Related papers: Filling the Tax Gap via Programmable Money
The latest advancements in Distributed Ledger Technology (DLT), and payment architectures such as the UK's New Payments Architecture, present opportunities for leveraging the hidden informational value and intelligence within payments. In…
Programmable money, enabled by digital currencies, facilitates outcomes beyond simple payments by allowing users to attach conditions to the movement of funds through code. However, there is a lack of clarity on defining programmable money,…
Permisionless decentralized ledgers ("blockchains") such as the one underlying the cryptocurrency Bitcoin allow anonymous participants to maintain the ledger, while avoiding control or "censorship" by any single entity. In contrast,…
The functionality that distributed ledger technology provides, i.e., an immutable and fraud-resistant registry with validation and verification mechanisms, has traditionally been implemented with a trusted third party. Due to the…
Distributed ledger technology offers several advantages for banking and finance industry, including efficient transaction processing and cross-party transaction reconciliation. The key challenges for adoption of this technology in financial…
A tool to improve the effectiveness and the efficiency of public spending is proposed here. In the 19th century banknotes had a serial number. However, in modern days the use of digital transactions that do not use physical currency has…
Public companies and institutional investors that hold Bitcoin face increasing pressure to show solvency, manage risk, and satisfy regulatory expectations without exposing internal wallet structures or trading strategies. This paper…
We develop a model of tax evasion based on the Ising model. We augment the model using an appropriate enforcement mechanism that may allow policy makers to curb tax evasion. With a certain probability tax evaders are subject to an audit. If…
Permissioned ledger technologies have gained significant traction over the last few years. For practical reasons, their applications have focused on transforming narrowly scoped use-cases in isolation. This has led to a proliferation of…
Artificial currencies have grown in popularity in many real-world resource allocation settings, gaining traction in government benefits programs like food assistance and transit benefits programs. However, such programs are susceptible to…
In centralized mechanisms and platforms, participants do not fully observe each others' type reports. Hence, if there is a deviation from the promised mechanism, participants may be unable to detect it. We formalize a notion of auditabilty…
Money is a technology for promoting economic prosperity. Over history money has become increasingly abstract, it used to be hardware, gold coins and the like, now it is mostly software, data structures located in banks. Here I propose the…
Auditing mechanisms for differential privacy use probabilistic means to empirically estimate the privacy level of an algorithm. For private machine learning, existing auditing mechanisms are tight: the empirical privacy estimate (nearly)…
Accounting fraud is a global concern representing a significant threat to the financial system stability due to the resulting diminishing of the market confidence and trust of regulatory authorities. Several tricks can be used to commit…
The legislative process is the backbone of a state built on solid institutions. Yet, due to the complexity of laws -- particularly tax law -- policies may lead to inequality and social tensions. In this study, we introduce a novel prototype…
Side-channel attacks, which are capable of breaking secrecy via side-channel information, pose a growing threat to the implementation of cryptographic algorithms. Masking is an effective countermeasure against side-channel attacks by…
Finding a robust security mechanism for audit trail logging has long been a poorly satisfied goal. There are many reasons for this. The most significant of these is that the audit trail is a highly sought after goal of attackers to ensure…
The entry of new technological infrastructures into the financial markets poses serious concerns about the misuse of the economic system for illicit purposes, such as money laundering and financing of terrorism. Although there are cases in…
Commercial large language models are typically deployed as black-box API services, requiring users to trust providers to execute inference correctly and report token usage honestly. We present IMMACULATE, a practical auditing framework that…
Public confidence in democratic institutions has declined across many OECD countries over recent decades, while political participation and policy influence remain unevenly distributed across socioeconomic groups. Concurrently, democratic…