The thinking behind the development of blockchain technology was a move away from centralised control by building a decentralised network that allowed for peer-to-peer engagement away from the watchful gaze of governments and their proxies. This was thought to be a step in the right direction in enhancing user-privacy and allowing innovators the space within which to advance technology. A conflict, therefore, inevitably emerges between those who wish to engage in initiatives that move away from centralised power by allowing individuals to interact directly without a controlling centre while at the same time enhancing user-privacy, on the one hand, and a system that is both centralised and regulated on the other. In this article, we delve into this conflict.
Electronic copy available at httpsssrn.comabstract=28526.docxAASTHA76
Electronic copy available at: https://ssrn.com/abstract=2852689
0
The interplay between decentralization and privacy:
the case of blockchain technologies
Primavera De Filippi
CERSA — CNRS — Université Paris II
Berkman Center for Internet & Society at Harvard
Abstract:
Decentralized architectures are gaining popularity as a way to protect one’s privacy against
the ubiquitous surveillance of states and corporations. Yet, in spite of the obvious benefits
they provide when it comes to data sovereignty, decentralized architectures also present
certain characteristics that—if not properly accounted for—might ultimately impinge upon
users’ privacy. While they are capable of preserving the confidentiality of data, decentralized
architectures cannot easily protect themselves against the analysis of metadata. Accordingly,
if not properly designed, decentralized infrastructures intended to promote individual privacy
and autonomy might turn out to be much more vulnerable to governmental or corporate
surveillance than their centralized counterparts.
This paper analyses the case of Bitcoin and other blockchain-based networks, as an example
of decentralized infrastructures which suffers from radical transparency. While they provide
a series of privacy benefits to end-users, the characteristics of these networks present both
advantages and risks to the privacy of end-users. On the one hand, the pseudonymous nature
of many blockchain-based networks allows for people to transact on a peer-to-peer basis,
without disclosing their identity to anyone. On the other hand, the transparency inherent to
these networks is such that anyone can retrieve the history of all transactions performed on a
blockchain and rely on big data analytics in order to retrieve potentially sensitive
information.
The paper concludes that, in spite of the apparent dichotomy between transparency and
privacy, there is no real conflict between the two. With the use of advanced cryptographic
techniques, it is only a matter of time before people identify news ways to preserve
individual privacy in decentralized architectures.
Keywords: blockchain technology, decentralization, privacy, transparency, cryptography.
Electronic copy available at: https://ssrn.com/abstract=2852689
1
Introduction
With the current state of telecommunication technologies, it is becoming harder to
communicate on the Internet without leaving traces or disclosing information to centralized
third parties —be they governmental agencies or private companies (Lyon, 2014). The trend
towards the growing centralization of online platforms has important privacy implications.
Not only do these unifying network points constitute a single point of failure, they also
qualify as a valuable source of data that might fall prey to hackers. Centralized online
operators can also be coerced by governmental agencies to disclose sensitive information
about their us.
A survey on security and policy aspects of blockchain technologyTELKOMNIKA JOURNAL
This survey talks about the problem of security and privacy in the blockchain ecosystem which is currently a hot issue in the blockchain community. The survey intended to study this problem by considering different types of attacks in the blockchain network with respect to algorithms presented. After a preliminary literature review it seems that some focus has been given to study the first use case while, to the best of my knowledge, the second use case requires more attention when blockchain is applied to study it. The research is also interested in exploring the link between these two use cases to study the overall data ownership preserving accountable system which will be a novel contribution of this work. However, due to the subsequent government mandated secrecy around the implementation of data encryption standard (DES), and the distrust of the academic community because of this, a movement was spawned that put a premium on individual privacy and decentralized control. This movement brought together the top minds in encryption and spawned the technology we know of as blockchain today. This survey explores the genesis of encryption, its early adoption, and the government meddling which eventually spawned a movement which gave birth to the ideas behind blockchain.
LESSON 2 BLOCKCHAIN DECENTRALIZATION _ DATAFICATION IN BLOCKCHAIN TECHNOLOGY ...Leapwaters
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.
Blockchains Impact on Identity Management.pdfniahiggins21
Blockchain Identity Management presents a decentralized and secure solution that reinstates users’ control through a distributed trust model. This innovative technology not only delivers transparency and security but also extends its manifold features to benefit various industries, adding substantial value to their operations. Consequently, the transformative potential of blockchain is poised to redefine the conventional approaches to identity management, ensuring a highly secure and efficient paradigm.
The existing identity management framework falls short in terms of both security and reliability. At every juncture, individuals are required to authenticate themselves using multiple government-issued IDs such as Voter ID, Passport, PAN card, and more. Blockchain technology is set to revolutionize this outdated system, offering a highly secure alternative that not only eliminates vulnerabilities but also ensures a more streamlined and user-centric approach to identity verification.
How Blockchain Development Can Revolutionize Your Digital Strategy.pdfPixel Softwares
Reinvent Digital Dynamics: Embrace the power of blockchain technology to reimagine your digital strategy. With decentralized solutions and smart contracts, Pixel Softwares can revolutionize your business landscape.
Blockchains Impact on Identity Management.pdfmatthew09cyrus
Blockchain Identity Management presents a decentralized and secure solution that reinstates users’ control through a distributed trust model. This innovative technology not only delivers transparency and security but also extends its manifold features to benefit various industries, adding substantial value to their operations. Consequently, the transformative potential of blockchain is poised to redefine the conventional approaches to identity management, ensuring a highly secure and efficient paradigm.
The document "User Privacy & Data Sovereignty in Web 3.0" by Liveplex explores the evolution of the internet from Web 1.0 and 2.0 to Web 3.0, emphasizing the shift towards a decentralized web that promises enhanced user control over data, privacy, and a more equitable online ecosystem.
It delves into the technical foundation of Web 3.0, including blockchain technology, decentralized networks, and smart contracts, which collectively aim to address the privacy and data sovereignty challenges prevalent in earlier iterations of the web.
The report also highlights the regulatory and ethical considerations necessitated by this new digital landscape, such as GDPR and CCPA compliance and the ethical deployment of AI and machine learning.
Liveplex's unique approach, leveraging MTE technology for application-level security and user data protection, exemplifies the innovative strategies being developed to enhance privacy and data sovereignty in Web 3.0.
As the internet transitions to this new phase, the document underscores the importance of collaborative efforts among developers, users, and policymakers to foster a secure, private, and user-empowered digital future.
This concise overview encapsulates the document’s comprehensive analysis and insights within the scope of 3000 words, aimed at fostering a deeper understanding of the pivotal role of Web 3.0 in redefining user privacy and data sovereignty.
Electronic copy available at httpsssrn.comabstract=28526.docxAASTHA76
Electronic copy available at: https://ssrn.com/abstract=2852689
0
The interplay between decentralization and privacy:
the case of blockchain technologies
Primavera De Filippi
CERSA — CNRS — Université Paris II
Berkman Center for Internet & Society at Harvard
Abstract:
Decentralized architectures are gaining popularity as a way to protect one’s privacy against
the ubiquitous surveillance of states and corporations. Yet, in spite of the obvious benefits
they provide when it comes to data sovereignty, decentralized architectures also present
certain characteristics that—if not properly accounted for—might ultimately impinge upon
users’ privacy. While they are capable of preserving the confidentiality of data, decentralized
architectures cannot easily protect themselves against the analysis of metadata. Accordingly,
if not properly designed, decentralized infrastructures intended to promote individual privacy
and autonomy might turn out to be much more vulnerable to governmental or corporate
surveillance than their centralized counterparts.
This paper analyses the case of Bitcoin and other blockchain-based networks, as an example
of decentralized infrastructures which suffers from radical transparency. While they provide
a series of privacy benefits to end-users, the characteristics of these networks present both
advantages and risks to the privacy of end-users. On the one hand, the pseudonymous nature
of many blockchain-based networks allows for people to transact on a peer-to-peer basis,
without disclosing their identity to anyone. On the other hand, the transparency inherent to
these networks is such that anyone can retrieve the history of all transactions performed on a
blockchain and rely on big data analytics in order to retrieve potentially sensitive
information.
The paper concludes that, in spite of the apparent dichotomy between transparency and
privacy, there is no real conflict between the two. With the use of advanced cryptographic
techniques, it is only a matter of time before people identify news ways to preserve
individual privacy in decentralized architectures.
