FINLG Finance Link Global Project: Blockchain and Financial Technologies

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Table of Contents

  1. Abstract
  2. Introduction
  3. The Problem Statement
  4. Solution
  5. Development and Implementation
  6. Recommendations
  7. Concluding Remarks
 

Abstract

The issue of financial security and transparency of transaction is a substantial challenge today, and none of financial technologies can address this problem to the desired extent. At the same time, global macroeconomics already expect a significant change, but the market cannot offer any viable alternatives. That problem is relevant to all industries, but the market of entertainment and creative content experiences a more profound challenge. That is why FINLG Finance Link Global project is aimed at implementation of blockchain-based platform for fundraising of musicians, filmmakers, artists, creators, and other creative people to support the industry and ensure a trusted public contract between artists and funders. The following white paper describes the central concept of the project and explains the benefits of blockchain technology. Implementation, technical consideration, public awareness management, legal issues, research and development, and ethics aspect are also discussed in the context of FINLG Finance Link Global project and blockchain technology in general.

Keywords: FINLG Finance Link Global project, blockchain, FLG token, smart contracts, crowdsourcing, financial technologies.

Introduction

The issue of financial security, transparency of financial systems, and isolation of institutions from a third party are the main concerns for the financial industry worldwide. Many problems arise on the basis of these issues, which is why various entities tend to address them. Application of technologies is one of the most common ways to manage the challenges above, but no FinTech can satisfy the expectations of financial structures. The issue of investment, lending, and fundraising is still a vulnerable point, as modern infrastructure is still susceptible to external threats and involvement of third parties. Users of such financial systems are deprived of an opportunity to receive funds without any barriers and risks; meanwhile publicity should have a right to access transactions related to the public sector. FINLG Finance Link Global project presents a solution on the basis of blockchain technology and FLG cryptocurrency tokens to address fundraising challenges for creative workers, filmmakers, musicians, and artists.

This white paper is mainly focused on explanation of FINLG Finance Link Global project concept and blockchain technology as such. Technical maintenance, methodological considerations, public awareness management, legal, and ethical implications are described in detail to inform potential users about benefits and specific peculiarities of utilizing FINLG Finance Link Global platform as a safe and reliable instrument for transactions. The paper also explains the context of contemporary financial system and role of the project on a global scale. Ultimately, recommendations regarding policymaking, research and development, and public relations are outlined, so that FINLG Finance Link Global project can be integrated into the domain of conventional economic and financial structures or even expand on the other industries in order to build a more stable and up to date blockchain infrastructure.

The Problem Statement

Financial Security

Contemporary financial systems and institutions attempt to follow the most recent developments in technologies, but significant part of them are insufficiently secure. That results in increased fraud activity, lack of transparency, and the other challenges that are hard to address. Additionally, conventional financial solutions are incredibly outdated, so provision of new solutions is explicit, but it is still hardly possible on a large scale. Involvement of third parties and government, legal as well as ethical considerations, and absence of a distinct agenda hinder financial technologies from major progress (Muneeza, Arshad, & Arifin 2018). In the same vein, absence of user-friendliness and expanded scalability make certain financial technologies applicable for a limited range of cases and economic environments, as long as they are insecure for massive use. Imperfections in security is a significant barrier for financial technologies; meanwhile a need for a more profound digitalization of financial operations is explicit today.

Moreover, the institutionalization of such technologies is hardly possible because building a new infrastructure presupposes specific hierarchy and architecture. Innovation and change in financial systems are extremely disruptive, as many gaps will be exposed to cyber-attack threats and fraudulent activities. Presence of any structured, especially centralized, architecture make the entire critical infrastructure susceptible to various threats, and such change is unacceptable in modern environments of economic uncertainty (Muneeza, Arshad, & Arifin 2018). The main problem of financial technology security measures is based on the fact that whichever preventive measures and solutions are designed, ways of their breach will be developed sooner or later. The global financial system lacks an approach that can ensure absolute and unbreakable technology that may ensure digital security of finance critical infrastructure for an extended period. Nonetheless, the matter of security comes along with some other issues that are actually of equal importance in this regard, so they need an individual discussion.

Transparency

As it has been already mentioned, transparency is also a persistent problem. The matter is that the openness of financial operations relates to a wide range of domains. Businesses, governmental agencies, and public organizations are expected to disclose their financial operations and statements to prove their fairness and integrity. Avoidance of corruption, manipulations, and fraudulence can be attained in such a way, but many entities tend to suggest that excessive transparency leaves businesses privacy and ability to plan its strategies based on assets that are not available to competitors (Muneeza, Arshad, & Arifin 2018). This aspect requires a viable alternative that can preserve security of business data and make relevant financial information explicit to the public and government. Again, there are many ethical issues to date, and current solutions are not entirely efficacious in this regard. The issue of transparency relates not only to business since community organizations and governmental institutions are also compliant with a requirement to public reporting.

