【Abstract】Central bank digital currencies (CBDCs) already exist in several countries, with many more on the way. But although CBDCs can promote financial inclusivity by offering convenience and low transaction costs, their adoption must not lead to the loss of privacy and erosion of civil liberties.
【Abstract】After the so-called "crypto-winter", decentralised finance (DeFi) is reviving interest in cryptocurrency amongst the scientific community, public and private institutions, and investors. DeFi is a novel disruptive process that promotes the use of blockchain technology for creating and issuing all kinds of financial products and services. This study aimed to measure the relationship amongst the returns of DeFi tokens, other traditional assets, and user-generated content. While the relationship between other crypto assets and traditional assets has been researched, this has not been done on DeFi assets. This study uses a logit-probit model over a database comprising the daily returns of 13 DeFi, VIX, S&P GSCI Crude Oil Index, and S&P GSCI Gold Index, and the daily variation in DeFi mentions in Telegram chats and Twitter. The results show that all variables except the S&P GSCI crude oil index returns and the daily variation in Twitter mentions were significant. This suggests that DeFi acts, similar to other crypto assets, as a safe haven. This study contributes to the literature on decentralised finance tokens as investment assets, which requires much more research.
【Abstract】Problem definition: Smart contract improves the supply chain efficiency by enabling the supplier's commitment to postshipment financing decisions, which mitigates the bank's lending risk exposure and thereby reduces the financing cost. This paper investigates how smart contract adoption could facilitate trade finance activities and create value for supply chain firms. Academic/practical relevance: As the emerging blockchain technology could potentially reshape the trade financing landscape, understanding the impact of smart contract adoption and its interaction with trade finance activities is practically relevant and of great importance. Methodology: We develop a two-stage game-theoretic model and adopt supply chain finance theory to characterize the strategic interactions between supply chain firms in the presence of both operational risk (demand uncertainty) and financial risks (credit and liquidity risks). Results: We find that the value of smart contract depends critically on the trade finance structures, including both preshipment and postshipment financing schemes. Under the baseline trade finance model (with purchase order financing as preshipment financing and factoring as postshipment financing), smart contract alleviates the supplier's overpricing behavior caused by commitment frictions and helps restore the supply chain efficiency. When buyer direct financing serves as an alternative preshipment financing, smart contract might discourage the retailer from offering buyer direct financing, which significantly hurts the supplier and thus reduces the supply chain profit. When invoice trading serves as the alternative postshipment financing, the supplier always chooses invoice trading over factoring because of its trading flexibility, which in turn, makes the commitment frictions ubiquitous and unresolvable (namely, commitment trap). As a result, invoice trading could unexpectedly lead to a lower supplier's profit. Luckily, such an adoption dilemma can be resolved by smart contract adoption in conjunction with factoring. Managerial implications: Our findings provide guidelines for and insights into when smart contract should be adopted and its interactions with different trade finance schemes. In particular, smart contract adoption does not always benefit the supply chain.
【Abstract】In the face of the health challenges caused by the COVID-19 pandemic, healing and therapeutic design (HTD) as interventions can help with improving people's health. It is considered to have great potential to promote health in the forms of art, architecture, landscape, space, and environment. However, there are insufficient design approaches to address the challenges during the HTD process. An increased number of studies have shown that emerging information modeling (IM) such as building information modeling (BIM), landscape information modeling (LIM), and city information modeling (CIM) coupled with blockchain (BC) functionalities have the potential to enhance designers' HTD by considering important design elements, namely design variables, design knowledge, and design decision. It can also address challenges during the design process, such as design changes, conflicts in design requirements, the lack of design evaluation tools and frameworks, and incomplete design information. Therefore, this paper aims to develop a conceptual BC enhanced IM for HTD (BC-HTD) framework that addresses the challenges in the HTD and promotes health and well-being. The structure of BC-HTD framework is twofold: (1) a conceptual high-level framework comprising three levels: user; system; and information, (2) a conceptual low-level framework of detailed content at the system level, which has been constructed using a mixed quantitative and qualitative method of literature analysis, and validated via a pre-interview questionnaire survey and follow-up interviews with industry experts and academics. This paper analyzes the process of BC enhanced HTD and the knowledge management of HTD to aid design decisions in managing design information. This paper is the first attempt to apply the advantages of BC enabled IM to enhance the HTD process. The results of this study can foster and propel new research pathways and knowledge on the value of design in the form of non-fungible token (NFT) based on the extended advantages of BC in the field of design, which can fully mobilize the healing and therapeutic behaviors of designers and the advantage potential of HTD to promote health, and realize the vision of Health Metaverse in the context of sustainable development.