Keywords: blockchain technology, decentralization, privacy, transparency, cryptography.
Electronic copy available at: https://ssrn.com/abstract=2852689
1
Introduction
With the current state of telecommunication technologies, it is becoming harder to
communicate on the Internet without leaving traces or disclosing information to centralized
third parties —be they governmental agencies or private companies (Lyon, 2014). The trend
towards the growing centralization of online platforms has important privacy implications.
Not only do these unifying network points constitute a single point of failure, they also
qualify as a valuable source of data that might fall prey to hackers. Centralized online
operators can also be coerced by governmental agencies to disclose sensitive information
about their us.
A survey on security and policy aspects of blockchain technologyTELKOMNIKA JOURNAL
This survey talks about the problem of security and privacy in the blockchain ecosystem which is currently a hot issue in the blockchain community. The survey intended to study this problem by considering different types of attacks in the blockchain network with respect to algorithms presented. After a preliminary literature review it seems that some focus has been given to study the first use case while, to the best of my knowledge, the second use case requires more attention when blockchain is applied to study it. The research is also interested in exploring the link between these two use cases to study the overall data ownership preserving accountable system which will be a novel contribution of this work. However, due to the subsequent government mandated secrecy around the implementation of data encryption standard (DES), and the distrust of the academic community because of this, a movement was spawned that put a premium on individual privacy and decentralized control. This movement brought together the top minds in encryption and spawned the technology we know of as blockchain today. This survey explores the genesis of encryption, its early adoption, and the government meddling which eventually spawned a movement which gave birth to the ideas behind blockchain.
LESSON 2 BLOCKCHAIN DECENTRALIZATION _ DATAFICATION IN BLOCKCHAIN TECHNOLOGY ...Leapwaters
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.
Blockchains Impact on Identity Management.pdfniahiggins21
Blockchain Identity Management presents a decentralized and secure solution that reinstates users’ control through a distributed trust model. This innovative technology not only delivers transparency and security but also extends its manifold features to benefit various industries, adding substantial value to their operations. Consequently, the transformative potential of blockchain is poised to redefine the conventional approaches to identity management, ensuring a highly secure and efficient paradigm.
The existing identity management framework falls short in terms of both security and reliability. At every juncture, individuals are required to authenticate themselves using multiple government-issued IDs such as Voter ID, Passport, PAN card, and more. Blockchain technology is set to revolutionize this outdated system, offering a highly secure alternative that not only eliminates vulnerabilities but also ensures a more streamlined and user-centric approach to identity verification.
How Blockchain Development Can Revolutionize Your Digital Strategy.pdfPixel Softwares
Reinvent Digital Dynamics: Embrace the power of blockchain technology to reimagine your digital strategy. With decentralized solutions and smart contracts, Pixel Softwares can revolutionize your business landscape.
Blockchains Impact on Identity Management.pdfmatthew09cyrus
Blockchain Identity Management presents a decentralized and secure solution that reinstates users’ control through a distributed trust model. This innovative technology not only delivers transparency and security but also extends its manifold features to benefit various industries, adding substantial value to their operations. Consequently, the transformative potential of blockchain is poised to redefine the conventional approaches to identity management, ensuring a highly secure and efficient paradigm.
The document "User Privacy & Data Sovereignty in Web 3.0" by Liveplex explores the evolution of the internet from Web 1.0 and 2.0 to Web 3.0, emphasizing the shift towards a decentralized web that promises enhanced user control over data, privacy, and a more equitable online ecosystem.
It delves into the technical foundation of Web 3.0, including blockchain technology, decentralized networks, and smart contracts, which collectively aim to address the privacy and data sovereignty challenges prevalent in earlier iterations of the web.
The report also highlights the regulatory and ethical considerations necessitated by this new digital landscape, such as GDPR and CCPA compliance and the ethical deployment of AI and machine learning.
Liveplex's unique approach, leveraging MTE technology for application-level security and user data protection, exemplifies the innovative strategies being developed to enhance privacy and data sovereignty in Web 3.0.
As the internet transitions to this new phase, the document underscores the importance of collaborative efforts among developers, users, and policymakers to foster a secure, private, and user-empowered digital future.
This concise overview encapsulates the document’s comprehensive analysis and insights within the scope of 3000 words, aimed at fostering a deeper understanding of the pivotal role of Web 3.0 in redefining user privacy and data sovereignty.
Investigation of Blockchain Based Identity System for Privacy Preserving Univ...ijtsrd
Existing blockchain based identity systems are analyzed under the context of the university identity management requirements. The private or consortium blockchain is more suitable for identity system which will be used for university. The transparency of public blockchains raises some concerns for privacy and confidentiality. The most important issue is that the volume of the data generated can be very large exceeding the practical storage capabilities of the current blockchain usages. The existing identity systems are not well fixed with the university identity management system really needs, especially they remain needing the relevant issue of effective consent revocation. The append only storage of blockchain can be a barrier for implementing the revocability of consent. Some private blockchain based system has the potential vendor lock in effects. Thus, hybrid identity system is suggested for university identity management. Kyaw Soe Moe | Mya Mya Thwe "Investigation of Blockchain Based Identity System for Privacy Preserving University Identity Management System" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-6 , October 2019, URL: https://www.ijtsrd.com/papers/ijtsrd28095.pdf Paper URL: https://www.ijtsrd.com/computer-science/computer-security/28095/investigation-of-blockchain-based-identity-system-for-privacy-preserving-university-identity-management-system/kyaw-soe-moe
In recent years, a new paradigm called Web 3.0 has emerged, promising to revolutionize the Internet as we know it. Web 3.0 represents a significant shift from the centralized and data-intensive Web 2.0 era to a more decentralized, privacy-focused, and user-centric digital landscape. In this blog post, we will delve deeper into the key concepts and features of Web 3.0, exploring its potential impact across industries and everyday life.
1. Understanding Web 3.0: Web 3.0, also known as the decentralized web, builds upon the foundation of Web 1.0 and Web 2.0 but with an emphasis on decentralization, privacy, security, and individual ownership of data. Unlike its predecessors, Web 3.0 leverages blockchain technology, smart contracts, and peer-to-peer networks to create a more transparent, secure, and autonomous online ecosystem.
2. The Role of Blockchain Technology: At the core of Web 3.0 lies blockchain technology, which enables secure, decentralized, and immutable record-keeping. The blockchain serves as a distributed ledger, where transactions and data are recorded across a network of computers, ensuring transparency and integrity. This technology eliminates the need for intermediaries, facilitates peer-to-peer interactions, and enhances trust in digital transactions.
3. Decentralized Applications (DApps): Decentralized applications, or DApps, are a fundamental component of Web 3.0. DApps operate on decentralized networks, powered by blockchain technology and smart contracts. These applications offer a wide range of functionalities, from finance and governance to social media and gaming. By removing central authorities and enabling user-driven decision-making, DApps foster a more inclusive and democratic digital environment.
4. Tokenization and Digital Assets: Web 3.0 introduces the concept of tokenization, where real-world assets, such as real estate, art, or intellectual property, are represented digitally on the blockchain. Tokenization allows for fractional ownership, increased liquidity, and efficient transfer of assets. It enables new economic models, such as decentralized finance (DeFi), and opens up investment opportunities for a broader range of individuals.
5. Privacy and Data Ownership: Web 3.0 addresses growing concerns about privacy and data ownership by giving individuals more control over their personal information. With decentralized identity solutions, users can manage their digital identities securely and selectively share data, eliminating the need for centralized identity providers. This shift puts users in charge of their data, reducing the risks associated with data breaches and unauthorized use.
6. Web 3.0 and the Internet of Things (IoT): The integration of Web 3.0 and the Internet of Things (IoT) creates a powerful synergy. Web 3.0's decentralized architecture and blockchain-based trust mechanisms enhance the security and reliability of IoT networks.
