The Bank of Russia as a Regulator in the Market of Financial Technologies

The paper is devoted to the study of the legal status of the Bank of Russia in the market of financial technologies. The author highlights that the Central Bank of the Russian Federation is consistently given powers to regulate, control and supervise the activities of operators of investment, financial platforms, digital financial asset exchange operators, as well as information platforms issuing digital financial assets. At the same time, the author concludes that measures taken for the integrated development of this industry are insufficient. In this regard, the author proposes to give the Bank of Russia powers to regulate, control and supervise activities directly associated with the issuance and circulation of cryptocurrencies (digital currencies). The study reveals the lack of the legal framework necessary for the issuance and circulation of the national digital currency that is proposed to be considered as electronic funds, with the Bank of Russia acting as an electronic funds operator. The author also concludes that there is a need to combine both general ways of financial and legal regulation of relations associated with the development of new financial technologies and specific ones providing for the application of experimental legal regimes.

XChange: A Universal Mechanism for Asset Exchange between Permissioned Blockchains

Permissioned blockchains are increasingly being used as a solution to record transactions between companies. Several use cases that leverage permissioned blockchains focus on the representation and management of real-world assets. Since the number of incompatible blockchains is quickly growing, there is an increasing need for a universal mechanism to exchange, or trade, digital assets between these isolated platforms. There currently is no universal mechanism for inter-blockchain asset exchange without a requirement for trusted authorities that coordinate the trade. We address this shortcoming and present XChange, a universal mechanism for asset exchange between permissioned blockchains. To achieve universality and to avoid trusted authorities that coordinate a trade, XChange does not provide atomic guarantees but leverages risk mitigation strategies to reduce value at stake. Our mechanism records the specifications and progression of each trade within records on a distributed log. XChange reduces the economic gains of adversaries by bounding the total amount of fraud they can commit at any time. After having committed fraud, an adversary is forced to finish its ongoing trades before it can engage in new trades. We first present a four-phased protocol that coordinates an asset exchange between two traders. We then outline how trade records can be stored on TrustChain, which is a lightweight distributed ledger specifically built for the tamper-proof storage of data elements. We implement XChange and conduct experiments. Our experiments demonstrate that XChange is capable of reducing the economic gains of adversaries by more than 99.9% when replaying a real-world trading dataset. A deployment on low-resource devices reveals that the latency added to a trade by XChange is only 493 milliseconds. Finally, our scalability evaluation shows that XChange achieves over 1’000 trades per second and that its throughput, in terms of trades per second, scales linearly with the system load.

Regional Inequality Simulations Based on Asset Exchange Models with Exchange Range and Local Support Bias

To gain insights into the problem of regional inequality, we proposed new regional asset exchange models based on existing kinetic income-exchange models in economic physics. We did this by setting the spatial exchange range and adding bias to asset fraction probability in equivalent exchanges. Simulations of asset distribution and Gini coefficients showed that suppressing regional inequality requires, firstly an increase in the intra-regional economic circulation rate, and secondly the narrowing down of the exchange range (inter-regional economic zone). However, avoiding over-concentration of assets due to repeat exchanges requires adding a third measure; the local support bias (distribution norm). A comprehensive solution incorporating these three measures enabled shifting the asset distribution from over-concentration to exponential distribution and eventually approaching the normal distribution, reducing the Gini coefficient further. Going forward, we will expand these models by setting production capacity based on assets, path dependency on two-dimensional space, bias according to disparity, and verify measures to reduce regional inequality in actual communities.

“Voting System using Multichain Blockchain and Fingerprint Verification”

Nowadays, crypto currency has become a trending theme within the software package globe. Crypto currency may be a digital quality that’s meant to operate as a dealings medium that utilizes sturdy cryptography to secure asset exchange and make sure plus transfer. Crypto currency is in addition spoken as digital suburbanised cash. Block chain stores knowledge concerning dealings which will be accustomed assess transaction trait. This voting system deals with multi chain block chain technology. We can define block chain as a digital transaction which is used to record financial transactions also as totally different transactions. As a result of the knowledge keep within the block chain isn’t related to personal identifiable information, it’s such a fanonymity attribute. Blockchain allows dealings and verification to be clear. The options of this block chain technology are useful in powerful voting system,robustness, obscurity and transparency. The electoral system is our country’s core. Veri- fication of fingerprints employed in this theme to authenticate identity of electors.