Decentralized Finance (DeFi) platforms are often governed by Decentralized Autonomous Organizations (DAOs) which are implemented via governance protocols. Governance tokens are distributed to users of the platform, granting them voting rights in the platform's governance protocol. Many DeFi platforms have already been subject to attacks resulting in the loss of millions of dollars in user funds. In this paper we show that governance tokens are often not used as intended and may be harmful to the security of DeFi platforms. We show that (1) users often do not use governance tokens to vote, (2) that voting rates are negatively correlated to gas prices, (3) voting is very centralized. We explore vulnerabilities in the design of DeFi platform's governance protocols and analyze different governance attacks, focusing on the transferable nature of voting rights via governance tokens. Following the movement and holdings of governance tokens, we show they are often used to perform a single action and then sold off. We present evidence of DeFi platforms using other platforms' governance protocols to promote their own agenda at the expense of the host platform.
The research paper investigates the profound impact that cryptocurrencies have exerted on traditional financial systems since the emergence of Bitcoin in 2009. The rapid growth of cryptocurrency market and its increasing integration in global economics have raised significant questions about the future coexistence and potential transformation of traditional financial structures. The study employs a multidisciplinary approach, combining economic analysis, regulatory examination and technological insights to explore the multifaceted implications of cryptocurrencies.
The introduction of large language models (LLMs) like ChatGPT and Google Palm2 for smart contract generation seems to be the first well-established instance of an AI pair programmer. LLMs have access to a large number of open-source smart contracts, enabling them to utilize more extensive code in Solidity than other code generation tools. Although the initial and informal assessments of LLMs for smart contract generation are promising, a systematic evaluation is needed to explore the limits and benefits of these models. The main objective of this study is to assess the quality of generated code provided by LLMs for smart contracts. We also aim to evaluate the impact of the quality and variety of input parameters fed to LLMs. To achieve this aim, we created an experimental setup for evaluating the generated code in terms of validity, correctness, and efficiency. Our study finds crucial evidence of security bugs getting introduced in the generated smart contracts as well as the overall quality and correctness of the code getting impacted. However, we also identified the areas where it can be improved. The paper also proposes several potential research directions to improve the process, quality and safety of generated smart contract codes.
Abstract The integration of blockchain and machine learning has emerged as a promising paradigm that can revolutionize various industries and applications. Blockchainâs decentralized and immutable nature, coupled with the analytical capabilities of machine learning, presents new opportunities for secure and transparent data sharing, collaborative model training, and intelligent decision-making. This research paper explores the concept of synergistic integration of blockchain and machine learning, providing an overview of the underlying technologies, related work, and existing frameworks. It proposes a novel Decentralized Intelli- gent Learning Network (DILN) framework that combines the strengths of both technologies to create a decentralized and efficient ecosystem for collaborative machine learning applications. The paper presents case studies in healthcare, finance, supply chain management, IoT, and academic research to showcase the potential impact of this integration. Furthermore, it discusses technical approaches, challenges, and ethical considerations to address in the deployment of decentralized intelligent systems. The research paper concludes by encourag- ing further research and development in the field to unlock the full potential of this transformative technology.
Fintech is the application of the technologies of the fourth industrial revolution in the financial field. In recent years, it has aroused growing interest from various financial actors and specialties, thanks to its relevant characteristics such as information security, increased performance, and decentralization. Despite the positive aspects of fintech, there are some trends in its application that require overcoming certain problems such as regulation, technological scalability, and hybridization. Therefore, a systematic overview is considered necessary in which information is collected to provide an overview of the state of the art related to the application of fintech and start-ups to serve as a reference for future research in this field. To this end, a systematic literature review was conducted using the PRISMA protocol in combination with the Tree of Science (ToS) algorithm. Articles published between 2016 and 2021 were found in the Web of Science, Google Scholar, Scopus and IEEE Xplore databases, where the Tree of Science (ToS) algorithm was then applied to identify the most relevant literature on the topic. As a result, 72 articles were analyzed. The analysis of the selected articles provided valuable information and answered the research questions posed in the PRISMA protocol. The results indicate as research trends on the topic: business financing, innovation and financial information, financial technology and finance and regulation. Fintech is a revolutionary innovation that creates opportunities in the market and in the financial world, which is why prototypes are being developed worldwide.
