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Financial Cryptography

The Uses And Limits Of Financial Cryptography: A Law Professor's Perspective

The Uses And Limits Of Financial Cryptography: A Law Professor's Perspective

Georgia Institute of Technology - Scheller College of Business There is considerable support in the cryptography community for the "Cypherpunk Credo," defined as: "Privacy through technology, not legislation." Much discussion to date has assumed that the U.S. government's opposition to strong cryptography, such as its key escrow proposals, is the primary obstacle to widespread use of cryptography to assure privacy and allow anonymous electronic cash. For purposes of this paper, I assume that strong cryptography is legal and readily available. Even in that event, I claim that strong cryptography will be used to preserve anonymity only in a highly restricted subset of financial transactions. First, I show why anonymous lending will not succeed. Second, I discuss acute difficulties in key management that give individuals and corporations strong incentives to share their keys voluntarily with other parties. Third, I explore problems of market acceptance that would further limit use of technological solutions to assure privacy. In light of these limits on anonymity, even in a world of strong cryptography, we perceive more clearly the limits of a purely technological approach to the protection of privacy. In our present world, where the legal acceptability of strong cryptography is far from assured, the limits of a technological approach are even more significant. Where privacy cannot be assured through technology, we see more clearly the role of legal rules for protecting privacy. Continue reading >>

Groundbreaking Blockchain Research To Feature At International Financial Cryptography Conference

Groundbreaking Blockchain Research To Feature At International Financial Cryptography Conference

Groundbreaking Blockchain Research to Feature at International Financial Cryptography Conference by PaymentsJournal April 3, 2017 11:12 am 0 Leading blockchain figures to attend event on use of cryptographyin finance and data security Sliema,Malta April 3, 2017 Prominent academics, researchersand developers in cyber security will arrive in Malta this week for the mostimportant annual conference on the use of cryptography in financial andcommercial security. New researchon blockchain, Bitcoin, data security and privacy will be presented at theweek-long event, which focuses on the security of vital systems from financeand banking to the Internet to air travel and ensuring they are resistant tohackers. The event is the 21st annual Financial Cryptography and Data Securityconference and will be held at the Palace Hotel in Sliema, Malta, from April3-7, 2017. The goal ofthe conference is to bring security and cryptography researchers andpractitioners together with economists, bankers, implementers andpolicy-makers. The program features talks, academic presentations, technicaldemonstrations and panel discussions. The session on Bitcoin and blockchainwill be held on Tuesday. Attendeesinclude Adam Back, CEO of Blockstream; Emin Gn Sirer of Cornell University;Vitalik Buterin of Ethereum; Charles Hoskinson, CEO of IOHK, and Silvio Micali,Turing Prize winner and cryptography pioneer, who will deliver the keynoteaddress on Monday. The organizer of the program is Aggelos Kiayias, Chair ofCyber Security and privacy at the University of Edinburgh and director of itsBlockchain Technology Laboratory. Notableresearch to be presented includes new papers showing: How hackers can exploit a previously undiscoveredvulnerability in aircraft communications and interfere with the control ofairpla Continue reading >>

Icfcids Paris 2018: 20th International Conference On Financial Cryptography, Information And Data Security

Icfcids Paris 2018: 20th International Conference On Financial Cryptography, Information And Data Security

