Data offers companies the potential for a future competitive advantage as a strategic resource. Companies own a wide variety of data, from customer data, transaction data to supply chain data. To date, most companies exlusively rely on their own data. However, through efficient data sharing, companies can extend their databases and improve the quality of the data. In doing so, they jointly enhance the quality of data-driven decision-making, derive better business ideas, and improve their internal processes. To share their data, companies can decide between two options: Sharing data on established centralized databases on digital platforms or exploring decentralized distributed ledger technologies like blockchain. These two differ not only in their architecture (centralized/decentralized), but also in data privacy, access control, data security, and governance. This dissertation contains seven scientific articles that emphasize the strategic importance of data sharing. In particular, scientific and practical decision-makers can learn about the benefits and risks of data sharing and can base their willingness to share data on a more comprehensive knowledge foundation.
Business models of industries and ventures enabled by new and emerging technologies are under-developed and fragmented. The blockchain technology promises to disrupt the business models. However, the scholarly literature in blockchain research is only beginning to emerge, and the majority are focused on the technical aspect leaving aside the business model complexities for blockchain applications. This paper fills this gap and proposes a blockchain business model framework. The research utilizes a sequential exploratory research design (SERD), encompassing two key phases: an initial phase involving a literature review and interviews to delineate blockchain business model building blocks and types, followed by a subsequent survey to identify the most pertinent building blocks and types. The findings helped to formulate the framework, necessary building blocks, and block types specifically for the blockchain applications. Organizations can tailor their business model through various configuration options and mechanisms, considering the arrangement of block types within each block according to their significant score levels. By giving priority to those with scores above the block's average, organizations can evaluate the performance of their models and pinpoint areas for enhancement. The proposed framework can be considered as a reference point for developing business models for blockchain applications. ⢠Enhances current knowledge by classifying specific building blocks and types within the blockchain business model. ⢠Outlines the blockchain business model, highlighting possible building blocks and types. ⢠Creates an instrument to configure and measure the blockchain business model. ⢠Determines the significance of different building blocks and types to aid decision-making in providing blockchain solutions.
Abstract This paper focuses on the development and deployment of a dApp (decentralized Application) for Smart Crop Production Data exchange (SCPDx) that runs on Antelope blockchain/IPFS infrastructure. The paper emphasizes practical approaches to dApp design and deployment, analyses architectural patterns of dApps, and underlines the role of smart contracts in implementing complex functionality. The paperâs contribution is the detailed description of the main smart contracts and the practical knowledge provided on the architecture and implementation of dApps, emphasizing the challenges and solutions in the development process, especially in the context of smart contract implementation. Future developments of the application towards additional data types processing, and design of an interface for leveraging, testing, and evaluating the performance of open source Large Language Models (LLMs) on specific datasets are commented on.
Milionis et al.(2023) studied the rate at which automated market makers leak value to arbitrageurs when block times are discrete and follow a Poisson process, and where the risky asset price follows a geometric Brownian motion. We extend their model to analyze another popular mechanism in decentralized finance for onchain trading: Dutch auctions. We compute the expected losses that a seller incurs to arbitrageurs and expected time-to-fill for Dutch auctions as a function of starting price, volatility, decay rate, and average interblock time. We also extend the analysis to gradual Dutch auctions, a variation on Dutch auctions for selling tokens over time at a continuous rate. We use these models to explore the tradeoff between speed of execution and quality of execution, which could help inform practitioners in setting parameters for starting price and decay rate on Dutch auctions, or help platform designers determine performance parameters like block times.