Hilda Hadan, Leah Zhang-Kennedy, Lennart E. Nacke, Ville MÀkelÀ
With the increasing popularity of cryptocurrency, many people are interested in cryptocurrency investments, but have so far hesitated. Many others have made investments without adequate preparation. To help interested investors improve their understanding of cryptocurrency and make rational investment decisions, it is important to study their concerns and motivations and to draw upon experienced investorsâ experiences and practices. Therefore, we surveyed crypto investors and inexperienced potential investors interested in trading cryptocurrency (n = 395). Our results showed that extreme price volatility is the primary incentive and a substantial obstacle to market participation. Fraud risks, lack of personal funds, insufficient knowledge, and difficulty identifying credible information sources are also common barriers. Our findings highlight the need to build trustworthy exchange platforms and integrate educational features. Based on the reported concerns and experiences, we (1) identify learning components for new investors, and (2) formulate design recommendations for beginner-friendly exchange platforms.
We present a novel method for a multi-party, zero-trust validator infrastructure deployment arrangement via smart contracts to secure Proof-of-Stake (PoS) blockchains. The proposed arrangement architecture employs a combination of non-fungible tokens (NFTs), a treasury contract, and validator smart contract wallets to facilitate trustless participation in staking mechanisms. The NFT minting process allows depositors to exchange their capital for an NFT representing their stake in a validator, while the treasury contract manages the registry of NFT holders and handles rewards distribution. Validator smart contract wallets are employed to create a trustless connection between the validator operator and the treasury, enabling autonomous staking and unstaking processes based on predefined conditions. In addition, the proposed system incorporates protection mechanisms for depositors, such as triggered exits in case of non-payment of rewards and a penalty payout from the validator operator. The arrangement benefits from the extensibility and interoperability of web3 technologies, with potential applications in the broader digital ecosystem. This zero-trust staking mechanism aims to serve users who desire increased privacy, trust, and flexibility in managing their digital wealth, while promoting greater decentralization and transparency in the PoS ecosystem.
Bambang Irawan, Muhammad Wahyu Sabiqudin, Nizirwan Anwar, Budi Tjahjono
The With the advancement of computer, electronic, and telecommunications technology, there has been a significant change in the world of applications, which makes it easier for humans to carry out various activities, both at work and in interacting on social media.CV. Albahritech faces the challenge of not having a quick and easy office equipment maintenance application. This limitation can have a negative impact on company operations. Currently, the maintenance process still relies on communication via WhatsApp or phone, which causes customer appointments to be missed or forgotten due to the large number of calls for customer maintenance services that cannot be fulfilled. In addition, transactions and visit reports are not properly recorded, which can cause customers to experience delays in getting treatment services or even cause customers to look for other treatment services.The currently designed application uses a blockchain-like decentralized network model, known as a DApp. This DApp has several important features that utilize blockchain technology[1], including the ability to make payments using cryptocurrencies such as Ether and the feature to record service lists for customers. In this application, smart contracts are used to create a mechanism of trust and automation in agreements or deals between the parties involved. This ensures that agreements and transactions made within the app are transparent, secure, and without the need for a third party. In addition, the app also uses IPFS for customer data storage. IPFS is a peer-to-peer file distribution system that serves to store and distribute data on the interne[2]t. The use of IPFS in this application enables distributed and decentralized data storage, thereby improving data security and reliability.
 
 
 Keywords: Helpdesk, Ticketing, Blockchain, Smart Contract,IPFS.
This guest editorial takes as its starting point the 2021 guest editorial in ANTHROPOLOGY TODAY on the anthropology of blockchain written by Kosmarski and Gordiychuk, in which they discussed the possibilities of blockchain in terms of a âfrail hope of novel, weird, grassroots, decentralized forms of social lifeâ. They also argued that blockchain brought us to ânew frontiersâ in politics, economics, capital, votes and subjective feelings. Two years later, in this 2023 guest editorial, the authors take stock of where blockchain technology stands concerning these âfrail hopesâ and ânew frontiersâ. They distinguish between three articulations of blockchain imaginaries: blockchainâasâdiscourse, blockchainâasâsociotechnical assemblage and blockchainâasâspectacle. Then, they explore what blockchain means for capital, and whether we are headed towards mass adoption of blockchain technology, concluding that, for now, they see primarily institutional adoption. The authors also discern parallel institutional structures, with traditional finance on one side and blockchainâenabled crypto finance on the other, and they examine the regulated future of crypto assets.
