The purpose of this study is to produce new knowledge concerning the perceived effects of blockchain technology on transaction costs within supply chains handling physical goods through the created and hypothetical TCE-matrix. The study followed an abductive research approach where initial found facts were matched against an appropriate theory in order to be put in context and understood. The study’s data was gathered through semi-structured interviews with experts who were active within the research area and chosen based on their practical experience. The results imply that blockchain holds the possibility to affect five out of nine cells within the TCE-matrix out of the experts’ perception, through its increased trust and transparency between its supply chain actors within the network and the enhanced traceability of physical goods. This study further highlights practical implications concerning the technology’s adoption in practice. It is concluded that the blockchain is perceived to have an effect on transaction costs activities out of the TCE-matrix, which is found to be partly applicable when assessing the blockchains potential effect on transaction cost activities in a general manner, where further studies should apply the matrix in the assessment of one specific transaction to take full advantage of the matrix’ potential.

Blockchain is described as having endless theoretical potential. In reality however, it is hard toestablish how blockchain can be utilized and what opportunities blockchain may create. Theunclear future of blockchain constitutes a challenge for many companies. Many large incumbentsare uncertain of how to implement blockchain technology in their organization and are anxiousabout the consequences of the new technology. The purpose of this exploratory study is to evaluateblockchain applications for a district heating company in Stockholm to understand favorable areas,necessary criteria for successful implementation and how blockchain could enable new businessopportunities in the district heating market. To be able to reach the purpose of the thesis aliterature study and an empirical study were performed. The literature study is in the form of anextensive investigation about the areas of blockchain and district heating. The empirical studyincludes 17 interviews, both internal interviews with employees at Stockholm Exergi and externalinterviews conducted with professionals with knowledge about blockchain, district heating and theenergy sector. Furthermore, two workshops, in collaboration with Stockholm Exergi, wereperformed at the end of the thesis to evaluate and prioritize the developed blockchain applications.This thesis proposes 32 blockchain applications within 10 areas in the district heating industry.The applications are categorized after their potential, in three categories; green for the blockchainapplications that are valuable to investigate further, orange for the applications that potentiallycould be interesting to investigate further, and red for the applications that are not interesting toinvestigate further. Some applications focus on solving inefficiencies within district heating andsome on exploiting the benefits of blockchain. Eight applications are categorized with greenprioritization, and thus presented in more detail. To take into account that blockchain probablywill have a greater impact in the future, a future scenario was developed and used in the situationalanalysis for the applications. Furthermore, a framework was developed with the aim to be a toolfor a district heating company to utilize while considering if a blockchain implementation wouldbe beneficial, and if so, in what way. The framework is focused on district heating companies butcan be utilized by other actors as well.Our recommendation for a district heating company in Stockholm is to wait one or two yearswhile staying updated. Especially important for the companies are to stay updated on whether newblockchain standardizations will emerge in the energy sector. However, if a district heatingcompany want to initialize a blockchain project we advise the companies to start a pilot projectthat does not affect the current business model but has the potential to be scaled. Since theblockchain technology enhances collaboration, it is important to consider which partners shouldbe included and how the application can create value for all involved parties. However, due to theuncertainty of the technology, companies need to be well aware of that assumed created value maynot be reached as expected. Furthermore, district heating companies also need to bear in mindthat other parameters, for example additional technologies, policies or infrastructure systems, maybe necessary to implement in order to create value from a blockchain solution. / Blockchain beskrivs ofta som något med ändlös teoretisk potential. I verkligheten är det dock svårtatt fastställa hur blockchain kan användas och vilka möjligheter blockchain kan skapa. Den osäkraframtiden för blockchain är en utmaning för många företag att förhålla sig till. Inte minst för storaetablerade företag då blockchain kan användas för att decentralisera en centraliseradmarknadsstruktur. Syftet med denna undersökande studie är att utvärdera blockchainapplikationerför ett fjärrvärmeföretag i Stockholm, för att förstå gynnsamma områden,nödvändiga kriterier vid genomförande och hur blockchain skulle kunna möjliggöra nyaaffärsmöjligheter på fjärrvärmemarknaden. För att uppfylla uppsatsens syfte genomfördes enlitteraturstudie och en empirisk studie. Inom litteraturstudien genomfördes en omfattandeundersökning av blockchain och fjärrvärme. Den empiriska studien bestod av 17 intervjuer, bådeinterna intervjuer med anställda från Stockholm Exergi och externa intervjuer med experter inomblockchain, fjärrvärme och energisektorn. Vidare genomfördes under slutfasen två workshops isamarbete med Stockholm Exergi, för att utvärdera och prioritera de skapade blockchainapplikationerna.Rapporten presenterar 32 blockchain-applikationer inom 10 olika områden inomfjärrvärmeindustrin. Applikationerna är kategoriserade efter sin potential i tre grupper, grön för deapplikationer som kan vara fördelaktiga för ett fjärrvärmeföretag och bör fortsätta undersökas,orange för de applikationer som sannolikt inte skulle vara fördelaktiga och röd för de applikationersom inte är intressanta för ett fjärrvärmeföretag att fortsätta undersöka. Vissa applikationerfokuserar på att lösa de ineffektiviteter som finns för fjärrvärme och vissa på att utnyttja fördelarnamed blockchain. Det åtta applikationer med grön prioritering presenteras mer detaljerat. Ettframtida scenario togs fram för att ta hänsyn till att blockchain sannolikt kommer att ha störrepåverkan i framtiden. Detta används som hjälpmedel när situationsanalysen för applikationernagenomförs. Dessutom utvecklades ett ramverk som har som syfte att vara ett verktyg för ettfjärrvärmeföretag att utnyttja när en blockchain implementering övervägs. Ramverket är inriktatpå fjärrvärmeföretag men kan även användas av andra aktörer.Vår rekommendation till ett fjärrvärmeföretag i Stockholm är att vänta ett eller två år, samtidigtsom de håller sig uppdaterade om marknadsförändringar för blockchain. Särskilt viktigt för ettfjärrvärmeföretag är att hålla sig uppdaterad om huruvida nya blockchain-standardiseringar uppstårinom energisektorn. Om ett fjärrvärmeföretag vill initiera ett blockchain-projekt, rekommenderarvi att starta med ett pilotprojekt som inte påverkar den nuvarande affärsmodellen, men harpotential att skalas. Eftersom blockchain-teknologin möjliggör samarbete är det viktigt attöverväga vilka partners som kan ingå i lösningen och hur applikationen kan skapa värde för allaberörda parter. Företag måste emellertid vara väl medvetna om att det förväntade värdet kanskeinte uppnås på grund av teknologins osäkerhet. Dessutom måste företagen också överväga attandra parametrar, till exempel andra teknologier, politik eller infrastruktur, är nödvändiga, för atten blockchain implementering ska skapa värde.

