Blockchain for Supply Chains and International Trade

Total Page:16

File Type:pdf, Size:1020Kb

Blockchain for Supply Chains and International Trade Blockchain for supply chains and international trade STUDY Panel for the Future of Science and Technology EPRS | European Parliamentary Research Service Scientific Foresight Unit (STOA) PE 641.544 – May 2020 EN Blockchain for supply chains and international trade Report on key features, impacts and policy options This study provides an analysis of blockchain technology in the context of international trade. It analyses the potential impacts of blockchain development and applications in eight use cases for supply chains and international trade. It also provides an analysis of the current legislative framework and existing initiatives. Based on this analysis, and following a broad consultation of relevant organisations, the study identifies several challenges in international trade documentation and processes, and presents a range of policy options for the European Parliament. STOA | Panel for the Future of Science and Technology AUTHORS This study was written by Bertrand Copigneaux, Nikita Vlasov and Emarildo Bani of IDATE DigiWorld, N ikolay Tcholtchev and Philipp Lämmel of Fraunhofer Institute for Open Communication Systems, Michael Fuenfzig, Simone Snoeijenbos and Michael Flickenschild from Ecorys, and Martina Piantoni and Simona Frazzani from Grimaldi Studio Legale at the request of the Panel for the Future of Science and Technology (STOA) and managed by the Scientific Foresight Unit, within the Directorate-General for Parliamentary Research Services (EPRS) of the Secretariat of the European Parliament. ADMINISTRATOR RESPONSIBLE Philip Boucher, Scientific Foresight Unit (STOA) To contact the publisher, please e-mail [email protected] LINGUISTIC VERSION Original: EN Manuscript completed in May 2020. DISCLAIMER AND COPYRIGHT This document is prepared for, and addressed to, the Members and staff of the European Parliament as background material to assist them in their parliamentary work. The content of the document is the sole responsibility of its author(s) and any opinions expressed herein should not be taken to represent an official position of the Parliament. Reproduction and translation for non-commercial purposes are authorised, provided the source is acknowledged and the European Parliament is given prior notice and sent a copy. Brussels © European Union, 2020. PE 641.544 ISBN: 978-92-846-6530-3 doi: 10.2861/957600 QA-03-20-263-EN-N http://www.europarl.europa.eu/stoa (STOA website) http://www.eprs.ep.parl.union.eu (intranet) http://www.europarl.europa.eu/thinktank (internet) http://epthinktank.eu (blog) Blockchain for supply chains and international trade Executive summary This document is the final deliverable of the 'Blockchain for supply chains and international trade' study commissioned by the European Parliament. It presents the complete results of the study, including policy options. The report is subdivided in three parts, corresponding to the three phases of the study. The study methodology and process are set out in Annex 1. • Part 1 (Sections 1 to 3) presents the key features of blockchain and the potential use cases in international trade. • Part 2 (Section 4) presents an analysis of the potential impact of the development of blockchains in eight selected international trade cases studies. For each of them, the analysis is conducted in terms of trade as well as economic development, social perspective, technical and security maturity, environmental impact, data protection and transparency. • Part 3 (Sections 5 to 8) presents the conclusions of the study and sets out key challenges and policy options. Blockchain: a tool to promote cooperation Blockchains comprise several data storage technologies. A diverse range of implementation types and variants exist (as set out in Section 1). They offer secure, robust, authenticated storage that is resistant to modification. Their most distinctive feature is their decentralised control. No single actor has full control of the infrastructure, which is controlled by consensus rules. The core value proposition of blockchains is their ability to provide an infrastructure that is neutral, in the sense that the control of the technical infrastructure is shared among the stakeholders. This is particularly suitable for ecosystems in which participants need to cooperate while retaining potentially conflicting or competing interests. This applies rather well to international trade processes that involve numerous actors in complex relationships across various regulatory frameworks. It can be seen as a tool to promote cooperation and trust. Potential applications in international trade The use of blockchain in international trade is considered in several use cases, in various areas of the overall trade process: • Commercial transactions can be modified, with fully decentralised blockchain-based marketplaces, or through the use of blockchain to register and follow commercial transactions. • Trade