Blockchain – The Gateway to Trust-Free Cryptographic Transactions

Roman Beck, Jacob Stenum Czepluch, Nikolaj Lollike, Simon Malone

Research output: Conference Article in Proceeding or Book/Report chapterArticle in proceedingsResearchpeer-review

Abstract

Recently, the Bitcoin-underlying blockchain technology gained prominence as a solution that offers the realization of distributed trust-free systems, where economic transactions are guaranteed by the underlying blockchain. We are still at an early stage and thus require a deeper understanding of how the blockchain potentials can be realized, and what are the opportunities and challenges in so doing. Following a design science approach, we developed a proof of concept prototype that has the potential to replace a trust-based coffee shop payment solution that is based on an analogue, pre-paid punch card solution. The demonstrator provides a starting point to evaluate the strengths and weaknesses of the blockchain technology when replacing a trust-based by a trust-free transaction system. We conclude that the secure and trust-free blockchain-based transaction has the potential to change many existing trust-based transaction systems, but that scalability issues, costs, and volatility in the transaction currency are hindrances.
Original languageEnglish
Title of host publicationTwenty-Fourth European Conference on Information Systems (ECIS), İstanbul,Turkey, 2016
Number of pages14
PublisherSpringer Publishing Company
Publication date2016
Pages1-14
Publication statusPublished - 2016
Event24th European Conference on Information Systems - Istanbul, Turkey
Duration: 12 Jun 201615 Jun 2016
http://www.ecis2016.eu/en/

Conference

Conference24th European Conference on Information Systems
Country/TerritoryTurkey
CityIstanbul
Period12/06/201615/06/2016
Internet address

Keywords

  • Blockchain Technology
  • Trust-Free Systems
  • Distributed Transactions
  • Proof of Concept
  • Scalability Issues

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