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BISE 59(6) - December 2017

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  • Zeitschriftenartikel
    Call for Papers Issue 3/2019
    (Business & Information Systems Engineering: Vol. 59, No. 6, 2017) Bein, Wolfgang; Pickl, Stefan Wolfgang; Tao, Fei
  • Zeitschriftenartikel
    Shadow IT
    (Business & Information Systems Engineering: Vol. 59, No. 6, 2017) Haag, Steffi; Eckhardt, Andreas
  • Zeitschriftenartikel
    Trading Real-World Assets on Blockchain
    (Business & Information Systems Engineering: Vol. 59, No. 6, 2017) Notheisen, Benedikt; Cholewa, Jacob Benjamin; Shanmugam, Arun Prasad
    Since its introduction in 2008, blockchain technology has outgrown its use in cryptocurrencies and is now preparing to revolutionize a multitude of commercial applications including value and supply chains, business models, and market structures. This work follows design science research to guide the implementation of a blockchain-based proof-of-concept prototype that enables the automated transaction of real-world assets, such as cars, and provides a valid, transparent, and immutable record of vehicle history to market participants, authorities, and other third parties. The contribution of this study to existing research is threefold: First, it introduces a built-in mechanism to reduce transaction risk resulting from the irreversibility of transactions in blockchain-based systems. Second, it replaces a trust-based, centralized, and bureaucratic register with a tamper-free and autonomous transactional database system that comprises a secure registration and transaction process. Third, it proposes a novel approach to mitigate adverse selection effects in lemon markets by providing a reliable, transparent, and complete record of each marketable asset’s history. In total, the findings in this article illustrate the potential of blockchain-based systems but also highlight technological shortcomings and challenges for commercial applications, such as scalability or privacy issues.
  • Zeitschriftenartikel
    KYC Optimization Using Distributed Ledger Technology
    (Business & Information Systems Engineering: Vol. 59, No. 6, 2017) Parra Moyano, José; Ross, Omri
    The know-your-customer (KYC) due diligence process is outdated and generates costs of up to USD 500 million per year per bank. The authors propose a new system, based on distributed ledger technology (DLT), that reduces the costs of the core KYC verification process for financial institutions and improves the customer experience. In the proposed system, the core KYC verification process is only conducted once for each customer, regardless of the number of financial institutions with which that customer intends to work. Thanks to DLT, the result of the core KYC verification can be securely shared by customers with all the financial institutions that they intend to work with. This system allows for efficiency gains, cost reduction, improved customer experience, and increased transparency throughout the process of onboarding a customer.
  • Zeitschriftenartikel
    A Blockchain Research Framework
    (Business & Information Systems Engineering: Vol. 59, No. 6, 2017) Risius, Marten; Spohrer, Kai
    While blockchain technology is commonly considered potentially disruptive in various regards, there is a lack of understanding where and how blockchain technology is effectively applicable and where it has mentionable practical effects. This issue has given rise to critical voices that judge the technology as over-hyped. Against this backdrop, this study adapts an established research framework to structure the insights of the current body of research on blockchain technology, outline the present research scope as well as disregarded topics, and sketch out multidisciplinary research approaches. The framework differentiates three groups of activities (design and features, measurement and value, management and organization) at four levels of analysis (users and society, intermediaries, platforms, firms and industry). The review shows that research has predominantly focused on technological questions of design and features, while neglecting application, value creation, and governance. In order to foster substantial blockchain research that addresses meaningful questions, this study identifies several avenues for future studies. Given the breadth of open questions, it shows where research can benefit from multidisciplinary collaborations and presents data sources as starting points for empirical investigations.
  • Zeitschriftenartikel
    On the Relationship Between Information Management and Digitalization
    (Business & Information Systems Engineering: Vol. 59, No. 6, 2017) Riedl, René; Benlian, Alexander; Hess, Thomas; Stelzer, Dirk; Sikora, Hermann
  • Zeitschriftenartikel
    Automated Execution of Financial Contracts on Blockchains
    (Business & Information Systems Engineering: Vol. 59, No. 6, 2017) Egelund-Müller, Benjamin; Elsman, Martin; Henglein, Fritz; Ross, Omri
    The paper investigates financial contract management on distributed ledgers and provides a working solution implemented on the Ethereum blockchain. The system is based on a domain-specific language for financial contracts that is capable of expressing complex multi-party derivatives and is conducive to automated execution. The authors propose an architecture for separating contractual terms from contract execution: a contract evaluator encapsulates the syntax and semantics of financial contracts without actively performing contractual actions; such actions are handled by user-definable contract managers that administer strategies for the execution of contracts. Hosting contracts and contract managers on a distributed ledger, side-by-side with digital assets, facilitates automated settlement of commitments without the need for an intermediary. The paper discusses how the proposed technology may change the way financial institutions, regulators, and individuals interact in a financial system based on distributed ledgers.
  • Zeitschriftenartikel
    A Blockchain-Based Approach Towards Overcoming Financial Fraud in Public Sector Services
    (Business & Information Systems Engineering: Vol. 59, No. 6, 2017) Hyvärinen, Hissu; Risius, Marten; Friis, Gustav
    In financial markets it is common for companies and individuals to invest into foreign companies. To avoid the double taxation of investors on dividend payment – both in the country where the profit is generated as well as the country of residence – most governments have entered into bilateral double taxation treaties, whereby investors can claim a tax refund in the country where the profit is generated. Due to easily forgeable documents and insufficient international exchange of information between tax authorities, investors illegitimately apply for these tax returns causing an estimated damage of 1.8 billion USD, for example, in Denmark alone. This paper assesses the potential of a blockchain database to provide a feasible solution for overcoming this problem against the backdrop of recent advances in the public sector and the unique set of blockchain capacities. Towards this end, we develop and evaluate a blockchain-based prototype system aimed at eliminating this type of tax fraud and increasing transparency regarding the flow of dividends. While the prototype is based on the specific context of the Danish tax authority, we discuss how it can be generalized for tracking international and interorganizational transactions.
  • Zeitschriftenartikel
    Blockchain Technology in Business and Information Systems Research
    (Business & Information Systems Engineering: Vol. 59, No. 6, 2017) Beck, Roman; Avital, Michel; Rossi, Matti; Thatcher, Jason Bennett