DEEP LEARNING MEETS BLOCKCHAIN FOR AUTOMATED AND SECURE ACCESS CONTROLijsptm
Access control is a critical component of computer security, governing access to system resources. However, designing policies and roles in traditional access control can be challenging and difficult to maintain
in dynamic and complex systems, which is particularly problematic for organizations with numerous
resources. Furthermore, tra- ditional methods suffer from issues such as third-party involvement,
inefficiency, and privacy gaps, making transparent and dynamic access control an ongoing research
problem. Moreover detecting malicious activities and identifying userswho are not behaving appropriately
can present notable difficulties. To address these challenges, we propose DLACB, a Deep Learning Based
Access Control Using Blockchain, as a solution to decentralized access control. DLACB usesblockchain to
provide transparency, traceability, and reliability in various domains such as medicine, finance, and government while taking advantage of deep learning to not rely on predefined policies and eventually
automate access control. With the integration of blockchain and deep learning for access control, DLACB
can provide a general frame-work applicable to various domains, enabling transparent and reliable logging
of all transactions. As all data is recorded on the blockchain, we have the capability to identify malicious
activities. To expedite this process, we store a list of ma- licious activities in the storage system and employ a
verification algorithm to cross-reference it with the blockchain. Weconduct measurements and comparisons
of the smart contract processing time for the deployed access control system incontrast to traditional access
control methods, determining the time overhead involved. The processing time of DLBAC demonstrates
remarkable stability when exposed to increased request volumes. This approach is particularly usefulfor
organizations seeking to automate access control while simultaneously detecting and preventing data
breaches to enhance security.
Deep Learning Meets Blockchain for Automated and Secure Access ControlClaraZara1
Access control is a critical component of computer security, governing access to system resources. However, designing policies and roles in traditional access control can be challenging and difficult to maintain in dynamic and complex systems, which is particularly problematic for organizations with numerous resources. Furthermore, tra- ditional methods suffer from issues such as third-party involvement, inefficiency, and privacy gaps, making transparent and dynamic access control an ongoing research problem. Moreover detecting malicious activities and identifying userswho are not behaving appropriately can present notable difficulties. To address these challenges, we propose DLACB, a Deep Learning Based Access Control Using Blockchain, as a solution to decentralized access control. DLACB usesblockchain to provide transparency, traceability, and reliability in various domains such as medicine, finance, and government while taking advantage of deep learning to not rely on predefined policies and eventually automate access control. With the integration of blockchain and deep learning for access control, DLACB can provide a general frame-work applicable to various domains, enabling transparent and reliable logging of all transactions. As all data is recorded on the blockchain, we have the capability to identify malicious activities. To expedite this process, we store a list of ma- licious activities in the storage system and employ a verification algorithm to cross-reference it with the blockchain. Weconduct measurements and comparisons of the smart contract processing time for the deployed access control system incontrast to traditional access control methods, determining the time overhead involved. The processing time of DLBAC demonstrates remarkable stability when exposed to increased request volumes. This approach is particularly usefulfor organizations seeking to automate access control while simultaneously detecting and preventing data breaches to enhance security.
Running head BLOCKCHAIN TECHNOLOGY BEYOND CRYPTOCURRENCY1B.docxtoddr4
Running head: BLOCKCHAIN TECHNOLOGY: BEYOND CRYPTOCURRENCY
1
BLOCKCHAIN TECHNOLOGY: BEYOND CRYPTOCURRENCY
7
Block-chain Technology: Beyond Crypto-currency
Christophe Bassono
University of Nebraska Omaha
CYBR-4360-860-Foundation of IA
Assignment: Semester Project Presentation
Block-chain Technology: Beyond the Crypto-currency
Contents
Contents
2
Abstract
3
Introduction
3
Fundamentals of Block-chain Technology
4
Application of Block-chain Beyond Crypto-currency
5
Future of Block-chain
8
Conclusion
8
Abstract
Block-chain is relatively new; therefore, a representative research sample is presented that spans over the last couple of years from the earlier literature addressing the field. The different usage types of Block-chain, as well as the digital ledger methods, applications, challenges privacy, and security issues, are examined. The technology constitutes two distinct components including block and transaction. Block refers to the collection of data, transaction recording, as well as other related details such as the creation of timestamp, correct sequence, et cetera. Blockchain which is the digital technology fundamental for crypto-currency has managed to bring forth a novel revolution through the provision of a mechanism that can be used for peer-to-peer transactions (P2P). The blockchain is a globally accepted ledger that is capable of achieving numerous new applications beyond transaction verification. Bitcoin that is progressively gaining awareness around the world is a vital example of Blockchain in practice. The block-chain technology is still at the stage of building up and is expected to be full-blown in the next few years. Introduction
The predominant goal of this proposal is to outline the literature on the functionality of Block-chain and other techniques of the digital ledger in several different spheres of influence beyond its use to crypto-currency and to come up with an appropriate conclusion. The technology of block-chain is relatively new; therefore, a representative research sample is presented that spans over the last couple of years from the earlier literature addressing the field. The different usage types of Block-chain, as well as the digital ledger methods, applications, challenges privacy, and security issues, are examined. However, the main focus of this proposal is to determine the most auspicious for future application of Block-chain beyond crypto-currency.
Block-chain is the technology that facilitates the system of Bitcoin crypto-currency, which is also regarded to be important in the formation of the backbone that guarantees privacy and security of several applications in different areas such as the eco-system of the Internet of Things. The block-chain technology has also been successfully applied in the industrial and the educational sectors (Pilkington, 2016). A Proof-of-Work, which is a mathematical challenge, guarantees the security of the chain-block by maintaining the transactions of the digital le.
In the era of digital innovation, blockchain technology has emerged as a revolutionary concept that is reshaping various industries. From finance to supply chain management, blockchain is making its mark as a secure and transparent system for recording and verifying transactions. But what exactly is blockchain? Let's dive in and gain a clear understanding of this transformative technology that is changing the way we perceive trust and security in the digital age.
A decentralized consensus application using blockchain ecosystem IJECEIAES
The consensus is a critical operation of any decision-making process. It involves a set of eligible members; whose decision need to be honored by taking their acknowledgment before making any decision. The traditional consensus process follows centralized architecture, the members need to rely on and trust this architecture. The proposed system aims to develop a secure decentralized consensus application in the untrusted environment by making use of blockchain technology along with smart contract and interplanetary file system (IPFS).
What Are The Features Of Blockchain Technology..pdfMavie Crypto
COMMENTS
Blockchain technology is quickly becoming one of the most talked-about topics in the tech world. But what is blockchain technology and what makes it so revolutionary
How Does Blockchain Identity Management Revolutionise Financial Sectors.pdfJamieDornan2
Conventional identity management systems often grapple with issues like data breaches, identity theft, and the inability to seamlessly communicate with other systems. With the arrival of blockchain technology, we've entered a new period. This period brings encouraging answers to tackle our age-old problems.
The fundamental security properties of blockchain originate from both bitcoin architecture and cryptography advances. the proficiency of the cryptographic chain of blocks was advanced giving birth to various inborn security qualities.
Blockchain’s future is promising but there are blockchain disadvantages the potential users must keep in mind. The first thing in this young niche is that the blockchain does not have mature protocols that developed with the internet and made that technology so pervasive and ultimately successful.
https://youtu.be/nTsqJJMXhtQ
Navigating the Blockchain Revolution: Global Regulation and Future OutlookLiveplex
The transformative journey of blockchain technology is intricately entwined with the evolving tapestry of global regulation. This report by Liveplex delves into the multifaceted world of blockchain, highlighting its potential to revolutionize sectors ranging from finance to healthcare, while also addressing the significant challenges it poses to traditional regulatory frameworks.
As nations grapple with creating conducive environments for blockchain innovation, the disparity in regulatory approaches from permissive to restrictive underscores the complexity of fostering technological growth while ensuring consumer protection and financial stability. Through a comprehensive analysis of current regulatory environments, regional focuses, and forward-looking insights, the report navigates the delicate balance between innovation and regulation.
It presents case studies that illustrate the dynamic interplay between blockchain ventures and regulatory mandates, offering predictive insights into future trends such as decentralized finance (DeFi), blockchain for social good, and digital identities.
Recommendations for policymakers and businesses emphasize the need for collaboration, adaptability, and international cooperation to harness the full potential of blockchain technology. In doing so, the report outlines a roadmap for navigating the future of blockchain innovation, advocating for regulatory frameworks that not only safeguard against risks but also catalyze technological advancement, thereby shaping a more transparent, secure, and equitable digital future.
