Pub Date : 2022-07-25DOI: 10.31585/jbba-5-2-(4)2022
M. Pilkington, Erdita Kumaraku, Kejsi Bushi, Katia Haveri
{"title":"A Distributed Ledger Technology Roadmap for Albania: Some Preliminary Reflections","authors":"M. Pilkington, Erdita Kumaraku, Kejsi Bushi, Katia Haveri","doi":"10.31585/jbba-5-2-(4)2022","DOIUrl":"https://doi.org/10.31585/jbba-5-2-(4)2022","url":null,"abstract":"","PeriodicalId":33145,"journal":{"name":"The Journal of The British Blockchain Association","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75099361","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-07-25DOI: 10.31585/jbba-5-2-(2)2022
Mary C Lacity, Le Kuai, Jeffrey Mullins
{"title":"How Many Public Corporations Recognise “Token Economy” Technologies as Materially Significant? Evidence from 10-K Reports","authors":"Mary C Lacity, Le Kuai, Jeffrey Mullins","doi":"10.31585/jbba-5-2-(2)2022","DOIUrl":"https://doi.org/10.31585/jbba-5-2-(2)2022","url":null,"abstract":"","PeriodicalId":33145,"journal":{"name":"The Journal of The British Blockchain Association","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88611501","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-04-19DOI: 10.31585/jbba-5-2-(1)2022
S. Kampakis
Tokenomics is a vital part of any blockchain project. It is the study of how crypto tokens are used within the blockchain ecosystem, their role in the project, and how they are designed to incentivise certain behaviours. There are many ways that crypto tokens can be designed for use within an ecosystem. For example, they can be designed to have a fixed supply so that there is no inflation or deflation in the system. Founding teams can also create tokens that provide voting or governance rights to holders, thereby incentivising them to hold onto their tokens rather than sell them on exchanges. They can also be used simply to pay fees. The range of options that founding teams have when designing token economies often leaves them with more questions than answers. Even deciding whether the token economy design is robust can be a challenge. Furthermore, a blockchain project not only has to convince its founders but its prospective investors. As a result, innovative crypto-projects often create for themselves interesting narratives, but they are not always viable. For that reason, a recent trend in the industry is “the tokenomics audit.” The goal of a tokenomics audit is similar to an audit in any other industry (e.g., accounting). The auditor has to assess the viability of a project, while also suggesting potential improvements. The end goal is to provide an independent view on whether a token economy is viable or not. This paper discusses general principles that can be followed when running a tokenomics audit. The paper uses as a case study a recent tokenomics audit, conducted for the BankX stablecoin (https://bankx.io/), by the author of this paper. The paper first discusses in general the different methods and mechanisms that a tokenomics auditor can employ to audit a project. The paper then proceeds to demonstrate how these methods were used in the audit of the BankX project. Tokenomic auditing is still a new area, and there is no set of established methods to conduct an audit. By reviewing this case study, this paper helps provide some lessons to the community, upon which future research can improve. Disclaimer: Nothing in this paper can be interpreted as constituting financial advice. This paper was written for academic purposes only.
{"title":"Auditing Tokenomics: A Case Study and Lessons from Auditing a Stablecoin Project","authors":"S. Kampakis","doi":"10.31585/jbba-5-2-(1)2022","DOIUrl":"https://doi.org/10.31585/jbba-5-2-(1)2022","url":null,"abstract":"Tokenomics is a vital part of any blockchain project. It is the study of how crypto tokens are used within the blockchain ecosystem, their role in the project, and how they are designed to incentivise certain behaviours. There are many ways that crypto tokens can be designed for use within an ecosystem. For example, they can be designed to have a fixed supply so that there is no inflation or deflation in the system. Founding teams can also create tokens that provide voting or governance rights to holders, thereby incentivising them to hold onto their tokens rather than sell them on exchanges. They can also be used simply to pay fees. The range of options that founding teams have when designing token economies often leaves them with more questions than answers. Even deciding whether the token economy design is robust can be a challenge. Furthermore, a blockchain project not only has to convince its founders but its prospective investors. As a result, innovative crypto-projects often create for themselves interesting narratives, but they are not always viable. For that reason, a recent trend in the industry is “the tokenomics audit.” The goal of a tokenomics audit is similar to an audit in any other industry (e.g., accounting). The auditor has to assess the viability of a project, while also suggesting potential improvements. The end goal is to provide an independent view on whether a token economy is viable or not. This paper discusses general principles that can be followed when running a tokenomics audit. The paper uses as a case study a recent tokenomics audit, conducted for the BankX stablecoin (https://bankx.io/), by the author of this paper. The paper first discusses in general the different methods and mechanisms that a tokenomics auditor can employ to audit a project. The paper then proceeds to demonstrate how these methods were used in the audit of the BankX project. Tokenomic auditing is still a new area, and there is no set of established methods to conduct an audit. By reviewing this case study, this paper helps provide some lessons to the community, upon which future research can improve. Disclaimer: Nothing in this paper can be interpreted as constituting financial advice. This paper was written for academic purposes only.","PeriodicalId":33145,"journal":{"name":"The Journal of The British Blockchain Association","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74375209","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-21DOI: 10.31585/jbba-5-1-(4)2022
O. Letychevskyi
