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Erschienen in:
Digital Economy and the Information Society Kapitel lesen Erstes Kapitel lesen

2020 | OriginalPaper | Buchkapitel

4. Blockchain and Distributed Ledger Technology Applications

verfasst von : Abeba N. Turi

Erschienen in: Technologies for Modern Digital Entrepreneurship

Verlag: Apress

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Abstract

In about a decade of its existence, blockchain technology has seen some level of innovation diffusion to many sectors other than its genesis application of cryptocurrencies (see Figure 4-1). This chapter presents an objective view of the developments of blockchain and distributed ledger technologies beyond the cryptocurrencies. By drawing from the current states of the tech, I will present a detailed analysis of existing and potential use cases including ecommerce, Vickrey auction, self-sovereign digital identity management, and vital statistics recording. The chapter further lends key points to consider for applying blockchain and distributed ledger technologies in businesses. Here, starting from justifying why blockchain is a potential solution concept for a business, I will cover points such as asset digitization, participants identification and the degrees of permission, tokenization, decentralized applications, smart contracts and robust consensus algorithm, scalability of data throughput, payment channels, as well as a business model development for token sales.

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Vorheriges Kapitel Web 3.0: The Distributed Information Network Economy
Nächstes Kapitel Currency Under the Web 3.0 Economy
Fußnoten
1
Data Source: PwC Global Blockchain Survey 2018, available at www.pwc.com/gx/en/issues/blockchain/blockchain-in-business.html
 
2
Source: Author’s analysis based on data from Deloitte’s 2019 Global Blockchain Survey
 
3
In the supply chain blockchain solutions, traceability of products is ensured through the Internet of Things sensors which are attached to the product. See, for example, Fishcoin: Blockchain-based Seafood Traceability & Data Ecosystem, https://fishcoin.co/, accessed on April 6, 2020.
 
4
See blockchain platforms Bankex and Polymath for the Proof-of-Asset Protocols and LINQ, a project by Nasdaq for the digital representation of physical assets, available at https://bankex.com/ and https://polymath.network/, respectively.
 
5
To learn more about the decentralized applications, see State of the DApps at www.stateofthedapps.com/, accessed on April 6, 2020.
 
6
Available at IBM case studies: www.ibm.com/case-studies/plastic-bank
 
9
See Securities Act of 1933 and the Securities Exchange Act of 1934, which points out the transactions which are considered securities and the associated requirements.
 
10
See Momtaz (2019) for the details on the token sales and the ICOs.
 
12
See Chapter 2 of this book which presents a detailed analysis of the crowd-based business models, especially the equity crowdfunding, for the key factors behind successful crowdfunding campaign.
 
14
Data Source: IDC’s Worldwide Semiannual Blockchain Spending Guide, 2018H1
 
15
Extracted from DappRadar available at https://dappradar.com/rankings/category/exchanges
 
16
OpenBazaar, Monetha (Switzerland), Colu (Israel), Rate (Singapore), Retail. Global (Moscow), Ubcoin Market (East Europe), Purse (San Francisco), OB1, Shopin, AORA, Elementh, RAVELOUS, and so on are some of the ecommerce startups powered by the blockchain tech as of 2019.
 
17
Vickrey auction is a type of sealed bid, which self-enforces second-price auction. That is, in a sealed bid, bidders privately submit true valuations of their bids and the winner pays the second-highest bid.
 
18
A Nash equilibrium in game theory refers to an optimal state which leads to stability in interactions of different players. In this state, no player has the incentive to deviate since each payoff through the original strategy is optimally provided that other players’ strategy remains unchanged. In games that operate suboptimally, we can achieve better results by changing the rules of the game (e.g., by applying self-enforcing protocols in order to attain mutually beneficial outcomes, co-utility). Selfish behavior can predict a Nash equilibrium. But this equilibrium may not encompass other forms of equilibrium that can arise in real life; the players can be not only selfish but also kind and may display kind intentions that lead to different types of equilibrium. Such equilibrium can be captured through different approaches such as reciprocal interaction through the notion of reciprocity equilibrium (Turi et al., 2017).
 
19
See Dennis and Owen (2015), Brunie et al. (May 2016), Subramanian (2018), Carboni (2015), and Cai and Zhu (2016) for the details on the application of the blockchain tech in the online marketplace.
 
