Deregulatory potential of blockchain technology for peer-to-peer lending

Eline Hoogmartens
In haar interdisciplinaire masterthesis onderzoekt Eline Hoogmartens hoe technologie, en meer bepaald blockchain technologie, ervoor kan zorgen dat belangrijke financiële risico’s, zoals het kredietrisico , fraude en belangenconflicten, verminderd of zelfs geëlimineerd worden. Deze risico’s worden onder de loep genomen in de context van peer-to-peer lenen (“P2P lending”). Dit onderzoek geeft op zijn beurt inzicht in welke mate financiële regelgeving, ook buiten de context van peer-to-peer lenen, in de nabije toekomst overbodig kan worden dankzij blokchain technologie.

Potentieel van blockchain technologie voor het financiële recht

Blockchain technologie

Technologie is alomtegenwoordig in onze samenleving. Misschien downloadde u dit artikel wel op uw smartphone om het achteraf te kunnen delen op LinkedIn. Ook in het rechtsdomein, dat sommigen nochtans beschouwen als ‘achterhaald en wereldvreemd’, neemt technologie een steeds prominentere plaats in. Zo wordt technologie ingezet om te beantwoorden aan de toenemende regelzucht van de wetgever. Een goed voorbeeld hiervan is haar toepassing voor anti-witwasregelgeving die financiële instanties oplegt om verdachte transacties te identificeren, controleren en rapporteren. Technologie maakt het mogelijk dat zeer grote of ongebruikelijke geldtransacties automatisch gemeld worden zodat financiële instanties de juiste maatregelen kunnen nemen.

Maar zijn de mogelijkheden van technologie voor het recht hiermee uitgeput? Wellicht niet. In haar interdisciplinaire masterthesis onderzoekt Eline Hoogmartens hoe technologie, en meer bepaald blockchain technologie, ervoor kan zorgen dat belangrijke financiële risico’s, zoals het kredietrisico[1], fraude en belangenconflicten, verminderd of zelfs geëlimineerd worden. Deze risico’s worden onder de loep genomen in de context van peer-to-peer lenen (“P2P lending”). Dit onderzoek geeft op zijn beurt inzicht in welke mate financiële regelgeving, ook buiten de context van peer-to-peer lenen, in de nabije toekomst overbodig kan worden dankzij blokchain technologie.

P2P lenen

P2P lenen is een methode van schuldfinanciering waarbij individuen en/of ondernemingen rechtstreeks aan elkaar lenen via een internet platform zonder de tussenkomst van een financiële tussenpersoon, zoals een bank. P2P lenen is een opkomend, belangrijk alternatief voor bankleningen die vaak erg duur en moeilijk toegankelijk zijn voor start-ups, kleine ondernemingen en studenten. P2P lenen maakt het mogelijk dat deze groepen alsnog een lening verkrijgen aan een bovendien aantrekkelijke interestvoet doordat de kosten verbonden aan financiële tussenpersonen wegvallen. Ook voor leners is P2P lenen interessant, omdat zij de gelden die zij wensen te ontlenen, en de bijhorende risico’s, kunnen spreiden over meerdere ontleners aan een stabiele en aantrekkelijke interestvoet. De afwezigheid van een financiële tussenpersoon gecombineerd met een snelle en anonieme online omgeving leidt echter ook tot aanzienlijke financiële risico’s zoals een beduidend kredietrisico, fraude, hacking en witwaspraktijken. Voor dergelijke risico’s kan blockchain technologie het verschil betekenen.

Blockchain technologie

In de financiële wereld is blockchain technologie wellicht de meest innovatieve technologie tot nu toe. De hoofdreden is dat blockchain technologie het voor de eerste keer mogelijk maakt dat financiële transacties rechtstreeks plaatshebben tussen partijen zonder de tussenkomst van een tussenpersoon. De sleutel ligt in het vermogen van de technologie om data effectief en onveranderlijk over te dragen in plaats van louter te kopiëren. De digitale overdracht van data (bijvoorbeeld leengelden overschrijven) was voor de komst van blockchain technologie reeds mogelijk, maar een tussenpersoon was nodig om de overdracht te registreren en de overgedragen data te verwijderen bij de overdrager (bijvoorbeeld de relevante leengeldbedragen van de rekening van de ontlener verminderen). Deze “disintermediatie” is zeer gunstig in de context van P2P lenen, waar leners rechtstreeks aan ontleners lenen zonder tussenkomst van een financiële tussenpersoon.

