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  • 1.
    Abdi, Brittemira
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Is Bitcoin here to stay?- A case study on cryptocurrency, Bitcoin2014Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The concept of money has been around since we started using goods and commodities

    as means of payment. So for thousands of years people have been used to trading goods

    and services for money. The evolution of money as a tool for exchange started out with

    people using cocoa seeds, shells and other precious objects, that progressed into the use

    of precious metals, such as gold and silver. In recent centuries we have found ourselves

    using fiat currency and now, with the evolution of the Internet, we might be on the

    verge of the next step in the evolution cycle of money.

    Enter Bitcoin, which is the first decentralised digital currency that uses cryptography.

    The purpose of this thesis is to explore the positive and negative aspects of Bitcoin so

    far, and will investigate what the future might hold for the invention of this

    cryptocurrency.

  • 2.
    Abelmazovs, Ivans
    et al.
    Linnaeus University, School of Business and Economics, Department of Marketing.
    Engström, Henrik
    Linnaeus University, School of Business and Economics, Department of Marketing.
    Response strategies of traditional firms indisruptive times.: A case study on sustainable strategies of the hotel industry in response tothe sharing economy evolution.2016Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Purpose - Traditional firms within mature markets are challenged, as they have to rely a lot on adaptation of new technologies in order to keep their service sales among consumers and survive in a highly competitive globalized environment. One of the examples of a mature industry is the hotel industry, in which sustainability is a vital necessity, however implementation efforts are slow. Nowadays, a business shift is occurring from traditional to disruptive innovation models. One such model is that of the sharing economy. The aim of this thesis therefore targets the finding of the understanding and reaction, by analyzing and describing actions, of traditional hotel firms for sustaining their business in times when sharing economy firms become increasingly influential on the traditional business.

    Design/methodology/approach - An abductive approach was followed throughout the thesis spanning a qualitative data analysis of the empirical base of the study, which consisted of six semi- structured interviews of traditional hotel firms that were chosen through theoretical sampling. The multiple and holistic case study setup is a means of explaining response strategies in the hotel industry.

    Findings - The findings are that while some are aware of the growing impact of sharing economy on the mature industry, few firms have concrete strategies to sustain their own business in the light of the upcoming challenges. Moreover, the interviewed firms have lost large percentages of their traditional direct sales channels, making it essential to sell increasingly through online channels and third party providers such as online travel agencies. This adds to the challenge that the service offerings of sharing economy firms and established firms are becoming more comparable to each other, making it easier for the customer to compare directly which choice is preferable. The empirical data suggests that this is of relevance for both the leisure and business segment of travelers. However, there were also positive effects found, that the sharing economy is an opportunity for traditional firms to learn and for travel destinations to be boosted through increased supply and variety.

    Research limitations/implications - The chosen case study setup is a means of explaining responses from the hotel industry due to the sharing economy. However, there is an indication that a similar phenomenon can occur in a different mature industry, such as the taxi industry with Uber or the financial industry with Bitcoin. Moreover, this case had hotel firms operating on a 3-star level or higher, which imposes potential limitations for the applicability. However, for the research implications this thesis includes a model that contains theoretical description of a practical phenomenon within a shifting context.

    Practical implications - Traditional businesses must find new ways to highlight their unique values, core competences and what most significantly distinguishes their offering, for example beyond being an accommodation provider, in order to develop a sustainable business that can withstand the challenges in the 21st century. It is recommended for firms to assess their position in the market, their customers and competitors to decide on which strategy is best suited, as it may vary with every firm. Analogous, it is not recommended to rest on previous successes.

    Originality/value - Increasing influence of the sharing economy forces traditional firms to respond with their own strategic countermeasures. However, the response of traditional firms to the impact of sharing economy firms is not well described and has empirically been insufficient. In this way, the thesis contributes to the existing research on the sharing economy and its impact by studying the consequences for and responses of firms in a mature industry. Therefore, it addressed challenges in theory all well as in practice for the affected businesses. The finding and combination of response strategies in this thesis presents a valuable contribution to academia and practical implications for the mature industries.

  • 3.
    Akinci, Efe
    et al.
    Jönköping University, Jönköping International Business School.
    Li, Jing
    Jönköping University, Jönköping International Business School.
    Bitcoin and Stock Market Indexes Causality2018Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This paper studies Granger Causality relations between Bitcoin and 5 stock market indexes which are Japan, Russia, South Korea, Sweden and the United States. The time-period examined is from 2013 to 2017 and all the tests are conducted based on daily data.  We analyze this in three different periods, last 5 years (2013-2017), in 2017 and last 3 months of 2017.

    To estimate the relationship, we use unit root test and Augmented Dickey-Fuller, Lagrange Multiplier, Johansen Cointegration Test and finally Granger Causality Test. After the tests, countries have a same integrated order that exhibits a long-run relationship. In causality, except for Russia, each country has affected the Bitcoin prices and being affected in a different period, especially in the last 3 months of 2017, the impact and popularity of Bitcoin affect too much the stock market in the short-run.

    As a result, the causation between Bitcoin and stock market indexes shows impact statistically significant in the 2017 year. The importance of cryptocurrency and popularity not as much as hype like late 2017 in 2018, but we think that cryptocurrencies are one of the major currencies that affect economical world very deeply.

  • 4.
    Akmanlar, Elif
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Informatics and Media.
    Creating personas from online discussion logs: Case study: Bitcoin users2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Personas are useful design tools that are used for improving the quality of the design and they can be created with the help of various user research methods. However, it is hard for designers to reach out the relevant group of users. Also, it is time and effort consuming to set the interviews & observations with the users and pull the precise information from the gathered data.

    Moreover, users can recall a limited amount of their memories when they are asked unless they are keeping a diary. This study aims to suggest an alternative user research method by figuring out if the online discussions are capable of supplying the necessary information which will be the basis for the Persona. As a result, a set of procedural steps are designed for analyzing the online discussion content and it is implemented to a case where the community is trying to develop the Bitcoin technology and its usage.

    It appeared that discussion logs are such a rich source of information which covers the necessary input for Personas. Finally, Bitcoin users are segmented and five vivid Personas are created.

  • 5.
    Andersson, Mattias
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Law, Department of Law.
    Beskattning av digitala valutor: Bitcoin och liknande företeelser2014Independent thesis Advanced level (professional degree), 20 credits / 30 HE creditsStudent thesis
  • 6.
    Andreassen, Hedvig
    Södertörn University, School of Social Sciences.
    Den omedvetna organiseringen: Om etableringen av bitcoin i Sverige2014Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Many of today’s societies are built on established financial structures that are controlled by states and central banks. These structures are built on a clear perception of economic systems as established but invisible institutionalised concepts that are operated by millions of organizations worldwide. An idea of counteracting against centralized economies by introducing a currency that no state or bank controlled was developed in the beginning of the 20th century. In 2008 the idea was realised by the introduction of Bitcoin, which is a digital currency and transaction system without any centralized emitter or controlling organ. The introduction of Bitcoin is an innovative initiative to change financial structures.

    The involvement in and around Bitcoin has grown very strong amongst a group of individuals who are actively working with establishing the innovation as a part of the Swedish financial structure and as an alternative to the classic financial systems.

    The purpose of this thesis has been to study the process of establishing Bitcoin in Sweden with the ambition to analyse the interaction between emerging organizations and the establishment of an innovation in society. This was accomplished by interviewing individuals who are actively engaged in Bitcoin. Through the analysis it is clear that the relations between the actors trying to establish Bitcoin in Sweden are quite complex. This has to do with the fact that they deliberately have developed a common vision by interacting with each other. The study shows that organizing processes to a large extent arises from entrepreneurship, which in this case stems from the work of establishing the innovation Bitcoin in the Swedish economy. The study contributes to the understanding of emerging organizations as consistent of entrepreneurship and interactive processes that take form and has meaning to the development and establishment of an innovation long before they are conscious and formally defined. It also shows that it is possible to understand the establishment of Bitcoin as an organizing process driven by entrepreneurship on both an individual and societal level. 

  • 7.
    ANDRÉN, MARCUS
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Industrial marketing.
    Realizing physical bitcoin payments and mapping the enabled point of sales2014Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    In today’s digital world digital money has become a reality. With the introduction of Bitcoin and this new branch of digital currency, cryptocurrency, digital money has begun competing with traditional official currencies, e.g. US dollar and Euro. Bitcoin is a decentralized peer-to-peer currency allowing anonymous transactions. The currency’s value is solely based on supply and demand and is mainly used for e-commerce. However, in order to really compete with traditional currencies and further push the evolution forward physical transaction that can be used in stores is necessary. The objective of the thesis is thus to explorer how this can be realized as well as investigate how physical stores that accept bitcoins can be mapped and turned into a service. The method used for this exploratory study is an extensive literature study. A survey is also used to give additional depth for the research and analyze the current situation concerning bitcoins and wireless communications technologies in Sweden.

