Blockchain Business and Its Regulation

Abstract

As the blockchain industry becomes larger, a new decentralized financial ecosystem is now developing. New financial instruments, represented by terms like tokens, coins, and ICOs are introduced to finance projects on blockchain. Blockchain is a technology that makes it possible to assign ownership of each piece of data to individuals who create that piece. As Pu and Yano (2020) points out, that may be the first step towards creating a high quality market. 1 At the same time, like a lock, blockchain is merely a technology that is designed to protect a type of property. Such a technology is of no use unless the society agrees a proper set of rules concerning 1 See Yano (2019) for details on market quality.

Usage of Blockchain to Ensure Audit Data Integrity

“…Company can piggyback the system using service-like system to use fraction of national blockchain network. This concept of national blockchain is actually is being developed by countries like Australia, India, China to challenge Japan's supremacy is blockchain adoption (Yano et al, 2020). Usage of blockchain engine still needs to be explored in future studies.…”

“…Data storage and cryptography contained on the blockchain are the reason for being a blockchain due to the use of cryptocurrency, which is often known as bitcoin. With the blockchain currency transactions can be carried out safely without the need for interference by trusted authorities, blockchain currency transactions will avoid double-spending (Yano et al, 2020).…”

Empirical examination of the role of fintech in monetary policy

“…Undoubtedly, fintech will have a positive effect on output, but it may have a negative influence on the transmission mechanism of monetary policy. As fintech activities evolve, it is imperative that blockchain applications for digital currencies and the banking channels for mobile and Internet technologies are strengthened in a way that they create enabling environments for competition (Yano, Dai, Masuda, & Kishimoto, 2019). In addition, the government should devise a proper mechanism to regularize the digital currencies that will create fair competition.…”

Market Quality Approach to IoT Data on Blockchain Big Data

“…As explained by Yano et al (2020), "a smart contract is a computerized transaction protocol that executes the terms of a contract." [It is supposed to] satisfy "common contractual conditions (such as payment terms, liens, confidentiality, and even enforcement), [to] minimize exceptions both malicious and accidental, and [to] minimize the need for trusted intermediaries" (Szabo 1994).…”