In the case with pubic organizations such as charity foundations, transparency is relatively attainable; meanwhile, the governmental agencies are structured and undergo a particular hierarchy, meanwhile modern financial technologies cannot offer a solution that can be universally applicable on all levels of governance. Much has been done in organizational and policy sense towards making governments and public entities more transparent, but these developments still lack unification and accountability (Muneeza, Arshad, & Arifin 2018). Again, modern financial system keeps changing, even though global economy is unstable, thus new requirements to transparency and public contract will emerge. Disruptive technologies evolve accordingly, but none of them can be adopted as a commonplace solution. The question of financial transparency remains raged unabated, and that intensifies an urge for provision of reliable and commonly valid technology that can address all the issues that have been mentioned above. Transparency, though, is closely associated with involvement of a third party in appraisal and reporting of financial statements, so these considerations must also be discussed.

Third-Party Involvement

The major part of transactions is performed with the involvement of a third party, thereby incurring additional expenses and violating some ethical aspects. Beyond a doubt, that aspect may seem to be opposite to the principle of transparency, but absence of a third-party involvement will restore parity concerning this controversial issue. Making the entire financial system decentralized can offer a wide range of economic and political liberties that will cause a paradigm shift within the global macroeconomics (Muneeza, Arshad, & Arifin 2018). That change will ensure complete separation of business from the government; meanwhile companies remain obliged to disclose their financial information to the community and government. Absence of a third party minimizes pressure on businesses, especially small ones, so establishment of such solution can address many problems in countries with weak economic development.

It is hard to deny the fact that some parties might be not interested in such course of action, but global financial and economic sustainability can be maintained in case all states have an opportunity to release their economic potential, and active development of diversified businesses make that possible. Apart from business, many non-profit and artistic projects need to receive funding throughout private investors and crowdsourcing. Absence of control from a third party and transparent disclosure of all transactions will make such initiatives more successful. Nevertheless, there are no universally useful technologies that can ensure the changes mentioned above, so the industry needs to recognize an inevitable revolution in this domain (Muneeza, Arshad, & Arifin 2018). All the challenges and problems that have been described above can be managed with FINLG Finance Link Global project that intends to implement a sophisticated blockchain-based platform for crowdsourcing and peer-to-peer lending transactions. Thus, a more detailed account of the technology has to be provided.

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Solution

Technology and Basic Concepts

Firstly, the basic concept of blockchain technology should be explained to clarify the central purpose and driving forces of FINLG Finance Link Global. The technology starts from a physical level, whereas network equipment is provided: Physical Machine, cloud servers, networks cards, routers, and cables. (CAICT 2018). The next level is also essential, since it relates to utility. Any blockchain is recognized as a distributed network that is powered with storage, transition, and verification mechanisms (CAICT 2018). No central or main hardware can control the other elements of the whole system, and it is the main advantage that addresses all the problems described in the previous section.

In consequence, a ledger level must be mentioned, as it is responsible for collection and preservation of data as well as its formation in independent encoded blocks (CAICT 2018). The ledger produces these blocks by integrating one block in the structure of the next one, thereby making the data unbreakable from the outside (CAICT 2018). That process is closely related to the consensus level, whereas consistency of data nodes is controlled and verified to preserve accuracy and safety. All the data is stored autonomously from each other, so every single node is presented as an independent unit. Such designs enable the technology to employ smart contracts that are the next level of blockchain. Smart contracts relate to compliance, delivery, and incorporation of desires business algorithms within the whole blockchain, so specific triggers launch an agreed scenario (CAICT 2018). As a result, partners, contractors, and any other parties entering a smart contract are unable to violate the conditions of the agreement.

Besides, system management must be concerned as an essential component of blockchain. It enables controls over the other elements of the system and manages access rights for users. Access to ledger level, universal access, and selection of specific preferences are performed within this level of blockchain (CAICT 2018). Interface and application levels are also present, and they are opened to an average user, so that anyone, who has access to the system can perform the critical functions of blockchain (CAICT 2018). In case of FINLG Finance Link Global project, users will be able to donate funds to various creative projects such as filmmaking, art, music videos, and many other related initiatives. Ultimately, the level of operations and maintenance has to be mentioned. Management of libraries, basic operations, and logging history record. is a responsibility of this level (CAICT 2018). All these levels comprise the whole logical structure of any blockchain technology, and FLG token system designed for FINLG Finance Link Global project is not an exception. Although additional information must be provided to explain the project's functions in detail.

