Autonomous Economic Agents as a Second Layer Technology for Blockchains: Framework Introduction and Use-Case Demonstration

Minarsch, David; Hosseini, Seyed Ali; Favorito, Marco; Ward, Jonathan S.

doi:10.1109/cvcbt50464.2020.00007

Cited by 7 publications

(3 citation statements)

References 21 publications

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“…Autonomous agents representing such IoT devices, machines, people, and organizations can interact with each other, communicate, negotiate, and transact in real-time. Blockchain and smart contracts enable these autonomous agents to become economic actors as they can be provided with an identity, a ledger to record their agreements, and a means of payment (Minarsch et al, 2020).…”

Section: Discussionmentioning

confidence: 99%

The Future of Payments in a DLT-Based European Economy: A Roadmap

Bechtel

Ferreira

Groß³

et al. 2022

Perspectives in Law, Business and Innovation

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Distributed ledger technology (DLT) has the potential to address long-standing industrial challenges, remove frictions, build trust, and unlock new value across businesses and industries. It enables decentralization, the immutability of data, transparency, and the automation of business processes. Thereby, it creates a multitude of use cases ranging from energy and manufacturing to mobility and logistics. However, a digitized economy based on DLT can flourish only if it does not merely enable the exchange of assets, goods, and services but also the exchange of money. In other words, there is a need for a payment solution that is compatible with DLT-based decentralized networks and enables transactions denominated in euro. This is particulary relevant in the currently evolving geopolitical environment. Digital payment solutions constitute an important strategic building block in Europe's quest for digital competitiveness and strategic autonomy (Anghel et al., 2020). Various European institutions have increased their efforts to modernize the payment infrastructures in Europe, including the Digital Finance Package from the European Commission (European Commission, 2020) and the inquiry into a digital euro by the European Central Bank (European Central Bank, 2020). Against the background of these developments, we aim to answer the following research questions: What will the future

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Section: Discussionmentioning

confidence: 99%

The Future of Payments in a DLT-Based European Economy: A Roadmap

Bechtel

Ferreira

Groß³

et al. 2022

Perspectives in Law, Business and Innovation

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“…There has been much press coverage of autonomous algorithms that can secure financial transactions, e.g., as part of Blockchain technology (Minarsch et al, 2020) or provide patients with an accurate diagnosis (Richens et al, 2020). Recently, the concept of 'self-driving' finance has become important.…”

Section: Autonomous Technologies and 'Self-driving' Appeal In Custome...mentioning

confidence: 99%

To boast or not to boast

Modliński

2024

Management (Split, Online)

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In the current phase of artificial intelligence development, more and more attention is being paid to technologies that make autonomous decisions. Little attention has been paid to the customers’ and job seekers’ perceptions of heavily technology-empowered organizations in the management and marketing literature. The purpose of this research is to fill this research gap. A between-subject experiment with fictitious brands was conducted with 239 subjects to answer four hypotheses about customers’ attitudes, intention to use the offer, intention to recommend the company to others, and job seekers’ intentions. The results show that an autonomous algorithm universally influences job seekers more than customer referral behaviors. People confronted with brochures from banks and hospitals that use autonomous technologies express a higher intention to work in such organizations than in analogous institutions that do not offer such a service. However, only in banks that use autonomous algorithms the customers have a more positive attitude and a higher intention to use or recommend the service. The hospital’s unknown brand does not benefit from such an advertising approach. This is the first study ever conducted with fictitious brands of banks and hospitals to investigate the referral towards companies using autonomous technologies. The topic is worth exploring as key market players (such as Oracle) recognize autonomous technologies as the most ground-breaking innovation that will shape business in the coming years.

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“…We present agent development platforms in Table 3, which contains four main categories of tools: java-based frameworks (e.g., JADE (Bellifemine, Caire and Greenwood, 2007), JACK (Winikoff, 2005), Jason (Bordini, Hübner and Wooldridge, 2007), Repast (North, Collier and Vos, 2006), MASON (Luke et al, 2005)), Python-based frameworks (e.g., PADE (Melo et al, 2019), MESA (Masad and Kazil, 2015)); and new emergent framework (e.g., Fetch.ai AEA (Favorito et al, 2019;Minarsch et al, 2020)). One of frameworks worth further mention is the new emergent framework --Fetch.AI AEA -an autonomous economic agent framework built on the fetch blockchain and can seamlessly integrate with AI features and IoT sensors.…”

Section: Software Tools and Platformsmentioning

confidence: 99%

Will bots take over the supply chain? Revisiting agent-based supply chain automation

Mak

Brintrup

2021

International Journal of Production Economics

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Agent-based systems have the capability to fuse information from many distributed sources and create better plans faster. This feature makes agent-based systems naturally suitable to address the challenges in Supply Chain Management (SCM). Although agent-based supply chains systems have been proposed since the early 2000s; industrial uptake of them has been lagging. The reasons quoted include the immaturity of technology, a lack of interoperability with supply chain information systems, and a lack of trust in Artificial Intelligence (AI). In this paper, we revisit the agent-based supply chain and review the state of the art. We find that agent-based technology has matured, and other supporting technologies that are penetrating supply chains; are filling in gaps, leaving the concept applicable to a wider range of functions. For example, the ubiquity of IoT technology helps agents "sense" the state of affairs in a supply chain and opens up new possibilities for automation. Digital ledgers help securely transfer data between third parties, making agent-based information sharing possible, without the need to integrate Enterprise Resource Planning (ERP) systems. Learning functionality in agents enables agents to move beyond automation and towards autonomy. We note this convergence effect through conceptualising an agent-based supply chain framework, reviewing its components, and highlighting research challenges that need to be addressed in moving forward.

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Autonomous Economic Agents as a Second Layer Technology for Blockchains: Framework Introduction and Use-Case Demonstration

Cited by 7 publications

References 21 publications

The Future of Payments in a DLT-Based European Economy: A Roadmap

The Future of Payments in a DLT-Based European Economy: A Roadmap

To boast or not to boast

Will bots take over the supply chain? Revisiting agent-based supply chain automation

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