79 - 81 avenue du Maine - 75014 Paris, France International Research Conference Aims and Objectives The ICFCIDS 2018: 20th International Conference on Financial Cryptography, Information and Data Security aims to bring together leading academic scientists, researchers and research scholars to exchange and share their experiences and research results on all aspects of Financial Cryptography, Information and Data Security. It also provides a premier interdisciplinary platform for researchers, practitioners and educators to present and discuss the most recent innovations, trends, and concerns as well as practical challenges encountered and solutions adopted in the fields of Financial Cryptography, Information and Data Security. All honorable authors are kindly encouraged to contribute to and help shape the conference through submissions of their research abstracts, papers and e-posters. Also, high quality research contributions describing original and unpublished results of conceptual, constructive, empirical, experimental, or theoretical work in all areas of Financial Cryptography, Information and Data Security are cordially invited for presentation at the conference. The conference solicits contributions of abstracts, papers and e-posters that address themes and topics of the conference, including figures, tables and references of novel research materials. WASET All submitted conference papers will be blind peer reviewed by three competent reviewers. The peer-reviewed conference proceedings are indexed in the International Science Index (ISI) , Google Scholar , Semantic Scholar , Zenedo , OpenAIRE , BASE , WorldCAT , Sherpa/RoMEO , and other index databases. Impact Factor Indicators . ICFCIDS 2018 has teamed up with the Special Journal Issue on Financial Cryptography, I Continue reading >>

Financial Cryptography

Financial Cryptography

Financial cryptography (FC) is the use of cryptography in applications in which financial loss could result from subversion of the message system. Financial cryptography is distinguished from traditional cryptography in that for most of recorded history, cryptography has been used almost entirely for military and diplomatic purposes. Financial cryptography includes the mechanisms and algorithms necessary for the protection of financial transfers, in addition to the creation of new forms of money. Proof of work and various auction protocols fall under the umbrella of Financial Cryptography. Hashcash is being used to limit spam. Financial cryptography has been seen to have a very broad scope of application. Ian Grigg sees financial cryptography in seven layers, being the combination of seven distinct disciplines: cryptography, software engineering , rights, accounting , governance , value , and financial applications. Business failures can often be traced to the absence of one or more of these disciplines, or to poor application of them. This views Financial Cryptography as an appropriately cross-discipline subject. Indeed, inevitably so, given that finance and cryptography are each built upon multiple disciplines. [1] Cryptographers think of the field as originating in the work of Dr David Chaum who invented the blinded signature . This special form of a cryptographic signature permitted a virtual coin to be signed without the signer seeing the actual coin, and permitted a form of digital token money that offered untraceability. This form is sometimes known as Digital currency . A system that was widely used during the 1970s-1990s and previously developed cryptographic mechanism is the Data Encryption Standard , which was used primarily for the protection of electronic Continue reading >>

Financial Cryptography In 7 Layers

Financial Cryptography In 7 Layers

Abstract: Financial Cryptography is substantially complex, requiring skills drawn from diverse and incompatible, or at least, unfriendly, disciplines. Caught between Central Banking and Cryptography, or between accountants and programmers, there is a grave danger that efforts to construct Financial Cryptography systems will simplify or omit critical disciplines. This paper presents a model that seeks to encompass the breadth of Financial Cryptography (at the clear expense of the depth of each area). By placing each discipline into a seven layer model of introductory nature, where the relationship between each adjacent layer is clear, this model should assist project, managerial and requirements people. Whilst this model is presented as efficacious, there are limits to any model. This one does not propose a methodology for design, nor a checklist for protocols. Further, given the young heritage of the model, and of the field itself, it should be taken as a hint of complexity rather than a defining guide. .For a field that is nominally only half a decade old,by some viewpoints, it is apparent fromthe implementation work that has been done thatmany more aspects were involved than envisaged by earlypioneers. Financial Cryptographyappears to be a science, or perhaps an art, that sits atthe intersection of many previously unrelated disciplines: At such a busy juncture of so many distinctive bases ofknowledge, problems are bound to arise. Not onlythe inevitable confusion and wasted resources,but the difficulty in acquiring technical,management and marketing talent that can comfortablywork in the field is an issue. As a preliminary step to the better understanding ofFinancial Cryptography projects,it is often of some interestto structure these disciplines intomodels that aid d Continue reading >>

Financial Cryptography (e-bok)

Financial Cryptography (e-bok)

