Commercial real estate transaction processes are inherently complex, multi-faceted, and multifarious due to multiple intermediaries, a high volume of signed documentation, high costs, and the illiquid nature of these transactions. An emerging area in blockchain technology is smart contracts which hold much potential to transform the commercial real estate industry through the digitalization of decentralized business models that ensure transaction transparency and validity. Despite the potential benefits of smart contracts, their use in the commercial real estate industry is at a nascent stage. In response to this gap, this study proposes a novel approach using Ethereum blockchain technology to enable intermediaries to transact in an informationally symmetrical way within an open real estate in Switzerland. The proposed conceptual model employs tokenisation on the blockchain and is developed using the action design science research methodology. The model undergoes several stages of evolution from pre-design, which is validated through expert interviews, to arrive at the final conceptual design. The study identifies key factors that influence the application of blockchain in real estate transactions, namely adoption, governance and compliance, transaction costs, transparency and immutability, security, and scalability. The results indicate that smart contracts have the potential to significantly reduce transaction costs and improve efficiency in the commercial real estate industry.
Blockchain makes heavy use ofcryptographic hashingto achieve integrity and consensus in a peer-to-peer network, but hashing causes some inefficiencies. For example, blockchain stores data with their hash digest as a key in the database, so the blockchain always reads and writes data in arandomorder. This can affect blockchain performance, especially for account-based blockchains such as Ethereum, which must maintain a huge, hash-based data structure for accounts, called thestate trie. Also, Proof-of-Work (PoW) consensus algorithm requires the miners to find a nonce that makes the block hash lower than a difficulty threshold, but ASICs with parallel hashing have made PoW use a large dataset such as theEthashDAG for memory-hardness and ASIC-resistance. Unfortunately, verification of the nonce is not easy for many light clients, which cannot deal with the overhead caused by the dataset. This paper proposes a novel PoW mining algorithm namedTrie-Hashimototo address these issues. Trie-Hashimoto adds a nonce field in a state trie node. It then makes the miners find a nonce of every newly-created trie node for a new block such that each node has a hash digest whoseprefixis equal to the block number. This can accelerate the database performance by storing the trie nodes in asequentialorder. The way for Trie-Hashimoto to achieve memory-hardness is also different. It uses the block headers that any client must maintain, obviating a separate dataset. Furthermore, it allows partial verification using a few Merkle proofs of accounts, so that a client with minimal resources or even a smart contract in another interoperable blockchain can verify a block with a high probability. Finally, Trie-Hashimoto discourages big mining pools by increasing the network overhead among the miners. Our experiment on the Geth client with 500K blocks and 100M accounts shows that Trie-Hashimoto improves the transaction execution time tangibly, reducing the full synchronization time by half. It also shows that Trie-Hashimoto has enough memory-hardness as Ethash. Lastly, a Trie-Hashimoto mining pool should exchange messages highly frequently, proportional to the total number of miners.
Eric Chiquito, Ulf Bodin, Olov Schelén, Ahmed Afif Monrat
Open-cry electronic auctions have revolutionized the landscape of high-value transactions for buying and selling goods. Online platforms such as eBay and Tradera have popularized these auctions due to their global accessibility and convenience. However, these centralized auctioning platforms rely on trust in a central entity to manage and control the processing of bids, e.g., the submission time and validity. The use of blockchain technologies for constructing decentralized systems has gained popularity for their versatility and useful properties toward decentralization. However, blockchain-based open-cry auctions, are sensitive to the order of transactions and deadlines which, in the absence of a governing party, need to be provided in the system design. In this paper, we identify the key properties for the development of decentralized open-cry auctioning systems, including verifiability, transaction immutability, ordering, and time synchronization. Three prominent blockchain platforms, namely, Ethereum, Hyperledger Fabric, and R3 Corda were analyzed in terms of their capabilities to ensure these properties for gap identification. We propose a solution design that addresses these key properties and presents a proof-of-concept (PoC) implementation of such design. Our PoC uses Hyperledger Fabric and mitigates the identified gaps related to the time synchronization of this system by utilizing an external component. During the chaincode execution, the creation and submission of bids initiate requests to the time service API. This API service retrieves trusted timestamps from NTP services to obtain accurate bid times. We then analyzed the system design and implementation in the context of the identified key properties. Lastly, we conducted a performance evaluation of the time service and the PoC system implementation in time-sensitive scenarios and assessed its overall performance.
