Suchergebnisse

Trustworthy Systems -- Secure and Efficient Agreement Signing atop Blockchain and Decentralized Identity -- A Privacy-preserving Credit Bank Supervision Framework based on Redactable Blockchain -- A Trusted Storage System for Digital Object in the Human-cyber-physical Environment -- The Rolf of Absorptive Capacity in the Blockchain Enabled Traceability Alignment: an Empirical Investigation -- Data Attest: A Framework to Attest Off-Chain Data Authenticity -- Blockchain-based Healthcare and Medicine Data Sharing and Service System -- BCSChain: Blockchain-Based Ceramic Supply Chain -- Blockchain -- A Highly Scalable Blockchain-enabled DNS Architecture -- Traceable Ring Signature Schemes Based on SM2 Digital Signature Algorithm and Its Applications in the Evidence-Storage System -- Blockchain-enabled Techniques for Energy Internet of Things: A Review -- Blockchain-based Social Network Access Control Mechanism -- Latency Analysis for Raft Consensus on Hyperledger Fabric -- A Survey of Blockchain-based Stablecoin: Cryptocurrencies and Central Bank Digital Currencies -- Collusion Attack Analysis and Detection of DPoS Consensus Mechanism -- Decentralized Blockchain Transaction Scheme based on Digital Commitment -- Private Computing -- Research on Abnormal Transaction Detection Method for Blockchain -- Cross Cryptocurrency Relationship Mining for Bitcoin Price Prediction -- A Blockchain-based UAV-assisted Secure Forest Supervision and Data Sharing System -- Suspicious Customer Detection on the Blockchain Network for Cryptocurrency Exchanges -- Real-time Detection of Cryptocurrency Mining Behavior -- Traffic Correlation for Deanonymizing Cryptocurrency Wallet Through Tor -- FL-MFGM: A Privacy-preserving and High-accuracy Blockchain Reliability Prediction Model -- Control-flow-based Analysis of Wasm Smart Contracts -- Blockchain Policy Tool Selection in China's Blockchain Industry Clustering Areas -- Lock-based Proof of Authority: A Faster and Low-Forking PoA Fault Tolerance Protocol for Blockchain Systems -- Phishing Fraud Detection on Ethereum Using Graph Neural Network.

International audience ; After introducing key concepts and definitions in the field of digital identity, this paper will investigate the benefits and drawbacks of existing identity systems on the road toward achieving self-sovereign identity. It will explore, in particular, the use of blockchain technology and biometrics as a means to ensure the "unicity" and "singularity" of identities, and the associated challenges pertaining to the security and confidentiality of personal information. The paper will then describe an alternative approach to self-sovereign identity based on a system of blockchain-based attestations, claims, credentials, and permissions, which are globally portable across the life of an individual. While not dependent on any particular government or organization for administration or legitimacy, credentials and attestations might nonetheless include government-issued identification and biometrics as one of many indicia of identity. Such a solution-based on a recorded and signed digital history of attributes and activities-best approximates the fluidity and granularity of identity, enabling individuals to express only specific facets of their identity, depending on the parties with whom they wish to interact. To illustrate the difficulties inherent in the implementation of a self-sovereign identity system in the real world, the paper will focus on two blockchain-based identity solutions as case studies: (1) Kiva's identity protocol for building credit history in Sierra Leone, and (2) World Food Programme's Building Blocks program for delivering cash aid to refugees in Jordan. Finally, the paper will explore how the combination of blockchain-based cryptocurrencies and self-sovereign identity may contribute to promoting greater economic inclusion. With digital transactions functioning as identity claims within an ecosystem based on self-sovereign identity, new business models might emerge, such as identity insurance schemes, along with the emergence of value-stable cryptocurrencies ("stablecoins") ...

