We document an ongoing research process towards the implementation and integration of a digital artefact, executing the lifecycle of a leveraged trade with permissionless blockchain technology. By employing core functions of the 'Dai Stablecoin system' deployed on the Ethereum blockchain, we produce the equivalent exposure of a leveraged position while deterministically automating the monitoring and liquidation processes. We demonstrate the implementation and early integration of the artefact into a hardened exchange environment through a microservice utilizing standardized API calls. The early results presented in this paper were produced in collaboration with a team of stakeholders at a hosting organization, a multi-national online brokerage and cryptocurrency exchange. We utilize the design science research methodology (DSR) guiding the design, development, and evaluation of the artefact. Our findings indicate that, while it is feasible to implement the lifecycle of a leveraged trade on the blockchain, the integration of the artefact into a traditional exchange environment involves multiple compromises and drawback. Generalizing the tentative findings presented in this paper, we introduce three propositions on the implementation, integration, and implications of executing key business processes with permissionless blockchain technologies. By conducting computational design science research, we contribute to the information systems discourse on the applied utility of permissionless blockchain technologies in finance and beyond.
With the rapid growth of renewable energy resources, the energy trading began to shift from centralized to distributed manner. Blockchain, as a distributed public ledger technology, has been widely adopted to design new energy trading schemes. However, there are many challenging issues for blockchain-based energy trading, i.e., low efficiency, high transaction cost, security & privacy issues. To tackle with the above challenges, many solutions have been proposed. In this survey, the blockchain-based energy trading in electrical power system is thoroughly investigated. Firstly, the challenges i…
Blockchain has the potential to accelerate the deployment of emissions trading systems (ETS) worldwide and improve upon the efficiency of existing systems. In this paper, we present a model for a permissioned blockchain implementation based on the successful European Union (EU) ETS and discuss its potential advantages over existing technology. We propose an ETS model that is both backwards compatible and future-proof, characterised by interconnectedness, transparency, tamper-resistance and high liquidity. Further, we identify key challenges to implementation of a blockchain ETS, as well as are…
The need for data trading promotes the emergence of data market. However, in conventional data markets, both data buyers and data sellers have to use a centralized trading platform which might be dishonest. A dishonest centralized trading platform may steal and resell the data seller's data, or may refuse to send data after receiving payment from the data buyer. It seriously affects the fair data transaction and harm the interests of both parties to the transaction. To address this issue, we propose a novel blockchain-based data trading framework with Trusted Execution Environment (TEE) to pro…
This paper presents a blockchain-based approach for securing spectrum sharing in multi-beam satellite systems. Satellite spectrum is a scarce resource that requires highly efficient management schemes for optimized sharing by network users. However, spectrum sharing is vulnerable to attacks by malicious protocol participants. In order to ensure efficient spectrum management in the face of dishonest satellite users or cyber attackers, it is important for spectrum sharing mechanism to provide transparency and traceability of the trading process so as to enable the system to detect, and hence eli…
Peer-to-Peer (P2P) energy trading can facilitate integration of a large number of small-scale producers and consumers into energy markets. Decentralized management of these new market participants is challenging in terms of market settlement, participant reputation and consideration of grid constraints. This paper proposes a blockchain-enabled framework for P2P energy trading among producer and consumer agents in a smart grid. A fully decentralized market settlement mechanism is designed, which does not rely on a centralized entity to settle the market and encourages producers and consumers to…
The desire to overcome reliability issues of distributed energy resources (DERs) lead researchers to development of a novel concept named as virtual power plant (VPP). VPPs are supposed to carry out intelligent, secure, and smart energy trading among prosumers, buyers, and generating stations along with providing efficient energy management. Therefore, integrating blockchain in a decentralized VPP network emerged as a new paradigm, and recent experiments over this integration have shown fruitful results. However, this decentralization also suffers with energy management, trust, reliability, an…
In this paper we describe the architecture and the implementation of a broker based publish/subscribe system where the broker role is played by a private blockchain, Hy-perledger Fabric. We show the effectiveness of our architecture by implementing and deploying a photo trading plateform. Interestingly, our architecture is generic enough to be adapted to any digital asset trading.
