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  1. Sometimes Hard, Usually Soft : The Future of Knowledge Systems
    Beteiligt: Golding, Johnny (Hrsg.); Paganelli, Mattia (Hrsg.); Reinhart, Martin (Hrsg.)
    Erschienen: 2020
    Verlag:  De Gruyter, Berlin/Boston

    As an urgent response to the continually growing flood of information to which libraries, search engines, and cultural institutions are exposed, Data Loam combines radical approaches and strategies from the international practice of contemporary art... mehr

     

    As an urgent response to the continually growing flood of information to which libraries, search engines, and cultural institutions are exposed, Data Loam combines radical approaches and strategies from the international practice of contemporary art in essays on artificial intelligence, cybernetics, and cryptoeconomics that put forward sensual logic, causal permeability, and new forms of man–machine interaction.

     
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  2. Sustainable finance and fintech: can technology contribute to achieving environmental goals?
    a preliminary assessment of "Green Fintech"
    Autor*in: Macchiavello, Eugenia; Siri, Michele
    Erschienen: 13/08/2020
    Verlag:  European Banking Institute e.V., Frankfurt am Main, Germany

    The Fintech Action Plan (see now also Digital Finance Strategy) and the Sustainable Finance Strategy both represent important pillars of the current EU policy agenda. Nonetheless, the two areas have been treated as separate for a long time, while... mehr

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    The Fintech Action Plan (see now also Digital Finance Strategy) and the Sustainable Finance Strategy both represent important pillars of the current EU policy agenda. Nonetheless, the two areas have been treated as separate for a long time, while they present certain common features and great potential when combined. In particular, Fintech appears able to respond to some shortcomings in the current sustainable finance framework (e.g. access to retail financing, ESG disclosure, verification and ratings, etc.). The relevance of the link between sustainability, finance and technology has also been evidenced by the COVID-19 pandemic crisis, which has urged all countries to re-think the models traditionally deployed and rely more on technology and sustainability. However, Fintech still raises per se relevant legal issues that need to be addressed to fulfil its promises and potential in the sustainable finance sector. The present paper aims at starting a debate about “Green Fintech” in order to effectively connect the two worlds and spur the research in such a new and promising area

     
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    Schriftenreihe: EBI working paper series ; no. 71 (2020)
    European Banking Institute Working Paper Series 2020 – ; no. 71
    Schlagworte: Fintech; Sustainable finance; EcoLabel; blockchain; DLT; artificial intelligence; algorithms; big data; ESG factors; sustainability rating; sustainable development goals; transparency; non-financial disclosure; fiduciary duties; crowdfunding
    Umfang: 1 Online-Ressource (circa 40 Seiten)
  3. Permissioned distributed ledgers and the governance of money
    Autor*in: Auer, Raphael A.; Monnet, Cyril; Shin, Hyun Song
    Erschienen: [2021]
    Verlag:  Universität Bern, Faculty of Business, Economics and Social Sciences, Department of Economics, Bern, Switzerland

    We explore the economics and optimal design of "permissioned" distributed ledger technology (DLT) in a credit economy. Designated validators verify transactions and update the ledger at a cost that is derived from a supermajority voting rule, thus... mehr

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    We explore the economics and optimal design of "permissioned" distributed ledger technology (DLT) in a credit economy. Designated validators verify transactions and update the ledger at a cost that is derived from a supermajority voting rule, thus giving rise to a public good provision game. Without giving proper incentives to validators, however, their records cannot be trusted because they cannot commit to verifying trades and they can accept bribes to incorrectly validate histories. Both frictions challenge the integrity of the ledger on which credit transactions rely. In this context, we examine the conditions under which the process of permissioned validation supports decentralized exchange as an equilibrium, and analyze the optimal design of the trade and validation mechanisms. We solve for the optimal fees, number of validators, supermajority threshold and transaction size. A stronger consensus mechanism requires higher rents be paid to validators. Our results suggest that a centralized ledger is likely to be superior, unless weaknesses in the rule of law and contract enforcement necessitate a decentralized ledger.