20
On August 13, 2018, Forbes covered the potentials of the blockchain tech for building trust in the online marketplace, www.forbes.com/sites/shermanlee/2018/08/13/a-decentralized-reputation-system-how-blockchain-can-restore-trust-in-online-markets/#1f6b1e9f481a, accessed on April 6, 2020.
 
21
This use case is based on the existing recent developments of blockchain technology for auction purposes. Some examples of blockchain-based auction include the Auction 3.0 (www.eauction.idf.solutions/), a global decentralized auction for asset sale and lease, Christie’s auction, a British auction house, and an Art Sale of $318 million on a Blockchain in partnership with the blockchain-based arts and collectibles platform called Artory (www.artory.com/). See Christie’s press release on December 12, 2018, at www.christies.com/features/Barney-Ebsworth-Collection-results-9552-3.aspx?PID=en_hp_carousel_1 and the 16th-century Italian Renaissance Roman Mansion, Palazzetto, blockchain auction covered by the CNBC on June 19, 2018, at www.cnbc.com/2018/06/19/palazzetto-mansion-in-rome-italy-being-auctioned-for-bitcoin.html
 
22
ENS is an Ethereum-based application built on smart contracts that allow users to register a unique domain name for their address, https://etherscan.io/enslookup
 
23
See the car auction demo with Hyperledger Fabric at GitHub: https://github.com/IBM/car-auction-network-fabric-node-sdk, accessed on April 6, 2020.
 
24
For the details on the cryptographic execution of the algorithm, refer to Galal and Youssef (2018) and GitHub Hyperledger Composer at https://link.springer.com/chapter/10.1007/978-3-662-58820-8_18, accessed on April 6, 2020.
 
25
Decentralized digital identity management has gained significant attention following the advent of data sharing over the Internet. For example, the Canadian identity network, SecureKey, has been joined by two US credit agencies (Equifax and TransUnion), Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank (which poured about $20 million investment), and Desjardins in its early trial stage (Reuters, May 4, 2017), https://in.reuters.com/article/us-canada-blockchain-credit-idINKBN1802OR, accessed on April 6, 2020.
 
26
Evernym is an example of an open source self-sovereign identity solution on a permissioned distributed ledger: www.evernym.com/
 
27
Vigna and Casey (2019)
 
29
Source: Identification for Development (ID4D) Global Dataset
 
31
See the WFP Building Blocks at https://innovation.wfp.org/project/building-blocks, accessed on April 6, 2020.
 
32
www1.wfp.org/cash-transfers, accessed on April 6, 2020.
 
33
www.civic.com/, accessed on April 6, 2020.
 
34
See also Tykn’s identity and access management system at https://tykn.tech/, accessed on April 6, 2020. The platform provides common applications of identity authentication and proofing for organizations and facilitates digital transformations for governments.
 
35
See Civic identity system provided in Civic white paper: Token Behavior Model May 16, 2018, https://tokensale.civic.com/CivicTokenSaleWhitePaper.pdf
 
36
www.evernym.com/, accessed on April 6, 2020.
 
37
See the Sovrin ledger which is built on Evernym at the Sovrin Foundation; White Paper: “How Sovrin Works,” available at www.evernym.com/wp-content/uploads/2017/07/How-Sovrin-Works.pdf
 
39
See Illinois Blockchain Initiative which was launched on November 16, 2016, with key participants of Illinois’ Department of Commerce and Economic Opportunity (DCEO), Department of Financial and Professional Regulation (DFPR), Department of Insurance (DOI), Department of Innovation & Technology (DoIT), and Cook County’s Recorder of Deeds at stake: https://blockchan.ge/blockchange-birth-registration.pdf, and Brazil’s first birth record on blockchain at https://cointelegraph.com/news/first-blockchain-exclusive-birth-certificates-recorded-in-brazil
 
42
Data Source: PwC Global Blockchain Survey 2018
 
Metadaten
Titel
Blockchain and Distributed Ledger Technology Applications
verfasst von
Abeba N. Turi
Copyright-Jahr
2020
Verlag
Apress
Buch
Technologies for Modern Digital Entrepreneurship

Print ISBN: 978-1-4842-6004-3

Electronic ISBN: 978-1-4842-6005-0

Copyright-Jahr: 2020

DOI
https://doi.org/10.1007/978-1-4842-6005-0_4

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