Smart contract terkenal sebagai protokol perangkat lunak yang memungkinkan pelaksanaan otomatis dari kontrak tanpa melibatkan pihak ketiga, dan memungkinkan pemangku kepentingan, seperti bank, lembaga keuangan mikro, atau penyedia layanan keuangan syariah lainnya untuk secara otomatis melaksanakan perjanjian yang telah ditetapkan berdasarkan prinsip-prinsip syariah tanpa intervensi manusia. Namun, munculnya pro kontra dalam penerapan smart contract yaitu kebutuhan akan audit dan verifikasi yang cermat untuk memastikan bahwa smart contract telah dirancang sesuai dengan prinsip-prinsip syariah, tujuan penelitian ini adalah untuk mengidentifikasi tantangan dan peluang dalam penerapan Smart contract agar adanya perlindungan hukum yang jelas sesuai dengan prinsip syariah. Dalam penelitian ini penulis menggunakan jenis penelitian yuridis normatif atau metode penelitian kepustakaan. Hasil penelitian ditemukan bahwa perlunya kesepakatan dan standar yang lebih jelas mengenai kontrak syariah, serta tantangan hukum dan regulasi yang mungkin muncul dalam mengadopsi teknologi ini. Melalui analisis peluang dan tantangan yang terkait dengan penerapan Smart contract syariah dalam blockchain, penelitian ini memberikan pemahaman yang lebih baik tentang potensi teknologi ini dalam mendukung ekosistem keuangan syariah. Dengan memahami tantangan dan risiko yang terkait, pelaku industri, regulator, dan akademisi dapat bekerja sama untuk mengembangkan solusi yang sesuai dengan prinsip-prinsip syariah dan memperkuat kepercayaan masyarakat terhadap sistem keuangan syariah. Regulasi yang jelas akan mengatur persyaratan dan standar yang harus dipenuhi oleh Smart contract Syariah, sehingga transaksi yang dilakukan dalam blockchain dapat dikonfirmasi secara hukum sesuai dengan prinsip-prinsip syariah.
âȘMahmood A. Al-ShareedaâŹâ, Murtaja Ali Saare, Selvakumar Manickam
A new technology known as the internet of things (IoT) allows both physical and virtual items to be linked and communicated with one another, creating new digital services that enhance our fineness of sustenance. The IoT system has a number of benefits, but because of its present centralized architecture, there are several problems with regard to data integrity, security, privacy, and single points of failure. The future development of IoT applications is hampered by these difficulties. To tackle these problems, it might be best to integrate the Internet of Things with one of the distributed ledger solutions. The blockchain is one of the most frequent and well-liked varieties of distributed ledger technologies. Numerous advantages can result from integrating blockchain technology with the IoT called blockchain internet of things (BIoT). In this paper, we show a brief overview of blockchain, its components of blockchain, and its features of blockchain. Meanwhile, we describe the architecture of BIoT, Issues of BIoT, and BIoT applications. Additionally, this paper provides a future research challenge and open issues.
Muhammad Izzul Syahmi Zulkepli, Mohammad Taqiuddin Mohamad, Saaidal Razalli Azzuhri
A blockchain-based smart contract is a computer script, stored in the blockchain network and enforced automatically based on predetermined terms, decentralised verification as well as fully accessible real-time records to all blockchain users. Smart contract innovation, with a high level of transparency and a lower risk of operational errors, offers a novel approach for more effectively implementing Shariah contracts in Islamic financial institutions. However, the immutable smart contract principle, which disallows the amendment or deletion of the code deployed in the blockchain, appears incompatible with the iáž„sÄn criterion implemented in Islamic financial institutionsâ product offerings that allow operations and terms adjustment under certain conditions, including payment rescheduling and contract restructuring facilities in financing products. This study aims to look into the concept of blockchain-based smart contracts, as well as issue related to immutable smart contract and viable solutions that align with Shariah and Islamic banking operations. The study utilised the library research to achieve the objective by referring to related literature. The qualitative data were then descriptively analysed using the conceptual content analysis method. The studyâs results found that, in order to comply with the characteristics of iáž„sÄn to implement Shariah contracts using blockchain-based smart contract technology, the programmer should first write flexible code rather than fixed code, and the upgradable proxy contract should be well applied in the creation of the smart contract code.
