Transaction Structure Research Articles

Addressing The Importance of Financed Emissions to The Indonesian Financial Sector

Business trends, including the disclosure of financed emissions, drive more precise sustainability reporting. Financed emissions are greenhouse gas emissions from activities or projects sponsored by financial institutions, such as banks, insurance firms, pension funds, and other financial institutions. This concept emerges from an examination of the function of a financial service institution in distributing capital to companies that emit emissions or have a high carbon footprint. This study aims to examine the phenomenon of financed emissions and formulate policy recommendations to disclose financed emissions in Indonesia. Employing a systematic literature review approach, this study discovered various emission accounting standards, including the GHG Protocol, PCAF, and new standards developed by the ISSB and TCFD. The issuance of green bond instruments, sustainable loans, and the formation of carbon exchanges all contribute to Indonesia’s emission accounting reporting regime. Policy recommendations include the development of environmentally sound KYC policies for financial services institutions, the synchronization of business classification according to the Green Taxonomy or KUBL, and proposals for investment emission intensity taxation in Indonesia. However, hurdles to financed emission disclosure include data quality, complexity of the finance transaction structure's complexity, the technology's equivalency, and incomplete standard setting.

Research on ZKP Algorithm of Data Asset Security and Privacy Protection Based on Blockchain Technology

Zero Knowledge Proof (ZKP) is a very effective method of preserving privacy as it hides the most confidential information throughout the transaction. In this paper, we present a security and privacy-preserving approach for blockchain that relies on account and multi-data asset models using the Zero Knowledge Proof (ZKP) mechanism. We provide options for transferring data assets and detecting duplicate expenditures, and we also develop transaction structures, anonymised addresses and anonymised metadata for the data assets. To create and validate the ZKP, we use the zk-SNARKs algorithm and specify validation criteria for masked transactions, and finally conduct experimental tests to validate it. Creating better algorithms for ZKP will be the focus of our future efforts.

Contabilizar el comercio imperial: analysis of early double-entry accounting books with TEI/DEPCHA

Abstract This article discusses the encoding of double-entry accounting books from the 16th-century Spanish Empire and presents initial stage results from analyzing the encoded text, based on our case study. We selected the accounting books containing transactional data from 1558 to 1560. The encoding process followed the Text Encoding Initiative proposed by the Digital Edition Publishing Cooperatives for Historical Accounts (DEPCHA), with some additional attributes specific to the ontology of the double-entry books. The article explains the method of encoding and describes the unique characteristics of the ledger, such as the format of bookkeeping and the spatial arrangement of information. We adopted DEPCHA’s markup methodology to represent the accounting vocabulary and used the @ana attributes to invoke a domain ontology for bookkeeping structure of transactions. The results from the data analysis focus on three aspects: identification of person names, accounting terms, and checking the balance of payments. The study concludes by highlighting our contribution to expanding new semantic vocabularies within the DEPCHA’s Bookkeeping Ontology, namely “bk: Total” and “bk: SubTotal.” It illuminates the flexibility in name spelling and the preference for mundane vocabularies in the left column of the ledger, while emphasizing accuracy in numerical values and calculations in the right column. We propose further encoding and analysis of transactional records to enhance the understanding of historical double-entry commercial records.

A Comprehensive Review of Exploring the Dynamic Evolution of Digital Wallets and Currencies in the Face of Challenges, Innovation, and the Future Landscape from 2008 to 2023

The advent of digital payments in the last few years had not only led to the proliferation of electronic wallets or e-wallets where users deposit their funds and then use them to make secured and efficient transactions. E-wallet make it as an expectation; to give the customers the concrete, safe, and efficient way to manage digital assets like cryptocurrencies, and also tends to facilitate online transactions. In essence, this paper discusses the evolution of digital wallets in the timeframe of 2008 and present, giving spotlight to the difficulties such as security and interoperability. These factors are facilitated through technological advancements, ambiguous regulations and the change in consumer behaviors. Innovative solutions provided are the latest technologies in security and establishments of joint-ventures industries, among others. Trends forecast beyond 2021 include the merging of cryptocurrencies and decentralized finance and potential threats like quantum-resistant encryption. A digital wallet consisting of a digital block and a program called "the agent" has been designed by us. This program is responsible for conducting trading operations, sending and receiving money, as well as verifying the digital currency based on the permissions granted by the issuing bank. The wallet has been encrypted using the cyclic present lightweight block cipher algorithm. The growth of electronic wallets, also known as e-wallets, has facilitated cashless, safe, and effective transactions for small business owners and customers. The research developed a technique to pinpoint the transactional structure of the digital economy's e-wallet payment system, aiming to increase public awareness of digital currency and encourage its use in online transactions.