Blockchain emerges as an innovative technology with potential applications in the healthcare sector due to its demonstrated qualities of decentralization, distribution, and data integrity. This systematic literature review (SLR), without metaanalysis, aims to analyze current perspectives and trends in blockchain interoperability for information systems in the healthcare sector, focusing on challenges and opportunities to enhance healthcare data management through this technology. Using the PICO strategy and PRISMA methodology, 25 openaccess articles from Scopus and PubMed databases were reviewed, addressing blockchain interoperability and healthcare between 2020 and 2024. The results highlight those perspectives on blockchain interoperability in healthcare focus on improving efficiency and security in data exchange through a decentralized network. Furthermore, trends indicate the use of platforms and standards such as FHIR, IPFS, Ethereum, and Hyperledger to facilitate this exchange. In conclusion, this study underscores blockchain's potential to transform health data management and exchange through cryptographic mechanisms that enhance the security and efficiency of information systems. It also identifies trends and the use of these platforms and standards that contribute to achieving interoperability.
With the development of technology, the connected vehicle has been upgraded from a traditional transport vehicle to an information terminal and energy storage terminal. The data of ICV (intelligent connected vehicles) is the key to organically maximizing their efficiency. However, in the context of increasingly strict global data security supervision and compliance, numerous problems, including complex types of connected vehicle data, poor data collaboration between the IT (information technology) domain and OT (operation technology) domain, different data format standards, lack of shared trust sources, difficulty in ensuring the quality of shared data, lack of data control rights, as well as difficulty in defining data ownership, make vehicle data sharing face a lot of problems, and data islands are widespread. This study proposes FADSF (Fuzzy Anonymous Data Share Frame), an automobile data sharing scheme based on blockchain. The data holder publishes the shared data information and forms the corresponding label storage on the blockchain. The data demander browses the data directory information to select and purchase data assets and verify them. The data demander selects and purchases data assets and verifies them by browsing the data directory information. Meanwhile, this paper designs a data structure Data Discrimination Bloom Filter (DDBF), making complaints about illegal data. When the number of data complaints reaches the threshold, the audit traceability contract is triggered to punish the illegal data publisher, aiming to improve the data quality and maintain a good data sharing ecology. In this paper, based on Ethereum, the above scheme is tested to demonstrate its feasibility, efficiency and security.
Virtual property, including digital currencies and virtual goods on online platforms, has become an important component of the digital economy. Digital currencies such as Bitcoin and Ethereum are characterized by decentralization and anonymity, possessing both currency attributes and investment tool characteristics. At the same time, virtual goods like in-game equipment and pets carry emotional significance for users and have economic value. However, the legal status of these virtual properties is ambiguous, leading to uncertainty in dispute resolution and protection mechanisms. This article explores the current legal protection status of virtual property, particularly focusing on digital currencies and game-based virtual assets, and emphasizes the need to establish a regulatory framework that adapts to rapid technological changes. The article analyzes the legal attributes of digital currencies and the legal status of virtual goods, proposing that legislation should clarify the legal attributes of virtual property and optimize regulatory mechanisms to promote healthy market development and protect consumer rights.
Cristina Palma, Rui Dias, Rosa Galvão, Paulo Alexandre · 5 authors
The primary purpose of this study is to compare the levels of efficiency between the Islamic cryptocurrency (HelloGold), the ecological cryptocurrencies Cardano (ADA) and Stellar (XLM) and the traditional digital currencies Bitcoin (BTC) and Ethereum (ETH) over the period from 24 February 2022 to 28 January 2024. Analysing the DFA exponents reveals different types of memory in the digital currencies time series. The Islamic digital currency HelloGold (HGT) exhibits short-term memory, suggesting profit opportunities based on recent trends. In contrast, the green cryptocurrency Cardano (ADA) shows long-term memory, indicating the influence of long-term events and trends on prices. The digital currency Stellar (XLM) does not show a clear short-term or long-term memory trend, making it difficult to predict future movements. Meanwhile, Bitcoin (BTC) and Ethereum (ETH) exhibit long-term memory, suggesting that their prices are affected by long-term trends. These results have important implications for investors and traders when adjusting their trading strategies according to the behaviour observed in cryptocurrency prices.
