Blockchain technology in organizations a scoping review
Goal: The objective of this article is to raise the state of the art of the applications of blockchain described in the scientific literature. The compilation of articles found in the scientific literature were presented in the Blockchain context, providing a reference for the fields of blockchain applications. Results: The results indicate a large increase in the number of articles published since , the largest number of publications were written by authors affiliated with institutions located in China, as well as the most referenced applications are related to cryptocurrencies, smart contracts and IoT. Limitations of the investigation: The limitation lies in using only the Scopus database for bibliometry, despite being a renowned scientific base. Practical implications: This study can serve as a bibliographic reference with a global view of the main Blockchain applications that can be applied by different types of organizations.
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- Crypto and Digital Trust Services
- Istanbul Business Research
- SYSTEMATIC REVIEW ON BLOCKCHAIN ADOPTION IN BANKING CHAPTER 1
- In battle against climate crisis, don’t overlook the blockchain
- Blockchain technology in the energy sector: A systematic review of challenges and opportunities
- Blockchain for Public Services: A Systematic Literature Review
- Review of studies of blockchain technology effects on the shipping industry
Crypto and Digital Trust Services
We are using new technology to build a better financial system. The technology uses suburbanized agreement to keep up the network, which means it is not centrally controlled by a bank, corporation or government. The financial sector has become a part of our daily life interaction and a method of verifying and tracking transactions. Instead of a trustworthy third party or a financial organization, it depends on agreement among a peer-to-peer network of computer supported complicated algorithms.
Blocks of time-stamp transactions are decentralized on all systems. Blockchain is currently a concept that has received significant attention in financial technology FinTech. It combines several computer technologies including distributed data storage, point-to-point transmission, consensus mechanisms, and encryption algorithms. It has also been identified as a disruptive innovation of the Internet era. However, as blockchain is a major breakthrough in data storage and information transmission, it might fundamentally transform the existing operating models of finance and economy, which might lead to a new round of technological innovations and industrial transformation within the FinTech industry Mu Qi-Guo Blockchains are decentralized and permissionless, which can lead to major disruptions in the financial sector, especially in payment clearing.
Since , a number of major international financial institutions have begun to formulate plans for the blockchain sector. Goldman Sachs, J. Morgan, UBS, and other banking giants have all established their own blockchain laboratories, working in close collaboration with blockchain platforms, and published a series of studies on this topic. Goldman Sachs even filed a patent for transaction settlement based on blockchain technology. Additionally, various national stock exchanges, such as the Nasdaq Stock Market and the New York Stock Exchange have also conducted in-depth research on blockchain technology.
On December 30, , Nasdaq announced that it had completed its first security transaction using the blockchain transaction platform Linq. Gupta and Gupta provide an overview of Blockchain Technology with its benefits emphasizing on the applications of this technology in the Indian Banking Sector. One disruptive innovation which is changing the banking sector globally is Blockchain Technology BCT.
An empirical research can be undertaken in future to present the growth of Bitcoin Technology in India with respect to other developing countries. Guo and Liang conclude that blockchains have a technological advantage over banks as credit intermediaries.
It is still too early for this technology to completely disrupt the existing financial year. This is where banks use blockchain technology to improve their payment clearing systems and overcome certain obstacles in information communication, while also forming consortiums, thereby consolidating their position.
Chinese banking and fintech markets are evolving with the implementation of new technology, Chinese Blockchain Technology and Application Development, The decentralization and self-governance of blockchains dilutes the concept of regulation, and has a critical impact on the existing system.
Barnes confers that banks like UBS, ING and Nasdaq are exploring the potential of the technology to be able to overcome the challenges that remain, not least security and regulatory issues.
The technology behind Bitcoin — has revolutionary potential. It could transform almost every aspect of commerce and make standard internet transactions seem old fashioned.
We have thought about the memory of money via a blockchain. Can we use this to replace existing technology, whether for transfers or payments or in the security space? Discussions of what kind of technology to use is an interesting dilemma. Rigor through TAM is required to analyze the adoption of this new technology. Degener compares the Rabobank and fintech start-up Ripple in order to filter out implications to the business model of traditional banks integrating blockchain technology to process international payments.
The current situation of the cross-border payment systems applied through the case of the Rabobank and the information technology perspective of Fiducia GAD. Further light is spot on the case of Ripple as representative of a blockchain based solution for a cross-border payment system. The findings suggest that blockchain technology is less likely to be successfully implemented by traditional banks in an isolated way.
