Technologically Driven Legal Framework of Blockchain and Cryptocurrencies

2021 ◽  
pp. 185-200
Author(s):  
Ahmed Ashoor ◽  
Kamaljeet Sandhu
Keyword(s):  
Real Time ◽  
Legal Framework ◽  
Peer To Peer ◽  
Third Party ◽  
Party Organization ◽  
Business Innovation ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Processing Data ◽  
Digital Asset

Blockchain technology refers to a digital, immutable, distributed ledger that registers completed transactions in a well-ordered manner and near real time. Blockchain security creates a decentralized environment that bars any third-party organization from controlling the cryptographically validated transactions and data. Blockchain technology fosters business innovation by creating a peer-to-peer networking that prevents one central server from accessing as well as processing data belonging to all companies in the network. Cryptocurrency can be defined as a digital asset built to facilitate completed transactions using cryptography. It helps in providing protection to the completed transactions and controlling the creation of additional units of the currency. In the recent years, the application of blockchain technology has been associated with governance. Blockchain governance has been applied in different fields; for example, it can be used to create permanent laws that cannot be violated by any third party.

Technologically Driven Legal Framework of Blockchain and Cryptocurrencies

2019 ◽  
pp. 111-133
Author(s):  
Ahmed Ashoor ◽  
Kamaljeet Sandhu
Keyword(s):  
Real Time ◽  
Legal Framework ◽  
Peer To Peer ◽  
Third Party ◽  
Party Organization ◽  
Business Innovation ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Processing Data ◽  
Digital Asset

Blockchain technology refers to a digital, immutable, distributed ledger that registers completed transactions in a well-ordered manner and near real time. Blockchain security creates a decentralized environment that bars any third-party organization from controlling the cryptographically validated transactions and data. Blockchain technology fosters business innovation by creating a peer-to-peer networking that prevents one central server from accessing as well as processing data belonging to all companies in the network. Cryptocurrency can be defined as a digital asset built to facilitate completed transactions using cryptography. It helps in providing protection to the completed transactions and controlling the creation of additional units of the currency. In the recent years, the application of blockchain technology has been associated with governance. Blockchain governance has been applied in different fields; for example, it can be used to create permanent laws that cannot be violated by any third party.

scholarly journals Discussion on Payment Application in Cross-border E-Commerce Platform from the Perspective of Blockchain

2021 ◽  
Vol 235 ◽  
pp. 03020
Author(s):  
Qian Liao ◽  
Mimi Shao
Keyword(s):  
Information Leakage ◽  
Consumer Information ◽  
Third Party ◽  
Cross Border ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Smart Contract ◽  
Cash Payment ◽  
Asymmetric Encryption ◽  
Further Development

Features like the distributed ledger, consensus mechanism, asymmetric encryption technology, smart contract and Token of blockchain can lower transaction cost, enhance trust between customers and merchants, as well as eliminate false payment and consumer information leakage, problems which are common in current payment of cross-border E-Commerce platform. Based on the analysis of existing scholars, this paper studied two payment models: digital cash payment based on blockchain technology and the application of blockchain in third-party payment platform. Then the paper discussed the mechanism of blockchain in cross-border e-commerce payment platform, and creatively proposed a blockchain cross-border e-commerce payment platform, serving as reference and guidance for further development of blockchain technology in cross-border payment.1

Semantic and Blockchain Technology

2021 ◽  
pp. 50-71
Author(s):  
Aswini R. ◽  
Padmapriya N.
Keyword(s):  
Digital Signature ◽  
Third Party ◽  
The Internet ◽  
Information Distribution ◽  
The Past ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Semantic Layer

Blockchain is a distributed ledger with the ability of keeping up the uprightness of exchanges by decentralizing the record among participating clients. The key advancement is that it enables its users to exchange resources over the internet without the requirement for a centralised third party. Also, each 'block' is exceptionally associated with the past blocks by means of digital signature which implies that creation a change to a record without exasperating the previous records in the chain is beyond the realm of imagination, in this way rendering the data tamper-proof. A semantic layer based upon a blockchain framework would join the advantages of adaptable administration disclosure and approval by consensus. This chapter examines the engineering supporting the blockchain and portrays in detail how the information distribution is done, the structure of the block itself, the job of the block header, the block identifier, and the idea of the Genesis block.

