This research critically analyses blockchain scaling solutions based on their ability to realistically balance the properties of the blockchain trilemma. We have concluded this research by outlining a gap in the current body of literature and implementation of scalability solutions. An extended UTXO transaction model is proposed to overcome challenges associated with implementing both layer one and layer two scaling solutions in a blockchain system. The examination of industry approaches is used to justify this direction and puts forth a basis for future work.
Merritt B. Fox, Lawrence R. Glosten, E. F. Greene, Sue S. Guan
This Article evaluates the implications of distributed ledger technology (DLT) for the securities markets of the future and their regulation. DLT is an integral part of the larger revolution in computing, communication and data storage capacity that has transformed securities markets over the last few decades and promises further radical change in the years to come. The potential of DLT, if it can be realized, could improve the functioning of our securities markets while at the same time sharply reducing costs. Based on an interview survey of about 100 persons who play prominent roles in actually making these markets work or in regulating them, this Article reports on the most important topics and themes that have emerged from the wide range of interviewees’ opinions about the extent to which DLT will affect the future of securities markets and their regulation. A significant number saw the potential for DLT to transform securities markets and market structure, from the possibility of stock trading on DLT to the potential impact on intermediaries, the ordinary retail investor, and on preventing wrongdoing in the stock market. However, key questions remain about implementation and the appetite for making DLT-based changes among both market participants and regulators.
Islam as a religion that is flexible, dynamic and adaptive to the times. However, this certainly has ethical limitations and has the principle that values in Islamic teachings must be the basis in every human activity, especially in community activities or muamalah. Therefore, this paper aims to critically describe cryptocurrency investment in Islamic economic principles.The method used in this paper is a scientific study approach with literature study, with data collection through the study of books, literature, notes, and various reports related to the problem to be solved. Based on the results of this study, cryptocurrency when viewed in Islamic economic principles does not meet the criteria as a medium of exchange and investment that is permitted in Islam. Cryptocurrencies at the beginning of their creation had a clear goal, a complicated system that was not acceptable to everyone. So that cryptocurrency can be manipulated and monopolized by certain parties. In addition, cryptocurrencies have high volatility so they are very volatile and are closer to gambling.
Abstract This paper introduces decentralized decisions and governance with the use of Artificial Intelligence to our institutions with the aid of the Algorand blockchain using choice coin as a case study. Since the emergence of bitcoin which uses the proof-of-work consensus mechanism and the technology behind it known as blockchain in 2008, the thoughts of how secure transactions can be conducted has been greatly reshaped with this technology gathering interests from finance, governance, and down to academia. With eLearning becoming widely accepted all over the world, institutions are left with various choices of implementing secure transaction formats. A lot researches with respect to blockchain integration with eLearning platforms ongoing , this paper offers a solution by proposing the use of the algorand blockchain which uses the pure-proof-of-stake consensus mechanism to felicitate eLearning processes for transactions using for example choice coin in this case.
<em>In the 21<sup>st</sup> Century in the world of computers everything is digitalized. This is an era of smart phones, smart classes and smart contracts. The world is being held in our palms. Contracts are being entered into across the globe day in a day out. Smart contract solves the issue of physical distance. This paper throws light on origin of smart contracts, its progression, its usage, its merits and demerits. The paper throws light on the Indian laws which revolve around smart contracts. The author has incorporated suggestions for the better execution of smart contracts.</em>
Security incidents such as scams and hacks have become a major threat to the health of the blockchain ecosystem, resulting in billions of dollars in losses to blockchain users each year. To reveal the real-world entities behind pseudonymous blockchain accounts and recover stolen funds from massive transaction data, much effort has recently been put into tracing illicit financial flows in blockchain by academia and industry. However, most of the current blockchain fund tracing methods are heuristics and taint analysis methods that are designed on the basis of expert experience and specific events, which have limitations in terms of universality, effectiveness and efficiency. This paper models blockchain transaction records as a transaction graph and tackles blockchain transaction tracing as a graph search task. To achieve efficient and effective tracing of fund transfers on the transaction graphs, we propose a scalable transaction tracing tool, TRacer, which to the best of our knowledge is thefirstintelligent transaction tracing tool that is generalized to multiple account-based blockchain platforms and can handle complex transaction behavior in decentralized finance (DeFi). Particularly, we tackle the transaction tracing task via a subgraph searching approach which employ a novel ranking method to infer the relevance between accounts during the graph search process in the multi-relational blockchain transaction graph. Theoretical analysis and experimental results on datasets from multiple blockchain platforms demonstrate that TRacer can efficiently perform the transaction tracing task at a lower cost and achieve better tracing results than existing methods or even expert manual audits.
