Using Blockchain for Smart Contracts

2021 ◽  
pp. 208-221
Author(s):  
Sara Jeza Alotaibi
Keyword(s):  
Current System ◽  
Peer To Peer ◽  
Digital Transformation ◽  
Smart Contracts ◽  
Bank Management ◽  
Central Focus ◽  
Blockchain Technology ◽  
New Form ◽  
The Impact ◽  
Modern Technologies

Today's era of globalization and digital transformation has produced many modern technologies that have influenced modern societies, blockchain being one. This chapter will set out definitions and criteria related to what blockchain is, its advantages and limitations, and its relation to the modern techniques used in the conclusion of smart contracts; and the impact of this technology on fighting administrative and financial corruption. Within this chapter, the central focus is on a new form of contracts founded as a result of the challenge of aligning the current system of the contract with the application of blockchain technology (i.e., to replace the idea of credit intermediation in dealing [notary, bank, management] with another thought based on a peer-to-peer system to increase contractual security and to establish the principle of self-implementation of the contract without the need to mediate with others).

scholarly journals Blockchain Beyond Cryptocurrency: Non-Fungible Tokens

2021 ◽  
Author(s):  
Burcu Sakız ◽  
Ayşen Hiç Gencer
Keyword(s):  
Business Models ◽  
Disruptive Innovation ◽  
Peer To Peer ◽  
Smart Contracts ◽  
Blockchain Technology ◽  
Wide Range ◽  
Peer Network ◽  
Work Mechanism ◽  
Distributed Networking ◽  
Peer To Peer Network

Blockchain technology is a disruptive innovation with the potential to replace existing business models that rely on centralized systems and third parties for trust. Even if there are a lot of application areas, blockchain used primarily for cryptocurrencies. Satoshi Nakamoto implemented the first blockchain application and invented the world’s first digital currency which is named as Bitcoin in 2008. Fundementally Bitcoin relies on cryptographic “proof of work” mechanism, digital signatures, and peer to peer distributed networking layer in order to provide a distributed ledger holding transactions. In 2014, a second generation of blockchains allow to program and execute them over distributed networks such as Ethereum project. The code to program any asset stored in blockchain’s peer-to-peer network is called as "smart contract" and smart contracts gives a powerful tool to developers for decentralized applications. There are various types of tokens that anyone can built on top of Ethereum and by combining smart contracts and new tokens, this paved the way of possibility to build a wide range of decentralized projects. One of the disruptive blockchain based innovation impacting intellectual property is called non-fungible-tokens or NFTs firstly introcuced in late 2017 on Ethereum network. This research contends that blockchain and non-fungible tokens (NFTs) which are cryptographically unique, scarce, non-replicable digital assets created through smart contracts and provably digital collectible assets. Our objective is to give NFT taxonomy, review NFT platforms and discuss technical challenges as well as recent advances in tackling the challenges. Moreover, this paper also aims to point out the future directions for NFT technology.

scholarly journals CHINA'S ROAD TO DIGITAL LEADERSHIP

2021 ◽  
Vol 7 (2) ◽  
pp. 17-29
Author(s):  
G. V. Kuznetsova
Keyword(s):  
United States ◽  
Cultural Values ◽  
The United States ◽  
Global Strategy ◽  
Digital Transformation ◽  
Foreseeable Future ◽  
High Susceptibility ◽  
Cloud Technologies ◽  
The Impact ◽  
Modern Technologies

The article discusses the characteristics of China's advance to the position of the world digital leadership. The objectives of the study are the identifying of the most dynamically developing areas of digital transformation based on the integration of modern technologies, big data, artificial intelligence (AI), robotics, 3D printing, cloud technologies into supply chains for implementation in production processes. The impact of digitalization processes on the formation of a new society based on both traditional  cultural  values  and  high  susceptibility  to  Western  innovations  is analyzed. There  is  a  reversal  of  China's  global  strategy  from  a  development  model  based  on external factors to a wider use of internal regional reserves, which, in particular, is facilitated by the confrontation with the United States and the effect of the COVID-19 pandemic. It is concluded that achieving digital leadership in the competition with the United States for China is hardly possible in the foreseeable future. There are still insurmountable barriers on the way: the lack of economic freedoms, including in the field of using the Internet, environmental challenges that require structural restructuring of the economy, the presence of regional and social imbalances, a decline in economic growth, uncertainty in relations with the United States.