This paper investigates the potential of integrating supply chain management with blockchain technology, specifically by implementing smart contracts on the Ethereum network using Solidity. The paper explores supply chain management concepts, blockchain, distributed ledger technology, and smart contracts in the context of their integration into supply chains to increase traceability, transparency, and accountability with faster processing times. After investigating these technologiesâ applications and potential use cases, a framework for smart contract implementation for supply chain management is constructed. Potential data models and functions of a smart contract implementation improving supply chain management processes are discussed. After constructing a framework, the effects of the proposed system on supply chain processes are explained. The proposed framework increases the reliability of the supply chain history due to the usage of DLT (distributed ledger technology). It utilizes smart contracts to increase the manageability and traceability of the supply chain. The proposed framework also eliminates the SPoF (Single Point of Failure) vulnerabilities and external alteration of the transactional data. However, due to the ever-changing and variable nature of the supply chains, the proposed architecture might not be a one-size-fits-all solution, and tailor-made solutions might be necessary for different supply chain management implementations.
A Service Level Agreement (SLA) is a commitment between a client and provider that assures the quality of service (QoS) a client can expect to receive when purchasing a service. However, evidence of SLA violations in Internet of Things (IoT) service monitoring data can be manipulated by the provider or consumer, resulting in an issue of trust between contracted parties. The following research aims to explore the use of blockchain technology in monitoring IoT systems using smart contracts so that SLA violations captured are irrefutable amongst service providers and clients. The research focuses on the development of a Java library that is capable of generating a smart contract from a given SLA. A smart contract generated by this library is validated through a mock scenario presented in the form of a Remote Patient Monitoring IoT system. In this scenario, the findings demonstrate a 100 percent success rate in capturing all emulated violations.
Cryptocurrencies have emerged as a truoblemaking technology with the prospective to reform the financial landscape. This research study future aim to explore and evaluate the topic of the adoption process of cryptocurrencies from many perspectives. This research study is based on secondary data possessed by researchers from various sources i.e journal, articles, magazines, newpapers, and papers reviewed by the researcher. It was shown in secondary data that the cryptocurrency landscape continues to mature and overcome the challenges it faces, and the prospect of bitcoin and other cryptocurrencies revolutionizing the worldwide financial framework and redesigning how we engage in transaction, preserve wealth, and obtain financial affordable appears more plausible. A digital currency centric environment can offer openings for fresh participants in the market and support new businesses by streamlining the fundraising procedure. Initial coin offerings allow entrepreneurs and investors to fund new ventures without relying on intermediaries and approvals from conventional investors and financial institutions. Cryptocurrency represents an ongoing progression guiding by a varied and fervent community encompassing developers, innovators, financiers, and adopters. The route of monetary evolution undergoes reinterpretation, with digital currencies like Bitcoin assuming a very important role in this dynamic metamorphosis.
Several large financial trading platforms have recently begun implementing âcopy trading,â a process by which a leader allows copiers to automatically mirror their trades in exchange for a share of the profits realized. While it has been shown in many contexts that platform design considerably influences user choicesâusers tend to disproportionately trust rankings presented to themâwe would expect that here, copiers exercise due diligence given the money at stake, typically USD 500â2 000 or more. We perform a quantitative analysis of two major cryptocurrency copy-trading platforms, with different default leader ranking algorithms. One of these platforms additionally changed the information displayed during our study. In all cases, we show that the platform UI significantly influences copiersâ decisions. Besides being sub-optimal, this influence is problematic as rankings are often easily gameable by unscrupulous leaders who prey on novice copiers, and they create perverse incentives for all platform users.
Research shows that governance is critical to predict the value and success of blockchain platforms. Although prior studies have recognized multiple mechanisms employed in governing blockchain platforms, the combined effects of these mechanisms on platform performance are still poorly understood. In this paper, we examine the interactions among decentralization, consensus mechanisms, and whales ownership concentration mechanisms and their impacts on the market performance of blockchain platforms. We analyze data of 555 and 243 largest market capitalization blockchain platforms using Hierarchical Linear Regression. Our analysis shows support for our hypotheses of the two-way and three-way interactions among the governance mechanisms. With a low degree of decentralization, proof-of-stake and other consensus mechanisms, such as proof-of-authority or the combined proof-of-work and proof-of-stake, are associated with higher market value than the proof-of-work mechanism. The interaction between decentralization and other consensus mechanisms is reinforced when there is low whale ownership concentration, highlighting the important role of the information environment. Our findings are robust to various endogeneity tests, offering important theoretical and practical implications regarding the interplay between consensus mechanisms, decentralization, and whale ownership concentration and their impacts on the market value of blockchain platforms.
