An official website of the United States government
The global financial landscape is experiencing significant transformation driven by technological advancements and evolving market dynamics. Moreover, blockchain technology has become a pivotal platform with widespread applications, especially in finance. Cross-border payments have emerged as a key area of interest, with blockchain offering inherent benefits such as enhanced security, transparency, and efficiency compared to traditional banking systems. This paper presents a novel framework leveraging blockchain technology and smart contracts to emulate cross-border payments, ensuring interoperability and compliance with international standards such as ISO20022. Key contributions of this paper include a novel prototype framework for implementing smart contracts and web clients for streamlined transactions and a mechanism to translate ISO20022 standard messages. Our framework can provide a practical solution for secure, efficient, and transparent cross-border transactions, contributing to the ongoing evolution of global finance and the emerging landscape of decentralized finance.
more »
« less
Initial coin offerings: Linking technology and financialization
This paper elaborates on the interactions between digital technologies and financial practices and how they contribute to the ongoing process of financialization. We focus on the circumstances of blockchain-based token offerings and their contribution to reshaping existing systems of investment in startups. We show how future clients become investors via the initial coin offering (ICO) process. The paper is based on interviews with blockchain and industry practitioners during 2018 and 2019 and focuses on an in-depth case study of a specific ICO in early 2018. We suggest a framework consisting of catalysts, cracks and voids to analyze the financialization process and to inform theories of how financialization advances through the new spaces afforded by socially constructed technologies upon which entrepreneurs capitalize. With this framework we provide a better understanding of the mechanics behind financialization, particularly the ways in which business processes, and larger social relations such as the role of investors and clients, are reimagined and reworked.
more »
« less
- Award ID(s):
- 1853718
- PAR ID:
- 10547355
- Publisher / Repository:
- SAGE Publications
- Date Published:
- Journal Name:
- Environment and Planning A: Economy and Space
- Volume:
- 52
- Issue:
- 8
- ISSN:
- 0308-518X
- Format(s):
- Medium: X Size: p. 1560-1582
- Size(s):
- p. 1560-1582
- Sponsoring Org:
- National Science Foundation
More Like this
-
-
Landscapes of Rizq: Islam, Masculinity, and Speculative Real Estate in Lahore The city of Lahore, Pakistan has expanded by 20% in the past 20 years alone. Lahore’s exponential growth is fueled by a financialized real estate market that facilitates speculative trading of plots of land rather than constructed buildings. At the city’s ever-expanding periphery, real estate developers armed with drones and legal teams scout for cheap land while agricultural landowners collaborate to resist these efforts by refusing to sell or inflating prices. In WhatsApp groups, local and overseas Pakistani investors carefully monitor these events by sharing rumors, leaked documents, Google satellite images, and personal photos and videos in order to make their own assessments about the value of land. In the struggle to keep, buy, and sell land, several different approaches to placemaking collide—land as generational wealth; land as expansion of the modern city; land as entry to the middle class; and land as return to the homeland. Meanwhile, the financialization of land has taken a devastating toll on urban development, leading to the displacement of tenant farmers, unprecedented deforestation, and Lahore becoming the second most polluted city in the world. At the same time, speculative real estate in Lahore exists against the backdrop of Pakistan’s longstanding political and economic instability, which includes a largely unregulated economy, dramatic policy changes imposed by international organizations such as the International Monetary Fund and the Financial Action Task Force, and unpredictable currency fluctuations during the 2020 pandemic. While real estate is the most popular form of financial activity in Lahore, it is also extraordinarily risky. Developers routinely sell land before they possess it even though acquisition attempts often fail and government planning permissions to convert agricultural land into urban land are not always received. Local and overseas Pakistanis regularly invest in land despite the long history of fraud and turmoil in the market. Based on 24 months of ethnographic fieldwork in Lahore with developers, investors and landowners, this paper analyzes how these actors navigate risk through the concept of rizq, or the Islamic belief that despite one’s best efforts, their material possessions are ultimately provided by God. I show how rizq and real estate constitute dual economies between which all debts are eventually settled. Attending to the role of masculinity in this male-dominated market, I also examine how rizq entangles with financialization through the male archetypes of the patron, the patriarch, and the adventurer. At the intersection of Islam, masculinity, and speculative real estate, I argue that rizq enables an audacious mode of speculation that has devastated the landscape of Lahore. This paper presentation will be pre-recorded and read over drone footage collected during fieldwork that highlights the speculative landscape of Lahore.more » « less
-
Abstract This commentary explores the feasibility of blockchain technologies (and cryptocurrencies) in contesting the power of centralized, corporate platforms. While proponents of blockchain and cryptocurrencies regularly proclaim their power to decentralize and counter corporate power, I am much more constrained in my assessment and note the significant challenges facing open blockchain approaches in competing with platforms. From this, I highlight three key areas in which blockchains may complicate platform operations, albeit in indeterminate ways. These include (i) closed, state-based blockchain systems focused on making back-office processes more efficient, (ii) the use of cryptocurrencies for platform-based transactions and (iii) providing digital objects with an element of “uniqueness” that makes them tradable in new ways. In the end, blockchain and cryptocurrencies are technologies like any others, providing affordances for some kinds of action over others but ultimately their embeddedness in practice and space shapes how they impact the organization and geography of economies, societies and regions.more » « less
-
Blockchain has emerged as a solution for ensuring accurate and truthful environmental variable monitoring needed for the management of pollutants and natural resources. The immutability property of blockchain helps protect the measured data on pollution and natural resources to enable truthful reporting and effective management and control of polluting agents. However, specifics on what to measure, how to use blockchain, and highlighting which blockchain frameworks have been adopted need to be explored to fill the research gaps. Therefore, we review existing works on the use of blockchain for monitoring and managing environmental variables in this paper. Specifically, we examine existing blockchain applications on greenhouse gas emissions, solid and plastic waste, food waste, food security, water usage, and the circular economy and identify what motivates the adoption of blockchain, features sought, used blockchain frameworks and consensus algorithms, and the adopted supporting technologies to complement data sensing and reporting. We conclude the review by identifying practical works that provide implementation details for rapid adoption and remaining challenges that merit future research.more » « less
-
Despite the great potential of Federated Learning (FL) in large-scale distributed learning, the current system is still subject to several privacy issues due to the fact that local models trained by clients are exposed to the central server. Consequently, secure aggregation protocols for FL have been developed to conceal the local models from the server. However, we show that, by manipulating the client selection process, the server can circumvent the secure aggregation to learn the local models of a victim client, indicating that secure aggregation alone is inadequate for privacy protection. To tackle this issue, we leverage blockchain technology to propose a verifiable client selection protocol. Owing to the immutability and transparency of blockchain, our proposed protocol enforces a random selection of clients, making the server unable to control the selection process at its discretion. We present security proofs showing that our protocol is secure against this attack. Additionally, we conduct several experiments on an Ethereum-like blockchain to demonstrate the feasibility and practicality of our solution.more » « less
