A study of exchanges on blockchain

Abstract

Vitalik Buterin proposed the second generation blockchain network called Ethereum in 2013. It is not just such a virtual currency, but a programmable blockchain network. And it can be used to develop different types of business applications, including business transaction systems. Each application on the second blockchain network takes the form of contract. However, the review of Conoscenti, Vetrò, & Martin (2016) shows only two research papers focused on the exchange between buyer and seller in the blockchain network. In this paper, we develop an exchange contract in the network, and experimentally explore how the contract can be modeled with the widely accepted the causal double-entry bookkeeping (Ijiri, 1967), the REA model (McCarthy, 1982), and ISO/IEC15944-4.