Market design with blockchain technology
Additionally, the rise of blockchain technology suggests unprecedented socio-economic benefits for energy systems, especially when coupled with P2P energy trading. Despite such future prospects in energy systems, three key challenges might hinder the full integration of P2P energy trading and blockchain. First, it is quite complicated to design a decentralized P2P market that keeps a fair balance between economic efficiency and information privacy. Secondly, with the proliferation of storage devices, new P2P market designs are needed to account for their inter-temporal dependencies. In this paper, we develop a new decentralized P2P energy trading platform to address all the aforementioned challenges. Our platform consists of two key layers: market and blockchain.
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Content:
- Blockchain Technology and Its Brunt on Digital Marketing
- How Blockchain Technology Can Benefit Marketing: Six Pending Research Areas
- Blockchain as a decentralizing technology platform to accelerate climate action
- Distributed ledgers and the governance of money
- Design of a microgrid local energy market on a blockchain-based information system
- Exploring Economic Incentive in Blockchain Use
- Jean-Michel Glachant guest speaker at blockchain energy summit, EventHorizon
- How Covid broke supply chains, and how AI and blockchain could fix them
- Viable Supply Chain Network Design by considering Blockchain Technology and Cryptocurrency
- Blockchain
Blockchain Technology and Its Brunt on Digital Marketing
Blockchain technology can enhance the basic services that are essential in trade finance. At its core, blockchain relies on a decentralised, digitalised and distributed ledger model. By its nature, this is more robust and secure than the proprietary, centralised models which are currently used in the trade ecosystem.
Blockchain technology creates a viable, decentralised record of transactions — the distributed ledger — which allows the substitution of a single master database. It keeps an immutable record of all transactions, back to the originating point of a transaction. This is also known as the provenance, which is essential in trade finance, allowing financial institutions to review all transaction steps and reduce the risk of fraud.
The application of blockchain also offers a far better means of establishing and proving identity than present day systems.
Blockchain technology greatly simplifies the direct transfer of trade assets and increases confidence in their provenance. This is achieved through providing unique, non-forgeable identities for assets, along with an inviolable record of their ownership. The result is an opportunity for additional financing services based on the trade of physical goods. Many people assume that blockchain and bitcoin are the same.
Blockchain is the underlying technology of Bitcoin. They are closely related, but they are not the same thing. In , Bitcoin was introduced as a type of unregulated digital currency created by the pseudonymous Satoshi Nakamoto. Blockchain was the ledger solution used to securely record facilitating the use of this new currency since there was no bank or government involved to monitor or police the transactions.
As such Bitcoin can actually be considered as the first use case leveraging blockchain technology. The confusion between blockchain and bitcoin often arises because these two concepts were introduced at the same time.
Since the introduction of blockchain technology it has been extrapolated for use as a ledger solution in many other industries related to assets other than a currency. These fields include healthcare with patient records, trade finance and owner of an invoice or purchase order, as well as insurance and who has the title to a house or car. Bitcoin is known as a cryptocurrency and the first decentralised digital currency of its kind.
It was launched as an open-source solution to work without a central repository or single administrator. Bitcoin transactions are transferred and saved using a distributed ledger on a shared network that is open, public and anonymous.
Blockchain is the underlying technology that maintains the transaction ledger for Bitcoin transactions. The blockchain technology as for example the one used for Bitcoin allows for the recording of transactions on a distributed ledger across a network of users. The open-source technology allows for the storage of data from the transactions into blocks. Each block includes a time-stamped record of the transactions with each block linked to the previous one, thus creating a chain.
The information stored on the blockchain is fully transparent and permanent without the ability to change or remove previous transaction data from the distributed ledger.
This characteristic and solution can be used to solve many inefficiencies in different applications and industries. Whilst blockchain is an excellent choice for a digital currency, it can be used to keep a trusted audit train of ownership of a vast range of asset types. These can be both intangible e. This makes for a highly diverse choice of blockchain applications for multiple sectors and institutions — including Marco Polo Network formerly known as TradeIX focusing on the trade finance industry with dedicated solutions leveraging blockchain technology.
This statement is partially correct. Some public blockchain are open, though others are private accessible only to specified users. The use case will determine which type of blockchain is needed. There are basically three types of blockchains. In a public blockchain, a user can become a member of the blockchain network. This means they can store, send and receive data after downloading the required software on their device.