{"title":"Creation of a Self-Sustaining Token Economy","authors":"O. Letychevskyi","doi":"10.31585/jbba-5-1-(4)2022","DOIUrl":"https://doi.org/10.31585/jbba-5-1-(4)2022","url":null,"abstract":"","PeriodicalId":33145,"journal":{"name":"The Journal of The British Blockchain Association","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80499565","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-02DOI: 10.31585/jbba-5-1-(3)2022
Colin Callinan
Technological adoption has become a key goal of digital transformation within firms, affecting many facets of an organisation, such as attaining competitive advantage, increased revenue, reduction of operational costs, and improving operational efficiency. Blockchain as a decentralised peer-to-peer technology appears uniquely suited to being deployed within complex food supply chains such as the fisheries industry, which is the focus of this study. In this context, blockchain technology can be used for a variety of purposes, such as providence authentication, handling and storage, transparency, counterfeit prevention, food forensics, and enhanced supply chain resilience. The purpose of this study is to synthesise existing research on the interrelationship between blockchain technology and the factors that determine adoption, as well as identifying the enablers and barriers. This preliminary work identified key themes emerging from the blockchain literature, suggesting that adoption factors are wide ranging, encompassing aspects including organisational readiness, security, complexity, partnerships, competition, governmental influence, and transparency. The thematic analysis of enablers and barriers to blockchain adoption identified the broad theme of resources as the key enabler and integration as the key barrier. These preliminary findings add to the growing body of research, including increased understanding of the current state of academic research in the areas of blockchain adoption factors, blockchain adoption in supply chains, blockchain adoption in the fisheries industry, and the enablers and barriers to adoption. This study is the initial step in a large-scale study with the next phase comprising case studies of specific fishery supply chain stakeholders. – Supply Chain – Fisheries.
{"title":"Blockchain Adoption Factors, Enablers, and Barriers in Fisheries Supply Chain: Preliminary Findings from a Systematic Literature Review","authors":"Colin Callinan","doi":"10.31585/jbba-5-1-(3)2022","DOIUrl":"https://doi.org/10.31585/jbba-5-1-(3)2022","url":null,"abstract":"Technological adoption has become a key goal of digital transformation within firms, affecting many facets of an organisation, such as attaining competitive advantage, increased revenue, reduction of operational costs, and improving operational efficiency. Blockchain as a decentralised peer-to-peer technology appears uniquely suited to being deployed within complex food supply chains such as the fisheries industry, which is the focus of this study. In this context, blockchain technology can be used for a variety of purposes, such as providence authentication, handling and storage, transparency, counterfeit prevention, food forensics, and enhanced supply chain resilience. The purpose of this study is to synthesise existing research on the interrelationship between blockchain technology and the factors that determine adoption, as well as identifying the enablers and barriers. This preliminary work identified key themes emerging from the blockchain literature, suggesting that adoption factors are wide ranging, encompassing aspects including organisational readiness, security, complexity, partnerships, competition, governmental influence, and transparency. The thematic analysis of enablers and barriers to blockchain adoption identified the broad theme of resources as the key enabler and integration as the key barrier. These preliminary findings add to the growing body of research, including increased understanding of the current state of academic research in the areas of blockchain adoption factors, blockchain adoption in supply chains, blockchain adoption in the fisheries industry, and the enablers and barriers to adoption. This study is the initial step in a large-scale study with the next phase comprising case studies of specific fishery supply chain stakeholders. – Supply Chain – Fisheries.","PeriodicalId":33145,"journal":{"name":"The Journal of The British Blockchain Association","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84905587","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-18DOI: 10.31585/jbba-5-1-(2)2022
S. Kampakis
{"title":"Non-fungible Tokens as an Alternative Investment – Evidence from CryptoPunks","authors":"S. Kampakis","doi":"10.31585/jbba-5-1-(2)2022","DOIUrl":"https://doi.org/10.31585/jbba-5-1-(2)2022","url":null,"abstract":"","PeriodicalId":33145,"journal":{"name":"The Journal of The British Blockchain Association","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78705809","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-12-17DOI: 10.31585/jbba-5-1-(1)2022
Oritsebawo Paul Ikpobe
The global public health crisis caused by the emergence and spread of the coronavirus disease (COVID-19) has been devastating, prompting the need for immediate countermeasures to curb its spread, especially in the absence of any approved treatment shortly after its onset This crisis has highlighted the gap in current contact tracing systems, which require massive public participation to be effective but lack a high degree of public acceptance. This low acceptance is mainly due to concerns regarding personal data privacy and guaranteed data protection, hindering the success of existing systems. We evaluate the use of blockchain to improve contact tracing and provide a solution to effectively track the spread of an epidemic, using COVID-19 as a relevant use case. The key requirements of the proposed system include protecting user data, maintaining full transparency using a decentralised system, and eliminating the need for global positioning system or personal data for contact tracing A proof-of-concept system uses a private blockchain to secure and manage data collected at various locations using a mobile application or stored-value contactless smart cards. Contact tracing is performed via smart contracts over the blockchain using the collected data. We confirm the improvements provided by the proposed system for contact tracing.