     
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    hdl: 10419/242852
    Schriftenreihe: Discussion papers / Universität Bern, Faculty of Business, Economics and Social Sciences, Department of Economics ; 21, 01 (January, 2021)
    Schlagworte: digital currencies; money; distributed ledger; blockchain; coordination game; global game; consensus; market design; Money demand; unit roots; cointegration; structural VARs; natural rate of interest
    Umfang: 1 Online-Ressource (circa 62 Seiten), Illustrationen
  4. Distributed ledgers and the governance of money
    Autor*in: Auer, Raphael A.; Monnet, Cyril; Shin, Hyun Song
    Erschienen: [2021]
    Verlag:  Study Center Gerzensee, Gerzensee

    Blockchain technology breathes new life into the classical analysis of money as a substitute for a ledger of all past transactions. While it involves updating the ledger through a decentralized consensus on the unique truth, the robustness of the... mehr

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    Blockchain technology breathes new life into the classical analysis of money as a substitute for a ledger of all past transactions. While it involves updating the ledger through a decentralized consensus on the unique truth, the robustness of the equilibrium that supports this consensus depends on who has access to the ledger and how it can be updated. Using a global game analysis of an exchange economy with credit, we solve for the optimal ledger design that balances security, scalability and decentralization. When intertemporal incentives are strong, a centralized ledger is always optimal. Otherwise, decentralization may be optimal.

     
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    hdl: 10419/247258
    Schriftenreihe: Working paper / Study Center Gerzensee ; 21, 01
    Schlagworte: digital currencies; money; distributed ledger; blockchain; coordination game; global game; consensus; market design
    Umfang: 1 Online-Ressource (circa 70 Seiten), Illustrationen
  5. The techno-economics of central bank digital currency (CBDC)
    an exploration
    Autor*in: Saha, Debashis; Ray, Partha
    Erschienen: [2021]
    Verlag:  Indian Institute of Management Calcutta, Calcutta

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    Schriftenreihe: Working paper series / Indian Institute of Management Calcutta ; no. 862
    Schlagworte: Common tender; currency regulation; digital currency; cryptocurrency; centralbank digital currency (CBDC); blockchain; distributed ledger; digital money
    Umfang: 1 Online-Ressource (circa 24 Seiten), Illustrationen
  6. The DLT sandbox under the pilot-regulation
    Autor*in: Zetzsche, Dirk; Woxholth, Jannik
    Erschienen: 29/04/2021
    Verlag:  European Banking Institute e.V., Frankfurt am Main, Germany

    The European Commission published its new Digital Finance Strategy on 24 September 2020 (DFS 2020). One of the centerpieces of the Strategy is the draft regulation on a pilot regime for market infrastructures based on distributed ledger technology... mehr

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    The European Commission published its new Digital Finance Strategy on 24 September 2020 (DFS 2020). One of the centerpieces of the Strategy is the draft regulation on a pilot regime for market infrastructures based on distributed ledger technology (known as PilotR). The PilotR Proposal foresees a regulatory sandbox approach for the European Single Market, offering firms a set of exemptions from EU financial law allowing them to test distributed ledger technologies (DLTs) in certain activities related to trading, clearing, and settlement. Besides offering room for experiment, the PilotR Proposal supports the education of EU regulators about DLTs in this context, which may come to form the basis for foundational changes to EU law. The PilotR Proposal constitutes a significant step towards a future-proof EU fintech framework. We appreciate the European scale of PilotR, with an ‘EU Passport’ and ongoing cooperation across competent authorities and the ESMA. PilotR is characterized by an innovative ‘Business Plan Approach’ where the DLT operator defines governance functions and liabilities of entities operating, and connected to, DLT. Through this Business Plan Approach, PilotR promotes innovation while demanding business-specific risk mitigation, avoiding one-size-fits-all approaches. This bold regulatory move, however, prompts legal questions regarding the enforceability of business-induced rules vis-à-vis the nodes that do not qualify as operators as well as third parties. Furthermore, the PilotR Proposal would benefit from three amendments: First, EU legislators should articulate a clear link between the priorities laid down in the DFS 2020 and PilotR, along with an explanation of how PilotR fits into a broader set of measures to support innovation. Second, PilotR is characterized by a narrow scope with a relatively long timeline for testing, thereby the degree of mutual learning will be reduced. Third, being limited to authorized MiFID firms and CSDs only, regulatory leniency will be reserved for incumbents only – despite PilotR’s expressed objective to benefit innovative start-ups