Basiswerking van blockchain technologie

In essentie is een blockchain een grote, onafhankelijke digitale databank waarvan de data chronologisch en onveranderlijk geregistreerd zijn op meerdere gedecentraliseerde opslagplaatsen, zoals computers en mobiele apparaten. Blockchain technologie kent dus geen centrale dataopslagplaats.

Er is evenmin een centrale beheerder. Elke “node”[2] kan nieuwe data toevoegen aan de databank in de vorm van datablokken. Informatie over deze data wordt verspreid over het gehele netwerk zodat alle nodes collectief de geldigheid ervan kunnen nagaan. De nodes baseren zich hierbij op een vastgelegd consensusalgoritme.

Na validatie voegen alle nodes de datablok toe aan hun respectieve blockchains. Hierdoor wordt iedere wijziging aan de databank gerepliceerd over het gehele netwerk en heeft elke node te allen tijden een volledige en identieke kopie van de databank. Datablokken worden aan elkaar vastgemaakt (“block-chain”) door een cryptografische hashfunctie[3], die ervoor zorgt dat alle data in de blokken onveranderlijk en fraudebestendig zijn.

Belangrijkste onderzoeksresultaten

Uit de masterthesis blijkt dat blockchain technologie talrijke gunstige eigenschappen heeft om de financiële risico’s van P2P lenen te verminderen en, in het geval van het platformrisico, zelfs te elimineren. We sommen hier enkele relevante eigenschappen op voor de risico’s fraude, hacking en witwassen. Op de eerste plaats is “decentralisatie van data en controle over data” een zeer belangrijke eigenschap om fraude en hacking te bestrijden (zie hierboven). Doordat er geen centrale dataopslagplaats is, moeten fraudeurs en hackers hun pijlen immers richten op álle dataopslagplaatsen van het netwerk, en dat tegelijkertijd. Daarnaast betekent decentralisatie ook dat elke node toegang heeft tot de gehele databank en deze kan controleren, wat mede fraude en hacking, maar ook witwaspraktijken, helpt te verhinderen. “Authenticatie” is een andere belangrijke eigenschap van de technologie. Doordat alle nodes kunnen zien welk publiek adres welk bedrag verzendt naar een ander publiek adres, zijn transacties traceerbaar en zichtbaar voor het gehele netwerk. Authenticatie vergemakkelijkt het om verdachte patronen te detecteren en merkwaardige geldstromen op te volgen. De laatste eigenschap die we hier bespreken is “onveranderlijkheid van data” na registratie op de blockchain. Onveranderlijkheid van data maakt het onmogelijk om te frauderen met data op de blockchain en verhindert de creatie van fictieve transacties. Doordat alle data onveranderlijk geregistreerd zijn, is het steeds mogelijk om de geschiedenis van elke uitgevoerde transactie op de blockchain op te vragen.

De talrijke mogelijkheden van blockchain technologie voor financiële risico’s betekenen echter niet dat financiële regelgevende kaders overbodig worden. Bijkomende regelgeving blijft doorgaans nodig. We zijn echter overtuigd dat de (deregulerende) mogelijkheden van blockchain technologie voor het recht sterk zullen toenemen wanneer alsmaar meer ondernemingen en overheden op de blockchain gebaseerd zullen zijn en wanneer de regelgevende kaders die de ontwikkeling van blockchain technologie stimuleren verder ontwikkelen.

Recht en technologie, een bijzondere symbiose om in het oog te houden!

 

[1] Kredietrisico is het risico dat de tegenpartij zijn financiële verplichtingen niet nakomt (‘niet betaalt’).

[2] Elke computer die of elk mobiel apparaat dat is aangesloten aan het blockchain netwerk.

[3] Een cryptografische hashfunctie zet data met arbitraire lengte om in data met vaste lengte door middel van een wiskundig algoritme.

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Working papers 
 

Byström, H., ‘Blockchains, real-time accounting and the future of credit risk modeling’, Working Papers, 2016, Lund University, Department of Economics, 12 p. 
 
Chohan, U.W., ‘The Double-Spending Problem and Cryptocurrencies, 2017, Discussion Paper, Notes on the 21st Century, 8 p. 
 
Claesson, G. and Tengvall, M., ‘Peer-to-peer lending. The effects of institutional involvement in social lending’, Working Paper, Jönköping International Business School, 76 p. 
 
Colaert, V. ‘RegTech as a Response to Regulatory Expansion in the Financial Sector’, 2017, 32 p., https://ssrn.com/abstract=2677116 or http://dx.doi.org/10.2139/ssrn.2677116
 
Fenwick, M., McCahery, J. and Vermeulen, E., ‘Fintech and the Financing of Entrepreneurs: From Crowdfunding to Marketplace Lending’, ECGI Working Paper Series in Law, 2017, Working Paper N° 369/2017, 53 p. 
 