BLOCKCHAIN SECURITY : ENHANCED CONTROL EVALUATION APPROACH TO PROTECT ORGANIZ...IJNSA Journal
Blockchain technology can revolutionize transaction processing and reimage organizations’ traditional business practices. The literature argues that blockchain may also hurt organizations when key controls necessary to guide its implementation are not in place. The literature points to inadequacies in blockchain implementations, particularly related to the effective selection and implementation of blockchain controls in organizations. This research develops an approach that addresses the weaknesses in the literature. Such approach will allow organizations to be more precise in their implementation of controls to achieve successful blockchain implementation. The proposed approach uses fuzzy set theory to prioritize business controls more precisely in organizations. It is argued that fuzzy set theory allows for a more accurate assessment of imprecise criteria than traditional assessment methodologies, and therefore generates more accurate assessments critical for decision-making. Through a case, the developed approach proved successful in providing accurate implementation of controls to protect organizations’ accounting information.
"Show me the industry that lacks Trust, Transparency, Security, and Privacy and I will show you the use case of blockchain technology in that industry."
Blockchain is a Global, Decentralized, and Distributed transactional database/ ledger that records the provenance of a digital asset. It is Highly Transparent, Secure, and Immutable.
What Is Blockchain, How It Works, and How It Can be Used?
Blockchain technology has been around for over a decade, but its popularity has skyrocketed in recent years. But what exactly is blockchain technology? How does it work? And what can it be used fo
A global 60/40 stock-bond portfolio mix could benefit from the marginal allocation to this portfolio of
Bitcoin (BTC) to further augment investor risk-adjusted returns, here measured by the Sharpe Ratio. If the historical BTC Sharpe Ratio is higher than that of a traditional 60/40 stock-bond portfolio, then additions of BTC to the traditional portfolio model in incremental amounts should improve the overall performance (as measured by Sharpe Ratio) of an investment portfolio that contains all three assets.
The advantages that a bitcoin ETF brings to investors, both retail and especially institutional, are rooted in the credibility accorded the relevant financial instrument through registration with the regulator and subsequent listing where this also takes place. Increased investor confidence brought about by such registration inadvertently leads to greater investor participation, higher trading volumes and pursuant improved liquidity.
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Similar to Regulation (Scrutiny) vs Decentralisation (Privacy)- the Crypto Conundrum.pdf
Investigation of Blockchain Based Identity System for Privacy Preserving Univ...ijtsrd
Existing blockchain based identity systems are analyzed under the context of the university identity management requirements. The private or consortium blockchain is more suitable for identity system which will be used for university. The transparency of public blockchains raises some concerns for privacy and confidentiality. The most important issue is that the volume of the data generated can be very large exceeding the practical storage capabilities of the current blockchain usages. The existing identity systems are not well fixed with the university identity management system really needs, especially they remain needing the relevant issue of effective consent revocation. The append only storage of blockchain can be a barrier for implementing the revocability of consent. Some private blockchain based system has the potential vendor lock in effects. Thus, hybrid identity system is suggested for university identity management. Kyaw Soe Moe | Mya Mya Thwe "Investigation of Blockchain Based Identity System for Privacy Preserving University Identity Management System" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-6 , October 2019, URL: https://www.ijtsrd.com/papers/ijtsrd28095.pdf Paper URL: https://www.ijtsrd.com/computer-science/computer-security/28095/investigation-of-blockchain-based-identity-system-for-privacy-preserving-university-identity-management-system/kyaw-soe-moe
In recent years, a new paradigm called Web 3.0 has emerged, promising to revolutionize the Internet as we know it. Web 3.0 represents a significant shift from the centralized and data-intensive Web 2.0 era to a more decentralized, privacy-focused, and user-centric digital landscape. In this blog post, we will delve deeper into the key concepts and features of Web 3.0, exploring its potential impact across industries and everyday life.
1. Understanding Web 3.0: Web 3.0, also known as the decentralized web, builds upon the foundation of Web 1.0 and Web 2.0 but with an emphasis on decentralization, privacy, security, and individual ownership of data. Unlike its predecessors, Web 3.0 leverages blockchain technology, smart contracts, and peer-to-peer networks to create a more transparent, secure, and autonomous online ecosystem.
2. The Role of Blockchain Technology: At the core of Web 3.0 lies blockchain technology, which enables secure, decentralized, and immutable record-keeping. The blockchain serves as a distributed ledger, where transactions and data are recorded across a network of computers, ensuring transparency and integrity. This technology eliminates the need for intermediaries, facilitates peer-to-peer interactions, and enhances trust in digital transactions.
3. Decentralized Applications (DApps): Decentralized applications, or DApps, are a fundamental component of Web 3.0. DApps operate on decentralized networks, powered by blockchain technology and smart contracts. These applications offer a wide range of functionalities, from finance and governance to social media and gaming. By removing central authorities and enabling user-driven decision-making, DApps foster a more inclusive and democratic digital environment.
4. Tokenization and Digital Assets: Web 3.0 introduces the concept of tokenization, where real-world assets, such as real estate, art, or intellectual property, are represented digitally on the blockchain. Tokenization allows for fractional ownership, increased liquidity, and efficient transfer of assets. It enables new economic models, such as decentralized finance (DeFi), and opens up investment opportunities for a broader range of individuals.
5. Privacy and Data Ownership: Web 3.0 addresses growing concerns about privacy and data ownership by giving individuals more control over their personal information. With decentralized identity solutions, users can manage their digital identities securely and selectively share data, eliminating the need for centralized identity providers. This shift puts users in charge of their data, reducing the risks associated with data breaches and unauthorized use.
6. Web 3.0 and the Internet of Things (IoT): The integration of Web 3.0 and the Internet of Things (IoT) creates a powerful synergy. Web 3.0's decentralized architecture and blockchain-based trust mechanisms enhance the security and reliability of IoT networks.
DEEP LEARNING MEETS BLOCKCHAIN FOR AUTOMATED AND SECURE ACCESS CONTROLijsptm
Access control is a critical component of computer security, governing access to system resources. However, designing policies and roles in traditional access control can be challenging and difficult to maintain
in dynamic and complex systems, which is particularly problematic for organizations with numerous
resources. Furthermore, tra- ditional methods suffer from issues such as third-party involvement,
inefficiency, and privacy gaps, making transparent and dynamic access control an ongoing research
problem. Moreover detecting malicious activities and identifying userswho are not behaving appropriately
can present notable difficulties. To address these challenges, we propose DLACB, a Deep Learning Based
Access Control Using Blockchain, as a solution to decentralized access control. DLACB usesblockchain to
provide transparency, traceability, and reliability in various domains such as medicine, finance, and government while taking advantage of deep learning to not rely on predefined policies and eventually
automate access control. With the integration of blockchain and deep learning for access control, DLACB
can provide a general frame-work applicable to various domains, enabling transparent and reliable logging
of all transactions. As all data is recorded on the blockchain, we have the capability to identify malicious
activities. To expedite this process, we store a list of ma- licious activities in the storage system and employ a
verification algorithm to cross-reference it with the blockchain. Weconduct measurements and comparisons
of the smart contract processing time for the deployed access control system incontrast to traditional access
control methods, determining the time overhead involved. The processing time of DLBAC demonstrates
remarkable stability when exposed to increased request volumes. This approach is particularly usefulfor
organizations seeking to automate access control while simultaneously detecting and preventing data
breaches to enhance security.
Deep Learning Meets Blockchain for Automated and Secure Access ControlClaraZara1
Access control is a critical component of computer security, governing access to system resources. However, designing policies and roles in traditional access control can be challenging and difficult to maintain in dynamic and complex systems, which is particularly problematic for organizations with numerous resources. Furthermore, tra- ditional methods suffer from issues such as third-party involvement, inefficiency, and privacy gaps, making transparent and dynamic access control an ongoing research problem. Moreover detecting malicious activities and identifying userswho are not behaving appropriately can present notable difficulties. To address these challenges, we propose DLACB, a Deep Learning Based Access Control Using Blockchain, as a solution to decentralized access control. DLACB usesblockchain to provide transparency, traceability, and reliability in various domains such as medicine, finance, and government while taking advantage of deep learning to not rely on predefined policies and eventually automate access control. With the integration of blockchain and deep learning for access control, DLACB can provide a general frame-work applicable to various domains, enabling transparent and reliable logging of all transactions. As all data is recorded on the blockchain, we have the capability to identify malicious activities. To expedite this process, we store a list of ma- licious activities in the storage system and employ a verification algorithm to cross-reference it with the blockchain. Weconduct measurements and comparisons of the smart contract processing time for the deployed access control system incontrast to traditional access control methods, determining the time overhead involved. The processing time of DLBAC demonstrates remarkable stability when exposed to increased request volumes. This approach is particularly usefulfor organizations seeking to automate access control while simultaneously detecting and preventing data breaches to enhance security.
