Search

This paper draws on the hands-on experience of HSBC in implementing distributed ledger technology (DLT)-based solutions through building its own proprietary tokenisation platform, HSBC Orion, and participating in various industry initiatives such the Hong Kong Monetary Authority (HKMA)'s inaugural tokenised green bond issuance. The paper highlights key considerations for building DLT-based solutions and provides a view of the future state of digital assets as the ecosystem continues to grow and evolve. [ABSTRACT FROM AUTHOR]

This paper draws on the hands-on experience of HSBC in implementing distributed ledger technology (DLT)-based solutions through building its own proprietary tokenisation platform, HSBC Orion, and participating in various industry initiatives such the Hong Kong Monetary Authority (HKMA)'s inaugural tokenised green bond issuance. The paper highlights key considerations for building DLT-based solutions and provides a view of the future state of digital assets as the ecosystem continues to grow and evolve. [ABSTRACT FROM AUTHOR]

An inspection is a crucial construction process that ensures that building works and workers comply with prescribed codes, standards, and building progress. The traditional inspection is characterized by physical effort and onerous paperwork. The emergence of e-inspection 1.0 has meant the adoption of computerized means to ease the paperwork burden, although physical onsite presence has remained mandatory. However, the COVID-19 pandemic has made the dispatch of inspectors difficult and has prompted governments worldwide to explore alternative inspection approaches that harness the latest information antitamper and traceability technologies, such as blockchain. In this paper, we refer to these approaches as "e-inspection 2.0." This research reports the urgent need for e-inspection 2.0 to guarantee construction quality, compliance, and progress amid pandemic conditions. Using the design science research method, it then proposes a blockchain-based solution to address authenticity and traceability concerns and facilitate e-inspection 2.0. The system is validated through a case study of a modular construction project in the Hong Kong–Pearl River Delta construction nexus. We find that rigorous technological solutions can render e-inspection 2.0 reliable. However, existing regulations are far from amenable to such inspections. Therefore, we call for an extension of the pandemic e-inspection 2.0 expediency to common practice in a post-pandemic era through the development of robust technological instruments and the amendment of inspection regulations. [ABSTRACT FROM AUTHOR]

As the booster of modern economic transformation, technology and finance are very important in economic life. As a financial center with global influence, Hong Kong uses blockchain technology, which can not only improve the sustainable economic development of the HKSAR but also promote the coordinated development of the inland economy. Based on the importance of building Hong Kong as an international technology and financial center, this paper discusses the practical problems in the construction process and concludes the important role of blockchain technology in helping Hong Kong into an international technology and financial center. [ABSTRACT FROM AUTHOR]

Cross-border transactions have been more and more popular around the world. However, the current cross-border transactions still have risks and challenges, e.g., differences in regulation policies and unbalanced profits of banks. To address this critical issue, we construct a new framework for the transaction system with the support of blockchain technology. In this paper, we propose a new consortium blockchain system, namely asymmetric consortium blockchain (ACB), to ensure the implementation of cross-border transactions. Different from traditional consortium blockchain, the new blockchain system could support the supernode to regulate all the transactions timely. Furthermore, the new smart contract is designed to lower the opportunity loss for each node and make the profits allocation system fairer. In the end, the numerical experiments were carried out based on the transactions of Shenzhen and Hong Kong. The results show that the proposed ACB system is efficient to make the profit allocation fairer for the participants and keep intelligent for the new cross-border transaction system. [ABSTRACT FROM AUTHOR]

Problem definition: A blockchain payment system, such as Bitcoin or Ethereum, validates electronic transactions and stores them in a chain of blocks without a central authority. Miners with computing power compete for the rights to create blocks according to a preset protocol, referred to as hashing or mining, and, in return, earn fees paid by users who submit transactions. Because of security concerns caused by decentralization, a transaction is confirmed after a number of additional blocks are subsequently extended to the block containing it. This confirmation latency introduces an intricate interplay between miners and users. This paper provides approximate system equilibria and studies optimal designs of a blockchain. Methodology/results: The hashing process is essentially a single-server queue with batch services based on a fee-based priority discipline, and confirmation latency adds complexity to the equilibrium behavior and optimal design. We analyze how miners' participation decisions interact with users' participation and fee decisions and identify optimal designs when the goal is to maximize the throughput or social welfare. We validate our model and conduct numerical studies using data from Bitcoin. Managerial implications: By incorporating security issues, we uncover the interdependence of the decisions between users and miners and the driver for nonzero entrance fees in practice. We show that miners and users may end up in either a vicious or virtuous cycle, depending on the initial system state. By allowing the entrance fee to be a design parameter, we are able to establish that it is optimal to simply run a blockchain system at its full capacity and a block size as small as possible. Funding: This work was supported by the Hong Kong Research Grants Council [Grants 16200019, 16200617, 16200821, 16208120, and 16214121]. Supplemental Material: The e-companion is available at https://doi.org/10.1287/msom.2023.1197. [ABSTRACT FROM AUTHOR]