Finck, M.,  ‘Blockchains and Data Protection in the EU’, Max Planck Institute for Innovation and Competition Research Paper No. 18-01, 18 p. 
 
Finck, M., ‘Blockchain Regulation’, Max Planck Institute for Innovation and Competition Research Paper No. 17-13, 2017, p. 31 p. 
 
Hacker, P. and Thomale, C., ‘Crypto-Securities Regulation: ICOs, Token Sales and Cryptocurrencies under EU Financial Law’, 2017, 45 p., https://ssrn.com/abstract=3075820 or http://dx.doi.org/10.2139/ssrn.3075820
 
Kirby, E and Worner, S., ‘Crowd-funding: An Infant Industry Growing Fast’, IOSCO, Staff Working Paper, 63 p. 
 
Naidji, C., ‘Regulation of European peer-to-peer lending Fintechs Regulatory framework to improve SME's access to capital’, Working Papers, KU Leuven, 2017, 64 p. Tendulkar, R., ‘Cyber-crime, securities markets and systemic risk’, IOSCO Research Department Staff Working Paper, 2013, 59 p. 
 
Vallee, B. and Zeng, Y., ‘Marketplace Lending: A New Banking Paradigm?’, Working Paper 18-067, Harvard Business School, 60 p. 
 
Wang, Y. and Kogan, A., ‘Designing Privacy-Preserving Blockchain-Based Accounting Information Systems’, working paper, 2017, 65 p. 
 
Zetzsche, D.A., Buckley, R.P. and Douglas, W., ‘The Distributed Liability of Distributed Ledgers: Legal Risks of Blockchain’, EBI Working Paper Series, 2017, nr. 14, 44 p. 
 
Reports

 
ESMA, ‘Report - The distributed ledger technology applied to securities markets’, 2017, 37 p., https://www.esma.europa.eu/system/files_force/library/dlt_report_-_esma…
 
Government Office for Science, ‘Distributed Ledger Technology: Beyond Block Chain. A Report by the UK Government Chief Scientific Adviser’, 2015, 88 p. 
 
Milne, A. and Parboteeah, P., ‘The Business Models and Economics of Peer-to-Peer Lending’, European Credit Research Institute, 2016, 36 p. 
 
Natarajan, H, Krause, S. K. Gradstein, Luskin, H., ‘Distributed Ledger Technology (DLT) and Blockchain’, FinTech Note, No. 1, 2017, Washington, World Bank Group, 60 p. 
 
Tasca, P., ‘Blockchain and Financial Risks’, ECUREX Tech Report 2015, 5 p.  
 
van Nieuwenhuizen, C., ‘Report on FinTech: the influence of technology on the future of the financial sector’, Committee on Economic and Monetary Affairs, 2016/2243(INI), 28 April 2017. 
 
Wardrop, R. Rosenberg, R. Zhang, B. Ziegler T., Squire, J., Burton, R, Hernadez, E. and Garvey, K., ‘Breaking New Ground: The Americas Alternative Finance Benchmarking Report’, 2016, Cambridge Center for Alternative Finance, University of Cambridge Judge Business School, 80 p. 
 
 
Whitepapers  
Assetz Capital, ‘Peer-to-Peer Lending - Industry Overview & Understanding the Marketplace’, 2015, 24 p., https://www.assetzcapital.co.uk/cdn/assetz-capital-p2p-guide.pdf
 
Buterin, V., ‘Merkling in Ethereum’, 2015, https://blog.ethereum.org/2015/11/15/merkling-inethereum/
 
Celsius, ‘Deposit coins. Borrow cash against your cryptocurrency. Earn interest.’, white paper, 32 p., https://celsius.network/wp-content/uploads/2018/03/Whitepaper.pdf
 
ChronoLogic, ‘Trustless Peer-to-Peer Crypto Lending’, 2017, https://blog.chronologic.network/the-future-of-debt-374bdc31c93d
  
 
Corporate Finance Institute (CFI) , ‘What is credit risk?’, 2018, https://corporatefinanceinstitute.com/resources/knowledge/finance/credi….  
 
ETHLend, ‘ETHLend.io White Paper - Democratizing Lending’, 2018, https://github.com/ETHLend/Documentation/blob/master/ETHLendWhitePaper…
 
Grey, M., ‘Introducing Project "Bletchley"’, 2016, https://github.com/Azure/azureblockchainprojects/blob/master/bletchley/….  
 