Smart Contract merupakan konsep yang dicetus oleh Nick Szabo (Szabo, 1997) yang merupakan kontrak berbentuk elektronik. Dengan berkembangnya blockchain konsep tersebut dikonkritkan dengan bentuk code yang terpasang di jaringan blockchain yang disebut smart contract juga. Penelitian ini menggunakan definisi smart contract yang dicetus oleh Nick Szabo yang merupakan alternatif kontrak konvensional. Dalam membuat Smart Contract terdapat kesulitan karena menggabungkan dua domain pengetahuan yaitu kontrak dan informatika. Sebuah bahasa pemodelan dapat dikembangkan untuk memudahkan proses pengembangan Smart Contract. Bahasa pemodelan dapat dijadikan sebagai alat spesifikasi kontrak bahkan sampai generasi implementasi source code. Penelitian ini bertujuan membuat bahasa pemodelan yang mampu menyebutkan spesifikasi smart contract sekaligus cukup mudah digunakan oleh pengguna non-IT. Bahasa pemodelan yang dibuat juga mampu menghasilkan skeleton implementasi untuk source code smart contract.
Cryptocurrency is a form of digital currency using cryptographic techniques in a decentralized system for secure peer-to-peer transactions. It is gaining much popularity over traditional methods of payments because it facilitates a very fast, easy and secure way of transactions. However, it is very volatile and is influenced by a range of factors, with social media being a major one. Thus, with over four billion active users of social media, we need to understand its influence on the crypto market and how it can lead to fluctuations in the values of these cryptocurrencies. In our work, we analyze the influence of activities on Twitter, in particular the sentiments of the tweets posted regarding cryptocurrencies and how it influences their prices. In addition, we also collect metadata related to tweets and users. We use all these features to also predict the price of cryptocurrency for which we use some regression-based models and an LSTM-based model.
Sergio Luis Nåñez Alonso, Javier Jorge-VĂĄzquez, Pablo Arroyo RodrĂguez, Beatriz MarĂa Sastre-HernĂĄndez
Over the last few years, the holding and use of cryptocurrencies, as well as the entire ecosystem of decentralised finance (DeFi), has become popular worldwide. However, their acceptance and use are not equal for various reasons; and it is important to know these limiting reasons. There is a gender gap in the acceptance and use of so-called decentralised finance (DeFi), where females have much lower acceptance and usage rates than men. Our study has focused on analysing why this situation occurs. A structured questionnaire was used, including age, level of education and gender, as well as closed-ended questions and questions with respondent ratings (Likert scale). Replicating the Theory of Planned Behaviour (TPB) model, applied in this case to the study on the use and acceptance of cryptocurrencies by females. This has allowed us to generate a sample of 326 people living in Spain, 168 of whom are females. We obtained as a result that the barriers that limit the acceptance and use of cryptocurrencies by females are several: The lack of investment experience in traditional assets, the general lack of knowledge on the part of females about cryptocurrencies; as well as concepts such as blockchain, how to carry out transactions or what an exchange is and how it works. Also, the fact that cryptocurrencies do not inspire any security in females and risk aversion. In contrast, we found no evidence that females do not accept or use cryptocurrencies due to a lack of trust in traditional money, pressure from social media and influencers, fear of not doing the same as the next guy or speculation, which are mostly present in the motivation of males. Nor do we find that income or lack of digital skills among females are barriers to entry.
In this paper, a financial investment trust solution based on smart contract is proposed to solve the distrust problem in financial investment caused by information asymmetry. By utilizing the functional attributes of blockchain-based smart contracts, the financial investment trust mechanism is established. By operating this mechanism, the financial investment information is received, stored, and processed, and the information is sent to the nodes in the blockchain. By devising the algorithms of "requesting financial investment service", "successful financial investment", "product contract fraud arbitration" and "investment contract fraud arbitration", the financial investment trust mechanism is achieved. By presenting the algorithms and their invoking processes, smart contracts for the solution are written and debugged. Finally, the smart contracts are tested and validated. The smart contract source code is available in GitHub.