     
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    Schriftenreihe: EBI working paper series ; no. 92 (2021)
    Schlagworte: DLT; sandbox; crypto; crypto-assets; cryptoassets; blockchain; distributed; ledger; technology; crypto-currency; cryptocurrency; eu; europe; regulation; law; FinTech; fin-tech; finance; regtech; reg-tech; bitcoin; ether; securities regulation; investment law; financial law; ESMA
    Umfang: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  7. The case for a best execution principle in cross-border payments
    Autor*in: Zetzsche, Dirk; Buckley, Ross P.; Arner, Douglas W.; Passador, Maria Lucia
    Erschienen: 26/04/2021
    Verlag:  [European Banking Institute e.V.], [Frankfurt am Main, Germany]

    Cross-border payments suffer from a lack of speed and transparency and limited access, resulting in higher overall costs than domestic payments. This paper analyses how the best execution principle developed in the context of securities and... mehr

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Cross-border payments suffer from a lack of speed and transparency and limited access, resulting in higher overall costs than domestic payments. This paper analyses how the best execution principle developed in the context of securities and derivatives could be applied to cross-border payments. Under that principle, financial institutions are legally required to provide the most advantageous order execution in terms of speed, risks and costs for their customers given the prevailing market environment. We argue that introducing best execution could alter the current set-up of cross-border payments which rests, for the most part, on a system of large, globally connected correspondent banks. The current system is best understood as one of “best friends”, in that the relationship among payment institutions determines through which institutions orders are routed. In turn, payment institutions charge their clients on a “cost plus profit” basis. Some of the payment institutions even benefit from rebates based on liquidity volume (kick-backs) and from reduced rates and soft commissions elsewhere in the payment chain. Overall, there is little incentive for payment institutions to truly put their clients first in terms of speed, costs and risks in the current “best friends” environment. Introducing “best execution” is potentially a game changer: it would require payment institutions to focus on their clients’ interests (i.e., when choosing the route the order is to take). Based on experience with the best execution principle enshrined in securities law, we would expect the large-scale introduction of digital routing systems to identify the offer that constitutes best execution. Furthermore, we expect that more links between correspondent banks, new service providers from the FinTech space, and public payment networks (including regional integration systems) would be established and would assist in identifying excess liquidity in infrequently traded currency pairs. While none of this requires distributed ledger technology, strictu sensu, one convenient way, technically, to achieve that purpose is by implementing a distributed ledger that functions, initially, as a digital liquidity marketplace (a pure information sharing device) and, which in time, could be further developed into a “best execution platform”

     
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    Schriftenreihe: EBI working paper series ; no. 94 (2021)
    Schlagworte: Cross-border payments; best execution; payments; correspondent bank; closed-loop systems; competition; multilateral systems; artificial intelligence; distributed ledger; blockchain
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  8. Blockchain, fractional ownership, and the future of creative work
    Autor*in: Whitaker, Amy; Kräussl, Roman
    Erschienen: [2020]
    Verlag:  [University of Luxembourg, Faculty of Law, Economics and Finance, Luxembourg School of Finance], [Luxembourg]

    A core challenge in studying the real return on artists' work is the extreme difficulty accessing private records from when an artwork was first sold and thus relying on public auction data. In addition, artists do not typically receive proceeds... mehr