Howard, L., Whitepaper On Distributed Ledger Technology, Hong Kong Monetary Authority, 2016, p. 30. 
 
Leimgruber, J., Meier, A. and Backus, J., ‘Bloom Protocol. Decentralized credit scoring powered by Ethereum and IPFS’, 2018, 19 p., https://hellobloom.io/whitepaper.pdf
 
Nakamoto, S., ‘Bitcoin: A Peer-To-Peer Electronic Cash System’, 2008, 9 p., https://bitcoin.org/bitcoin.pdf.  
 
Ripio Credit Network,  ‘A global credit network based on cosigned smart contracts’  by Ripio International Limited, 26 p., https://ripiocredit.network/wp/RCN%20Whitepaper%20ENG.pdf
 
SALT, ‘Blockchain-Backed Loans’, SALT whitepaper, 18 p., https://membership.saltlending.com/files/abstract.pdf
 
Satyavolu, P. and Sangamnerkar, A., ‘Blockchain's Smart Contracts’, 2016, 10 p., https://www.cognizant.com/whitepapers/blockchains-smart-contracts-drivi…
 
Others  

‘Can Blockchain Be Key to Overcoming AML Challenge in Cryptocurrency?, 2017, https://cointelegraph.com/news/can-blockchain-be-key-to-overcoming-aml-…
 
Adler, D., ‘Blockchain and Money Laundering’, Fordham Journal of Corporate and Financial Law, blog, https://news.law.fordham.edu/jcfl/2017/12/15/blockchain-and-moneylaunde…
 
Agarwal, A.K., ‘Banking on The Internet of Things IoT’, 2015, https://www.finextra.com/blogs/fullblog.aspx?blogid=11676
 
Baliga, A., ‘The Blockchain Landscape’, Persistent, 2016, 21 p., https://www.persistent.com/wp-content/uploads/2016/03/The-Blockchain-La….  
 
Baruri, P., ‘Blockchain Powered Financial Inclusion’, 2016, Cognizant, World Economic Forum, 11 p., http://pubdocs.worldbank.org/en/710961476811913780/Session-5C-PaniBarur…
 
Bauerle, N., ‘What is the difference between a Blockchain and a Database?’, Coin desk, https://www.coindesk.com/information/what-is-the-difference-blockchain-…
 
Baxter, A., ‘Blockchain-Unchaining the world from fraud?, 2016, http://www.thepaypers.com/expert-opinion/blockchain-unchaining-the-worl…
 
Blockchain Council, ‘Where is blockchain hosted and why it is difficult to hack it?’, 2018; https://www.blockchain-council.org/blockchain/where-is-blockchain-hoste…
 
Blockgeeks, ‘What is hashing?’, 2018, https://blockgeeks.com/guides/what-is-hashing/
 
Braendgaard, P., ‘Counter-Risk on block chains’, 2016, https://blog.stakeventures.com/articles/counter-party-risk-on-blockchai….  
 
Brakeville, S. and Perepa, B., ‘Blockchain basics: Introduction to distributed ledgers’, 2018, https://www.ibm.com/developerworks/cloud/library/cl-blockchain-basics-i…. Brenig, C., Et Al, ‘Economic Analysis Of Cryptocurrency Backed Money Laundering’, 2015, https://pdfs.semanticscholar.org/cccb/f96b3efa46cdb 74233f1e5b13209ffab8c9e.pdf. 
 
Bui, K., ‘Nasdaq uses blockchain-based technology to reduce risk and prevent fraud’, 2016, http://feedzai.com/blog/nasdaq-uses-blockchain-based-technology-to-redu….  
 
Caisley, L., Lucking, D., Zdrowski, M. and O’Hanlon, C., ‘Decentralized Autonomous Organizations’, 2016, Allen and Overy, 9 p., http://www.allenovery.com/SiteCollectionDocuments/Article%20Decentraliz… ous%20Organizations.pdf.  
 
Cameron-Huff, A., ‘Op Ed: How Tokenization Is Putting Real-World Assets on Blockchains’, 2017, https://bitcoinmagazine.com/articles/op-ed-how-tokenization-putting-rea…
 
Camp, C., ‘Bitcoin may help criminals, but blockchain can help thwart fraud’, American Banker, 2016, Vol. 181 Issue 91,  http://www.americanbanker.com/bankthink/bitcoin-mayhelp-criminals-but-b…
 
Casil, M.G., ‘Asset Tokenization: Soft Tokens vs Hard tokens’, 2017, Maecenas, https://medium.com/maecenas/asset-tokenisation-soft-tokens-vs-hard-toke…
 
Casturi, S., ‘How can Blockchain help in fraud detection across stakeholders?’, 2018,  https://www.linkedin.com/pulse/how-can-blockchain-help-fraud-detection-…. Chen, L.Y. and Nakamura, Y., ‘Bitcoin Is Having a Civil War Right as It Enters a Critical Month’, 2010, Bloomberg, https://www.bloomberg.com/news/articles/2017-0710/bitcoinrisks-splinter…
 
Chu, Y., Ream, J. and Schatsky, D., ‘Upgrading blockchains: smart contract use cases in industry’, 2016, Deloitte University Press, 11 p. 
 
