1,915 research outputs found

    Undergraduate Catalog of Studies, 2023-2024

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    Graduate Catalog of Studies, 2023-2024

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    Review of Peer-to-Peer (P2P) Lending Based on Blockchain

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    Peer-to-Peer (P2P) lending is a financing business model that has gained popularity in recent years due to the ease of loan application, disbursement, and repayment processes. The volume of Peer-to-Peer (P2P) Lending transactions have a significant growth. One of the reasons for the popularity of Peer-to-Peer (P2P) lending is its utilization of technology in both the application and loan repayment processes. One such technology gaining traction in Peer-to-Peer (P2P) lending is blockchain technology. The popularity of blockchain technology lies in its ability to enhance the transparency of the transaction process. This literature study aims to address three main questions: What are the characteristics of blockchain suitable for Peer-to-Peer (P2P) lending , the benefits of implementing blockchain technology in Peer-to-Peer (P2P) lending and the challenges of Peer-to-Peer (P2P) lending based on blockchain. The findings reveal that there are characteristics of blockchain that can be applied to Peer-to-Peer (P2P) lending, bringing numerous benefits to the overall Peer-to-Peer (P2P) lending process. However, challenges persist in the implementation of blockchain technology in Peer-to-Peer (P2P) lending. The insights gained from this literature review are intended to guide researchers interested in studying the application of blockchain technology in the context of Peer-to-Peer (P2P) lending

    Undergraduate Catalog of Studies, 2023-2024

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    Distributed Ledger Technology (DLT) Applications in Payment, Clearing, and Settlement Systems:A Study of Blockchain-Based Payment Barriers and Potential Solutions, and DLT Application in Central Bank Payment System Functions

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    Payment, clearing, and settlement systems are essential components of the financial markets and exert considerable influence on the overall economy. While there have been considerable technological advancements in payment systems, the conventional systems still depend on centralized architecture, with inherent limitations and risks. The emergence of Distributed ledger technology (DLT) is being regarded as a potential solution to transform payment and settlement processes and address certain challenges posed by the centralized architecture of traditional payment systems (Bank for International Settlements, 2017). While proof-of-concept projects have demonstrated the technical feasibility of DLT, significant barriers still hinder its adoption and implementation. The overarching objective of this thesis is to contribute to the developing area of DLT application in payment, clearing and settlement systems, which is still in its initial stages of applications development and lacks a substantial body of scholarly literature and empirical research. This is achieved by identifying the socio-technical barriers to adoption and diffusion of blockchain-based payment systems and the solutions proposed to address them. Furthermore, the thesis examines and classifies various applications of DLT in central bank payment system functions, offering valuable insights into the motivations, DLT platforms used, and consensus algorithms for applicable use cases. To achieve these objectives, the methodology employed involved a systematic literature review (SLR) of academic literature on blockchain-based payment systems. Furthermore, we utilized a thematic analysis approach to examine data collected from various sources regarding the use of DLT applications in central bank payment system functions, such as central bank white papers, industry reports, and policy documents. The study's findings on blockchain-based payment systems barriers and proposed solutions; challenge the prevailing emphasis on technological and regulatory barriers in the literature and industry discourse regarding the adoption and implementation of blockchain-based payment systems. It highlights the importance of considering the broader socio-technical context and identifying barriers across all five dimensions of the social technical framework, including technological, infrastructural, user practices/market, regulatory, and cultural dimensions. Furthermore, the research identified seven DLT applications in central bank payment system functions. These are grouped into three overarching themes: central banks' operational responsibilities in payment and settlement systems, issuance of central bank digital money, and regulatory oversight/supervisory functions, along with other ancillary functions. Each of these applications has unique motivations or value proposition, which is the underlying reason for utilizing in that particular use case

    Assessing the Role and Regulatory Impact of Digital Assets in Decentralizing Finance

