In the new digital age, with the rapid development of electronic devices and the Internet, the transformation of money is also inevitable. Cash and credit card payments are beginning to be replaced by mobile, online payment methods. Advances in technology have hastened the spread of cryptocurrencies and created digital currencies. However, this development and the emergence of cryptocurrencies began decades ago. Although decentralized finance does not seem to be a substitute for the traditional financial system, it is unlikely that it will become an official currency in the future, but emerging digital currencies could play this role. The aim of this study is to present the background to the emergence of digital currencies and to seek answers to the challenges it will face in the future to become a full-fledged currency.
Investors are gearing up to invest their money into wide range of cryptocurrency choices. However, investors are still somewhat hesitant about the adoption of this virtual currency. Therefore, there is a strong need to Önd out the reasons by identifying the factors that a§ect the investorsí perceptions towards adoption decisions for investing in cryptocur- rencies. New constructs have been identiÖed that will provide value and utility for users of cryptocurrencies. The factors proposed in the model have the greatest ináuence on the behavioral intention of the investors. Findings highlighted the concerns regarding trust, risk factors, ease of use, and supportive technologies.
Abstract: Smart contracts are self-executing, deterministic scripts that run transparently on top of a blockchain. They enable trusted transactions and agreements between anonymous parties without the need for a trusted figure or authority. The smart contract code and agreement between the parties are publicly available on the blockchain, making transactions transparent, traceable, and irreversible. Smart contracts have the potential to revolutionize and disrupt numerous industries' traditional operating procedures. Although research on smart contracts has yielded significant results, their full potential remains untapped. A bibliometric analysis was performed in this paper to obtain a holistic overview and to assist academic researchers in developing a comprehensive understanding of the state of scientific research on smart contracts. 513 articles on smart contracts were extracted and analyzed using biblioshiny and VOSviewer from the core collection of the Web of Science (WOS) database. Influential journals, top authors, most contributing countries, and impactful articles in the smart contract domain are revealed. A three-fields plot is constructed to show the interactions between the most relevant sources, author key words, and countries, providing a deeper understanding of the state of global research on smart contracts. Furthermore, keyword co-occurrence analysis identified four clusters representing underlying research streams: (1) smart contracts technology and its applications in healthcare (2) applications of smart contracts in supply chain management (3) smart contracts for the Internet of Things (IOT) (4) Smart contracts for business ventures on consortium blockchains Finally, future research directions are suggested based on areas of low coverage but high potential impact
The NFT marketplace is only three years old, yet it was already reshaping the worldwide market in 2021-2022. The Non-fungible tokens (NFTs) are a new and rapidly growing trend changing how digital assets are exchanged. NFTs are digital tokens representing unchangeable ownership of digital goods such as artwork and collectibles and are traded on blockchain-based marketplaces. NFTs generate unique ways to manage, utilize, transfer, design, and save digital data and have undergone a quick surge in numerous applications spanning artwork, entertainment, media, content sharing, and digital crypto commerce. This study aims to look into non-fungible tokens for marketplaces and how they affect global markets. Our main contribution is to prospecting NFTs for Marketplaces. In doing so, we highlight essential questions of NFTs for marketplaces and examine what the taxes and intellectual rights of properties of NFTs are. Further, the paper provides trending information such as total bitcoin price and the mean price per transaction transmitted to NFTs Networks, Most Popular NFT collections transaction volume, the proportion of web traffic to NFTs markets by area, number of active NFT collections on OpenSea.
This intersection of Web3 technology and the metaverse constitutes a major leap into decentralized digital environments. Web3, which is based on blockchain technology, offers a user-centric architecture that allows users to own and control their digital assets, identities, and interactions. Blockchain ensures transparent, immutable records in the metaverse; smart contracts enable secure, trustless transactions to happen automatically. Non-fungible therapy tokens (NFTs) advance ownership online by showing original virtual items. Metaverse is a notion that envisions a communal, virtual shared environment that exists beyond the physical world. This space is shared by all individuals. It is a digital world in which users can interact with computer-generated surroundings, connect with other users, and participate in a variety of activities by utilizing AR, VR, and other immersive technologies. This article investigates how the integration of Web3 technology supports distributed governance, virtual commerce, and interoperable experiences, thereby ushering a new era of immersive, fair digital places. We also look at potential adoption chances as well as challenges.