Blockchain is increasingly being used to provide a distributed, secure, trusted, and private framework for energy trading in smart grids. However, existing solutions suffer from lack of privacy, processing and packet overheads, and reliance on Trusted Third Parties (TTP). To address these challenges, we propose a Secure Private Blockchain-based (SPB) framework. SPB enables the energy producers and consumers to directly negotiate the energy price. To reduce the associated packet overhead, we propose a routing method which routes packets based on the destination Public Key (PK). SPB eliminates t…
Blockchain is increasingly being used as a distributed, anonymous, trustless framework for energy trading in smart grids. However, most of the existing solutions suffer from reliance on Trusted Third Parties (TTP), lack of privacy, and traffic and processing overheads. In our previous work, we have proposed a Secure Private Blockchain-based framework (SPB) for energy trading to address the aforementioned challenges. In this paper, we present a proof-on-concept implementation of SPB on the Ethereum private network to demonstrates SPB's applicability for energy trading. We benchmark SPB's perfor…
Decentralized exchanges (DEXs) allow parties to participate in financial markets while retaining full custody of their funds. However, the transparency of blockchain-based DEX in combination with the latency for transactions to be processed, makes market-manipulation feasible. For instance, adversaries could perform front-running -- the practice of exploiting (typically non-public) information that may change the price of an asset for financial gain. In this work we formalize, analytically exposit and empirically evaluate an augmented variant of front-running: sandwich attacks, which involve f…
We develop an energy trading system, EDISON-X, that uses blockchain technology to manage the buying and selling of electricity usage rights, i.e., tokens. UPX and SPX tokens purchase electricity from the utility company's distribution lines and the photovoltaic panels. On July 1, 17 students in our school dormitory participated in an experiment to confirm the operation of the EDISON-X system. Based on the results of this experiment, we discuss the energy trading system using blockchain technology for the effective usage of renewable energy. We develop topology and network science methodologies…
Traditional smart grid energy auctions cannot directly be integrated in blockchain due to its decentralized nature. Therefore, research works are being carried out to propose efficient decentralized auctions for energy trading. Since, blockchain is a novel paradigm which ensures trust, but it also comes up with a curse of high computation and communication complexity which eventually causes resource scarcity. Therefore, there is a need to develop and encourage development of greener and computational-friendly auctions to carry out decentralized energy trading. In this paper, we first provide a…
PriME-Deal: Privacy-Preserving Bilateral Data Trading with Efficient Matchmaking and Auditable Fair Exchange on Blockchain
Tianjin University（天津大学）；East China Normal University（华东师范大学）；Hainan University（海南大学）；Southern Cross University（南十字星大学）；City University of Hong Kong（香港城市大学）
Inspired by Bitcoin, many different kinds of cryptocurrencies based on blockchain technology have turned up on the market. Due to the special structure of the blockchain, it has been deemed impossible to directly trade between traditional currencies and cryptocurrencies or between different types of cryptocurrencies. Generally, trading between different currencies is conducted through a centralized third-party platform. However, it has the problem of a single point of failure, which is vulnerable to attacks and thus affects the security of the transactions. In this paper, we propose a distribu…
It is observed that users have higher requirements for fairness, transparency, and privacy of transactions of energy exchanges that occur across platforms like Indian Energy Exchange (IEX) and Power Exchange India Limited (PXIL). As a decentralized distributed accounting system, blockchain is characterized by traceability, security, credibility, and non-tampering of transactions, which can meet the needs of integrated energy and multi-energy transactions. Based on the research on the application of blockchain technology in the field of integrated energy services, this solution proposes an inte…
Blockchain technology, which has been known by mostly small technological circles up until recently, is bursting throughout the globe, with a potential economic and social impact that could fundamentally alter traditional financial and social structures. Issuing cryptocurrencies on top of the Blockchain system by startups and private sector companies is becoming a ubiquitous phenomenon, inducing the trading of these crypto-coins among their holders using dedicated exchanges. Apart from being a trading ledger for tokens, Blockchain can also be observed as a social network. Analyzing and modelin…
In order to stay up to date with world issues and cutting-edge technol-ogies, the newspaper plays a crucial role. However, collecting news is not a very easy task. Currently, news publishers are collecting news from their correspond-ents through social networks, email, phone call, fax etc. and sometimes they buy news from the agencies. However, the existing news sharing networks may not provide security for data integrity and any third party may obstruct the regular flow of news sharing. Moreover, the existing news schemes are very vulnerable in case of disclosing the identity. Therefore, a un…
