International Journal of Blockchains and Cryptocurrencies (7 papers in press)
ChainElastic: A Cloud Computing Resource Elasticity Model for IoT-based Blockchain Applications
by Rodrigo Da Rosa Righi, Cristiano André Costa, Vinicius F. Rodrigues, Alex Roehrs, Josué Valtair Silva e Silva
Abstract: Internet of things (IoT) environments are composed of a changing number of devices that produce data events at different rates. The development of blockchain solutions for such environments characterises an emerging trend of applications, thus requiring the system to be scalable. Nowadays, cloud computing technology became a standard solution to provide scalable environments for many types of applications through the cloud elasticity feature. However, when scale-in operations occur, cloud computing platforms operate by deleting virtual machine instances erasing all their data. In the blockchain scope, as each node has the entire transaction history stored, the data is lost, which requires new nodes to download all the history again before becoming operational. Consequently, those operations reflect a significant impact on the systems performance. In this context, this article proposes ChainElastic, a cloud elasticity model to run blockchain IoT applications that maintains the database history transactions from removed nodes. We developed a prototype that runs over the OpenNebula cloud, highlighting the benefits of using elasticity in terms of resource consumption, latency, and execution time. The experiments demonstrate gains of 39.64% in resource consumption with the ChainElastic model when comparing it against a scenario with fixed resources.
Keywords: blockchain; internet of things; IoT; cloud computing; cloud elasticity; ChainElastic.
Decentralized Application for crowdfunding using Blockchain Technology
by Abhishek M. Holla, H.L. Gururaj, Ashwin A. Kumar, Bhumika R, Sam Goundar, Janhavi V.
Abstract: Crowdfunding is a way for people, businesses, and charities to raise money. It works through individuals or organisations who invest in (or donate to) crowdfunding projects in return for a potential profit or reward. Investing this way can be risky. Security is the main challenging issue in crowdfunding contracts. Using existing literature on crowdfunding and blockchain technology, they put forward a conceptual framework that can provide the solution to the problems related to crowdfunding contracts using blockchain technology. This methodology points out the potential of crowdfunding decentralised applications to lower market inefficiencies by bypassing third parties and easing trades on secondary markets. This platform eliminates the interference of the middlemen. It is highly transparent and secure. A decentralised approach to crowdfunding forfeits all fees for the investor. It also gives a share of the project to the receiver. This model establishes a flexible platform for the fundraiser to start a campaign. The funders invest the amount if they feel the project to be genuine. Once 50% of the funds are received, it will be transferred to the initiator. It establishes a peer-to-peer relationship between the investor and the receiver.
Keywords: crowdfunding; blockchain; smart contracts; peer-to-peer network; internet.
Tree-Based Blockchain Architecture for Supply Chain
by Muhammad Muneeb, Zeeshan Raza
Abstract: Since the development of blockchain technology, many industries are re-engineering business processes. Like all other industries, the supply chain also trying to adopt blockchain as it reduces the time and cost factor in delivering the products from point of production to point of consumption. Bigger the size of a blockchain, the more time it takes to validate the chain. Reducing blockchain validation time is an open question and many researchers are doing research to address this problem. In this article, we proposed a DAG-based blockchain architecture suitable for supply chain and IoT devices. In the proposed architecture, we made structural changes in the linear blockchain to transform it into a DAG-based blockchain. The proposed DAG-based blockchain takes O(log(n)) time as compared to O(n) in the traditional linear blockchain.
Keywords: blockchain; DAG-based blockchain; supply chain; blockchain validation; algorithm.