    The analysis and findings concluded that it is very much possible to realize the idea with the existing technologies. By using QR-codes and NFC for its intuitive way of communicating, transactions can reach the same accessibility as traditional system like credit/debit cards. Regarding mapping of service points the findings suggest to use both user based input and PoS/store based input. In other words, to utilize the Bitcoin community and its peer-to-peer nature by letting user contribute with information about bitcoin enabled stores as well as using the marketing argument to encourage stores to submit information about themselves

  • 8.
    Avramovski, Aleksandar
    Karlstad University, Faculty of Arts and Social Sciences (starting 2013), Karlstad Business School.
    Blockkedjan en revolutionerade teknik: Mikrotransaktioners möjliga användning2016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Transaktioner på nätet har ökat drastiskt och till följd av detta har en stor efterfrågan inommikrotransaktioner för företag och organisationer uppkommit. Forskning inom detta områdehar visat att mikrotransaktioner kan effektivisera allt i vardagen, så som hur informationöverförs och att den kan utnyttjas i marknaden för att skapa fler affärsmöjligheter. Dennauppsats undersöker mikrotransaktioners egenskaper, funktioner och diskuterar deraseventuella användning i nutida transaktionssystem. Undersökningen tar upp varför företag villha användning av transaktionssystemet och vilka möjligheter som kan uppstå med tekniken.För att finna en allmän förståelse om tekniken genomfördes litteraturgenomgång som bas ochen kvalitativ intervjuundersökning hos företag som överväger att använda tekniken ochföretag som utvecklar plattformar för tekniken. Med intervjuerna undersöktes om det varmöjligt att använda sig av mikrotransaktioner och hur dagens utveckling ser ut.Slutsatserna av undersökningen blev att mikrotransaktioner går att användas i små mängder,men tekniken behöver bli mer utvecklad för att företag och organisationer skall kunnaacceptera tekniken.

  • 9.
    Backlund, Ludvig
    Uppsala University, Disciplinary Domain of Science and Technology, Mathematics and Computer Science, Department of Information Technology, Division of Computing Science.
    A technical overview of distributed ledger technologies in the Nordic capital market.2016Independent thesis Advanced level (professional degree), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This thesis examines how Distributed Ledger Technologies (DLTs) could be utilized in capital markets in general and in the Nordic capital market in particular. DLTs were introduced with the so called cryptocurrency Bitcoin in 2009 and has in the last few years been of interest to various financial institutions as a means to streamline financial processes. By combining computer scientific concepts such as public-key cryptography and consensus algorithms DLTs make it possible to keep shared databases with limited trust among the participators and without the use of a trusted third party. In this thesis various actors on the Nordic capital market were interviewed and their stance on DLTs were summarized. In addition to this a Proof of Concept of a permissioned DLT application for ownership registration of securities was constructed. It was found that all the interviewees were generally optimistic about DLTs potential to increase the efficiency of capital markets. The technology needs to be adopted to handle the capital markets demand for privacy and large transaction volumes, but there is a general agreement among the interviewees that these issues will be solved. The biggest challenge for an adoption of DLTs seem to lie in that of finding a common industry-wide standard.

  • 10.
    Basely, Marie-Louise
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Arts, Department of Cultural Anthropology and Ethnology, Ethnology.
    Dopgåvor - från silversked till bitcoin2014Student paper other, 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The purpose of this study is to examine the importance of the Christening Gift today, what gifts are appropriate and if the christening gift mirrors social relationships as well as how individuals perceive and how they reflect on the Christening Gift.

    Through literature, participant observation and interviews, the survey of today's Christening Gift could be identified. The survey shows that a christening gift can be anything, a subject or something abstract that a sponsor has to offer. The value is not only economical but can also be the relationships that a christening gift give rise to. The Christening Gift can also select social relation, who is highest in rank, such as family. Gifts can serve to establish friendships and alliances to ensure future good relations. It is about gifts in change influenced by newer trends.

  • 11.
    Benayed, Elie
    et al.
    University West, Department of Economics and IT, Division of Business Administration.
    Jama, Issa
    University West, Department of Economics and IT, Division of Business Administration.
    Bitcoin: An empirical study on the future developments2014Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Bitcoin has over the years dominated the headlines for good and bad reasons. Examples of this range from the first introduction of a Bitcoin Automatic Teller Machine (ATM) to the recent attack on the Bitcoin exchange, MT Gox, where 850000 bitcoins were stolen worth hundreds of millions USD. The fundamental questions that this research answers are what Bitcoin exactly is and whom the actors are using this digital currency. Furthermore, an empirical research is conducted to highlight how actors expect Bitcoin to develop in the future.

    Bitcoin is depicted as a self-evolving system that has its own community. This research draws similarities with the traditional theory of ecosystem and the business ecosystem theory by Moore (1996). The Bitcoin ecosystem is presented as a model that consists out of internal and external factors.

    The methods that are used in this research are mostly of quantitative nature, though a qualitative way of analysing is also incorporated in this research. An electronic questionnaire was sent to users, investors and companies that use Bitcoin. These electronic questionnaires were sent to companies by email and to different Bitcoin forums to reach users and investors in Bitcoin. A total of 51 actors have completed the questionnaire.

    The empirical analysis focused on the present and the future of Bitcoin. The subjects that are covered consisted of legal, economic and technological factors that determine the Bitcoin system. The present situation shows that the main reason people use Bitcoin is that it offers the actors an alternative for fiat currencies and low transaction costs when making payments. The current drawbacks of the Bitcoin system are, regarded by scholars and actors, to be the high volatility in the value of Bitcoin and the security concerns that are caused by hackers of the system.

    Finally, the overall sentiment amongst users, investors and companies is that the future of Bitcoin is considered to be a bright one based on the legal, economic and technological factors

  • 12.
    Berggren, Caroline
    et al.
    Linköping University, Department of Management and Engineering, Production Economics.
    Asplund, Jesper
    Linköping University, Department of Management and Engineering, Production Economics.
    Identifying and analyzing digital payment flows regarding illegal purposes on the Internet: I samarbete med CGI och Finanskoalitionen2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The aim of this study was to illustrate an unexplored illegal exploitation of legal businesses, with the purpose of limiting this market and especially the related transactions. The issue of transactions regarding illegal material executed with credit cards was solved through involving the companies who issues the credit cards, making the market more transparent and thus preventing this kind of transactions. The thesis will illustrate how cryptocurrencies, such as Bitcoin, are being exploited regarding illegal transactions and more specifically, transactions regarding selling and purchasing Child Abusive Material within file hosting services (cyberlockers). The analyzed data was gathered using a webcrawler and different methods for analyzing correlation were implemented on the data to find relationships between different data points. The data points were then clustered, using an algorithm to create a relationship network. The developed model analyzed the data to identify trends and patterns regarding the illegal transactions and the results can be used to find the most prominent users who are potential perpetrators that actively distributes illegal material. A deeper analysis is then performed on the, according to the model, most interesting users in an attempt to identify their underlying identity.

    When cryptocurrencies are used by perpetrators to pay and get paid for illegal material, the transaction flows cannot immediately be connected to specific identities and therefore it is required to first identify potential perpetrators and track their transactions, to later compare them with the transactions that has already been identified as payments for illegal material. Apart from this model, a framework has been created to identify certain patterns and trends regarding the cyberlockers’ transaction flows. This was performed through analysis of the transaction flows connected to cyberlockers that were suspected to contain Child Abusive Material or other illegal material.

    With the results from the first and second model, the most interesting cyberlockers for future investigations were discovered, according to the trends and patterns in their surrounding transaction flows. When that analysis was performed and the first model was implemented, potential perpetrators was identified through collaborations between the investigating unit, the Police, the cyberlockers in question and the relevant exchange services. Through this collaboration the identities of the perpetrators are revealed and the transaction flows can then be analyzed to limit further distribution of Child Abusive Material within cyberlockers and consequently limit the illegal transactions with cryptocurrencies.

    Keywords: Bitcoin, Child Abusive Material, Cyberlockers, Illegal payments, Cryptocurrency, Webcrawler, Correlation, Relationship network.