Практика использования ESG-подходов в сделках секьюритизации

The spread of the sustainable development concept has given rise to sustainable finance, as well as the infrastructure of the financial and consulting industry of valuations, verifications and various databases in the field of ESG. This research is devoted to theoretical and practical study of the accumulated experience of ESG securitization transactions in order to systematize ESG financing instruments and directions of development of this sphere in modern conditions. The study showes that ESG securitization practices are being integrated into capital management processes in line with sustainable development goals, with the most developed centers in the USA, Europe and China. The study systematizes the main types of ESG securitized assets, gives their characteristics and identifies current trends. In Russia, despite its isolation from the world financial markets, the practice of ESG securitization is developing, covering new directions. The study notes the potential for the development of green mortgages, which will contribute to the activation of securitization transactions in the segment of residential and commercial real estate. High potential for development of the social segment of ESG securitization is also noted due to the growing demand for financing social projects in the regions. Expansion of the practice of social mortgage securitization will contribute to the redistribution of risks between the public and private sectors, while active involvement of Russian banks in a variety of ESG lending programs (car loans, lending to small and medium-sized businesses with a green and social focus, e.g. for the construction of social infrastructure, etc.) will expand the market. There is a suggestion that the development of digital ESG securitization platforms will help expand the reach of retail investors, while cooling the junk bond market. The article notes that the expansion of multi-tranche ESG securitization will allow long-term assets of pension funds and various ESG funds to be leveraged into mortgage-backed securities. Overall, ESG securitization improves the structure of transactions, expands the range of derivatives used, improves the quality of credit and interest rate risk management, and contributes to the achievement of sustainable development goals.

Actions of Expropriation in Family Companies: The Moderating Role of Independent Commissioner’s Control

This study examines the effects of the pyramid structure and disclosure of related party transactions on acts of expropriation in family companies with the independent commissioner’s control as a moderation. This research is a type of quantitative research. This research uses secondary data from annual reports from 31 family companies in 2017- 2018. The data analysis techniques in this research are descriptive statistics, panel data regression analysis, and moderated regression analysis. The study finds that the pyramid structure does not affect expropriation, while disclosure of related party transactions has a negative effect on expropriation. The interaction test shows that the mediator variable could not mediate the pyramid structure and expropriation. Conversely, the moderating variable is able to moderate the disclosure of related party transactions and expropriation. The results of this research can provide input to policymakers to tighten regulations regarding protection for minority shareholders. In addition, the results of this research will add to the government’s references in expanding rules related to the disclosure of related party transactions, especially regarding the supervision of related party transactions carried out by companies.

Covert communication via blockchain: Hiding patterns and communication patterns

Blockchain technology has demonstrated promising potential for covert communication. Although a series of studies have investigated blockchain-based covert communication, systematic research on the information-hiding patterns and covert communication patterns built on the blockchain is absent. This paper aims to conduct a comprehensive analysis of the related patterns. Based on intensive investigation, we abstract and propose a reference model for blockchain-based covert communication. We accordingly identify five types of covert communication patterns, each with different roles for covert senders and covert receivers, which enable one-to-one and one-to-many communication. Using Bitcoin as an example, we analyze the data distribution of covert channels within the block and transaction structure. Furthermore, we compare the hiding patterns and covert communication patterns and discuss the challenges and promising directions to achieve secure, robust, and cost-effective covert communication using blockchain. This work can provide valuable insights into the potential of blockchain technology for covert communication and lay the foundation for future research in this area.

The Stock Pledge business of Listed Companies in China: An Empirical Analysis

This paper provides a comparative analysis of on-site and off-site pledge financing of listed company shares in China. The study aims to help shareholders and lenders reduce information asymmetry and identify transaction risks. The analysis focuses on the differences between the two models in terms of definition, transaction structure, operating process, transaction elements, lending speed, and funding sources. By comparing these aspects, the study enables the loan party to assess transaction risks before lending and allows lenders to choose the appropriate trading model based on their conditions and preferences. Ultimately, the research aims to increase the success rate of financing lending and improve the lender’s recovery of the principal and interest. Understanding the differences between on-site and off-site pledge financing can assist shareholders and lenders in making informed decisions and potentially reducing unnecessary losses.