finance presents several opportunities for blockchain use, from letters of credit to open-account trading and cross-border payments. • Blockchains could also be used as an infrastructure to digitalise exchanges related to customs duties, as well as other trade-related administrative processes (sanitary certificates, conformity certificates, import and export licences), or even in government to government exchanges. • In logistics, blockchain initiatives have been launched to streamline and digitalise exchanges of information along the supply chain. Additionally there are some blockchain implementations for maritime insurance. • Blockchains can also be used to add another level of tracking, traceability and transparency to trade, which could be useful for enforcing trademarks, property rights and regulations, and for providing the end consumer with additional information. I STOA | Panel for the Future of Science and Technology Strong expectations exist around the use of blockchain in international trade as it is expected to decrease costs and delays, optimise efficiency and help to reduce fraud and litigation. However some of these expectations are not specific to blockchain, but rather derive from the digitalisation of trade processes. While there are many potential uses of blockchain in supply chain management and international trade processes, the present study focused on eight specific use cases: • decentralised marketplaces; • blockchain-based letters of credit; • cross-border payment systems; • maritime insurance; • tracking systems for shipping documents and supply chain events; • blockchain-based e-certificate of origin; • proof of authenticity of luxury products; • tracking of ethical sourcing in the food industry. A sound technological option The analysis of these use cases shows that they have all achieved an initial, credible level of technical proof of concept. Overall, this shows the viability of blockchain as a technology that could impact trade. In some cases advanced proof of concept and early commercial solutions have been developed, and no major technological barriers exist for the use of permissioned blockchains in trade. The overall security of blockchain-based solutions can be considered strong. They rely on sound cryptographic principles and architectures. If their usage spreads, however, there could be a need for industrial security standards, certifications and audit procedures to ensure quality and compliance. From a data protection perspective, the technological solution proposed also appears able to ensure data protection and compliance with data regulations. In many of the solutions proposed, the use of permissioned blockchains ensures that data is only shared by the data owner with other stakeholders on a need to know basis. Trade facilitation The main impact of blockchain-based solutions on international trade would be to contribute to the facilitation of trade. They are by no means a single solution that would by itself ensure the digitalisation of trade document exchanges, but they have the potential to contribute to the digitalisation process. Their main benefits would be to provide a trusted and secure infrastructure for documentation exchanges and for the automation of some processes. The decentralised control of blockchains, ensuring relative equality between the stakeholders and peer control over the infrastructure, could also be an argument to convince stakeholders to collaborate openly. The proposed solutions would, in most cases, result in overall cost reductions. This could be seen as the main economic impact of the use cases, although they could also increase the overall transparency of the trade process and document exchange. Societal perspective The study identified societal impacts including better access of SMEs to trade and trade finance (with use cases such as cross-border payments or blockchain-based letters of credit). Other use cases (such as proof of authenticity, traceability use cases, or certificates of origin) could also increase the information available to consumers on products, with potential benefits in more ethical and environmentally responsible consumption. However these positive impacts are not a given for every II Blockchain for supply chains and international trade potential use of blockchain. They are linked to specific use cases, and could require dedicated efforts. They would also have to counterbalance other potential impacts such as an increase in the digital gap (blockchain, like any digital technology, will require access to digital technology, infrastructure and skills, potentially leaving out less advanced actors),
Recommended publications
  • What Is International Trade Law For? Harlan Cohen Gabriel M
