Blockchain: Hype or Innovation
Abstract
This book focuses on the innovation of blockchain technology and the advantages it offers. It provides a clear and comprehensive overview of blockchain technology and its possibilities, and thereby helps readers to form an opinion and draw their own conclusions about its potential exploitations.
The book begins with a chapter on the topic of decentralized networks, which familiarizes readers with their challenges by using the example of an online trading platform. Hereinafter, it is then detailed what blockchain technology is, where it comes from, and how it works. The necessary underlying technologies are explained, and various individual approaches as well as their composition are presented. Using well-known examples such as Bitcoin and Ethereum as an illustration, the book looks at the architecture of blockchain technology and focuses on the challenges such as security and scalability. The options available when introducing blockchain technology are also outlined, and best-practice examples are presented to get a better idea of what areas benefit from this technology.
Numerous examples and detailed explanations will accompany the readers throughout the book. By the time they have reached the end, they will be able to decide for themselves what is truly innovative about blockchain technology and what is nothing more than hype.
... Considering the diverse applications of blockchain, there are fields in which each application is preferred. For instance, according to related research, blockchain technology is used in fields such as finance, energy, logistics, healthcare, advertising, education, insurance, government institutions, real estate, accounting, stock exchange, military, identity management, and the internet of things (Gayvoronskaya & Meinel, 2021;Krichen et al., 2022;Baiod et al., 2021;Monrat et al., 2019;Chen et al., 2018). Finance/bank. ...
... Identity management (IdM) is without a doubt one of them. Because the safe storage of an individual's personal data (address, credit card information, phone number, etc.) has always been an important issue (Gayvoronskaya & Meinel, 2021). As Orman stated (2018), IdM is crucial for solving a variety of issues and everyone needs a secure identification that they can control on their own. ...
... Several startups and IT developers have launched various blockchain-based IdM systems. As examples, blockchain-based IdM systems include Civic, Jolocom, Evernym, Bitnation, SelfKey and the Ethereum Identity Standard ERC725/735 (Gayvoronskaya & Meinel, 2021;Zhu & Badr, 2018). However, in literature, ShoCard, uPort, and Sovrin are the most extensively studied DLT-based IdM systems (Sousa et al., 2022;Dunphy & Petitcolas, 2018). ...
Blockchain technology, as a distributed digital ledger, enables users to control their credentials without being breached by third parties. From a tourism perspective, it allows tourists to pass through checkpoints and/or bookings without waiting and
having to go through third-party transactions. Hence, this paper aims to discuss traditional identity management (IdM) system challenges and what blockchain might offer as a counterpoint to conventional travel experiences within the tourism domain. We have tried to identify challenges, issues, and implementation areas of IdM in the tourism industry domain
... Blockchains are programmable and decentralized infrastructures that would serve patients' trust. The underpinning technology might provide a smart profile for the patients [4]. Blockchains are also cooperative frameworks for healthcare, they would primarily be dedicated to parties engaged in care. ...
... Bitcoin is a public, open, and time-tested transaction ledger where all and only involved nodes carry the network trust. The second generation of blockchains, such as Ethereum, moved the paradigm from a current state of value based approach (Unspent Transaction Output, UTXO) into an account-based model [4]. In programmable blockchains, nodes have a greater say in the network, and autonomous components, namely smart contracts, allow script self-execution and decentralized applications (Dapps) development. ...
Smart healthcare lies in the technologies that enable physicians and care providers to cooperate in the best interest of the patients. The expansion of smart healthcare services raises relevant challenges to keep the patient at the heart of a cooperative, trusted, and datafied healthcare system. From the patient perspective, the purpose of this contribution is to highlight the relevance of blockchains and related technologies for smart healthcare. Recent blockchains are programmable, decentralized, and trust technologies with suitable properties for intelligent, personalized, preventive, and participatory healthcare. Through a Strengths, Weaknesses, Opportunities, and Threats analysis, the key factors of blockchain’s relevance have been grouped and analyzed to build the four quadrants of a patient-driven SWOT matrix. Decentralized by design, the recent blockchains are promising extensions to the current centralized healthcare systems. Subject to the identified weaknesses and threats, blockchain might be the next patient-centric trust technology that enables trustworthy infrastructures for smart healthcare services.