{"title":"Can Blockchain Take Smartphones Out of Contact Tracing?","authors":"Oritsebawo Paul Ikpobe","doi":"10.31585/jbba-5-1-(1)2022","DOIUrl":"https://doi.org/10.31585/jbba-5-1-(1)2022","url":null,"abstract":"The global public health crisis caused by the emergence and spread of the coronavirus disease (COVID-19) has been devastating, prompting the need for immediate countermeasures to curb its spread, especially in the absence of any approved treatment shortly after its onset This crisis has highlighted the gap in current contact tracing systems, which require massive public participation to be effective but lack a high degree of public acceptance. This low acceptance is mainly due to concerns regarding personal data privacy and guaranteed data protection, hindering the success of existing systems. We evaluate the use of blockchain to improve contact tracing and provide a solution to effectively track the spread of an epidemic, using COVID-19 as a relevant use case. The key requirements of the proposed system include protecting user data, maintaining full transparency using a decentralised system, and eliminating the need for global positioning system or personal data for contact tracing A proof-of-concept system uses a private blockchain to secure and manage data collected at various locations using a mobile application or stored-value contactless smart cards. Contact tracing is performed via smart contracts over the blockchain using the collected data. We confirm the improvements provided by the proposed system for contact tracing.","PeriodicalId":33145,"journal":{"name":"The Journal of The British Blockchain Association","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83319737","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-24DOI: 10.31585/jbba-4-2-(4)2021
Matthew Kaufman, Stanton Heister, Kristi Yuthas
Enterprise blockchain projects have great promise. They can cut costs and promote efficiency through disintermediation, increase transparency for tracking intercompany transactions, expand knowledge through consortia databases, and improve workflows through shared business processes. Despite its potential, blockchain technology has failed to produce promised benefits for enter-prise networks. While the underlying technology has advanced rapidly, managerial capabilities needed to form and manage blockchain consortia have lagged and as a result, few consortia have succeeded. This paper reviews the extant literature on blockchain consortia and provides a frame-work that identifies 1) foundational conditions that precede effective consortium formation, 2) capabilities required for effective consortium functioning and evolution, and 3) partner and ecosystem-level outcomes associated with successful blockchain projects.
{"title":"Consortium Capabilities for Enterprise Blockchain Success","authors":"Matthew Kaufman, Stanton Heister, Kristi Yuthas","doi":"10.31585/jbba-4-2-(4)2021","DOIUrl":"https://doi.org/10.31585/jbba-4-2-(4)2021","url":null,"abstract":"Enterprise blockchain projects have great promise. They can cut costs and promote efficiency through disintermediation, increase transparency for tracking intercompany transactions, expand knowledge through consortia databases, and improve workflows through shared business processes. Despite its potential, blockchain technology has failed to produce promised benefits for enter-prise networks. While the underlying technology has advanced rapidly, managerial capabilities needed to form and manage blockchain consortia have lagged and as a result, few consortia have succeeded. This paper reviews the extant literature on blockchain consortia and provides a frame-work that identifies 1) foundational conditions that precede effective consortium formation, 2) capabilities required for effective consortium functioning and evolution, and 3) partner and ecosystem-level outcomes associated with successful blockchain projects.","PeriodicalId":33145,"journal":{"name":"The Journal of The British Blockchain Association","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88273064","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-12DOI: 10.31585/jbba-4-2-(3)2021
Rahma A. Alzahrani, Simon J. Herko, J. Easton
Advances in sensor technologies, remote authentication, and high bandwidth data networks mean that Remote Condition Monitoring (RCM) systems are now an essential 'Internet of Things' (IoT) resource for the efficient operation of railway infrastructure. However, the full potential of the big data generated by these systems has yet to be realized. RCM data within the industry is typically collected and used in silos, with limited possibility of exploitation across system boundaries. In 2013, the Rail Safety and Standards Board (RSSB), on behalf of the GB Rail industry, established a cross-industry research program, T1010, which aimed to build stronger cooperation between stakeholders and enable sharing of RCM data. Building on the outputs of T1010, this work explores the use of blockchains and smart contracts in the automation, in an auditable and tamper-proof way, of commercial agreements for RCM data transfers in rail. By removing the limitations of paper-based agreements, we aim to enable innovation in shared business processes and stimulate the market for RCM data in rail. Leveraging existing smart contract-based schemes for trading and sharing IoT data over blockchain networks, we identify suitable methods for the enforcement of agreements, and ensure fair cost attribution between stakeholders, without a Trusted Third Party. The outline of a blockchain-based RCM data audit framework is presented, appropriate data access agreements and accounting models are specified in detail, and three permissioned blockchain platforms (Hyperledger Fabric, Sawtooth, and Iroha) have been analysed for their suitability for implementation. Finally, the paper outlines planned future work around validation of the tools based on two industrial use cases: monitoring systems for unattended overhead line equipment and axle bearings.