    Masthead Logo Digital Commons @ Georgia Law Scholarly Works Faculty Scholarship 1-1-2019 What is International Trade Law for? Harlan Cohen Gabriel M. Wilner/UGA Foundation Professor in International Law and Faculty Co-Director of the Dean Rusk International Law Center University of Georgia, [email protected] University of Georgia School of Law Research Paper Series Paper No. 2018-44 Dean Rusk International Law Center Research Paper Series Paper No. 2018-08 bepress Logo SSRN Logo Dean Rusk International Law Center Logo Repository Citation Harlan G. Cohen, What is International Trade Law for? , 113 Am. J. Int'l L. 326 (2019), Available at: https://digitalcommons.law.uga.edu/fac_artchop/1283 This Article is brought to you for free and open access by the Faculty Scholarship at Digital Commons @ Georgia Law. It has been accepted for inclusion in Scholarly Works by an authorized administrator of Digital Commons @ Georgia Law. Please share how you have benefited from this access For more information, please contact [email protected]. All rights reserved. No part of this paper may be reproduced in any form without permission of the author. ISSN: 1552-6275 © Harlan G. Cohen Working Papers are issued at the responsibility of their authors, and do not reflect views of NYU, the IILJ, or associated personnel. New York University School of Law New York, NY 10012 U.S.A. Version of 6 December 2018 Cite as: IILJ Working Paper 2018/6 (MegaReg Series) Electronic copy available at: https://ssrn.com/abstract=3298389 Cohen IILJ Working Paper 2018/6 (MegaReg Series) WHAT IS INTERNATIONAL TRADE LAW FOR? Harlan Grant Cohen* Abstract: Events of the past few years, including the Brexit vote in the United Kingdom and the demise of the Trans-Pacific Partnership and election of Donald Trump as President in the United States, have reignited debates about the global trade regime.
    [Show full text]
  • The Internet and Drug Markets
    INSIGHTS EN ISSN THE INTERNET AND DRUG MARKETS 2314-9264 The internet and drug markets 21 The internet and drug markets EMCDDA project group Jane Mounteney, Alessandra Bo and Alberto Oteo 21 Legal notice This publication of the European Monitoring Centre for Drugs and Drug Addiction (EMCDDA) is protected by copyright. The EMCDDA accepts no responsibility or liability for any consequences arising from the use of the data contained in this document. The contents of this publication do not necessarily reflect the official opinions of the EMCDDA’s partners, any EU Member State or any agency or institution of the European Union. Europe Direct is a service to help you find answers to your questions about the European Union Freephone number (*): 00 800 6 7 8 9 10 11 (*) The information given is free, as are most calls (though some operators, phone boxes or hotels may charge you). More information on the European Union is available on the internet (http://europa.eu). Luxembourg: Publications Office of the European Union, 2016 ISBN: 978-92-9168-841-8 doi:10.2810/324608 © European Monitoring Centre for Drugs and Drug Addiction, 2016 Reproduction is authorised provided the source is acknowledged. This publication should be referenced as: European Monitoring Centre for Drugs and Drug Addiction (2016), The internet and drug markets, EMCDDA Insights 21, Publications Office of the European Union, Luxembourg. References to chapters in this publication should include, where relevant, references to the authors of each chapter, together with a reference to the wider publication. For example: Mounteney, J., Oteo, A. and Griffiths, P.
    [Show full text]
  • Blockchain in an Internet-Of-Things Network Based on User Participation
    Blockchain in an Internet-of-Things Network Based on User Participation Robert Ljungblad Computer Science and Engineering, bachelor's level 2019 Luleå University of Technology Department of Computer Science, Electrical and Space Engineering ABSTRACT The internet-of-things is the relatively new and rapidly growing concept of connecting everyday devices to the internet. Every day more and more devices are added to the internet-of-things and it is not showing any signs of slowing down. In addition, advancements in new technologies such as blockchains, artificial intelligence, virtual reality and machine learning are made practically every day. However, there are still much to learn about these technologies. This thesis explores the possibilities of blockchain technology by applying it to an internet-of-things network based on user participation. More specifically, it is applied to a use case derived from Luleå Kommun’s wishes to easier keep track of how full the city’s trash cans are. The goal of the thesis is to learn more about how blockchains can help an internet-of-things network as well as what issues can arise. The method takes an exploratory approach to the problem by partaking in a workshop with Luleå Kommun and by performing a literature study. It also takes a qualitative approach by creating a proof-of-concept solution to experience the technology firsthand. The final proof-of-concept as well as issues that arose during the project are analysed with the help of information gathered and experience gained throughout the project. It is concluded that blockchain technology can help communication in an internet-of-things network based on user participation.