Keywords : Blockchain; Smart healthcare; Patient-centric trust technology; Strength; Weakness; Opportunity; Threat; Analysis
... The first generation, blockchain (1.0), is based on a current state of value approach, Unspent Transaction Output (UTXO), and centered on value ownership and transfer (e.g., Bitcoin). The recent blockchains (2.0) are programmable with an account-based model and a focus on the node' state (e.g., Ethereum, Hyperledger) [3]. Blockchain is a peerto-peer-based framework for value creation and transfer, and it has a distributed storage, cryptographic protocols, and incentive mechanisms. ...
Blockchain technology is expected to have on the one side of the coin a substantial impact on financial services design and delivery and a promising driver for the value creation logic on the other side. Over the last years, especially by means of startup business model taxonomies, researchers and practitioners tackled numerous topics and use cases of blockchain technology in finance, encompassing the domains of Decentralized Finance (DeFi), Initial Coin Offering (ICO), and Non-Fungible Token (NFT). Building on a taxonomies review, the contribution recognizes, scrutinizes, and classifies the sources of value in a blockchain-based and financial contexts.
The study emphasizes the role of blockchain as a financial technology, its underlying sources, and propositions of value. The contribution also provides a threefold classification of value sources in the context of blockchain-enabled financial services and concepts. The taxonomies review and the classification would assist researchers and practitioners in structuring their grasp of both FinTech and blockchain-enabled value creation knowledge.
... Each block is typically assigned a unique identifier, known as a hash, which is derived from the data it contains. This hash plays a crucial role in ensuring the immutability of the block and preserving the integrity of the entire blockchain (Gayvoronskaya & Meinel, 2021). ...
This chapter discusses the potential impact of blockchain technology on sustainable tourism, highlighting the increasing importance of sustainability in the tourism industry. Blockchain's decentralized and transparent nature offers transformative solutions to address environmental, social, and economic challenges. The chapter explores how blockchain can contribute to sustainable practices, including resource management, community empowerment, and responsible supply chains. It emphasizes the role of blockchain in enhancing sustainability through transparency, traceability, and accountability. Furthermore, blockchain-based systems streamline the measurement and verification of sustainability indicators, promoting responsible practices and providing reliable information to travelers. Overall, the chapter provides valuable insights on utilizing blockchain to advance sustainability in tourism destinations, attracting environmentally conscious travelers, and fostering sustained socio-economic development.
... (Valeonti et al., 2021) There are two ways of understanding an NFT: one restrictive, the other extensive. Strictly speaking, the NFT is only a non-fungible token on a blockchain, that is, one which can't be replaced by a similar or identical token (on the blockchain: a system in which a record of transactions is maintained across computers linked in a peer-to-peer network, see Gayvoronskaya and Meinel, 2021). It has a digital fingerprint that allows it to circulate on the blockchain, to be combined with others in a collection, exchanged, burned, and so on. ...
... Developers can deploy the decentralized applications (DAPP) with smart contracts Solidity on Ethereum, which leads to a rapid growth in the use of smart contracts. Meanwhile, smart contracts contain an exponential growth in the number of digital currencies (Gayvoronskaya et al. 2020). ...