Current attempts to regulate blockchain technology are mainly based on securities law framework, which considers crypto tokens and digital assets as either securities, currencies or derivatives thereof. The main limitation of such approach lies in its inability to accommodate the diverse legal rights, obligations and assets that blockchain technology can virtually reproduce. Already in 2017â2018 there were attempts to tokenize rights outside of securities law framework, these initiatives served more as makeshift solutions to circumvent securities regulations than as thorough frameworks for managing real-world assets and commercial activities. This article conducts a comparative and historical analysis of blockchain regulatory initiatives in Europe and the US, positing that the regulation of blockchain technology through a securities law lens is driven by reactionary opportunism. Such a basis is deemed inappropriate and insufficient, as securities laws being a field of public law were not designed to govern real-world assets and commerce, which fundamentally rely on the principles of laissez-faire and freedom of contract inherent in private law. A regulatory stance focused solely on public law overlooks the full potential of blockchain technology, and risks stifling innovation and practical applications. To illustrate this, the article presents case study of tokenization of contractual rights demonstrating that securities law-focused legal regulations, such as the EU Regulation 2023/1114 on Markets in Crypto-Assets (MiCA) and Regulation 2022/858 on Distributed Ledger Technology (DLT), inadequately address the field of private commerce. Based on the analysis, the article concludes that comprehensive legal framework for blockchain technology shall combine public and private law regime akin to the regulation of traditional rights, obligations and assets.
Smart contracts have played a pivotal role in the evolution of blockchains and Decentralized Applications (DApps). As DApps continue to gain widespread adoption, multiple smart contract languages have been and are being made available to developers, each with its distinctive features, strengths, and weaknesses. In this paper, we examine the smart contract languages used in major blockchain platforms, with the goal of providing a comprehensive assessment of their main properties. Our analysis targets the programming languages rather than the underlying architecture: as a result, while we do consider the interplay between language design and blockchain model, our main focus remains on language-specific features such as usability, programming style, safety and security. To conduct our assessment, we propose an original benchmark which encompasses a wide, yet manageable, spectrum of key use cases that cut across all the smart contract languages under examination. ⢠We give an abstract overview of smart contract platforms, discussing the impact of different design choices. ⢠We illustrate by examples how different design choices give rise to different programming styles for smart contracts. ⢠We consider 6 leading smart contract languages: Solidity (Ethereum), Rust (Solana), Aiken (Cardano), PyTeal (Algorand), Move (Aptos), SmartPy (Tezos). ⢠We develop an open-source benchmark of use cases of smart contracts, implemented in all the languages in our selection. ⢠Based on our benchmark, we evaluate smart contract languages focussing on their security, code readability, usability, and functionalities.
Krzysztof Gogol, Yaron Velner, Benjamin Kraner, Claudio J. Tessone
Liquid staking and restaking represent recent innovations in Decentralized Finance (DeFi) that garnered user interest and capital. Liquid Staking Tokens (LSTs), tokenized representations of staked tokens on Proof-of-Stake (PoS) blockchains, are the leading staking method. LSTs offer users the ability to earn staking rewards while maintaining liquidity, enabling seamless integration into DeFi protocols and free tradeability. Restaking builds upon this concept by allowing staked tokens, LSTs or native Bitcoin tokens to secure additional protocols and PoS chains for supplementary rewards. Liquid Restaking Tokens (LRTs) unlock liquidity of restaked assets. This Systematization of Knowledge (SoK) establishes a comprehensive framework for the technical and economic models of liquid staking protocols. Using this framework, we systematically compare protocols mechanics, including node operator selection, staking reward distribution, and slashing. Our empirical analysis of token performance reveals that protocol design and market dynamics impact token market value. We further present the recent developments in restaking and discuss associated risks and security implications. Lastly, we review the emerging literature on liquid staking and restaking.