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European regulation of virtual currencies, its shortcomings and future development Abstract This thesis is focused on the European regulation of virtual currencies, meaning the current Union legal regulation of this phenomenon including further European Union institutions' activities in the area. The aim of the thesis is to introduce the existing approach towards virtual currencies as well as to find some of the shortcomings and to outline the future development of European regulation of virtual currencies. As a part of this thesis, relevant activities associated with distributed ledger technology as a technology related to virtual currencies will be introduced. To achieve the mentioned, the thesis analyzes mainly legislative and non-legislative sources issued by competent institutions of the European Union, equally important are the jurisprudential texts from the area of virtual currencies and related fields. The thesis is divided into five chapters which are further divided into topical subchapters. Each of the chapters includes partial identification of shortcomings and presents the future development in the area. The introductory chapter addresses the introduction of virtual currencies as such and in the context of financial law. Further, technological bases of virtual currencies are described, namely...

Organizations wants to be at the top when it comes to using new technologies in order to retain a strong position on the market and also create innovative and unique service offerings. New technologies put pressure on organizations, that have to answer to its challenges. Blockchain is a new technology that is very well heard of, it is a complicated technology and is in constant development. The purpose of this study is to identify challenges that the blockchain technology brings to organizations as well what opportunities organizations are looking with the technology. There will also be discussions about potential opportunities that arise when organizations overcome the challenges and what the blockchain can contribute to digital services. / Organisationer vill vara ledande inom nya teknologier för att skapa unika tjänsteerbjudande och behålla drivkraft. Nya teknologier sätter press på organisationer som måste besvara dess utmaningar. Blockkedjetekniken är en omtalad teknologi som har fått stor uppmärksamhet de senaste åren, tekniken är komplicerad och i ständig utveckling. Syftet med denna studie är att identifiera utmaningar som blockkedjetekniken medför till organisationer samt vad organisationer ser för möjligheter med tekniken. Det kommer att diskuteras potentiella möjligheter som uppstår när organisationer överkommer utmaningarna och vad tekniken kan bidra med till digitala tjänster. I kombination med tidigare forskning och en kvalitativ studie som utförts hos en organisation som tillhandahåller digitala tjänster och som är intresserade att investera i blockkedjan har utmaningar och möjligheter identifierats.