Tanusree Sharma, Zhixuan Zhou, Yun Huang, Yan Wang
NFTs (Non-Fungible Tokens) are blockchain-based cryptographic tokens to represent ownership of unique content such as images, videos, or 3D objects. Despite NFTs' increasing popularity and skyrocketing trading prices, little is known about people's perceptions of and experiences with NFTs. In this work, we focus on NFT creators and present results of an exploratory qualitative study in which we interviewed 15 NFT creators from nine different countries. Our participants had nuanced feelings about NFTs and their communities. We found that most of our participants were enthusiastic about the underlying technologies and how they empower individuals to express their creativity and pursue new business models of content creation. Our participants also gave kudos to the NFT communities that have supported them to learn, collaborate, and grow in their NFT endeavors. However, these positivities were juxtaposed by their accounts of the many challenges that they encountered and thorny issues that the NFT ecosystem is grappling with around ownership of digital content, low-quality NFTs, scams, possible money laundering, and regulations. We discuss how the built-in properties (e.g., decentralization) of blockchains and NFTs might have contributed to some of these issues. We present design implications on how to improve the NFT ecosystem (e.g., making NFTs even more accessible to newcomers and the broader population).
Open access
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Blockchain Technology Applications and Security
Advanced Steganography and Watermarking Techniques
Volkan Temizkan, Muhammed Ali Yetgin, Kasım Yılmaz
The level of technology use of humanity has increased, while the interest in digital assets has increased with the effect of the pandemic period. This increasing interest has led to curiosity about what kind of consumer experience cryptocurrencies will offer when used in retail shopping. This study aims to reveal the advantages and disadvantages of using cryptocurrencies in shopping based on the experiences of businesses that accept payments with cryptocurrencies. Interviews were conducted with 9 businesses in Turkey that accept payments with crypto money using the in-depth interview technique in this study. As a result of the content analysis carried out with the NVivo analysis program for the findings, a research model was proposed. The results of this research point out that crypto currencies are preferred by consumers and retailers due to the fact that they are a fast, safe and cheap global payment tool. However, it has been found that there are also consumers who are totally unaware of the existence of payments with crypto currencies. Some consumers do not prefer payments with crypto currencies either because of low technology usage level or lack of trust to the system. However, when necessary legal sub-regulations are made and everything is digitized, money will also become digital in the common opinion. Unlike the studies in the literature, as a result of this study, it is predicted that payments with crypto money will be one of the alternative payment tools of the future, after the cryptocurrencies are positioned on a legal platform by the official authorities.
Ch Anwar Ul Hassan, Muhammad Hammad, Jawaid Iqbal, Saddam Hussain · 8 authors
Developing an electronic voting system that meets the practical needs of administrators has been a difficult task for a long time. Now, blockchain technologies solve this problem by providing a distributed ledger with immutable, encrypted, and secure transactions. Distributed ledger technologies are an interesting technological leap in the field of data innovation, transparency, and trustability. In public blockchain, distributed ledger technology is widely used. The blockchain technology can be used in an almost infinite number of ways to benefit from sharing economies. The purpose of this study is to assess how blockchain may be utilized to build electronic voting systems that can be used as a service. The purpose of electronic voting systems is explained in this article, as are the technological and legal limitations of employing blockchain as a service. Then, using blockchain as a foundation, we propose a new electronic voting system that fixes the flaws we observed. In general, this paper evaluates the capabilities of distributed ledger technologies by depicting a contextual investigation in order to fine-tune the process of political election decisions and employing a blockchain-based application that improves security and lowers the cost of conducting nationwide elections.