DETERMINING CONCESSIONARY ITEMS FOR “AVAILABILITY PAYMENT ONLY” PPP PROJECTS: A HOLISTIC FRAMEWORK INTEGRATING VALUE-FOR-MONEY AND SOCIAL VALUES

Public-private partnerships (PPPs) have been widely applied in infrastructure development around the world. However, reasonable concessionary items are critical to compromise interest conflicts between government agencies and sponsors to ensure project success. A broad literature review centering on PPP transaction structuring revealed two significant research gaps: (1) a lack of attention to the ‘availability payment only’ (APO) funding method and (2) negligence of the public side’s perspective in determining concessionary items. The research objective was to develop a methodological framework for determining concessionary items in APO PPP projects while considering the interests of the public side. This study proposed a value-for-money (VFM) and social values integrated framework which accommodates discounted cash flow (DCF) analysis, bargaining game modeling, and multi-objectives decision-making (MODM). This framework enables a decision-making process based on both an indifferent feasible interval of concessionary items under a discount rate agreed upon by both parties and an optimal set of concessionary items. Additionally, results of a sensitivity analysis indicated that project construction profit can significantly affect feasible and optimal concession items, and the optimal concession period is less sensitive to changes in risk allocation. The application of proposed model indicated that this paper successfully provides a methodology for determining a feasible interval and an optimal concession items group tailored to APO PPP projects. This study paves the way towards a platform for the public and private partners to jointly and quickly come up with sound PPP concessional items in light of the win-win principle, particularly under the APO funding mechanism.

The Influence of Internet Technology on the Aviation Industry: Existing Tactics and Future Advancements

This paper focuses on the customer interface effects that Internet technologies are having on airline firms; the examination centres on many airline businesses that have been utilizing Internet technology for their own profit. It is demonstrated how airline operators are utilizing the Internet to provide their consumers cutting-edge transaction structures and exchange methods. Customers' expectations of what and how these businesses supply products and services are growing as the Internet becomes more widely used. In reality, the Internet has become critical to the strategic development of the airline corporations under consideration. The use of Internet technology at the user interface has made the limits and extent of the aviation sector less obvious. The availability of a diverse variety of products and services is driving industry convergence, which has significant consequences for business strategy formation. The use of the Internet at the consumer interface has become a critical driver in the development of the airline business. Further exploitation of the Internet will result in increased levels of complexity, which will raise customer expectations about what and how these firms supply products and services.

DAG-BLOCK: A Novel Architecture for Scaling Blockchain-Enabled Cryptocurrencies

With the rapid development of blockchain technology and industries, scalability has been widely realized as one of the primary and urgent concerns for the large-scale adoption of blockchain, especially for cryptocurrencies. In this respect, directed acyclic graph (DAG) proves to be an elegant solution to scaling blockchain but suffers from weak consistency and security issues. In this article, we designed a novel DAG-BLOCK architecture for blockchain-enabled cryptocurrency markets in order to improve the scalability. In our work, DAG is used to replace the Merkel-tree-based transaction structure within the block, and a novel design of open blocks is proposed to enable user nodes to participate in verifying the transactions in blockchain systems. On this basis, we designed a new segmented market structure, in which each miner serves only a group of users instead of all users, so as to reduce miners’ workload and thus scale transaction processing capabilities. Our work can help improve the scalability of cryptocurrencies via evolving the underlying blockchain systems to graph-based distributed ledgers and is expected to shed new light on designing blockchain-based decentralized markets.

Post-catastrophic Irelands in contemporary fiction

ABSTRACT This article examines the relationship between neoliberal late capitalism and the climate crisis in Irish writing. It focuses on the imagined post-climate change Ireland of Danny Denton’s novel The Earlie King and the Kid in Yellow (2018), which shows a feudal society clinging to a Dublin sunk below rising waters. This analysis posits that The Earlie King employs “weird” methodologies to imagine an Ireland so wracked by environmental destruction that the transactional structures of capitalism which catalysed this destruction are rendered inoperable by it. It draws upon Mark Fisher’s work on “eerie” and “weird” modes of writing, and the partially overlapping theorisation of the “New Weird” fiction movement by participating authors Steph Swainston and China Miéville. Other fictional Irelands ravaged by the aftermaths of crisis are proliferating, in texts such as Sara Davis-Goff’s Last Ones Left Alive (2018), Oisín Fagan’s Nobber (2019) and David Mitchell’s The Bone Clocks (2014). Collectively, these texts display a direct inheritance of the 2008–9 financial crash. Luke Gibbons writes that Irish modernists “did not have to await the twentieth century to undergo the shock of modernity.” This is echoed today, in post-crash Irish writers’ lived experience of the depth of suffering which follows capitalist collapse.