Chapter 1 -- A step forward to the future society -- Part 1: Evolution of money and thinking complexities in the AI era -- Chapter 2: 'Good Money Drives Out Bad' among Diversifying e-moneys: Cryptocurrency, Stablecoin, and Digital Community Currency -- Chapter 3: Practical case study About US: Doreming -- Part 2: Good market and the future of labor market -- Chapter 4: Model Structure of Agent-Based Artificial Economic System Responsible for Reproducing Fundamental Economic Behavior of Goods Market -- Chapter 5: AI and the Future of the Labor Market: The Advent of a New Paradigm? -- Part 3: Computational social approaches to social dilemmas, smart city, cryptographics -- Chapter 6: Mathematical framework to quantify social dilemmas -- Chapter 7: Agent-based Simulation for Service and Social Systems and Large-scale Social Simulation Framework -- Chapter 8: Characterization of XRP Crypto-asset Transactions from Networks Scientific Approach -- Part 4: Artificial market experiments -- Chapter 9: The emergence of markets and artificial market experiments -- Chapter 10: Trading Agents for Artificial Futures Markets -- Chapter 11: Default Agent Set for Artificial Futures Market Simulation -- Chapter 12: Programmed trading agents and market microstructure in an artificial futures market∗ -- Chapter 13: Artificial Intelligence (AI) for financial markets: a good AI for designing better financial markets and a bad AI for manipulating markets -- Part 5: The randomness and high frequencies in the financial data -- Chapter 14: Possible Relationship of the Randomness and the Stock Performance -- Chapter 15: Random Matrix Theory (RMT) application on financial data -- Chapter 16: How does the entropy function explain the distribution of high frequency data? -- Part 6: Other trading strategy issues and the effects of AI usage -- Chapter 17: The Emergence of Periodic Properties of Ordering Strategies under Disruption in the Beer Game -- Chapter 18: Network of investment-oriented social media -- Chapter 19: Student Learning in the Age of AI.

Following the success of the first edition that brought attention to the digital revolution in Islamic financial services, comes this revised and updated second edition of Blockchain, Fintech and Islamic Finance. The authors reiterate the potential of digital disruption to shrink the role and relevance of today's banks, while simultaneously creating better, faster, cheaper services that will be an essential part of everyday life. Digital transformation will also offer the ability to create new ways to better comply to Islamic values in order to rebuild trust and confidence in the current financial system. In this new edition, they explore current concepts of decentralized finance (DeFi), distributed intelligence, stablecoins, and the integration of AI, blockchain, data analytics and IoT devices for a holistic solution to ensure technology adoption in a prudent and sustainable manner. The book discusses crucial innovation, structural and institutional developments for financial technologies including two fast-growing trends that merge and complement each other: tokenization, where all illiquid assets in the world, from private equity to real estate and luxury goods, become liquid and can be traded more efficiently, and second, the rise of a new tokenized economy where inevitably new rules and ways to enforce them will develop to fully unleash their capabilities. These complementary and oft-correlated trends will complete the decentralization of finance and will influence the way future financial services will be implemented. This book provides insights into the shift in processes, as well as the challenges that need to be overcome for practical applications for AI and blockchain and how to approach such innovations. It also covers new technological risks that are the consequence of utilizing frontier technologies such as AI, blockchain and IoT. Industry leaders, Islamic finance professionals, along with students and academics in the fields of Islamic finance and economics will benefit immensely from this book.

Given the increasing importance of the digital economy, competition for digital technologies and solutions, as well as the contest to influence norms, standards, and regulatory mechanisms, is escalating. This influence is distributed unevenly—digitalization leaders, primarily the key Group of 20 (G20) members, gain significant advantages, increasing their potential for shaping digital regulation through the consistent inclusion of domestic standards and norms in the documents of multilateral institutions, including the G20, the Organisation for Economic Co-operation and Development (OECD), the World Trade Organization (WTO), and the United Nations (UN) At the same time, Russia's impact on the most important aspects of digital economy regulation at the global and regional level is currently limited. The article presents an assessment of the influence wielded by the leading G20 members (the U.S., Canada, the UK, the European Union (EU), Japan, Korea, China and India) on the digital economy's development and regulation. This assessment serves as the basis for recommendations on Russia's approaches to the specific aspects of regulation (digital infrastructure development, cybersecurity, regulating digital platforms, regulating global stablecoins and central bank digital currencies (CBDCs), data governance, and artificial intelligence (AI) policies) at the national level, as well as its engagement in the G20 and other multilateral institutions. The analysis indicates that the leading countries affect the digital economy mainly by determining conditions for activities in their domestic digital markets and participating in shaping new global standards and rules. In the areas of digital infrastructure development, cybersecurity, and data governance, there are growing contradictions between the approaches of the U.S., the UK, Japan and partly the EU and Korea on the one hand, and Russia, China and India on the other. Recommendations in these areas are related to strengthening coordination within the BRICS group of Brazil, Russia, India, China and South Africa to develop common positions and collectively promote them in the G20 and other multilateral institutions. The main recommendations on other regulatory aspects include using the experience of digitalization leaders to minimize the risks posed by competitors and to strengthen Russian positions in the global digital economy.

