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Blockchain has become an increasingly significant component within FinTech, and is only going to grow in importance in the way it disrupts and challenges the traditional financial services industry. Many financial institutions are already starting to invest in this technology, implementing blockchains as distributed ledgers to revolutionise the way information is stored and transactions occur. Banks are of course eager to stay competitive, and therefore need to further explore their options with regard to how they can make the most of this technology and where the business value might lie. The goal of this book is to provide financial markets colleagues with not only a broad overview of blockchain technology and what it means for financial markets and the economy in the future, but also the foundational knowledge they will need to be part of this future

This paper provides the first comprehensive survey of methods for inserting arbitrary data into Bitcoin's blockchain. Historical methods of data insertion are described, along with lesser-known techniques that are optimized for efficiency. Insertion methods are compared on the basis of efficiency, cost, convenience of data reconstruction, permanence, and potentially negative impact on the Bitcoin ecosystem.

In financial markets it is common for companies and individuals to invest into foreign companies. To avoid the double taxation of investors on dividend payment – both in the country where the profit is generated as well as the country of residence – most governments have entered into bilateral double taxation treaties, whereby investors can claim a tax refund in the country where the profit is generated. Due to easily forgeable documents and insufficient international exchange of information between tax authorities, investors illegitimately apply for these tax returns causing an estimated damage of 1.8 billion USD, for example, in Denmark alone. This paper assesses the potential of a blockchain database to provide a feasible solution for overcoming this problem against the backdrop of recent advances in the public sector and the unique set of blockchain capacities. Towards this end, we develop and evaluate a blockchain-based prototype system aimed at eliminating this type of tax fraud and increasing transparency regarding the flow of dividends. While the prototype is based on the specific context of the Danish tax authority, we discuss how it can be generalized for tracking international and interorganizational transactions.

This book shows how distributed ledger technologies, especially the blockchain, are transforming the finance sector in the wake of the financial crisis of 2008. It surveys the measures, tools, and theories being developed to create a new framework of monetary economics and capitalism. Kariappa Bheemaiah, a technology strategy consultant, analyzes and compares the traditional and emergent paradigms of finance and monetary economics. Blockchain: Rethinking Macroeconomic Policy and Economic Theory reviews the workings and failings of the current dominant system of fractional-reserve banking and examines the emerging technologies that are convergently challenging the status quo by defragmenting the financial sector. Readers learn how the new tools and models of econophysics and complexity economics can be applied to cashless systems to control excessive debt, systemic risk, and economic pollution

The article presents the prospects for using distributed registry technologies (blockchain) in various socio-economic spheres related to state and municipal administration. Provided examples and forecasts of the use of blockchain technologies in the provision of state and municipal services for individuals and legal entities in the following areas:- formation of a unified register containing the history of the placement of the state, municipal order, as well as procurement of corporations with state participation and / or control;- registers of documents (diplomas, certificates, lost and disavowed passports, policies for movable and immovable property insurance, health, etc.); - database of court decisions and executive proceedings;- portals of public participation of citizens in the affairs of the district - city - country.The fact that the blockchain technology is, first of all, the principles, and not the only possible way of implementing them, allows us to count on maximum openness and multivariate application in a dynamically changing "digital world". ; В статье рассматриваются перспективы применения технологий распределенного реестра (блокчейн) в различных социально-экономических сферах, связанных с государственным и муниципальным управлением. Представлены примеры и прогнозы применения блокчейн-технологий при оказании государственных и муниципальных сервисов и услуг для физических и юридических лиц.

Part 2: Storing Data Smartly (Data storage) ; International audience ; With the increased use of Internet, governments and large companies store and share massive amounts of personal data in such a way that leaves no space for transparency. When a user needs to achieve a simple task like applying for college or a driving license, he needs to visit a lot of institutions and organizations, thus leaving a lot of private data in many places. The same happens when using the Internet. These privacy issues raised by the centralized architectures along with the recent developments in the area of serverless applications demand a decentralized private data layer under user control.We introduce the Private Data System (PDS), a distributed approach which enables self-sovereign storage and sharing of private data. The system is composed of nodes spread across the entire Internet managing local key-value databases. The communication between nodes is achieved through executable choreographies, which are capable of preventing information leakage when executing across different organizations with different regulations in place.The user has full control over his private data and is able to share and revoke access to organizations at any time. Even more, the updates are propagated instantly to all the parties which have access to the data thanks to the system design. Specifically, the processing organizations may retrieve and process the shared information, but are not allowed under any circumstances to store it on long term.PDS offers an alternative to systems that aim to ensure self-sovereignty of specific types of data through blockchain inspired techniques but face various problems, such as low performance. Both approaches propose a distributed database, but with different characteristics. While the blockchain-based systems are built to solve consensus problems, PDS's purpose is to solve the self-sovereignty aspects raised by the privacy laws, rules and principles.