Innovation and Challenges of Blockchain in Banking: A Scientometric View

Blockchain has been gaining focus in research and development for diverse industries in recent years. Nevertheless, innovations that impact to the banking nurture a potential for disruptive impact globally for economic reasons; however it has received less scholarly attention. Hence the effect of blockchain technologies on banking industry is systematically reviewed. The relevant literature is extracted from Scopus, Web of Science and bibliometric techniques are applied. While a bulk of earlier papers focuses only on bit coins, a broader framework is envisaged that synthesizes interdisciplinary thematic areas for advancement; hence novelty in current work. A few practical and theoretical implications for stakeholders in view of technology, law and management are discussed

Decentralized Finance – A Systematic Literature Review and Research Directions

Decentralized Finance (DeFi) is the (r)evolutionary movement to create a solely code-based, intermediary-independent financial system—a movement which has grown from $4bn to$104bn in assets locked in the last three years. We present the first systematic literature review of the yet fragmented DeFi research field. By identifying, analyzing, and integrating 83 peer-reviewed DeFi-related publications, our results contribute fivefold. First, we confirm the increasing growth of academic DeFi publications through systematic analysis. Second, we frame DeFi-related literature into three levels of abstraction (micro, meso, and macro) and seven subcategories. Third, we identify Ethereum as the blockchain in main academic focus. Fourth, we show that prototyping is the dominant research method applied whereas only one paper has used primary research data. Fifth, we derive four prioritized research avenues, namely concerning i) DeFi protocol interaction and aggregation platforms, ii) decentralized off-chain data integration to DeFi, iii) DeFi agents, and iv) regulation

An Architecture for Blockchain-based Collaborative Signature-based Intrusion Detection System

Collaborative intrusion detection system (CIDS), where IDS hosts work with each other and share resources, have been proposed to cope with the increasingly sophisticated cyberattacks. Despite the promising benefits such as expanded signature databases and alert data from multiple sites, trust management and consensus building remain as challenges for a CIDS to work effectively. The blockchain technology with built-in immutability and consensus building capability provides a viable solution to the issues of CIDS. In this paper, we introduce an architecture for a blockchain-enabled signature-based collaborative IDS, discuss the implementation strategy of the proposed architecture and developed a prototype using Hyperledger and Snort. Our preliminary evaluation on a bench mark showed the proposed architecture offers a solution by addressing the issues of trust, data sharing and insider attacks in the network environment of CIDSs. The implications and limitations of this study are also discussed

Integration of Blockchain and Auction Models: A Survey, Some Applications, and Challenges

In recent years, blockchain has gained widespread attention as an emerging technology for decentralization, transparency, and immutability in advancing online activities over public networks. As an essential market process, auctions have been well studied and applied in many business fields due to their efficiency and contributions to fair trade. Complementary features between blockchain and auction models trigger a great potential for research and innovation. On the one hand, the decentralized nature of blockchain can provide a trustworthy, secure, and cost-effective mechanism to manage the auction process; on the other hand, auction models can be utilized to design incentive and consensus protocols in blockchain architectures. These opportunities have attracted enormous research and innovation activities in both academia and industry; however, there is a lack of an in-depth review of existing solutions and achievements. In this paper, we conduct a comprehensive state-of-the-art survey of these two research topics. We review the existing solutions for integrating blockchain and auction models, with some application-oriented taxonomies generated. Additionally, we highlight some open research challenges and future directions towards integrated blockchain-auction models

A taxonomy for Decentralized Finance

Decentralized Finance (‘DeFi’) has gained tremendous momentum over the past three years by using novel approaches to disintermediating financial institutions in the provision of financial services. However, empirical research in this field is still rare and a more comprehensive understanding of the domain is a missing component in academic research. This paper develops a taxonomy based on a comprehensive literature analysis to structure this emerging field systematically. The application of the taxonomy to 278 DeFi start-ups reveals that most of the DeFi start-ups focus on Ethereum (36.3%) and have a focus on analytics and automation (52%), while only a few incorporate decentralized governance approaches (3.3%), provide decentralized exchanges (14%) or integrate off-chain data

Storing IOT Data Securely in a Private Ethereum Blockchain

Internet of Things (IoT) is a set of technologies that enable network-connected devices to perform an action or share data among several connected devices or to a shared database. The actions can be anything from switching on an Air Conditioning device remotely to turning on the ignition of a car through a command issued from a remote location or asking Alexa or Google Assistant to search for weather conditions in an area. IoT has proved to be game-changing for many industries such as Supply Chain, Shipping and Transportation providing updates on the status of shipments in real time. This has resulted in a huge amount of data created by a lot of these devices all of which need to be processed in real time. In this thesis, we propose a method to collect sensor data from IoT devices and use blockchain to store and retrieve the collected data in a secure and decentralized fashion within a closed system, suitable for a single enterprise or a group of companies in industries like shipping where sharing data with each other is required. Much like blockchain, we envision a future where IoT devices can connect and disconnect to distributed systems without causing downtime for the data collection or storage or relying on a cloud-based storage system for synchronizing data between devices. We also look at how the performance of some of these distributed systems like Inter Planetary File System (IPFS) and Ethereum Swarm compare on low-powered devices like the raspberry pi

Forecasting Cryptocurrency Value by Sentiment Analysis: An HPC-Oriented Survey of the State-of-the-Art in the Cloud Era

This chapter surveys the state-of-the-art in forecasting cryptocurrency value by Sentiment Analysis. Key compounding perspectives of current challenges are addressed, including blockchains, data collection, annotation, and filtering, and sentiment analysis metrics using data streams and cloud platforms. We have explored the domain based on this problem-solving metric perspective, i.e., as technical analysis, forecasting, and estimation using a standardized ledger-based technology. The envisioned tools based on forecasting are then suggested, i.e., ranking Initial Coin Offering (ICO) values for incoming cryptocurrencies, trading strategies employing the new Sentiment Analysis metrics, and risk aversion in cryptocurrencies trading through a multi-objective portfolio selection. Our perspective is rationalized on the perspective on elastic demand of computational resources for cloud infrastructures

Applying Blockchain Technology to Financial Market’s Infrastructure

The utilization of blockchain technology has gained widespread acceptance across various domains in recent years. Among them, blockchain integration in the financial sector is particularly noteworthy. Blockchain technology offers a range of features that can address various challenges in the financial industry, including decentralization, transparency, enhanced security, and tamper-proofing. Therefore, this thesis aims to investigate the issues that persist in academia and industry and address them through blockchain technology. The research for this thesis was divided into three major stages. The first stage involved conducting an academic survey through a comprehensive literature review. The aim was to identify the pain points that academics have identified and to narrow down the problems that concern the academic community. The second stage involved collecting requirements from industry experts. This helped to identify the real-world issues that currently exist in the financial industry. Based on these issues, the research moved on to the next stage. The third stage involved an experimental study, further divided into two parts. Part 1 involved designing and developing a blockchain-based issuance and trading system for financial products. This system aimed to enhance participant trust, reduce costs, and increase efficiency. Part 2 involved the development of a risk monitoring system for blockchain-based financial products. This system aimed to assist participants in monitoring market risks, providing them with risk warning coefficients, and reducing the probability of systemic risks in the market. The results of this thesis demonstrate that blockchain technology's feasibility and integration can positively impact financial markets from an experimental perspective. It can be helpful to adopt blockchain technology for financial and FinTech industries