scholarly journals Introduction to Blockchain and Cryptocurrenncy

2020 ◽  
Author(s):  
Vidhi Pitroda ◽  
Vraj Shah ◽  
Jinan Fiaidhi
Keyword(s):  
Peer To Peer ◽  
Research Topic ◽  
Smart Contracts ◽  
Blockchain Technology ◽  
Smart Contract ◽  
High Security

In recent years blockchain technology has become mainstream research topic because of its decentralized, peer to peer transaction and anonymity properties. There are several applications of blockchain which are secure and easy as compare to the current techniques. One of the applications is a smart contract. Smart contracts are lines of code which are stored on a blockchain and automatically executed when the conditions defined by the it (developer) are met. This smart contract with the addition of blockchain technology can do task fast and with high security. In this paper we have developed a smart contract for a generalized notary application on solidity, Ethereum and the application is tested using the truffle suite. Furthermore, applications and their methodology for notary applications are also mentioned.

Consequent Formation in Security With Blockchain in Digital Transformation

2020 ◽  
pp. 122-144
Author(s):  
Shanthi Makka ◽  
Gagandeep Arora ◽  
B. B. Sagar
Keyword(s):  
Real Time ◽  
Cyber Security ◽  
Industrial Applications ◽  
Peer To Peer ◽  
Digital Transformation ◽  
P2p Network ◽  
High Demand ◽  
Blockchain Technology ◽  
The Future ◽  
Digital Transactions

Blockchain technology makes use of a centralized, peer-to-peer (P2P) network of databases, also called nodes, to validate and record digital transactions between individual users located anywhere across the globe. These transactions often take place through the exchange of cryptocurrencies such as bitcoins, Ethereum, and Ripple, etc. The security and transparency that is inherently present in digital transactions place blockchain technology in high demand across various industrial applications. Each node updates its database in real-time as and when transactions occur. The transaction gets authorized only when a majority of the nodes in the network validate the transaction. Once the verification is complete, a block, consisting of hash and keys, is generated for each new transaction and is linked to previous transactions in every database. Every node updates its database with the new block. A hacker would have to break down every node in the system to commit fraud. Blockchain could play a major role in maintaining the cyber security of digital transactions in the future.

Commodity Trading in the Blockchain Technology Era

2021 ◽  
pp. 39-53
Author(s):  
Sonia Arsi
Keyword(s):  
Transformation Process ◽  
Digital Transformation ◽  
Blockchain Technology ◽  
Reality Check ◽  
Future Challenges ◽  
Global Companies ◽  
Commodity Trading ◽  
The Impact ◽  
Different Levels

The emergence of Blockchain technology is gradually disrupting the traditional way of trading commodities. To go beyond the theory to the practical cases, this chapter provides an overview of the Blockchain-based digital transformation process behind and the pre-requisites for its inclusion in the commodity industry. A reality check through vivid examples of global companies highlights the increasing attention drawn to the Blockchain. Furthermore, this chapter discusses the impact of Blockchain technology's use in improving commodity finance trades at different levels and optimizing the transactions' effectiveness. Finally, future challenges and useful perspectives for managers and commodity firms are spotlighted.

scholarly journals Banking Governance in The Era of Digital Transformation

2020 ◽  
Vol 9 (2) ◽  
pp. 10-16
Author(s):  
Badr FIGUIGUI ◽  
◽  
Fouad MACHROUH ◽  
Keyword(s):  
Corporate Governance ◽  
Board Of Directors ◽  
Two Dimensions ◽  
Digital Transformation ◽  
Governance System ◽  
Blockchain Technology ◽  
Theoretical Approaches ◽  
Challenges And Opportunities ◽  
The Board Of Directors ◽  
The Impact

For nearly four decades, we have been witnessing the development of the concept of corporate governance. This concept has evolved considerably since its appearance because of its multidisciplinary nature and the high diversity of its theoretical grids. There are two main theoretical approaches. The disciplinary and cognitive approaches. Given the challenges and opportunities of digital transformation and its inevitable impact on the bank's business model, it is natural that it also impacts on its governance. This impact can be analyzed from the two dimensions of governance. First, a cognitive dimension, which concerns all the players in the governance system, particularly the board of directors. Then, a disciplinary dimension dictated by the radical transformation of the confidence relations (Board of Directors/managers) established by the blockchain technology which could call into question the notion of opportunism advocated by the agency theory as the basis of the disciplinary approach of governance. In this paper, we will explore from an unprecedented analysis of the impact of digital transformation on banking governance. This analysis will focus on the two dimensions of governance: disciplinary and cognitive. Finally, an empirical study will be presented on the digital transformation at the level of Moroccan banks which refers in particular to the cognitive aspects of governance. Keywords: corporate governance, disciplinary governance, cognitive governance, banking governance, digital transformation

