ETAC is a framework to critically analyze emerging technologies. The assessment finds that blockchain can fundamentally transform the world. It is ready for specific applications in use cases such as digital currency, lightweight financial systems, ledgers, provenance, and disintermediation. However, Blockchain faces significant technical gaps in other use cases and needs at least 5-10 years to come to full fruition in those spaces. Sustaining the current level of effort (e.g. startups, research) for this period of time may be challenging. We also find that the need and merits of decentralized infrastructures compared to centralized and semi-centralized alternatives is not always clear. Given the risk involved and significant potential returns, we recommend a cautiously optimistic approach to blockchain with the focus on concrete use cases. The primary contributions of this paper are a use case centric categorization of the blockchain, a detailed discussion on challenges faced by those categories, and an assessment of their future.

Cryptocurrency As An Alternative Currency In Malaysia: Issues and Challenges

ICR Journal ◽  
2020 ◽  
Vol 9 (1) ◽  
pp. 48-65
Author(s):  
Sheila Ainon Yussof ◽  
Abdullah Masoud Humaid Al-Harthy
Keyword(s):  
Tax Evasion ◽  
Financial Services ◽  
Third Party ◽  
Future Research ◽  
Global Trends ◽  
Fiat Money ◽  
Digital Currency ◽  
Blockchain Technology ◽  
Terrorism Financing ◽  
The Government

Fintech (or financial technology) is the current driving force behind innovations in the financial services industry. One of the most debated innovations is cryptocurrency, or digital currency, which uses blockchain technology to make a direct electronic payment between two people possible, without going through a third party (like a bank) or expensive intermediaries in order to save costs. This future money is pressurising central banks to manage the looming threat of redundancy as it overshadows fiat currency in a world of infinite fintech possibilities. Bitcoin, being the first decentralised cryptocurrency, will be the focus of this research. This digital currency is not produced by minting money in an unlimited supply, but through a virtual mining process designed to control the supply of money and make it more valuable. The increasing pace in financial innovation is pushing regulators to make a change in the way they define money and what money can be. Traditionally money is used to serve as a medium of exchange, legal tender for repayment of debt, standard of value, unit of accounting measure and a means to save or store purchasing power. Bitcoin may not fulfill all the functions of money but its scarcity value, anonymity (or pseudonymity), transparency, and autonomy from the government, make it attractive to users who are speculators, traders, merchants, consumers and netizens disenchanted with fiat money. Despite the alluring features of Bitcoin, it is not spared from potential abuses such as webcrimes, tax evasion, fraud, online black markets, money laundering and terrorism financing. In this paper, a forensic examination of Bitcoins benefits and risks will help regulators decide whether to adopt cryptocurrency and provide an appropriate framework to regulate it based on other jurisdictions approach. This paper recommends that Malaysia should fully embrace cryptocurrency due to global trends - the Islamic Development Bank is developing Shariah compliant contracts using blockchain technology; China is leading the drive to develop its own national cryptocurrency to complement fiat money; and a Shariah-compliant cryptocurrency has already entered the market backed by gold (Onegram). Financial and regulatory architectures in Malaysia should accommodate these changes to remain relevant. In addition, future research is recommended focusing on developing a Shariah compliant national cryptocurrency that is unique to Malaysia.

A Study of Use Cases for Smart Contracts Using Blockchain Technology

2019 ◽  
Vol 10 (2) ◽  
pp. 15-34 ◽  
Author(s):  
S R Mani Sekhar ◽  
Siddesh G M ◽  
Swapnil Kalra ◽  
Shaswat Anand
Keyword(s):  
Natural Disaster ◽  
Disaster Management ◽  
Vital Role ◽  
Use Cases ◽  
Use Case ◽  
Smart Contracts ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Healthcare Finance ◽  
Natural Disaster Management

Blockchain technology is an emerging and rapidly growing technology in the current world scenario. It is a collection of records connected through cryptography. They play a vital role in smart contracts. Smart contracts are present in blockchains which are self-controlled and trustable. It can be integrated across various domains like healthcare, finance, self-sovereign identity, governance, logistics management and home care, etc. The purpose of this article is to analyze the various use cases of smart contracts in different domains and come up with a model which may be used in the future. Subsequently, a detailed description of a smart contract and blockchain is provided. Next, different case-studies related to five different domains is discussed with the help of use case diagrams. Finally, a solution for natural disaster management has been proposed by integrating smart contract, digital identity, policies and blockchain technologies, which can be used effectively for providing relief to victims during times of natural disaster.