Copyright of Economic Annals-XXI / Ekonomìčnij Časopis-XXI is the property of Institute of Society Transformation and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Rapid design and construction of mobile cabin hospitals (MCHs) have become imperative in the COVID-19 response. However, due to unique design specifications (e.g., parallel design and model pre-revision), collaboration in emergency construction projects (ECPs) like MCHs presents data security vulnerabilities, including a lack of traceability and transparency. These hazards invariably reduce design effectiveness, leading to undesirable rework and project delay. Blockchain technology is a potential solution to address the aforementioned security issues in ECPs because it offers immutable and traceable data storage. Nevertheless, directly implementing blockchain in ECPs is impractical, for the blockchain has a complex deployment process and provides limited functions supporting BIM-based design. Therefore, this paper develops a lightweight blockchain-as-a-service (LBaaS) prototype to enhance the ECPs design efficiency by securing and automating information exchange while eliminating the difficulties of deploying and using blockchain. This paper contributes three elements: (1) Security vulnerabilities of design in ECP are identified. Taking an MCH in Hong Kong as an example, this paper investigates its design process and determines two design characteristics and associated security flaws. (2) Key technologies to support easy deployment and usage of blockchain in ECPs are developed. New technical elements, including a Multi-to-One mapping (MtOM) kit for easy blockchain registration, an integrated workflow retaining existing design practices, and smart contracts for secure interaction with blockchain, are developed to support LBaaS functionality. (3) An LBaaS prototype is validated and evaluated. The prototype is illustrated and evaluated using design examples based on actual MCH project data. Results show that the LBaaS is a feasible and secure approach for ECPs collaboration. This paper deepens the understanding of data security issues in ECPs and offers technical guidance in establishing blockchain solutions. • Identified security vulnerabilities of BIM-based collaboration in emergency construction projects (ECPs). • Exploring the mechanism of integrating ECPs design with a lightweight blockchain-as-a-service (LBaaS). • Developed key technical elements to support functionalities of an LBaaS prototype. • Validated LBaaS prototype via three design examples from an actual mobile cabin hospital project. • Results show that the LBaaS is a practical solution for improving data security and ECP design efficiency. [ABSTRACT FROM AUTHOR]

• Examine the use of metaverse for transportation and logistics operations. • Establish an AI supported digital technological framework. • Propose and discuss future research areas. In the digital age, supported by disruptive technologies such as artificial intelligence (AI), blockchain (BC), digital twins (DT), and extended reality (ER), the use of metaverse for real-world operations has emerged. In this paper, we examine the use of metaverse for transportation and logistics operations. To be specific, we first examine the related literature by a selective critical review. Then, we discuss how the use of metaverse can facilitate transportation operations with some relevant cases such as the metaverse project of MTR (from Hong Kong). We establish an AI supported digital technological framework, called the ABCDE framework, for transportation and logistics companies to adopt with their use of metaverse. Finally, we propose and discuss several important future research areas. To the best of our knowledge, this is the first study which comprehensively examines the use of metaverse for transportation and logistics operations. The theoretical framework also lays the foundation for future studies. The findings and insights provide constructive and helpful guidance to both practitioners and academics on the future development of the topic. [ABSTRACT FROM AUTHOR]

Although previous research has identified that consumers are willing to pay for traceability, it remains unknown which types of traceability information might have the highest value, and whether consumers have an intrinsic value for blockchain technology above and beyond the instrumental value of providing traceability. A choice experiment was conducted with over 1500 consumers in Hong Kong, South Korea, and the U.S. In all three countries, consumers were willing to pay premiums for beef with traceability related to all parts of the supply chain, country of origin, and temperature history; however, the preference ordering of beef from different countries varied across Hong Kong, South Korea, and the U.S. The intrinsic value of using blockchain to deliver traceability information differed by country and by attribute, and consumers in the U.S. were most sensitive to the information describing blockchain technology. Even when traceability conveys negative information, such as temperature rising above safe levels for a short period, we find that consumers prefer knowing to not knowing, suggesting uncertainty and ambiguity aversion. [ABSTRACT FROM AUTHOR]

Proof of Work (PoW) based blockchains have limitations in throughput, time consumption, and energy efficiency. In these systems, a miner will consume significant time and resources to obtain a reward for contributing to the blockchain. To overcome these limitations, recent research on blockchains are focused on accelerating the speed, scalability, and enhancing the security level. By enhancing specific procedures of blockchain system, the level of data integrity supported by the blockchain can become more robust, and efficient. In this paper, a new blockchain consensus model based on the Bryllite Consensus Protocol (BCP) is proposed to support a hyper-connected massively multiplayer online game (MMOG) ecosystem. The BCP scheme enables users to participate directly in new consensus processes through a Proof of Participation (PoP) algorithm. In this model, the consensus algorithm has a simpler form while maintaining high security level. In addition, because the BCP scheme gives users an equal chance to make a contribution to the blockchain, rewards are distributed in an equal fashion, which motivates user participation. The analysis of the proposed scheme is applied to the Bryllite consortium blockchain system (homed in Hong Kong), which is a new blockchain network developed for international game industries, gamers, and game events. [ABSTRACT FROM AUTHOR]

• Blockchain provides a transparent ESG assessment environment. • Data-driven analytics using SMAA-2 provides a robust ESG assessment. • Sensitivity analyses prove the stability of the proposed approach. This paper introduces a data-driven ESG assessment approach using blockchain technology and stochastic multicriteria acceptability analysis (SMAA-2) to address the data opaqueness and assessment subjectivity problems. On the one hand, blockchain provides a transparent and trackable ledger to store and share ESG data among the listed companies, investors, and stakeholders alike. On the other hand, SMAA-2 provides the advantages of robustness and no subjective weight preferences to assess the ESG data. Based on real ESG data, this research quantitatively compares the ESG performances of 71 textiles and apparel listed companies in Hong Kong. Sensitivity analyses are conducted to verify the stability of the proposed approach with scaling weight preferences of environmental criteria (e.g., water consumption, energy consumption, and greenhouse gas emission). Results show that the proposed data-driven ESG assessment approach can analyze the companies' sustainability performances and benchmark the sustainability level of the company in the peer industry. [Display omitted] [ABSTRACT FROM AUTHOR]