My former colleague Howard Wall asked me to join Lawrence White yesterday evening to discuss the role and future of cryptocurrencies at an event hosted by the Hammond Institute for Free Enterprise. It was a great honor to share the stage with Larry. I've been thinking about cryptocurrencies for a long time; many of my writings and talks on the subject can be found here. My thoughts on the subject are evolving as I learn more about the phenomenon. For what it's worth, I thought I'd share my opening remarks with interested readers below. As usual, any feedback is welcome. The Role and Future of CryptocurrenciesA money and
payments system is about managing databases containing the money accounts of
individuals and organizations. Any database management system must necessarily
define read and write protocols. Read privileges specify who can view what on
the database. Write privileges specify who gets to write what to the database.

So, for
example, we can read what's in our bank account. So can the bank and its
regulators. But other people cannot see how much money is held in any account
apart from their own. While we cannot write directly to our account, we can
send our bank instructions to so on our behalf. The bank can also write directly
to our account. It may, for example, credit our account with interest, or debit
it for service fees.

Note that bank
accounts are digital. Moreover, the messages we send to our bank over the
Internet are secured with the aid of cryptography. In this sense, one could say
that bank deposits are a form of cryptocurrency.

Bank
deposits, however, are not typically viewed as cryptocurrencies. Well then, what
are the distinguishing characteristics of a cryptocurrency? It's not so
clear-cut, but two things come to my mind. First, the database for a
cryptocurrency is typically associated with an open-read privilege. This
implies that the database can, in principle, at least, be subject to audits
from any person, or any agency, at any time, all the time.  This property offers a degree of financial
transparency that is unheard of in conventional money services businesses. Second,
the task of managing the database is typically decentralized in some manner to
"validator nodes;" or, what one might label more mundanely as "accountants" in
the non-crypto world. What is interesting here is how these validators are
potentially recruited and compensated. For Bitcoin, anyone can potentially
become a validator and compensation arrives in the form of a stochastic reward.

When it
comes to keeping track of money balances, an open-write privilege is problematic.
This is known as the double-spend problem. In conventional payment systems, the
double-spend problem is solved by delegating database management to a trusted
third party. A cryptocurrency like Bitcoin or Ethereum must instead rely on a
consensus mechanism that somehow ensures that a dispersed write-privilege does
not result in garbage being written to the database. To date, the most popular
mechanisms are based on PoW (Proof of Work) and PoS (Proof of Stake). But there
are others as well, and one should expect innovation along this dimension
since, as far as I know, no existing consensus mechanism has yet proven to be entirely
satisfactory.

Of course,
the same can be said of conventional database management systems. To young
eyes, the current system seems a hopelessly tangled mess of databases that have
trouble communicating with each other. Moreover, they appear not to be very
secure at times. But despite the problems we all encounter with the modern
banking system, one should, in fairness, acknowledge the tremendous
achievements that have taken place over the last fifty years. For example, we
are now able to travel to foreign countries with just a credit card. This is
not the way things worked until relatively recently. Anyone who has had the
experience of needing traveler's checks can fill you in on what it was like to
travel in the old days.

Well, if
there's been so much progress in money and payments, what accounts for the emergence
and proliferation of cryptocurrencies?

As is so
often the case, I think the fundamental cause of this development is rapid
technological change moving against a relatively slow-moving incumbency that
includes banks, money services businesses, and especially their regulators. In
saying this, I do not mean to assign blame; the inertial properties of existing
institutional arrangements likely has some merit. Institutional inertia can stabilizing,
for example. But to benefit the communities they serve, institutions also have to evolve to meet the
challenges of new technologies. And I think this is happening today in the
sphere of money and payments.

