Financial Risks of the Blockchain Industry: A Survey of Cyberattacks
This study concerns the use of crypto-currency with specific reference to the situation in Russia. A variety of such systems exist; Bitcoin, however, is perhaps the best-known example and will be used as synonymous with the concept throughout this article. Our findings not only show how the views of Russian government bodies are formed and developed, but also sheds light on the specific innovative methods which legal entities use for development of the economy. Consideration will be given to recent developments within Russia which has been more active than many countries in seeking to clarify the status of Bitcoin and providing for the regulation of the technology.
The dg.o conference is the flagship conference of the Digital Government Society (DGS), and has positioned itself to be a top-ranking conference in this interdisciplinary academic field. It brings high quality research contributions and plays a major role in the advancement of knowledge in the field of digital government. The continue growing number of scholars and the growing number of members will continue to reinforce the position of DGS as a research and practice platform where researchers and practitioners can meet, exchange ideas, and build new relationships.
The paper analyzes legal issues associated with Smart contracts, i.e. agreements existing in the form of software code implemented on the Blockchain platform, which ensures autonomy and self-executive nature of Smart contract terms based on predetermined set of factors. Based on cryptocurrency Bitcoin example, the paper outlines peculiarities of Blockchain technology, which is the core of Smart contracts. Then the tensions between classic contract law and Smart contracts are outlined (inapplicability of concepts of “obligation”, “responsibility”, “non-performance or improper performance”, etc.) and certain possible consequences of wide-scale use of Smart contracts in legal practice
The paper analyzes legal issues associated with the application of existing contract law provisions to so-called Smart contracts, defined in the paper as ‘agreements existing in the form of software code implemented on the Blockchain platform, which ensures the autonomy and self-executive nature of Smart contract terms based on a predetermined set of factors’. The paper consists of several sections. In the second section, the paper outlines the peculiarities of Blockchain technology, as currently implemented in Bitcoin cryptocurrency, which forms the core of Smart contracts. In the third section, the main characteristic features of Smart contracts are described. Finally, the paper outlines key tensions between classic contract law and Smart contracts. The concluding section sets the core question for analysis of the perspectives of implementation of this technology by governments: ‘How to align the powers of the government with Blockchain if there is no central authority but only distributed technologies’. The author suggests two solutions, neither of which is optimal: (1) providing the state authorities with the status of a Superuser with extra powers; and (2) relying on traditional remedies and enforcement practices, by pursuing specific individuals – parties to a Smart contract – in offline mode.
To serve target customers better than their competitors, supply chain management (SCM) teams today look into new technologies such as Big Data, Internet of Things (IoT) and Blockchain. These new technologies allow managers to develop and provide complex supply chain services and products faster with improved reliabilities. With these technologies, SCM teams can build complex models of a supply chain or systems of supply chains using a data-driven approach. With the growth of aviation domain across the world, there has been increasing demand in aircraft for airlines and other customers. In this domain, SCM teams deal with complex networked supply chains for aircraft’s spare part purchase and delivery for aircraft’s maintenance and repair. Aircraft’s spare parts are shipped to single assembly hubs, located globally. All parts come with certain life expectancy, specific requirements and maintenance attributes. With thousands of spare parts, hundreds of parameters, and number of manufactures distributed globally, SCM team need to deal with very large amount of data. In this paper, we use an industrial scenario of aviation industry SCM to demonstrate the necessity of having decentralized system based on distributed data-driven application technologies such as Blockchain, not only to assist in maintaining inventory of the aircraft’s parts but also to monitor the performance, usage, etc. This will help to achieve a transparent network of supply chain for aircraft’s parts and reduce the risk of availability of aircraft’s parts in black market. These new data-driven technologies when embedded into SCM scenarios will help the SCM managers to analyse the supply, demands, source of availability of spare parts and provide methods to procure them from the right sources.
In the conditions of accelerated globalization and high speed of technological progress, it becomes vitally important for investors, banks and other participants of the financial market to use innovations in their kind of activity to increase profits. Otherwise, they can be defeated before their competitors. In view of the above situation, the author decided to carry out a research paper on the topic "Bitcoin as a breakthrough innovation of the 21st century". The article is devoted to the study of the Crypto-currency as a derivative of the technology from the "Blochane" innovation. The main objective of the study is to define the investment appeal of the crypto currency both in general and in particular - Bitcoin. The subject of the study is Bitcoin, and the object of research is the technology of P2P data exchange. The main method of studying Bitcoin is the historical analysis, on the basis of which the cause-effect relationships affecting the Bitcoin exchange rate to the dollar were searched. Also, a quantum-economic analysis was made showing the state of the subject of research to date. Moreover, it was presented a comparison of the fiat currencies and the first crypto currency. The author also analyzed the dynamics of changes in the level of interest of the population in crypto currency Bitcoin and the dynamics of the change in the rate of Bitcoin to the dollar. Based on the analysis done, the author came to a number of conclusions, the main ones of which are: Bitcoin is a test model of a new concept of electronic money transfer; In the near future it is necessary to expect the emergence of national crypto-currencies; The potential of technology "Blokchayne" can radically change the accounting and tax reporting of legal entities.