  • 13.
    Bol, Simona
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Ceric, Ajla
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Bitcoin - ett hållbart betalningsmedel?: En transaktionskostnadsanalys av Bitcoin som betalningsmedel jämfört med traditionella betalningsmedel2014Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Background: The Swedish central bank has had a currency monopoly since 1897, which has meant that they since then have had exclusive right to issue money. Technological advances and the increasing use of the Internet has led to an evolvement of virtual communities and in some cases these communities created their own currency. Bitcoin is the worlds first fully decentralized currency. In the beginning the currency was based on technological curiosity to a handful of hobbyists. In recent years demand for bitcoins has increased, which has led to a dramatic price increase.Aim: The purpose of this thesis is to identify and analyze the transaction costs that may arise when Bitcoin is used as means of payment, and to compare these costs with the transaction costs associated with the use of traditional means of payment.

    Completion: The study was conducted through a mixture of qualitative and quantitative approaches as well as a processing of the transaction cost theory in the context of new institutional theory. The empirical material consists of three parts in which the study begins with a literature review for the reader to get a glimpse of what Bitcoin is and how the currency works. The qualitative approach is in the form of semi-structured interviews and finally the study's quantitative approach is presented in the form of a questionnaire to survey the use of bitcoin.Conclusion: The study shows that Bitcoins transaction costs are higher than conventional means of payments when account is taken to the fact that the currency is dependent on the current financial structure. The user furthermore disclaims the safety net that traditional means of payments offer. For Bitcoin to become an established means of payment it requires that the basic functions of money are fulfilled which the study shows is inadequate.

  • 14.
    Borgklint, Erik
    et al.
    University of Skövde, School of Business.
    Söderberg, Michael
    University of Skövde, School of Business.
    Bitcoin och banker: En studie om bankens syn på kryptovalutan Bitcoin2018Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Background: Satoshi Nakamoto is the group or person behind the cryptocurrency Bitcoin. The purpose of the currency was to make it possible to send money fast, anonymously and without involvement of third party, banks or national bank.

    Purpose: The purpose of our study is to be able to answer our theoretical questions through our empirical research. The authors of this study want to investigate how the bank’s attitude looks like if the currency becomes increasingly popular that companies and individuals begin to make transactions without their involvement.

    Methodology: To make it possible to answer our purpose, we have chosen an abductive method. Our data collection is from semi-structured qualitative interviews from relevant persons on banks. In our analytical part of the study we explain our collected data with help from our theoretical framework. In order to obtain qualified assessments, the study has used the delfi method.

    Conclusion: Our conclusion was that Bitcoin does not pose a threat against the banks since they can copy the technology behind it right away and as well because the bank’s core business is not about making transactions. The transaction technology Bitcoin relies on, in combination with a legitimate currency (for example the E-krona), has a possibility to be used by banks in the future.

  • 15.
    Bostedt, Robert
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Bitcoin & valutakonkurrens: En jämförande nyttoanalys2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This paper investigates the fulfillment of utility in the currency Bitcoin in relation to the Swedish krona in general andthe macroeconomic consequences of such fulfillment of utility in particular. The paper starts with the assumption thatthe utility generated by money is deduced from its qualities, mainly the quality in storage of value and the currency´spossibilities of generating low transaction costs. The investigation finds that there are possibilities that Bitcoin maygenerate a higher utility for its users than the Swedish krona under some circumstances. This mainly from Bitcoinsqualities in storage of value due to its predetermined change in money supply and in times when the Swedish krona´smonetary base is expanded by monetary policy and its subsequent inflation. In such periods when monetary expansionis undergoing in the Swedish krona, the investigation finds that the expected higher utility in Bitcoin in relation to theSwedish krona may cause a change of individuals incentives for currency, away from the Swedish krona and towardsBitcoin, if the profit gained from such change for an individual is great enough. From this, the central analysis ofBitcoins consequences on macroeconomic level follows. If there is an opportunity to change currency, which causesutility profits for individuals, there is also risk that the stimulus in monetary policy fails. This due to the decrease ofpurchasing power in the Swedish krona due to the lower demand of the currency in question subsequent to its loss init’s quality of storage of value. The analysis finds that depending on which theoretical perspective that is used, systemicrisks stemming from Bitcoin usage can be found in an analysis made with the Keynesian perspective. This while theopposite, that the systemic risks are introduced in the economy with the Swedish krona, is the result of an analysis madewith the Austrian theory of business cycle. Even with the systemic risks identified in the Keynesian analysis, reformsare suggested so that Bitcoin is able to co-exist with Keynesian monetary institutions to be able to take care of the utilitygained on the microeconomic, individual level that may result from Bitcoins usage as means of trade.

  • 16.
    Bowin, Hampus
    et al.
    Blekinge Institute of Technology, Faculty of Computing, Department of Software Engineering.
    Johansson, Daniel
    Blekinge Institute of Technology, Faculty of Computing, Department of Software Engineering.
    Scalability of the Bitcoin and Nano protocols: a comparative analysis2018Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    In the past year cryptocurrencies have gained a lot of attention because of the increase in price. This attention has increased the number of people trading and investing in different cryptocurrencies which has lead to an increased number of transactions flowing through the different networks. This has revealed scalability issues in some of them, especially in the most popular cryptocurrency, Bitcoin. Many people are working on solutions to this problem. One proposed solution replaces the blockchain with a DAG structure. In this report the scalability of Bitcoin’s protocol will be compared to the scalability of the protocol used in the newer cryptocurrency, Nano. The comparison is conducted in terms of throughput and latency. To perform this comparison, an experiment was conducted where tests were run with an increasing number of nodes and each test sent different number of transactions per second from every node. Our results show that Nano’s protocol scales better regarding both throughput and latency, and we argue that the reason for this is that the Bitcoin protocol uses a blockchain as a global data-structure unlike Nano that uses a block-lattice structure where each node has their own local blockchain.

  • 17.
    Bååth, David
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Zellhorn, Felix
    Linköping University, Department of Management and Engineering, Economics.
    How to combat money laundering in Bitcoin?An institutional and game theoretic approach to anti-money laundering prevention measures aimed at Bitcoin2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Money laundering is a growing issue which has in later years emigrated more and more to the digital sphere of Bitcoin. Its pseudonymous nature and unrigorous legal definition has made regulation a difficult challenge. This thesis provides a unique take on the Bitcoin money laundering problematique by using incentive structures in place of forced restrictions. The goal is to create, validate and analyze a game theoretic incentive model which aims to combat money laundering by increasing the transaction costs for money laundering Bitcoin users without affecting the transaction costs for the honest users. The results prove the model to be feasible, leading to the conclusion that its real-world application has the potential to combat money laundering in Bitcoin to a significant degree.

  • 18.
    Caldegren, André
    Mälardalen University, School of Innovation, Design and Engineering.
    The Influence of Bitcoin on Ethereum Price Predictions2018Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Cryptocurrencies are a cryptography based technology, that has increased massively in popularity in recent years. These currencies are traded on markets that specialize in cryptocurrency trade. There, you can trade one cryptocurrency for another, or buy one with real world money. These markets are quite volatile, meaning that the price of most cryptocurrencies swing up and down a lot. The largest cryptocurrency is Bitcoin, but there is also more than 1500 smaller ones, that goes by the name alternative coins, or altcoins. This thesis will try to find out if it is possible to make accurate predictions about the future price of the altcoin Ethereum, and also see if Bitcoin may have some influence over the price of the selected altcoin. The predictions were made with the use of an artificial neural network, an LSTM network, that was trained on labeled data from 2017. The predictions were then made in intervals of one hour ahead, six hours ahead, and one day ahead through early 2018. The predictions showed that it is possible to make somewhat accurate predictions about the future. The predictions that were made one hour ahead were more accurate than both the six hours ahead predictions and the full day ahead predictions. By comparing the loss rates of the neural networks that were only trained on Ethereum, with the loss rates of the networks that trained on both Bitcoin and Ethereum, is was made clear that training on both cryptocurrencies did not improve the prediction accuracies.

  • 19.
    Cian, Healy
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Entrepreneurship and innovation.
    LI, ZHE
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Entrepreneurship and innovation.
    The Role Decentralised Non-Regulated Virtual Currencies Play in Facilitating Unlawful Financial Transactions.2016Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    As consumer payment services have been developed at a rapid rate in recent years, the introduction to the market of decentralised, non-regulated cryptocurrencies has enabled a significant increase in acts of criminality in the cyber environment. Efforts to combat and curb the continued growth of such illicit activities have included the development, implementation and enforcement of legislation and regulations by governing authorities on a global scale. For the purpose of this thesis, interviews were conducted with several industry experts and governmental officials specializing in the use of virtual currencies for illicit financial transactions, namely fraud, money laundering and tax evasion. While the extent to which decentralised, non-regulated payment services actually contributes to illicit financial transactions remains unclear, it can certainly be said that as the use of new and emerging virtual currencies increases, so too will acts of criminality in the cyber world. 

