International Journal of Blockchains and Cryptocurrencies
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International Journal of Blockchains and Cryptocurrencies (6 papers in press)
Consensus protocols as a model of trust in blockchains by Auqib Hamid Lone, Roohie Naaz Mir Abstract: Blockchain is a decentralised, replicated, transparent and immutable data store. Blockchains are best described not as 'trustless', but on the basis of distributed trust: trusting everyone in aggregate. Consensus protocols are the heart and soul of the blockchains as they help in achieving this distributed trust. Blockchains are updated via the consensus protocols that guarantee their consistency and integrity over geographically distributed network nodes. Various algorithms can be applied to achieve a consensus based on the requirements like performance, security, scalability, consistency, and failure redundancy. Creating a global fair decentralised consensus protocol is of prime importance, in order to address above-mentioned requirements sufficiently. This paper focuses on analysing the already proposed consensus protocols adopted by popular blockchain platforms to determine their feasibility and efficiency. Parameters that are critical in evaluating blockchain consensus protocol are also discussed. This paper also analyses the hardness of achieving the fair decentralised trust with proof. Keywords: blockchain; consensus protocol; Byzantine fault tolerance. DOI: 10.1504/IJBC.2019.10020421
Cryptocurrencies: the communication inside blockchain technology and the cross-border tax law by Andrea Romaoli Garcia, Pedro Henrique Romaoli Garcia Abstract: This research aims to analyse the social event that is modifying the traditional financial system since the blockchain technology and cryptocurrencies came up. Taxation in international scenario were examined by the ideal from governments in a democratic system as an instrument that materialises human rights. The social observation approaches the legacy of Emile Durkheim philosophy who established a power relationship between social fact and coercion. Taxation has been the focal point in smart economy to juridical scientists and everyone involved in the digital economy. This research conducted tests and researches from historical and social method, seeking for laws, doctrine, jurisprudence and concrete case analysis in front of the philosophical school of logical-semantic constructivism as a suitable means to verify the possibility of constructing a matrix rule of tax incidence. This research was enough to show that the blockchain technology and cryptocurrencies fulfils its humanitarian role in the smart economy. Keywords: artificial intelligence; AI; blockchain; cryptocurrency; domain name system; DNS; human rights; ICANN; international tax; logical-semantic constructivism; matrix rule; peer to peer; smart economy; United Nations; UN. DOI: 10.1504/IJBC.2019.10021394
Mathematical assessment of blocks acceptance in blockchain using Markov model by Riktesh Srivastava Abstract: Blockchain, introduced in bitcoin system is disrupting the way transactions are done in businesses via charging small transaction fees. It is observed that the acceptance of blocks in the blockchain is based on transaction value. Transmittals through blockchain are favoured due to low transaction cost and grander security. However, attempt of implementing blockchain to revolutionise business processes writhes from problem of waiting time for blocks. In this paper, the transaction-confirmation-time is appraised using queuing theory, where the approval rate of blocks in blockchain is concocted using Markov queue model. Four specific use cases of 1, 3, 6 and 60 confirmations are considered for practical purposes. Keywords: blockchain; transaction-confirmation time; distributed consensus mechanism; Markov model; waiting time. DOI: 10.1504/IJBC.2019.10021395
A quick synopsis of blockchain technology by Veeramani Karthika, Suresh Jaganathan Abstract: Blockchain evolved as a core technology of Bitcoin, and earned a significant attraction for entrepreneurs and researchers nowadays. The blockchain is an open, immutable distributed public ledger that allows transactions to take place in a decentralised manner without a need for a trusted third party. Bitcoin, the first successful cryptocurrency, is a peer-to-peer electronic payment system. The thought for Bitcoin started as a means for making a secure currency that had no centralised control. Blockchain application is not only restricted to Bitcoin, but it also ignited the idea of using it for a wide range of fields such as ehealth, governance, arts, culture, education, electricity trading, etc. To apply this technology to many areas, one should have a complete understanding of what it is, this paper is meant to give a quick synopsis of blockchain technology (BT). Keywords: distributed public ledger; decentralisation; consensus mechanisms; digital signature; hash function; blockchain protocols. DOI: 10.1504/IJBC.2019.10021396
Digital ledger technology-based real estate transaction mechanism and its block size assessment by Nikita Singh, Manu Vardhan Abstract: Distributed ledger technology (DLT) is set to transform the existing architectural models of financial institutions and government machineries. Although real estate transactions are a major source for the governments to earn revenue, these are plagued with the risk of fraudulent practices. The digital documents are vulnerable to the alteration or any other attacks or can be tampered and ownership of the documents can be changed. The centralised storage involves single point of failure as well as network traffic overhead. The proposed distributed and decentralised blockchain-based architecture provides protection against any intrusive activity which is offset by the majority voting achieved in consensus mechanism for each transaction and verification request. The proposed work provides web interface for user queries and analysis of query search time is carried out. Keywords: DLT; inter planetary file system; IPFS; leader election; consensus mechanism; peer to peer network. DOI: 10.1504/IJBC.2019.10021397
Optimised and dynamic KYC system based on blockchain technology by José Parra-Moyano, Tryggvi Thoroddsen, Omri Ross Abstract: Systems that use blockchain technology to improve the know-your-customer (KYC) process have only been proposed at a conceptual level and all share certain attributes that make their adoption very difficult. We propose and program a blockchain-based system that reduces and shares out among the financial institutions (FIs) that work with a customer the costs of the KYC process and also makes it possible for FIs to dynamically update information related to customers and disseminates this information among participating FIs. Additionally, our system addresses some of the attributes that hinder the adoption of previously proposed solutions by FIs. The result is a stand-alone solution that reduces the cost of the KYC process without requiring any central instance to store the customer's data, and in which FIs share the initial costs of the KYC process as well as the running costs of keeping the information about customers up to date. Keywords: blockchain; know-your-customer; KYC; blockchain identity; distributed ledger technology; DLT. DOI: 10.1504/IJBC.2019.10021398