Jonathan Koroma, Zhou Rongting, Sayibu Muhideen, Tosin Yinka Akintunde · 7 authors
Digital transformation and technologies have drastically channeled innovative global market trends from conventional commerce to digital currency. Therefore, this study examined the influence of trust on citizens' behavior (CB) in decision-making towards blockchain cryptocurrency. The study employed a quantitative method to collect data from Africans in the diaspora of the Mano River Union sub-region. We combined SPSS and Smart PLS for data analysis. The proportion of males in the population was 52%, females were 48%. The analysis outcome found that citizen's behavior R2 = 43% and trust in cryptocurrency R2 = 45% variance were explained by the study model. Results also show a positive relationship between technology attachment and citizen's behavior (r2 = 25%), blockchain transparency (BT) on trust crypto (r2 = 68%), BT on CB (r2 = 38%) as well as trust in Crypto on CB (r2 = 25%). Meanwhile, the moderation effects of ethical issues negate the relationship between trust and consumer's behaviors, while the mediation of trust supports the association between cryptocurrency and citizen's behavior (68%). The development of BT should entail an inclusive approach; as such, the Mano River Union must not be left behind. “The internet is central to data transfer, but the blockchain is central to value transfer,” hence the ethical issues and trust in crypto-enabler will ensure easy adaptability across the globe and Africa in particular.
The purpose of this paper is to identify research that has been carried out about cryptocurrency regulation contributions and the current challenges that need to be addressed in future studies. The methodology used to conduct this research and report the findings was systematic mapping. We use this methodology to search, identify, and select all relevant primary studies on cryptocurrency regulation. The findings reveal that the key cryptocurrency regulation research topics are distributed governance, central bank digital currency, monetary policy, cryptocurrency adoption, security, regulation, cryptocurrency market, cybercrime economy and money laundering. The research proposals for cryptocurrency regulation comprise tools, protocols, methods, models, frameworks and, knowledge. The cryptocurrency regulatory challenges are cryptocurrency adoption, central bank digital currency regulation, accounting for cryptocurrencies and risk for cryptocurrencies. This systematic mapping provides an overview of the solutions proposed to regulate cryptocurrency as well as the current research challenges.
ABSTRACT Blockchain and smart contract technologies can be used to build a significant impact on financial transactions. This research initiatives the potential of applying blockchain and smart contract technologies for the traditional cheque clearing method. The new protocol is designed based on electronic cheque concepts, blockchain, and smart contracts. As a result of this research, a new secure cheque settlement protocol is designed and implemented. It provides several rewarding features compared to the traditional cheque clearing methods. The new protocol reduces the cheque dishonoring rate and has the possibility of handling a dated cheque. Further, it can be implemented without any exceptional hardware such as heavy-duty scanners. KEYWORDS: Cryptographic Protocol, Cheque Dishonor, Transaction Security, Electronic Cheque, Blockchain, Smart Contracts, Cheque Settlement, Electronic Payment
The hyperledger fabric is a modular blockchain framework used by private companies to develop blockchain-based products, solutions, and applications using plug-and-play components. The smart contracts operating in this framework is created by implementing a chaincode. When implementing a chaincode, there may be a security weakness inside the code, which is the root cause of the security vulnerability. However, when the contract is completed and the block is created, the chaincode cannot be arbitrarily modified, so the security weakness must be analyzed before execution. This paper conducted a study on chaincode intermediate code generation for security weakness analysis of chaincode operating in hyperledger fabric blockchain framework. Analysis of security weaknesses at the source code level is not easy because the code logic is not clear and the complexity is high. On the other hand, security weakness analysis at the intermediate code level is easy to analyze because the code logic of the source code is clearly represented and the complexity is lower than that of the source code.
