Blockchain Disruption and Smart Contracts

Cong, Lin William; He, Zhiguo

doi:10.1093/rfs/hhz007

Cited by 683 publications

(269 citation statements)

References 30 publications

Supporting

Mentioning

253

Contrasting

Unclassified

Order By: Relevance

“…The blockchain is a collaborative distributed ledger replicated in several physical locations, capable of maintaining its information integrity. This allows for companies doing business within a production and marketing chain-such as raw material producers and crop growers, processing companies, re-packers, transportation companies, distributors and retailers-to record concurrent transactions securely on a global basis [14,[33][34][35]. "The BCT as a foundation for distributed ledgers offers an innovative platform for a new decentralized and transparent transaction mechanism in industries and businesses.…”

Section: Supply Chain Management and Bctmentioning

confidence: 99%

IGR Token-Raw Material and Ingredient Certification of Recipe Based Foods Using Smart Contracts

et al. 2019

View full text Add to dashboard Cite

The use of smart contracts and blockchain tokens to implement a consumer trustworthy ingredient certification scheme for commingled foods, i.e., recipe based, food products is described. The proposed framework allows ingredients that carry any desired property (including social or environmental customer perceived value) to be certified by any certification authority, at the moment of harvest or extraction, using the IGR Ethereum token. The mechanism involves the transfer of tokens containing the internet url published at the authority’s web site from the farmer all along the supply chain to the final consumer at each transfer of custody of the ingredient using the Cricital Tracking Event/Key Data Elements (CTE/KDE) philosophy of the Institute of Food Technologists (IFT). This allows the end consumer to easily inspect and be assured of the origin of the ingredient by means of a mobile application. A successful code implementation of the framework was deployed, tested and is running as a beta version on the Ethereum live blockchain as the IGR token. The main contribution of the framework is the possibility to ensure the true origin of any instance or lot of ingredient within a recipe to the customer, without harming the food processor legitimate right to protect its recipes and suppliers.

show abstract

Section: Supply Chain Management and Bctmentioning

confidence: 99%

IGR Token-Raw Material and Ingredient Certification of Recipe Based Foods Using Smart Contracts

et al. 2019

View full text Add to dashboard Cite

show abstract

“…Some cryptoeconomics models are dynamic, meaning that on-chain concentration is a function of the incentives to enter (access) a blockchain system, others are static, in the sense that the competitive dynamics occurring on-chain only depend on a fixed number of actors operating over the blockchain. A non-comprehensive list of the works belonging to this stream is represented by: Abadi and Brunnermeier (2018), Biais et al (2019), Bonneau (2018, Bohme et al (2015), Budish (2018); Chiu and Koeppl (2017), Cong and He (2019), Easley et al (2019), Huberman et al (2017), Kroll et al (2013), Ma et al (2018). Narayanan and colleagues (2016: 130-136 & 190-206) provide an exhaustive overview of the economic and technological problems linked to the incentives embedded in any crypto consensus algorithm.…”

Section: Market-power: Network As An Egalitarian Distribution Of Capitalmentioning

confidence: 99%

Towards a Theory of Digital Network De/centralization: Platform-Infrastructure Lessons Drawn from Blockchain

Rossi

Sørensen

2019

SSRN Journal

View full text Add to dashboard Cite

Global digital platforms are conquering the world and rely critically on digital infrastructures to function, yet little research has explored the fundamental interrelationship between the two. This working paper argues that understanding centralization and decentralization in digital networks as asymmetry and symmetry in mutual interdependencies between the constitutive elements of a digital network can help us understand the platform-infrastructure relationship more fundamentally (and vice versa). To this end, the paper proposes, as a starting point, the in-depth analytical and literature study of blockchain networks as a particularly revealing type of digital platform/infrastructure duality. The paper proposes an analytical model for characterizing de/centralization in digital networks and maps this onto blockchain networks. Based on this, the paper explores the de/centralization of blockchain, arguing that the extant blockchain literature largely has failed in providing a comprehensive understanding of de/centralization by not considering the complex second-order interdependencies between the different constitutive dimensions of a blockchain: the symbolic, technological and political dimension. Based on this, the paper provides an analysis of the meaning of de/centralization in blockchain networks by studying the interdependencies between its constitutive elements of coin, network technology, and social community.

show abstract

“…From a business perspective, blockchain technology is envisioned to disrupt the fields of accounting, finance, and auditing (e.g., Dai and Vasarhelyi, 2017;Yermack, 2017;Cong and He, 2019;Cao et al, 2019). According to a recent survey by PwC, four out of five executives around the world (84%) report having blockchain initiatives underway, with a quarter of these having blockchain implementations live or pilot projects running.…”

Section: Introductionmentioning

confidence: 99%

“…A growing list of studies in finance and economics has started to explore the economic implications of adopting blockchain technology, such as cryptocurrencies or smart contracts (e.g., Fanning and Centers, 2016;Harvey, 2016;Yuan and Wang, 2016;Cong and He, 2019;Hinzen et al, 2019;Lyandres, 2019). Comparable research in accounting is still scarce.…”

Section: Introductionmentioning

confidence: 99%

Can You Trust the Blockchain? The (Limited) Power of Peer-to-Peer Networks for Information Provision

2019

View full text Add to dashboard Cite

We investigate the potentials and limits of privacy-preserving blockchain technology for the generation of information. In our model, heterogeneous firms can rely on traditional institutions or adopt a blockchain to inform the capital market. The blockchain leverages its peer-to-peer structure and disseminates aggregate information while ensuring the privacy of individual data entries. Within this system, firm-specific information provision depends on two critical factors: (i) the blockchain's fit for analyzing a given firm's data, and (ii) its reach into the economy as provided by the proportion of firms adopting the blockchain in equilibrium. The technology can improve information provision in two ways. The adoption decision itself may serve as a credible signal of a firm's valuation, and the blockchain may generate more information than traditional institutions when its reach is sufficiently high. However, we characterize an equilibrium in which high-value and low-value firms are present both inside and outside the blockchain, which limits both channels' ability to generate information. We show that the information provision can even fall below the benchmark case in which blockchain technology is not available. JEL-Classification: D21, D40, M41, M48 B {0,0,1,1} B {1,0,1,1} B {1,0,1,1} B {0,0,1,1} B {1,0,1,0}γ {1,0,1,0}γ{1,0,1,0} γ {1,0,1,1}γ{0,0,1,1} γ BB {0,0,1,1} B {1,0,1,1} B {1,0,1,1} B {0,0,1,1} B {1,0,1,0}γ {1,0,1,0}γ{1,0,1,0} γ {1,0,1,1} γ {0,0,1,1}

show abstract

Blockchain Disruption and Smart Contracts

Cited by 683 publications

References 30 publications

IGR Token-Raw Material and Ingredient Certification of Recipe Based Foods Using Smart Contracts

IGR Token-Raw Material and Ingredient Certification of Recipe Based Foods Using Smart Contracts

Towards a Theory of Digital Network De/centralization: Platform-Infrastructure Lessons Drawn from Blockchain

Can You Trust the Blockchain? The (Limited) Power of Peer-to-Peer Networks for Information Provision

Contact Info

Product

Resources

About