    [Show full text]
  • TRUST, but VERIFY: WHY the BLOCKCHAIN NEEDS the LAW Kevin Werbach†
    TRUST, BUT VERIFY: WHY THE BLOCKCHAIN NEEDS THE LAW Kevin Werbach† ABSTRACT The blockchain could be the most consequential development in information technology since the Internet. Created to support the Bitcoin digital currency, the blockchain is actually something deeper: a novel solution to the age-old human problem of trust. Its potential is extraordinary. Yet, this approach may not promote trust at all without effective governance. Wholly divorced from legal enforcement, blockchain-based systems may be counterproductive or even dangerous. And they are less insulated from the law’s reach than it seems. The central question is not how to regulate blockchains but how blockchains regulate. They may supplement, complement, or substitute for legal enforcement. Excessive or premature application of rigid legal obligations will stymie innovation and forego opportunities to leverage technology to achieve public policy objectives. Blockchain developers and legal institutions can work together. Each must recognize the unique affordances of the other system. DOI: https://doi.org/10.15779/Z38H41JM9N © 2018 Kevin Werbach. † Associate Professor of Legal Studies and Business Ethics, The Wharton School, University of Pennsylvania. Email: [email protected]. Thanks to Dan Hunter for collaborating to develop the ideas that gave rise to this Article, and to Sarah Light, Patrick Murck, and participants in the 2017 Lastowka Cyberlaw Colloquium and 2016 TPRC Conference for comments on earlier drafts. 488 BERKELEY TECHNOLOGY LAW JOURNAL [Vol. 33:487
    [Show full text]
  • Beaver: a Decentralized Anonymous Marketplace with Secure Reputation
    Beaver: A Decentralized Anonymous Marketplace with Secure Reputation Kyle Soska∗ Albert Kwon∗ Nicolas Christin Srinivas Devadas CMU MIT CMU MIT [email protected] [email protected] [email protected] [email protected] Abstract—Amid growing concerns of government surveillance they strive to avail reputation systems with strong privacy and and corporate data sharing, web users increasingly demand tools anonymity guarantees, and have proven to be economically for preserving their privacy without placing trust in a third viable. To achieve the desired anonymity properties, online party. Unfortunately, existing centralized reputation systems need anonymous marketplaces build on a combination of network- to be trusted for either privacy, correctness, or both. Existing level anonymity—often running as Tor hidden services [20] decentralized approaches, on the other hand, are either vulner- or i2p “eep sites” [3]—and payment-level anonymity, using able to Sybil attacks, present inconsistent views of the network, or leak critical information about the actions of their users. pseudonymous digital payment systems such as Bitcoin [36]. In this paper, we present Beaver, a decentralized anonymous However, similar to “traditional” online marketplaces such marketplace that is resistant against Sybil attacks on vendor as eBay, an online anonymous marketplace remains a cen- reputation, while preserving user anonymity. Beaver allows its tralized service. It thus needs to be trusted for availability as participants to enjoy open enrollment, and provides every user customers cannot query item listings or reviews if it is not with the same global view of the reputation of other users through online; it needs to be trusted for correctness, i.e., not inject fake public ledger based consensus.