Irina MNOHOGHITNEI, Alexandra HOROBEȚ, Lucian Belaşcu
Ever since the Global Financial Crisis, the financial system has seen an accelerated level of innovation. Bitcoin offered a decentralized alternative to money, with thousands of other cryptoassets quickly emerging. Most recently, Decentralized Finance (DeFi) promises to offer a new digital economy, with smart contracts replacing the need for financial intermediaries. This new market aims to reinvent traditional financial products in a more transparent and interoperable way. In this paper we aim to undertake an extensive literature review of the financial stability risks posed by the fast-growing DeFi market and assess these using the Financial Stability Board’s fintech framework. We find that DeFi could pose several challenges to traditional financial infrastructure, primarily by increasing interlinkages between cryptoassets and traditional financial markets. However, if DeFi evolves in a safe way, it could increase competition and financial inclusion with overall positive implications for financial stability.
Regardless of the benefits blockchain provides to the accounting information systems, its adoption and application is limited. This study: (1) investigated the underlying reasons for this limited adoption of blockchain in a developing country context; (2) explored the potential benefits and challenges of adopting blockchain; and (3) proposed how accounting and auditing should be facilitated to adopt blockchain technology. The study utilized a qualitative general inquiry approach by conducting 13 in-depth interviews with professionals and practitioners involved in the adoption process in organizations that had adopted blockchain technology, or are researching this technology and have plans to adopt this technology in the future. Findings revealed five reasons for the lack of blockchain adoption, contributing to Technology-Organization-Environment (TOE) framework and Institutional theory. In addition, the study identified the benefits and challenges of introducing blockchain into accounting and auditing while proposing a framework to facilitate blockchain adoption in these disciplines.
The article is devoted to the issue of studying the possibility of developing political decentralized networks based on or following the example of decentralized autonomous organizations (DAO), which are becoming increasingly common in the digital space. Their potential impact on the social institutions of society, including the system of state power, is analyzed. The article traces how the technological embodiment of antimonopoly and anti-state ideologies that have been actively developed in cyberspace can lead to a change in the very foundations of social institutions due to the absence of the need for a "third party" to guarantee the implementation of contracts and building responsible social relations. The development of cyberspace is viewed through the prism of clashes of state interests seeking to establish control over the system of digital interactions, and multiple interest groups developing technological capabilities for autonomizing action by building protection based on cryptography. If not loosening, then breaking holes in the financial systems of states is an indicator of the success of decentralized finance projects, which means it stimulates the further development of DAOs and their possible transformation into decentralized political networks. The article also analyses the components of the new discipline Cryptonomics or Cryptoeconomics, showing serious scientific and methodological foundations for the development of DAO, which indicates in favor of the possibility of considering them as experimental platforms for the development of more global projects. The article considers the special nature of the management of decentralized autonomous organizations based on financial incentives. A forecast is made regarding the next stage of confrontation between state structures and decentralized platforms. Conclusions are also drawn about the importance of the DAO for the development of the information society and the role of the intellectual elite in this confrontation.
Latar Belakang : Perkembangan teknologi menyebabkan banyak inovasi yang tercipta seperti cryptocurrency pada awalnya dibuat untuk menggantikan uang konvensional pada akhirnya banyak negara yang sekarang lebih memilih menjadikannya sebagai aset digital termasuk Indonesia menjadikanya sebagai instrumen investasi.
 Tujuan : Penelitan ini bertujuan untuk menganalisis bagaimana pengaruh persepsi manfaat, persepsi kemudahan penggunaan, pengetahuan konsumen dan promosi terhadap penggunaan cryptocurrency sebagai instrumen investasi pada konsumen PT Indodax Nasional Indonesia. Pengaruh antara variabel independen dan dependen di penelitian ini diuji secara parsial dan secara simultan.
 Metode : Bentuk penelitian yang digunakan dalam penelitian ini yaitu penelitian kuantitatif dengan eksplanatory research.
 Hasil : Hasil penelitian menunjukkan variabel persepsi manfaat (X1), persepsi kemudahan penggunaan (X2), pengetahuan konsumen (X3) berpengaruh secara signifikan terhadap penggunaan cryptocurrency sebagai instrumen investasi.
 Kesimpulan : Melalui nilai adjusted R square juga diketahui bahwa variabel persepsi manfaat, persepsi kemudahan penggunaan, pengetahuan konsumen dan promosi berkontribusi sebesar 55,7%, terhadap variabel penggunaan cryptocurrency sebagai instrumen investasi sedangkan sisanya sebesar 44,3%, dipengaruhi oleh variabel lainnya yang tidak dibahas dalam penelitian ini.