Smart contract is a new paradigm for the decentralized software system, which plays an important and key role in Blockchain-based application. The vulnerabilities in smart contracts are unacceptable, and some of which have caused significant economic losses. The machine learning, especially deep learning, is a very promising and potential approach to vulnerability detecting for smart contracts. At present, deep learning-based vulnerability detection methods have low accuracy, time-consuming, and too small application range. For dealing with these, we propose a novel deep learning-based vulnerability detection framework for smart contracts at opcode level, named as DL4SC. It orthogonally combines the Transformer encoder and CNN (convolutional neural networks) to detect vulnerabilities of smart contracts for the first time, and firstly exploit SSA (sparrow search algorithm) to automatically search model hyperparameters for vulnerability detection. We implement the framework DL4SC on deep learning platform Pytorch with Python, and compare it with existing works on the three public datasets and one dataset we collect. The experiment results show that DL4SC can accurately detect vulnerabilities of smart contracts, and performs better than state-of-the-art works for detecting vulnerabilities in smart contracts. The accuracy and F1-score of DL4SC are 95.29% and 95.68%, respectively.
... Blockchain is the technology to realize cryptocurrency. At present, the cryptocurrency on the blockchain relies on smart contracts for transactions without human intervention, which effectively reduces the transaction cost [20]. As the representative of the second generation blockchain, Ethereum is a distributed computing platform with multiple nodes. ...
In recent years, the frenetic advances of blockchain techniques have promoted the large-scale application of cryptocurrency and attracted significant attention in the mushrooming applications of decentralized finance (DeFi). To guarantee the health of a DeFi ecosystem, it is critical to reduce the transaction risks in a DeFi system. In particular, as a representative DeFi ecosystem platform , Ethereum's transaction process is mainly carried out with the help of smart contracts. Due to (pseudo)anonymity, the transaction process of Ethereum users is challenged by severe fraud threats. Ponzi scheme is the typical one. Previous studies have used machine learning methods to build Ponzi scheme detection models based on learning from the identified static smart contract samples feature data. However, in the early stage of smart contract deployment, the Ponzi scheme is difficult to detect. With the progress of transactions, Ponzi scheme will gradually show its characteristics. The existing methods are still falling short in capturing the temporal features of smart contracts for detecting Ponzi schemes in the big data environment. The recognition rate of the current approaches needs to be further improved. In this paper, we propose TTPS, a Long Short-Term Memory (LSTM) Ponzi scheme detection method considering time series transaction information of smart contracts. TTPS considers both temporal account features and code features of smart contracts. Adaptive synthetic sampling (ADASYN) is employed to effectively extend the feature data of minority class Ponzi scheme small samples. LSTM is utilized to learn from the temporal feature data of Ponzi scheme samples for TTPS model training. Experimental results verify and demonstrate the effectiveness and efficiency of TTPS.
... Background: WebAssembly [1][2][3] is an efficient and lightweight instruction set, which perfectly supports all types of central processing units (CPU), and it has been widely concerned by blockchain technology [4]. The eWASM team has set out to integrate WebAssembly on Ethereum in the next generation. ...
... Blockchain technology has experienced tremendous hype in recent years and is touted as a transformative evolution in distributed systems [1]. Satoshi Nakamoto is seen as father of the technology for introducing Bitcoin: A peer-to-peer electronic cash system [2]. ...
This paper provides an overview of the Self-Sovereign Identity (SSI) concept, focusing on four different components that we identified as essential to the architecture. Self-Sovereign Identity is enabled by the new development of blockchain technology. Through the trustless, decentralised database that is provided by a blockchain, classic Identity Management registration processes can be replaced.
We start off by giving a simple overview of blockchain based SSI, introducing an architecture overview as well as relevant actors in such a system. We further distinguish two major approaches, namely the Identifier Registry Model and its extension the Claim Registry Model.
Subsequently we discuss identifiers in such a system, presenting past research in the area and current approaches in SSI in the context of Zooko’s Triangle. As the user of an SSI has to be linked with his digital identifier we also discuss authentication solutions.
Most central to the concept of an SSI are the verifiable claims that are presented to relying parties. Resources in the field are only loosely connected. We will provide a more coherent view of verifiable claims in regards to blockchain based SSI and clarify differences in the used terminology.
Storage solutions for the verifiable claims, both on- and off-chain, are presented with their advantages and disadvantages.
... Blockchain technology has experienced tremendous hype in recent years and is touted as a transformative evolution in distributed systems [1]. Satoshi Nakamoto is seen as father of the technology for introducing Bitcoin: A peer-to-peer electronic cash system [2]. ...