Running head BLOCKCHAIN TECHNOLOGY BEYOND CRYPTOCURRENCY1B.docxtoddr4
Running head: BLOCKCHAIN TECHNOLOGY: BEYOND CRYPTOCURRENCY
1
BLOCKCHAIN TECHNOLOGY: BEYOND CRYPTOCURRENCY
7
Block-chain Technology: Beyond Crypto-currency
Christophe Bassono
University of Nebraska Omaha
CYBR-4360-860-Foundation of IA
Assignment: Semester Project Presentation
Block-chain Technology: Beyond the Crypto-currency
Contents
Contents
2
Abstract
3
Introduction
3
Fundamentals of Block-chain Technology
4
Application of Block-chain Beyond Crypto-currency
5
Future of Block-chain
8
Conclusion
8
Abstract
Block-chain is relatively new; therefore, a representative research sample is presented that spans over the last couple of years from the earlier literature addressing the field. The different usage types of Block-chain, as well as the digital ledger methods, applications, challenges privacy, and security issues, are examined. The technology constitutes two distinct components including block and transaction. Block refers to the collection of data, transaction recording, as well as other related details such as the creation of timestamp, correct sequence, et cetera. Blockchain which is the digital technology fundamental for crypto-currency has managed to bring forth a novel revolution through the provision of a mechanism that can be used for peer-to-peer transactions (P2P). The blockchain is a globally accepted ledger that is capable of achieving numerous new applications beyond transaction verification. Bitcoin that is progressively gaining awareness around the world is a vital example of Blockchain in practice. The block-chain technology is still at the stage of building up and is expected to be full-blown in the next few years. Introduction
The predominant goal of this proposal is to outline the literature on the functionality of Block-chain and other techniques of the digital ledger in several different spheres of influence beyond its use to crypto-currency and to come up with an appropriate conclusion. The technology of block-chain is relatively new; therefore, a representative research sample is presented that spans over the last couple of years from the earlier literature addressing the field. The different usage types of Block-chain, as well as the digital ledger methods, applications, challenges privacy, and security issues, are examined. However, the main focus of this proposal is to determine the most auspicious for future application of Block-chain beyond crypto-currency.
Block-chain is the technology that facilitates the system of Bitcoin crypto-currency, which is also regarded to be important in the formation of the backbone that guarantees privacy and security of several applications in different areas such as the eco-system of the Internet of Things. The block-chain technology has also been successfully applied in the industrial and the educational sectors (Pilkington, 2016). A Proof-of-Work, which is a mathematical challenge, guarantees the security of the chain-block by maintaining the transactions of the digital le.
In the era of digital innovation, blockchain technology has emerged as a revolutionary concept that is reshaping various industries. From finance to supply chain management, blockchain is making its mark as a secure and transparent system for recording and verifying transactions. But what exactly is blockchain? Let's dive in and gain a clear understanding of this transformative technology that is changing the way we perceive trust and security in the digital age.
A decentralized consensus application using blockchain ecosystem IJECEIAES
The consensus is a critical operation of any decision-making process. It involves a set of eligible members; whose decision need to be honored by taking their acknowledgment before making any decision. The traditional consensus process follows centralized architecture, the members need to rely on and trust this architecture. The proposed system aims to develop a secure decentralized consensus application in the untrusted environment by making use of blockchain technology along with smart contract and interplanetary file system (IPFS).
What Are The Features Of Blockchain Technology..pdfMavie Crypto
COMMENTS
Blockchain technology is quickly becoming one of the most talked-about topics in the tech world. But what is blockchain technology and what makes it so revolutionary
How Does Blockchain Identity Management Revolutionise Financial Sectors.pdfJamieDornan2
Conventional identity management systems often grapple with issues like data breaches, identity theft, and the inability to seamlessly communicate with other systems. With the arrival of blockchain technology, we've entered a new period. This period brings encouraging answers to tackle our age-old problems.
The fundamental security properties of blockchain originate from both bitcoin architecture and cryptography advances. the proficiency of the cryptographic chain of blocks was advanced giving birth to various inborn security qualities.
Blockchain’s future is promising but there are blockchain disadvantages the potential users must keep in mind. The first thing in this young niche is that the blockchain does not have mature protocols that developed with the internet and made that technology so pervasive and ultimately successful.
https://youtu.be/nTsqJJMXhtQ
Navigating the Blockchain Revolution: Global Regulation and Future OutlookLiveplex
The transformative journey of blockchain technology is intricately entwined with the evolving tapestry of global regulation. This report by Liveplex delves into the multifaceted world of blockchain, highlighting its potential to revolutionize sectors ranging from finance to healthcare, while also addressing the significant challenges it poses to traditional regulatory frameworks.
As nations grapple with creating conducive environments for blockchain innovation, the disparity in regulatory approaches from permissive to restrictive underscores the complexity of fostering technological growth while ensuring consumer protection and financial stability. Through a comprehensive analysis of current regulatory environments, regional focuses, and forward-looking insights, the report navigates the delicate balance between innovation and regulation.
It presents case studies that illustrate the dynamic interplay between blockchain ventures and regulatory mandates, offering predictive insights into future trends such as decentralized finance (DeFi), blockchain for social good, and digital identities.
Recommendations for policymakers and businesses emphasize the need for collaboration, adaptability, and international cooperation to harness the full potential of blockchain technology. In doing so, the report outlines a roadmap for navigating the future of blockchain innovation, advocating for regulatory frameworks that not only safeguard against risks but also catalyze technological advancement, thereby shaping a more transparent, secure, and equitable digital future.
BLOCKCHAIN SECURITY : ENHANCED CONTROL EVALUATION APPROACH TO PROTECT ORGANIZ...IJNSA Journal
Blockchain technology can revolutionize transaction processing and reimage organizations’ traditional business practices. The literature argues that blockchain may also hurt organizations when key controls necessary to guide its implementation are not in place. The literature points to inadequacies in blockchain implementations, particularly related to the effective selection and implementation of blockchain controls in organizations. This research develops an approach that addresses the weaknesses in the literature. Such approach will allow organizations to be more precise in their implementation of controls to achieve successful blockchain implementation. The proposed approach uses fuzzy set theory to prioritize business controls more precisely in organizations. It is argued that fuzzy set theory allows for a more accurate assessment of imprecise criteria than traditional assessment methodologies, and therefore generates more accurate assessments critical for decision-making. Through a case, the developed approach proved successful in providing accurate implementation of controls to protect organizations’ accounting information.
"Show me the industry that lacks Trust, Transparency, Security, and Privacy and I will show you the use case of blockchain technology in that industry."
Blockchain is a Global, Decentralized, and Distributed transactional database/ ledger that records the provenance of a digital asset. It is Highly Transparent, Secure, and Immutable.
What Is Blockchain, How It Works, and How It Can be Used?
Blockchain technology has been around for over a decade, but its popularity has skyrocketed in recent years. But what exactly is blockchain technology? How does it work? And what can it be used fo
Similar to Regulation (Scrutiny) vs Decentralisation (Privacy)- the Crypto Conundrum.pdf (20)
A global 60/40 stock-bond portfolio mix could benefit from the marginal allocation to this portfolio of
Bitcoin (BTC) to further augment investor risk-adjusted returns, here measured by the Sharpe Ratio. If the historical BTC Sharpe Ratio is higher than that of a traditional 60/40 stock-bond portfolio, then additions of BTC to the traditional portfolio model in incremental amounts should improve the overall performance (as measured by Sharpe Ratio) of an investment portfolio that contains all three assets.
The advantages that a bitcoin ETF brings to investors, both retail and especially institutional, are rooted in the credibility accorded the relevant financial instrument through registration with the regulator and subsequent listing where this also takes place. Increased investor confidence brought about by such registration inadvertently leads to greater investor participation, higher trading volumes and pursuant improved liquidity.