Cryptocurrencies, Blockchain Technology and Sustainability

2020 ◽  
Author(s):  
Burcu Sakız ◽  
E. Ayşen Hiç Gencer
Keyword(s):  
Decentralized Control ◽  
White Paper ◽  
Central Banking ◽  
Peer To Peer ◽  
Digital Currency ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Peer Network ◽  
Peer To Peer Network ◽  
Made In

Satoshi Nakamoto is the name used by the presumed pseudonymous person or persons believed to be the inventor of cryptocurrency Bitcoin, came up with the concept of blockchain as a core component of it when published a white paper on “BitCoin: A peer to peer electronic cash system” in 2008, blockchain technology made its public debut. Bitcoin is generally considered the first decentralized cryptocurrency and since the release of it, over 6,000 altcoins have been created. Cryptocurrencies use decentralized control as opposed to well-known, traditional centralized digital currency and also central banking systems. The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain. Blockchain is a system that in which a record of transactions made in cryptocurrencies are maintained across several computers/servers that are linked in a peer-to-peer network. Blockchain based applications provides many opportunities to create a more sustainable world. This paper contribute to the discussion on future avenues for sustainability especially in terms of cryptocurrencies and blockchain based platforms and services.

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.

scholarly journals Blockchain: Future of Accounting Education

2020 ◽  
Vol 12 (2) ◽  
pp. 14
Author(s):  
Munshi Samaduzzaman
Keyword(s):  
Transaction Cost ◽  
Low Cost ◽  
Accounting Education ◽  
Third Party ◽  
Accounting System ◽  
Accounting Standard ◽  
Peer Communication ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Smart Contract

Blockchain will be the future of accounting education. Triple entry accounting system is here, and shared ledger has been considered. From the shared ledger different parties can access transactions. As our discussion reveals that distributed ledger, Smart contract and Blockchain are three important elements in the triple entry accounting system. As a result, blockchain technology is helping the upgrading the process of education system. Blockchain technology is a peer to peer communication that allows participants to secure the settlement of transactions, achieve the transactions and transfer of assets at low cost. With certain advantages there are disadvantages too. Based on performance and acceptance, it is clear that in future the implication of blockchain technology would be developed. The concept of triple accounting has introduced the new way of accounting work replacing accounting standard formula. The blockchain technology eliminates the involvement of third party, maintain transparency and charges low transaction cost. It will save money and time of people as it is secure and due to decentralization, it is not controlled by one single entity. Due to the decentralization, every user of the network can see the file. So, blockchain should the part the Accounting Education in future.

scholarly journals BLOCKCHAIN IN EDUCATION: HOW TO MANAGE STUDENT CREDITS OF HIGHER EDUCATION THROUGH THE BLOCKCHAIN?

2020 ◽  
Vol 70 (2) ◽  
pp. 251-256
Author(s):  
B.A. Kumalakov ◽  
◽  
Y. Shakan ◽  
Keyword(s):  
Higher Education ◽  
Third Party ◽  
Party Organization ◽  
Credit System ◽  
Web Based ◽  
Web Resource ◽  
Blockchain Technology ◽  
Information Safety ◽  
The Creation ◽  
And Control

Currently, technologies are developing very quickly and the need for information security is constantly increasing. In this connection, Blockchain technology is becoming in demand, which allows us to keep information safety and integrity. In addition, the technology enables the creation of a decentralized environment where transactions and data are take place without any third party organization. We proposed a decentralized web resource based on the Ethereum platform for managing student credits. The decentralized application (Dapp), will process, manage and control tokens, which represent credits that students gain for completed certain courses. The credit system is a first step towards a more transparent and technologically advanced form which could be used by universities and students to manage credits. The novelty of this scientific research is the creation of a web-based information resource based on Blockchain technology. Thanks to this resource, it becomes possible to track students' grades and receive reliable information about higher education. This completely eliminates the possibility of making changes to existing records.

