Exploration and practice of inter-bank application based on blockchain

Wu, Tong; Liang, Xiubo

doi:10.1109/iccse.2017.8085492

Cited by 45 publications

(30 citation statements)

References 3 publications

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“…The key characteristics blockchains offer is the reason why the finance sector is expected to adopt a substantial role for the technology to ensure sustainability in the future global economy [21,22]. The most obvious advantage of blockchain and cryptocurrencies is the potential it has of transforming capital markets and enhancing operations such as digital payments [23,24], securities [25], general banking services [25,26], loan management schemes [27], and auditing [28] amongst other operations. Blockchain acts as a ledger on a global scale, recording financial (but not limited to) transactions on a "trustless network" [27], where there is no middleman to authorize transactions.…”

Section: Financial Applicationsmentioning

confidence: 99%

Realizing the Role of Permissioned Blockchains in a Systems Engineering Lifecycle

Joannou

Kalawsky

Martínez-García

et al. 2020

Systems

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A key requirement for an integrated digital tool chain is secure access and control of data assets. Not all stakeholders will have the same access to or control over the flow of information, some will be able to input or change data whilst others will only be able to read the data. Simply providing secure access protocols is not sufficient because copied data can quickly become disassociated and modified from its original instantiation, leading to its reuse elsewhere or later in the lifecycle but in an inappropriate way. Therefore, data management mechanisms are required that capture information about the data along with any decisions or modifications it has undergone during the course of its life, thus providing complete traceability for later validation purposes. This undertaking is essential across the systems engineering lifecycle. This pursuit involves controlling who can access and modify data within the lifecycle. This paper describes a solution to this by the introduction of blockchain technology, a relatively new technology that allows digital information to be distributed but not copied, making it an immutable set of time-stamped data managed by a network of connected systems and services. Though blockchain technology is not commonly referred to when discussing Industry 4.0, the technology’s capabilities should add value when applied in a context of data management and security within the lifecycle of a product or services and in conjunction with digital twins, big data, and IoT. This paper describes how permissioned blockchains can be implemented within a systems engineering lifecycle, providing example architecture patterns showing how data provenance can be maintained throughout.

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Section: Financial Applicationsmentioning

confidence: 99%

Realizing the Role of Permissioned Blockchains in a Systems Engineering Lifecycle

Joannou

Kalawsky

Martínez-García

et al. 2020

Systems

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“…Taking wire transfer as an example, the transactions between two banks need to be cleared through the central bank. However, blockchain as a distributed ledger can greatly reduce the cost of transaction clearing using different bank databases and also have the security feature [41]. In financial derivatives trading, exchanges in various countries adopting blockchain because it has the characteristic of "payment is settlement", hoping to speed up the settlement rate [42].…”

Section: Related Blockchain-based Managements In Trading and Financementioning

confidence: 99%

Blockchain-Enabled Integrated Market Platform for Contract Production

2020

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Contract production and transaction are very common and important since it can greatly reduce future uncertainty and is well-organized by buyers, sellers, and trusted third parties (TTPs). However, current commodity trading systems (such as spot, futures, and forward contract) are still traditional centralized structures, which means that there may always be concerned about the single point of failure and data corruption. Besides, even though there already exists fragmentary decentralized applications (DApps) for the marketplace, order management, resale, delivery, financing, and insurance, they are not integrated for operating contract production and transaction comprehensively. In this work, a blockchain-enabled integrated marketing platform (BeIMP) is proposed for contract production and transactions. BeIMP is a consortium blockchain (CsBc) framework that enables better safety, efficiency, and interoperability among stakeholders. BeIMP can directly match producers and consumers and reduce the problem of intermediaries' improper market operation. BeIMP has a three-tier risk diversification mechanism. First, both parties can know the quantity and price according to the contract specification (CSpec) in advance to avoid future uncertainty. Second, the buyers can resell the established order if they need, thereby diversifying the risk. Third, the concept of insurance is introduced to reduce force majeure and other systemic risks. BeIMP can also help producers get the loan from the financial institution (FI) if they need fund for production. We implement and demonstrate the prototype in contract farming (CF) first and discuss its generalizability to other scenarios. Experiment results show that the smart contract (SC) function is stable enough and the proof of authority (PoA) has the advantage in throughput and can give users a better experience.

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“…One way to deal with this is the verification of each node's credentials, and this could at present be done in private blockchains such as Ripple. This poses another reason as to why the cross-border payments are currently executed in the private blockchain realm (Wu and Liang, 2017).…”

Section: Assessment Of Progress In Cross-border Payments Via Blockchainmentioning

confidence: 99%

Importance of Blockchain Use in Cross-Border Payments and Evaluation of the Progress in this Area

Bayram¹

2020

dogus

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In the banking industry, blockchains are currently being investigated as an alternate interbank money transfer platform. However, the blockchain network structure has not matured yet, and there could be many issues and opportunities on fully operating such a system. The research about the use of blockchain for cross-border payment systems is speedily progressing, which is why there is need to frequently emphasize the progress and make assessments. In this paper we analyze and discuss the significance and progress towards using blockchain technology for cross-border payments through recent literature consisting of research articles and cases.

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Exploration and practice of inter-bank application based on blockchain

Cited by 45 publications

References 3 publications

Realizing the Role of Permissioned Blockchains in a Systems Engineering Lifecycle

Realizing the Role of Permissioned Blockchains in a Systems Engineering Lifecycle

Blockchain-Enabled Integrated Market Platform for Contract Production

Importance of Blockchain Use in Cross-Border Payments and Evaluation of the Progress in this Area

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