  • 20.
    Dahlberg, Emil
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Holmberg, Lillemor
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Bitcoins adaption: En undersökning av faktorer som påverkar Svenska företagares val att implementera Bitcoin i sin verksamhet.2014Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Många länder går mot ett samhälle där kontanter används till en mindre grad vilket har lett till en ökning av elektroniska betalningsmetoder. Utöver kortbetalningsmetoder har andra mer hög teknologiska betalningsmetoder vuxit fram. Bland dem är Bitcoin ett nytt system som vuxit sig relativt stor under de senaste åren. Bitcoin är både kritiserat och hyllat i olika medier. Utifrån de två väletablerade teorierna; Diffusion av innovation och Teknologi acceptans modellen avser studien att identifiera betydande faktorer i Svenska företags adaption av Bitcoin. Denna kvalitativa studie bygger på strukturerade telefon- och mailintervjuer i samband med samling av sekundärdata vilket tillsammans skapar empirins underlag. Studien består av åtta telefonintervjuer och tre mailsvar Studien är av deduktiv natur då den undersöker innovationen utifrån redan befintliga teorier. I användandet av teorin återfinns ingen undersökning av innovationen, istället har innovationer av närliggande karaktär studerats för stödjande av faktorernas vikt för adaptionen av innovationen. Resultaten visar att relativa fördela, kompatibilitet, svårighet att använda och uppfattad risk bör vara de främsta faktorerna. Utöver dessa faktorer finns bevis som pekar på att sociala influenser och tekniskt intresse även är viktiga för Bitcoins adaption.

  • 21.
    Dunér Lundberg, Isak
    Umeå University, Faculty of Science and Technology, Department of Computing Science.
    Decentralized communication How to send messages to unresponsive clients in a chat network2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    A communication solution to send messages between clients in a decentralized network even though the receiver may be unreachable at the time of transmission is presented. The solution is build on a decentralized cloud infrastructure and includes cryptically key pairs to perform client authentication. The network is resistant to failures and have redundancy and self healing capabilities built in.

    To reach this goal we analyse some existing systems and networks which forms the basis for this research. Some of these applications include Bittorrent, Bitcoin and Storj.

  • 22.
    Edholm, Zacharias
    Örebro University, Örebro University School of Business.
    Bitcoin – en volatil hedge?: En kvantitativ studie av Bitcoins hedgingegenskaper gentemot OMXS302018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
  • 23.
    Elgebrant, Emil
    Linköping University, Department of Management and Engineering, Commercial and Business Law. Linköping University, Faculty of Arts and Sciences.
    Bitcoinsdomen - ändamål, vilket och vems?2016In: Skattenytt, ISSN 0346-1254, no 1, p. 68-76Article in journal (Refereed)
    Abstract [sv]

    Den 22 oktober kom då EU-domstolen i mål C-264/14 (Bitcoinsdomen) fram till att artikel 135.1 (e) i mervärdesskattedirektivet ska tolkas så att växling av traditionell valuta till den virtuella valutan bitcoin och omvänt, utgör transaktioner som är undantagna från mervärdesskatteplikt. Rättsläget har i och med denna dom klarnat med avseende på den praktiska hanteringen av växlingstjänster av bitcoins.Denna artikel analyserar domstolens argumentering med anledning av tillämpligheten av artikel 135.1 (e) och är en fortsättning på en av mig tidigare publicerad artikel i Skattenytt.

  • 24.
    Elgebrant, Emil
    Linköping University, Department of Management and Engineering, Commercial and Business Law. Linköping University, Faculty of Arts and Sciences.
    Kryptovalutor: särskild rättsverkan vid innehav av bitcoins och andra liknande betalningsmedel2016 (ed. 1)Book (Other academic)
    Abstract [sv]

    Intresset för olika kryptovalutor har ökat lavinartat sedan Satoshi Nakamoto gav ut sin text Bitcoin: A Peer-to-Peer Electronic Cash System 2009. Betalningar med bitcoins och andra liknande betalningsmedel har dock visat sig ställa flera befintliga rättsliga lösningar och förklaringsmodeller på sin spets. Hur väl fungerar det nuvarande rättsliga systemet för att hantera nya anonyma betalningsmedel som kryptovalutor? Vilka rättsliga metoder blir nödvändiga att tillämpa vid skilda rättsliga konfliktsituationer?

    Boken Kryptovalutor analyserar hur förmögenhetsrättsliga, obeståndsrättsliga, redovisningsrättsliga och skatterättsliga frågeställningar förhåller sig till de här betalningsmedlen med särskild hänsyn till deras särart som förmögenhetsobjekt. En övergripande slutsats i boken är att kryptovalutornas anonyma karaktär leder till ett ökat behov av välförankrad fiktions- och analogiargumentering i flera rättsliga sammanhang.

    Boken vänder sig inte bara till dem som har ett intresse eller behov av att veta mer om den rättsliga hanteringen av kryptovalutor, utan även till alla som har ett allmänt intresse av rättsvetenskaplig grundforskning.

  • 25.
    Eriksson, Björn
    Linköping University, Department of Computer and Information Science, Software and Systems.
    A study of Bitcoin as a currency for email-based micro-transactions2016Independent thesis Basic level (degree of Bachelor), 10,5 credits / 16 HE creditsStudent thesis
    Abstract [en]

    Bitcoin is a cryptocurrency that has been the focus of a lot of discussions lately and has attracted a large number of users. Its offers many possibilities for cheap transactions and unregulated finances which has been realized in numerous sites and applications on the web and in mobile phones. One medium that seem to have been neglected when it comes to Bitcoins development is email. This is curious since Bitcoin by its nature seem to have many properties that would work well with texted messages. The purpose of this study it to analyze the current papers about Bitcoin to find the current status of email based Bitcoin services,  and try to analyze if email as a tool is a suitable medium to be used with Bitcoin. This analyze is done through a systematic literature review of current papers, followed by an examination of past and current Bitcoin companies that has used email as part of their service. In the end the results suggested that the low security in email, and the apparent lack of services that would benefit from an email based Bitcoin service suggest that a service like that would be hard to develop today and not very useful to the public.

  • 26.
    Gartz, Madeleine
    et al.
    KTH, School of Computer Science and Communication (CSC).
    Linderbrandt, Ida
    KTH, School of Computer Science and Communication (CSC).
    Are Cryptocurrencies the Future of Money?: Whether a Transition to Cryptocurrency, as National Currency of Sweden, Would be Possible and What it Would Imply for the Swedish Society2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The underlying technology of cryptocurrencies is a broadly discussed subject. In Sweden, a growing interest for digital assets and payment methods can be observed. The fact that this coincides with an increasing acceptance for cryptocurrencies creates interesting possibilities. Some claim that cryptocurrency could be the future mean of payment. The objective of this report is therefore to examine whether a cryptocurrency could replace the Swedish krona, and what such a transition would imply for the Swedish society. To deliver a thorough analysis, the delimitation to exemplify with the cryptocurrency bitcoin and its protocol was made. Primarily, a literature study was conducted to determine the protocol’s structure, security and usability, as well as its possibility to fulfil the functions of the Swedish krona. In addition, an interview with Björn Segendorf at the Riksbank was held, in order to obtain the Riksbank’s interest and standpoint in the questions of matter.

    A transition to cryptocurrency is associated with both advantages and disadvantages. The infrastructure behind Bitcoin creates a possibility to process certain payments more time and cost efficiently, and simultaneously provides open and decentralized participation as well as increased payer integrity. However, the Bitcoin protocol has limitations that should be considered and dealt with before a transition should be initialized. The large energy consumption required to process transactions could be considered the largest obstacle for Bitcoin’s further growth. There are also security concerns, that could affect users of the protocol, that should be considered.

    Sweden fulfils the technical prerequisites for Bitcoin, and any other cryptocurrency with similar structure. However, a cryptocurrency does not fulfil the functions of a traditional currency. A transition to cryptocurrency would also affect the Riksbank’s possibility to conduct monetary policies. Following, the report concludes that a complete transition to cryptocurrency in Sweden seems unfavourable as of today. Cryptocurrencies are likely to grow continuously, and gain new market shares, but will coexist with traditional currencies and payment systems. It is not unlikely that a transition to cryptocurrency will occur in the future, when the market has matured, and solutions to problems highlighted in this report have been presented. 