As cryptoassets enter the mainstream, index funds are increasingly presenting both retail and institutional investors with the opportunity to gain exposure to the cryptoasset market. In this space, index funds are now being employed to track the activity and performance of specific cryptocurrencies or basket of cryptocurrencies to meet a variety of risk and return objectives of different client types.
Decentralised Finance aims to democratise finance by replacing legacy, centralised institutions with peer-to-peer relationships that provide the full spectrum of financial services – from everyday banking services, loans and insurance to complicated financial contracts including derivatives-trading and asset-trading.
The thinking behind the development of blockchain technology was a move away from centralised control by building a decentralised network that allowed for peer-to-peer engagement away from the watchful gaze of governments and their proxies. This was thought to be a step in the right direction in enhancing user-privacy and allowing innovators the space within which to advance technology. A conflict, therefore, inevitably emerges
between those who wish to engage in initiatives that move away from centralised power by allowing individuals to interact directly without a controlling centre while at the same time enhancing user-privacy, on the one hand, and a system that is both centralised and regulated on the other. In this article, we delve into this conflict.
Here Blockchain and CryptoAsset (K) Ltd. give a view of how cryptocurrency or cryptoassets fit into the wider technological space involving blockchain and related technologies and the investment opportunities made available.
Decentralised Finance aims to democratise finance by replacing legacy, centralised institutions with peer-to-peer relationships that provide the full spectrum of financial services – from everyday banking services, loans and insurance to complicated financial contracts including derivatives-trading and asset-trading.
It is almost impossible to believe that Blockchain Technology or Distributed Ledger Technology (DLT) has been around for ten years now. However, one key blockchain property that has transformative promise within the context of the public sector is the irreversibility or tamper-proof property. Once transactions or records are validated and entered into the blockchain database, they remain permanently inscribed and cannot be altered thereafter.
As cryptoassets enter the mainstream, index funds are increasingly presenting both retail and institutional investors with the opportunity to gain exposure to the cryptoasset market. In this space, index funds are now being employed to track the activity and performance of specific cryptocurrencies or basket of cryptocurrencies to meet a variety of risk and return objectives of different client types.
Looking at mining activity can provide critical insight into forecasting the price of and demand for Bitcoin, which helps investors identify good opportunities to enter the market.
According to some industry analysts, both the increase in mining difficulty as well as the increase in hash power are long-term bullish indicators for the price of Bitcoin. Across the years the correlation between Bitcoin price and the hashrate has been very high, suggesting a relationship between the two variables.
Cryptocurrencies are a recent phenomenon that has opened up immense opportunities in all fields of society and life. The reality, however, is that with this digital innovation has come increased scrutiny and concern from both legislators and regulators. Legislators and regulators are now faced with the difficult task of straddling a fine line between ensuring the stability of the global financial system and protecting the interests of investors while avoiding stifling technological innovation.
Initial coin offerings (ICOs) are a new way of raising funds for projects running on blockchain technology. Similar to the role venture capital (VC) plays in financing start-ups in traditional finance, ICOs are the future of venture investing in the blockchain world. Through ICOs, exponential returns can be earned in a very short period of time. When a decentralised application is created, the start-up behind it can sell the associated coin or token early in the process for an amount based on what it thinks it’s worth.
Initially billed as a medium of exchange by its founder- Saitoshi Nakamoto, bitcoin has risen exponentially in value- from a low of $0.17 in December 2010 to a historic high of $19,498.63 in December 2017- a rise of 11.47 million % (not a typo) in 7 years. Due to this very high valuation, bitcoin has lost any functionality as a medium of exchange (to replace or rival fiat currency) and is increasingly being viewed instead as a store of value. It has earned the title- ‘digital gold’.
The much-heralded decoupling of the financial markets between developed, emerging and frontier markets met its nemesis in the 2008/9 global financial crisis- The Great Recession. For the believer in a diversified global basket of stocks or indices this came as a crushing blow. This notwithstanding, we still believe that a globally-diversified passive buy-and-hold strategy provides the best chance at maximising net investment return. We test this empirically.
When implementing its strategic plans (regional
expansion and M&A activity) and/or financing its
operations the multinational corporation (MNC) has the
option to either borrow locally in the home market or
borrow internationally in the export market or beyond.
However, vagaries in economic conditions or changes
in government policies (this list is not exhaustive) in either
the home market or export market will impact valuations
of either the home currency or the export market
currency or both.
Significant impairment of assets may be a prelude to corporate collapse. Accounting standards provide a framework within which to measure this loss of value enabling key stakeholders in a restructuring negotiations make the right calls.
Businesses collapse for a variety of reasons. More often than not the signs of failure appear relatively early on and may be easy to discern for the perceptive observer. However, corporate leadership may simply be in denial or may deliberately suppress the symptoms of failure in an attempt to ‘kick the can down the road’. Here we look at some Critical Failure Factors (CFFs) that indicate the onset of corporate failure and accompanying metrics that should act as a wake-up call to senior corporate management.
The challenges to proper corporate governance emanating from a fast-changing regulatory world and the requirement for timely and accurate performance reporting and disclosure by both shareholders and the competitive market landscape means that corporate leadership is underenormous pressure to deliver within a tightly-confined space.
This study aimed to establish, using data over three different annualised time periods between 2007 and 2009, whether an actively managed portfolio (following either a value strategy or a momentum strategy) would outperform a passive buy-and-hold strategy based on a benchmark index (the NSE-20) on the Nairobi Stock Exchange (NSE).
A list of stocks from both theNairobi Stock ExchangeMIMS (large caps and mid-caps) and the AIMS (small caps) that had either outperformedor underperformed the benchmark index (the NSE-20) in all three periods was drawn up.
The results revealed that stocks that either outperformed or underperformed the NSE-20 were diverse across size, sector and investment style.
The research also went on to derive fundamental data-PE ratios as well as book-to-market values- BV/MV ratios for the list of stocks that had either underperformed or outperformed the benchmark index for all three periods.These revealed that a value strategy that would have picked stocks on the basis of high BV/MV ratios and low PE ratios would have been unable to outperform the benchmark index.
These findings were in line with anecdotal evidence on value investing where superior returns of value stocks are normalised when adjusted for risk. The case is even stronger when agency costs of delegated investment management are considered.
This article looks at the Nairobi Stock Exchange (NSE) to identify which from a number of strategies would produce winning stocks on a consistent basis. The article involves a study in which six hypothetical investment dates are considered between 2008 and 2010 and stocks picked on the basis of three strategies for four annual and two eight-month periods prior to these investment dates.
Stocks are picked on the basis of their out-performance in the investment periods prior to the investment dates. The strategies include a dividend yield strategy, a capital growth strategy and a total return (hybrid) strategy to identify which among these would provide the highest number of winners in the period following the investment dates.
The investment dates considered are:
17 January 2008
14 November 2008
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Regulation (Scrutiny) vs Decentralisation (Privacy)- the Crypto Conundrum.pdf
1. REGULATION (SECURITY) vs
DECENTRALISATION (PRIVACY):
THE CRYPTO CONUNDRUM
MAY 2023
BLOCKCHAIN AND CRYPTOASSET (K) LTD.
Authored by: Patrick Kiragu Mwangi BA, BSc., MA
2. ‘Ultimately, in objectively accessing the benefits
of a decentralised system, it is imperative to
understand the privacy implications of
decentralised architectures and whether the
privacy gains resulting from decentralised
coordination are greater than the privacy costs
emanating from the disclosure of metadata that
may involve revealing personal information and
breaching existing data privacy laws.’
INTRODUCTION
Blockchain is a technology that enables the secure validation, recording, and sharing of data.
Rather than storage in a centralised database controlled by a single entity, the data is stored
within a distributed network database with multiple copies of that database continuously
being updated in real time across the network of participants. Not only does this eliminate one
single point of failure risk, but it also makes tampering with the data a significantly more
onerous task. An intrusion would need to tamper with all copies of the data near
simultaneously in order to invalidate the network.
