Finance and Financial Management Commons^™

Blockchain-Based Public Auditing And Secure Deduplication With Fair Arbitration, Haoran Yuan, Xiaofeng Chen, Jianfeng Wang, Jiaming Yuan, Hongyang Yan, Willy Susilo

Research Collection School Of Computing and Information Systems

Data auditing enables data owners to verify the integrity of their sensitive data stored at an untrusted cloud without retrieving them. This feature has been widely adopted by commercial cloud storage. However, the existing approaches still have some drawbacks. On the one hand, the existing schemes have a defect of fair arbitration, i.e., existing auditing schemes lack an effective method to punish the malicious cloud service provider (CSP) and compensate users whose data integrity is destroyed. On the other hand, a CSP may store redundant and repetitive data. These redundant data inevitably increase management overhead and computational cost during the …

A False Sense Of Security: How Congress And The Sec Are Dropping The Ball On Cryptocurrency, Tessa E. Shurr

Dickinson Law Review (2017-Present)

Today, companies use blockchain technology and digital assets for a variety of purposes. This Comment analyzes the digital token. If the Securities and Exchange Commission (SEC) views a digital token as a security, then the issuer of the digital token must comply with the registration and extensive disclosure requirements of federal securities laws.

To determine whether a digital asset is a security, the SEC relies on the test that the Supreme Court established in SEC v. W.J. Howey Co. Rather than enforcing a statute or agency rule, the SEC enforces securities laws by applying the Howey test on a fact-intensive …

Fintech Regulations In The United States Compared To Regulations In Europe And Asia, Victoria Williams

Honors College Theses

Fintech, or financial technology, is an up and coming industry and yet at the same time has been around since the 1950s. In Europe and Asia, there has been a lot of innovation, and lawmakers have been forced to keep up with regulating the rapidly growing industry. However, the United States has not risen to the occasion of properly regulating this industry and can learn from countries in Europe and Asia on how to effectively regulate fintech. This essay explains generally what fintech is, why it must be properly regulated, how countries in Europe and Asia regulate it, and how …

The Adoption Of Cryptocurrency Technology Into The Us Banking Infrastructure, Trevor Melito

Senior Theses

This thesis examines the possibility of using Blockchain technology to permanently change the payment structure of the US banking system. First, I examine the current technology that dominates the banking sector. I introduce the most frequently used payments methods including Automatic Clearing House transfers and wire transfers, both domestically and internationally. In addition, I highlight the major players controlling these transactions. Under the current system, frictions between senders and receivers cause billions of dollars in losses each year.

Next, I examine Blockchain’s roots along with some similar cryptocurrency technology, namely Distributed Ledger Technology and Smart Contracts. The transparency, security, and …

Understanding Cryptocurrencies, Wolfgang Karl Hardle, Campbell R. Harvey, Raphael C. G. Ruele

Sim Kee Boon Institute for Financial Economics

Cryptocurrency refers to a type of digital asset that uses distributed ledger, or blockchain, technology to enable a secure transaction. Although the technology is widely misunderstood, many central banks are considering launching their own national cryptocurrency. In contrast to most data in financial economics, detailed data on the history of every transaction in the cryptocurrency complex are freely available. Furthermore, empirically oriented research is only now beginning, presenting an extraordinary research opportunity for academia. We provide some insights into the mechanics of cryptocurrencies, describing summary statistics and focusing on potential future research avenues in financial economics.

Investing With Cryptocurrencies: A Liquidity Constrained Investment Approach, Simon Trimborn, Mingyang Li, Wolfgang Karl Hardle

Sim Kee Boon Institute for Financial Economics

Cryptocurrencies have left the dark side of the finance universe and become an object of study for asset and portfolio management. Since they have low liquidity compared to traditional assets, one needs to take into account liquidity issues when adding them to a portfolio. We propose a Liquidity Bounded Risk-return Optimization (LIBRO) approach, which is a combination of risk-return portfolio optimization under liquidity constraints. Cryptocurrencies are included in portfolios formed with stocks of the S&P 100, US Bonds, and commodities. We illustrate the importance of the liquidity constraints in an in-sample and out-of-sample study. LIBRO improves the weight optimization in …

Multilateral Transparency For Security Markets Through Dlt, David C. Donald, Mahdi H. Miraz

Fordham Journal of Corporate & Financial Law

For decades, changing technology and policy choices have worked to fragment securities markets, rendering them so dark that neither ownership nor real-time price of securities are generally visible to all parties multilaterally. The policies in the U.S. National Market System and the EU Market in Financial Instruments Directive— together with universal adoption of the indirect holding system— have pushed Western securities markets into a corner from which escape to full transparency has seemed either impossible or prohibitively expensive. Although the reader has a right to skepticism given the exaggerated promises surrounding blockchain in recent years, we demonstrate in this paper …