BitFlow

Enabling real-time cash-flow evaluations through blockchain

Lasse Herskind, Alberto Giaretta, Michele De Donno, Nicola Dragoni*

*Corresponding author for this work

Research output: Contribution to journalJournal articleResearchpeer-review

Abstract

Disbursement registration has always been a cumbersome, opaque, and inefficient process, up to the point that most businesses perform cash-flow evaluations only on a quarterly basis. We believe that automatic cash-flow evaluations can actively mitigate these issues. In this paper, we present BitFlow, a blockchain-based architecture that provides complete cash-flow transparency and diminishes the probability of undetected frauds through the BitKrone, a non-volatile cryptocurrency that maps to the Danish Krone (DKK). We show that confidentiality can be effectively achieved on a permissionless blockchain using Zero-Knowledge proofs, ensuring verifiable transfers and automatic evaluations. Furthermore, we discuss several experiments to evaluate our proposal, in particular, the impact that confidential transactions have on the whole system, in terms of responsiveness and from an economical expenditure perspective.

Original languageEnglish
Article numbere5333
JournalConcurrency Computation
Number of pages14
ISSN1532-0626
DOIs
Publication statusPublished - 1 Jan 2019

Keywords

  • BitFlow
  • Blockchain
  • Bulletproofs
  • Cash-flow
  • Ethereum
  • Zero-knowledge

Cite this

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title = "BitFlow: Enabling real-time cash-flow evaluations through blockchain",
abstract = "Disbursement registration has always been a cumbersome, opaque, and inefficient process, up to the point that most businesses perform cash-flow evaluations only on a quarterly basis. We believe that automatic cash-flow evaluations can actively mitigate these issues. In this paper, we present BitFlow, a blockchain-based architecture that provides complete cash-flow transparency and diminishes the probability of undetected frauds through the BitKrone, a non-volatile cryptocurrency that maps to the Danish Krone (DKK). We show that confidentiality can be effectively achieved on a permissionless blockchain using Zero-Knowledge proofs, ensuring verifiable transfers and automatic evaluations. Furthermore, we discuss several experiments to evaluate our proposal, in particular, the impact that confidential transactions have on the whole system, in terms of responsiveness and from an economical expenditure perspective.",
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BitFlow : Enabling real-time cash-flow evaluations through blockchain. / Herskind, Lasse; Giaretta, Alberto; De Donno, Michele; Dragoni, Nicola.

In: Concurrency Computation, 01.01.2019.

Research output: Contribution to journalJournal articleResearchpeer-review

TY - JOUR

T1 - BitFlow

T2 - Enabling real-time cash-flow evaluations through blockchain

AU - Herskind, Lasse

AU - Giaretta, Alberto

AU - De Donno, Michele

AU - Dragoni, Nicola

PY - 2019/1/1

Y1 - 2019/1/1

N2 - Disbursement registration has always been a cumbersome, opaque, and inefficient process, up to the point that most businesses perform cash-flow evaluations only on a quarterly basis. We believe that automatic cash-flow evaluations can actively mitigate these issues. In this paper, we present BitFlow, a blockchain-based architecture that provides complete cash-flow transparency and diminishes the probability of undetected frauds through the BitKrone, a non-volatile cryptocurrency that maps to the Danish Krone (DKK). We show that confidentiality can be effectively achieved on a permissionless blockchain using Zero-Knowledge proofs, ensuring verifiable transfers and automatic evaluations. Furthermore, we discuss several experiments to evaluate our proposal, in particular, the impact that confidential transactions have on the whole system, in terms of responsiveness and from an economical expenditure perspective.

AB - Disbursement registration has always been a cumbersome, opaque, and inefficient process, up to the point that most businesses perform cash-flow evaluations only on a quarterly basis. We believe that automatic cash-flow evaluations can actively mitigate these issues. In this paper, we present BitFlow, a blockchain-based architecture that provides complete cash-flow transparency and diminishes the probability of undetected frauds through the BitKrone, a non-volatile cryptocurrency that maps to the Danish Krone (DKK). We show that confidentiality can be effectively achieved on a permissionless blockchain using Zero-Knowledge proofs, ensuring verifiable transfers and automatic evaluations. Furthermore, we discuss several experiments to evaluate our proposal, in particular, the impact that confidential transactions have on the whole system, in terms of responsiveness and from an economical expenditure perspective.

KW - BitFlow

KW - Blockchain

KW - Bulletproofs

KW - Cash-flow

KW - Ethereum

KW - Zero-knowledge

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DO - 10.1002/cpe.5333

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JO - Concurrency and Computation: Practice & Experience

JF - Concurrency and Computation: Practice & Experience

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