Ls i vr app fr iPhone, iPad och Android Financial Cryptography 2000 marked the fourth time the technical, business, legal, and political communities from around the world joined together on the smallislandofAnguilla,BritishWestIndiestodiscussanddiscovernewadvances in securing electronic ?nancial transactions. The conference, sponsored by the International Financial Cryptography Association, was held on February 20- 24, 2000. The General Chair, Don Beaver, oversaw the local organization and registration. The program committee considered 68 submissions of which 21 papers were accepted. Each submitted paper was reviewed by a minimum of three referees. These proceedings contain revised versions of the 21 accepted papers. Revisions were not checked and the authors bear full responsibility for the content of their papers. This year's program also included two invited lectures, two panel sessions, and a rump session. The invited talks were given by Kevin McCurley prese- ing "e;In the Search of the Killer App"e; and Pam Samuelson presenting "e;Towards a More Sensible Way of Regulating the Circumvention of Technical Protection Systems"e;. For the panel sessions, Barbara Fox and Brian LaMacchia mod- ated "e;Public-Key Infrastructure: PKIX, Signed XML, or Something Else"e; and Moti Yung moderated "e;Payment Systems: The Next Generation"e;. Stuart Haber organized the informal rump session of short presentations. This was the ?rst year that the conference accepted submissions electro- cally as well as by postal mail. Many thanks to George Davida, the electronic submissions chair, for maintaining the electronic submissions server. A majority of the authors preferred electronic submissions with 65 of the 68 submissions provided electronically. Continue reading >>

Financial Cryptography

Financial Cryptography

Where the crypto rubber meets the Road of Finance... At some point Hassan Rahimi * wanted to go back, he tells it. Back to Syria , home, to his wife and two sons. They were starving in the devastated land. Rahimi saw himself as a refugee in Germany failed. The family he was not allowed to catch up, he did not get a job. The hopes that had led him to flee in early 2015 were dashed. And so the 35-year-old sat on a summer day 2017 in Berlin-Tegel in a plane to Thessaloniki, Greece. Once there, he entrusted himself to a smuggler. The man should take him to Turkey, the transit country - as if on the way there. A refugee who has been recognized in Germany like Rahimi is not allowed to enter Turkey without further ado. And so the tug Rahimi even before the green border gave an advice: "Sell your papers!" The German documents, refugee card and refugee passport, the AOK card. To deny yourself if border guards suddenly turn up. And to make money. Rahimi did as he was told. He sent the papers by post to his cousin, who lives in Leipzig. And he sold on to a stranger. For 1500 euros. Rahimi was later sent the sum. He was already back in Syria. It's almost as if there is a law of identity documents - they work for the middle road of broad society but fail dismally at the edges. In this case, the desperate, but also the criminal, who are two separate classes merged into one in the fairyland fantasy of the bureaucratic mind. The CDU interior politician Armin Schuster, chairman of the parliamentary control committee in the Bundestag, nevertheless calls sharp sanctions for fraudsters. "Every refugee who participates in a pass trade, has forfeited his right of residence," said Schuster the SPIEGEL. In this case, there must be "an accelerated form of deportation". Yet - the broad swathe o Continue reading >>