  • 27.
    Giustolisi, Rosario
    et al.
    RISE, Swedish ICT, SICS, Security Lab.
    Lovino, Vincenzo
    Roenne, Peter
    On the Possibility of Non-Interactive E-Voting in the Public-key Setting2016In: Financial Cryptography and Data Security: FC 2016 International Workshops, BITCOIN, VOTING, and WAHC, Revised Selected Papers, 2016, 23Conference paper (Refereed)
  • 28.
    Gleisner, Mattias
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Edström, Karoline
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Bitcoin som diversifiering: En kvantitativ studie som undersöker korrelationen mellan bitcoin och finansiella tillgångar2017Independent thesis Advanced level (professional degree), 20 credits / 30 HE creditsStudent thesis
    Abstract [sv]

    Pengar har under en lång tid spelat en central roll i människans samhälle och dagens samhälle präglas av allt mer handel. Utifrån detta har nya betalningsmetoder utvecklats. En förändring i konsumentbeteendet har bidragit till att allt fler individer väljer elektroniska betalningstjänster. En relativt ny innovation är kryptovalutan bitcoin som erbjuder betalning mellan köpare och säljare utan inblandning av en tredje part. Ett flertal studier har gjorts med syftet att fastställa om bitcoin är en valuta eller en tillgång, något som visat sig vara svårt. Något som varit tydligare är att bitcoins värdeförändringar inte tycks vara korrelerad med andra investeringsalternativ. I en studie av Brière et al. (2015) drogs slutsatsen att bitcoin är en intressant tillgång för en investerare tack vare bitcoins låga korrelationskoefficient med andra tillgångar.

    Denna studie grundar sig i de teoretiska utgångspunkterna om Famas (1970) hypotes om den effektiva marknaden, Markowitz (1952) moderna portföljteori och Rogers (2003) teori om spridning av innovationer. Med detta som utgångspunkt är syftet med denna studie att undersöka hur korrelationskoefficienten mellan bitcoin och traditionella investeringstillgångar som aktier, valutor och råvaror ser ut idag samt hur dessa har förändrats över tid. Med hjälp av Famas (1970) teori om effektiva marknader och Rogers (2003) teori om spridning av innovationer kommer en diskussion om huruvida bitcoins egenskaper som investering i den moderna portföljen har förändrats i takt med att bitcoin blivit mer använd, både som betalningsmedel och investeringsalternativ.

    För att besvara dessa frågor undersöks korrelationskoefficienterna mellan bitcoin och elva andra tillgångar i kombination med en analys av en deskriptiv statistik. Med en undersökningsperiod som sträcker sig från 18 augusti 2011 till 17 mars 2017. Denna period har även delats upp i mindre tidsperioder för att utifrån detta analysera om det skett några förändringar i korrelationen mellan bitcoin och de traditionella tillgångarna i studien.

    Resultatet visade att bitcoin inte är korrelerad med andra traditionella tillgångar, oavsett vilken tidsperiod som undersöks. Det visade sig att bitcoin i förhållande till andra tillgångar är en riskfylld investering på grund av bland annat en hög volatilitet. Dock kompenseras detta av bitcoins höga årlig avkastning. Av resultatet framgår det även att volatiliteten för bitcoin har minskat med tiden och att kryptovalutan inte är lika riskfylld idag jämfört med tidigare. 

  • 29.
    Gopinath Nirmala, Rakesh
    KTH, School of Electrical Engineering (EES).
    Improving the Security and Efficiency of Blockchain-based Cryptocurrencies2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    In recent years, the desire for financial privacy and anonymity spurred the growth of electronic cash and cryptocurrencies. The introduction of decentralized cryptocurrencies, such as Bitcoin, accelerated their adoption in society. Since digital information is easier to reproduce, digital currencies are vulnerable to be spent more than once – this is called a double-spending attack. In order to prevent double-spending, Bitcoin records transactions in a tamper-resilient shared ledger called the blockchain. However, the time required to generate new blocks in the blockchain causes a delay in the transaction confirmation. This delay, typically around one hour in Bitcoin, is impractical for real world trade and limits the wide-spread use of blockchain-based cryptocurrencies.

    In this thesis, we propose a solution to prevent double-spending attacks and thus enable fast transaction confirmations using the security guarantees of Trusted Execution Environments (TEEs). We achieve this by enforcing sign-once semantics that prevent the payer from reusing designated signing keys to sign more than one transaction. We also provide a way for the payee to verify whether a specific signing key is subject to sign-once semantics. The payee, however still receives the funds later, once the transaction is verified similarly to existing credit card payments. In this way, our solution reduces transaction confirmation times of blockchain-based cryptocurrencies and is also compatible with existing deployments since it does not require any modifications to the base protocol, peers, or miners. We designed and implemented a proof-of-concept of our solution using Intel SGX technology and integrated it with Copay, a popular Bitcoin wallet from BitPay. This thesis also presents the security evaluation of our system along with other possible extensions and enhancements.

  • 30.
    Grant, Philip S.
    et al.
    KTH. 201-510 Chesterfield Ave, North-Vancouver, BC V7M 2L9, Sweden .
    Stiehler, Beate
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Industrial marketing.
    Boon, Edward
    KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Industrial marketing. University of Brescia, Italy .
    Through bubbles and crises: An analysis of the Journal of Financial Services Marketing from 2000 to 20122013In: Journal of Financial Services Marketing, ISSN 1363-0539, E-ISSN 1479-1846, Vol. 18, no 4, p. 260-270Article in journal (Refereed)
    Abstract [en]

    This article presents an analysis of all publications of the Journal of Financial Services Marketing (JFSM), from 2000 until the end of 2012. The objectives of this study were: (i) to compare the subjects covered by the journal with industry trends, and identify opportunities for future research, and (ii) to assess the journal's development over time and its influence in the field of financial services marketing. Data for this content analysis was collected manually from the publisher's Website and from each paper, and a grounded theory approach was used to group the papers into clusters based on emerging themes. The study indicates that JFSM has been successful in covering the industry's most important trends, including mobile banking, relationship management, Customer Relationship Management (CRM) and service quality. A number of gaps were identified, in particular regarding mobile banking services and the impact of new online business models (for example, PayPal, crowdfunding, Bitcoin). These findings should assist JFSM's editorial board to determine its future direction, and offer readers insight into industry trends and the journal's role in covering them.

  • 31.
    Grundström, Niklas
    Linköping University, Department of Computer and Information Science, Software and Systems.
    A Security Analysis of a Credit Card Payment System for Bitcoin Transactions2018Independent thesis Basic level (degree of Bachelor), 10,5 credits / 16 HE creditsStudent thesis
    Abstract [en]

    Cryptocurrencies has become a very hot topic recently, with Bitcoin being the most

    popular. The increase in interest has led to an incentive to create payment systems for the

    currency that makes it easier to use for day-to-day shopping. A lot of companies are inves-

    tigating possible solutions for credit cards that are used for cryptocurrencies. This thesis

    aims to present and perform a security analysis on an already created concept of a credit

    card payment system for Bitcoin. The security analysis is done in a systematical approach

    where the modules were analyzed with predetermined restrictions and assumptions. The

    restricitons and assumptions are then removed one-by-one to find potential threats in the

    system. The outcome of the analysis is then evaluated in an attempt to find possible im-

    plementation methods that would mitigate or prevent the discovered threats. The possible

    implementations are also evaluated in terms of how they would affect the system.

  • 32.
    Guler, Sevil
    KTH, School of Information and Communication Technology (ICT).
    Secure Bitcoin Wallet2015Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Virtual currencies and mobile banking are technology advancements that are receiving increased attention in the global community because of their accessibility, convenience and speed. However, this popularity comes with growing security concerns, like increasing frequency of identity theft, leading to bigger problems which put user anonymity at risk. One possible solution for these problems is using cryptography to enhance security of Bitcoin or other decentralised digital currency systems and to decrease frequency of attacks on either communication channels or system storage. This report outlines various methods and solutions targeting these issues and aims to understand their effectiveness. It also describes Secure Bitcoin Wallet, standard Bitcoin transactions client, enhanced with various security features and services.