As this technology gathers pace and the use and investment in cryptoassets built on this
technology grows to match this pace, the need for regulation by both governments and
industry becomes imperative. The combination of the rapid growth of the crypto market—
valued at its most recent height at roughly $2.9 trillion in November 2021-, continued private
sector initiatives at developing new crypto projects and world-wide governmental efforts to
launch Central Bank Digital Currencies (CBDCs) have all helped galvanize governments to
attempt to act on industry regulation. A further impetus for regulation is the threat of
nefarious actors taking advantage of the decentralised nature of the technology to commit
crime- money laundering, evading tax and financing terrorist acts, thereby creating the need
to align regulation of this nascent technology with existing AML/ KYC laws.
3. Critically though, the ethos behind the development of blockchain technology was a move
away from centralised control by building a decentralised network that allowed for peer-to-
peer engagement away from the watchful gaze of governments and their proxies. This was
thought to be a stepin the right direction in enhancing user-privacy and allowing innovators
the space within which to advance technology. A conflict, therefore, inevitably emerges
between those who wish to engage in initiatives that move away from centralised power by
allowing individuals to interact directly without a controlling centre while at the same time
enhancing user-privacy, on the one hand, and a system that is both centralised and regulated
on the other.
The question to be addressed is, therefore, howmuch of central-based scrutiny and control to
employ through regulation without unduly defeating the whole purpose of decentralisation
and user-privacy inherent in thetechnology. How this will fit in with governments’ mandate
to protect consumers, promote competition and create safes spaces for technology users is of
no lesser significance.
BLOCKCHAIN AND PRIVACY
As the use of blockchain technology continues to gain momentum, data privacy has seen a
sharp uptick in global attention with the very nature of the technology raising interesting
issues around privacy laws and their application to the technology. Since data breaches have
become somewhat prevalent especially with the prominence of online service platforms
including e-commerce and social media platforms that collect, aggregate and analyse data,
advocates of blockchain technology continue to make the case for its adoption due to its
inherent ability to enhance user-privacy, data protection and data ownership.
However, certain blockchain featuresbring the technology at odds with existing privacy laws.
One key feature- immutability in particular, means that data stored on the blockchain cannot
be subsequently altered or deleted. This feature, in particular, contravenes EU GDPR rules,
for instance, which stipulate that data subjects retain control over their personal data,
including how it is collected and stored, and that persons collecting and storing such data
agree to hand over, correct, and delete that data on request. Other areas that may also be in
conflict with the same GDPR are in regards to data minimisation and storage limitation.
4. The above, notwithstanding, there is an area of convergence between existing GDPR
obligations and blockchain technology, namely ‘pseudonymisation’ as a security measure and
risk mitigation technique. With pseudonymity, the identity of the person(s) associated with
the action or transaction on the network cannot be (easily) established. This has the effect of
promoting, at the very least, data minimisation.
Complete privacy and anonymity, however, are unachievable where a backdoor or a bug in the
technology exists that limits even the abilitiesof the most sophisticated encryption techniques
to protect user-identity or privacy. Further, with decentralised systems, the onus remains with
the individual user to keep their data private where an operator or exchange is absent. Such
data may become compromised through inadvertent disclosure by the user or a leakage
through an improper use of a platform or tools.
Ultimately, even with blockchain-based systems that employ encryption technologies, these
are only as secure as the ability of users to securely manage their passwords and/ or private
keys.
THE POLICY QUESTION
There have been continued calls by industry and market participants, in both the tech and
finance space, for legislative clarity or at least guidance from relevant authorities to reconcile
data privacy laws with emerging decentralised technologies like blockchain.
From a policy perspective legislators, regulators, and technologists are faced with the difficult
task of giving realism to the benefits of regulation without creating a central database that
irreversibly connects all persons to all of their transactions thereby heavily impinging on
individual privacy. While it is possible to benefit from a decentralised system like blockchain
that conducts processes electronically without revealing data about the transacting parties,
questions remain relating not only to how to reconcilethe different perspectives on anonymity
and pseudonymity and how theyaffect the applicability of various data protection and privacy
laws, but also how to reconcile transaction immutability and data preservation in blockchain
applications with individual rights.
5. THE MISCONCEPTION
Contrary to popular narrative, bitcoin and other cryptoassets do not provide a high degree of
anonymity or privacy. Bitcoin is pseudonymous, meaning transactions are linked to the user
wallet address rather than the name, hence making transactional records viewable by the
public. In fact, the more wallet addresses are used, the more the information that can be
inferred from these addresses. Crypto forensic and analytics companies (like Chainalsyis,
Elliptic, and CipherTrace) also exist that are able to attach identities to illicit transactions
making the blockchain network not as private as it is made out to be.
As a result, and where the intention for establishing decentralized architectures like
blockchain is to protect user privacy and provide data sovereignty against the ubiquitous
surveillance of states and corporations, such infrastructures might turn out to be just as
vulnerable to governmental or corporate surveillance as their centralised counterparts. Data
mining techniques applied to the analysis of public blockchain transactions could be just as
intrusive as standard surveillance techniques on centralised platforms. This is an irremovable
contradiction of the public ledger design that the blockchain requires for its very existence.
DECENTRALISATION- A MIXED BAG
With the current state of telecommunication technologies, it is becoming harder to
communicate on theinternet without leaving traces or disclosing information to centralised
third parties —be they governmental agencies or private companies. When carrying out
transactions, users put trust in these parties’ abilityto hold their transaction data securely and
execute transactions. However, with such centralised structures, these not only constitute a
single point of failure but large amounts of such data are prone to security risks where the
authority’s system may be hacked or mishandled or data lost or stolen.
6. Blockchain technology aims to remove this reliance on central authority (and hence a single
point of failure) through encryption and by enabling nodes or devices within the blockchain
network to confirm the validity of a transaction rather than a central or an external third party
doing so. Further, this set-up also helps to preserve privacy and confidentiality while also
contributing to the promise of libertarianism to further individual freedoms and greater end-
user autonomy.
Network transparency that comeswith decentralised systems also enables users to collectively
verify the legitimacy of every network transaction while also ensuring the users’ fundamental
right to privacy is protected. As such, the more decentralised an infrastructure is, the less it
relies on trust and the more transparency within that system becomes indispensable.
Network transparency is, however, not without danger as it allows for third party analysis of
data which is publicly disclosed on the network meaning that decentralised infrastructures-
designed to promote privacy and autonomy- can actually end up being just as vulnerable to
governmental agencies or corporate scrutiny as their centralised counteparts. Such openness
and transparency of a decentralised network can also make information more vulnerable to
nefarious third-party grab.
Decentralised systems, therefore, present a mixed bag. On the one hand, they reduce the
dependency on centralised service providers while improving the ability for users to protect
their own data from nefarious actors. On the other hand, however, the degree of transparency
necessary for a decentralised system to function requires disclosure of significant amounts of
metadata to be made available to the overall network. Further, the lack of a formalised
hierarchical structurewithin a decentralised network, means that power may consolidate into
unofficial clusters where it becomes difficult to establish who is actually in control.
Ultimately, in objectively accessing the benefits of a decentralised system, it is imperative to
understand the privacy implications of decentralised architectures and whether the privacy
gains resulting from decentralised coordination are greater than the privacy costs emanating
from the disclosure of metadata that may involve revealing personal information and
breaching existing data privacy laws.
7. DANGERS OF SILO-TYPE REGULATION
Regulation is key in ensuring that the corporate structure, governance, internal controls and
record-keeping of organisations are well-organised and do not impinge on the interests of
customers or clients. However, in an interconnected world, such regulation needs to be
structured in a manner that overcomes the confines of jurisdiction for it to have truemeaning.
Factoring in the reality that any enacted regulation relating to blockchain technology and its
‘derivatives’ like cryptoassets will have to work in harmony with existing data privacy laws, it
is more than worthwhile to takea look at the structure of existing data protection legislation.
The EU takes an expansive and omnibus approach with its GDPR which seeks to protect EU
residents against less stringent data protection standards in other countries while allowing
member states to make only minor derogations. By contrast, the US approaches data privacy
in a patchwork, sector-specific fashion at the federal level. The UK, for its part, has chosen a
more pragmatic approach that puts more reasonable burdens on organisations to protect
individuals’ privacy, rather than placing the onus on consumers to exercise their privacy
rights. Similarly, data protection reform conversations in Australia, Canada and Asia continue
to avoid imitating GDPR and instead lean towards accountability principles embodied in the
UK model.
This silo-type legislation that sees various jurisdiction opting to handle data privacy with
varying levels of accountability and scrutiny will in all likelihood feed into any legislative
initiatives aimed at housing blockchain technology and the cryptoassets built on this
technology.