Bank payment cards as the main form of modern monetary relations and basis of money circulation

Introduction. Today, payment cards are a key tool for remote access of money holders to bank accounts and a means of moving funds through the financial sector, and therefore are the main driver of the organization of payment services. This allows to assert that the development of banking operations with payment cards is of fundamental importance for ensuring the smooth functioning of settlement systems, improving the mechanisms of monetary regulation and providing the economy with an adequate amount of means of payment, which decisively depends on the effective organization of money circulation in general. Due to the fact that payment cards are one of the most powerful tools that affect the structure of the country's entire payment circulation, the study of card payment systems and the market of payment instruments at the macro level is becoming increasingly important and relevant. Goal. The purpose of the article is to evaluate the modern role of bank payment cards as the main form of monetary relations, in connection with which there is a need to clarify the main trends in the development of the market of payment instruments. Methodology. General scientific techniques and tools, methods of analysis and synthesis, comparison, consolidation and grouping, scientific abstraction are used. Results. The current trends in the development of the payment system in the context of digitalization of the economy and virtualization of monetary relations, in which payment cards are a key tool for access to bank accounts and a means of moving funds, are analyzed. The role of payment cards as the basis of the modern settlement mechanism, which affects the structure of payment circulation, is considered, and the advantages of payment cards for all participants in settlement transactions are determined. The current trends in the development of the payment card market in Ukraine in terms of the number, volume and structure of card transactions are studied and systematized. The negative trends and problems accompanying transactions with payment cards are analyzed, and the directions of optimization of the settlement mechanism are determined.

GpDB: A Graph-partition Based Storage Strategy for DAG-Blockchain in Edge-cloud IIoT

The industrial Internet-of-things (IIoT) has attracted extensive attention due to its real-time and automation characteristics. Edge computing and blockchain technologies facilitate the IIoT in terms of low latency services and data security respectively. However, with the continuous expansion of industrial data and the growth of industrial nodes, traditional blockchain technology has some critical limitations on low transaction throughput and high data storage costs. Directed Acyclic Graph (DAG)-blockchain adopts a graph structure of a single transaction as the basic unit, and it has the characteristics of asynchronous consensus. Some existing studies use DAGblockchain to replace the traditional blockchain to alleviate its low throughput problems like IOTA. However, with the rapid data generation in the IIoT environment, the topology scale of DAG-blockchain will increase sharply, which will aggravate the data storage cost of blockchain nodes. In this article, to reduce the data storage cost of edge servers, we design a Graphpartition based storage strategy for DAG-Blockchain (GpDB), equipped with a graph partition algorithm based on transaction freshness, which can partition DAG-blockchain topology in edge servers into two parts, which will be retained and removed respectively. Simulation shows that, in terms of storage cost, GpDB outperforms LDV and Layerchain by 62% and 74% respectively, and with the increasing number of transactions, GpDB has good scalability in reducing the storage cost, and better transaction throughput than IOTA.

Venture Capital Funding and Early-Stage Startup Performance

This paper explores the significance of team composition, market valuation, and deal structure in venture capital (VC) investments. The research highlights that the success of a startup is heavily influenced by the skill, knowledge, and dedication of the founding team. Additionally, market valuation plays a crucial role in determining the expected return on investment for venture capitalists. Various valuation methods, such as the discounted cash flow model and the Berkus method, are discussed to aid in the assessment of a startup's future prospects. Furthermore, the paper emphasizes the importance of a solid transaction structure, which includes equity, voting rights, and clear responsibilities for both parties involved. A strong transaction structure aligns the objectives of venture capitalists and startups, encourages rapid development, and reduces conflicts. Case studies of successful VC investments, such as Airbnb and Uber, are presented to illustrate how team composition, market valuation, and deal structure contribute to their growth and success. Overall, this research provides valuable insights into the factors that influence VC investments and their implications for startup success, investment performance, and economic development.

