DecReg: A Framework for Preventing Double-Financing using Blockchain Technology

Hidde Lycklama à Nijeholt; Zekeriya Erkin; Joris Oudejans

doi:10.1145/3055518.3055529

DecReg: A Framework for Preventing Double-Financing using Blockchain Technology

Hidde Lycklama à Nijeholt, Zekeriya Erkin, Joris Oudejans

Research output: Chapter in Book/Conference proceedings/Edited volume › Conference contribution › Scientific › peer-review

27 Citations (Scopus)

Abstract

Factoring is an important financial instrument for SMEs to solve liquidity problems, where the invoice is cashed to avoid late buyer payments. Unfortunately, this business model is risky as it relies on human interaction and involved actors (factors in particular) suffer from information asymmetry. One of the risks involved is 'double-financing': the event that an SME extracts funds from multiple factors. To reduce this asymmetry and increase the scalability of this important instrument, we propose a framework, DecReg, based on blockchain technology. We provide the protocols designed for this framework and present performance analysis. This framework will be deployed in practice as of February 2017 in the Netherlands.

Original language	English
Title of host publication	BCC'17 Proceedings of the ACM Workshop on Blockchain, Cryptocurrencies and Contracts
Place of Publication	New York
Publisher	Association for Computing Machinery (ACM)
Pages	29-34
Number of pages	6
ISBN (Electronic)	978-1-4503-4974-1
DOIs	https://doi.org/10.1145/3055518.3055529
Publication status	Published - 2017
Event	BCC'17 The ACM Workshop on Blockchain, Cryptocurrencies and Contracts - Abu Dhabi, United Arab Emirates Duration: 2 Apr 2017 → 2 Apr 2017

Conference

Conference	BCC'17 The ACM Workshop on Blockchain, Cryptocurrencies and Contracts
Country/Territory	United Arab Emirates
City	Abu Dhabi
Period	2/04/17 → 2/04/17

Keywords

Blockchain
Distributed trust
Double Financing

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10.1145/3055518.3055529

Cite this

@inproceedings{518a9ffac58a4a8590baa884a4b5cb20,

title = "DecReg: A Framework for Preventing Double-Financing using Blockchain Technology",

abstract = "Factoring is an important financial instrument for SMEs to solve liquidity problems, where the invoice is cashed to avoid late buyer payments. Unfortunately, this business model is risky as it relies on human interaction and involved actors (factors in particular) suffer from information asymmetry. One of the risks involved is 'double-financing': the event that an SME extracts funds from multiple factors. To reduce this asymmetry and increase the scalability of this important instrument, we propose a framework, DecReg, based on blockchain technology. We provide the protocols designed for this framework and present performance analysis. This framework will be deployed in practice as of February 2017 in the Netherlands.",

keywords = "Blockchain, Distributed trust, Double Financing",

author = "{Lycklama {\`a} Nijeholt}, Hidde and Zekeriya Erkin and Joris Oudejans",

year = "2017",

doi = "10.1145/3055518.3055529",

language = "English",

pages = "29--34",

booktitle = "BCC'17 Proceedings of the ACM Workshop on Blockchain, Cryptocurrencies and Contracts",

publisher = "Association for Computing Machinery (ACM)",

address = "United States",

note = "BCC'17 The ACM Workshop on Blockchain, Cryptocurrencies and Contracts ; Conference date: 02-04-2017 Through 02-04-2017",

}

Lycklama à Nijeholt, H, Erkin, Z & Oudejans, J 2017, DecReg: A Framework for Preventing Double-Financing using Blockchain Technology. in BCC'17 Proceedings of the ACM Workshop on Blockchain, Cryptocurrencies and Contracts. Association for Computing Machinery (ACM), New York, pp. 29-34, BCC'17 The ACM Workshop on Blockchain, Cryptocurrencies and Contracts , Abu Dhabi, United Arab Emirates, 2/04/17. https://doi.org/10.1145/3055518.3055529

DecReg: A Framework for Preventing Double-Financing using Blockchain Technology. / Lycklama à Nijeholt, Hidde; Erkin, Zekeriya; Oudejans, Joris.
BCC'17 Proceedings of the ACM Workshop on Blockchain, Cryptocurrencies and Contracts. New York: Association for Computing Machinery (ACM), 2017. p. 29-34.

Research output: Chapter in Book/Conference proceedings/Edited volume › Conference contribution › Scientific › peer-review

TY - GEN

T1 - DecReg

T2 - BCC'17 The ACM Workshop on Blockchain, Cryptocurrencies and Contracts

AU - Lycklama à Nijeholt, Hidde

AU - Erkin, Zekeriya

AU - Oudejans, Joris

PY - 2017

Y1 - 2017

N2 - Factoring is an important financial instrument for SMEs to solve liquidity problems, where the invoice is cashed to avoid late buyer payments. Unfortunately, this business model is risky as it relies on human interaction and involved actors (factors in particular) suffer from information asymmetry. One of the risks involved is 'double-financing': the event that an SME extracts funds from multiple factors. To reduce this asymmetry and increase the scalability of this important instrument, we propose a framework, DecReg, based on blockchain technology. We provide the protocols designed for this framework and present performance analysis. This framework will be deployed in practice as of February 2017 in the Netherlands.

AB - Factoring is an important financial instrument for SMEs to solve liquidity problems, where the invoice is cashed to avoid late buyer payments. Unfortunately, this business model is risky as it relies on human interaction and involved actors (factors in particular) suffer from information asymmetry. One of the risks involved is 'double-financing': the event that an SME extracts funds from multiple factors. To reduce this asymmetry and increase the scalability of this important instrument, we propose a framework, DecReg, based on blockchain technology. We provide the protocols designed for this framework and present performance analysis. This framework will be deployed in practice as of February 2017 in the Netherlands.

KW - Blockchain

KW - Distributed trust

KW - Double Financing

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U2 - 10.1145/3055518.3055529

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M3 - Conference contribution

AN - SCOPUS:85022178316

SP - 29

EP - 34

BT - BCC'17 Proceedings of the ACM Workshop on Blockchain, Cryptocurrencies and Contracts

PB - Association for Computing Machinery (ACM)

CY - New York

Y2 - 2 April 2017 through 2 April 2017

ER -

DecReg: A Framework for Preventing Double-Financing using Blockchain Technology

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Keywords

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