Allowing anyone to read and write the data stored on the blockchain as it is accessible to everyone in the world. A public blockchain is completely decentralised. The permissions to read and write data onto the blockchain are shared equally by all connected users, who come to a consensus before any data is stored on the database.
The most popular example of a public blockchain is Bitcoin. The digital currency allows users to use a platform for making transactions directly between them. In a private blockchain, permission to write, send and receive data is controlled by one organisation.
Private blockchains are typically used within an organisation with only a few specific users allowed to access it and carry out transactions. The organisation in control has the power to change the rules of a private blockchain and may also decline transactions based on their established rules and regulations. An example of this is a blockchain deployed by a corporation to collaborate with other divisions or a few permissioned participants.
A consortium blockchain, also called permissioned blockchain can be considered as a hybrid model between the low-trust offered by public blockchains and the single highly-trusted entity model of private blockchains.
Instead of allowing any user to participate in the verification of the transaction process or on the other side just allowing one single company to have full control, in a consortium blockchain a few selected parties are predetermined. It only allows a limited number of users the permission to participate in the consensus process. For example, imagine a group or network of ten banks, each of which is connected to the blockchain network. In this example, we could imagine that for a block to be valid, seven of the ten banks have to agree.
Although there is some degree of centralisation in this structure, users can grant permissions to read or write to other users. This leads to the partially decentralised design of consortium blockchains.
Similar to private blockchains, the consortium blockchains keep the privacy of the data, without consolidating power within a single organisation. People often think that all their information and transaction details posted on to the blockchain are public, based on the fact that the distributed ledger is public.
This is not correct. Though visibility depends on different use cases and the technology deployed. Narrowing the scope to this question — for business to business purposes, all transactions are private and only visible with the appropriate permissions. A company leveraging a blockchain to distribute data to their suppliers does not mean his competitors can see his suppliers or what they are buying. It is all private and secure and the suppliers only see the data the buyer has permissioned them to see.
Whilst some transactional information can be made public, what is stored on the distributed ledger is nothing more than the amount of the transaction and a hash. The hash is a code generated by running the actual transaction details through a cryptographic method.
Therefore, it is impossible to have access to more information on the transaction. The term blockchain is most often used to describe a ledger technology, not a specific product or solution. A blockchain solution will have the same common denominators such as being distributed and underpinned by cryptography and having some form of consensus mechanism. However, there are various blockchains that come in public, permissioned or private versions. Today, there are dozens of different protocols, considered as blockchains and can be classified as distributed ledger technologies.
Some are similar while others differ greatly from one another. Each blockchain solution will have specific advantages and disadvantages for the specific use, different use cases and applications. The term Smart Contract is misleading. Smart Contracts, which was first introduced as a term by cryptography researcher Nick Szabo in are basically scripts or software codes written by developers and deployed onto a blockchain. They are written as transaction instructions usually triggered by events.
Thus, automatically by companies updating shipments and receipts Smart Contracts can automatically perform tasks. This eliminates the need to manage time consuming and costly manual business processes. A smart-contract is a digital program that automates the execution of business logic, obligations, and agreements.
A smart-contract can be used to represent almost anything- an electronic warehouse receipt, a bond, an invoice, a unit of electricity, a unit of currency, a futures contract, a share of risk, and much more. These cryptographically unique assets can be created, traded, and settled in real time by users on the network. Each smart-contract can be written to include almost any type of business logic.
This business logic can be enforced automatically in accordance with the terms and conditions of the agreement. As inputs occur, the contract responds by executing any type of obligations or conditions mandated by the logic of the contract.
As mentioned, Smart Contracts are typically not legal agreements. However, they can execute terms based on prior or separate agreements between parties. In addition, since legal agreements tend to follow a logical format such as if-this- then-that, similar to code, paper-based agreements could be replaced with computer-based programs which automatically execute the terms of a contract.
Therefore, Smart Contracts play an important role in operating blockchain models. Specifically where processes between different parties can be automated by using automated rules, embedded smart contracts, thereby fulfilling the contractual intentions of parties with speed, clarity and efficiency.
First blockchain is a real technology available today. Currently, blockchain is being tested with proof on concepts POCs in many different industries and regions around the world.
Also keep in mind this is still early days for this technology. Several blockchain providers, like IBM and R3, released version 1 of their solutions in So, this is all very new and emerging right in front of us.
Indeed, blockchain has become arguably an overused term and covered daily in multiple media and press outlets. This does not mean that it is just a buzzword as the investment numbers speak for themselves. The investments in the technology and emerging companies are aligned with the potential efficiency gains for financial institutions. Leading professional services company Accenture formed a strategic alliance with Marco Polo Network formerly TradeIX in late , having identified Friend's Email Address.