This paper provides an overview of the Self-Sovereign Identity (SSI) concept, focusing on four different components that we identified as essential to the architecture. Self-Sovereign Identity is enabled by the new development of blockchain technology. Through the trustless, decentralised database that is provided by a blockchain, classic Identity Management registration processes can be replaced. We start off by giving a simple overview of blockchain based SSI, introducing an architecture overview as well as relevant actors in such a system. We further distinguish two major approaches, namely the Identifier Registry Model and its extension the Claim Registry Model. Subsequently we discuss identifiers in such a system, presenting past research in the area and current approaches in SSI in the context of Zooko's Triangle. As the user of an SSI has to be linked with his digital identifier we also discuss authentication solutions. Most central to the concept of an SSI are the verifiable claims that are presented to relying parties. Resources in the field are only losely connected. We will provide a more coherent view of verifiable claims in regards to blockchain based SSI and clarify differences in the used terminology. Storage solutions for the verifiable claims, both on- and off-chain, are presented with their advantages and disadvantages.
The spread of blockchain technology within industrialized countries has progressed increasingly in recent years, revealing numerous potentials. In consideration of the numerous challenges that developing countries are facing on a social, economic and environmental level, it is necessary to explore the opportunities of the new technology for these countries. The goal of this paper is to identify ways in which developing countries can benefit from the use of blockchain technology. For this purpose, the following research question is posed: What are the opportunities for societies in developing countries through blockchain technology? To answer the central question, an integrative review was conducted. Specifically, the work examined the opportunities and risks of three application areas: supply chains, the public sector, and cryptocurrencies. The focus is primarily on the area of supply chains. The results show that the use of blockchains in supply chains can increase transparency, reduce companies' running costs and make logistics processes more efficient. This is offset by high implementation costs. For the use of blockchains in politics and administration, opportunities for fighting corruption as well as increasing the efficiency of the systems could be shown. The research on the scope of cryptocurrencies found that the use of decentralized cryptocurrencies and central bank digital currencies can promote the financial inclusion of developing countries. Future research could concretize the evidence of cost savings from blockchains in supply chains using business metrics. An investigation of the cost-benefit ratio by means of ex-post analyses of existing projects could empirically consolidate the findings.
The aim of this chapter is to familiarize the reader with the mathematical concepts and notations used in this book and cryptography terminology and notations. Also, the chapter presents which are the challenges for the security of cloud computing and big data and why searchable and homomorphic encryption may resolve (some of) them.
The broad adoption of blockchain and DLTs emphasizes the potential of a paradigm shift not only in the financial markets, but also in the modus operandi of the perpetrators. Thus, it is of utmost importance for law practitioners to understand the relevant terminology and the technical aspects regarding blockchain, virtual currencies, digital wallets, public addresses, seed phrases, etc. Likewise, it is necessary to clarify which offences are applicable when virtual currencies and other crypto-assets are either the object of the crime, or the proceeds of it. This paper tries to explain the fundamentals for a better understanding of the relationship between blockchain, virtual currencies or other crypto-assets and criminal law.
Due to the emerging technologies like hand-held devices, fast and reliable internet services, everyday millions of text documents are being produced by online libraries, blogs, and news forums. To reuse and extract useful information from these enormous amount of documents, these documents must be process and arranged into labels automatically. Text classification is an important task of text mining where a document is labeled based on its content. Long text classification is more challenging than short text classification because of high dimensional feature space, irrelevant features require more time and resources for processing. Further, Urdu text processing is more challenging because of its complex language features like rich morphological font and lack of public datasets. To overcome the above challenges, in this study, we attempt to investigate the potential of six machine learning classifiers based on Bayesian theorem in the context of long text document classification of Urdu. For systematic performance comparison, we perform experiments on three datasets of small, medium and large size. Performance measures such as F-measure, Root Mean Square Error (RMSE), and time have been considered to evaluate the model’s performance. Usually Naïve Bayes is considered an efficient classifier but our experimental results show that DMNBtext is the most fast, reliable and accurate classifier than five Bayesian and three non-Bayesian models.KeywordsUrdu Text ClassificationNatural Language ProcessingInformation RetrievalDocument Text ClassificationBayesian Models
Vindigni, G. (2023). Entrepreneurship: The Value-Added of Co-Creation Through Web 3.0. European Journal of Applied Sciences, Vol - 11(3). 21-42. DOI:10.14738/aivp.113.14612.