Nils Augustin, Andreas Eckhardt, Alexander Willem de Jong
Abstract Blockchain technology is argued to drastically change the way we operate within an organizational context, with decentralized autonomous organizations (DAOs) representing a first manifestation of this ongoing trend. DAOs are characterized by an online community that builds the organizationâs backbone by providing knowledge and human resources in a transparent, virtual manner, as well as the use of blockchain technology to coordinate their endeavor. Nevertheless, current research highlights the conceptual ambiguity of this emerging phenomenon, leading to potential issues for practitioners and researchers. To provide further clarity on the phenomenon, we study DAOs through the perspective of their members with a two-staged approach by combining elements of a netnographic approach and structural topic modeling. Our findings highlight several contextual features surrounding DAOs, such as their membersâ underlying beliefs and views, helping to embed DAOs in existing research streams.
Naresh Kshetri, Keith J. Miller, Gaurango Banerjee, Bikesh Raj Upreti
Blockchain Technology is a distributed database technology that has emerged as a ground-breaking technology with several possible solutions to critical applications, say from supply chain management, agribusiness, marketing to healthcare industry including internet of medical things. Although it started as a digital coin (popularly known as bitcoin), it is slowly influencing business, marketing policy and society. We have presented an in-depth study and ethical analysis of how blockchain is applied over the economic and financial sector including banks, credit unions and other retail giants. During our research, we have also investigated how blockchain technology can affect financial institutions around the world and businesses including large and small businesses. Our contributions included the following: (i) classifying blockchain models and architecture for finance and business markets (ii) analyzing recent and relevant works for finance applications and business solutions using blockchain (iii) discussing the advantages of using blockchain technology in financial institutions like banks, government firms. education sectors (iv) pointing out challenges and issues of blockchain technology for finance and business organizations (v) summarizing future research on integration and adaptation of blockchain technology along with C2C, B2C, and B2B with finance and recommendations for improvement.
In the burgeoning field of bitcoin research, a cohesive understanding of how knowledge and insights have evolved over time is lacking. This study aims to address this gap through an exploration of 4123 academic articles pertaining to bitcoin. Utilizing co-word analysis and main path analysis (MPA), it uncovers key themes and seminal works that have substantially influenced the fieldâs progression. The identified clusters, including safe haven, internet of things (IoT), proof of work (PoW), market efficiency, sentiment analysis, digital currency, and privacy, shed light on the multifaceted discourse surrounding bitcoin. The MPA, incorporating both forward and backward local paths, traces an evolving narrative, starting from an in-depth exploration of bitcoinâs structure, anonymity, and contrasts against traditional financial assets. It tracks the shift in focus to broader market dynamics, volatility, speculative nature, and reactions to economic policy fluctuations. The analysis underscores the transformation of bitcoin research, from its beginnings as a decentralized, privacy-oriented currency to its role in global economics and green financing, revealing a complex narrative of an innovative financial instrument to a multifaceted entity. Implications drawn from this analysis include the need for further research on the potential integration of bitcoin within emerging technologies like AI and cybersecurity, the implications of bitcoinâs interplay with traditional financial systems, and the environmental impacts of bitcoin and blockchain utilization. Overall, the current study not only enhances our understanding of the bitcoin field but also charts its dynamic evolution and stimulates further academic inquiry.
Peng Zhang, A B Kelley, Douglas C. Schmidt, Jules White
Blockchain and distributed ledger technologies (DLT) are emerging decentralized infrastructures touted by researchers to improve existing systems that have been limited by centralized governance and proprietary control. These technologies have shown continued success in sustaining the operational models of modern cryptocurrencies and decentralized finance applications (DeFi). These applications has incentivized growing discussions in their potential applications and adoption in other sectors such as healthcare, which has a high demand for data liquidity and interoperability. Despite the increasing research efforts in adopting blockchain and DLT in healthcare with conceptual designs and prototypes, a major research gap exists in literature: there is a lack of design recommendations that discuss concrete architectural styles and domain-specific considerations that are necessary for implementing health data exchange systems based on these technologies. This paper aims to address this gap in research by introducing a collection of design patterns for constructing blockchain and DLT-based healthcare systems that support secure and scalable data sharing. Our approach adapts traditional software patterns and proposes novel patterns that take into account both the technical requirements specific to healthcare systems and the implications of these requirements on naive blockchain-based solutions.