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    This project will explore the development of decentralized financial (DeFi) markets since the first introduction of digital assets created through the application of a form of distributed ledger technology (DLT), known as blockchain, in 2008. More specifically, a qualitative inquiry of the role of digital assets in relation to traditional financial markets infrastructure will be conducted in order to answer the following questions: (i) can the digital asset and decentralized financial markets examined in this thesis co-exist with traditional assets and financial markets, and, if so, (ii) are traditional or novel forms of regulation (whether financial or otherwise) needed or desirable for the digital asset and decentralized financial markets examined herein? The aim of this project will be to challenge a preliminary hypothesis that traditional and decentralized finance can be compatible; provided, that governments and other centralized authorities approach market innovations as an opportunity to improve existing monetary infrastructure and delivery of financial services (both in the public and private sector), rather than as an existential threat. Thus, this thesis seeks to establish that, through collaborating with private markets to identify the public good to which DeFi markets contribute, the public sector can foster an appropriate environment which is both promotive and protective of the public interest without unduly stifling innovation and progress

    Graduate Catalog of Studies, 2023-2024

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    Multidisciplinary perspectives on Artificial Intelligence and the law

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    This open access book presents an interdisciplinary, multi-authored, edited collection of chapters on Artificial Intelligence (‘AI’) and the Law. AI technology has come to play a central role in the modern data economy. Through a combination of increased computing power, the growing availability of data and the advancement of algorithms, AI has now become an umbrella term for some of the most transformational technological breakthroughs of this age. The importance of AI stems from both the opportunities that it offers and the challenges that it entails. While AI applications hold the promise of economic growth and efficiency gains, they also create significant risks and uncertainty. The potential and perils of AI have thus come to dominate modern discussions of technology and ethics – and although AI was initially allowed to largely develop without guidelines or rules, few would deny that the law is set to play a fundamental role in shaping the future of AI. As the debate over AI is far from over, the need for rigorous analysis has never been greater. This book thus brings together contributors from different fields and backgrounds to explore how the law might provide answers to some of the most pressing questions raised by AI. An outcome of the Católica Research Centre for the Future of Law and its interdisciplinary working group on Law and Artificial Intelligence, it includes contributions by leading scholars in the fields of technology, ethics and the law.info:eu-repo/semantics/publishedVersio

    Head in the BitCloud: A Discussion on the Copyrightability and Ownership Rights in Generative Digital Art and Non-Fungible Tokens

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    This Comment discusses three major copyright questions raised by non-fungible tokens (NFTs) creation and distribution in the digital art world. First, how does employing AI in the creation of generative and derivative digital art and NFTs affect the copyright requirements of authorship? Second, who is the rightful owner of an NFT image pre- and post-purchase? Finally, how does the first sale doctrine apply to NFT image purchases and are those protections enough to resolve future copyright-specific NFT claims? In Part I, an introductory example is laid out to showcase the complex issues generative and derivative digital art and NFT images create within copyright law. Part II provides a foundational knowledge of key topics. This section explains what blockchain technology, smart contracts, and cryptocurrency are, and how they relate to the creation and sale of NFTs and NFT images. It goes on to address key NFT concepts such as on-chain and off-chain transactions, while outlining why there is real value in purchasing NFT images. This section concludes by discussing the future application of NFTs to other professional industries. Part III discusses how copyright law and NFTs interact. It explores the arguments on both sides of the copyright debate discussing AI-generated creative works and the authorship requirement. It then determines that most original and generated NFT images should be copyrightable because of the amount of creativity and planning that goes into creating the NFT projects and the AI that generates these NFT images. This portion also discusses who the rightful owner should be when generative NFT image projects spawn derivative NFT images, determining the artist who created the derivative NFT project is likely the default owner of the resulting works. Part IV then turns to the question of how the current first sale doctrine applies to NFT images. It briefly discusses how past legislative amendments have failed to address default rights in digital works while arguing the current doctrine does not adequately protect NFT image artists or purchasers. It then discusses how amending the first sale doctrine is the most efficient way to ensure an NFT image’s copyright is not diluted, while subsequently protecting both NFT artists and purchasers. It proposes an amendment to the first sale doctrine that would grant NFT image purchasers specific default rights in the NFT images they are purchasing. It distinguishes NFT images from former digital goods seeking first sale protection by addressing long-held concerns Congress has wrestled with when discussing digital asset ownership in the past. This section focuses on how the transparency and immutability of blockchain and smart contracts has nullified the issues of increased piracy risk and former inadequate asset tracking protocols. Finally, Part V summarizes why this type of amendment would be the best way to ensure NFTs continue providing value to the artistic community without diluting the creative rights they were created to track and protect
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