What new
technologies are we talking about? Innovations in communications, like the
Internet, have been transformational. As well, there have been advances in data
storage and cryptography that have played a critical role. All these
innovations are, however, within the grasp of incumbent banks and money service
businesses. And indeed, incumbents have made use of these technologies. Internet
banking and PayPal are real things, after all. I think the important innovation as
far as cryptocurrencies are concerned isthe development of database
management protocols that permits a degree of decentralization for managing large
databases. I say "large" databases because we already have decentralized
database management systems for small communities, like gift exchange or the
exchange of favors among friends (see: Why the Blockchain Should be Familiar to You). Advances in data storage and communications
have, in effect, permitted this ancient form of communal record-keeping to
scale.

The
decentralized or communal aspect of managing a database is, of course, very
much at odds with the notion of delegating the responsibility to a privileged
set of institutions. Some people believe that these developments will lead to a
revolution—an overthrow of existing institutions—a triumph in democracy over a
privileged class. What is much more likely is an evolution of existing
institutions to accommodate the threat posed by the potential usurpers in a
manner that serves the broader community. In short, what we are likely to
witness is the usual pattern of economic development in relatively well-functioning
societies.

What do
cryptocurrencies offer individuals and society? What are the concerns of
regulators and policymakers?

To answer
these questions, we need to recognize that there are different classes of
cryptocurrencies, each of which cater to a specific constituency. Broadly, they
can be categorized as belonging to one of two groups distinguished by their
respective exchange rate regimes and governance structures.

In one
group, we have the decentralized autonomous organizations, like Bitcoin. From
the perspective of domestic policymakers, Bitcoin can be viewed as foreign
currency operating under a floating exchange rate regime. Except that there's
no negotiating with Bitcoin (there's no negotiating with some countries either). The intermediaries that deal or broker BTC
transactions can, however, be regulated.

In the other
group, we have the so-called stablecoins, like USD Coin (sponsored by Circle
and Coinbase) and Diem (sponsored by Facebook). To domestic policymakers,
stablecoins can be viewed as checkable mutual funds operating under a unilateral
fixed exchange rate regime utilizing various forms of collateral. The major
innovation here has less to do with technological innovation and more to do
with the willingness and ability to process USD payments outside the commercial
banking sector.

Viewed in
this light, cryptocurrencies do not look so unfamiliar. As a foreign
currency operating under a floating exchange rate, they'll likely never displace the domestic unit of account. They may,
however, serve as store-of-value or portfolio hedge. And they may facilitate
certain kinds of payments, typically on-chain and large-value. As a stablecoin
offering a par exchange rate, they suffer from all the usual problems of
uninsured fractional reserve banking—unless they promise to back their
currencies fully with USD cash.

The question
here is whether these products are offering something fundamentally more
cost-effective when it comes to making payments, or whether they owe their
existence primarily to regulatory arbitrage. I do not know the answer to this
question, but I suspect that much of what they have to offer comes from the
latter. Diem, for example, can bypass banking regulations by not becoming a
bank. It can leverage Facebook's huge social network as a payment system
connecting 2B+ users around the world. It can potentially offer
money-transmitting services for "free" or, rather, in exchange for personal
data. My guess is that banks (or even PayPal) are not permitted operate in this manner. Regulatory advantage: Diem. 

Regulators
need to keep a close eye on these structures since it is politically impossible
to commit to the doctrine of caveat emptor when it comes to money and banking.
The temptation, as always, will be to replace "cash" for higher-yielding "cash
equivalents" on the balance sheet. The structure slowly evolves into an
uninsured fractional reserve bank, but in the shadow bank sector. If something
goes wrong, depositors will seek compensation, first from the firm and then from the government. After all, how could a
government knowingly permit such an unstable structure to exist in the first
place?

To sum up, I
think the future of cryptocurrencies like Bitcoin is to serve as an alternative
asset class for investors. I doubt that it will ever become a dominant medium
of exchange in any large economy. Fractional reserve banks using BTC as
reserves are not likely to be tolerated.

The future
of stablecoins seems more interesting to me. In the first instance, they seem
capable of filling the gaps that remain apparent in modern day payment systems
(think correspondent banking here). But the main effect here is likely to spur
conventional banks and their regulators to fill these gaps at a faster pace. There
is a possibility that a project like Diem might one day abandon its peg to the
USD and offer itself as a stand-alone currency. Policymakers would in that case
be concerned about a country maintaining monetary policy sovereignty. One manifestation
of this concern could be a pre-emptive action on the part of the government,
for example, by offering its own universally-accessible CBDC.