Two Papers Accepted At The Financial Cryptography And Data Security Conference

Two Papers Accepted At The Financial Cryptography And Data Security Conference

Two papers accepted at the Financial Cryptography and Data Security conference Two papers by PhD candidates in the Centre for Cryptocurrency Research and Engineering have been accepted for an upcoming conference. The two papers,authored by Dominik Harz and Alexei Zamyatin, will feature at the Financial Cryptography and Data Security 2018 conference at the end of the month. The conference promotes secure transactions and systems by bringing together researchers and industry applications in an international context. In the past years, the conference has been addressing research related to distributed ledger technologies and cryptocurrencies. As such, the conference hosts several workshops including the Workshop on Bitcoin and Blockchain Research and the Trusted Smart Contracts W orkshop . Authors: Dominik Harz (RA and PhD candidate with IC3RE)and Magnus Boman (KTH and RISE SICS) @ Trusted Smart Contracts Workshop. Open access version . Permission-less blockchains can realise trustless trust, albeit at the cost of limiting the complexity of computation tasks. To explain the implications for scalability, we have implemented a trust model for smart contracts, described as agents in an open multi-agent system. Agent intentions are not necessarily known and autonomous agents have to be able to make decisions under risk. The ramifications of these general conditions for scalability are analysed for Ethereum and then generalised to other current and future platforms. (Short Paper) A Wild Velvet Fork Appears! Inclusive Blockchain Protocol Changes in Practice Authors: Alexei Zamyatin (RA and PhD candidate with IC3RE), William Knottenbelt (Director of IC3RE) in close cooperation with Nicholas Stfiter, Aljosha Judmayer, Philipp Schindler and Edgar Weippl (all SBA Research ) @ Works Continue reading >>

Financial Cryptography, Bitcoin, Crypto Currencies, Cryptanalysis

Financial Cryptography, Bitcoin, Crypto Currencies, Cryptanalysis

Financial Cryptography, Bitcoin, Crypto Currencies, Cryptanalysis better cryptography, better and faster crypto currencies, cyber security, applied cryptography, attacks, vulnerabilities Written by UCL student Maxine Emuobosa: Beginners Guide . And here is another one made by UCL student Killian Davitt. Wicked, it seems that there is an epidemic of fake volume , and that it comes from China primarily. One way to see which crypto coins are NOT scams is to look at the source code dev statistics, here are some nice stats . Today I have looked at the official website of JesusCoin and their white paper . The same text appears in both. Jeez: what a SHAMEFUL pamphlet FULL of HATE and NONSENSE. Excerpts do not blame me for these we read for example that: Jesus Coin is guaranteed to save all of its owners from hell (except Jews, Muslims, Hindus, Bahai, Buddhists and Sikhs).The website also contains a story of Jonathan, a devote Catholic who raising money toretake Jerusalem and who is at the end able to purchase variousweapons and book plane tickets to the Middle East. I recommend all civilized people to boycott this coin. A large number of UCL academics have yesterday started a large scale strike lasting for manyweeks.These people are sacrificing their salary [UCL will cut their pay down] and there is a strong support for the strike. The strike is organised on the premises that our employer, UCL, are? cutting down their pension contributions or ending guaranteed income schemes and replacing by those which are more like investments, without guaranteed returns. How interesting. I definitely do not support UCL cutting down their contributions, and do I do not think that UCL management are our friends and have good intentions or that they do ever care about people who work here. Or Continue reading >>

Financial Cryptography

Financial Cryptography

Financial cryptography (FC) is the use of cryptography in applications in which financial loss could result from subversion of the message system. Financial cryptography is distinguished from traditional cryptography in that for most of recorded history, cryptography has been used almost entirely for military and diplomatic purposes. Financial cryptography includes the mechanisms and algorithms necessary for the protection of financial transfers, in addition to the creation of new forms of money. Proof of work and various auction protocols fall under the umbrella of Financial Cryptography. Hashcash is being used to limit spam. Financial cryptography has been seen to have a very broad scope of application. Ian Grigg sees financial cryptography in seven layers, being the combination of seven distinct disciplines: cryptography, software engineering , rights, accounting , governance , value , and financial applications. Business failures can often be traced to the absence of one or more of these disciplines, or to poor application of them. This views Financial Cryptography as an appropriately cross-discipline subject. Indeed, inevitably so, given that finance and cryptography are each built upon multiple disciplines. Cryptographers think of the field as originating in the work of Dr David Chaum who invented the blinded signature . This special form of a cryptographic signature permitted a virtual coin to be signed without the signer seeing the actual coin, and permitted a form of digital token money that offered untraceability. This form is sometimes known as Digital currency . A system that was widely used during the 1970s-1990s and previously developed cryptographic mechanism is the Data Encryption Standard , which was used primarily for the protection of electronic fund Continue reading >>