    [Show full text]
  • Liquidity Or Leakage Plumbing Problems with Cryptocurrencies
    Liquidity Or Leakage Plumbing Problems With Cryptocurrencies March 2018 Liquidity Or Leakage - Plumbing Problems With Cryptocurrencies Liquidity Or Leakage Plumbing Problems With Cryptocurrencies Rodney Greene Quantitative Risk Professional Advisor to Z/Yen Group Bob McDowall Advisor to Cardano Foundation Distributed Futures 1/60 © Z/Yen Group, 2018 Liquidity Or Leakage - Plumbing Problems With Cryptocurrencies Foreword Liquidity is the probability that an asset can be converted into an expected amount of value within an expected amount of time. Any token claiming to be ‘money’ should be very liquid. Cryptocurrencies often exhibit high price volatility and wide spreads between their buy and sell prices into fiat currencies. In other markets, such high volatility and wide spreads might indicate low liquidity, i.e. it is difficult to turn an asset into cash. Normal price falls do not increase the number of sellers but should increase the number of buyers. A liquidity hole is where price falls do not bring out buyers, but rather generate even more sellers. If cryptocurrencies fail to provide easy liquidity, then they fail as mediums of exchange, one of the principal roles of money. However, there are a number of ways of assembling a cryptocurrency and a number of parameters, such as the timing of trades, the money supply algorithm, and the assembling of blocks, that might be done in better ways to improve liquidity. This research should help policy makers look critically at what’s needed to provide good liquidity with these exciting systems. Michael Parsons FCA Chairman, Cardano Foundation, Distributed Futures 2/60 © Z/Yen Group, 2018 Liquidity Or Leakage - Plumbing Problems With Cryptocurrencies Contents Foreword ..............................................................................................................
    [Show full text]
  • Reputation Driven Dynamic Access Control Framework for Iot Atop Poa Ethereum Blockchain
    Reputation Driven Dynamic Access Control Framework for IoT atop PoA Ethereum Blockchain Auqib Hamid Lonea,∗, Roohie Naaza aDepartment of Computer Science and Engineering., NIT Srinagar, Jammu and Kashmir,India,190006 Abstract Security and Scalability are two major challenges that IoT is currently fac- ing. Access control to critical IoT infrastructure is considered as top security challenge that IoT faces. Data generated by IoT devices may be driving many hard real time systems, thus it is of utmost importance to guarantee integrity and authenticity of the data and resources at the first place itself. Due to heterogeneous and constrained nature of IoT devices, traditional IoT security frameworks are not able to deliver scalable, efficient and manage- able mechanisms to meet the requirements of IoT devices. On the other hand Blockchain technology has shown great potential to bridge the missing gap towards building a truly decentralized, trustworthy, secure and scalable environment for IoT. Allowing access to IoT resources and data managed through Blockchain will provide an additional security layer backed by the strongest cryptographic algorithms available. In this work we present a rep- utation driven dynamic access control framework for IoT applications based on Proof of Authority Blockchain, we name it as Rep-ACM. In Rep-ACM framework we build two major services, one for Reputation building (for bet- ter IoT device behaviour regulations) and other for Misbehaviour detection (for detecting any Misbehaviour on object resource usage). Both of these services work in coordination with other services of proposed framework to determine who can access what and under what conditions access should be granted.
