Virtual Currencies Like Bitcoin As A Paradigm Shift In The Field Of Transactions

Virtual currencies have been well-cited and well-discussed in the near past. Due to the loss of trust in the banking sector and the fear of loss of capital, low interest rates and uncertainty of existing currencies, the ground for a virtual currency was given. Virtual currencies and the money flows are controlled only online by the anonymous group of volunteers (also called peer); every single transaction is documented. Approximately 10,000 businesses worldwide accept payments with virtual currencies already, and the number is increasing steadily. This article analyzes the advantages and disadvantages of virtual currencies in comparison to real money and gives an outlook to a new banking system with high transparency and the chance to lead to a paradigm shift in the world of transactions and banking

Semantic discovery and reuse of business process patterns

Patterns currently play an important role in modern information systems (IS) development and their use has mainly been restricted to the design and implementation phases of the development lifecycle. Given the increasing significance of business modelling in IS development, patterns have the potential of providing a viable solution for promoting reusability of recurrent generalized models in the very early stages of development. As a statement of research-in-progress this paper focuses on business process patterns and proposes an initial methodological framework for the discovery and reuse of business process patterns within the IS development lifecycle. The framework borrows ideas from the domain engineering literature and proposes the use of semantics to drive both the discovery of patterns as well as their reuse

Economic resilience : including a case study of the global transition network

This paper explores the dynamic properties of organisms and ecosystems that make them so resilient and capable of adapting to changing circumstances, allowing them to maintain an overall condition of coherence, wholeness and health while living in balance within the resources of the planet. Key principles of resilient ecological systems are explored including: self-regulation; positive and negative feedback; diversity; scale and context; cooperation; emergence and novelty; and ecological tipping points. In contrast, market based economic systems can produce unstable growth with unintended destruction of cultural and species diversity and homogenisation of global life-styles. The paper re-examines fundamental economic principles using insights from biological evolution and ecosystem dynamics to establish a foundation for more resilient economies. This involves experimenting with different models in different communities to find patterns of sustainable production and exchange appropriate to local regions. Fundamental steps in this direction include the emergence of self-organising local communities based on creative experimentation, re-localisation of core sectors of the economy (food, energy, health and education), evolution of local currencies and banking practices that support local enterprise and investment in green technologies, stimulation of decentralised renewable energy networks and economic reform aligned with ecological principles. The Transition Network provides a case study of an international community based movement that has been experimenting with putting some of these principles into practice at the local level. The aim of the Transition Network is to support community led responses to peak oil and climate change, building resilience and well-being. The concept of ecological resilience and its application to local economy is hard wired into the values and emerging structure of the network of transition communities across the globe. The movement started in the UK in 2005 and there are now over 1000 Transition initiatives spanning 34 countries across the world. Many attribute the success and phenomenal growth of the Transition Network to its emerging holographic structure that mimics cell growth within living organisms. Growing a more resilient food system in the face of the twin challenges of natural resource scarcity and climate change is central to the Transition movement. A set of principles for a post carbon resilient food economy in the UK are offered. These include an 80% cut in carbon emission in the food sector by 2050, agricultural diversification, prioritization of farming methods that establish and enhance carbon sinks, phasing out of dependence on fossil fuels in food growing, processing and distribution, promoting access to nutritious and affordable food, as well as promoting greater access to land for growing food in urban and peri-urban areas. Practical examples of Transition related projects in the food sector are presented across the following themes: access to land, low carbon production methods, food distribution systems, health and community gardens and orchards, and collaborative ownership models

Transforming Energy Networks via Peer to Peer Energy Trading: Potential of Game Theoretic Approaches

Peer-to-peer (P2P) energy trading has emerged as a next-generation energy management mechanism for the smart grid that enables each prosumer of the network to participate in energy trading with one another and the grid. This poses a significant challenge in terms of modeling the decision-making process of each participant with conflicting interest and motivating prosumers to participate in energy trading and to cooperate, if necessary, for achieving different energy management goals. Therefore, such decision-making process needs to be built on solid mathematical and signal processing tools that can ensure an efficient operation of the smart grid. This paper provides an overview of the use of game theoretic approaches for P2P energy trading as a feasible and effective means of energy management. As such, we discuss various games and auction theoretic approaches by following a systematic classification to provide information on the importance of game theory for smart energy research. Then, the paper focuses on the P2P energy trading describing its key features and giving an introduction to an existing P2P testbed. Further, the paper zooms into the detail of some specific game and auction theoretic models that have recently been used in P2P energy trading and discusses some important finding of these schemes.Comment: 38 pages, single column, double spac

Integrating IVHM and asset design

Integrated Vehicle Health Management (IVHM) describes a set of capabilities that enable effective and efficient maintenance and operation of the target vehicle. It accounts for the collecting of data, conducting analysis, and supporting the decision-making process for sustainment and operation. The design of IVHM systems endeavours to account for all causes of failure in a disciplined, systems engineering, manner. With industry striving to reduce through-life cost, IVHM is a powerful tool to give forewarning of impending failure and hence control over the outcome. Benefits have been realised from this approach across a number of different sectors but, hindering our ability to realise further benefit from this maturing technology, is the fact that IVHM is still treated as added on to the design of the asset, rather than being a sub-system in its own right, fully integrated with the asset design. The elevation and integration of IVHM in this way will enable architectures to be chosen that accommodate health ready sub-systems from the supply chain and design trade-offs to be made, to name but two major benefits. Barriers to IVHM being integrated with the asset design are examined in this paper. The paper presents progress in overcoming them, and suggests potential solutions for those that remain. It addresses the IVHM system design from a systems engineering perspective and the integration with the asset design will be described within an industrial design process