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    A core challenge in studying the real return on artists' work is the extreme difficulty accessing private records from when an artwork was first sold and thus relying on public auction data. In addition, artists do not typically receive proceeds after the initial sale. This paper, for the first time, uses archivally sourced primary market records to model returns on art and introduces a novel fractional equity structure for artists. We first model what would happen if the American artists Jasper Johns and Robert Rauschenberg had retained 10% equity in their work when it was first sold. Secondly, we model a portfolio return using data from the Betty Parsons Gallery and the Green Gallery. To add a portfolio analysis to the performance of “star” artists, we model the galleries as a fund invested in all of artworks sold, using auction sales as the realization event. We find that the individual Johns and Rauschenberg works would have vastly outperformed equities markets. The gallery portfolio still substantially outperforms the S&P, even including 20% transaction costs. Beyond the art market, our larger conceptual framework for retained fractional equity has broad implications for compensation of early-stage creative work in any field and for potential applications of blockchain technology

     
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    Auflage/Ausgabe: Revised February 2019
    Schriftenreihe: LSF research working paper series ; 2020, 2
    Schlagworte: Value creation; art market; creative work; venture funding; property rights; blockchain; fractional equity; resale royalties
    Umfang: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  9. Distrust or speculation?
    the socioeconomic drivers of US cryptocurrency investments
    Autor*in: Auer, Raphael A.; Tercero-Lucas, David
    Erschienen: 2021
    Verlag:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Schriftenreihe: BIS working papers ; no 951 (July 2021)
    Schlagworte: digital currencies; cryptocurrencies; distributed ledger technology; blockchain; payments; digitalisation; banking; household finance; money; bitcoin; ether; xrp; bitcoin cash; litecoin; stellar; eos
    Umfang: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  10. A theoretical treatment of blockchain scaling protocols
    Autor*in: Avarikioti, Georgia
    Erschienen: 2021

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    Sprache: Englisch
    Medientyp: Dissertation
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    Weitere Identifier:
    hdl: 20.500.11850/473637
    Auflage/Ausgabe: First edition
    Schriftenreihe: Series in distributed computing ; volume 35
    TIK-Schriftenreihe ; Nr. 187
    Schlagworte: QUELLCODIERUNG + KANALCODIERUNG (INFORMATIONSTHEORIE); BLOCKCHAINS (KRYPTOGRAPHIE); DATENKOMMUNIKATION (COMPUTERSYSTEME); SIGNALÜBERTRAGUNG + DATENKOMMUNIKATION (NACHRICHTENTECHNIK); blockchain; incentive-compatibility; network design; game theory; algorithmic design; payment channels; scalability; sharding
    Umfang: 1 Online-Ressource (circa 238 Seiten), Illustrationen
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    Dissertation, ETH Zurich, 2021
  11. Blockchain consensus mechanisms
    a primer for supervisors
    Autor*in: Bains, Parma
    Erschienen: January 2022
    Verlag:  International Monetary Fund, Publication Services, Washington, DC, U.S.A.

    Technology plays an increasingly important role in financial services. With the pace of technological inno-vation moving ever faster, the role new technology plays in the provision of financial services is becoming increasingly fundamental. New... mehr

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    Technology plays an increasingly important role in financial services. With the pace of technological inno-vation moving ever faster, the role new technology plays in the provision of financial services is becoming increasingly fundamental. New technology can generate efficiencies for firms, lowering costs that can be passed on to end users. It can increase access to financial services and products for consumers, particularly the most vulnerable; however, new technology can also create new risks and unintended consequences that can harm financial stability, consumer protection, and market integrity. This primer is designed for financial supervisors at central banks, regulatory authorities, and government departments. It adds to existing literature by summarizing key aspects of popular consensus mechanisms at a high level, with a specific focus on how such mechanisms may impact the mandates of supervisors and policymakers when deployed in financial services markets. It could also help inform IMF staff on policy development and technical assistance related to crypto assets, stablecoins, and blockchains