This paper explores the concept of entrepreneurship and the added value that co-
creation, facilitated by Web 3.0 technologies, can bring to businesses. It delves into the potential advantages of integrating co-creation strategies, such as increased innovation, customer engagement, and market adaptability, while highlighting the role of emerging web technologies in enabling more effective collaboration and interaction between businesses and consumers. The various formations of customer integration in terms of ideational and inventive service and new product development represent an essential factor of economic success in the current work reality for companies. In this emerging epoch, which is constitutively characterized by increasing disruption processes and is referred to by politics and economics etymologically and polysemically as Industry 4.0 and Economy 4.0, a more precise discourse analysis is required in a problem-explorative manner. As a result of an increasingly individualized, informatized, and internationalized society, in which the Java API Web 3.0 not only leads to the transformation of the communication matrix through web-semantic algorithms per se, there is potential added value through co-creation. The customer, in the sense of appropriation research, is not only a profane website visitor but can be determined as an ideational and inventive prosumer with regard to conversion who, within the framework of integrative, interactive, and readaptive value creation, offers companies a decisive benefit reciprocally with the help of Web 3.0. Companies are looking for ways to cope with the phenomenon of ever-shortening product life cycles.
Consensus algorithms are applied in the context of distributed computer systems to improve their fault tolerance. The explosive development of distributed ledger technology following the proposal of ‘Bitcoin’ led to a sharp increase in research activity in this area. Specifically, public and permissionless networks require robust leader selection strategies resistant to Sybil attacks in which malicious attackers present bogus identities to induce byzantine faults. Our goal is to analyse the entire breadth of works in this area systematically, thereby uncovering trends and research directions regarding Sybil attack resistance in today’s blockchain systems to benefit the designs of the future. Through a systematic literature review, we condense an immense set of research records (N = 21,799) to a relevant subset (N = 483). We categorise these mechanisms by their Sybil attack resistance characteristics, leader selection methodology, and incentive scheme. Mechanisms with strong Sybil attack resistance commonly adopt the principles underlying ‘Proof-of-Work’ or ‘Proof-of-Stake’ while mechanisms with limited resistance often use reputation systems or physical world linking. We find that only a few fundamental paradigms exist that can resist Sybil attacks in a permissionless setting but discover numerous innovative mechanisms that can deliver weaker protection in system scenarios with smaller attack surfaces.
Gerçekleşen bütün ekonomik faaliyetlerin temelinde tarafların en çok üzerinde durdukları konu güven faktörüdür. Ekonomik faaliyetlerde iki kişi ya da kurumun karşılıklı yüz yüze yaptıkları nakit mübadeleler haricinde genel anlamda bu faaliyetlerin güvenirliğini sağlamak için üçüncü taraflara ihtiyaç durulmuştur. Bu üçüncü taraf bankalar olabildiği gibi, borsa işlemlerinde aracı kurumlar ya da tarafların mülkiyet hakkını korumak üzere konulmuş yasaları yapan devlet de olabilmektedir. Bu süreçte ekonomik faaliyetlere ortak olan üçüncü taraflar işlemlerin kayıt altına alınması, belirsizliğin azaltılması ve mübadele işleminde denetimin ve güvenirliğin sağlanması görevini yürütürler. Bu sayede ekonomik işlemlere ait hesapların korunabilmesi, kredilerin sağ- lanması, ödeme işlemlerinin kolaylaştırılması ve bu süreçlerin sürdürülebil- mesi gibi faaliyetler de dolaylı olarak gerçekleştirilmektedir. Bu sürecin güve- nilir şekilde devam etmesi, kontrol mekanizmalarının etkin şekilde kullanıl- masıyla mümkün olmakta ve sonucunda da piyasaların daha etkin şekilde işlemesini sağlamaktadır.
