A Decision Framework for Decentralized Control of Distributed Processes

A typical example of a distributed process is trade finance where data and documents are transferred between multiple companies including importers, exporters, carriers, and banks. Blockchain is seen as a potential decentralized technology that can be used to automate such processes. However, there are also other competing technologies such as managed file transfers, messaging, and WebAPIs that may also be suitable for automating similar distributed processes. In this chapter, a decision framework is proposed to assist the solution architect in deciding the technology best suited to support decentralized control of a distributed business process where there are multiple companies involved. The framework takes as input the different areas of concern such as data, processing, governance, technical, and the pros and cons of the technologies in addressing these areas of concerns and provides a method to analyze and highlight the best technology for any process in question. Two example processes, trade finance and price distribution, are used to show the application of the framework.

Data Confidentiality, Integrity, and Authentication

Blockchain has been created in the process of development in bitcoin. It's a singly linked list of block, with each block containing a number of transactions and each list in the blocks using with cryptographic functions. The cryptographic hash function contains the hash of the previous block, timestamp, and transaction ID. Blockchain services include the authentication, confidentiality, integrity, data and resource provenance, and privacy and access control lists technologies. The authentication provider authenticates decentralized database with transactions in private-public key pair. This key-pair is used in the transport layer security with the entire network. The network legitimizes the transaction after that and adds the transaction to the blockchain. A sequence of blocks in blockchain holds the complete record of transactions like a public ledger. The integrity data written in the blockchain cannot be altered subsequently. By limiting access to the information in confidentiality, only authorized users can access the information, so that information is also protected.

Scientific Paper Peer-Reviewing System With Blockchain, IPFS, and Smart Contract

In general, peer reviewing is known as an inspection of a work that is completed by one or more qualified people from the same profession and from the relevant field to make the work more error-free, readable, presentable, and adjustable according to the pre-published requirements and also considered as the primary metric for publishing a research paper, accepting research grants, or selecting award nominees. However, many recent publications are pointing to the biasness and mistreatment in the peer-review process. Thus, the scientific community is involved to generate ideas to advance the reviewing process including standardizing procedures and protocols, blind and electronic reviewing, rigorous methods in reviewer selection, rewarding reviewers, providing detailed feedback or checklist to reviewers, etc. In this chapter, the authors propose a decentralized and anonymous scientific peer-reviewing system using blockchain technology. This system will integrate all the above concern issues and eliminate the bias or trust issues interconnected with the peer-reviewing process.

Blockchain Technology

Blockchain technology starts to reconfigure all aspects of society to make it clear and beneficial for the legal system. The chapter introduces “The Blockchain Revolution” in categories 1.0, 2.0, and 3.0; in the form of analyzing the use of the technology that is being applied in new innovative business models, Blockchain 1.0 starts with the creation of the first blockchain and the introduction of the technology in the “Bitcoin Whitepaper,” the crypto-currency model, via Bitcoin's application in services related to cash, payments, and transfers. Blockchain 2.0 starts with the indication that using smart contracts on blockchains will be available via the development of syntax (i.e., “solidity” that would enable developers to create solutions with blockchain technology at the backend). The chapter explores the feature of the new disruptive business models-based blockchain technology as a new approach in delivering business products and services. In the chapter, the authors explore the new technologies raised in different fields of business.

A Brief Analysis of Blockchain Algorithms and Its Challenges

Blockchain is the world's most trusted service. It serves as a ledger that allows transaction to take place in a decentralized manner. There are so many applications based on blockchain technology, including those covering numerous fields like financial services, non-financial services, internet of things (IoT), and so on. Blockchain combines a distributed database and decentralized ledger without the need of verification by central authority. This chapter surveys the different consensus algorithms, blockchain challenges, and their scope. There are still many challenges of this technology, such as scalability and security problems, waiting to be overcome. The consensus algorithms of blockchain are proof of work (POW), proof of stake (POS), ripple protocol consensus algorithm (RPCA), delegated proof of stake (dPOS), stellar consensus protocol (SCP), and proof of importance (POI). This chapter discusses the core concept of blockchain and some mining techniques, consensus problems, and consensus algorithms and comparison algorithms on the basis of performance.