Clack, C. D., et al., ‘Smart Contract Templates: foundations, design landscape and research directions’, 2016, Arvix, 15 p.  
 
Clack, C., Bakshi, V. and Braine, L., ‘Smart Contract Templates: foundations, design landscape and research directions’, 2017, https://arxiv.org/abs/1608.00771, 15 p. 
 
Clifford Chance, ‘Are smart contracts contracts? Talking Tech looks at the concepts and realities of smart contracts’, 2017,  12 p. 
 
Clifford Chance, ‘European Fintech Regulation. An overview’, 2017, 12 p. 
 
Collier, B. and Hampshire, R., ‘Sending Mixed Signals: Multilevel Reputation Effects in Peerto-Peer Lending Markets’, ACM Conference on Computer Supported Cooperative Work, 2010, Savannah, Georgia, p. 197-206. 
 
Corkery, M., ‘Pitfalls for the Unwary Borrower Out on the Frontiers of Banking’, New York Times, 13 September 2015. 
 
Cosset, D., ‘Blockchain: what is in a block?’, 2017, https://dev.to/damcosset/blockchain-whatis-in-a-block-48jo
 
Davis, K., ‘Peer-to-Peer Lending: Structures, Risks and Regulation’, 2016, Prepared for the 21st Melbourne Money and Finance Conference, Brighton, Victoria, July 2016, p. 6. 
 
DCosta, D., ‘Blockchain for AML – Harnessing Blockchain Technology to Detect and Prevent Money Laundering’, International Banker, 2017, https://internationalbanker.com/technology/blockchain-aml-harnessing-bl…
 
De, N., ‘Royal Bank of Canada Explores Blockchain to Automate Credit Scores’, 2018,   https://www.coindesk.com/royal-bank-of-canada-credit-scores-blockchain-…
 
Deloitte, ‘Bitcoin, Blockchain & distributed ledgers: Caught between promise and reality’, Centre for the Edge, 2016, https://www2.deloitte.com/content/dam/Deloitte/au/Images/infographics/a…, 52 p. 
 
Deloitte, ‘Continuous interconnected supply chain. Using Blockchain & Internet-of-Things in supply chain traceability’, 2017, 24 p. 
 
Dickson, B., ‘How Big Data and Artificial Intelligence are Changing Online Lending’, 2017, https://cointelegraph.com/news/how-big-data-and-artificial-intelligence…
 
Draglet, ‘How Blockchains Applications can be Hacked, And What You Can Do To Prevent It’, 2017, https://www.draglet.com/blockchain-applications-hack
 
Drescher, D., Blockchain Basics, 2017, Frankfurt am Main, Apress, 255 p. 
 
Dunn, S., ‘Fears grow over safety of 'peer-to-peer' savings after lender Quakle goes bust’, Daily Mail, 2012. 
 
Eiger, Z. and Mandell, J., ‘Practice Pointers on P2P Lending: How It Works, Current Regulations and Considerations’, 2018, Morrison Foerster, 8 p. 
 
English, J., ‘Is Tokenization Is Its Infancy?’, 2017, Nasdaq, https://www.nasdaq.com/article/istokenization-in-its-infancy-cm832819
 
Finance Watch, ‘Finance Watch response to the consultation Capital Markets Union mid-term review 2017 Brussels’, 2017, http://www.finance-watch.org/, 7 p. 
 