     
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  12. Blockchain's struggle to deliver impersonal exchange
    Autor*in: Arruñada, Benito
    Erschienen: January 2017
    Verlag:  Universitat Pompeu Fabra, Department of Economics and Business, Barcelona

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    Schriftenreihe: Economics working paper series / Universitat Pompeu Fabra, Department of Economics and Business ; no. 1549
    Schlagworte: property rights; enforcement; transaction costs; impersonal exchange; blockchain; distributed ledgers; smart contracts
    Umfang: 1 Online-Ressource (circa 33 Seiten)
  13. The macroeconomics of central bank issued digital currencies
    Autor*in: Barrdear, John; Kumhof, Michael
    Erschienen: July 2016
    Verlag:  Bank of England, [London]

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    Schriftenreihe: Staff working paper / Bank of England ; no. 605
    Schlagworte: Distributed ledgers; blockchain; banks; financial intermediation; bank lending; money creation; money demand; endogenous money; countercyclical policy
    Umfang: 1 Online-Ressource (circa 92 Seiten), Illustrationen
  14. Embedded supervision
    how to build regulation into decentralised finance
    Autor*in: Auer, Raphael A.
    Erschienen: May 2022
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    The emergence of so-called "decentralised finance" (DeFi) and a shadow financial system of cryptocurrency exchanges and stablecoin issuers raises the challenge of how to apply technology-neutral regulation so that similar risks are subject to the... mehr

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    The emergence of so-called "decentralised finance" (DeFi) and a shadow financial system of cryptocurrency exchanges and stablecoin issuers raises the challenge of how to apply technology-neutral regulation so that similar risks are subject to the same rules. This paper makes the case for embedded supervision, ie a regulatory framework that provides for compliance in decentralised markets to be automatically monitored by reading the market’s ledger. This reduces the need for firms to actively collect, verify and deliver data. The paper explores the conditions under which distributed ledger data may be used to monitor compliance. To this end, a decentralised market is modelled that replaces today's intermediary-based verification of legal data with blockchain-enabled credibility based on economic consensus. The key results set out the conditions under which the market’s economic consensus would be strong enough to guarantee that transactions are economically final, so that supervisors can trust the distributed ledger’s data. The paper concludes with a discussion of the legislative and operational requirements that would promote low-cost supervision and a level playing field for small and large firms.

     
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    hdl: 10419/263701
    Schriftenreihe: CESifo working paper ; no. 9771 (2022)
    Schlagworte: decentralised finance; DeFi; tokenisation; asset-backed tokens; stablecoins; crypto-assets; cryptocurrencies; CBDC; regtech; suptech; regulation; supervision; Basel III; proportionality; blockchain; distributed ledger technology; digital currencies; proof
    Umfang: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  15. The impact of derivatives on spot markets
    evidence from the introduction of bitcoin futures contracts
    Autor*in: Augustin, Patrick; Rubtsov, Alexey; Shin, Donghwa
    Erschienen: [2022]
    Verlag:  DFG Center for Advanced Studies on the Foundations of Law and Finance, House of Finance, Goethe University, Frankfurt am Main, Germany

    Cryptocurrencies provide a unique opportunity to identify how derivatives impact spot markets. They are fully fungible, trade across multiple spot exchanges at different prices, and futures contracts were selectively introduced on bitcoin (BTC)... mehr

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    Cryptocurrencies provide a unique opportunity to identify how derivatives impact spot markets. They are fully fungible, trade across multiple spot exchanges at different prices, and futures contracts were selectively introduced on bitcoin (BTC) exchange rates against the USD in December 2017. Following the futures introduction, we find a significantly greater increase in cross-exchange price synchronicity for BTC-USD relative to other exchange rate pairs, as demonstrated by an increase in price correlations and a reduction in arbitrage opportunities and volatility. We also find support for an increase in price efficiency, market quality, and liquidity. The evidence suggests that futures contracts allowed investors to circumvent trading frictions associated with short sale constraints, arbitrage risk associated with block confirmation time, and market segmentation. Overall, our analysis supports the view that the introduction of BTC-USD futures was beneficial to the bitcoin spot market by making the underlying prices more informative.