This article attempts to critically review the applications of smart contracts in public procurement. The literature on the topic is characterized by an emphasis on potential advantages and uses of this emerging technology, while it lacks in the concrete practical implementations of smart contracts in public procurement. In this context, we wish to realistically outline the legal regime of smart public procurement contracts. For this, we analyze the potential use of blockchain and smart contracts in public procurement at two stages: contract award and contract execution. Our article also discusses case studies of smart public procurement contracts, in order to assess their compatibility with and their impact on the EU public procurement system.
The purpose of this research is to analyze the exchange of virtual cryptocurrency money with real rupiah money from the perspective of sharia economic law. Currently there is a lot of money in virtual form, one of which is bitcoin. The emergence of this type of virtual money is proof of one of the latest technological advances. Bitcoin has been widely used by several countries and even makes it a transaction tool. Cryptocurrency is becoming a booming trend as a new investment opportunity. Not even a few believe that crypto becomes an attraction because it is considered to have different characteristics in solving expenses without using a third party. Some of the provisions in the exchange contract between the same and different currencies, namely exchanging money with similar types such as rupiah with Rupiah and must be done in cash, if different currencies such as Rupiah and Dollar must also be in cash, if the exchange occurs between money and commodities, the most important thing is agreement between the seller and the buyer. Cryptocurrency (Bitcoin) is legal to use for people who accept and acknowledge it, but MUI and OJK do not allow it as a commodity and similarly BI does not allow it as a legal transaction tool to be used in Indonesia because it is considered not to meet the requirements as a currency like Rupiah. and in the perspective of sharia economic law that cryptocurrency (Bitcoin) is an object or object that is not allowed (haram).
Abstract: The Blockchain ecosystem provides a space for developers and investors alike. Every few years we notice a certain type of project that catches the eyes of investors that disrupts the whole ecosystem, seeming to provide the most value/ returns in the eyes of the investors. Oftentimes, as history has proven these projects are nothing but a mirage formed by complex mechanisms that prove no utility/ work in a way that seems valuable at first but is an implementation of something very simple once understood. Decentralized Autonomous Organizations are a recent ecosphere of projects that took over the industry- built over possibly every layer 1 and layer 2 blockchain. This is a study on why the working of the DAOs was fundamentally flawed and the catalysts that caused projects on such a large scale to fail.
Blockchain technologies have seen a steady growth in interest from industries as the technology is gaining maturity. It is offering a novel way to establish trust amongst multiple stakeholders without relying or trusting centralised authorities. While its use as a decentralised store of value has been validated through the emergence of cryptocurrencies, its use case in industrial applications with multiple stakeholder ecosystems such as industrial supply chain management, is still at an early stage of design and experimentation where private blockchains are used as opposed to public blockchains. Many enterprise blockchain projects failed to gain traction after initial launches, due to inefficient design, lack of incentives to all stakeholders or simply because the use of blockchain was not really necessary in the first place. There has been a need for a framework that allows blockchain designers and researchers to evaluate scenarios when a blockchain solution is useful and design the key configurations for an enterprise blockchain solution. Literature on blockchain architectures are sparse and only applicable to specific use cases or functionalities. This paper proposes a comprehensive Enterprise Blockchain Design Framework (EBDF), that not only identifies the relevant use cases when a blockchain must be utilised, but also details all the characteristics and configurations for designing an enterprise blockchain ecosystem, applicable to multiple industries. To validate the EBDF, we apply the same to the Vortal e-Procurement ecosystem allowing for multiple platforms to interoperate with greater transparency and accountability over the proposed blockchain framework. In this use case, many vendors bid for procurement procedures, often for publicly managed funds where it is extremely vital that full transparency and accountability is ensured in the entire process. Ensuring that certain digital certification functions, such as timestamps are independent from e-Procurement platform owners has been a challenge. Blockchain technology has emerged as a promising solution for not only ensuring transparency and immutability of records, but also providing for interoperability across different platforms by acting as a trusted third-party. The applied framework is used to design a Hyperledger based blockchain solution with some of the key architectural elements that could fulfil these needs while presenting the advantages of such a solution.
DeFi, or Decentralized Finance, is based on a distributed ledger called blockchain technology. Using blockchain, DeFi may customize the execution of predetermined operations between parties. The DeFi system use blockchain technology to execute user transactions, such as lending and exchanging. The total value locked in DeFi decreased from \$200 billion in April 2022 to \$80 billion in July 2022, indicating that security in this area remained problematic. In this paper, we address the deficiency in DeFi security studies. To our best knowledge, our paper is the first to make a systematic analysis of DeFi security. First, we summarize the DeFi-related vulnerabilities in each blockchain layer. Additionally, application-level vulnerabilities are also analyzed. Then we classify and analyze real-world DeFi attacks based on the principles that correlate to the vulnerabilities. In addition, we collect optimization strategies from the data, network, consensus, smart contract, and application layers. And then, we describe the weaknesses and technical approaches they address. On the basis of this comprehensive analysis, we summarize several challenges and possible future directions in DeFi to offer ideas for further research.
Abstract: Blockchain technology has the ability to lower transaction costs, build distributed trust, and empower decentralised platforms, providing a foundation for new decentralised business models. Blockchain technology enables the growth of decentralised financial services in the financial industry, which are more decentralised, inventive, compatible, borderless, and transparent. Decentralized financial services, driven by blockchain technology, have the potential to expand financial inclusion, allow open access, stimulate permissionless innovation, and open new doors for entrepreneurs and innovators. In this paper, we examine the advantages of decentralised finance, as well as existing business models, obstacles, and limitations. Decentralized finance, as a new area of financial technology, has the potential to transform current finance and provide a new landscape for entrepreneurship and creativity, exhibiting the benefits and drawbacks of decentralised business models
Against the backdrop of the booming supply chain finance and logistics industry, Logistics 4.0 has emerged. However, the financing capacity of today's logistics companies is still unable to respond to the needs of the rapid development of the supply chain. On the one hand, the problem of logistics companies’ lack of existing high-value collateral in supply chain finance has led to a clutter of their credit data and difficulty in verifying their creditworthiness. On the other hand, the massive access to logistics companies’ business information can also lead to privacy leaks. At the same time, the transparency feature of blockchain is used to solve the financing dilemma of many industries in supply chain finance. On this basis, we propose a blockchain-based financing scheme (BFS) for logistics company. BFS utilises more efficient and interpretative smart contract technology, as well as improved privacy information query and invocation algorithms, to realise automatic control of entity node privacy information flow and significantly simplifying the steps and lowering the thresholds to financing for logistics companies, while protecting the privacy of their data. After extensive simulation testing, BFS can run supply chain blocks at a stable transaction throughput of around 280 RPS, with data transfers that meet the financing needs of logistics companies, providing a higher and more stable performance than the native Hyperledger Fabric.
Pedro Bustamante, Meina Cai, Marcela Gomez, Colin Harris · 13 authors
Studies of blockchain governance can be divided into analyses of the governance of blockchains (such as rules and power dynamics within a given network) and governance by blockchains (such as how blockchains can be implemented to improve self-governance of community-based peer production networks). Less emphasis has been placed on applications of distributed ledgers to public sector governance. Our review clarifies that the decentralization and distributive features that enable blockchains to link up loosely connected private organizations and public agencies to improve efficiency and transparency of government transactions. However, most blockchain applications lack clear advantages over the conventional digital recording of information. In addition, our review highlights that blockchain applications in public sector governance are potentially vast, though in most instances, the existing applications have not extended much beyond limited-scale pilots. We conclude with a call for the construction of indexes of public sector implementations of blockchains, as none yet exist, as well as for additional research to understand why governments have not deployed blockchains more widely.
Cryptocurrency has become an issue that have attracted the attention of individuals, investors and government taking into play that the rate at which it is been patronized online and the media hype its getting. This paper tends to examine cryptocurrency as an investment tool and its missing link. However, the paper identifies the major types of cryptocurrencies, how is it exchanged and measured. It further revealed the benefits of the digital currency as it is secured; transfers are made easier, less processing charges, removing the bottle necks when using banks and other financial institution as intermediary, etc. Despite these benefits, there tend to be a missing links which could affect its operations. Amongst which are lack of government support, transparency issues, subject to loss, theft and fraud, lack of central repository and investors protection clause, etc. The paper concludes that cryptocurrency as an economic innovation is disruptive the way it’s currently managed and if this vacuum is not adequately addressed, it will not survive in the future. The study further recommends that there is need to create a legal & regulatory framework guiding its operations, ensure full disclosure on its transactions, need to be centralized in nature and investors protection clause should be incorporated, etc.”