8. Evaluating jurisdiction and applying regulationsto decentralised blockchain implementations
is, therefore, not a straightforward exercise. In particular, the distributed natureof blockchain
technology not only poses a challenge regarding the applicability of various jurisdictions’laws,
but it also raises tensions with those that restrict cross-border data transfers.
With this in mind, it will be some time before we see universal rules on how to treat and
manage blockchain and cryptoassets across the various jurisdictions if current application of
privacy laws is anything to go by. This notwithstanding, the fact that nearly all global
jurisdictionsread from the samehymn sheet in regards to AML/ KYC legislation, is a positive
sign.
THE CONCEPT OF ‘CONSENT’
Under existing privacy laws (e.g GDPR), data controllers are required to request consent from
their users or data subjects in order to access or store their personal data. This consent must
be freely-given, specific, informed, and unambiguous. However, even where these privacy
requirements on the part of data controllers are met, data subjects can withdraw consent at
any time without explanation.
If blockchain technology adherents are to take account of existing privacy laws, they must
consider scenarios like consent withdrawal. The fact that blockchains may store personal data
in a way that is extremely difficult to removemeans that these new technologies may need to
depend on a basis other than consent when handling personal data.
THE UPSIDE OF REGULATION
The core reason for any industry regulation is to protect consumers and investors. Within the
growing blockchain and cryptoasset space, investors should be able to enjoy the promise of
participating in transparent, fair and robust marketplaces with the protections that they
would get in conventional finance. If implemented correctly, companies involved in
blockchain development would benefit from being able to bring new services to market with
regulatory certainty and without being burdened by unnecessary compliance or operational
costs.
Linkages between blockchain technology and associated assets, on the one hand, with
traditional finance, on the other, are beginning to emerge and these linkages may threaten
9. financial stability if they are not managed well. Stakeholders in the industry, primarily
regulators, must not wait until the point of financial instability for them to develop the
frameworks necessary to prevent a crypto shock that could have a much greater destabilising
impact. A case in point is the recent FTX collapse which appears to have triggered some level
of contagion and negative sentiment in the finance and the crypto industries respectively.
Innovation also benefits from regulation and regulatory clarity in that scale can only best be
achieved within a framework that manages risks to existing standards. Regulation would
allow for a seamless integration between existing financial infrastructure and new functions in
the blockchain and cryptoasset space. As an example, integration or transition to ‘smart
contracts’ (as pioneered in the decentralised finance- defi space) from existing legacy systems
would allow for the functions of trading, clearing and settlement of tokenised financial assets
to be combined into a single, instantaneous contract rather than being carried out in sequence
by three separate institutions over a number of days. This would not only lead to efficiency
gains but also help reduce risks associated with time lag.
THE CASE FOR SCRUTINY
Given privacy as a primary motivation for the adoption of blockchain technology, whether to
circumvent capital controls or just to avoid the “pastoral gaze” of state or corporate
surveillance, regulators continue to view the technology with great suspicion. Further, the
pseudonymous nature of crypto wallets means that these are incompatible with the AML/
KYC regimes of most countries, which require financial institutions to track the identities of
participants transacting above a certain threshold.
10. Going forward and as the digital asset market moves closer to mainstream finance, financial
institutions handling these assets, directly or indirectly, will therefore want to ensure proper
AML/ KYC procedures are in place for both compliance purposes and to avoid unwittingly
being used as funnels to move money by bad actors.
THE COMPROMISE
Given the apparent conflict between decentralisation and privacy, on the one hand, and
regulation and scrutiny on the other, the most desired outcome may be a framework that is
risk-based so that the level of regulation is contingent on the level of risk. Where there's a
greater threat of nefarious acts to circumvent the law, stricter regulation and greater scrutiny
of specific decentralised applications should be employed to match existing AML/KYC
regulations.
Low-risk decentralised applications, say identity verification and authentication, which
merely seek to confirm a user’s identity, for example, would therefore attract less strict
regulation and minimal scrutiny. Such a development, however, would requirea collaboration
by all industry stakeholders, including the private sector, so that such regulation does not
inadvertently stand in the way of innovation.
In addition, to further ensure that the changeover from legacy systems to these new
decentralised technology is as seamless as possible, institutional involvement will be key.
Although, this at face value appears to defeat the whole purpose behind decentralisation and
user-privacy enhancement, lessons learned with traditional legacy infrastructure would be key
in ensuring the transition from centralised to decentralised networks is a seamless as possible.
11. The fear, however, on the part of users especially privacy-minded individuals, would be that
the regulated financial institutions that operate the system might secretly collude to
compromise the anonymity of their clients.
LAST WORD!
The debate surrounding the arrival of innovative technologies like blockchain and
cryptoassets boils down to decentralisation vs regulation or, more precisely, privacy versus
security. This debate will only continue to gather momentum as these technologies become
ever more mainstream in consumer and commercial settings. Enterprises seeking to
maximise opportunities presented by this nascent technology will, however, need to remain
abreast of new iterations of the technology as well as evolving data privacy reform and
regulations. Failure to do so won’t just impact their bottomline, but also have the potential to
bring their businesses to a standstill.
Increased regulation may at first appear as halting technological advancement thereby
causing negative market sentiment, as it implies there is a need for regulation in the first
place. However, in the long run, the uptake in blockchain technology and related assets is
likely to increase because there will be more consumer confidence in this technological output
and related investments.
As blockchain technology continues to be integrated intovarious industries, governments will
impose regulations to ensure the accountability and transparency of these systems, requiring
companies to explain their blockchain decision-making processes and to provide a human
review mechanism for certain decisions.
From a policy perspective, as adoption grows, privacy concerns will not altogether disappear.
It is, therefore, essential that both policymakers and regulators work with industry experts,
private businesses, civil society and academia to develop evidence-based, future-looking
strategies to realise the benefits of, and mitigate the risks of, these technologies. Such
engagement will also allow the industry to demonstrate to governments and industry
watchdogs that blockchain and allied investments are not detrimental to either privacy or
AML efforts while at the same time providing regulators the space to allow for innovation.
12. Blockchain technology then becomes, not an innovation wrought in risk, but rather an
opportunity.
This said, the decentralised nature of the technology will continue to feed into doubts as to
whether theuse of permission-less blockchain can deliver the necessary level of assurance for
activities that are integral to the stability of the financial system. Regulators will need to
remain open-minded and innovative in thinking to explore whether, and if so, how the
necessary level of assurance – equal to that in conventional finance – can be attained.
Predicting the future direction and pace of blockchain and cryptoassets will not be an easy
task. Promising technologies can fall by the wayside and unexpected ones can flourish.
However, the technologies that have been pioneered and refined in the crypto world, such as
encryption, tokenisation, smart contracts, atomic settlement and the like, not only seem
unlikely to go away any time soon as the globe digitalises but will rather enhance the potential
to improve efficiency, functionality and reduce risk, at the very least, within the financial
system. However, technologies are only as good as the rules, programmes and structures
which organise their operations. It may well be some time before blockchain and allied assets
are deployed at scale and attain the global reach enjoyed by legacy systems.
In concluding, blockchain technology, which seeks to provide users with the ability to access,
view and submit transactions with minimal central oversight, must see this benefit balanced
with the need for organisations, that adopt it and that have business models built on it, follow
consistent data privacy practices and comply with applicable laws and regulations.
13. Sources
City A.M. (2020) Privacy laws and blockchain. London: City A.M.
Forbes (2021) Crypto Investors Defy Regulatory Uncertainty to Profit. Jersey City: Forbes
Goodwell, G & Aste, T (2019) Can Cryptocurrencies Preserve Privacy and Comply with
Regulations? London: Centre for Blockchain Technologies, University College London
Thomson Reuters Practical Law (2022) Blockchain Technology: Data Privacy Issues and
Potential Mitigation Strategies. London: Thomson Reuters (Professional UK) Limited
PYMNTS (2021) Debate Looms Over Crypto Privacy, Security and Regulation. [online]
Boston: PYMNTS Available from: https://www.pymnts.com/cryptocurrency/2021/debate-
over-privacy-security-regulation/
World Economic Forum (2022) Privacy concerns loom large as governments respond to
crypto. Geneva: World Economic Forum
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May 2023