Application Of Distributed Ledger Technology Research Articles

Electrical substation grid testbed for DLT applications of electrical fault detection, power quality monitoring, DERs use cases and cyber-events

Electrical utilities continue to deploy more intelligent electronic devices (IEDs) inside and outside electrical substation, and are associated with customer-owned distributed energy resources (DERs). The integrity and confidentiality of data from these IEDs, like power meters and protective relays, is crucial. Blockchain technology could improve the resilience of microgrids by improving the security of data sharing. The penetration of customer-owned DERs (renewable energy sources) and the increasing deployment of IEDs can lead to integrate power system applications with Distributed Ledger Technology (DLT). In this study, we implemented the electrical faulted phase detection and power quality monitoring algorithms with a Cyber Grid Guard (CGG) system using DLT. In addition, the DERs (wind turbine farms) use case and protective relay cyber-event tests were assessed, by using the CGG system with DLT. In the experimental model, the testbed was created by using a real-time simulator and CGG system with power meters/ protective relays in-the-loop. The data collected from the CGG system and IEDs were compared with the same time stamp source. These results had shown the successful assessment of protection, control and monitoring applications using a CGG system with DLT. In the future, the ESGT with DERs and the CGG system will be used in other power system applications, based on implementing smart contracts between electrical utilities with customer-owned DERs.

How to effectively use distributed ledger technology in supply chain management?

Distributed Ledger Technology (DLT) refers to multi-party systems that enables saving encrypted data across a peer-to-peer network of nodes, without central authority. While DLT applications have been mainly studied in finance, we conduct empirical research on DLT application in supply chain management, combining theory testing and theory elaborating case research. Applying the Theory of Affordance Actualisation, we identify five DLT affordances: (1) verify product origin and history, (2) exchange data on digital product models, (3) track and trace products’ logistics, (4) simplify supply chain finance, and (5) automate payments. We identify and evaluate these affordances and also outline how these affordances can be actualised. We contribute to the discourse of DLT value creation and provide practical guidance to assess DLT potential in supply chains. We integrate our findings into the academic discussion on collaboration in viable, intertwined supply networks.

Application of Distributed Ledger Technology in Distribution Networks

In the transition to a society with net-zero carbon emissions, high penetration of distributed renewable power generation and large-scale electrification of transportation and heat are driving the conventional distribution network operators (DNOs) to evolve into distribution system operators (DSOs) that manage distribution networks in a more active and flexible way. As a radical decentralized data management technology, distributed ledger technology (DLT) has the potential to support a trustworthy digital infrastructure facilitating the DNO–DSO transition. Based on a comprehensive review of worldwide research and practice, as well as the engagement of relevant industrial experts, the application of DLT in distribution networks is identified and analyzed in this article. The DLT features and DSO needs are first summarized, and the mapping relationship between them is identified. Detailed DSO functions are identified and classified into five categories (i.e., “planning,” “operation,” “market,” “asset,” and “connection”) with the potential of applying DLT to various DSO functions assessed. Finally, the development of seven key DSO functions with high DLT potential is analyzed and discussed from the technical, legal, and social perspectives, including peer-to-peer energy trading, flexibility market facilitation, electric vehicle charging, network pricing, distributed generation register, data access, and investment planning.

A Novel Distributed Ledger Technology Structure for Wireless Sensor Networks Based on IOTA Tangle

Wireless Sensor Networks (WSNs) consist of many wireless sensor nodes for collecting and sensing information. Distributed Ledger Technologies (DLTs) such as Blockchain allow organizations to store and share data in a decentralized, immutable, and secure way through a network of distributed peer-to-peer users or computers. The application of DLT to the Internet of Things (IoT) can improve the efficiency of information transmission and network security. IOTA Tangle is a DLT developed for IoT to process transactions. WSN is a core technology for IoT, and the two have a lot in common in terms of applications. Many solutions for IoT applications can be implemented with WSNs. However, the sensor nodes in WSNs have limited processing speed, storage capacity, communication bandwidth, and energy consumption capabilities. Therefore, a lightweight solution needs to be designed according to the characteristics of WSNs, rather than directly applying Tangle. The similarities between IoT and WSNs determine that the Tangle can be an essential reference for designing new solutions. In this paper, we propose a new DLT structure based on Tangle named Fishing Net Topology (FNT). The aim is to meet the lightweight requirements of sensor nodes in WSNs. We compared FNT with Tangle in terms of the packet network structure and algorithm and also experimentally analyzed the waste rate in the FNT network. It is concluded that FNT can be used at a reasonable Rate based on the requirement of the WSN applications, and it can significantly reduce the computation while enhancing the security of WSNs. Due to its structural stability and algorithmic simplicity, FNT outperforms Tangle in WSNs.

