181 research outputs found
The Bitcoin Blockchain as Financial Market Infrastructure: A Consideration of Operational Risk
“Blockchain” is the word on the street these days, with every significant financial institution experimenting with this new technology. Many say that this remarkable innovation could radically transform our financial system, eliminating the costs and inefficiencies that plague our existing financial infrastructures. Venture capital investments are pouring into blockchain startups, which are scrambling to disrupt the “quadrillion” dollar markets represented by existing financial market infrastructures. A debate rages over whether public, “permissionless” blockchains (like Bitcoin’s) or private, “permissioned” blockchains are more desirable.
Amidst this flurry of innovation and investment, this paper inquires into the suitability of the Bitcoin blockchain to serve as the backbone of financial market infrastructure, and evaluates whether it is robust enough to serve as the foundation of major payment, settlement, clearing, or trading systems.
Positing a scenario in which the Bitcoin blockchain does serve as the technology enabling significant financial market infrastructures, this paper highlights the vital importance of functioning financial market infrastructure to global financial stability, and describes relevant principles that global financial regulators have adopted to help maintain this stability, focusing particularly on governance, risk management, and operational risk.
The paper then moves to explicate the operational risks generated by the most fundamental features of Bitcoin: its status as decentralized, open-source software. Illuminating the inevitable operational risks of software, the paper argues that these technology risks are exacerbated by the governance risks generated by Bitcoin’s ambiguous governance structure. The paper then teases out the operational risks spawned by decentralized, open-source governance, including that no one is responsible for resolving a crisis with the software; no one can legitimately serve as “the voice” of the software; code maintenance and repair may be delayed or imperfect because not enough time is devoted to the code by volunteer software developers; and consensus on important changes to the code may be difficult or impossible to achieve, leading to splits in the blockchain.
The paper concludes that these operational risks, generated by Bitcoin’s most fundamental structures significantly undermine the Bitcoin blockchain’s suitability to serve as financial market infrastructur
SCALED APPROACH TO OPEN SOURCING DEPARTMENT OF THE NAVY PRODUCED SOFTWARE
The Department of Defense (DoD) must continue to develop, sustain, and update its software-based capabilities. For the Department of the Navy (DoN), the life cycle costs of software continue to grow; over time, developing code will not be cost effective. An alternative to developing code is to further integrate open source software (OSS) into DoN programs. OSS is software that grants users the ability to view, use, and change the software source code. The use of OSS has been extensively researched, as addressed in the MITRE Corporation’s study on free and open source software (FOSS) in the DoD, completed in 2003. Despite favorable reports and published DoD policy, and the widespread successful use of OSS in current software, program managers are reluctant to fully integrate OSS into the DoN due to concerns with legal requirements, cybersecurity, total expenses, and the ability to implement and control OSS on classified systems while adhering to security regulations. This study utilized a quantitative, scaled approach to determine the risks and benefits to open sourcing for all DoN software. Several OSS case studies were examined. This research concluded that while OSS has been tested and proven cost-effective in certain areas of the DoN, it may not be the most efficient solution for all DoN projects. Therefore, the DoN should consider further implementation of OSS in security, software development, infrastructure support, and for program lifecycle cost reductions.DoN Secretariat Historianhttp://archive.org/details/scaledapproachto1094560404Captain, United States Marine CorpsCaptain, United States Marine CorpsApproved for public release; distribution is unlimited
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Remedying Security Concerns at an Internet Scale
The state of security across the Internet is poor, and it has been so since the advent of the modern Internet. While the research community has made tremendous progress over the years in learning how to design and build secure computer systems, network protocols, and algorithms, we are far from a world where we can truly trust the security of deployed Internet systems. In reality, we may never reach such a world. Security concerns continue to be identified at scale through-out the software ecosystem, with thousands of vulnerabilities discovered each year. Meanwhile, attacks have become ever more frequent and consequential.As Internet systems will continue to be inevitably affected by newly found security concerns, the research community must develop more effective ways to remedy these issues. To that end, in this dissertation, we conduct extensive empirical measurements to understand how remediation occurs in practice for Internet systems, and explore methods for spurring improved remediation behavior. This dissertation provides a treatment of the complete remediation life cycle, investigating the creation, dissemination, and deployment of remedies. We start by focusing on security patches that address vulnerabilities, and analyze at scale their creation process, characteristics of the resulting fixes, and how these impact vulnerability remediation. We then investigate and systematize how administrators of Internet systems deploy software updates which patch vulnerabilities across the many machines they manage on behalf of organizations. Finally, we conduct the first systematic exploration of Internet-scale outreach efforts to disseminate information about security concerns and their remedies to system administrators, with an aim of driving their remediation decisions. Our results show that such outreach campaigns can effectively galvanize positive reactions.Improving remediation, particularly at scale, is challenging, as the problem space exhibits many dimensions beyond traditional computer technical considerations, including human, social, organizational, economic, and policy facets. To make meaningful progress, this work uses a diversity of empirical methods, from software data mining to user studies to Internet-wide network measurements, to systematically collect and evaluate large-scale datasets. Ultimately, this dissertation establishes broad empirical grounding on security remediation in practice today, as well as new approaches for improved remediation at an Internet scale
Prospectus, April 23, 2014
COBRA RAISES ISSUES AT PARKLAND, Diet Tips for a Healthy Student Lifestyle, Supreme Court Upholds Michigan Ban on Affirmative Action in State Universities, Parkland Fitness Center Helps Beat Winter Blues, Boston Marathon Bombing Survivor: My Best Days are Ones Others Take for Granted, When a Wave and a Smile are Magic, Lovett Receives Award of Excellence, Heartbleed Virus Affects Internet Securityhttps://spark.parkland.edu/prospectus_2014/1010/thumbnail.jp
The New Foundations of Open Source
The New Foundations of Open Sourc
cii Student Papers - 2021
In this collection of papers, we, the Research Group Critical Information Infrastructures (cii) from the Karlsruhe Institute of Technology, present nine selected student research articles contributing to the design, development, and evaluation of critical information infrastructures. During our courses, students mostly work in groups and deal with problems and issues related to sociotechnical challenges in the realm of (critical) information systems. Student papers came from four different cii courses, namely Emerging Trends in Digital Health, Emerging Trends in Internet Technologies, Critical Information Infrastructures, and Digital Health in the winter term of 2020 and summer term of 2021
The Pacifican April 17, 2014
https://scholarlycommons.pacific.edu/pacifican/1216/thumbnail.jp
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