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Additional Considerations

It is hard to ignore the fact that blockchain is integrated into the project for the purpose of addressing public needs concerning financial security, transparency, and privacy at the same time, which is why several facts must be considered. Although, FINLG Finance Link Global project implies financing of creative people, who may be united in organizations and even private companies. That makes the technology particularly complicated, as it is becoming public at the bottom level and consortium-based at the top. The same principle is related to peer-to-peer lending service. Therefore, organizations need to be cognizant of these implications in order to request the most appropriate architecture for the system based on FLG tokens and blockchain solutions (CAICT 2018). These scenarios will vary, so conduct of additional policy analysis and technical feasibility test may be of paramount importance.

Applicability

The main target for application of FINLG Finance Link Global project is fundraising of creative people, who work in cinematography, art, music, and theatre, and establishment of individual peer-to-peer lending solution that can be integrated into Alipay service. The matter is that fundraising presupposes a free donation of money as crowdsourcing and private investment. Streaming services as well as common accessibility to various media content deprives creative people of the direct profit of leasing their art so that many creative people and groups tend to collect money for production of their content via crowdsourcing platforms. This approach is effective, but it lacks security, transparency, and privacy of transactions, so communities cannot support the artists directly. FINLG Finance Link Global project intends to address this problem with its cryptocurrency and peer-to-peer lending solution.

FLG tokens and P2P lending are designed deliberately for the support of creative people, so donating tokens to a chosen artist enables a user to access unique content and make sure that the money donated is received by the artist without any losses. At the same time, every artist can disclose all transactions received; meanwhile the content is shared among all users, who donated, via smart contracts. What is more important, FLG tokens can be used for lending funds for any purposes, so that artists, as well as private parties, can lend/borrow cryptocurrency for their goals in art. Establishment of such close contact between creators and audiences will stimulate development of quality content and support of the entertainment market that faces substantial challenges related to piracy and dominance of streaming services that are owned by large corporations. FINLG Finance Link Global project enables talented and unique artists promote their content and obtain sufficient income for their further prosperity.

Development and Implementation

Real Economy

The project is aimed at the substitution of a common funding platform, which is why it may impact economics. It is necessary to note that influence of blockchain technologies keeps growing, which is why developments proposed by FINLG Finance Link Global project can be expanded on the other spheres and industries. Immersion of the technology in the domain of real economy is inevitable, and it can be maintained as infrastructure, customized application, or just client that uses ready-made architecture and algorithms to address their purposes (CAICT 2018).

That is why the project should be not perceived as an unconventional economic instrument because it provides an alternative that will become a part of global macroeconomics. It is hard to deny the fact that the technology of blockchain and cryptocurrency needs to undergo several updates and iterations. Still, individual entrepreneurs, companies, governments, and public organizations need to consider such opportunity right now in order to address the problems of financial security, transparency, and privacy.

Nonetheless, there is a challenge with pooling talented experts in technology and software development. The current labor market does not meet the demands of the industry since it keeps growing towards multiple directions. Computer programing and software engineering are the most potential industries for attracting talents, but the demand is quite high (CAICT 2018). That may thwart the project from a faster implementation and avoidance of operational challenges. This issue should be remembered during the project planning, so relevant changes and considerations need to take place accordingly (CAICT 2018). Overall, integration of this technology in a real economy is inevitable, so it is generally a matter of time when FINLG Finance Link Global project will expand in a broader array of spheres and industries.

Implementation Process

Technical requirements and specific business purposes may vary; meanwhile implementation of FINLG Finance Link Global project needs to consider several crucial methodological aspects:

Openness and engagement in the regulatory process. The project presents a new financial model that is still compliant with laws and regulations so that it is necessary to obtain a proactive position regarding cooperation with administrative organs (Muneeza, Arshad, & Arifin 2018). Explanation of the main benefits and technical peculiarities of FINLG Finance Link Global project can facilitate creation of favorable legal environments.

Building awareness. Launch of an advertising campaign, public presentation, social media management, and workshops, are required to promote FINLG Finance Link Global not only as a blockchain project but also as a strong brand, since the initiative aims to become a comprising element of real economy.

Encouragement of innovation in financial technologies. FINLG Finance Link Global project presents sufficient infrastructure for expanded development of similar technologies that can be linked to FINLG platform and utilize FLG cryptocurrency.

Experimentations with FinTech may open new perspectives that will make the entire industry more developed, and therefore the project will become more efficacious in operational and financial aspects (Muneeza, Arshad, & Arifin 2018).

Education and training. Employees, clients, and developers are expected to advance their skills in using the technology to maintain its safe use and potential enhancement with new technical advances (Muneeza, Arshad, & Arifin 2018). The technology has to keep evolving, and respective level of professionalism and knowledge is essential for that.