Financial Cryptography 2018

Financial Cryptography 2018

Im at Financial Crypto 2018 and will try to liveblog some of the sessions in followups to this post. 9 thoughts on Financial Cryptography 2018 The keynote talk was by Yasser Nawaz, executive director of cybersecurity at JP Morgan, and his topic was Blockchain and Cryptography at JPMorgan Chase. Hes in charge of crypto strategy and has to satisfy 60 regulators worldwide, so the blockchain platforms and the apps that run on them have to be compliant. In addition to KYC, he has to scrutinise every transaction. In 2015 they settled on Ethereum as the starting point for trying to code up and speed up the crufty old business logic behind settlement and reconciliation (d day for a trade, three days for a chqeue, two weeks for a syndicated loan). They also plumped for open source. They helped set up the Enterprise Ethereum Alliance with Microsoft and others; their version is called Quorum. Its permissioned, with governance (nodes and activity tied to real-world legal identities), confidentiality (of transactions) and security (in the sense of no trust assumed between nodes). Mostly they stay as close as they can to the public Ethereum codebase. ZSL are on-chain private tokens while Constellation consists of off-chain smart contracts; instead of proof-of-work they have RAFT for leadership election, and Istanbul for Byzantine fault tolerance. The goal is rapid settlement finality. Privacy is added via a Transaction Manager which is conceptually equivalent to a key server plus MTAs plus PGP, and an Enclave that manages keys, optionally using trusted hardware (its a virtual or actual HSM). Applications written for public Ethereum can be dropped on to Quorum and will just run. But you can also create a transaction thats private to n nodes. Each transaction is split between a Quorum Continue reading >>

The Dark Clouds Of Financial Cryptography

The Dark Clouds Of Financial Cryptography

Ifeel were on the precipice of some delightfully weird and possibly very alarming developments at the intersection of code and money. There is something deep in the rules that is getting rewritten, only we cant quite see how yet. Ive had this feeling before, as a self-described Cypherpunk in the 1990s. We knew or hoped that encryptedcommunication would change global politics,but we didnt quite know how yet. And then Wikileaks happened. As Bruce Sterling wrote at the time , At last at long last the homemade nitroglycerin in the old cypherpunks blast shack has gone off. That was exactly how I felt when thatfirst SIGACT dump hit the net, by then a newly hired editorat the Associated Press. Now Im studying finance, and I cant shake the feelingthat cryptocurrencies and their abstracted cousins, smart contracts and othercomputational financial instruments are another explosion of weirdness waiting to happen. Im hardly alone in this. Lots of technologiststhink the block chain pioneered by bitcoinis going to be consequential. But I think they think this for the wrong reasons. Bitcoin itselfis nevergoingto replace our current system of money transfer and clearing; itsmuch slower than existing payment systems, often more expensive, uses far too much energy, and dont scale well. Rather, bitcoin is just a taste, a hint: it showsthat we can mix computers and money in surprising and consequentialways. And there aremore ominous portents, such as contracts that are actually code and the very first distributed autonomous organizations. But well get to that. What is clear is that we are turning capitalism into code trading systems, economic policy, financial instruments, even money itself and this is going to changea lot of things. The question Ialways come tois this: what do we want ou Continue reading >>

