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BitFlow: Enabling real‐time cash‐flow evaluations through blockchain
Author(s) -
Herskind Lasse,
Giaretta Alberto,
De Donno Michele,
Dragoni Nicola
Publication year - 2019
Publication title -
concurrency and computation: practice and experience
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.309
H-Index - 67
eISSN - 1532-0634
pISSN - 1532-0626
DOI - 10.1002/cpe.5333
Subject(s) - cash flow , computer science , transparency (behavior) , blockchain , cryptocurrency , confidentiality , computer security , cash , process (computing) , accounting , business , finance , operating system
Summary 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.