Implications of Cryptocurrency and Blockchain on Auditing and Accounting Practices: The Malaysian Experience
by Abdullah Mohammed Ahmed Ayedh, Abdelghani Echchabi, Fatima Abdul Hamid, Supiah Salleh
Abstract: The objective of the paper is to examine auditors awareness and knowledge of cryptocurrencies and the underlying blockchain technology. Furthermore, the study attempts to emphasise the potential changes that might occur in auditing and accounting practices with the usage of cryptocurrencies and blockchain technology. The study applied a qualitative research method and phenomenology research design. Data was collected from eight auditing professionals in Malaysia using semi-structured interviews. The findings revealed that the interviewees have a good understanding of cryptocurrency and blockchain technology. Furthermore, the general consensus from the interviews was that blockchain technology will make auditing and accounting practices much easier and more efficient. Nevertheless, the accounting profession is required to enhance efforts to innovate their field to cope with the latest technological developments. This is one of the earliest studies focusing on cryptocurrency and blockchain technology, as well as their implications on accounting and auditing practices. This study is exploratory in nature as there are limited studies on cryptocurrency and blockchain, particularly in the context of a developing country like Malaysia. Therefore, this study could be an initial reference for the extension of future accounting literature on emerging technologies such as blockchain and cryptocurrencies in developing countries.
Keywords: blockchain; cryptocurrency; auditing; Malaysia.
An Introduction to Using Blockchain for Internet of Things Security
by Sanjay P. Ahuja, Nathan Wheeler
Abstract: The internet of things (IoT) is an emerging paradigm with the potential to disrupt entire industries. Machine-to-machine communication and automated action taken in the physical world present opportunities for automation that have never been possible before. However, being still in its infancy, IoT still has many outstanding opportunities for improvement, one of which being security. Blockchain, along with some supporting technologies such as cryptography, enables a decentralised, highly secure and immutable database of transactions. The benefits promised by blockchain would complement the current IoT ecosystem tremendously. In this paper, we delve into the details of blockchain from Nakamotos original paper on bitcoin and explore opportunities to leverage this technology to empower IoT security. We explore blockchains applicability as a platform for IoT security in the realm of smart homes, smart cities and in a new decentralised IoT public key infrastructure.
Keywords: blockchain; internet of things; IoT; security.
Blockchain in Accounting: Challenges and Future Prospects
by Asif Baba, Subash Neupane, Fan Wu, Fanta Yaroh
Abstract: Blockchain technology has the potential to disrupt the existing business models in virtually every sector, including finance, legal, manufacturing, healthcare, government, supply chain, insurance, tourism, agriculture, etc. Because of a myriad of benefits surrounding this technology as such decentralisation, persistency, anonymity, and auditability every business today wants to adopt this technology. Although this technology can be applied to any sector, it is fundamentally considered as accounting technology. It can improve efficiency and significantly change the face of traditional accounting and bookkeeping. The accounting systems of the present are still in their digital infancy in comparison to other industries, largely due to the exceptionally high regulatory requirements concerning the validity and integrity of data and information. In this paper, we will discuss the impact of blockchain technology on the accounting profession, technical, regulatory, and other concerns in detail. We also indicate the directions for the future of blockchain-based accounting.
Keywords: blockchain; blockchain architecture; accounting; decentralisation; distributed ledgers.
Trends in building fungible blockchains for data and value exchange
by Surekha Thota, Gopal Krishna Shyam
Abstract: Industries applaud blockchain technology because of its nature of removing intermediaries involved in assets and value exchange. The first and second-generation blockchain operates in silos and restricts inter-blockchain communication. This restriction is a hindrance to implement blockchain for the real-world asset and value exchange. So, the third generation blockchains focus on issues like scalability and interoperability. We believe that a solution for interoperability can solve the complexities involved in providing blockchain-as-a-service (BaaS). Hence, we reviewed various projects that aim to build fungible blockchains. Each project uses its protocol stack for achieving interoperability. In this research, we conducted a thorough literature review and identified the strengths and weaknesses of various blockchain interoperable projects. We have classified these projects based on the interoperability scheme and finality consensus. This survey helps the researchers and industries to identify the research gaps and choose the best suitable project for their research and business needs.
Keywords: interoperability; cross-chain communication; pegged sidechains; BTC Relay; Cosmos; Polkadot; Wanchain; AION; BlockNet; Block Collider; finality consensus; blockchain.