     
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    hdl: 10419/262362
    Auflage/Ausgabe: This draft: June 30, 2022
    Schriftenreihe: LawFin working paper ; no. 41
    Schlagworte: bitcoin; blockchain; cryptocurrencies; derivatives; fintech; regulation
    Umfang: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  16. Blockchain consensus mechanisms
    a primer for supervisors
    Autor*in: Bains, Parma
    Erschienen: January 2022
    Verlag:  International Monetary Fund, Publication Services, Washington, DC, U.S.A.

    Technology plays an increasingly important role in financial services. With the pace of technological inno-vation moving ever faster, the role new technology plays in the provision of financial services is becoming increasingly fundamental. New... mehr

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    Orient-Institut Beirut
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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    Universitätsbibliothek Braunschweig
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    Staats- und Universitätsbibliothek Bremen
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    Universitätsbibliothek Erfurt / Forschungsbibliothek Gotha, Universitätsbibliothek Erfurt
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    Bibliothek der Pädagogischen Hochschule Freiburg/Breisgau
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Technology plays an increasingly important role in financial services. With the pace of technological inno-vation moving ever faster, the role new technology plays in the provision of financial services is becoming increasingly fundamental. New technology can generate efficiencies for firms, lowering costs that can be passed on to end users. It can increase access to financial services and products for consumers, particularly the most vulnerable; however, new technology can also create new risks and unintended consequences that can harm financial stability, consumer protection, and market integrity. This primer is designed for financial supervisors at central banks, regulatory authorities, and government departments. It adds to existing literature by summarizing key aspects of popular consensus mechanisms at a high level, with a specific focus on how such mechanisms may impact the mandates of supervisors and policymakers when deployed in financial services markets. It could also help inform IMF staff on policy development and technical assistance related to crypto assets, stablecoins, and blockchains

     
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    ISBN: 9781616359911
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    Schriftenreihe: FinTech notes ; note 2022, 003
    Schlagworte: fintech; blockchain; distributed ledger technology; proof-of-stake; proof-of-work; crypto assets; stablecoins; central bank digital currencies; Bitcoin; BigTech; Blockchain consensus mechanism; bitcoin mining; FINTECH note; consensus mechanism; consensus mechanism; Global; Blockchain and DLT; Virtual currencies; Technological innovation; Foreign Exchange; Informal Economy; Underground Econom; Inventions; Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems; Financial Institutions and Services: Government Policy and Regulation; Innovation; Research and Development; Technological Change; Intellectual Property Rights: General; Economics of specific sectors; Economic & financial crises & disasters; Internet; general works; Web services; Inventions & inventors; Distributed ledgers; Finance; Technology; general issues; Computer applications in industry & technology; Economic sectors; Financial crises; Technology; Economics: General; Financial services; Macroeconomics; Industries: Financial Services; Informal sector; Economics; Currency crises; Financial services industry; Technological innovations; Big data; Blockchains; Databases; Technological innovations; Technology; Financial services industry
    Umfang: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  17. Reverse information sharing
    reducing costs in supply chains with yield uncertainty
    Autor*in: Harsha, Pavithra; Jagmohan, Ashish; Levi, Retsef; Paulson, Elisabeth; Perakis, Georgia
    Erschienen: [2020]
    Verlag:  MIT Sloan School of Management, [Cambridge, MA]

    Supply uncertainty in produce supply chains presents major challenges to retailers. Supply shortages create frequent disruptions in terms of promised delivery times, quantity and quality delivered. To alleviate these challenges, dual sourcing---a... mehr