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How Blockchain Technology Can Benefit Marketing: Six Pending Research Areas
We can help facilitate new product development — designing new financial infrastructures and instruments or innovating on incumbent solutions — and assist you with integration into blockchain networks public, private or consortium. Blockchain technology has demonstrated the potential to universally reshape the way business transacts across nearly every industry in the global economy. As the technology and its use cases continue to evolve and progress, blockchain is empowering enterprises to drive greater transparency, traceability and operational efficiency for a multitude of business transactions and contracts. Our mission in the blockchain business at EY is to put in place all the tools, systems and services that will be needed to help companies take advantage of this technology and drive enormous productivity gains as a result. Within financial services, we offer distinct blockchain products and services that conjoin our deep technological expertise with our traditional advisory and financial services experience and domain knowledge.
Blockchain as a decentralizing technology platform to accelerate climate action
Blockchain technology is most simply defined as a decentralized, distributed ledger that records the provenance of a digital asset. By inherent design, the data on a blockchain is unable to be modified, which makes it a legitimate disruptor for industries like payments, cybersecurity and healthcare. Our guide will walk you through what it is, how it's used and its history. Blockchain, sometimes referred to as Distributed Ledger Technology DLT , makes the history of any digital asset unalterable and transparent through the use of decentralization and cryptographic hashing. A simple analogy for understanding blockchain technology is a Google Doc. When we create a document and share it with a group of people, the document is distributed instead of copied or transferred. This creates a decentralized distribution chain that gives everyone access to the document at the same time.
Distributed ledgers and the governance of money
The Blockchain Stream at CDL-Toronto brings together experienced entrepreneurs, economists, and active investors to help scale ventures based around technologies underpinned by, or core to the advancement of, blockchain technology. Startups attend an intensive 2-week virtual crypto-economics and business bootcamp in July instructed by industry and academic leaders in blockchain, crypto-economics, peer to peer networking, and entrepreneurship followed by five objective-setting sessions between October and June. CDL is a non-profit organization. There are no fees for participation and CDL does not take any equity. Learn more about the CDL program.
Design of a microgrid local energy market on a blockchain-based information system
As a UX professional I have recently been on a quest to understand blockchain better and see what impact if any it will have for people in context of using technology. Most notably blockchain is usually mentioned in the context of the digital currency also called cryptocurrency Bitcoin. Initially my questions revolved around the impact of blockchain and user experience. In this blog post I will share what I have learned and why I think we should care about blockchain. It may be simplest to think of blockchain as a different way to recording transactions between two parties.
Exploring Economic Incentive in Blockchain Use
There are three main application areas for technology innovation in the climate realm see brochure for more information :. This collaboration is informed by recent academic publications that outline how blockchain could address current carbon market and transparency limitations:. In this context, the partnership is using its network for country consultations for a bottom-up and co-creative process to develop innovative Paris Agreement transparency and carbon market designs. A summary of the publication is also available as a ADBI podcast: How blockchain could revolutionize green finance in Asia. Gabriela Prata Dias. Ana Cardoso. Laura Franke now at Microsoft.
Jean-Michel Glachant guest speaker at blockchain energy summit, EventHorizon
As the access to this document is restricted, you may want to search for a different version of it. Richard J. Green,
How Covid broke supply chains, and how AI and blockchain could fix them
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Viable Supply Chain Network Design by considering Blockchain Technology and Cryptocurrency
It started with bitcoin, but the use of blockchain technology is quickly broadening beyond cryptocurrencies. Trade financing, pharmaceuticals and music licensing are among the industries already harnessing blockchain. As for the energy sector, one way in which the technology is currently viewed is as a potential platform for managing power markets. For it to play that role, blockchain will need to prove its flexibility and cost-effectiveness. Blockchain is a type of technology originally developed as a digitized public ledger for cryptocurrency transactions. It has become the generic description of a technology that is a distributed way of storing data. The records it keeps are public and easily verifiable.
Blockchain
Zavolokina, Liudmila. Designing for trust in blockchain platforms : from exploring to making it real : the case of the Swiss "market of lemons". The automotive market is in the top three markets with least trust from consumers followed by banks, and telecommunications industry Lades In particular, in the used car market, consumers encounter such problems as: a car in a poorer condition than initially indicated, accident damage that was not previously disclosed, little or no documentation provided, and fraud.
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