A Comprehensive Review of the Security and Privacy Issues in Blockchain Technologies

2022 ◽  
pp. 180-199
Author(s):  
Mangesh Manikrao Ghonge ◽  
N. Pradeep ◽  
Renjith V. Ravi ◽  
Ramchandra Mangrulkar
Keyword(s):  
Economic Models ◽  
New Age ◽  
Security And Privacy ◽  
Smart Contracts ◽  
Comprehensive Review ◽  
Blockchain Technology ◽  
Application Potential ◽  
The Impact ◽  
Privacy Issues ◽  
Comprehensive Study

The development of blockchain technology relies on a variety of disciplines, including cryptography, mathematics, algorithms, and economic models. All cryptocurrency transactions are recorded on a digital and decentralized public ledger known as the blockchain. Customers may keep track of their crypto-transactions by looking at a chronological list rather than a centralized ledger. The blockchain's application potential is bright, and it has already produced results. In various fields, blockchain technology has been incorporated and deployed, from the earliest days of cryptocurrencies to the present day with new-age smart contracts. No comprehensive study on blockchain security and privacy has yet been done despite numerous studies in this area over the years. In this chapter, the authors talked about blockchain's security and privacy issues as well as the impact they've had on various trends and applications. This chapter covers both of these topics.

Blockchain Tokenisation in Grant Management

2022 ◽  
pp. 141-161
Author(s):  
Conrad Kraft ◽  
Mariana Carmona
Keyword(s):  
Social Economic ◽  
Digital Transformation ◽  
Smart Contracts ◽  
Enhance Efficiency ◽  
And Control ◽  
The Impact ◽  
Grant Management ◽  
Transparency And Accountability

Grant management is a vital process that enables organisations to successfully deliver programmes that address social, economic, environmental, and other challenges. Globally, grant transfers represent significant sums, and their management is fraught with deficiencies that undermine the impact of the donated funds. Among the most urgent challenges in grant management are to improve transparency and reduce high administration costs. Digital transformation has done much to enhance efficiency, transparency, and accountability in grant administration; however, numerous shortcomings still exist. Blockchain, smart contracts, and tokenisation can be combined to achieve greater levels of efficiency and control in grant management than is currently possible. Through the study of fundamental blockchain concepts, the authors propose a grant-management solution that tokenises every expenditure item and uses smart contracts to automate payments, reporting, and budgetary compliance.

scholarly journals Privacy-Preserving Peer-to-Peer Energy Trading in Blockchain-Enabled Smart Grids Using Functional Encryption

Energies ◽  
2020 ◽  
Vol 13 (6) ◽  
pp. 1321 ◽  
Author(s):  
Ye-Byoul Son ◽  
Jong-Hyuk Im ◽  
Hee-Yong Kwon ◽  
Seong-Yun Jeon ◽  
Mun-Kyu Lee
Keyword(s):  
Distribution System ◽  
Smart Grids ◽  
Renewable Energy Sources ◽  
Peer To Peer ◽  
Smart Contracts ◽  
Functional Encryption ◽  
Smart Meters ◽  
Trade Surplus ◽  
Energy Trading ◽  
Blockchain Technology

Advanced smart grid technologies enable energy prosumers to trade surplus energy from their distributed renewable energy sources with other peer prosumers through peer-to-peer (P2P) energy trading. In many previous works, P2P energy trading was facilitated by blockchain technology through blockchain’s distributive nature and capacity to run smart contracts. However, the feature that all the data and transactions on a blockchain are visible to all blockchain nodes may significantly threaten the privacy of the parties participating in P2P energy trading. There are many previous works that have attempted to mitigate this problem. However, all these works focused on the anonymity of participants but did not protect the data and transactions. To address this issue, we propose a P2P energy trading system on a blockchain where all bids are encrypted and peer matching is performed on the encrypted bids by a functional encryption-based smart contract. The system guarantees that the information encoded in the encrypted bids is protected, but the peer matching transactions are performed by the nodes in a publicly verifiable manner through smart contracts. We verify the feasibility of the proposed system by implementing a prototype composed of smart meters, a distribution system operator (DSO) server, and private Ethereum blockchain.

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