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    Supply uncertainty in produce supply chains presents major challenges to retailers. Supply shortages create frequent disruptions in terms of promised delivery times, quantity and quality delivered. To alleviate these challenges, dual sourcing---a strategy in which buyers source a good from two different suppliers---is commonly employed by retailers in these supply chains. However, the benefits of dual sourcing cannot be fully realized when a lack of transparency exists between retailers and suppliers. In this case, perceived scarcity leads to over-ordering, further exacerbating the problem of supply unreliability in settings where multiple retailers compete for supply. This paper studies a supply chain for a perishable good consisting of N retailers who compete for supply and practice dual sourcing, but do not have transparency to the inventory distributions of their suppliers a priori. The paper develops an analytical model to capture the retailers' ordering dynamics over repeated iterations. When the retailers underestimate the suppliers' inventory, their orders converge to an equilibrium where all retailers drastically over-order. This results in higher retailer costs and supply chain waste, as well as higher costs to the suppliers for certain contract structures and parameters. The paper analyzes the impact of an information sharing scheme in which suppliers share inventory information downstream. This reverse information sharing counteracts perceptions of scarcity thereby reducing over-ordering

     
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    Auflage/Ausgabe: Last revised: October 2020
    Schriftenreihe: MIT Sloan School working paper ; 6172 (20)
    Schlagworte: Information sharing; yield uncertainty; ration gaming; blockchain
    Umfang: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  18. Scaling up sustainable investment through blockchain-based project bonds
    Autor*in: Chen, Yushi; Volz, Ulrich
    Erschienen: [2021]
    Verlag:  Asian Development Bank Institute, Tokyo, Japan

    This paper explores options for mobilizing domestic savings through fintech solutions to scale up sustainable investment. Most developing and emerging economies face an urgent need to scale up sustainable finance for low-carbon and climate-resilient... mehr

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    This paper explores options for mobilizing domestic savings through fintech solutions to scale up sustainable investment. Most developing and emerging economies face an urgent need to scale up sustainable finance for low-carbon and climate-resilient infrastructure investment, yet underdeveloped capital markets tend to inhibit domestic resource mobilization for infrastructure investment. At the same time, domestic savers in many developing and emerging economies face a scarcity of "safe" assets in the local currency, resulting in the exporting of capital to financial centers in advanced economies. The paper discusses how fintech can help to complement conventional capital markets and mobilize financial resources for sustainable infrastructure investments. It puts forward a proposal for blockchain-based project bonds to raise finance through a digital crowdfunding platform, which is also able to record transparently and certify the use of proceeds, sustainability impact, and revenue streams of projects by combining timestamp, public and private key mechanisms, and smart contract technologies. This approach would not only provide investors of different sizes with the opportunity to purchase local-currency assets and issuers such as municipalities to raise funds for sustainable infrastructure investment. It would also facilitate project management once the project is operational, for example through metering and billing, and create full transparency over the life cycle of the investment, reducing problems concerning the misuse of funds.

     
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    Schriftenreihe: ADBI working paper series ; no. 1247 (April 2021)
    Schlagworte: sustainable investment; fintech; blockchain
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  19. A proposal for Asia digital common currency
    Autor*in: Inui, Taiji; Takahashi, Wataru; Ishida, Mamoru
    Erschienen: [2020]
    Verlag:  Research Institute for Economics and Business Administration, Kobe University, Kobe, Japan

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    Auflage/Ausgabe: Revised September 29, 2020
    Schriftenreihe: Discussion paper series / Research Institute for Economics and Business Administration, Kobe University ; DP 2020, 19
    Schlagworte: digital currency; asia common currency; distributed ledger technology; blockchain; account-based; token-based
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  20. Tackling the risks in crypto
    choosing among bans, containment and regulation
    Autor*in: Aquilina, Matteo; Frost, Jon; Schrimpf, Andreas
    Erschienen: [2023]
    Verlag:  Centre for Econometric Analysis, Bayes Business School, London