In recent years, human resource (HR) professionals have struggled with problems such as reduced efficiency, increased cost, fraud risks, and time-consuming procedures in the process of finding and hiring the right talent for companies. Blockchain technology has emerged as a powerful tool to solve these problems and transform the recruitment process. The aim of this study is to investigate the opportunities, challenges, possible solutions, and prospects for blockchain technology adoption in recruitment. In order to achieve this aim, exploratory research has been conducted through a combination of a comprehensive literature review and a structured interview with experts in the field of human resource management (HRM) and blockchain. Thematic analysis has been used to analyze qualitative data. The findings reveal that blockchain-based recruitment systems enhance the recruitment processes by offering opportunities such as increasing the speed and reliability of the transactions and reducing costs and routine workload. Thus, it provides a sustainable competitive advantage to the companies. However, these systems have some technological, organizational, and environmental challenges that can be addressed in the long term. In the future, it is expected that the use of blockchain technology in recruitment processes will be a gradual process and will change the role of recruiters.
Plattformgeschäftsmodelle sind aus der digitalen Wirtschaft nicht mehr wegzudenken. Große Technologieunternehmen bieten Plattformen an und nehmen somit eine wichtige Rolle in ihrem jeweiligen Ökosystem ein. Dezentrale Architekturen wie Blockchain ermöglichen eine Alternative zu Plattformen, die Nutzerdaten sammeln und verwerten. Diese Alternative ist besonders relevant für die fertigende Industrie, in der Wettbewerbsvorteile primär durch Know-how und Prozessgeheimnisse erzielt werden. Die Relevanz dieses Themas steigt durch den Aufbruch der Industrie hin zum Internet of Things. Wir beschreiben eine dezentrale Plattform, die die Datenhoheit von Firmen mittels blockchainbasierter Technologie sichert und gleichzeitig eine neue Marktumgebung schafft. Eine Anpassung der Produktionsmuster und Fertigungsprozesse kann zusätzlich zur besseren Nutzung von entstandenen Marktplatzdaten und erhöhten Erträgen führen.
Bilginin anlamı insanlık tarihi boyunca zaman ve mekâna göre sürekli değiştiğinden, kesin ve tek bir tanımı yapılamamıştır. Bu durumla birlikte, bilgi yönetiminin birey ve toplum için çok önemli olduğu gerçeği her zaman kabul görmüştür. Tarıma dayalı toplumda toprak, sanayi toplumunda ise malzeme paylaşıldıkça azalmıştır. Bilgi toplumunda ise tam tersi söz konusudur; bilgi paylaşıldıkça ve kullanıldıkça çoğalmaktadır. Bunun sebebi, her kullanımda ve her paylaşımda var olan bilginin yeni bir fikir, yeni bir düşünceyle zenginleşmesi olasılığıdır. Teknolojinin gelişmesi ile birlikte kurumların ve insanların ihtiyaçları da değişmiştir. Endüstri de kullanılan teknolojilerin ilerlemesi ve tedarik süreçlerinin kontrolünün önem kazanması ile birlikte bu sürecin etkin yönetimi için farklı arayışlar başlamıştır. Bunun sonucunda bilinen bilgi yöntemim modellerinden daha etkin olan Blokzinciri (Blockchain) yapısı geliştirilmiştir. Bu yeni teknoloji sadece akademik çevrelerce takip edilen bir konu olmaktan çıkmış ülkelerinde milli politikaları arasına girmiştir. Bu kitabın amacı Blokzinciri hakkında araştırma yapan akademisyenlere ve bu alanda çalışma yapmak isteyen kişilere yön gösterici bilgiler vermektir.
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