In recent years, blockchain technology has drawn a lot of attention, especially in the field of decentralised finance (De-Fi). However, scalability problems have come to light as a significant obstacle to the broad use of blockchain-based applications. To solve the issue of scalability, this paper has created a decentralised finance application with three main components: the addition of more liquidity to the swapping application, the implementation of a Polygon Proof of Stake bridge to enable efficient asset transfers, and the ability to transfer tokens between accounts seamlessly regardless of network agnosticism. The first feature, network agnostic capabilities for interoperability, facilitates token transfers between blockchain networks, allowing users to access and transact across them with ease The second component, the Polygon Proof-of-Stake bridge, makes asset transfers more efficient by taking advantage of the Polygon network's scalability advantages, which drastically lower transaction costs and processing times. Finally, adding more liquidity to the swapping programme makes it more scalable by guaranteeing that there is enough money for transactions, which prevents delays and bottlenecks. The scalability issue with blockchain technology is efficiently resolved by adding these three characteristics to the decentralised finance application, creating new opportunities for the mass acceptance and utilisation of blockchain-based financial services.
As emerging digital assets, NFTs are susceptible to anomalous trading behaviors due to the lack of stringent regulatory mechanisms, potentially causing economic losses. In this paper, we conduct the first systematic analysis of four non-fungible tokens (NFT) markets. Specifically, we analyze more than 25 million transactions within these markets, to explore the evolution of wash trade activities. Furthermore, we propose a heuristic algorithm that integrates the network characteristics of transactions with behavioral analysis, to detect wash trading activities in NFT markets. Our findings indicate that NFT markets with incentivized structures exhibit higher proportions of wash trading volume compared to those without incentives. Notably, the LooksRare and X2Y2 markets are detected with wash trading volume proportions as high as 94.5% and 84.2%, respectively.
This study delves into the dynamic landscape of public sentiment surrounding cryptocurrency through a comprehensive social media discourse analysis. Employing the Python Selenium library, data from 1000 public profiles across major platformsâX, Facebook, Instagram, and LinkedInâwere systematically collected. Using advanced text-mining techniques in R Studio, sentiment analysis was conducted with the âSyuzhetâ package and word frequency analysis via the âtmâ package. The results unveiled a nuanced emotional landscape characterized by dominant sentiments of anticipation and positivity, interwoven with expressions of negativity, notably anger, and loss. Word frequency analysis highlighted vital themes such as established cryptocurrencies (e.g., Bitcoin, Ethereum), blockchain technology, and practical and financial aspects of cryptocurrency usage. The study illuminated technical interest, financial speculation, and reactions to regulatory and economic developments. Offering insights crucial for stakeholders, including investors and policymakers, this research contributes to the academic understanding of public sentiment, emphasizing the volatile nature of crypto-currency markets and the transformative potential of blockchain technology and calls for ongoing monitoring of public sentiment to inform policy, investment, and technological innovation in the ever-evolving cryptocurrency ecosystem.
This research paper delves into the multifaceted potential of the Tron blockchain platform across various industries and use cases. Tron has emerged as a prominent player in the blockchain space, offering high throughput, scalability, and smart contract functionality. This paper examines the diverse applications of Tron, ranging from decentralized finance (DeFi) and gaming to content distribution and supply chain management. Drawing from case studies, industry insights, and expert analysis, the paper explores how Tron's unique features and capabilities can revolutionize existing systems and create new opportunities for innovation. By uncovering Tron's power and versatility, this paper contributes to a deeper understanding of its role in shaping the future of decentralized technologies and digital ecosystems.