scholarly journals Cypher Cab - A Blockchain enabled Transportation Application

2021 ◽  
Vol 9 (VI) ◽  
pp. 3589-3592
Author(s):  
Aditya Raj
Keyword(s):  
Carbon Emissions ◽  
Third Party ◽  
Smart Contracts ◽  
High Service ◽  
Blockchain Technology ◽  
Ride Sharing ◽  
Distributed Ledger

Ridesharing is a transportation strategy that allows drivers to share their trips with other people which results in less travel expenses. It also minimizes traffic congestions and carbon emissions. Currently, most of the existing ride-sharing services rely on a central third party, like Uber, Ola, Didi which charges high service fees. In this paper, we are using blockchain technology to build a smart ride-sharing platform - CypherCab. All the services from registering as a driver, to using this platform for ridesharing will be written directly to the blockchain distributed ledger. Utilizing the decentralized nature of blockchain, the data stored in the blocks will be stored in a distributed ledger, hence removing the dependency on a central third-party server. Moreover, blockchain enables us to remove intermediaries and allows direct transactions between the driver and passengers. In this paper, we have implemented a prototype using smart contracts in the Ethereum network and Ganache test network.

scholarly journals Use of Blockchain Technology in Energy Banking and Electricity Markets

2021 ◽  
Vol 2 (3) ◽  
pp. 179-186
Author(s):  
S. K. Jain ◽  
Paresh Khandelwal ◽  
P. K. Agarwal
Keyword(s):  
Real Time ◽  
Electricity Markets ◽  
Electricity Market ◽  
Electric Energy ◽  
Third Party ◽  
Over The Counter ◽  
Market Participants ◽  
Blockchain Technology ◽  
Power Exchange ◽  
The Cost

The power system reforms worldwide have commoditized electric energy and thus the electricity market has been developed. With this, trading of electric energy takes place in various time-domain like the day ahead, real-time, etc. These transactions take place through over the counter (OTC) or Power Exchange (Px) which provide to the market participants the required platform and payment security. The transactions on OTC and Px requires a third-party platform and guarantee for contract & settlement, there incurs overhead cost. Since electric energy is a fungible commodity, it can be transacted very well with the old system like barter. Energy Banking is one such mechanism wherein one utility supplies the energy to another utility that need it more and in leisure, the energy can then be provided back. The requisite security of the transactions can be provided by blockchain technology. Energy banking is presently being done only on MW quantum basis with no price tag despite the cost being dependent on the demand-supply ratio. To ensure energy banking transactions in real-time and free from the perils of financial settlements, this article suggests the use of the Peer-to-Peer (P2P) model of blockchain technology for executing Smart Contracts mutually agreed upon by both parties and avoiding third parties overhead costs. Doi: 10.28991/HIJ-2021-02-03-03 Full Text: PDF

scholarly journals An Ethereum bill of lading under the UNCITRAL MLETR

2020 ◽  
Vol 27 (2) ◽  
pp. 250-274
Author(s):  
Niels-Philip Abdellatif
Keyword(s):  
Legal Protection ◽  
Legal Framework ◽  
Peer To Peer ◽  
The Internet ◽  
Control Approach ◽  
Bill Of Lading ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Model Law

The paper bill of lading remains pervasive despite numerous problems associated with its form. Blockchain heralds change as it allows unique tokens to be possessed and traded peer-to-peer instantaneously over the internet without the need for a trusted central administrator. Blockchain furthermore promises to ease processes thanks to its applicability in smart contracting procedures. The Model Law on Electronic Transferable Records (MLETR), passed by UNCITRAL in 2017, provides the relevant legal framework for legal protection of the blockchain bill of lading. This paper proposes Ethereum as a viable smart contract-enabled blockchain platform for a bill of lading system and examines said system’s compatibility with the MLETR. The analysis also shows that blockchain technology may have significant consequences for the ‘control’ approach for establishing possession of an electronic transferable record.

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