Instead, it seems more viable for banks to collaborate with fintech organizations, like Ripple to capture value from the blockchain technology on a larger scale. Ittay states that the financial technology FinTech sector sees high potential value in cryptocurrency blockchain protocols, or distributed-ledger technology DLT. However, the requirements and guarantees of blockchains for cryptocurrencies do not match those of FinTech-from transaction throughput to security primitives and privacy.
The author explores how blockchain research beyond Bitcoin is closing these gaps and some of the challenges that remain. Blockchain systems can be roughly split into four layers. The system clients are at the top, and they observe an abstract system state, such as a balance sheet stating how much currency each account has.
This abstraction is facilitated by a virtual machine layer that accepts transactions and translates them into state changes. The full potential of blockchain technologies will only be realized through direct and effective collaboration between the FinTech industry and the blockchain scientific and engineering community. Blockchain security relies on public verifiability of its integrity. Each node observes all blocks and transactions and can verify that the transactions are legal and the blocks are correctly formed.
Nodes do not create money or replace it. According to Hassani, Hossein, et. In Bates and Paul Migliore the authors explore the transformative technologies that will drive digital insertion efforts in the future, how asset managers will need to differentiate themselves in the new digital landscape and practical steps to embrace the digital frontier for organisations that are still held back by legacy technology, processes and behaviours.
The future state design options should be derived through an open dialogue with vendors about their current and future product offerings. Leveraging the resources and scale of an external provider helps asset managers mitigate risk by minimizing initial investment and leveraging technologies, tested by a subset of their peer group. These considerations will become increasingly important components to a future state option analysis, as the competitive landscape shifts to automation, processing of complex data and sophisticated AI toolsets.
Umarovich and Natalia conducted the research of current trends and priorities for the blockchain technology use in order to ensure economic security of large corporate entities. The application of blockchain can be further analyzed in the light of significant proof. The conducted analysis of the blockchain application risks and benefits demonstrates the need in balancing risks and benefits of this technology application.
Azarenkova and Shkodina focused on proposing ways to reduce the negative impact of financial technologies on financial system stability. This paper considers the application of new technology at global level. Petrushenko and Kozarezenko identify disruptive challenges for financial institutions need to adapt.
The aim of the research is to investigate the prospects of FinTech engagement into the system of international transfers processing in Ukraine.
The research investigates the value and the investment flows structure as most obvious indicators of FinTech and describes types of payments relationships there. The paper considers relationships between enterprises, financial institutions and individuals, which are formed in digital payments, conducting a comparative analysis of the regular and innova- tive cross-border payment processes, developing a methodology for evaluating the impact of FinTech engagement into the system of cross-border payments in Ukraine, and investing foreign experience of FinTech start-ups participation in the international money transfers system.
The paper shows that investments and profits of cross-border payment solution can vary significantly between countries as each country has separate and diverse national payment systems.
FinTech can help to proceed in this direction enhancing in the system and allow people to proceed more effectively. There is a high potential of FinTech for cross-border payment processing in the future. Cocco, Pinna, et. First EE, defined as the ratio between the value of bitcoins mined by the power consumption of 1 kWh, is characterized by a strong variability because it is influenced by the growing of the Bitcoin price, the Bitcoin popularity and the power consumption of the network.
Second, we found that the OE, defined as the ratio between the value of voluntary fees and the energy cost of a transaction, is currently growing, indicating that fees are becoming more and more important to assure the sustainability of the Bitcoin system. In fact, mining operations will be remunerated only until the sum of circulating bitcoins reaches 21 million. SE, defined as the ratio between the number of transactions validated by the power consumption of 1 kWh, which describes how much electricity the network spends to number of transactions per block is limited, and the SE cannot increase performance of its main service, i.
In Christopher the bridging model is applied first to traditional banking, to illustrate and analyze the enforcement mechanisms underpinning the U. The bridging model is then applied to Bitcoin, to show not only that the system requires more trust than is generally understood, but also that both currency and payment systems benefit from the involvement of trusted intermediaries in response to problems and crises.
This article undertakes a critical deconstruction of Bitcoin and the blockchain, their themes of democracy and transparency, and the idea that they are trustless. The article enforcement and trust in contract formation model, which allows for a more nuanced understanding of the interplay between conceptualization of the role of trust in business and contracting: the bridging then proposes a new framework.
The Bridging Model Applied to Traditional Banking: As an illustration of the bridging model in application, this Part applies the model to traditional banking, understood roughly here to mean the brick-and mortar U. Although Bitcoin contains mechanisms that make it predictable and reliable-the regular production of bitcoins, the publicly verified ledger-these mechanisms still rely on human involvement.
