Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. https://bitcoin.org/bitcoin.pdf outlined an alternative to the current monetary system in which banks are replaced by a peer-to-peer system to issue and transfer digital money: the Bitcoin. While Bitcoin has attracted a substantial investment volume, the system has not achieved the status of a viable alternative monetary system. However, the distributed ledger technology (DLT) underlying the payment system is being applied successfully by financial institutions and is likely to have important implications for the future of money and banking. In this paper we therefore focus on the most advanced distributed ledger application in the financial industry: R3 Corda. This paper is structured as follows. In the first section, we relate the debate about systems of money creation to the rise of Bitcoin. Next, the development of R3 Corda is discussed and the lessons learned for monetary reform. We conclude with an assessment of the scope and likelihood of monetary reform as a consequence of DLT applications by central banks.
DOCUMENT
Insider ethnographic analysis is used to analyze change processes in an engineering department. Distributed leadership theory is used as conceptual framework.
DOCUMENT
Distributed ledger technologies (DLTs) such as blockchain have in recent years been presented as a new general-purpose technology that could underlie many aspects of social and economic life, including civics and urban governance. In an urban context, over the past few years, a number of actors have started to explore the application of distributed ledgers in amongst others smart city services as well as in blockchain for good and urban commons-projects. DLTs could become the administrative backbones of such projects, as the technology can be set-up as an administration, management and allocation tool for urban resources. With the addition of smart contracts, DLTs can further automate the processing of data and execution of decisions in urban resource management through algorithmic governance. This means that the technological set-up and design of such DLT based systems could have large implications for the ways urban resources are governed. Positive contributions are expected to be made toward (local) democracy, transparent governance, decentralization, and citizen empowerment. We argue that to fully scrutinize the implications for urban governance, a critical analysis of distributed ledger technologies is necessary. In this contribution, we explore the lens of “the city as a license” for such a critical analysis. Through this lens, the city is framed as a “rights-management-system,” operated through DLT technology. Building upon Lefebvrian a right to the city-discourses, such an approach allows to ask important questions about the implications of DLTs for the democratic governance of cities in an open, inclusive urban culture. Through a technological exploration combined with a speculative approach, and guided by our interest in the rights management and agency that blockchains have been claimed to provide to their users, we trace six important issues: quantification; blockchain as a normative apparatus; the complicated relationship between transparency and accountability; the centralizing forces that act on blockchains; the degrees to which algorithmic rules can embed democratic law-making and enforcing; and finally, the limits of blockchain's trustlessness.
MULTIFILE
BCLivinglab combines the supply chain and logistics physical infrastructure of training centres (ROCs), research institutes and companies throughout the Netherlands, with the expertise and virtual infrastructure of blockchain specialists from BlockLab. Companies, especially SMEs, in supply chain and logistics will use this unique combination of physical facilities and the expert network to experiment with and develop blockchain applications. BCLivinglab is easily accessible for companies, due to its close proximity (distributed facilities) and low threshold procedures. It will make blockchain technology accessible for companies, thus supporting innovation and improving the competitive advantage of the Dutch supply chain and logistics sector.