Thabang Excellent Mofokeng, Steven Mbeya, Daniel K. Maduku
Abstract Online retailers in emerging markets like South Africa are adopting Bitcoin payments. This study explores factors driving consumer adoption and word-of-mouth (WOM) recommendations for Bitcoin in online transactions. Using an integrated model combining valency theory, social contagion theory, and the technology acceptance model (TAM), we analyse data from 521 South African online shoppers. Findings reveal that perceived usefulness, ease of use, social pressures, trust, and perceived risk significantly influence both adoption and WOM. Importantly, self-efficacy moderates the relationship between these factors and behaviour. This research contributes to the literature by offering a comprehensive understanding of Bitcoin adoption. For business and policy actors, enhancing consumer self-efficacy can foster trust, ease concerns, and encourage positive WOM, ultimately aiding successful Bitcoin implementation and promotion.
Decentralized autonomous organizations (DAOs) are not a novel social phenomenon; rather, they draw inspiration from self-organizing systems and are often regarded as digital counterparts of cooperatives (Co-ops), wherein members fully own and govern the organization. The advancement of digital solutions for decentralization, such as Distributed Ledger Technology (DLT), along with the emergence of the third generation of websites (Web3) and platforms, has propelled DAOs to a new echelon. As such, DAOs represent the next generation of organizations, aptly referred to as Organization 5.0 in the context of Society 5.0. The objective of this paper is to provide a comprehensive overview of the evolutionary trajectory of decentralized autonomous organizations and their classification. The advent of Ethereum in 2015 enabled the realization of DAOs, with "The DAO" being the first large-scale example established in 2016 as a decentralized venture fund within the Ethereum ecosystem. Over time, DAOs have expanded their scope beyond fundraising and have evolved to serve various purposes. To provide a comprehensive context, the paper presents background information on the evolution of blockchain applications and discusses ethical considerations related to DAOs. In order to identify the most common categories of DAOs, this paper consults various DAO explorers and include, for each identified category, a descriptive example of a DAO. Finally, the paper concludes by offering an outlook on the future of DAOs.
The theoretical foundations and indeed implications related to the emergence of digital assets, particularly cryptocurrencies, remain a scarcely explored area in recent academic literature. This chapter aims to analyze the presumed influences of various economic schools of thought on the genesis of Bitcoin, the monetary policies underlying several digital assets, and the evolution of their market capitalization since 2009. The study also addresses the case of several cryptocurrency exchange platforms, commonly known as crypto exchanges, and focuses on industrial entities, such as Ledger and Bitmain. An overview of use cases involving âsmart contractsâ and Blockchain technology is provided. This chapter seeks to revisit the emergence of different approaches to national regulation on a global scale and to establish international comparisons. The examples of Japan, long trapped in a deflationary spiral, and Argentina, facing hyperinflation, are particularly enlightening for understanding the legal treatment of digital assets and their perception by local authorities. Two central questions guide this exploration: what are the economic and ideological foundations underlying the conception of Bitcoin, and to what extent does the current development of the digital asset ecosystem remain true to the initial ideas of Satoshi Nakamoto?
Over the past three decades, scholars have studied technology adoption and its determinants in many contexts. Nevertheless, this literature has remained silent in understanding the complex interdependency among these determinants and how such interdependency determines technology adoption. In this paper, we build on previous research to focus on the technological, social, economic, cultural, and political determinants of technology adoption. Using the Fuzzy-set Qualitative Comparative Analysis (FsQCA) with samples of 101 and 43 countries, we perform a configurational analysis to explore the interdependency among these five categories of factors and their causal effect on the adoption of cryptocurrency and decentralized finance (DeFi). We obtain various causal combinations of the technological, social, economic, cultural, and political factors that are associated with a high level of cryptocurrency and DeFi adoption. In addition, our analysis highlights the key role of the social, economic, and cultural factors in influencing both crypto and DeFi adoption. Technological and political factors, nevertheless, play a less important role in driving blockchain adoption. We also find intriguing differences between cryptocurrency and DeFi adoption. Our results both support and challenge existing findings in the technology adoption literature and offer theoretical implications for future research.
