This open access book contributes to the creation of a cyber ecosystem supported by blockchain technology in which technology and people can coexist in harmony. Blockchains have shown that trusted records, or ledgers, of permanent data can be stored on the Internet in a decentralized manner. The decentralization of the recording process is expected to significantly economize the cost of transactions. Creating a ledger on data, a blockchain makes it possible to designate the owner of each piece of data, to trade data pieces, and to market them. This book examines the formation of markets for various types of data from the theory of market quality proposed and developed by M. Yano. Blockchains are expected to give data itself the status of a new production factor. Bringing ownership of data to the hands of data producers, blockchains can reduce the possibility of information leakage, enhance the sharing and use of IoT data, and prevent data monopoly and misuse. The industry will have a bright future as soon as better technology is developed and when a healthy infrastructure is created to support the blockchain market.
Author(s): Makoto Yano, Chris Dai, Kenichi Masuda, Yoshio Kishimoto
Series: Economics, Law, And Institutions In Asia Pacific
Edition: 1st Edition
Publisher: Springer
Year: 2020
Language: English
Pages: 150
Tags: IT In Business
Preface......Page 6
Contents......Page 10
Editors and Contributors......Page 11
1 Creation of Blockchain and a New Ecosystem......Page 14
1 Data: A New Productive Resource......Page 15
2.1 Blockchain and Data Ownership......Page 16
2.2 Distributed Computing......Page 17
2.3 Blockchain: Decentralized Ledger......Page 18
2.4 Mining......Page 19
3 Building a People-Friendly Ecosystem......Page 20
3.2 Industrial Revolution and Market Quality......Page 21
3.4 Small to Medium-Sized Enterprises......Page 22
4.1 Data Ownership......Page 23
4.3 Data Industry......Page 24
Appendix......Page 26
Consensus Among Blockchain Nodes......Page 27
Scalability and Decentralization......Page 28
Traceability and anonymity......Page 29
References......Page 30
1 Introduction......Page 33
2 IoT in Society 5.0......Page 35
3 IoT Big Data: Underutilization, Unfairness, and Inefficiency......Page 37
3.1 Data Security Issues......Page 38
3.2 Data Monopoly Issues......Page 39
4.1 Unfair Data Monopoly......Page 40
4.2 Inefficient Use of IoT Big Data......Page 41
4.3 Decentralized Creation......Page 43
4.4 Need for a New Blockchain Protocol to Handle IoT Data......Page 44
5.1 Market Quality Theory......Page 45
5.2 Competitive Fairness......Page 47
6.1 Assignment of Data Ownership......Page 48
6.3 Further Discussions......Page 49
References......Page 50
1.1 Challenges Facing the IoT Space......Page 53
1.2 Blockchain Empowers IoT Devices......Page 56
1.3 Current Limitations to the IoT + Blockchain Vision......Page 58
2.1 Characteristics IoT Devices and Implications on the Design of Blockchain Networks......Page 59
2.2 An Evolving Landscape......Page 60
2.3 Taraxa’s Innovations......Page 62
3.1 Blockchain Application Suitability......Page 65
3.2 Potential IoT Applications by Archetype......Page 66
References......Page 69
1 History of Money: From Commodity Money to Virtual Currency......Page 71
1.2 Paper Money......Page 72
1.3 Ledger Currencies......Page 74
2 Money and Its Function......Page 76
3.2 Currency and Transaction Costs......Page 77
3.3 Ledger Currencies and Transaction Costs......Page 78
3.4 Cost Structure of Different Currencies......Page 79
4.1 An Economy with Commodity Money Only......Page 80
4.2 Nobunaga Oda’s Currency Policy......Page 81
4.3 “Nobunaga’s Alchemy”......Page 82
4.4 Monetary Policy of Nobunaga Oda and Hideyoshi Toyotomi......Page 83
4.5 Paper Money System......Page 84
4.6 Deposit Currency to Virtual Currency......Page 85
References......Page 86
1 A Brief History of Decentralization......Page 88
2 Ethereum......Page 89
2.1 Smart Contracts......Page 90
3 What Is a DApp?......Page 91
3.2 Coins, Tokens, and DApps......Page 92
3.3 The Case for DApps......Page 94
4 Where Is the Smart Contract?......Page 95
5.1 How Are DApps Made?......Page 96
5.2 Smart Contract Maintenance......Page 98
6.2 Reliability of Data......Page 99
6.3 Scalability......Page 100
6.4 The Future of DApps......Page 101
References......Page 103
6 DEX: A DApp for the Decentralized Marketplace......Page 105
1 Why Are We Getting More Centralized as a Whole?......Page 106
2.1 Crypto Asset Token and Its Value......Page 107
2.2 Economic Benefit of Tokenization......Page 108
2.3 Enabling Truly Effective and Fair Exchange......Page 109
2.4 Decentralized Application Tokens and Their Value......Page 110
2.5 Protocol Layer Coin and Its Value......Page 111
3.1 Key Technical Core of a DEX......Page 112
3.2 Implication of DEX: Revolution Brought by the Ability to Issue, Trade, and Record Crypto Assets......Page 114
3.3 Challenges for DEX......Page 115
References......Page 116
7 Blockchain Business and Its Regulation......Page 117
1 Risky and Risk-Free Decentralized Assets......Page 119
1.2 Securities Regulations: From Caveat Emptor to Caveat Venditor......Page 120
1.3 Money and Tokens......Page 121
2.1 Utility Tokens......Page 124
2.2 From ICO to STO......Page 125
3.1 Types of Tokens and Proper Regulations......Page 126
3.2 Information Disclosure......Page 128
3.3 Blockchain Characteristics and Security Regulation Conformance......Page 129
3.4 Desirable ICOs......Page 131
4.1 Professional Market for Financing......Page 132
4.2 Reliability of Payment Tokens......Page 133
4.3 Application Safety and Quality......Page 134
4.4 Creation of an International Ecosystem Beyond Borders......Page 135
References......Page 136
8 Bitcoin and Blockchain Technology......Page 138
2 Proof-of-Work......Page 140
3 Decentralized Consensus Algorithm......Page 141
4 Open-Key Cryptographic Accounts......Page 143
5 Concluding Remarks......Page 144
Index......Page 146