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Contact with private parties. The technology is promising, so many private investors may be interested in supporting the project or funding the artists, which is why building agenda among these stakeholders may be an essential consideration for diversification of the entire platform (Muneeza, Arshad, & Arifin 2018).

Ethical regulations. Apart from legal frameworks, ethics come to play as the most essential aspect of implementing blockchain technologies. Blockchain itself pursues a goal of making financial system more ethical, so that the fundamental considerations must be paid attention to make FINLG Finance Link Global project meet its deliverables and grow towards new objectives.

Recommendations

Public Awareness

The matter of public awareness has been already mentioned, but the general public has little knowledge about blockchain technology and FINLG Finance Link Global project in particular, so this aspect must be explained on a separate note. The main principle of informing and educating the public about the project is a balance (CAICT 2018). The technology should be not underestimated as an efficacious and secure financial instrument, but many challenges and implications must be managed, so the society needs to be cognizant of the current state of knowledge (CAICT 2018). Specific attention has to be devoted to explanation and instructing conventional institutions concerning management of the platform, business processes, operational implications, and threats associated with an excessive reliance on technology (CAICT 2018). Besides, promotion of the project with media is of paramount importance as well. A contemporary medial space does not present much information about blockchain solutions, which is why a marketing-based approach to promotion of FINLG Finance Link Global project can be recommended.

Deep Integration with Real Economy

A more profound involvement of FINLG Finance Link Global project in a real economy is possible only in terms of building trust that is the most valuable asset of any blockchain technology. Advancement of efficiency in terms of collaboration, data exchange, and governmental supervisory are the most distinct course of action that can lead the technology to complete integration with real economy structures (CAICT 2018). Innovation in the field of digitalized economy does not present any reliable alternatives, which is why blockchain solutions are likely to be the primary platform for any further developments, and that must be considered for FINLG Finance Link Global project. That implies selection of the most promising areas of development, resource provision for piloting and testing new solutions, and negotiations with market leaders to provide their operational infrastructures for trials (CAICT 2018). Real economy representatives need to receive adequate training and education, so FINLG Finance Link Global project has to pay attention to that aspect before entering environments of conventional economic structures. There are many rules and regulations to consider so that this initiative is still associated with legislation and policy-making that must be also discussed.

Policymaking and Research

Blockchain technology offers advanced protection of personal information, but there is no specific policy that may regulate this aspect. That is why FINLG Finance Link Global project intends to cooperate with legislative organs of the government to build a distinct policy framework in this respect. Regulations primarily touch upon the basic operational level, middle level of applications, and top-level data control and security (CAICT 2018). Data disclosure is allowed within the blockchain network, but its use requires additional legal regulations, which is why the project needs an extensive consultancy regarding these issues (CAICT 2018).

The second aspect to date is research, as it is an essential component of innovation and new technological advances. That is the primary way of developing a conceptual framework related to implementation, technical appraisal, and legal/ethical management of blockchain technologies, so FINLG Finance Link Global project intends to foster academic initiatives within its field of performance (CAICT 2018). Additionally, formulation of more specific and efficacious standards is required, so conduct of various scholar researches is critical to the current state of blockchain technology and future expansion of FINLG Finance Link Global project on the other industries and markets.

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Concluding Remarks

It is appropriate to make a general comment on the fact that FINLG Finance Link Global project is aimed at creative fundraising initiative throughout blockchain platform and cryptocurrency of FLG tokens. That approach enables to maintain secure, transparent, and private performance of transactions so that the creative industry can benefit from a trusted access to crowdsourcing and peer-to-peer lending. Blockchain technology is designed as a decentralized system of transmitting information in independent encoded nodes that evolve with every single transaction within the network. That preserves security and public disclosure of all operations; meanwhile such transactions do not require involvement of any third party. That technology is used for the basis of FINLG Finance Link Global project, as fundraising requires sufficient trust for donators and secure accessibility of funds to artists, who can eventually profit from the funds shared by the audiences. Also, peer-to-peer lending services can be launched to address various purposes and ensures independent and stable access to borrowings/lending.

FINLG Finance Link Global

Technical and methodological implications have been described, and specific attention has been paid to public awareness. Even though blockchain technology appears to be the most secure financial technology, there are numerous misconceptions and prejudices concerning its frequent use. That is why FINLG Finance Link Global project is recommended to disseminate knowledge about its essential functions and inform general public about pros and cons related to the technology of blockchain. What is more important, FINLG Finance Link Global project needs to engage with the governments in close cooperation, once it intends to be integrated with the real economy structures. Cybersecurity experts, legislators, industry representatives, and any other valid stakeholders need to consolidate their efforts to be build a reliable global infrastructure for blockchain solutions and FINLG Finance Link Global project in particular, as these disruptive changes are inevitable, but global market is not ready for that.

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