Tawfiq Alrawashdeh, Khaled Almiani, Young Choon Lee, Taha Hossein Rashidi · 5 authors
To address the critical need for enhancing Quality of Service (QoS) monitoring in the logistics service delivery domain, this paper introduces a blockchain-based QoS monitoring framework that aims to automate service delivery and dispute resolution processes. Traditional QoS monitoring solutions rely heavily on human judgment and intervention, which may increase operational costs and reduce service reliability. Such behaviour highlights the demand for more efficient and transparent logistics services, which underlines the importance of utilizing blockchain technology’s immutable and decentralized nature. The proposed framework in this paper employs a graph-based approach to transform QoS requirements into Deterministic Finite Automata (DFA) format. This strategy simplifies delivery monitoring and the identification of service violations through efficient DFA traversal. By using the Ethereum network as the deployment environment, we demonstrate Traversing a DFA is computationally efficient and reduces operational costs. Extensive experiments were conducted to evaluate the cost-effectiveness of the framework, showing that monitoring a delivery using this framework costs approximately $2.59. This finding underscores the framework’s advantages in operational cost optimization compared to traditional human-based methods. Moreover, the decentralized nature of our proposed framework allows customers and businesses to jointly define and monitor QoS parameters. Therefore, a transparent and trust-based relationship between the business partners can be established.
Mathew Fukuzawa, Brandon M. McConnell, Michael G. Kay, Kristin Thoney-Barletta · 5 authors
Purpose - Demonstrate proof-of-concept for negotiating and executing a small-scale contracting job based on letter of credit within a blockchain network using smart contracts. Design/Methodology/Approach - Using Ethereum smart contracts, we model a small-scale general contracting scenario under perfect conditions. Execution is demonstrated with the Remix Integrated Development Environment (IDE). Findings - We show the feasibility of conducting a small-scale contracting job using smart contracts. The entire process, including job details, payment, and verification, can be conducted digitally. Originality/value - This research continues the efforts of previous research on letters of credit on blockchain but applies it to the general contracting scenario at small scale. Research limitations/implications - Further work is required to investigate variations in the assumptions, such as dishonesty and incompetence. Also, full-scale decentralized application is not explored here. Practical implications - This process expands the scope of current practices and tools, such as Angi, in a decentralized manner with blockchain. Social Implications - Full-scale adoption at the small scale is likely difficult due to disbelief in technology, cost, and resistance to change.
Depositing and borrowing in a currency other than the local currency is a well- documented phenomenon. The associated exchange rate and monetary risks, pivotal during the Asian Financial Crisis of 1997, prompted an academic discourse. Financial dollarization literature explains why individuals and corporations domiciled in emerg- ing markets deposit and borrow in hard currencies, mainly in U.S. dollars. This thesis proposes a model for cryptocurrency lending and assesses model predictions with a data set containing more than one million Ethereum transactions. The computational modelling and statistical analysis show that the main theoretical explanations provided by financial dollarization literature may not be directly transferable to cryptocurrencies. The results suggest that the popularity of depositing and borrowing in cryptocurrencies must be largely motivated by other factors.
With the rapid development of the digital economy, the application of blockchain technology in the field of e-commerce finance is becoming increasingly widespread, but its potential risks are also increasing. This article aims to use blockchain algorithms to conduct risk assessment on the development of e-commerce finance. Firstly, build a smart contract based on Ethereum to monitor abnormal behaviour in real-time during the transaction process; Secondly, utilising the pluggable consensus mechanism of the super ledger, evaluate the efficiency and security of different consensus algorithms in processing transactions, and analyse their impact on compliance risks. The found risk components are quantitatively investigated to build a risk assessment model by using real instances and merging fuzzy comprehensive evaluation approach. The findings of the research show that the suggested approach can support pertinent judgments, clearly identify and measure any hazards in e-commerce finance, and encourage its sustainable development.
With the recent impact of viral infections and pandemics – akin to a recent global healthcare emergency due to COVID-19 - there is an urgent need for mass-scale testing and vaccination initiatives for tackling the health and economic crises. However, the centralized storage of patient information has given rise to significant concerns regarding privacy, transparency, and efficient transmission of vaccination records. This paper exploits a blockchain-based solution that presents a novel approach by seamlessly integrating identity verification, encryption protocols, and decentralized storage via IPFS (InterPlanetary File System) which gives rise to the concept of Digital Passport of Health (DPoH). The proposed solution in this paper introduces the concept of DPoH, specifically designed for test certification, and leverages the power of smart contracts on Ethereum-based blockchain technology for securely creating, managing and transmitting data in the form of DPoH. The proposed solution is being evaluated in three dimensions including (i) gas cost (i.e. energy efficiency), (ii) data storage (i.e. storage efficiency), and (iii) data access (i.e. response time) for creation and transmission of DHoPs. The developed solution and its criteria-based validation are complemented with algorithmic implementations that can progress existing research and development on blockchain-based management of health-critical systems.