When migrating smart contracts from one blockchain platform to another, there are potential security risks. This is because different blockchain platforms have different environments and characteristics for executing smart contracts. The focus of this paper is to study the security risks associated with the migration of smart contracts from Ethereum to Arbitrum. We collected relevant data and analyzed smart contract migration cases to explore the differences between Ethereum and Arbitrum in areas such as Arbitrum cross-chain messaging, block properties, contract address alias, and gas fees. From the 36 types of smart contract migration cases we identified, we selected four typical types of cases and summarized their security risks. The research shows that smart contracts deployed on Ethereum may face certain potential security risks during migration to Arbitrum, mainly due to issues inherent in public blockchain characteristics, such as outdated off-chain data obtained by the inactive sequencer, logic errors based on time, failed permission checks, and denial of service (DOS) attacks. To mitigate these security risks, we proposed avoidance methods and provided considerations for users and developers to ensure a secure migration process. It is worth noting that this study is the first to conduct an in-depth analysis of the secure migration of smart contracts from Ethereum to Arbitrum.
This article will look at the financial geographies and legacies of neo-colonialism to critique the emergence of blockchain financialization in the developing world. Blockchain âfinancializationâ advances through the interplay of crypto imaginaries, new platform economies, and the trading infrastructure for highly leveraged financial products. The largest cryptocurrency exchange, Binance, has presented itself as a champion of the blockchain for development paradigm in Africa. Its success in the region relies on the use of community leaders, hackathons, and the lobbying of governments for regulatory concessions. Binance operates on two scales. Firstly, it is part of a fintech vanguard attempting to dismantle New Deal financial regulatory systems in the Global North (Omarova, Yale Journal on Regulation, 2019, 36, 735â793; Allen, H, DeFi: Shadow Banking 2.0?, 2022). Secondly, it as an agent of financialization in the developing world, promoting DeFi to map the speculative micro-financial practices of the Global South. Crypto and blockchain thus represent extensions of âsubprime empireâ (Schuster, Current Anthropology, 2021, 62, 389â411) in which marginal economic activities in fragile developing world contexts feed into the North-South extraction of value. This article will outline Binanceâs forays into Nigeria as an example of the micro and macro scales of neocolonial finance and the interplay of infrastructure, territory, and the social imaginary in blockchain.
The highly transmissible COVID-19 virus has wreaked havoc on the global economy, health, and lives. The abrupt burst and exponential spread of this pandemic has shown the inadequacies of existing healthcare institutions in handling a public health emergency. As governments around the world strive to re-establish their economies, open workplaces, ensure safe journeys, and return to regular life, they require solutions to reduce losses. The proposed framework provides virtual assistance from various medical practitioners and physicians. Furthermore, it promotes the accuracy of information gathered from COVID-19 patients, which can aid in the launch of a variety of government decisions and public guidelines aimed at combating health exigencies. The authors present a revolutionary blockchain-based solution that builds trust between the medical professionals and patients while preventing accidental coronavisrus transmission. This solution also keeps track of COVID-19 patients and improves EHR management, which can be a viable solution for common EHR challenges such as lowering the risk of patient data loss, maintaining privacy and security, and obtaining immutable consensus on the maintenance of health records, gaps in hospital communication, and inefficient clinical data retrieval methods. This research work describes a COVID-19 patient-centric blockchain-based EHR employing JavaScript-based smart contracts for a decentralized healthcare management system. The proposed Hyperledger fabric and a Composer-based working prototype ensure the modelâs security and the authenticity of the health records. The authors used the Hyperledger Caliper benchmarking tool, which measures latency, throughput, resource utilization, etc., under different conditions and control parameters. The findings highlight the importance of the proposed blockchain-enabled architecture in revolutionizing healthcare administration during and after the COVID-19 pandemic, promoting enhanced clinical outcomes and supporting patient-centered care.