A scoping review of distributed ledger technology in genomics: thematic analysis and directions for future research.

ObjectiveRising interests in distributed ledger technology (DLT) and genomics have sparked various interdisciplinary research streams with a proliferating number of scattered publications investigating the application of DLT in genomics. This review aims to uncover the current state of research on DLT in genomics, in terms of focal research themes and directions for future research.Materials and MethodsWe conducted a scoping review and thematic analysis. To identify the 60 relevant papers, we queried Scopus, Web of Science, PubMed, ACM Digital Library, IEEE Xplore, arXiv, and BiorXiv.ResultsOur analysis resulted in 7 focal themes on DLT in genomics discussed in literature, namely: (1) Data economy and sharing; (2) Data management; (3) Data protection; (4) Data storage; (5) Decentralized data analysis; (6) Proof of useful work; and (7) Ethical, legal, and social implications.DiscussionBased on the identified themes, we present 7 future research directions: (1) Investigate opportunities for the application of DLT concepts other than Blockchain; (2) Explore people’s attitudes and behaviors regarding the commodification of genetic data through DLT-based genetic data markets; (3) Examine opportunities for joint consent management via DLT; (4) Investigate and evaluate data storage models appropriate for DLT; (5) Research the regulation-compliant use of DLT in healthcare information systems; (6) Investigate alternative consensus mechanisms based on Proof of Useful Work; and (7) Explore DLT-enabled approaches for the protection of genetic data ensuring user privacy.ConclusionWhile research on DLT in genomics is currently growing, there are many unresolved problems. This literature review outlines extant research and provides future directions for researchers and practitioners.

Distributed Ledger Technology Applications in Food Supply Chains: A Review of Challenges and Future Research Directions

The lack of transparency and traceability in food supply chains (FSCs) is raising concerns among consumers and stakeholders about food information credibility, food quality, and safety. Insufficient records, a lack of digitalization and standardization of processes, and information exchange are some of the most critical challenges, which can be tackled with disruptive technologies, such as the Internet of Things (IoT), blockchain, and distributed ledger technologies (DLTs). Studies provide evidence that novel technological and sustainable practices in FSCs are necessary. This paper aims to describe current practical applications of DLTs and IoT in FSCs, investigating the challenges of implementation, and potentials for future research directions, thus contributing to achievement of the United Nations’ Sustainable Development Goals (SDGs). Within a systematic literature review, the content of 69 academic publications was analyzed, describing aspects of implementation and measures to address the challenges of scalability, security, and privacy of DLT, and IoT solutions. The challenges of high costs, standardization, regulation, interoperability, and energy consumption of DLT solutions were also classified as highly relevant, but were not widely addressed in literature. The application of DLTs in FSCs can potentially contribute to 6 strategic SDGs, providing synergies and possibilities for more sustainable, traceable, and transparent FSCs.

Distributed Ledger Technology Review and Decentralized Applications Development Guidelines

The Distributed Ledger Technology (DLT) provides an infrastructure for developing decentralized applications with no central authority for registering, sharing, and synchronizing transactions on digital assets. In the last years, it has drawn high interest from the academic community, technology developers, and startups mostly by the advent of its most popular type, blockchain technology. In this paper, we provide a comprehensive overview of DLT analyzing the challenges, provided solutions or alternatives, and their usage for developing decentralized applications. We define a three-tier based architecture for DLT applications to systematically classify the technology solutions described in over 100 papers and startup initiatives. Protocol and Network Tier contains solutions for digital assets registration, transactions, data structure, and privacy and business rules implementation and the creation of peer-to-peer networks, ledger replication, and consensus-based state validation. Scalability and Interoperability Tier solutions address the scalability and interoperability issues with a focus on blockchain technology, where they manifest most often, slowing down its large-scale adoption. The paper closes with a discussion on challenges and opportunities for developing decentralized applications by providing a multi-step guideline for decentralizing the design and implementation of traditional systems.

Distributed Ledger Technology and the Future of Money and Banking

Abstract 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.