Ecoupon-Chain: Efficient decentralized e-coupon blockchain

E-coupons have gradually gained attention with the development of the e-commerce market. The traditional e-coupon system is based on a centralized organization with problems, such as a single point of failure and e-coupon counterfeiting. Blockchain possesses characteristics such as decentralization that can enhance traditional e-coupon systems. In this study, we designed an e-coupon system based on blockchain called Ecoupon-Chain. First, we defined the mini-block, designed the account, block, and transaction structure, and built the system model. Second, we proposed a simple and efficient consensus protocol called Proof of Activeness to improve the system’s throughput and encourage nodes to perform transactions. Finally, we built a prototype of this e-coupon system and conducted security analysis and experimental evaluation on the prototype. The results show that the system can resist typical attacks, such as fork, double spending, replay, and Sybil attacks. The system throughput can be maintained above 1000 transactions per second under specific circumstances. The efficiency of the system is significantly improved compared to that of the existing consensus protocol. We present a simplified prototype of Ecoupon-Chain at https://github.com/YangYi215613/Ecoupon-Chain.

Comparative Analysis of Financing Strategy Differences Between Vanke and Merchants Shekou Real Estate Companies

Contemporarily, China's real estate has been boosted dramatically, attracting many investors to participate. Although the real estate industry experienced a long winter during the three-year epidemic, the rapid recovery of the real estate market began with the liberalization of the epidemic. The overall scale of China's real estate continues to grow, and it has become the largest real estate industry in the world. At the same time, with the rapid development of real estate, many problems also arise spontaneously. This paper mainly uses the method of case analysis to analyze the financing situation of REITS of two real estate enterprises, Vanke and Shekou Merchants. First, the financing motivation of the two companies is analyzed, and second, the project participants, underlying assets, and transaction structure of the two companies are analyzed. Then, the case is further analyzed, including the financing cost, the financial situation of the enterprise, the risk level, and other aspects. Finally, the financing effect of the two companies is analyzed, including the reduction of comprehensive financing cost, the increase of cash flow and the improvement of capital structure, etc.

Three Operational Modes of Back-door Listing in China

Backdoor listing refers to a transaction in which an acquiring company purchases a listed company and changes its main business. This paper provides a comparative analysis of the three operation modes for backdoor listing in China: reverse acquisition, agreement acquisition, and three-party cooperative acquisition. It discusses the advantages, disadvantages, transaction structure and compliance with the backdoor listing criteria defined by the China Securities Regulatory Commission (CSRC). The acquirer should consider the risks and benefits of each mode based on relevant legal provisions and regulations. Regulatory authorities, on the other hand, should use these provisions and regulations as screening tools to identify transactions that may pose serious risks to the capital market.

Research on Algorithmic Trading and Its Role in Pricing Efficiency in Chinese Stock Market

This paper uses the A-share stock data in 2021 as a sample to study the impact of algo-rithmic trading activities on pricing efficiency through empirical analysis. Combining with the current market transaction structure and institutional characteristics in China, this study uses the proportion of small transaction volume STR as a proxy variable to measure the in-tensity of algorithmic trading activities in China. Empirical results show that algorithmic trading can effectively improve the pricing efficiency of Chinese stock market. In addition, an important way for algorithmic trading to improve pricing efficiency is to reduce stock market volatility and reduce investor heterogeneity. Through extended analysis, the find-ings demonstrate that algorithmic trading has a differential impact on the pricing efficien-cy of different stocks, with the highest degree of improvement in pricing efficiency for stocks with high market prices; at the same time, algorithmic trading can play a better role under the condition of sufficient market liquidity.

IAM-BDSS: A Secure Ciphertext-Policy and Identity- Attribute Management Data Sharing Scheme Based on Blockchain

Abstract: This paper presents a Ciphertext-policy attribute-based encryption (CP-ABE) is widely recognized as a secure access control mechanism for data sharing. However, the generation of secret keys (SK) in most CP-ABE schemes relies on a centralized authority (CA), which can result in high costs for establishing trust and pose a single point of failure. To address these challenges and leverage the characteristics of blockchain technology, several blockchain-based schemes have been proposed to prevent data disclosure and protect user privacy attributes. In this paper, we propose IAM-BDSS, a novel CP-ABE identity-attribute management data sharing scheme based on blockchain, aimed at ensuring privacy through hidden policies and attributes. Additionally, we introduce a transaction structure to ensure the traceability of parameter transmission within the blockchain system. Through experimental results and security analysis, we demonstrate the effectiveness and feasibility of IAMBDSS.