{"title":"Blockchain-hosted Data Access Agreements for Remote Condition Monitoring in Rail","authors":"Rahma A. Alzahrani, Simon J. Herko, J. Easton","doi":"10.31585/jbba-4-2-(3)2021","DOIUrl":"https://doi.org/10.31585/jbba-4-2-(3)2021","url":null,"abstract":"Advances in sensor technologies, remote authentication, and high bandwidth data networks mean that Remote Condition Monitoring (RCM) systems are now an essential 'Internet of Things' (IoT) resource for the efficient operation of railway infrastructure. However, the full potential of the big data generated by these systems has yet to be realized. RCM data within the industry is typically collected and used in silos, with limited possibility of exploitation across system boundaries. In 2013, the Rail Safety and Standards Board (RSSB), on behalf of the GB Rail industry, established a cross-industry research program, T1010, which aimed to build stronger cooperation between stakeholders and enable sharing of RCM data. Building on the outputs of T1010, this work explores the use of blockchains and smart contracts in the automation, in an auditable and tamper-proof way, of commercial agreements for RCM data transfers in rail. By removing the limitations of paper-based agreements, we aim to enable innovation in shared business processes and stimulate the market for RCM data in rail. Leveraging existing smart contract-based schemes for trading and sharing IoT data over blockchain networks, we identify suitable methods for the enforcement of agreements, and ensure fair cost attribution between stakeholders, without a Trusted Third Party. The outline of a blockchain-based RCM data audit framework is presented, appropriate data access agreements and accounting models are specified in detail, and three permissioned blockchain platforms (Hyperledger Fabric, Sawtooth, and Iroha) have been analysed for their suitability for implementation. Finally, the paper outlines planned future work around validation of the tools based on two industrial use cases: monitoring systems for unattended overhead line equipment and axle bearings.","PeriodicalId":33145,"journal":{"name":"The Journal of The British Blockchain Association","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91389795","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-04DOI: 10.31585/jbba-4-2-(2)2021
P. Goorha
To assess claims such as Bitcoin is ‘digital gold’ it makes sense to examine whether Bitcoin exhibits features common to other exhaustible natural resources that are the concern of natural resource economists. We therefore present some foundational ideas in the economics of exhaustible resources and examine their relevance to Bitcoin. There are several useful similarities but also some key differences, chiefly with respect to how miners manage inventories, or their ‘inventory policy’. Therefore, to highlight this aspect, we use a simple model for any physical natural resource and introduce sensitivity to a capital-to-energy ratio. The resulting policy for Bitcoin miner over a halving cycle is not unlike a traditional miner in that optimal inventories are determined by optimal capital investments over the entire duration of the cycle.
{"title":"Principles of Natural Resource Economics for Bitcoin","authors":"P. Goorha","doi":"10.31585/jbba-4-2-(2)2021","DOIUrl":"https://doi.org/10.31585/jbba-4-2-(2)2021","url":null,"abstract":"To assess claims such as Bitcoin is ‘digital gold’ it makes sense to examine whether Bitcoin exhibits features common to other exhaustible natural resources that are the concern of natural resource economists. We therefore present some foundational ideas in the economics of exhaustible resources and examine their relevance to Bitcoin. There are several useful similarities but also some key differences, chiefly with respect to how miners manage inventories, or their ‘inventory policy’. Therefore, to highlight this aspect, we use a simple model for any physical natural resource and introduce sensitivity to a capital-to-energy ratio. The resulting policy for Bitcoin miner over a halving cycle is not unlike a traditional miner in that optimal inventories are determined by optimal capital investments over the entire duration of the cycle.","PeriodicalId":33145,"journal":{"name":"The Journal of The British Blockchain Association","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74895793","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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