Transactive energy plays a key role in the operation and energy management of future power systems. However, the conventional operational mechanism, which follows a centralized design, is often less secure, vulnerable to malicious behaviors, and suffers from privacy leakage. In this work, we introduce blockchain technology in transactive energy to address these challenges. Specifically, we develop a novel blockchain-based transactive energy framework for prosumers and design a decentralized energy trading algorithm that matches the operation of the underlying blockchain system. We prove that t…
Since the advent of bitcoin in 2008, the concept of a blockchain has widely spread. Besides crypto currencies and trading activities, there is a wide range of potential application areas where blockchains are providing the main building block for secure solutions. From a technical point of view, a blockchain involves a set of cryptographic primitives to provide a data structure with security and trust properties. However, a blockchain is not a golden bullet. It may be well suited for some problems, but often an inappropriate data structure for many applications. In this paper, we review the hi…
The blockchain technology empowers secure, trustless, and privacy-preserving trading with cryptocurrencies. However, existing blockchain-based trading platforms only support trading cryptocurrencies with digital assets (e.g., NFTs). Although several payment service providers have started to accept cryptocurrency as a payment method for tangible goods (e.g., Visa, PayPal), customers still need to trust and hand over their private information to centralized E-commerce platforms (e.g., Amazon, eBay). To enable trustless and privacy-preserving trading between cryptocurrencies and real goods, we pr…
The asset trading volume on blockchain-based exchanges (DEX) increased substantially since the advent of Automated Market Makers (AMM). Yet, AMMs and their forks compete on the same blockchain, incurring unnecessary network and block-space overhead, by attracting sandwich attackers and arbitrage competitions. Moreover, conceptually speaking, a blockchain is one database, and we find little reason to partition this database into multiple competing exchanges, which then necessarily require price synchronization through arbitrage. This paper shows that DEX arbitrage and trade routing among simila…
Blockchain was always associated with Bitcoin, cryptocurrencies, and digital asset trading. However, its benefits are far beyond that. It supports technologies like the Internet-of-Things (IoT) to pave the way for futuristic smart environments, like smart homes, smart transportation, smart energy trading, smart industries, smart supply chains, and more. To enable these environments, IoT devices, machines, appliances, and vehicles, need to intercommunicate without the need for centralized trusted parties. Blockchain replaces these trusted parties in such trustless environments. It provides secu…
Power systems are growing rapidly, due to the ever-increasing demand for electrical power. These systems require novel methodologies and modern tools and technologies, to better perform, particularly for communication among different parts. Therefore, power systems are facing new challenges such as energy trading and marketing and cyber threats. Using blockchain in power systems, as a solution, is one of the newest methods. Most studies aim to investigate innovative approach-es of blockchain application in power systems. Even though, many articles published to support the research activities, …
Recent years have witnessed an increasing interest in the blockchain technology, and many blockchain-based applications have been developed to take advantage of its decentralization, transparency, fault tolerance, and strong security. In the field of smart grids, a plethora of proposals have emerged to utilize blockchain for augmenting intelligent energy management, energy trading, security and privacy protection, microgrid management, and energy vehicles. Compared with traditional centralized approaches, blockchain-based solutions are able to exploit the advantages of blockchain to realize be…
Cryptoassets such as cryptocurrencies and tokens are increasingly traded on decentralized exchanges. The advantage for users is that the funds are not in custody of a centralized external entity. However, these exchanges are prone to manipulative behavior. In this paper, we illustrate how wash trading activity can be identified on two of the first popular limit order book-based decentralized exchanges on the Ethereum blockchain, IDEX and EtherDelta. We identify a lower bound of accounts and trading structures that meet the legal definitions of wash trading, discovering that they are responsibl…
Central China Normal University（华中师范大学）；CCNU Wollongong Joint Institute（华中师范大学伍伦贡联合研究院）；Hubei University of Technology（湖北工业大学）
With the development of blockchain technology, more and more attention has been paid to the intersection of blockchain and education, and various educational evaluation systems and E-learning systems are developed based on blockchain technology. Among them, Ethereum smart contract is favored by developers for its ``event-triggered" mechanism for building education intelligent trading systems and intelligent learning platforms. However, due to the immutability of blockchain, published smart contracts cannot be modified, so problematic contracts cannot be fixed by modifying the code in the educa…
The booming Internet of Things (IoT) market has drawn tremendous interest from cyber attackers. The centralized cloud-based IoT service architecture has serious limitations in terms of security, availability, and scalability, and is subject to single points of failure (SPOF). Recently, accommodating IoT services on blockchains has become a trend for better security, privacy, and reliability. However, blockchain's shortcomings of high cost, low throughput, and long latency make it unsuitable for IoT applications. In this paper, we take a retrospection of existing blockchain-based IoT solutions …