【Keywords】healing and therapeutic design; blockchain; building information modeling (BIM); landscape information modeling (LIM); city information modeling (CIM); art therapy; mental health; sustainable development; non-fungible token (NFT); Health Metaverse
【Abstract】As global cooperation to develop and launch CBDCs further unfolds, the revolutionary innovation presents an emerging research field. This paper aims to provide a framework of CBDC by stressing its differences from other available digital currencies and cash in terms of advantages and disadvantages. The CBDC outlook, in its current and future, is presented. Additionally, an exploration of the prevalent themes in a cross-sectional analysis of tweets posted between 17 and 25 March 2021 with the #CBDC hashtags are presented to complement the discussion on the emerging landscape for informing the policy - and decision-makers on the opportunities and challenges involved.
【Abstract】Multisensory technologies have paved the way for the collective transfer and sharing of the senses on the Internet. The Human-Computer Interaction (HCI) community considers digital olfactory stimulation to be a helpful step in developing technology related to digital multisensory communication. This article provides a brief overview of digital scent technology through the recent electrical interfaces and past commercial efforts using chemical odors. We present the practical application of technology in the field of digital communication, marketing, and well being. We also discuss the commercial use of the Internet of Senses (IoS) and its cornerstone IMT-2030 (6G), contributing to the intimate nature of multisensory experiences from reality. Finally, we observe a symbiotic relationship between the future technologies of the IoS and the Metaverse, with 6G being the connecting link and the primary activator of the multisensory experiences.
【Abstract】Traditional centralized cloud storage has difficulties in realizing the secure storage and sharing of speech and other multimedia data, as well as realizing fine-grained access control and privacy protection for speech data. To address this problem, we propose a distributed storage scheme for encryption speech data based on blockchain and inter planetary file system (IPFS). Our scheme is based on the characteristics of blockchain anti-tampering, decentralization and traceability. It is designed to ensure the security and controllability of private sensitive speech data of data users without the use of centralized cloud storage architecture. First, the ciphertext policy hierarchical attribute-based encryption (CP-HABE) scheme is used to encrypt the speech data. The encrypted speech data is then stored in the IPFS to achieve distributed storage. Second, a distributed and trusted access control policy is implemented by deploying an access control protocol Ethereum smart contract related to speech attributes. Finally, the proposed scheme is deployed and tested in the Linux environment, and the smart contract is deployed on the Ethereum test chain. Through experimental comparison with different storage schemes, analysis of the operational properties of our scheme and the evaluation of the quality index of the encryption scheme, the proposed scheme is shown to reliable, secure and scalable.
【Abstract】Bitcoin and its peers have set off a technological revolution that will transform money, finance, and society. However, the future of cryptocurrencies as financial assets is far from certain - as can be seen from Bitcoin's halving in value in six months since November 2021; the total value of all cryptocurrencies fell from $3 trillion to $1.3 trillion over this period. Rather, it is the underlying technology that enables cryptocurrency - the blockchain - that is likely to prove its true legacy.
【Abstract】There are two camps regarding bitcoin and other so-called "digital assets." One side sees any cryptocurrency as a financial utopia: an egalitarian technology free from centralized monetary authorities. The other sees this same technology as merely a novel mechanism for enabling more crime, corruption, and money laundering. Both positions contain an element of truth, but both share a common misapprehension: They assume that digital assets are beyond the reach of law enforcement and regulatory agencies - which is decidedly not the case, at least for now. But the digital asset economy evolves rapidly. To stay ahead of the curve, authorities will need to adapt existing rules and regulations about money-laundering, sanctions, and sending funds to rogue states - tools originally designed for an entirely different financial infrastructure - to mitigate threats to the financial system posed by virtual assets.
【Abstract】In recent years, digital currencies based on blockchain technology have brought about a boom in the research of encrypted digital currencies with the design concept of peer-to-peer trading and decentralization, but due to the lack of supervision and obvious speculative characteristics of the digital currency market, the sharp fluctuations in the market can easily trigger investor sentiment fluctuations, which in turn will lead to social instability and even financial system risks. In this paper, through the analysis of the financial risk source factors of blockchain digital currency, the evaluation index is established, the risk evaluation index system is constructed, and then the CART classification algorithm is used to analyze it and evaluate and test the model. The characteristic factor structure obtained by the CART algorithm in this paper better explains the financial risk characteristics of blockchain digital currency and gives relatively reliable identification results. The results show that the CART decision tree classification method is effective and has a high accuracy rate, which classifies the financial risks of blockchain digital currency, and the method has excellent adaptability and matchability for the classification of risk problems.
【Abstract】We investigate which factors contribute most to the liquidity of Bitcoin, using a diverse universe of candidate factors reflecting key developments in the crypto market and the global economy. The empirical analysis relies on three regularized linear regression methods, viz. LASSO, adaptive LASSO, and elastic net. We also apply a cross-fit partialing-out LASSO instrumental-variables regression model, as a supplementary approach to handle endogeneity. Findings reveal that trading volume and realized volatility of Bitcoin, cryptocurrency hacks, Ethereum liquidity, and public attention are the most common drivers of liquidity, irrespective of the penalized regression approach and liquidity proxy adopted. Our evidence confirms the paramountcy of cryptocurrency-specific factors over global economic and financial ones in influencing Bitcoin liquidity.