Digital and Blockchain-based Legal Regimes: An Eea Case Study Based on Innovative Legislations – Comparison of French and Liechtenstein Domestic Regulations

The financial crisis of 2007/08 had shattered the global financial system and led – besides a flood of regulations – to a wide range of new concepts and business models. One of these new concepts was “Bitcoin”, a private digital monetary system, which is characterized by decentralization, transparency and immutability. To date the underlying Blockchain or Distributed Ledger Technology (DLT) has evolved and offers an extensive range of possibilities, particularly in the financial industry. So far, an EU-wide legal basis for Blockchain or DLT applications and services is missing. France and the Principality of Liechtenstein took a step forward and adopted national laws trying to offer legal certainty in this field. This article aims to provide a comparison of the two acts and underline the similarities and differences.

Potential impacts of blockchain based equity crowdfunding on the economic feasibility of offshore wind energy investments

This paper explores the potential to reduce the levelized cost of electricity (LCOE) of offshore wind technology through the use of digitalized financial innovations made possible by Distributed Ledger Technology (DLT). Specifically, this paper proposed a novel application of DLT to crowdsource project finance for clean energy projects. An introduction to DLT technology and some of its potential applications is provided first. Next, the potential to move from a more centralized, top-down energy system to a more decentralized, two-way transactive energy system enabled by DLT is discussed. Within this new energy system framework, the idea of crowd-sourced equity funding of the capital cost of renewable energy is introduced. The impact of crowdfunded equity on the LCOE is then explored via the creation of a theoretical offshore wind installation off the coast of New Jersey. An existing offshore wind capital cost model is modified for use in the U.S., and an existing wind annual energy production model is utilized to provide inputs into a LCOE model. Finally, the potential impacts that DLT based crowdfunded equity may have on cost of debt, debt tenor, and debt-to-equity ratio are also input into the LCOE model in order to examine the range of potential impacts it may have on offshore wind LCOE.

Enhancing E-Commerce through Blockchain (DLTs): The Regulatory Paradox for Digital Governance

Abstract Nowadays, the emergence of Distributed Ledger Technologies (DLTs) and the rapidly developing of the digital economy have the potential to transform the current international regulatory framework. Thus, the current developments of DLTs in e-commerce demand a closer analysis of the implications for global governance and international trade. While the Internet has enhanced the development of new platforms for international trade, DLTs may be instruments to unleash the potential of e-commerce. In this scenario, DLTs could drive, strength and promote e-commerce transactions by diminishing inefficiencies. For instance, it could significantly reduce intermediation costs, facilitating the use and interoperability of smart contracts and single window systems. Indeed, customs operations are very complex and involve different types of intermediaries across borders, creating unnecessary obstacles to trade that could be reduced by the application of DLTs. There is where the regulatory paradox enters into place. The operability of DLTs in e-commerce raises significant regulatory challenges posing new policy questions. For this reason, it is crucial to achieving common understandings among relevant stakeholders to identify a set of principles that guide a country’s regulatory frameworks to facilitate the interoperability of e-commerce. One of the main pieces of the puzzle of proposing a set of principles is how to deal with an appropriate level of intervention from regulators in order to promote trust in international transactions, transparency, efficiency, security and operability among regulatory frameworks. This paper will examine current developments, initiatives, and proposals from different approaches: It will start with an overview of the opportunities that DLTs will create to promote e-commerce. Then, it will explore the current international economic legal framework in light of the application of DLTs in e-commerce, taking into consideration policy recommendations from international institutions and initiatives in some specific jurisdictions. From those views, a set of principles will be identified.

Reimagining New Socio-Technical Economics Through the Application of Distributed Ledger Technologies

Distributed ledger technology (DLT) is increasingly proposed as a powerful tool to address the social and ecological challenges in the Global South. DLTs are opening up possible futures, one of which is a wave of infrastructure decentralization with common-centric and cosmo-local production. Shared logistics and supply chains for a circular economy, with collaborative and networked ‘flow’ accounting allow the integration of contributive logics as well as the integration of social and ecological externalities, including practical knowledge on resource use limitations linked to planetary boundaries, as an integral part of ecosystems of productive collaboration. Indeed, DLTs remove the need for central intermediaries to validate transaction between parties, who instead place their trust in the encrypted, disintermediated system software. DLTs can be designed as a new unencloseable (non-commodifiable) medium of communication, which could lead to radically new forms of cooperation, organization, and governance. Yet these revolutionary possibilities will not be realized unless technologists consciously and strategically design systems redistributing sovereignty from elites to the people in financial, service and national infrastructures. This paper concludes with a critical examination of the application of DLT in Puerto Rico and how DLTs could alter the production and exchange of “value” in service of a global popular sovereignty.