  • 33.
    Gulled, Abdirahman
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Hossain, Jakaria
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Bitcoins challenge To The Financial Institutions2018Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Bitcoin is a cryptocurrencyand worldwide decentralizedpayment system. The network is conducted through peer-to-peertransactionsand these transactions are verified by using cryptography technology. Blockchain technology keeps the records of public distributed ledger. Bitcoins are created as a rewardfor the public who are interested to earn it known as ‘mining’.This currency can be converted into other currencies, services and products. Lately, Bitcoin has been emerging as the well-known digital currency and getting popularity all over the world for quick transition. Moreover, this cryptocurrency will be a potential financial asset for investors because of its profitable returns. The researchers perceived that there is a significant impact of Bitcoin upon traditional transaction system which influenced us to conduct this study. The purpose of this research is to remark the ways how Bitcoin challenges the traditional transaction systemand to assess the future planning structure for traditional financial institutions to compete with digital currency. Bitcoin is the profitable platform for the miners and the investors, but little bit threat for the traditional bankers and the governments. Therefore, the attitudes and ideas of people (related with Bitcoin dealings) from different background have been assessed and analyzed for this research. The authors conducted questionnaires among the people who are acquainted with both Bitcoin and traditional transaction system and tried to find out solution of research question. We used a qualitative research methodology where we conducted semi-structured interviews. The data has been analyzed based upon the interviewees’ perspective. While preparing this research paper the authors examined the previous research in this field. In addition, there are lots of scope for further research regarding Bitcoin issue, as well as the opportunities and threats for the other financial institutions. The researchers explained the suggestions for further research which might be the guidelines for the traditional financial institutions. We faced some limitations and problems from different aspects to accomplish this research paper. The researchers came to the conclusion that Bitcoin is a challengeable instrument for the traditional transaction system. However, this cryptocurrency has some unavoidable risk and the questionable image which often used to support criminal activities. As because there is no governing authority, clearing house or central bank's involvement; thus, it bears uncertainty for the Bitcoin stockholders. In this study, we have been able to deepen the knowledge and found the solution how Bitcoin affects the traditional transaction system.

  • 34.
    Göttfert, Joline
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Värdering av bitcoin: En selektiv litteraturöversikt av värderingsmodeller för bitcoin2018Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Denna uppsats har två delsyften. Det första delsyftet är att ge en beskrivning av vad bitcoin är och hur tekniken bakom bitcoin fungerar. Det andra delsyftet är att redogöra för hur bitcoin ska värderas. Genom en selektiv litteraturöversikt med avseende på värderingsmodeller för bitcoin har det andra delsyftet besvarats. I litteraturen har tre olika ansatser till att värdera bitcoin återfunnits och denna uppsats presenterar respektive värderingsansats för bitcoin och de resultat som har framkommit av tidigare studiers empiriska test. I den första modellen har bitcoin klassificerats och värderats som ett betalningsmedel. Ansatsen för den andra modellen är att värdera bitcoin som en finansiell tillgång. Utgångspunkten för den tredje modellen är att bitcoin är ett nätverk och ska värderas utifrån den aspekten med hjälp av Metcalfe’s lag. Sammanfattningsvis kan alla tre modeller förklara bitcoins prisbildning till en viss del. Slutsatsen är att bitcoin i högre grad kan klassificeras och värderas som en finansiell tillgång, eller som ett nätverk, än som ett fungerande betalningsmedel.

  • 35.
    Hammarsten, Jonatan
    Umeå University, Faculty of Social Sciences, Department of Law.
    Digital valuta - Valuta i skatterättslig mening?2018Independent thesis Advanced level (professional degree), 20 credits / 30 HE creditsStudent thesis
  • 36.
    Hansson Carlberg, Johan
    et al.
    University West, Department of Engineering Science, Division of Mathematics, Computer and Surveying Engineering.
    Hilmersson, Mikael
    University West, Department of Engineering Science, Division of Mathematics, Computer and Surveying Engineering.
    En utforskande studie om prestanda i utvinning av kryptovalutan Burstcoin2018Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Talks about cryptocurrencies in society today keeps increasing and currently the most wellknown is Bitcoin. One thing that has been criticized is the amount of energy which Bitcoin consumes and that is one of the reasons why new more environmentally friendly alternatives have been developed. One of these is Burstcoin which uses Proof of Capacity instead of Proof of Work, which is used in Bitcoin. Proof of Capacity is a relatively new concept which uses disk storage instead of computing power. The purpose of this thesis is to explore how mining-performance when mining Burstcoin can be affected by hardware and by using plot files in different ways. This is analyzed by measuring read times and total block times in five different tests. The tests used in this thesis are examining how the size of plot files affect read times and total block times, how different type of storage disks performs when mining Burstcoin, how different instruction sets affect performance, how optimized and non-optimized plot files differs and how continuous plot files performs compared to split up plot files. Beyond this a benchmark is performed on the storage drives to get a baseline for how the drives perform when doing sequential and random reads. The results show that SSD drives perform best while mining, but the difference compared to hard disk drives is too small to motivate the price difference to hard disk drives which are cheaper. The most important thing about instruction sets is to not use SSE2 since it performs a lot worse than SSE4, AVX and AVX2, although the difference between the last three is too small to concretely say that the latest (AVX2) is a requirement when mining. Non-optimized and split up plot files perform worse than their counterparts. Though split up plot files can still be used as long as they are not split up in to too many files since every file increases the number of searches performed by the mining software.

  • 37.
    Hansson Nyberg, Lisa
    et al.
    Mälardalen University, School of Business, Society and Engineering.
    Lindblom, Marina
    Mälardalen University, School of Business, Society and Engineering.
    Phan, Marianne
    Mälardalen University, School of Business, Society and Engineering.
    Framtida betalningsmedel: En kvantitativ studie om betalningsmedlen Swish och Bitcoin2018Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    SAMMANFATTNING

    Datum:    2018-06-02

    Nivå:        Kandidatuppsats Företagsekonomi, 15 hp

    Akademi: Akademin för Ekonomi, Samhälle och Teknik, Mälardalens Högskola

    Författare: Lisa Hansson Nyberg Marina Lindblom Marianne Phan                  

    Titel:        Framtida betalningsmedel, en kvalitativ studie om   betalningsmedlen Swish och Bitcoin

    Handledare:   Mona Andersson

    Nyckelord:      Elektroniska betalningsmedel, Bitcoin, Swish, Kryptovaluta

    Forskningsfrågor:          Vilka av de sex faktorerna är avgörande för företag i Sverige vid valet av betalningsmedlen Swish och Bitcoin?

    Vilka risker befarar företagen med betalningsmedlen Swish och Bitcoin samt hur hanterar företagen riskerna?

    Syfte:                        Syftet med denna studie är att utifrån de sex faktorerna säkerhet, tillförlitlighet, användarvänlighet, effektivitet, skalbarhet och spårbarhet jämföra företags krav på betalningsmedlen Swish och Bitcoin i Sverige, samt få en överblick över företagens befarade risker.

    Metod:                      Kvantitativ metod med deduktiv ansats har tillämpats där empiriskt material har insamlats med hjälp av en enkät.

    Slutsats:             Säkerhet är den avgörande faktorn i valet av betalningsmedel. De två faktorerna som anses näst viktigast är tillförlitlighet och användarvänlighet. Företagen upplever en viss risk för bedrägeri, genom att vara uppmärksamma samt ha tillit till betalningsmedlets säkerhetssystem hanteras denna risk. Ytterligare en risk är att företagen inte har möjlighet att erbjuda sina kunder de betalningsalternativ de efterfrågar och därmed riskerar att förlora dem. Detta hanterar företagen genom att erbjuda ett brett utbud av betalningsalternativ för att tillfredsställa kundernas efterfrågan. Viss försiktighet bör dock tas i beaktning då studiens svarsfrekvens är låg och slutsatsen kan därmed inte generaliseras.

  • 38.
    Harz, Dominik
    KTH, School of Information and Communication Technology (ICT).
    Trust and verifiable computation for smart contracts in permissionless blockchains2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Blockchains address trust through cryptography and consensus. Bitcoin is the first digital currency without trusted agents. Ethereum extends this technology by enabling agents on a blockchain, via smart contracts. However, a systemic trust model for smart contracts in blockchains is missing. This thesis describes the ecosystem of smart contracts as an open multi-agent system. A trust model introduces social control through deposits and review agents. Trust-related attributes are quantified in 2,561 smart contracts from GitHub. Smart contracts employ a mean of three variables and functions and one in ten has a security-related issue. Moreover, blockchains restrict computation tasks. Resolving these restrictions while maintaining trust requires verifiable computation. An algorithm for verifiable computation is developed and implemented in Solidity. It uses an arbiter enforcing the algorithm, computation services providing and verifying solutions, and a judge assessing solutions. Experiments are performed with 1000 iterations for one to six verifiers with a cheater prior probability of 30%, 50%, and 70%. The algorithm shows linear complexity for integer multiplication. The verification depends on cheater prior probability and amount of verifiers. In the experiments, six verifiers are sufficient to detect all cheaters for the three prior probabilities.

  • 39.
    Hedin, Jonas
    Umeå University, Faculty of Science and Technology, Department of Computing Science.
    Design and Implementation of Corporate Actions on a Decentralized Securities Depository2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Trading securities is a process that requires multiple trusted intermediaries to ensure that the trade is done correctly. The securities industry is therefore very slow and expensive; the central securities depository (CSD) being one of the main contributors to the disruption. In an effort to fix this, financial institutions has recently started looking into the blockchain technology; the innovation behind the cryptocurrency Bitcoin. Bitcoin is a digital currency that can be traded peer-to-peer without the need for a trusted intermediary.