Ethereum Casper System Receives Critique At Financial Cryptography

Ethereum Casper System Receives Critique At Financial Cryptography

Ethereum Casper System Receives Critique At Financial Cryptography Ethereums Casper network didnt really have a good time as it faced a very critical examination from well established computer scientist, Dalia Malkhi, who has spent years in her field studying on how nodes agree. Her question she raised about the network was is ethereums biggest future upgrade fundamentally vulnerable?. During her presentation on blockchain at the conference, she addressed the Casper network ethereums upgrade which seeks to use proof-of-stake instead of the traditional proof-of-work to verify transactions. Dalias Concern About The Ethereum Casper Casper, first of all, is ethereums network that is meant to use a different kind of algorithm to verify transaction blocks in a newer way (at least lets skip all the technical mumbo jumbo). With proof-of-stake, the miners dont have to use real life electricity and energy to prove that they actually verified blocks of mining transactions. Most of the people propounding the proof-of-stake system idea believe it would avoid or cut down on power costs and large energy consumption during computations. However, Dalia believes that there could be a fundamental flaw in this system, or put in another way, the system could be flawed at its very foundation. She on the other hand acknowledge that the Ethereum network had led inspired more research into the field of distributed systems in the computer sciences. In her speech, she stated that I think proof-of-stake is fundamentally vulnerable. Youre giving authority to a group to call the shots [] In my opinion, its giving power to people who have lots of money. Malkhi is concerned about two main things that the Casper network seems to breach from her perspective. These are liveness and safety two things tha Continue reading >>

Financial Cryptography And Data Security 2018

Financial Cryptography And Data Security 2018

All blockchain events 26th February 2018 Financial Cryptography and Data Security 2018 Financial Cryptography and Data Security 2018 Santa Barbara Plantation, Porta Blancu, Nieuwpoort, Curaao Financial Cryptography and Data Security is a major international forum for research, advanced development, education, exploration, and debate regarding information assurance, with a specific focus on commercial contexts. The conference covers all aspects of securing transactions and systems. Original works focusing on both fundamental and applied real-world deployments on all aspects surrounding commerce security are solicited. Submissions need not be exclusively concerned with cryptography. Systems security and interdisciplinary works are particularly encouraged. The goal of the conference is to bring security and cryptography researchers and practitioners together with economists, bankers, implementers and policy-makers. Intimate and colourful by tradition, the FC program features invited talks, academic presentations, technical demonstrations and panel discussions. In addition, several workshops will be held in conjunction with the FC conference. Continue reading >>

Dblp: Financial Cryptography

Dblp: Financial Cryptography

21. Financial Cryptography 2017: Sliema, Malta Financial Cryptography and Data Security - 21st International Conference, FC 2017, Sliema, Malta, April 3-7, 2017, Revised Selected Papers. Lecture Notes in Computer Science 10322, Springer 2017, ISBN 978-3-319-70971-0 [contents] Financial Cryptography and Data Security - FC 2017 International Workshops, WAHC, BITCOIN, VOTING, WTSC, and TA, Sliema, Malta, April 7, 2017, Revised Selected Papers. Lecture Notes in Computer Science 10323, Springer 2017, ISBN 978-3-319-70277-3 [contents] 20. Financial Cryptography 2016: Christ Church, Barbados Financial Cryptography and Data Security - 20th International Conference, FC 2016, Christ Church, Barbados, February 22-26, 2016, Revised Selected Papers. Lecture Notes in Computer Science 9603, Springer 2017, ISBN 978-3-662-54969-8 [contents] Financial Cryptography and Data Security - FC 2016 International Workshops, BITCOIN, VOTING, and WAHC, Christ Church, Barbados, February 26, 2016, Revised Selected Papers. Lecture Notes in Computer Science 9604, Springer 2016, ISBN 978-3-662-53356-7 [contents] 19. Financial Cryptography 2015: San Juan, Puerto Rico Financial Cryptography and Data Security - 19th International Conference, FC 2015, San Juan, Puerto Rico, January 26-30, 2015, Revised Selected Papers. Lecture Notes in Computer Science 8975, Springer 2015, ISBN 978-3-662-47853-0 [contents] Financial Cryptography and Data Security - FC 2015 International Workshops, BITCOIN, WAHC, and Wearable, San Juan, Puerto Rico, January 30, 2015, Revised Selected Papers. Lecture Notes in Computer Science 8976, Springer 2015, ISBN 978-3-662-48050-2 [contents] 18. Financial Cryptography 2014: Christ Church, Barbados Financial Cryptography and Data Security - 18th International Conference, FC 2014, Christ Continue reading >>

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