THE DESIGN OF THE UNIVERSITY ELECTRONIC CURRENCY SYSTEM USING BLOCKCHAIN-BASED TECHNOLOGY

Published 31 Aug 2019 •  vol 129  • 


Authors:

 

Hyun Joo Kim, Department of Electronic & Electrical Engineering, Dan-Kook University, Korea
Min Sun Kim, College of Global Business Administration, Hyupsung University, Korea

Abstract:

 

The local currencies of South Korea were first adopted in 1997 after the economic crisis as a method to vitalize the local economy; subsequently, the currencies showed a movement. However, these local currencies have reached their operation limits owing to limited local market size and unguaranteed continuity of investment, and yet, they still exist. Meanwhile, overseas cases, namely the European Regional Development Fund (ERDP) in the European Union, SoNates in France, Bristol Pound in Bristol in the UK, Silvio Gegell in Austria, and WIR in Switzerland have stably settled as independent local currencies to promote local economy and prevent the outflow of capital and WIR in Switzerland has over 80 years of history, and it stands as an excellent example of an independent local currency that has been established to prevent the outflow of capital from a country. A characteristic of local electronic currencies such as Zeropay, Gimpopay, and Nowon Cash, which have recently become well-known, is that they are produced and used as blockchain-based local currencies in only certain regions. In the system proposed here, when transactions are initiated, multiple proof-of-transaction servers (nodes) coordinate to verify the data, which are in turn saved in the blocks of each server and ultimately saved into the blockchain database. In the blockchain database, only the transaction history verified by blockchain nodes in the network can be modified. The blockchain database used for this process is configured using one of the proof-of-transaction servers in the network installed in advance. This study designed a blockchain-based in-house electronic currency that can be used at an organization only.

Keywords:

 

Blockchain, Electronic Currency, University of Electronic Currency

References:

 

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Citations:

 

APA:
Kim, H. J., & Kim, M. S. (2019). The Design of the University Electronic Currency System using Blockchain-Based Technology. International Journal of Advanced Science and Technology (IJAST), ISSN: 2005-4238(Print); 2207-6360 (Online), NADIA, 129, 161-170. doi: 10.33832/ijast.2019.129.14.

MLA:
Kim, Hyun Joo, et al. “The Design of the University Electronic Currency System using Blockchain-Based Technology.” International Journal of Advanced Science and Technology, ISSN: 2005-4238(Print); 2207-6360 (Online), NADIA, vol. 129, 2019, pp. 161-170. IJAST, http://article.nadiapub.com/IJAST/Vol129/14.html.

IEEE:
[1] H. J. Kim and M. S. Kim, “The Design of the University Electronic Currency System using Blockchain-Based Technology.” International Journal of Advanced Science and Technology (IJAST), ISSN: 2005-4238(Print); 2207-6360 (Online), NADIA, vol. 129, pp. 161-170, Aug. 2019.