N. Rovnick, ‘City grandee Lord Turner warns on peer-to-peer lending risks’, Financial Times, 10 February 2016. 
 
Fu, Y., ‘Off-Chain Computation Solutions for Ethereum Developers’, 2017, https://medium.com/@YondonFu/off-chain-computation-solutions-for-ethere…
 
Green, H., ‘When blockchain meets online lending: The business using one to improve the other’, 2017, http://www.cityam.com/262882/blockchain-meets-online-lending-businessus…
 
Greenspan, G., ‘Why Many Smart Contract Use Cases Are Simply Impossible’, 2016, https://www.coindesk.com/three-smart-contract-misconceptions/
 
Gtg advocates, ‘Could Blockchain be the new dawn for AML?’, 2018, https://www.gtgadvocates.com/could-blockchain-be-the-new-dawn-for-aml/
 
Gulker, M., ‘Are Smart Contracts the Future of Fraud Prevention?’, 2017, https://www.aier.org/article/are-smart-contracts-future-fraud-prevention. Hertig, A., ‘Ethereum’s Big Switch: the New Roadmap to Proof-of-Stake’, 2017, https://www.coindesk.com/ethereums-big-switch-the-new-roadmap-to-proof-…
 
Hoffman, R., ‘The Future of the Bitcoin Ecosystem and “Trustless Trust” – Why I Invested in Blockstream’, 2014, https://www.linkedin.com/pulse/20141117154558-1213- the-future-ofthe-bitcoin-ecosystem-and-trustless-trust-why-i-invested-inblockstream. 
 
Intensive Working Group of ACM SIGKDD Curriculum Committee, ‘Data mining curriculum’, http://www.kdd.org/curriculum/index.html
 
International Monetary Fund, ‘IMF and the Fight Against Money Laundering and the Financing of Terrorism’, 2018, http://www.imf.org/en/About/Factsheets/Sheets/2016/08/01/16/31/FightAga…, 2 p. ISDA and Linklaters, ‘Whitepaper Smart Contracts and Distributed Ledger – A Legal Perspective’, 2017, 23 p. 
 
Joshi, N., ‘Mitigating attacks on blockchain’, 2017, Allerin, https://www.allerin.com/blog/mitigating-attacks-blockchain.  
 
Kakavand, H., De Sevres, N.K. and Chilton, B., ‘The blockchain revolution: an analysis of regulation and technology related to distributed ledger technologies’, 2017, 27 p.,  https://ssrn.com/abstract=2849251 or http://dx.doi.org/10.2139/ssrn.2849251
 
Kapoor, K., ‘Tokenization of traditional assets’, 2017, http://bitcoinist.com/tokenizationtraditional-assets/
 
Karame, G.O. and Androulaki, E., ‘Two Bitcoins at the Price of One? Double-Spending Attacks on Fast Payments in Bitcoin’, Conference on Computer and Communication Security, 2012, http://eprint.iacr.org/2012/248.pdf
 
Kataria, R., ‘Securities lending. Addressing default and collateral risks with blockchain’, 2017, https://www2.deloitte.com/us/en/pages/financial-services/articles/addre…
 
Keenan, P. and Taylor, A., ‘6 Blockchain-Based Crypto Lenders Changing P2P Lending’, Lending Times, 2018.  
 
Keidar, R. and Arnon, Y., ‘How blockchain could end, instead of enable, money laundering’, 2017, https://venturebeat.com/2017/10/08/how-blockchain-could-end-instead-of-…
 
Kosba A., Miller A, S. E, Wen Z. and Papmanthou, C., ‘Hawk: The blockchain model of cryptography and privacy-perserving smart contracts’, 2016, Proceedings of IEEE 2016 Symposium on Security and Privacy., p 839–858. Kpeluso, ‘Blockchain and Money Laundering’, Fordham Journal of Corporate and Financial Law, blog, 2017, https://news.law.fordham.edu/jcfl/2017/12/15/blockchain-and-moneylaunde…
 
Kravchenko, P., ‘Assets Will Be Tokens (And It Will Change Finance)’, 2017, https://www.coindesk.com/tokenization-will-make-assets-more-valuable/.  
 
Lazanis, R., ‘How Technology Behind Bitcoin Could Transform Accounting as We Know It’, 2015, www.techvibes.com
 
Lewis, A., ‘A Gentle Introduction To Blockchain Technology’, BraveNewCoin, p. 6, https://bravenewcoin.com/assets/Reference-Papers/A-Gentle-Introduction/…
 
Link Academy, ‘Blockchain cryptography explained’, 2018, https://lisk.io/academy/blockchain-basics/how-does-blockchain-work/bloc…
 
Link Academy, ‘Blockchain transparency explained’, 2018, https://lisk.io/academy/blockchain-basics/benefits-of-blockchain/blockc…
 
Link Academy, Digital signatures, 2018, https://lisk.io/academy/blockchain-basics/how-doesblockchain-work/digit… 
 
Lisk Academy, ‘What is hashing?’, 2018, https://lisk.io/academy/blockchain-basics/how-doesblockchain-work/what-…
 
Lisk Academy, How does Blockchain work?, 2018, https://lisk.io/academy/blockchainbasics/how-does-blockchain-work
 
Luo, C., Xiong, H., Zhou, W., Guo Y. and Deng, G., ‘Enhancing investment decisions in P2P lending: An investor composition perspective’, Proceedings of the 17th ACM SIGKDD International Conference on Knowledge Discovery and Data Mining, 2011, 2011, San Diego, California, p. 292-300. 
 
