Laws for Creating Trust in the Blockchain Age

Pouwelse, Johan; Kok, André de; Fleuren, Joost; Hoogendoorn, Peter; Vliegendhart, Raynor; Vos, Martijn de

doi:10.1515/eplj-2017-0022

Cited by 8 publications

(8 citation statements)

References 1 publication

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“…Ongoing work towards this goal addresses self-sovereign identity, scalable blockchain consensus compatible with Trustchain, and decentralized marketplaces. We refer the interested reader to our scientific overview article [16].…”

Section: Discussionmentioning

confidence: 99%

“…Trustchain is designed around transacting entities and is able to accurately capture interactions between users. We have successfully explored usage of TrustChain for bandwidth accounting, attestations and decentralized trading in prior work [16]. For an elaborate evaluation of Trustchain, we refer the reader to our published article [17].…”

Section: Building Trust Using Blockchain Constructsmentioning

confidence: 99%

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Real-time Money Routing by Trusting Strangers with your Funds

Vos

Pouwelse

2018

2018 IFIP Networking Conference (IFIP Networking) and Workshops

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We explore a new stage in the evolution of digital trust, trusting strangers with your funds. We address the trust issues when giving money to others and relying on them to forward it. For fraud identification, we leverage our deployed blockchain which gradually builds trust between interacting strangers. Our blockchain fabric, called TrustChain, records interactions between entities in a scalable manner. This work represents a small step towards a generic infrastructure for trust, moving beyond proven single vendor platforms like eBay, Uber and Airbnb. Expanding upon established trust relations, we designed, implemented and evaluated an overlay network: Internet-of-Money. Internet-of-Money routes money to different banks through individuals, so-called money routers. This removes the need for central banks, to handle a payment. Our network reduces the duration of traditional inter-bank payments from up to a day and even a few days during weekends, to mere seconds. Internet-of-Money is fully decentralized, scalable and privacy-preserving. With real-world experimentations, we prove that Internet-of-Money enables fast money forwarding. We show that the overlay network is capable of discovering a majority of available money routers within a minute. Finally, we demonstrate how profit of cheating routers is limited and that misbehaviour is punished.

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Section: Discussionmentioning

confidence: 99%

Section: Building Trust Using Blockchain Constructsmentioning

confidence: 99%

Real-time Money Routing by Trusting Strangers with your Funds

Vos

Pouwelse

2018

2018 IFIP Networking Conference (IFIP Networking) and Workshops

Self Cite

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“…, c [n] , are null. The comparison between (2), (6) and (16), (17) shows how the proposed blockchain model is different from the traditional blockchain model, for example, Bitcoin: The hash value h [n] of the traditional blockchain block directly depends on all transactions t [n] i , i = 1, . .…”

Section: Transaction-approval In Mainchainmentioning

confidence: 99%

Modifiable Public Blockchains Using Truncated Hashing and Sidechains

et al. 2019

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The immutability of the blockchain technology facilitates it to establish a general consensus in a trustless environment, enabling a wide range of new applications, including distributed general-purpose data management and digital data sharing marketplace. This immutability, however, presents disadvantages for the blockchain technology, when it is used in other areas where the modification of data in blockchain is demanded. In this study, we propose a method for building modifiable blockchains in decentralized public network. To be specific, in computing the hash value of the block, the proposed method uses truncated hash values (these are called 'target values' in this paper) of the transactions that are modifiable upon future requests, instead of transactions themselves. By doing so, the proposed method provides an opportunity to modify those transactions by making truncated hash values of modified versions equal to their original target values. The proposed method uses several cryptographic techniques to prevent the modification of the transaction from being performed for malicious purposes, and a multichain structure to improve the efficiency in transaction modification. By accommodating the modification feature to the blockchain, proposed architecture complies to key demands of the data protection regulations such as 'right to rectification', 'right to withdraw consent', and 'right to be forgotten', et cetera. In addition, detailed threat analysis demonstrates that the proposed truncated hash-based modification is sufficiently secure to open up a wide range of new blockchain based services through added modifiability feature. INDEX TERMS Bitcoin, GDPR, multichain, proof of work, right to be forgotten, truncated hash function.

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“…We already referred to the hack of The DAO, where a vulnerability allowed for diverting a large amount of funds, while this did not violate Ethereum's of The DAO's rules or legal frameworks itself. In words of [46]: 'Code is law for machines, law is code for people'. A related view is [44], stating that when rules embedded in blockchain software could favour some companies at the expense of others, the authority to change the underlying rules becomes critically important.…”

Section: Governance Of Blockchain Ecosystemsmentioning

confidence: 99%

“…There is also ongoing work to resolve governance issues through technical mechanisms. In [46] an interesting blockchain-powered blueprint for a shared and public programmable economy is presented focusing on digital identities, blockchain-based trust, programmable money and marketplaces. Interestingly, some researchers working on blockchain applications for business process management are aware of governance issues.…”

Section: Governance Of Blockchain Ecosystemsmentioning

confidence: 99%

The Relevance of Blockchain for Collaborative Networked Organizations

Schaffers¹

2018

IFIP Advances in Information and Communication Technology

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Blockchain, a distributed secure digital ledger technology, is a relatively recent development with potentially transformational implications for economy and society. Its specific characteristics enable new decentralized models of distributed and trusted transactions. This position paper explores the implications of blockchain for collaborative networked organizations. In particular we aim at understanding the implications for companies in various economic sectors, and how new forms of networked organizations and new business models will be enabled. We also will focus on enablers of blockchain innovations, in particular with respect to governance of blockchain-based platforms and business networks. The paper results in a discussion of research challenges in the field of blockchainenabled collaborative networked organizations.

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Laws for Creating Trust in the Blockchain Age

Cited by 8 publications

References 1 publication

Real-time Money Routing by Trusting Strangers with your Funds

Real-time Money Routing by Trusting Strangers with your Funds

Modifiable Public Blockchains Using Truncated Hashing and Sidechains

The Relevance of Blockchain for Collaborative Networked Organizations

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