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    Schriftenreihe: CEA@Bayes working paper series ; WP-CEA-2023, 03
    Schlagworte: cryptoassets; blockchain; distributed ledger technology; regulation
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  21. Making it through the (crypto) winter
    facts, figures and policy issues
    Autor*in: Ardizzi, Guerino; Bevilacqua, Marco; Cerrato, Emanuela; Di Iorio, Alberto
    Erschienen: [2023]
    Verlag:  Banca d'Italia, Rome, Italy

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    Schriftenreihe: Markets, infrastructures, payment systems ; number 38 (June 2023)
    Schlagworte: crypto-asset; Bitcoin; blockchain; regulation; decentralization
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  22. Non-fungible token
    overview and use cases
    Autor*in: Diefenbach, Carolin
    Erschienen: 23 March 2023
    Verlag:  wifin, Wiesbaden Institute of Finance and Insurance, RheinMain University of Applied Sciences, [Wiesbaden]

    Aufgrund des rasanten Wachstums, das der Markt für Non-fungible Token im Jahr 2021 erfahren hat, ist das Thema deutlich präsenter geworden. Auch Personen, die sich zuvor nicht mit dem Thema Kryptoassets auseinandergesetzt haben, finden Interesse... mehr

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    Aufgrund des rasanten Wachstums, das der Markt für Non-fungible Token im Jahr 2021 erfahren hat, ist das Thema deutlich präsenter geworden. Auch Personen, die sich zuvor nicht mit dem Thema Kryptoassets auseinandergesetzt haben, finden Interesse daran. Was genau sich hinter dem Begriff NFT verbirgt, welche Einsatzgebiete es gibt und in welche Richtung sich die Kryptotoken entwickeln, soll in diesem Artikel kurz dargestellt werden. Dabei werden signifikante Veränderungen am Markt und im technologischen Bereich beleuchtet sowie Chancen und Herausforderungen. Due to the rapid growth experienced by the market for non-fungible tokens in 2021, the topic has become much more present. Even people who have not previously dealt with the topic of cryptoassets are finding interest in it. What exactly is hidden behind the term NFT, which areas of application there are and in which direction crypto tokens are developing will be briefly presented in this article. Significant changes on the market and in the technological field will be highlighted, as well as opportunities and challenges.

     
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    hdl: 10419/271006
    Schriftenreihe: WIFIN working paper ; 16 (2023)
    Schlagworte: Non-Fungible Token; Blockchain; Kryptowerte; crypto-assets; virtual assets; non-fungible token; smart contracts; blockchain; proof of work; proof of stake
    Umfang: 1 Online-Ressource (circa 13 Seiten)
  23. The lightning network: turning Bitcoin into money
    Autor*in: Divakaruni, Anantha; Zimmerman, Peter
    Erschienen: [2022]
    Verlag:  Federal Reserve Bank of Cleveland, [Cleveland, OH]

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    Schriftenreihe: Federal Reserve Bank of Cleveland working paper series ; no. 22, 19 (June 2022)
    Schlagworte: Bitcoin; blockchain; cryptocurrency; Lightning Network; payments
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  24. Absolute blockchain strength?
    evidence from the ABS market in China
    Autor*in: Liu, Jing; Shim, Ilhyock; Zheng, Yanfeng
    Erschienen: August 2023
    Verlag:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Schriftenreihe: BIS working papers ; no 1116
    Schlagworte: asset-backed security; blockchain; financial technology; social embeddedness; technology adoption
    Umfang: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  25. After Libra, Digital Yuan and COVID-19
    central bank digital currencies and the new world of money and payment systems
    Autor*in: Didenko, Anton N.; Zetzsche, Dirk; Arner, Douglas W.; Buckley, Ross P.
    Erschienen: 11/06/2020
    Verlag:  European Banking Institute e.V., Frankfurt am Main, Germany

    Technology, money and pay ... mehr

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    Technology, money and pay ...

     
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    Schriftenreihe: EBI working paper series ; no. 65 (2020)
    European Banking Institute Working Paper Series 65/2020
    Schlagworte: Libra; blockchain; bitcoin; COVID-19; RTGS; fast payment systems; central bank digital currency
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen