Blockchain Papers

Brian Sanya Mondoh, Palesa Roza Gwele

No abstract is available for this record.

Magnus Van Haaren, Helge Klapper

Misalignment between individual preferences and organizational decisions can lead to demotivation, absence, and turnover. This is particularly challenging for decentralized organizations that rely on management tools based on hierarchical authority to limit these negative effects of misalignment. We theorize that (decentralized) organizations can use decision-making structures to moderate the negative impact of misalignment. Using a dataset of 140 decentralized autonomous organizations, we find that implementing weighted decision-making structures, where members can express preference intensity, significantly alleviates this negative impact. Likewise, quadratic decision-making structures, which limits the influence of members with high voting power, reduces the adverse effects of misalignment.

Eric Buddensiek, Paul P. Momtaz

No abstract is available for this record.

Mark Esposito, Terence Tse, Danny Goh

This paper explores the intersection of decentralized governance, blockchain technology, and the digital commons through the lens of Elinor Ostrom’s principles. It examines how Decentralized Autonomous Organizations (DAOs) and tokenization models present both opportunities and risks for managing digital resources in transparent, community‐driven ways. The authors assess how token‐based, reputation‐based, and hybrid governance mechanisms—ranging from quadratic voting to Soulbound Tokens—can enhance democratic participation and accountability within blockchain ecosystems, while also recognizing their susceptibility to plutocracy, voter apathy, and collusion. Drawing on case studies such as MakerDAO, MolochDAO, Commons Stack, and Aragon, the paper critically analyzes real‐world implementations of decentralized governance and the extent to which they adhere to—or deviate from—Ostrom’s design principles for common‐pool resource management. It highlights structural limitations in governance design, especially in the presence of unequal voting power and centralized control disguised as decentralization. The paper also critiques the socio-economic implications of blockchain’s global expansion, noting how digital governance can replicate neo-colonial dynamics in the Global South and amplify state surveillance in authoritarian contexts. Further, it underscores the environmental costs of blockchain infrastructure and introduces DAOs like KlimaDAO and Regen Network as emerging experiments to align decentralized finance with sustainability goals. Ultimately, the authors propose a “dual imperative”: to develop context‐sensitive, inclusive governance architectures within DAOs, while pursuing international legal recognition and standards. The conclusion calls for communitarian models that fuse algorithmic rule enforcement with human-centered deliberation to protect the emancipatory potential of blockchain governance. Whether blockchain becomes a force for democratization or digital enclosure, the authors argue, will depend on how its governing architectures are designed, contested, and evolved by the communities that steward them.

Eric Buddensiek, Paul P. Momtaz

No abstract is available for this record.

Shengnan Li, Jiahua Xu, Paolo Tasca, Claudio J. Tessone

No abstract is available for this record.

Sai Santhosh R, Ashutosh Kumar Singh

The fusion of composable finance and generative AI signals a transformative leap in decentralized asset management. Composable finance, grounded in modular and interoperable Decentralized Finance (DeFi) protocols, allows developers and users to assemble, customize and automate financial services using plug-and-play smart contract components. Generative AI, leveraging advanced architectures like transformers and diffusion models, introduces new possibilities for dynamic portfolio generation, synthetic asset creation and predictive market analysis. This paper presents an integrated view of how generative AI can enhance composability by intelligently automating decision pathways, risk profiling and liquidity routing across blockchain ecosystems. Drawing insights from Finance 4.0 innovations, AI- powered automation in financial infrastructure and the design of secure, data-driven DeFi environments, we explore use cases that redefine user interaction and asset control in decentralized settings. The research proposes a reference architecture where generative agents act as co-creators of financial strategies, supporting autonomous rebalancing and compliance monitoring in real time. We also analyze how Decentralized Autonomous Organizations (DAOs) can integrate AI agents for governance optimization and crowd-sourced financial intelligence. Challenges such as model transparency, tokenomics, adversarial manipulation and explainability are examined in depth. The paper outlines a future-forward blueprint for scalable, AI-augmented composable finance platforms that reduce technical complexity, increase inclusivity and align with the core tenets of decentralization, user sovereignty and verifiable execution in the Web3 era.

Christine A. Parlour

No abstract is available for this record.

Arpita Sharma, Chetan Panse, Nishu Gupta, Sunny Dawar · 6 authors

No abstract is available for this record.

Олександр Басюк

The article explores an approach to implementing modern digital technologies, such as blockchain solutions, in the public finance management system, considering global experience. The purpose of the article is to develop recommendations for the implementation of digital technologies into the existing public finance management mechanism of modern Ukraine to reduce objective risks from the “human factor” in corporate and public management, and, in accordance with the goal, 5 research tasks are set and solved in the article. The author analyzes key challenges in public finance management, particularly the negative impact of the human factor, and proposes solutions aimed at minimizing errors, enhancing transparency, and reducing corruption risks. Existing methodologies and frameworks for evaluating digital technologies, such as the digital maturity models of the OECD, the World Bank, ISO 37122, as well as methodologies from NIST and the EU, are examined. The study develops a new methodological approach to the comprehensive evaluation of technologies, encompassing six key criteria: process automation, transparency, security, decentralization, efficiency, and implementation cost. A technology assessment system is proposed for each criterion, along with a mathematical model for calculating an integrated indicator. This methodology enables the classification of technologies as either key or auxiliary in the context of the digital transformation of the public finance management mechanism. The article emphasizes the unique potential of decentralized technologies, such as blockchain, in minimizing the impact of the human factor. The primary contribution of the study lies in creating a scientific basis for enhancing the efficiency of public administration by introducing modern digital technologies capable of minimizing the adverse effects of the human factor. Applying the developed technology evaluation methodology will provide a well-founded means to identify priority areas for the digital transformation of Ukraine’s public finance management system, taking into account global experience and national specifics.

Xi Zhao, Li Jian, Xiang Wan, Xinyu Zang · 5 authors

Abstract We examine the impact of vampire attack, a unique platform entry strategy in the blockchain ecosystem, on the operational performance of the incumbent platform. During the vampire attack period, the entrant (attacker) clones the incumbent platform and offers tokenized incentives to entice users away from the incumbent. Prior studies offer little insight into the impact of vampire attack strategy because of its uniqueness in platform cloning, tokenized incentives, and targeted attacks. We implement a quasi‐experimental design by leveraging the first and most famous vampire attack launched by SushiSwap (the attacker) against Uniswap (the incumbent). We examine both the deposit‐side and exchange‐side impacts of the vampire attack on the operational performance of the liquidity pools on Uniswap. Surprisingly, we find that the vampire attack has no significant effect on the liquidity provision on the deposit side. Even more surprisingly, the vampire attack significantly increases the incumbent's trading volume on the exchange side. We further uncover the underlying mechanisms contributing to these intriguing results. We also demonstrate the efficacy of the novel tokenized incentives strategy. We show the generalizability of our findings by examining an alternative vampire attack event in the context of non‐fungible token marketplaces. Our study offers significant contributions to the literature on the implications of blockchain on platform operations and platform competition in operations management.

Zoe Konstantinidou, Evangelos Kehris

Over the last decades, globalization in manufacturing and in international trade has led to unprecedented complexity in customs procedures. A basic requirement for Customs Authorities is to determine the origin of products and materials/ inputs in order to perform the appropriate customs procedures. This paper investigates the potential of Distributed Ledger Technologies (DLT) to address the challenges of determining correctly the origin of products in order to safeguard the public revenues, accelerate clearance procedures and promote the international trade. The paper analyzes the requirements of the clearance procedures of imports under preferential trade agreements, discusses the unique attributes of DLT and presents DLT implementations in customs procedures and in international trade. Then it provides a requirements analysis and an architecture for the development of DLT-based system for the handling of the origin of products in customs procedures.

Xiufeng Li, Lei Li, Shaojun Ma

In recent years, various digital Business-to-Business (B2B) platforms have been accelerating the promotion of digital transformation in manufacturing. Consider a supply chain setting where an online B2B platform offers Internet of Things (IoT) service and selling channels to a manufacturer, this paper examines digital innovation investments and service pricing decisions under two common contracts: sell-on and sell-to contracts. Firstly, we have identified the impact of demand spillover from IoT platform services and IoT technology on manufacturer innovation and product line decisions. We found that under significant demand spillover , the manufacturer will exclusively produce smart products and discontinue the production of traditional products. Secondly, we find that under sell-on contracts, the innovation investments of the platform and manufacturer are always substitutable as the platform commission rate increases. Also, both the manufacturer and the IoT platform tend to increase innovation provision when using sell-on contracts compared to sell-to contracts. Finally, our results illustrate that the profitability of the IoT platform and the manufacturer is contingent upon the type of contract in place, with the IoT platform being more profitable under sell-to contracts when demand spillovers are small. Our research findings offer a valuable reference point for developing IoT platforms and insights into innovation and pricing decisions for smart device manufacturers in the digital transformation of manufacturing.

Alexandre Marques Coutinho

This thesis explores the development of governance frameworks to facilitate fractional ownership of real estate assets using blockchain technology. Addressing inefficiencies in traditional property management, such as bureaucracy and lack of transparency, highlights the potential of distributed ledger technologies (DLTs) to enhance liquidity, streamline decision making, and democratize property investment. The legal, technical, and operational challenges, the thesis shows that tokenization, regulatory alignment, and further innovation will enable more efficient, transparent, and equitable management of real estate assets. It also evaluates blockchain compatibility for governance needs, compliance with EU regulations, and the implications of varying ownership structures.

Kobe De Keere, Maksim Novokreshchenov

Russia is a global forerunner in cryptocurrency adoption. This paper explores how cryptocurrency, as a techno-economic actant, informs the way Russians strategize their lives and imagine alternative futures. Based on in-depth interviews with Russian cryptocurrency owners and advocates (N = 21), we show how this new digital asset is tied to specific techno-economic imaginaries, allowing Russians to envision shortcuts out of prolonged crises. By mobilizing concepts from science and technology studies, sociology of crises, and the study of economic valuation, we unpack how cryptocurrency has a performative effect (i.e. acts and makes act) on the way Russians live during crises. The analysis reveals three shortcuts on different social levels. First, on a day-to-day level, cryptocurrency is imagined as a way to hedge against inflation, circumvent payment restrictions, and find alternative sources of income. Second, it acquires political value as it is seen as a means to circumvent state power through self-custody of value and anonymity. Finally, engagement with cryptocurrency fosters a belief in an alternative geofinancial configuration, envisioning the replacement of the US Dollar as the global currency and imagining a post-state tech utopia.

Kilian Schmück, Magnus Schückes, Tobias Gutmann, Oliver Gassmann

Business model literature, while insightful, primarily focuses on the Internet and Web 2.0 contexts. The emergence of pioneering digital technologies, especially the Web3 anchored by blockchain, necessitates reevaluating business model paradigms, particularly those of platform business models within related ecosystems. This study delves into blockchain's unique affordances, investigating how they mold novel Web3 business model patterns and integrate into specific platform ecosystems. We scrutinize the characteristics, trajectories, and synergies of value creation and capture. Using a mixed-methods approach involving 171 interviews and a subsequent sample of 126 Web3 ventures, we delineate a taxonomy of Web3 business model dimensions, clustering emergent decentralized platform ecosystems into pertinent archetypes. Our theoretical model delineates how blockchain affordances influence these configurations, emphasizing the dynamic between a platform's nucleus and its fringes. We highlight Web3 platform design choices leaning towards data sovereignty, emphasizing how the degree of blockchain integration within platform governance—leading to information symmetry and platform disintermediation—transitions digital trust to what we term as digital truth . • Blockchain-based platforms enable new decentralized governance structures in platform ecosystems. • Two distinct Decentralized platform archetypes are identified: Federated and Web3 platform ecosystems. • Platform-inherent token is crucial for incentivization and coordination schemes in fully decentralized platform ecosystems. • Blockchain affordances offer innovative pathways for overcoming B2B platform challenges. • Our study provides managerial insights for designing blockchain-based platform strategies.

Pegah Beikzadeh, Maedeh Mosharraf

Amidst the frenzy surrounding Non-Fungible Tokens (NFTs) in 2021, the concept of digital assets and trading was redefined. Although the initial hype may have subsided, NFTs continue to drive innovation in ownership, with substantial revenue streams flowing through the market. This transformative shift underscores the importance of discerning the factors that shape this ecosystem. This paper delves into the intricate dynamics of the NFT market, particularly focusing on the impact of creation methods—whether hand-drawn or artificial intelligence (AI)-generated—on market behavior. In a comprehensive analysis of the NFT market, we have analyzed a vast dataset comprising 1,478,556 transactions of NFT art from the OpenSea marketplace in 2023 to explore correlations and patterns between key transactional features. Furthermore, we employed regression models to predict the sales of an NFT and classification models to distinguish between hand-drawn and AI-generated NFTs. Finally, by comparing different machine learning models, we identified the most appropriate model for analyzing the market, considering the non-linear relationships and complex nature of the NFT market. Overall, the results provided in this research can lead to making more informed decisions regarding investment, creation, and trading.

Meiske Mariana Wenseslas Lasut, Engeli Yuliana Lumaing, Ademsi Timomor, Wenly R. J. Lolong · 5 authors

This study aims to analyze the legal and social implications of cryptocurrency adoption in developing countries. This study adopts a holistic approach that integrates legal, social, and economic analysis to provide a more comprehensive understanding. This study uses a qualitative method with a literature review approach. Data were collected through a systematic search of academic databases using relevant keywords. Thematic analysis was conducted to identify key themes related to cryptocurrency adoption in developing countries. Triangulation of data sources and consideration of geographical context were conducted to ensure the validity of the results. The results show that cryptocurrency adoption in developing countries has significant potential but also presents complex challenges. Some of the key findings include: cryptocurrency has the potential to increase financial inclusion for the unbanked population; developing countries face regulatory dilemmas in adopting cryptocurrency; widespread adoption of cryptocurrency can affect macroeconomic stability; cryptocurrency shows the potential to revolutionize the remittance sector; limited technological infrastructure is a major barrier to adoption; cryptocurrency adoption has diverse social implications, including the risk of widening the digital divide; lack of consumer protection mechanisms is a major concern; international collaboration is essential in addressing adoption challenges; low financial and digital literacy are significant barriers; and cryptocurrency adoption raises environmental concerns related to energy use.

Haoqian Zhang, Michelle Yeo, Vero Estrada-Galiñanes, Bryan Ford

No abstract is available for this record.

Khaladdin Rzayev, Αθανάσιος Σάκκας, Andrew Urquhart

The network effect, measured by users’ adoption, is considered an important driver of cryptocurrency market dynamics. This study examines the role of adoption timing in cryptocurrency markets by decomposing total adoption into two components: innovators (early adopters) and imitators (late adopters). We find that the innovators’ component is the primary driver of the association between user adoption and cryptocurrency returns, both in-sample and out-of-sample. Next, we show that innovators’ adoption improves price efficiency, while imitators’ adoption contributes to noisier prices. Furthermore, we demonstrate that the adoption model captures significant cryptocurrency market phenomena, such as herding behaviour, more effectively, making it better suited for forecasting models in cryptocurrency pricing. These results suggest that our methodology for linking early and late adopters to market dynamics can be applied to various domains, offering a framework for future research at the intersection of operational research and financial markets.

Vitor Hugo Belavenutti Martins da Silva

O presente trabalho analisa a plataforma NBA Top Shot como um estudo de caso para explorar as implicações jurídicas dos tokens não fungíveis ou non-fungible tokens (NFTs) à luz do ordenamento jurídico brasileiro. A pesquisa abrange aspectos conceituais, tecnológicos e jurídicos dos NFTs, com ênfase na estrutura distinta dos “Momentos” da NBA Top Shot como ativos digitais que incorporam o NFT e os direitos de uso limitado sobre conteúdo licenciado (e.g., imagens e vídeos de jogadores). O estudo destaca o caráter centralizador da blockchain subjacente à plataforma, a Flow, em face dos modelos público (permissionless) e permissionado (permissioned). Destaca ainda questões na adaptação desta plataforma internacional à aplicação do Código de Defesa do Consumidor (CDC) e os desafios decorrentes de cláusulas de arbitragem e lei aplicável. O estudo direciona-se ainda para lições sobre como uma versão brasileira da plataforma NBA Top Shot poderia ser implementada, indicando recomendações sobre quais aspectos devem ser adaptados à legislação brasileira. Ao examinar a interseção entre a tecnologia blockchain, os direitos dos consumidores e a conformidade jurídica transfronteiriça, este estudo contribui para o debate em curso sobre o equilíbrio entre inovação e proteção jurídica no mercado emergente de NFTs no Brasil.

Oladipupo AbdulMalik Olalekan

The study seeks to address the gender gap in the crypto world by exploring strategies for promoting financial literacy, creating opportunities for women in the industry and addressing the “bro culture”. Several empirical evidence has been done by researchers which indicates that men are more interested in crypto currencies than women. This work will show how crypto currency-based approaches to development interact with gender, which are part of neoliberal beliefs about entrepreneurialism, financial inclusion, and gender roles. Block-chain technology has the potential to address gender inequality. The research methodology borders around the use of descriptive methods of analysis and content analysis. The work attempts to look into the rise of decentralized finance, specifically block chain-based applications and calls for a more feminine-friendly analysis. Findings by Gemini’s State of US Crypto report showed that women make up only 26% of the investors in the space. Forex analyzed the top 50 crypto company founders to find only 6% of these have female CEOs. The World Bank explores how block chain can be leveraged to advance gender equality, particularly in the context of humanitarian response and financial services. As such, the gender gap in the cryptocurrency world is a complex issue that requires a multifaceted approach to address. The study recommended that blockchain technology holds promise for promoting gender equality

Deo Shao, Nyankomo Marwa

Achieving zero hunger through food security, improved nutrition, and sustainable agriculture is one of the global agendas. Thus, the quality of seeds is important for ensuring sustainable food security, making seed certification critically important. However, classical seed certification systems are predominantly paper-based with limited digitisation. These systems, even digitised, are often centralised, and they face challenges related to transparency, traceability, and integrity. This study aims to investigate the practicality of blockchain technology in revitalising transparency, traceability, and integrity in the seed certification process. This study used a Design Science Research (DSR) approach to design and test a blockchain-based smart contract to improve the seed certification process. Within the DSR framework, the study used literature review and evolutionary prototyping to establish the requirements and design the prototype. The findings demonstrate the practical application of blockchain technology in improving aspects of transparency and integrity in the seed certification process. The findings further underscore that smart contracts can be leveraged efficiently to automate and enhance the seed certification process. The findings provide evidence-based frameworks for decision-makers and practitioners to justify the prioritisation of blockchain technology in designing future sustainable agricultural systems. Future studies should investigate how blockchain-based systems for seed certification can be scaled and integrated with existing agricultural systems. This study provides both theoretical and practical contributions on application of blockchain technology in the domain of seed supply chain. Specifically, it provides a comprehensive account of the design aspects of blockchain system in the seed certification process.

Fabien Clive Ntonga Efoua, Françoise Okah Efogo, Yanick Fredy Mvodo

<ns4:p>This paper proposes a reflection on the opportunities and the challenges of the use of digital means of payment (decentralised and regulated ones) in the African economies. In this perspective, we structure our reasoning around three axes. First, we try to show that digital currencies can serve as a lever for financial inclusion and the revolution of means of payment in an increasingly digitalization context. Second, we discuss the technical and the infrastructural constraints (deployment of the blockchain, electricity and Internet access) which condition the effective use of digital currencies. Third, we discuss the trade-offs and the possible implications that arise from the circulation of the Bitcoin, the Altcoins and the Stablecoins on the one hand, and the Govcoins on the other. In our view, the African authorities should first focus on overcoming infrastructural and institutional obstacles, rather than rushing the adoption of cryptocurrencies. Some policies implemented in this direction would in fact offer the continent the opportunity to anchor itself once and for all to progress. <ns4:bold> Classification JEL </ns4:bold> : D73, E00, E58, G18, O33, O55</ns4:p>