    [Show full text]
  • The Revised Wto Agreement on Government Procurement (Gpa): Key Design Features and Significance for Global Trade and Development
    ARTICLES THE REVISED WTO AGREEMENT ON GOVERNMENT PROCUREMENT (GPA): KEY DESIGN FEATURES AND SIGNIFICANCE FOR GLOBAL TRADE AND DEVELOPMENT ROBERT D. ANDERSON AND ANNA CAROLINE MULLER¨ * ABSTRACT The World Trade Organization’s (WTO’s) plurilateral Agreement on Govern­ ment Procurement (GPA or “the Agreement”) is an important ongoing success story for the Organization. In the spring of 2012, the GPA Parties completed a full revision of the Agreement, with regard to both its text and market access commitments under it. Since then, the revised GPA has entered into force, and its membership has gradually broadened. These developments are of importance not only in themselves, but also for the international trading system and its potential future evolution. The GPA’s successful renegotiation, the continuing growth of its membership, and its vitality as an instrument of public policy were not achieved through happenstance. This Article discusses a number of specific design features of the GPA that clearly facilitated the successful conclusion of the renegotiation and that, as such, may in the future be relevant to other areas of global trade liberalization. In addition to the Agreement’s plurilateral nature, of particular interest are the approach taken with respect to application of the most-favored­ nation treatment (MFN) principle in the Agreement; the GPA’s continuing strong emphasis on principles of reciprocity in market access concessions; and its * Robert D. Anderson: Counsellor and Team Leader for Government Procurement and Competition Policy, Intellectual Property, Government Procurement and Competition Division, WTO Secretariat; Honorary Professor, School of Law, University of Nottingham, UK; External Faculty Member, World Trade Institute, University of Bern, Switzerland.
    [Show full text]
  • Regulatory Issues Affecting Trade and Supply Chain Finance
    ___________________________________________________________________________ 2015/SMEWG40/007 Agenda Item: 9.1.3a Regulatory Issues Affecting Trade and Supply Chain Finance Purpose: Information Submitted by: Policy Support Unit, APEC Secretariat 40th Small and Medium Enterprises Working Group Meeting Atlanta, United States 10-11 June 2015 Regulatory Issues Affecting Trade and Supply Chain Finance ISSUES PAPER No. 8 APEC Policy Support Unit November 2014 Prepared by: Gloria O. Pasadilla, PhD Senior Analyst Asia-Pacific Economic Cooperation Policy Support Unit Asia-Pacific Economic Cooperation Secretariat 35 Heng Mui Keng Terrace Tel: (65) 6891-9600 Fax: (65) 6891-9690 Email: [email protected] Website: www.apec.org Produced for: Asia-Pacific Economic Cooperation Finance Deputies Meeting APEC#214-SE-01.17 This work is licensed under the Creative Commons Attribution-NonCommercial- ShareAlike 3.0 Singapore License. To view a copy of this license, visit http://creativecommons.org/licenses/by-nc-sa/3.0/sg/. The author wishes to thank the financial institutions that kindly responded to the survey and made time for interviews. I also wish to acknowledge, without implicating, various people who gave very useful comments and insights, especially Jingchang Lai (International Finance Corporation), Bernadette Cenzon (APEC-PSU Consultant), Alexander Malaket (OPUS Advisory Services), Matthew Ekberg (BAFT), Boon Hiong Chang (Deutsche Bank and Shephard, Asia Pacific Finance Forum) and Paul Gwee (ASEAN Bankers Association) who greatly facilitated the survey, Franck De Praetere (SWIFT) who facilitated our access to SWIFT data messages, and many others who shared their insights on trade financing. Grateful also for the following websites, some of which gave me free access to their highly informative materials: Global Trade Review, www.gtreview.com; Trade and Receivables Finance News, www.trfnews.com; Trade Financing Matters, www.spendingmatters.com; and others.
    [Show full text]
  • Towards Secure Blockchains
    Towards Secure Blockchains Concepts, Requirements, Assessments | EDITORIAL Editorial Blockchain is currently one of the most widely Consequently, the analysis on the following discussed topics in the area of information pages presents blockchain technology in detail technology. This technology for distributed data and extensively studies its aspects relevant to IT storage originated from the cryptocurrency security. It also assesses to what extent blockchain Bitcoin, which became famous especially due to technology is able to achieve the security prop- the record highs its market value attained in 2017. erties ascribed to it and how it may be evaluated Based on its promise of preventing manipulation within the current legal framework. of data on a purely technical level using its decen- tralised structure, offering maximum transpar- This document thus supports developers and ency and replacing intermediaries within business potential users of blockchain solutions in per- processes, many ideas for applying blockchain forming a well-founded assessment of risks technology in fairly different areas have been and in taking IT security into account from the developed in recent years. start. Furthermore, the dynamic development of blockchain technology offers the possibility Politics has also increasingly taken up blockchain of using the results of this analysis as a basis for technology. For instance, the term blockchain is future discussions on both the national and inter- used several times within the coalition agreement national level. With blockchain—as with other of the 19th election period of the German parlia- topics in IT security—the BSI thus strives to shape ment dating from 2018, and the German federal information security for government, business government has set itself the target of developing and society.
    [Show full text]
  • Public Vs. Private Enforcement of International Economic Law: of Standing and Remedy Alan O
    University of Chicago Law School Chicago Unbound Coase-Sandor Working Paper Series in Law and Coase-Sandor Institute for Law and Economics Economics 2005 Public vs. Private Enforcement of International Economic Law: Of Standing and Remedy Alan O. Sykes Follow this and additional works at: https://chicagounbound.uchicago.edu/law_and_economics Part of the Law Commons Recommended Citation Alan O. Sykes, "Public vs. Private Enforcement of International Economic Law: Of Standing and Remedy" (John M. Olin Program in Law and Economics Working Paper No. 235, 2005). This Working Paper is brought to you for free and open access by the Coase-Sandor Institute for Law and Economics at Chicago Unbound. It has been accepted for inclusion in Coase-Sandor Working Paper Series in Law and Economics by an authorized administrator of Chicago Unbound. For more information, please contact [email protected]. CHICAGO JOHN M. OLIN LAW & ECONOMICS WORKING PAPER NO. 235 (2D SERIES) Public vs. Private Enforcement of International Economic Law: Of Standing and Remedy Alan O. Sykes THE LAW SCHOOL THE UNIVERSITY OF CHICAGO February 2005 This paper can be downloaded without charge at: The Chicago Working Paper Series Index: http://www.law.uchicago.edu/Lawecon/index.html and at the Social Science Research Network Electronic Paper Collection: http://ssrn.com/abstract_id=671801 Public vs. Private Enforcement of International Economic Law: Of Standing and Remedy Alan O. Sykes* Abstract This paper develops a positive theory of the rules regarding standing and remedy in international trade and investment agreements. In the investment setting, the paper argues that a central objective of investment treaties is to reduce the risks confronting private investors and thereby to lower the cost of capital for capital importing nations.
    [Show full text]
  • Blockchain for Dummies® Published By: John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030-5774
    Blockchain Blockchain by Tiana Laurence Blockchain For Dummies® Published by: John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030-5774, www.wiley.com Copyright © 2017 by John Wiley & Sons, Inc., Hoboken, New Jersey Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the Publisher. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/ permissions. Trademarks: Wiley, For Dummies, the Dummies Man logo, Dummies.com, Making Everything Easier, and related trade dress are trademarks or registered trademarks of John Wiley & Sons, Inc. and may not be used without written permission. All other trademarks are the property of their respective owners. John Wiley & Sons, Inc. is not associated with any product or vendor mentioned in this book. LIMIT OF LIABILITY/DISCLAIMER OF WARRANTY: THE PUBLISHER AND THE AUTHOR MAKE NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE ACCURACY OR COMPLETENESS OF THE CONTENTS OF THIS WORK AND SPECIFICALLY DISCLAIM ALL WARRANTIES, INCLUDING WITHOUT LIMITATION WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE. NO WARRANTY MAY BE CREATED OR EXTENDED BY SALES OR PROMOTIONAL MATERIALS. THE ADVICE AND STRATEGIES CONTAINED HEREIN MAY NOT BE SUITABLE FOR EVERY SITUATION. THIS WORK IS SOLD WITH THE UNDERSTANDING THAT THE PUBLISHER IS NOT ENGAGED IN RENDERING LEGAL, ACCOUNTING, OR OTHER PROFESSIONAL SERVICES.
    [Show full text]