Cryptocurrencies like Bitcoin have proven to be a phenomenal success. The underlying techniques hold huge promise to change the future of financial transactions, and eventually the way people and companies compute, collaborate, and interact. At the same time, the current Bitcoin-like proof-of-work based blockchain systems are facing many challenges. In more detail, a huge amount of energy/electricity is needed for maintaining the Bitcoin blockchain. In addition, their security holds if the majority of the computing power is under the control of honest players. However, this assumption has been seriously challenged recently and Bitcoin-like systems will fail when this assumption is broken. This research proposes novel blockchain designs to address the challenges. We first propose a novel blockchain protocol, called 2-hop blockchain, by combining proof-of-work and proof-of-stake mechanisms. That said, even if the adversary controls more than 50% computing power, the honest players still have the chance to defend the blockchain via honest stake. Then we revise and implement the design to obtain a practical cryptocurrency system called Twinscoin. In more detail, we introduce a new strategy for difficulty adjustment in the hybrid blockchain and provide an analysis of it. We also show how to construct a light client for proof-of-stake cryptocurrencies and evaluate the proposal practically. We implement our new design. Our implementation uses a recent modular development framework for blockchains, called Scorex. It allows us to change only certain parts of an application leaving other codebase intact.

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abstract: Smart cities are the next wave of rapid expansion of Internet of Things (IoT). A smart city is a designation given to a city that incorporates information and communication technologies (ICT) to enhance the quality and performance of urban services, such as energy, transportation, healthcare, communications, entertainments, education, e-commerce, businesses, city management, and utilities, to reduce resource consumption, wastage and overall costs. The overarching aim of a smart city is to enhance the quality of living for its residents and businesses, through technology. In a large ecosystem, like a smart city, many organizations and companies collaborate with the smart city government to improve the smart city. These entities may need to store and share critical data with each other. A smart city has several thousands of smart devices and sensors deployed across the city. Storing critical data in a secure and scalable manner is an important issue in a smart city. While current cloud-based services, like Splunk and ELK (Elasticsearch-Logstash-Kibana), offer a centralized view and control over the IT operations of these smart devices, it is still prone to insider attacks, data tampering, and rogue administrator problems. In this thesis, we present an approach using blockchain to recovering critical data from unauthorized modifications. We use extensive simulations based on complex adaptive system theory, for evaluation of our approach. Through mathematical proof we proved that the approach always detects an unauthorized modification of critical data. / Dissertation/Thesis / Masters Thesis Computer Science 2017

“In the future, virtually every function in the world of financial services will be displaced, disintermediated and decentralized. The Internet gave us a powerful way to share and access information. Blockchain now gives us a powerful way to share and access value.” During a February 2017 AICPA roundtable, Chairman of the Wall Street Blockchain Alliance and previous Global Head of Trading Analytics at Thomson Reuters, Ron Quarantana spoke to the revolutionary scale of blockchain. Quaranta, viewed by many as an expert in financial technology, predicts that the adoption of blockchain, both by the Big Four accounting firms and their clients, will disrupt the accounting industry by greatly reducing the time and skill needed to perform a quality audit. Some, such as Thomson Reuters’ Jon Baron, even claim that blockchain may eliminate the need for financial statement audits altogether. To many, blockchain is synonymous with Bitcoin, the cryptocurrency that, over the past three years, has returned 3,310%, compared to 35% and 36% returns of the S&P 500 and Dow Jones Industrial Average (DJIA), respectively. Blockchain, however, is much more than Bitcoin, with applications stretching further than cryptocurrency. Rather, it is a peer-to-peer hosted public ledger that does not require a central authority to support or verify transactions, and is unalterable in future periods. In this study, I propose to examine what blockchain technology means for the 887,000 people currently employed by the Big Four. More specifically, I seek to expand upon whether the potential adoption of blockchain in the coming years will reduce audit fees, impact audit quality, or perhaps do away with the audit completely.

This thesis introduces a debit card based payment system that aims to provide fast in-store payments using Bitcoin. The system introduces physical constraints to Bitcoin payments to enable stores to accept payments before they are in a block.The proposed system was tested in a proof of concept model to estimate the time itwould take to pay with the system on the real Bitcoin network. A security analysis was performed to validate system security and to point out potential problems. The security analysis was done by interviewing five experts from different organizations to receive different views on the system. The analysis of the system indicated that it could potentially be fast enough to be used in stores, however security problems exist and need to be considered.