Applications of Blockchain Technology in the Finance and Banking Industry Beyond Digital Currencies

2022 ◽  
pp. 216-238
Author(s):  
Sitara Karim ◽  
Mustafa Raza Rabbani ◽  
Hana Bawazir
Keyword(s):  
21St Century ◽  
Financial Services ◽  
Banking Industry ◽  
Financial Services Industry ◽  
Financial Innovations ◽  
Digital Currency ◽  
Blockchain Technology ◽  
Services Industry ◽  
Financial Transactions ◽  
The Given

Blockchain and cryptocurrency have almost become synonymous. Cryptocurrency is arguably one of the most sensational financial innovations of the 21st century. The current study claims that blockchain technology is not limited to the application of digital currencies in finance and banking; there are wide applications of blockchain technology in the given field. Blockchain uses the unique properties enabling decentralized, secured, transparent, and temper-proof financial transactions that have the potential to revolutionize the financial services industry. Given such a stance, the chapter outlines the application of blockchain technology in the finance arena beyond the digital currency. In this chapter, the authors provide the 10 applications of blockchain technology in the financial services industry implementing the blockchain technology and revolutionizing the finance and banking industry. The chapter also highlights the hurdles to application of blockchain technology in the finance and banking industry.

scholarly journals A use case centric survey of Blockchain: status quo and future directions

2019 ◽  
Author(s):  
Srinath Perera ◽  
Frank Leymann ◽  
Paul Fremantle
Keyword(s):  
Status Quo ◽  
Use Cases ◽  
Potential Outcomes ◽  
Use Case ◽  
Financial Systems ◽  
Future Directions ◽  
Digital Currency ◽  
Blockchain Technology ◽  
To Come ◽  
Level Of Effort

This paper presents an assessment of blockchain technology based on the Emerging Technology Analysis Canvas (ETAC) to evaluate the drivers and potential outcomes. The ETAC is a framework to critically analyze emerging technologies. The assessment finds that blockchain can fundamentally transform the world. It is ready for specific applications in use cases such as digital currency, lightweight financial systems, ledgers, provenance, and disintermediation. However, Blockchain faces significant technical gaps in other use cases and needs at least 5-10 years to come to full fruition in those spaces. Sustaining the current level of effort (e.g. startups, research) for this period of time may be challenging. We also find that the need and merits of decentralized infrastructures compared to centralized and semi-centralized alternatives is not always clear. Given the risk involved and significant potential returns, we recommend a cautiously optimistic approach to blockchain with the focus on concrete use cases. The primary contributions of this paper are a use case centric categorization of the blockchain, a detailed discussion on challenges faced by those categories, and an assessment of their future.

scholarly journals Application of Blockchain Technology in Smart Contracts: A Systematic Literature Review

2020 ◽  
Vol 2 (2) ◽  
pp. 160-166
Author(s):  
Zaleha Fauziah ◽  
Haznah Latifah ◽  
Xavier Omar ◽  
Alfiah Khoirunisa ◽  
Shofiyul Millah
Keyword(s):  
Data Security ◽  
Financial Services ◽  
Computer Network ◽  
New Technology ◽  
Smart Contracts ◽  
Program Code ◽  
Health History ◽  
Blockchain Technology ◽  
Transaction Process ◽  
Patient Health

Associated with the current development of the emergence of many technologies that have increased in the world, especially in industry, one of which is the blockchain which is a new technology that is undergoing drastic density, this technology has data that is difficult to manipulate so that the blockchain has data security very trusted, and every record of all the contents of the transaction data can be known from one server to another server so that both parties know each other what the activities are carried out. The recording of transactions in this blockchain technology is connected in one block that is secured directly by a computer network, the blockchain itself has several applications such as Cryptocurrency or can also be called digital currencies, and Smart Contracts. This Smart Contracts is an application owned by blockchain technology that carries out an agreement or digital agreement in the computer program code that is entrusted by both parties stored in the blockchain database, so that it cannot be changed by anyone or the help of other parties, then no longer needed entities that can be trusted in using Smart Contracts. These Smart Contracts help to process the exchange of money, shares and property. Currently there are many industries that use Smart Contracts, such as the business industry that records financial services, the health industry which records data on patient health history, even the insurance and government industries also use Smart Contracts, therefore the existence of Smart Contracts is useful to avoid an intermediary service so that a transaction process will be trtransparent.

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