Abstract— Years of heavy regulation and bureaucratic ineffificiency have slowed innovation for electronic medical records (EMRs). We employ a security risk management (SRM) domain model and a methodology to investigate two security risks – Sybil and Double-spending – that have been identified and are regarded the most significant security issues in blockchain systems. We tested a newly developed framework by looking at the hazards of Sybil and Double-spending in Ethereum-based healthcare apps. MedRec thus enables the emergence of data economics, supplying big data to empower researchers while engaging patients and providers in the choice to release metadata. Finally, we deploy the MIStore on the Ethererum blockchain and give the corresponding performance evaluation. We wrap off the study by laying out our plans for developing an ontology-based blockchain security reference model. Keywords— Sybil risk, Double-spending risk, Ethereum-based healthcare apps, Electronic medical records, big data
Lower renewable energy generator prices are leading people to install solar panels to reduce their electricity bills or, in some cases, even sell the surplus generated energy to the grid and earn credits from the grid operator. Generally, they are limited to trading the energy they generate with the grid company, which has a dominant role in price determination. Decentralized energy markets might increase both market competitiveness and incentive to further people's adoption of renewable energy, reducing security vulnerabilities and improving resiliency. Blockchain is a widely studied technology to provide decentralization for energy markets in this context. Scalability, privacy, market design, and user security are some of the open research topics. This work analyzes the literature related to blockchain and energy markets, proposes a model, implements it, performs experiments, and analyzes network scalability and data generation. The model, implemented with Hyperledger Fabric, enables validated clean energy trading with anonymized buyers to prevent consumption pattern exposure. The maximum transaction throughput was achieved with 5000 sensors, 5000 buyers, and 5000 sellers. The data generation rate by network and the baseline deployment costs were also analyzed to judge the network viability. Furthermore, this work provides empirical results on a topic that the literature lacks.
This research aimed to understand the Bitcoin investment mechanism and the legal expert opinion towards it. The research used empirical juridical method with sociological juridical approach. The results shown the investment mechanism divided into mining and trading activity. The legal expert opines, in Islamic views, mining is allowed to do because there were two akad forms did and has no element of maysîr on it, also, Bitcoin trading is allowed to do while compatible with sharia principal. Whereas in positive law views, these two activities cannot be shaded by the existing regulation, such as Civil Code, The Currencies Law, Electronic Information and Transaction Law, and Bank of Indonesia Regulation. Although it can be associated with these regulations, the Bitcoin investment still need to regulate in specific role, so it gives the legal certainty to society.
 Penelitian ini bertujuan untuk mengetahui mekanisme investasi yang dilakukan serta pandangan pakar hukum terhadap fenomena tersebut. Penelitian ini menggunakan metode yuridis empiris dengan pendekatan yuridis sosiologis. Hasil penelitian ini menunjukkan bahwa mekanisme investasi Bitcoin yang dilakukan dapat berupa mining, dan trading. Pakar hukum berpendapat bahwa, dalam perspektif Islam, aktivitas mining boleh untuk dilakukan karena terdapat dua akad yang berbeda selama prosesnya serta tidak mengandung unsur maysîr, dan trading Bitcoin boleh untuk dilakukan selama tidak bertentangan dengan prinsip syariah. Sedangkan secara hukum positif, kedua aktivitas tersebut belum bisa dinaungi oleh regulasi yang ada, seperti KUH Perdata, Undang-Undang Mata Uang, Undang-Undang ITE, serta Peraturan Bank Indonesia. Meskipun terdapat unsur-unsur yang berkaitan dengan regulasi tersebut, investasi Bitcoin perlu diatur secara tertulis dalam peraturan khusus yang berbeda, sehingga akan memberikan kepastian hukum terhadap masyarakat.
Kruakae Pothong, Larissa Pschetz, Arlene Bailey, Billy Dixon
What difference can new technologies make for small-scale farmers facing a multitude of uncertainties that could affect not only the value of their crops but also when and whether they get paid? To understand how Distributed Ledger Technologies such as Blockchains, could be leveraged to address such uncertainties in agricultural trade, we engaged small-scale farmers in a problem delineation exercise and designed CariCrop, a payment system and currency that specifically addresses the issue of delayed payments. We investigated the potential impact of this system through immersive drama and deliberative workshops. We found that although digital payment systems can give farmers greater autonomy in agri-cultural trade, these systems do need to be designed with careful consideration of social values and integrate local economic and legal infrastructures.
Blockchain is a developing technology that can provide users with such advantages as decentralization, data security, and transparency of transactions. Blockchain has many applications, one of them is the decentralized finance (DeFi) industry. DeFi is a huge aggregator of various financial blockchain protocols. At the moment, the total value locked in these protocols reaches USD 82 billion. Every day more and more new users come to DeFi with their investments. The concept of decentralized finance involves the creation of a single ecosystem of many blockchains that interact with each other. The problem of combining and interacting blockchains becomes crucial to enable DeFi. In this paper, we look at the essence of the DeFi industry, the possibilities of overcoming the problem of cross-blockchain interaction, present our approach to solving this problem with the Wish Swap platform, which, in particular, provides improved fault-tolerance for cross-chain interaction by using multiple backend nodes and multisignatures. We analyze the results of the proposed solution and demonstrate how a prototype pre-sale application can be created based on the proposed concept.