Maede Hojjati, Arian Arabnouri, Alireza Shafieinejad, Halim Yanıkömeroğlu
Universal Subscriber Identity Module (USIM) is an essential part of the mobile network mainly for providing identification and authentication of the subscriber. The activation and deactivation of USIMs are the two most critical services that must be supported by Mobile Network Operators (MNOs). The current solutions suffer from several limitations such as the lack of round-the-clock services and the presence of a single point of failure. In this paper, we propose a blockchain-based scheme for USIM management. Each MNO creates its own smart contract and publishes its address to subscribers. Subscribers can then directly submit their requests by registering a transaction that invokes a specific function of the smart contract. The proposed scheme provides an anytime-anywhere service while at the same time it leverages the benefits of blockchain technology, such as a decentralized architecture that prevents Denial-of-Service (DoS) attacks, as well as a secure auditable log and payment using cryptocurrency. Moreover, we provide a security proof for the scheme through formal verification. Our results demonstrate that our scheme ensures subscriber privacy while providing mutual authentication among participants. Finally, our evaluation on the Ethereum blockchain confirms the efficiency of the scheme in terms of both transaction and execution costs.
Yan Li, Yan Li, Yuying Gong, Mingbo Wu · 7 authors
Abstract Blockchain technology is demonstrating vast potential in the realm of distributed energy transactions. This article employs the Ethereum platform to architect an energy trading settlement framework. By incorporating whitelists, authorization mechanisms, and dedicated energy tokens, transactions are rendered more secure and reliable, ensuring the openness, transparency, traceability, and immutability of transaction information. The proposed transaction settlement mechanism automatically updates users' energy imbalances and levies corresponding charges, thereby ensuring strict adherence to transaction contracts. Furthermore, during the settlement phase, smart contracts are employed to autonomously evaluate the creditworthiness of transaction parties, with results recorded on the blockchain. As the credit levels of the entities across the entire network increase, the block generation time for distributed energy trading blockchains becomes shorter, with the block generation time predominantly influenced by the credit rating of the highest-rated entity in the network. Hence, through smart contract design based on energy trading, blockchain technology is utilized to enhance the transparency and security of transaction settlement and clearing. Future research could focus on improving blockchain scalability, integrating emerging technologies, to advance the effectiveness and adoption of blockchain-based energy trading systems.
In today's world of internet marketing product review plays a crucial role. Often E-Commerce companies are accused of manipulating with the data and it suffers from biasing. Biasing leads to wrong customer's view creation thereby prediction for a top rating product fails. This study shows how crowd annotation prevents this biasness and thereby design a smart contract which ultimately will help to eliminate the data manipulation. The smart contract is deployed and tested to see if data can be saved in the run time storage memory regions of the Ethereum blockchain, and the test results are positive. In future this will help to get the unbiased data and better machine learning results, which will ultimately be beneficial for the economy.
Open access
Blockchain Technology Applications and Security
Advanced Steganography and Watermarking Techniques
This study explores the opportunities and challenges presented by smart contracts and their technological foundation, the blockchain.It details the history and mechanics of blockchain technology, emphasizing its decentralized, immutable, and tamper-proof nature.the paper delves into the concept of smart contracts, tracing their origins to nick Szabo and their evolution through the ethereum blockchain.It highlights the role of oracles in enabling smart contracts to interact with the physical world and addresses various practical issues such as immutability, code errors, and the legal implications of smart contracts.The study also examines the integration of artificial intelligence (AI) in smart contracts, discussing how AI can function as an oracle to provide reliable information and support the contractual process.By examining different types of blockchains and smart contracts, the study provides insights into their potential applications and the inherent limitations and risks associated with their use, particularly in terms of legal enforcement and jurisdiction.
Charles Bertucci, Louis Bertucci, Mathis Gontier Delaunay, Olivier Guéant · 5 authors
ABSTRACT Contrasting sharply with traditional money, bond, and bond futures markets, where interest rates emerge organically from participant interactions, DeFi lending platforms employ rule‐based interest rates that are algorithmically set. Thus, the selection of an effective interest rate model (IRM) is paramount for the success of a lending protocol. This paper investigates the modeling of agents' behaviors on lending platforms and proposes a theoretical framework for formulating optimal IRMs. We show that, under perfect information, an optimal control model with a state constraint generates an optimal interest rate policy that has a shape similar to that of popular markets. Furthermore, we formally analyze interest rate policies based on PID controllers, which work efficiently based on fewer assumptions. Using public data of popular markets on the Ethereum blockchain, we analyze agents' behavior, build a realistic simulation environment, and highlight the main tradeoffs in the design of interest rates for decentralized lending platforms.