Author: Keundug Park

BDCC, Vol. 8, Pages 30: Proposal of a Service Model for Blockchain-Based Security Tokens

Big Data and Cognitive Computing doi: 10.3390/bdcc8030030

Authors: Keundug Park Heung-Youl Youm

The volume of the asset investment and trading market can be expanded through the issuance and management of blockchain-based security tokens that logically divide the value of assets and guarantee ownership. This paper proposes a service model to solve a problem with the existing investment service model, identifies security threats to the service model, and specifies security requirements countering the identified security threats for privacy protection and anti-money laundering (AML) involving security tokens. The identified security threats and specified security requirements should be taken into consideration when implementing the proposed service model. The proposed service model allows users to invest in tokenized tangible and intangible assets and trade in blockchain-based security tokens. This paper discusses considerations to prevent excessive regulation and market monopoly in the issuance of and trading in security tokens when implementing the proposed service model and concludes with future works.

BDCC, Vol. 6, Pages 159: Proposal of Decentralized P2P Service Model for Transfer between Blockchain-Based Heterogeneous Cryptocurrencies and CBDCs

Big Data and Cognitive Computing doi: 10.3390/bdcc6040159

Authors: Keundug Park Heung-Youl Youm

This paper proposes a solution to the transfer problem between blockchain-based heterogeneous cryptocurrencies and CBDCs, with research derived from an analysis of the existing literature. Interoperability between heterogeneous blockchains has been an obstacle to service diversity and user convenience. Many types of cryptocurrencies are currently trading on the market, and many countries are researching and testing central bank digital currencies (CBDCs). In this paper, existing interoperability studies and solutions between heterogeneous blockchains and differences from the proposed service model are described. To enhance digital financial services and improve user convenience, transfer between heterogeneous cryptocurrencies, transfer between heterogeneous CBDCs, and transfer between cryptocurrency and CBDC should be required. This paper proposes an interoperable architecture between heterogeneous blockchains, and a decentralized peer-to-peer (P2P) service model based on the interoperable architecture for transferring between blockchain-based heterogeneous cryptocurrencies and CBDCs. Security threats to the proposed service model are identified and security requirements to prevent the identified security threats are specified. The mentioned security threats and security requirements should be considered when implementing the proposed service model.

BDCC, Vol. 5, Pages 31: Proposal for Customer Identification Service Model Based on Distributed Ledger Technology to Transfer Virtual Assets

Big Data and Cognitive Computing doi: 10.3390/bdcc5030031

Authors: Keundug Park Heung-Youl Youm

Recently, cross-border transfers using blockchain-based virtual assets (cryptocurrency) have been increasing. However, due to the anonymity of blockchain, there is a problem related to money laundering because the virtual asset service providers cannot identify the originators and the beneficiaries. In addition, the international anti-money-laundering organization (the Financial Action Task Force, FATF) has placed anti-money-laundering obligations on virtual asset service providers through anti-money-laundering guidance for virtual assets issued in June 2019. This paper proposes a customer identification service model based on distributed ledger technology (DLT) that enables virtual asset service providers to verify the identity of the originators and beneficiaries.