    If this concept could be used when trading securities it would simplify the process, making the settlement-time near instant. In addition to the speedup, it would also save the industry a lot of money since many processes could be automated.

    The purpose of this paper is to provide an overview of the blockchain technology and its applications in the finance industry. The focus is on how a blockchain could be used to reduce the responsibility of the central securities depository as much as possible, and especially on how corporate actions could be automated. The goal is to answer these questions: Is blockchain a suitable platform for a decentralized corporate actions solution? Whatare the benefits and drawbacks of using a blockchain versus a traditional centralized solution?

    The aim is to provide an evaluation of the usage of blockchains in finance, with extra focus on the CSD and corporate actions

  • 40.
    Igerud, Stefan
    et al.
    Halmstad University, School of Business, Engineering and Science.
    Andersson, Robin
    Halmstad University, School of Business, Engineering and Science.
    Blockchain & revision: Hur teknologin bakom Bitcoin kan påverka revisionen2018Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Blockchaintekniken är omskriven och beryktat inom många olika branscher. Mycket av det som skrivs både vetenskapligt och inom övrig media har dock en spekulativ prägel och det saknas i stor utsträckning empiriska kunskaper om teknikens egenskaper i allmänhet och inom revisionsbranschen i synnerhet. Ur tidigare forskning identifieras tre nyckelbegrepp: transparens, säkerhet och effektivitet. Utifrån dessa studeras potentiella förbättringsmöjligheter inom dagens revision och vilken effekt som hade kunnat uppnås med hjälp av blockchaintekniken på desamma. Med hjälp av en kvalitativ studie där fyra respondenter intervjuades kunde studiens frågeställning besvaras. Respondenterna var yrkesverksamma revisorer på större byråer vilka selekterades utifrån noga valda kriterier. Resultatet visar att det finns områden där blockchaintekniken kan utnyttjas för att få en mer effektiv och transparent revision vilket är till fördel för det reviderade bolagets intressenter. Frågetecken kring säkerhetsaspekter angående tekniken kvarstår dock. Möjligheten att kunna granska ett bolag med hjälp av saldoavstämningar i realtid inom ett blockchain-nätverk ses som en av de största effektivitetsvinsterna som blockchain kan generera.

     

    Studien anses bidra med en nyanserad bild av teknikens möjligheter inom revision där även dess brister identifieras. Fall- eller observationsstudier inom området behövs dock för att fastställa huruvida resultatet av denna studie tangerar med praktiken. Studien har även inte tagit hänsyn till hur en faktisk implementering av tekniken inom revision skulle kunna ske.

  • 41. Isaac, Andreas
    et al.
    Kakavandy, Shahow
    The earth trembles before cryptocurrencies; but how does a blokchain-based smart money platform perform?2018Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The Swedish central bank has in 2018 launched an investigation into what a digital e-currency in Sweden would look like. Tendermint is being investigated for a potential implementation. Tendermint is a blockchain building environment which has its own consensus-algorithm, and its own solution to the Byzantine general's problem. The most relevant part is the scalability and reliability of Tendermint. To do this we tested out the software by sending transactions between our computers, and recorded its performance in the case of one node and two nodes. After a series of simulations, we then come to the conclusion that indeed Tendermint is a suitable software for a potential e-krona.

  • 42.
    Jogenfors, Jonathan
    Linköping University, Department of Electrical Engineering, Information Coding. Linköping University, Faculty of Science & Engineering.
    Breaking the Unbreakable: Exploiting Loopholes in Bell’s Theorem to Hack Quantum Cryptography2017Doctoral thesis, comprehensive summary (Other academic)
    Abstract [en]

    In this thesis we study device-independent quantum key distribution based on energy-time entanglement. This is a method for cryptography that promises not only perfect secrecy, but also to be a practical method for quantum key distribution thanks to the reduced complexity when compared to other quantum key distribution protocols. However, there still exist a number of loopholes that must be understood and eliminated in order to rule out eavesdroppers. We study several relevant loopholes and show how they can be used to break the security of energy-time entangled systems. Attack strategies are reviewed as well as their countermeasures, and we show how full security can be re-established.

    Quantum key distribution is in part based on the profound no-cloning theorem, which prevents physical states to be copied at a microscopic level. This important property of quantum mechanics can be seen as Nature's own copy-protection, and can also be used to create a currency based on quantummechanics, i.e., quantum money. Here, the traditional copy-protection mechanisms of traditional coins and banknotes can be abandoned in favor of the laws of quantum physics. Previously, quantum money assumes a traditional hierarchy where a central, trusted bank controls the economy. We show how quantum money together with a blockchain allows for Quantum Bitcoin, a novel hybrid currency that promises fast transactions, extensive scalability, and full anonymity.

  • 43.
    Jogenfors, Jonathan
    Linköping University, Department of Electrical Engineering, Information Coding. Linköping University, Faculty of Science & Engineering.
    Quantum Bitcoin: An Anonymous and Distributed Currency Secured by the No-Cloning Theorem of Quantum MechanicsManuscript (preprint) (Other academic)
    Abstract [en]

    The digital currency Bitcoin has had remarkable growth since it was first proposed in 2008. Its distributed nature allows currency transactions without a central authority by using cryptographic methods and a data structure called the blockchain. In this paper we use the no-cloning theorem of quantum mechanics to introduce Quantum Bitcoin, a Bitcoin-like currency that runs on a quantum computer. We show that our construction of quantum shards and two blockchains allows untrusted peers to mint quantum money without risking the integrity of the currency. The Quantum Bitcoin protocol has several advantages over classical Bitcoin, including immediate local verification of transactions. This is a major improvement since we no longer need the computationally intensive and time-consuming method Bitcoin uses to record all transactions in the blockchain. Instead, Quantum Bitcoin only records newly minted currency which drastically reduces the footprint and increases efficiency. We present formal security proofs for counterfeiting resistance and show that a quantum bitcoin can be re-used a large number of times before wearing out - just like ordinary coins and banknotes. Quantum Bitcoin is the first distributed quantum money system and we show that the lack of a paper trail implies full anonymity for the users. In addition, there are no transaction fees and the system can scale to any transaction volume.

  • 44.
    Johansson, Tom
    et al.
    KTH, School of Computer Science and Communication (CSC).
    Charpentier, Viktor
    KTH, School of Computer Science and Communication (CSC).
    Blockchain database; technical background and a reconnaissance on an implementation within the banking industry2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    All human interaction can be depicted as exchanges. We exchange trivial information, feelings, assets and more. Valuable exchanges have one thing in common; they all require some degree of trust. In today’s society we rely on institutionalized trust when commencing an exchange of value. Typically, this role is filled by a vast ecosystem consisting of commercial banks, clearinghouses and other third parties. The recent rise of Bitcoin, Ethereum and consequent attention on the underlying technology, blockchain, questions the future of current ecosystem. This report aims at uncovering what blockchain is, what different implementations are currently available and how it would affect today’s ecosystem. It does so through semistructured interviews with actors within the current ecosystem as well as weighing in the views of blockchain evangelists. It highlights five key aspects that are crucial when implementing blockchain technology within the existing banking paradigm. Today’s organized societies require law and order which, to a large extent, is limited within the realm of public blockchain technology. With the insight of society’s infrastructural limitations, this paper argue that the current transaction system of our society favors a permissioned implementation with trusted nodes. Such a system would result in more efficient financial markets and lower costs of transacting. However, this paper acknowledge the virtues and reasons behind the rise of public blockchains. Given recent developments within the field and interesting concepts, the report does not dare to exclude a future of banking relying on public blockchain technology as the underlying database.

  • 45.
    Jonéus, Carl
    Uppsala University, Disciplinary Domain of Science and Technology, Mathematics and Computer Science, Department of Information Technology, Division of Computing Science.
    Analysis of Scalable Blockchain Technology in the Capital Market2017Independent thesis Advanced level (professional degree), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Financial interactions on the capital market involve a wide variety of actors and processes. The requirement of security and privacy results to a large extent in non-shared and unintegrated databases among the different parties, leading to complex, time consuming and costly procedures. The last decade's introduction of innovative blockchain technologies such as Bitcoin, has brought attention to the possibilities of decentralized peer-to-peer networking in general, and its potential influence in the financial sector in particular. This master thesis investigates the possibilities for the capital market to adapt such a system from a technical point of view, with main focus on scalability. The analysis covers crucial aspects such as a peer-to-peer application's ability to handle large transaction volumes while maintaining security. The degree project also includes continued work on Visigon's blockchain application prototype with main focus on the network communication, as well as simulations of its performance capability. Results from the simulations showed that the transaction throughput capacity is limited to the time of broadcasting the transaction to the network, and thus decreasing linearly with increasing network size. The required time for handling other parts in the process appears constant and takes up a small fraction of the total time, therefore future work lays in further optimization of the communication protocol.