Maas, T., ‘Ethereum – The New Internet or a New Bubble?’, https://www.linkedin.com/pulse/ethereum-new-internet-bubble-complete-gu…
 
Maas, T., ‘What is blockchain technology?’, Law & Blockchain, http://www.lawandblockchain.eu/post-template/
 
Malik, S., ‘Can The Blockchain Be Hacked?’, 2017, https://thehedgecoingroup.com/canblockchain-hacked/
 
Manivannan, A., Holy Grail of Credit Scoring: The Blockchain, 2017, https://medium.com/@AadhiMNV/holy-grail-of-credit-scoring-the-blockchai…
 
Massias, H., Avila, X.S. and Quisquater, J.-J., ‘Design of a secure timestamping service with minimal trust requirements’, In 20th Symposium on Information Theory in the Benelux, 1999, 8 p. 
 
Mauri, R., ‘Three features of blockchain that help prevent fraud’, 2017, https://www.ibm.com/blogs/blockchain/2017/09/three-features-of-blockcha…
 
McKeon, S., ‘Traditional Asset Tokenization’, 2017, https://hackernoon.com/traditional-assettokenization-b8a59585a7e0
 
McKinlay, J., Pithouse, D., McGonagle, J. and Sanders, J., ‘Blockchain, Background and Legal Challenges’, 2018, https://www.dlapiper.com/en/uk/insights/publications/2017/06/blockchain…
 
McLain, C., ‘Tokenization of Everything: How Tokens Will Create a More Liquid World’, https://masterthecrypto.com/tokenization-tokens-create-liquid-world/
 
McNamara, S., ‘Blockchain applications in banking’, Deloitte, 2016, 2 p., https://www2.deloitte.com/content/dam/Deloitte/uk/Documents/Innovation/…
 
Murphy, J.P., ‘P2P lending: Assessing sources of potential competitive advantage’, adapted honours thesis used as a reference for paper presented at the 21st Melbourne Money and Finance Conference, 2016. 
 
NGO, D., ‘How blockchain technology can enhance fraud detection’, 2016, http://coinjournal.net/how-blockchain-technology-can-enhance-fraud-dete…
 
Niblock, I., ‘Professional analysis of the safety of peer-to-peer Lending, 2017, https://www.orcamoney.com/blog/p2p-lending-risks
 
Oxera, ‘The economics of peer-to-peer lending’, prepared for the Peer-to-Peer Finance Association, 2016, p. 51. 
 
Patterson, R., ‘Alternatives for Proof of Work, Part 1: Proof Of Stake’, 2015, https://bytecoin.org/blog/proof-of-stake-proofof-work-comparison/
 
Peer2Peer Finance Association, ‘Launch of Peer-to-Peer Finance Association’, 2016, http://p2pfa.info/p2pfa-launch.  
 
Penn, B., Katz, E. and Carolan, D., ‘Capital Requirements Directive IV Framework Operational Risk’, 2014, p. 3, http://www.allenovery.com/SiteCollectionDocuments/Capital%20Requirement… %20IV%20Framework/Operational%20Risk.pdf. 
 
Peters, G.W. and Panayi, E., ‘Understanding Modern Banking Ledgers through Blockchain Technologies: Future of Transaction Processing and Smart Contracts on the Internet of Money, 2015, 33 p, https://arxiv.org/pdf/1511.05740.pdf
 
Pierrakis, Y. and Collins, L., ‘Banking on Each Other, Peer-to-Peer Lending to Business: Evidence from Funding Circle’, Nesta, 2013, 43 p., https://www.nesta.org.uk/sites/default/files/banking_on_each_other.pdf
 
Pîrlea, G., A review of the Blockchain literature, 2016, 13 p., http://students.cs.ucl.ac.uk/2016/group15/reports/research.pdf
 
Price, R., ‘Digital currency Ethereum is cratering because of a $50 million hack’, 2016, http://www.businessinsider.com/dao-hacked-ethereum-crashing-in-value-te…
 
Ramzan, Z., ‘Bitcoin: Digital Signatures’, 2013, https://www.khanacademy.org/economicsfinance-domain/core-finance/moneya…
 
Ream, C..J. and Schatsky, D., ‘Upgrading blockchains: smart contract use cases in industry’, 2016, Deloitte University Press, 11 p. 
 