Moreover, the Bitcoin code may strip away instances where trust and human overrides are actually preferable, in that they allow considered responses to unanticipated problems. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. WhatsApp us. Admissions are open You can download the application form with this form.
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Istanbul Business Research
Journal of Shipping and Trade volume 7 , Article number: 2 Cite this article. Metrics details. Decision-making is a prolific research area in the internet era, which has propelled globalization and the virtual elimination of many country border barriers. However, effective decision-making in the shipping industry is a time consuming and often complicated process. Digital evolution has provided new innovative organizational operation methods.
SYSTEMATIC REVIEW ON BLOCKCHAIN ADOPTION IN BANKING CHAPTER 1
Blockchain for Distributed Research View all 5 Articles. Many sectors, like finance, medicine, manufacturing, and education, use blockchain applications to profit from the unique bundle of characteristics of this technology. Blockchain technology BT promises benefits in trustability, collaboration, organization, identification, credibility, and transparency. In this paper, we conduct an analysis in which we show how open science can benefit from this technology and its properties. For this, we determined the requirements of an open science ecosystem and compared them with the characteristics of BT to prove that the technology suits as an infrastructure. We also review literature and promising blockchain-based projects for open science to describe the current research situation. To this end, we examine the projects in particular for their relevance and contribution to open science and categorize them afterwards according to their primary purpose. Several of them already provide functionalities that can have a positive impact on current research workflows. So, BT offers promising possibilities for its use in science, but why is it then not used on a large-scale in that area?
In battle against climate crisis, don’t overlook the blockchain
An empirical analysis of initial coin offerings ," Journal of Economics and Business , Elsevier, vol. Fisch, Christian, Zhang, Jennifer J.
Blockchain technology in the energy sector: A systematic review of challenges and opportunities
Abstract: On the one hand, society has gradually grown awareness and importance of sustainability and natural resources. On the other hand, blockchain technology gains increasingly interest and the impacts may have not completely examined ecological, economical, and social. To present the state-of-the-art and hot topics within bioeconomy and blockchain, we reviewed them equally and outlined future research threads. Based on a systematic literature review combined with text mining and clustering, to enhance our data collection phase, we describe a dedicated research thread and end up with real-word and possibly future-potential implications driven by blockchain technology. Overall, this review gives important insights on how blockchain was and could be engaged to add value towards sustainability at bioeconomy and natural resources. Enter text above before pressing [Download] case sensitive.
Blockchain for Public Services: A Systematic Literature Review
Try out PMC Labs and tell us what you think. Learn More. According to the United Nations, Sustainable Development Goals are framed for improving rural health, hunger, poverty issues, environmental conditions, and illiteracy globally. With the upcoming technology, there have been many advances in the lifestyle of people all around the world. Comparatively, more emphasis has been given to the development of urban areas than rural.
Review of studies of blockchain technology effects on the shipping industry
Blockchain promises to solve this problem. The technology behind bitcoin, blockchain is an open, distributed ledger that records transactions safely, permanently, and very efficiently. For instance, while the transfer of a share of stock can now take up to a week, with blockchain it could happen in seconds.
Schellman has extensive experience performing audits for Certificate Authorities Internet trust anchors under the WebTrust Criteria. This experience along with our leadership in key industry initiatives for certificate authorities, digital credentials, and even drone technology allows Schellman to be the ideal partner for clients seeking to lead the digital economy. We begin each project with your end goals in mind and to provide preparation for future key project activities. Effective communication and timely coordination of project planning activities are central to our methodology with our clients. After the agreement is executed, the first phase of the engagement is planning. This is to ensure that Schellman and the Client are fully aware of the what, who, when, why, and how prior to the beginning of testing.
Blockchain is one of the technologies that can support digital transformation in industries in many aspects. This sophisticated technology can provide a decentralized, transparent, and secure environment for organizations and businesses. This review article discusses the adoption of blockchain in the ports and shipping industry to support digital transformation. It also explores the integration of this technology into the current ports and shipping ecosystem. Besides, the study highlighted the situation of the supply chains management in ports and shipping domain as a case study in this field.
Skip to main content Skip to main navigation menu Skip to site footer. Abstract Being a decentralized system makes Blockchain a suitable technology solution in many cases. The Smart Energy domain has the potential to benefit from the use of Blockchain, by improving data and transaction management, through applications such as peer-to-peer energy trading, grid enhancement, and electric vehicle support.