http://dl.gi.de/handle/20.500.12116/10596 2026-07-21T13:52:37Z 2026-07-21T13:52:37Z Risius, Marten Spohrer, Kai http://dl.gi.de/handle/20.500.12116/10743 2018-03-26T09:09:41Z 2017-01-01T00:00:00Z

A Blockchain Research Framework Risius, Marten; Spohrer, Kai While blockchain technology is commonly considered potentially disruptive in various regards, there is a lack of understanding where and how blockchain technology is effectively applicable and where it has mentionable practical effects. This issue has given rise to critical voices that judge the technology as over-hyped. Against this backdrop, this study adapts an established research framework to structure the insights of the current body of research on blockchain technology, outline the present research scope as well as disregarded topics, and sketch out multidisciplinary research approaches. The framework differentiates three groups of activities (design and features, measurement and value, management and organization) at four levels of analysis (users and society, intermediaries, platforms, firms and industry). The review shows that research has predominantly focused on technological questions of design and features, while neglecting application, value creation, and governance. In order to foster substantial blockchain research that addresses meaningful questions, this study identifies several avenues for future studies. Given the breadth of open questions, it shows where research can benefit from multidisciplinary collaborations and presents data sources as starting points for empirical investigations.

2017-01-01T00:00:00Z Egelund-Müller, Benjamin Elsman, Martin Henglein, Fritz Ross, Omri http://dl.gi.de/handle/20.500.12116/10747 2018-03-26T09:09:41Z 2017-01-01T00:00:00Z

Automated Execution of Financial Contracts on Blockchains Egelund-Müller, Benjamin; Elsman, Martin; Henglein, Fritz; Ross, Omri The paper investigates financial contract management on distributed ledgers and provides a working solution implemented on the Ethereum blockchain. The system is based on a domain-specific language for financial contracts that is capable of expressing complex multi-party derivatives and is conducive to automated execution. The authors propose an architecture for separating contractual terms from contract execution: a contract evaluator encapsulates the syntax and semantics of financial contracts without actively performing contractual actions; such actions are handled by user-definable contract managers that administer strategies for the execution of contracts. Hosting contracts and contract managers on a distributed ledger, side-by-side with digital assets, facilitates automated settlement of commitments without the need for an intermediary. The paper discusses how the proposed technology may change the way financial institutions, regulators, and individuals interact in a financial system based on distributed ledgers.

2017-01-01T00:00:00Z Hyvärinen, Hissu Risius, Marten Friis, Gustav http://dl.gi.de/handle/20.500.12116/10746 2018-03-26T09:09:41Z 2017-01-01T00:00:00Z

A Blockchain-Based Approach Towards Overcoming Financial Fraud in Public Sector Services Hyvärinen, Hissu; Risius, Marten; Friis, Gustav In financial markets it is common for companies and individuals to invest into foreign companies. To avoid the double taxation of investors on dividend payment – both in the country where the profit is generated as well as the country of residence – most governments have entered into bilateral double taxation treaties, whereby investors can claim a tax refund in the country where the profit is generated. Due to easily forgeable documents and insufficient international exchange of information between tax authorities, investors illegitimately apply for these tax returns causing an estimated damage of 1.8 billion USD, for example, in Denmark alone. This paper assesses the potential of a blockchain database to provide a feasible solution for overcoming this problem against the backdrop of recent advances in the public sector and the unique set of blockchain capacities. Towards this end, we develop and evaluate a blockchain-based prototype system aimed at eliminating this type of tax fraud and increasing transparency regarding the flow of dividends. While the prototype is based on the specific context of the Danish tax authority, we discuss how it can be generalized for tracking international and interorganizational transactions.

2017-01-01T00:00:00Z Notheisen, Benedikt Cholewa, Jacob Benjamin Shanmugam, Arun Prasad http://dl.gi.de/handle/20.500.12116/10744 2018-03-26T09:09:41Z 2017-01-01T00:00:00Z

Trading Real-World Assets on Blockchain Notheisen, Benedikt; Cholewa, Jacob Benjamin; Shanmugam, Arun Prasad Since its introduction in 2008, blockchain technology has outgrown its use in cryptocurrencies and is now preparing to revolutionize a multitude of commercial applications including value and supply chains, business models, and market structures. This work follows design science research to guide the implementation of a blockchain-based proof-of-concept prototype that enables the automated transaction of real-world assets, such as cars, and provides a valid, transparent, and immutable record of vehicle history to market participants, authorities, and other third parties. The contribution of this study to existing research is threefold: First, it introduces a built-in mechanism to reduce transaction risk resulting from the irreversibility of transactions in blockchain-based systems. Second, it replaces a trust-based, centralized, and bureaucratic register with a tamper-free and autonomous transactional database system that comprises a secure registration and transaction process. Third, it proposes a novel approach to mitigate adverse selection effects in lemon markets by providing a reliable, transparent, and complete record of each marketable asset’s history. In total, the findings in this article illustrate the potential of blockchain-based systems but also highlight technological shortcomings and challenges for commercial applications, such as scalability or privacy issues.

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