  • 46.
    Karlsson, Julia
    et al.
    Mälardalen University, School of Business, Society and Engineering.
    Dolovac, Ali
    Mälardalen University, School of Business, Society and Engineering.
    Bitcoin: Förtroendet och risker med Bitcoin som betalningsmedel2018Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
  • 47.
    Kounelis, Ioannis
    KTH, School of Information and Communication Technology (ICT), Communication Systems, CoS.
    Secure and Trusted Mobile Commerce System based on Virtual Currencies2015Doctoral thesis, monograph (Other academic)
    Abstract [en]

    With the widespread usage of mobile devices and their applications, many areas of innovation have created a multitude of opportunities for mobile technologies to be deployed with very interesting effects. One such new area that emerged in the last few years is mobile commerce. It represents a system where various entities create real–life or digital assets, distribute information about them to interested consumers, execute transactions, accept various types of compensation methods, and finally deliver these assets; all of it in a secure and trusted manner, respecting users’ privacy.

    Since mobile devices are increasingly used for m-commerce, it is important to ensure that users’ data on such devices are kept secure. Mobile devices contain many of our personal and private data and information, since we nowadays use them for all kind of activities, both personal and professional. However, such data and information are not always treated in a secure and privacy friendly way.

    The goal of this thesis is to identify and provide solutions to security related problems found on mobile devices, such as communications, storage and mobile application design, and with the use of cryptocurrencies to combine the findings in the design of a secure mobile commerce system.

    As a result, this thesis describes a design and architecture of a secure e-commerce system, called eAgora, primarily exploiting mobile technology. The system is innovative as it treats digital goods, classified and called mobile commerce objects. Based on the attributes and anticipated use of such specific m–commerce objects, different security and privacy measures for each of them are needed and enforced. The goal was to design a system that deals with mobile commerce in a secure and privacy friendly way in all the lifecycle of the transactions.

    As users are mostly using mobile devices to connect to the proposed services, research first focused on mobile device security and privacy issues, such as insecure storage on the mobile device, insecure handling of user credentials and personal information, and insecure communications. Issues not only coming from the device itself but also from the nature of it; being mobile it is used in a different way that the classical desktop computers. Mobile devices are used in public, in an environment that cannot be controlled, and are interfacing a variety of networks that are not under the mobile device user’s control. Potential attackers’ interest was analysed in different mobile commerce scenarios in order to understand the needs for security enhancements.

    After having analyzed the possible threats, a methodology for mobile application development that would allow many common development errors to be avoided and security and privacy mechanisms to be considered by design was specified. Moreover, in order to provide secure storage and guard against active and passive intruder attacks, a secure Mobile Crypto Services Provider facility that allows storage of data on the UICC cards was designed and implemented.

    In order to secure communications, a secure e-mail application was designed and implemented. The application provides a user-friendly way to encrypt and sign e-mails, using the users’ already working e-mail accounts. The security functionality is completely transparent to users and ensures confidentiality and integrity of e-mail exchange.

    For the mobile commerce system, an architecture that enables exchange of m-commerce objects between different merchants, customers and retailers is proposed. Inthe architecture, policy enforcement and the feature to detect suspicious events that may be illegal and to cooperate with law enforcement was embedded.

    The newly defined technology of virtual currencies is used as a payment facilitator within the proposed architecture. Many of its innovative features are adopted but some are also extended, such as the secure use of the user wallet files, i.e. the files that link the user with the virtual currencies and enable payment transactions between customers and merchants. Although there is no distinction between different virtual currencies, Bitcoin is used as an example of a market valued trading currency to validate and evaluate the proposed secure e-commerce architecture and the findings have been applied on it.

    The thesis provides detailed use cases that demonstrate how the proposed architecture of eAgora functions in different complicated e-trading circumstances and how different security related mechanisms are used. The thesis concludes with the analysis of the research results and with proposed directions for future research and development works.

  • 48.
    Krause, Dominik
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Pham, Nga
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Bitcoin a favourable instrument for diversification?: A quantitative study on the relations between Bitcoin and global stock markets2017Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Bitcoin is a peer to peer (p2p) payment cash system and an unregulated digital currency that is primarily designed and developed in 2008 without tender legal status. Bitcoin is so-called cryptocurrency because it uses the cryptographic function in order to secure the creation and transfer of money. During recent years, Bitcoin has been emerging as the well-known electronic currency and gaining popularity worldwide as well as caught the media attention in the area of volume trading. Therefore, Bitcoin will be a potential financial asset for investors due to its extraordinary returns.

    The purpose of this research is to find out how Bitcoin returns correlate with stock markets and to assess the risk that the electronic currency bears, to conclude whether Bitcoin is a favourable instrument for investors that want to diversify their portfolios. Therefore, daily data from 2013 to 2017 is used to measure correlations with major global stock markets and analyse in a regression to what extend Bitcoin is integrated into financial systems.

    In addition, Bitcoin’s risk has been measured by estimating value at risk, as well as the volatility and a regression analysis with explanatory variables has been performed to identify the driving factors of the unusually high volatility. Finally, the researchers constructed models to forecast expected returns to identify whether Bitcoin is rather a short or long term instrument.

    The researchers came to the conclusion that Bitcoin is a favourable instrument to diversify a portfolio as it correlates negatively with most of the analysed stock market indices and the research result showed that Bitcoin is not yet integrated into financial systems. It has however been paid attention to the new types of risk and the questionable image the electronic currency has as it is often used to support criminal activities. The fact that no authority, clearing house or central bank's involvement is present, creates uncertainty for many investors.

  • 49.
    Lajoie-Mazenc, Thibaut
    KTH, School of Computer Science and Communication (CSC).
    Increasing the robustness of the Bitcoincrypto-system in presence of undesirable behaviours2016Independent thesis Advanced level (professional degree), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Decentralised cryptocurrencies such as Bitcoin offer a new paradigm of electronic payment systems that do not rely on a trusted third-party. Instead, the peers forming the network handle the task traditionally left to the third-party, preventing attackers from spending twice the same resource, and do so in a publicly verifiable way through Bitcoin's main innovation, the blockchain. However, due to a lack of synchrony in the network, Bitcoin peers may transiently have conflicting views of the system: the blockchain is forked. This can happen purely by accident but attackers can also voluntarily create forks to mount other attacks on the system.

    In this work, we describe Bitcoin and its underlying blockchain protocol; we introduce a formal model to capture the normal operations of the system as well as forks and double-spending attacks. We use it to define Bitcoin's fundamental properties in terms of safety, liveness and validity.

    We present the current state of the system: first, we analyse some of the most prominent works that academia has produced between 2008 and 2016, as well as some promising leads to improve the system; then, we use the results of a measurement campaign to show that the size of the network is relatively stable because join and leave operations compensate each other, and that blocks propagate to most of the network in a matter of seconds. We further compare our results to those usually accepted by the community. We introduce a Bitcoin network simulator that we have implemented and present the experiment we have performed to validate it. Finally, we propose a modification to Bitcoin's operations that can prevent double-spending attacks and forks without giving up on its main ideological principles, decentralisation and the absence of source of trust.

  • 50.
    Larsson, Ylva
    et al.
    Örebro University, School of Law, Psychology and Social Work.
    Lindgren Zucchini, Giacomo
    Örebro University, School of Law, Psychology and Social Work.
    Kristoffersson, Eleonor
    Örebro University, School of Law, Psychology and Social Work.
    Ingen mervärdesskatt på växlingstransaktioner med bitcoin2015In: Svensk skattetidning, ISSN 0346-2218, no 10, p. 817-826Article in journal (Other academic)
    Abstract [sv]

    I den här artikeln analyseras EU-domstolens dom om mervärdesbeskattning av växlingstransaktioner med bitcoin. Bitcoin är en virtuell valuta med dubbelriktat handelsflöde, vilket innebär att vilken innehavare som helst av bitcoin kan både köpa och sälja bitcoin. Bitcoin fungerar som betalningsmedel för både verkliga och virtuella varor och tjänster. Till skillnad från traditionella valutor är bitcoin i huvudsak helt oreglerad. Bitcoin saknar centralbank och förekommer inte alls i fysisk form.

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