Rogers, S., ‘Celsius aims to disrupt the consumer credit industry by using blockchain’, 2017, https://venturebeat.com/2017/10/10/celsius-is-using-blockchain-technolo…
 
Rosic, A., ‘What is hashing under the hood of blockchain?’, 2017, https://blockgeeks.com/guides/what-is-hashing/
 
Russo, C., ‘SALT: Leverage Your Blockchain Assets to Secure Cash Loans’, 2018, https://sludgefeed.com/salt-leveraging-blockchain-assets-to-secure-cash…
 
Scott-Briggs, A., ‘Is It Possible to Hack Blockchain Technology?’, 2017, https://www.techbullion.com/possible-hack-blockchain-technology/
 
Sharma, T.K., ‘How does Blockchain use public key Cryptography’, 2018, https://www.blockchain-council.org/blockchain/how-does-blockchain-use-p…
 
Simpson, I., ‘To Understand Blockchains, You Should Understand Cryptographic Hashes First, 2017, https://medium.com/vandal-press/to-understand-blockchains-you-should-un…
 
Stark, J., ‘Making sense of blockchain smart contracts’, 2016, http://www.coindesk/com/making-sense-smart-contracts/.  
 
Swanson, T., ‘Consensus-as-a-service: a brief report on the emergence of permissioned, distributed ledger systems’, 2015, http://www.ofnumbers.com/wp-content/uploads/2015/ 04/Permissioned-distributed-ledgers.pdf. 
 
Szabo, N., ‘The Idea of Smart Contracts’, 1997, http://www.fon.hum.uva.nl/rob/Courses/InformationInSpeech/CDROM/Literat… school2006/szabo.best.vwh.net/idea.html. 
 
Tabatabaei, M.H., ‘Data Structure’,  http://www.uio.no/studier/emner/matnat/ifi/IN5420/v18/timeplan/resource… 
 
Thompson, C., ‘Blockchain Security for Enterprise: How safe is it?’, 2016, https://medium.com/blockchain-review/blockchain-security-for-enterprise…
 
Tkatchuk, R., ‘P2P lending reaps blockchain’s rewards’, 2017, https://www.cio.com/article/3243927/financial-it/p2p-lending-reaps-bloc…
 
Tripathy, R., ‘Fixing smart contracts - Here comes Blockchain Contracts’, 2018, https://medium.com/ranchimall/fixing-smart-contracts-here-comes-blockch…
 
Tulpule, A.M., ‘Enforcement and compliance in a blockchain(ed) world’, 2017, https://www.competitionpolicyinternational.com/wp-content/uploads/2017/…
 
Van Hemelen, J. and Winderickx, K., ‘Blockchain: Defining the possibilities and the value of Smart Contracts’, KU Leuven, 2017, 33 p.    
 
von Haller Gronbæk, M., ‘Blockchain 2.0, smart contracts and challenges’, 2016, https://www.twobirds.com/en/news/articles/2016/uk/blockchain-2-0--smart…
 
Williams, B.G., Gunn, D., Roma, E. and Bansal, B., ‘Distributed Ledgers in Payments : Beyond the Bitcoin Hype’, 2016, http://www.bain.com/publications/articles/distributed-ledgers-inpayment…
 
Williamson, N., ‘Permissionless vs Permissioned Consensus and Tradeoffs’, 2016, http://blog.credits.vision/permissionless-vs-permissioned-consensus/
 
Wright, A. and De Filippi, P., ‘Decentralized Blockchain Technology and the Rise of Lex Cryptographia’, 2017, 58 p., https://ssrn.com/abstract=2580664 or http://dx.doi.org/10.2139/ssrn.2580664. Wyman and Euroclear, O., ‘Blockchain in Capital Markets: The Prize and the Journey’, 2016, 24 p., http://www.oliverwyman.com/content/dam/oliverwyman/global/en/2016/feb/B…
 
Z. Eiger and J. Mandell, ‘Practice Pointers on P2P Lending: How It Works, Current Regulations and Considerations’, 2018, 8 p., https://media2.mofo.com/documents/150129p2plendingbasics.pdf
 
Zafar, S., ‘Can blockchain prevent cybercrime?’, 2016, https://www.finextra.com/blogposting/13032/can-blockchain-prevent-cyber…
 
 

Universiteit of Hogeschool
Master in de rechten (onderzoeksmaster)
Publicatiejaar
2018
Promotor(en)
Veerle Colaert
Kernwoorden