This paper examines how the combination of artificial intelligence (AI) and blockchain technology can enable autonomous AI agents to engage and execute economic and financial transactions. We critically examine the constraints on AI agents in achieving predefined objectives independently, especially due to their limited access to economic and financial institutions. We argue that AIâs access to these institutions is vital in enhancing its capabilities to augment human productivity. Drawing on the theory of institutional economics, we propose that blockchain provides a solution for creating digital economic and financial institutions, permitting AI to engage with these institutions through the management of private keys. This extends AIâs capabilities to form and execute contracts, participate in marketplaces, and utilize financial services autonomously. The paper encourages further research on AI as a general-purpose technology and blockchain as an institutional technology that can unlock the full capabilities of autonomous AI agents.
The emergence of decentralized autonomous organizations (DAOs) represents a paradigm shift in the organizational structure enabled by distributed digital ledger technologies such as blockchain. Exclusively digital web-based entities, DAOs function independently through blockchain-based smart contracts that rely on distributed governance, community coordination, and incentive mechanisms rather than top-down hierarchies. As DAOs continue to foster an environment conducive to a new class of digital participants, they are becoming increasingly prominent in the digital cryptocurrency economy, raising questions regarding their structure, sustainability, and adoption. Being collectively owned and managed by their members, DAOs exhibit characteristics of both non-zero and zero-sum dynamics, thereby posing a challenge to conventional centralized and hierarchical management models. This mixed-methods study examines DAOs within modern information ecosystems through a literature review, blockchain analysis, and comparative organizational analysis. The literature review synthesizes academic discourse on DAOs, highlighting key theories, such as decentralization, digital governance, and distributed decision-making. Blockchain analysis of 10 leading DAOs provides engagement and activity metrics. Comparative analysis considers the DAOsâ advantages and challenges in relation to traditional centralized organizations, focusing on aspects such as governance, efficiency, and adaptability. The findings reveal DAOs' innovative potential and adoption barriers, such as reliance on token incentives and difficulties with coordinated decision-making due to reasons like concentration of voting power and others. Although DAOs possess advantages in terms of decentralization, community alignment, and transparent algorithmic execution, traditional organizations currently maintain superiority in terms of stability and legal standing. This study provides an interdisciplinary academic perspective on the concept and implementation of the DAO by combining conceptual understanding, empirical blockchain evidence, and comparative analysis. It is concluded that realizing the transformative potential of DAOs requires synthesizing multidisciplinary insights and overcoming substantive adoption hurdles. The proposed framework serves as a foundation for further research on the evolution and integration of DAOs into organizations of the future.
Muhammad Shoaib Farooq, Hamza Jamil, Hafiz Sohail Riaz
]A multichain non-fungible tokens (NFTs) marketplace is a decentralized platform where users can buy, sell, and trade NFTs across multiple blockchain networks by using cross communication bridge. In past most of NFT marketplace was based on singlechain in which NFTs have been bought, sold, and traded on a same blockchain network without the need for any external platform. The singlechain based marketplace have faced number of issues such as performance, scalability, flexibility and limited transaction throughput consequently long confirmation times and high transaction fees during high network usage. Firstly, this paper provides the comprehensive overview about NFT Multichain architecture and explore the challenges and opportunities of designing and implementation phase of multichain NFT marketplace to overcome the issue of single chain-based architecture. NFT multichain marketplace architecture includes different blockchain networks that communicate with each other. Secondly, this paper discusses the concept of mainchain interacting with sidechains which refers to multi blockchain architecture where multiple blockchain networks are connected to each other in a hierarchical structure and identifies key challenges related to interoperability, security, scalability, and user adoption. Finally, we proposed a novel architecture for a multichain NFT marketplace, which leverages the benefits of multiple blockchain networks and marketplaces to overcome these key challenges. Moreover, proposed architecture is evaluated through a case study, demonstrating its ability to support efficient and secure transactions across multiple blockchain networks and highlighting the future trends NFTs and marketplaces and comprehensive discussion about the technology.