Grex: A Decentralized Hive Mind

Swarm Robotics (SR) faces a series of challenges impeding widespread adoption for real-world applications. Distributed Ledger Technology (DLT) has shown it can solve a number of these challenges. An experiment was conducted to showcase the resolution of these challenges. A search and rescue mission was simulated using drones coupled with single board computers and several simulated agents. Inter-agent communications were facilitated through DLT in a completely decentralized network. A frontend interface was built to demonstrate the ease with which information can be extracted from the system. This paper shows the feasibility of the application of DLT to SR-related challenges in a practical experiment. For future work, it is proposed to focus on more complex tasks through federated learning or inter-swarm communications, possibly through Cosmos.

A Comparative Analysis of Distributed Ledger Technology Platforms

Distributed Ledger Technology (DLT) has emerged as one of the most disruptive technologies in the last decade. It promises to change the way people do their business, track their products, and manage their personal data. Though the concept of DLT was first implemented in 2009 as Bitcoin, it has gained significant attention only in the past few years. During this time, different DLT enthusiasts and commercial companies have proposed and developed several DLT platforms. These platforms are usually categorized as public vs private, general purpose vs application specific and so on. As a growing number of people are interested to build DLT applications, it is important to understand their underlying architecture and capabilities in order to determine which DLT platform should be leveraged for a specific DLT application. In addition, the platforms need to be evaluated and critically analyzed to assess their applicability, resiliency and sustainability in the long run. In this paper, we have surveyed several leading DLT platforms and evaluated their capabilities based on a number of quantitative and qualitative criteria. The comparative analysis presented in this paper will help the DLT developers and architects to choose the best platform as per their requirement(s).

The impact of the distributed ledger technology on the Single Euro Payments Area development

Research background: The year 2016 ended the period of the migration from national payment services to the SEPA instruments. At the same time, however, it has become apparent that some problems remained unresolved. Overcoming them requires finding suitable technological solutions. The potential of the distributed ledger technology (DLT) is currently being explored by the financial sector and its implementation may affect the SEPA schemes in a variety of dimensions.
 Purpose of the article: The aim of the article was to determine the potential impact that the DLT transfer to the banking sector may have on the functioning of the SEPA in the future. The paper presents SEPA?s assumptions and the current status of the project as well as the DTL?s concept. It describes the technology transfer implications for the banking industry and compares the SEPA schemes currently operating with those based on the DLT. It also indicates the opportunities and threats that are the consequence of the new technology implementation and examines their significance for the SEPA.
 Methods: In the article, a qualitative analysis is supplemented with a quantitative one. Elements of descriptive statistics have been used to characterize the functioning of the main pillars of the SEPA schemes. The final conclusions are based on the comparative analysis of the SEPA schemes and developed DLT applications.
 Findings & value added: The existing problems might be solved by supplementing the SEPA payment schemes currently operating with the applications based on the DLT. The systems that will be subsequently developed will provide the required real-time processing and a global reach. They will also extend the functionalities of the SEPA schemes with the ability to transfer other currencies. The implementation of this technology will result not only in new financial products but, first of all, in creating new business models. Consequently, we may expect a modification of the currently operating SEPA schemes, based on their supplementation rather than total replacement in a short time frame.

Distributed ledger technology: Implications of blockchain for the securities industry

Distributed ledger technology (DLT) is emerging as a potential disruptive force in the financial services industry and has garnered significant interest from various stakeholders. The technology offers the potential of significant efficiency gains and risk reduction, but also brings with it a new set of risks such as those related to security and privacy. Some argue that it could change the status quo of how securities are issued, traded and cleared, and redefine the roles of various market players. This paper provides an overview of distributed ledger technology and explains key features such as public versus private networks, the use of digital assets, and the general process for conducting and verifying transactions and recording them on a DLT network. It then highlights some key applications being explored in the securities industry including those in the equity, debt and derivatives markets, and in the utilities space. Further, the paper explores the potential impact of the technology in key areas of market efficiencies, transparency, role of intermediaries and operations, and highlights related benefits and risks. Many of the securities laws that the Financial Industry Regulatory Authority (FINRA) is charged with overseeing are potentially implicated by various DLT applications.

A Distributed-Ledger Consortium Model for Collaborative Innovation

R3 has built a global consortium to focus on the application of distributed-ledger technology (DLT), which can help banks combat low return on equity and alleviate pressure on their operating costs. The authors explain the conditions that led to interest in DLT and introduce Corda, R3's shared ledger for recording and managing financial agreements.