Blockchains for Value Creation and Supply Chain Optimization

Managing today's highly dispersed and intertwined supply chain in order to maximize the overall organizational benefit by leveraging partner competencies is a herculean task and one that is of ever-growing importance in a highly competitive and truly globalized market. Information technology in the form of point-of-sale data, materials requirement planning software, and enterprise-wide systems have often been leveraged to assist with this. However, with the proliferation of data, storing, managing, and analyzing data on a large scale is a challenge. Blockchains provide numerous benefits such as data transparency, immutability, and traceability that are so critical in building a cohesive cyberinfrastructure that facilitates cooperation and collaboration among supply chain partners. This chapter examines the characteristics of blockchain that make it suitable for supply chains and explore how the benefits afforded by blockchain can be leveraged to enhance value creation while optimizing the supply chain.

Perspective and Challenges of Blockchain Technology in the Accountability of Financial Information

The accounting information system could be improved by blockchain technology, but some potential risk could arise. Thus, it is worth considering such risks. The accounting research and academic literature regarding the impact of this technology on the accounting system are in an initial stage of this emergent field. The purpose of this chapter is to go a step further on this topic and to spur additional research regarding accounting and blockchain technology. The contribution of this study is twofold. On the one hand, it shows the main technologies comprising blockchain and their main consequences understood as sources of improvement. On the other hand, it assesses said effects applied to different processes of the accounting information system. Not only does this work show implications for the accounting profession, but the effects on the primary stakeholders are also brought to light.

A Call for Second-Generation Cryptocurrency Valuation Metrics

This chapter builds on the body of work that has depicted cryptocurrency as a model for science and higher education funding. To that end, this work examines the degree to which one or more cryptocurrencies would need to be adopted and achieve a network effect prior to implementation of such a funding model. Empirical data from three different cryptocurrencies were examined. The current work deploys generalized autoregressive conditional heteroskedasticity (GARCH) to analyze stochastic volatility. This work contends that the examined coins are likely overdistributed and too volatile, thereby limiting the wealth generation possibilities for funding science or higher education. Additionally, based on the GARCH analysis, this work highlights that cryptocurrency pricing metrics and valuation models, to this point, may be insufficiently complex to persuade institutional investors to seriously allocate capital to this ecosphere.

Bank Data Certification and Repurposing Using Blockchain

Privacy protection is one of the basic needs for supporting a good interaction in a globally interconnected society. It is important not just for business and government but also to a huge and increasing body of electronic or online societies. In such situations, a traditional digital ledger storage systems seems more centralized. Security of traditional digital ledger system has always been a greater concern when considered for implementing at a huge scale. When such sensitive data is at stake, there should be nothing doubtable about the system's strength to secure data and withhold itself against any potential attacks. Blockchain is one way through which such potential security issues can be solved. A blockchain, actually block chain, is basically a continuously increasing list of records, which are called blocks; these blocks are linked and secured mainly using cryptography. Every block typically has a cryptographic hash of the block previous to it, along with a timestamp and data of the transaction.

Blockchain 2.0

Blockchain is a shared and distributed ledger across an open or private processing system that expedites the process of recording transactions and data management in a business network. It empowers the design of decentralized transactions, smart contracts, and intelligent assets that can be managed over internet. It formulates the revolutionary decision-making governance systems with more egalitarian users, and autonomous organizations that can control over internet without any third-party involved. This disruptive technology has tremendous opportunities that open the doors to detract the power from centralized authorities in the sphere of communications, business, and even politics or law. This chapter outlines an introduction to the blockchain technologies and its decentralized architecture, especially from the perspective of challenges and limitations. The objective is to explore the current research topics, benefits, and drawbacks of blockchain. The study explores its potential applications for business and future directions that is all set to transfigure the digital world.