MKB-bedrijven op het gebied van architectuur, gebiedsontwikkeling, ontwerp, digital design en technologie-ontwikkeling zien een nieuwe ‘markt’ ontstaan in de toenemende interesse voor de stedelijke commons. Dat zijn lokale gemeenschappen waarin mensen resources zoals energie, mobiliteit of woonruimte met elkaar delen en beheren, op een duurzame en pro-sociale manier. MKB-bedrijven zien kansen om in co-creatie met deze leefgemeenschappen nieuwe diensten en producten te ontwikkelen waarmee bewoners hun hulpbronnen gemeenschappelijk kunnen managen. MKB-bedrijven zien de ontwikkeling van stedelijke commons daarnaast als mogelijke oplossing voor urgente maatschappelijke vraagstukken en missies op het gebied van inclusieve woningbouw, duurzaamheid en de energietransitie. Voor het goed functioneren van de commons is een heldere articulatie en implementatie van hun onderliggende (maatschappelijke) waarden essentieel. Dit vraagt van MKB-bedrijven een zoektocht naar nieuwe manieren van gebieds- en technologie-ontwikkeling in samenwerking met bewoners. Een specifiek probleem daarbij betreft het vertalen van de commons-waarden naar een technologisch systeem dat het gezamenlijk beheer van hulpbronnen mogelijk maakt. Hiervoor wordt veel verwacht van digitale platformen en distributed ledgers technologies zoals de blockchain. Dit zijn databases die precies bijhouden wie wat bijdraagt en gebruikt. Ze koppelen zo’n boekhouding ook aan rechten, plichten en reputaties van de deelnemers. Bij de inrichting van zo’n systeem moeten ontwerpers steeds keuzes maken en rekening houden met spanningen tussen bijvoorbeeld privacy en transparantie, of individuele en collectieve belangen. In dit ontwerpproces stuiten MKBs op een kennishiaat. Hoe kunnen de onderliggende (maatschappelijke) waarden van commons-gemeenschappen 1) worden gearticuleerd en 2) vertaald naar een ontwerp voor de organisatie van een stedelijke commons met behulp van digitale platformen? Dit onderzoek verkent deze vragen in een fieldlab in Amersfoort, op twee ‘transfersites’ in Amsterdam en Birmingham, en met community of practice partners. Samen met hen worden een set design-principes en richtlijnen ontwikkeld voor het ontwerp van DLTs voor de stedelijke commons.
The integration of renewable energy resources, controllable devices and energy storage into electricity distribution grids requires Decentralized Energy Management to ensure a stable distribution process. This demands the full integration of information and communication technology into the control of distribution grids. Supervisory Control and Data Acquisition (SCADA) is used to communicate measurements and commands between individual components and the control server. In the future this control is especially needed at medium voltage and probably also at the low voltage. This leads to an increased connectivity and thereby makes the system more vulnerable to cyber-attacks. According to the research agenda NCSRA III, the energy domain is becoming a prime target for cyber-attacks, e.g., abusing control protocol vulnerabilities. Detection of such attacks in SCADA networks is challenging when only relying on existing network Intrusion Detection Systems (IDSs). Although these systems were designed specifically for SCADA, they do not necessarily detect malicious control commands sent in legitimate format. However, analyzing each command in the context of the physical system has the potential to reveal certain inconsistencies. We propose to use dedicated intrusion detection mechanisms, which are fundamentally different from existing techniques used in the Internet. Up to now distribution grids are monitored and controlled centrally, whereby measurements are taken at field stations and send to the control room, which then issues commands back to actuators. In future smart grids, communication with and remote control of field stations is required. Attackers, who gain access to the corresponding communication links to substations can intercept and even exchange commands, which would not be detected by central security mechanisms. We argue that centralized SCADA systems should be enhanced by a distributed intrusion-detection approach to meet the new security challenges. Recently, as a first step a process-aware monitoring approach has been proposed as an additional layer that can be applied directly at Remote Terminal Units (RTUs). However, this allows purely local consistency checks. Instead, we propose a distributed and integrated approach for process-aware monitoring, which includes knowledge about the grid topology and measurements from neighboring RTUs to detect malicious incoming commands. The proposed approach requires a near real-time model of the relevant physical process, direct and secure communication between adjacent RTUs, and synchronized sensor measurements in trustable real-time, labeled with accurate global time-stamps. We investigate, to which extend the grid topology can be integrated into the IDS, while maintaining near real-time performance. Based on topology information and efficient solving of power flow equation we aim to detect e.g. non-consistent voltage drops or the occurrence of over/under-voltage and -current. By this, centrally requested switching commands and transformer tap change commands can be checked on consistency and safety based on the current state of the physical system. The developed concepts are not only relevant to increase the security of the distribution grids but are also crucial to deal with future developments like e.g. the safe integration of microgrids in the distribution networks or the operation of decentralized heat or biogas networks.