A software pattern is a reusable solution to address a commonly occurring problem within a given context when designing software. Using patterns is a common practice for software architects to ensure software quality. Many pattern collections have been proposed for a large number of application domains. However, because of the technology's recentness, there are only a few available collections with a lack of extensive testing in industrial blockchain applications. It is also difficult for software architects to adequately apply blockchain patterns in their applications, as it requires deep knowledge of blockchain technology. Through a systematic literature review, this paper has identified 120 unique blockchain-related patterns and proposes a pattern taxonomy composed of multiple categories, built from the extracted pattern collection. The purpose of this collection is to map, classify, and describe all the available patterns across the literature to help readers make adequate decisions regarding blockchain pattern selection. This study also shows potential applications of those patterns and identifies the relationships between blockchain patterns and other non-blockchain software patterns.
This article focusses on the social and legal implications that blockchain technology brings about, not only due to its ideological framework, but also, and especially, due to the concept of law it inaugurates. Thus, this article claims, that, by interlocking technological and legal structures, blockchain technology initiates a profound displacement of legal symbolics and imaginaries. It shows how blockchain law, by emancipating itself from three essential dimensions of law-language, territory, and the body-implies a profound disruption of how we perceive law and its legitimacy. Starting with an overview of the technological details of blockchain, the paper then addresses its ideological context and traces the underlying ideas, values and functions and their relation with-and impact on-the general perception of law and legal issues. By critically assessing the claim that blockchain will liberate the subject from any heteronymic constraints, this paper analyses to what extent this technology has social and legal implications that reach far beyond its virtual, purely blockchain-related scope of applications-and why this technology should matter to us all.
Building upon the prevailing concept of edge computing (EC), a distributed EC market requires decentralized and verified transaction management to trade computing resources. Towards this goal, we study a blockchain-aided EC market wherein each data service operator (DSO) rents a group of edge computing nodes (ECNs) and leases the ECNs to the user terminals (UTs) to provide computation offloading services. A trustworthiness model is introduced to evaluate the quality of each network entity throughout the transactions. We develop a two-level trading mechanism over smart contract to enable the automatic and efficient transactions among the network entities and provide high quality services. First, we propose a smart contract based matching mechanism to establish the renting association between the DSOs and ECNs with the aim of maximizing the social welfare. Second, we propose a social welfare improved double auction (SWIDA) mechanism to build up the leasing association between the DSOs and UTs, and determine the pricing of the winners. We show that the proposed double auction mechanism can achieve individual rationality, balanced budget, truthfulness in expectation, and an improved social welfare than the benchmark mechanisms. Moreover, we put forth a trustworthiness driven Proof-of-Stake (PoS) consensus mechanism to enable verified transaction and fair allocation of block generation reward. Following the principle of PoS, we formulate the block generation as a coalitional game, wherein each stakeholder votes according to its trustworthiness and coinage, and shares the reward among the coalition according to the Shapley values. The simulation results show that the proposed PoS consensus mechanism can reduce the wealth inequality among the network entities compared with the conventional consensus mechanisms.
Sezercan TANIŞMAN, Abdullah Ammar Karcıoğlu, Aybars Uğur, Hasan Bulut
Finansal varlıkların gelecekteki değerlerinin tahmini yatırımcılar için varlıklarını korumak adına önemlidir. 2008 yılında hayatımıza giren ve finansal varlıklar konusunda radikal bir değişiklik olan Bitcoin ise eski ve yeni yatırımcıların ilgisini çekmiş durumdadır. Ancak Bitcoin, doğası gereği diğer finansal varlıklara göre değerini belirleyen farklı parametreler içermektedir ve geleneksel tahmin yöntemleri Bitcoin gibi çok hareketli değerlere sahip finansal varlıkları tahmin etmekte güçlük çekmektedir. Bu çalışmada çok değişkenli LSTM sinir ağı ve klasik ARIMA zaman serisi modeli kullanılarak Bitcoin’in gelecek değerinin tahmini için modeller geliştirilmiştir. Uygulanan iki modelin tahmin doğruluğu performans değerlendirme metrikleri olan hata metrikleri kullanılarak karşılaştırılmıştır. Deneysel çalışmalar sonucu, LSTM sinir ağı modeli yakın ve uzak gelecek için düşük hata oranı ile tahmin performansı gerçekleştirirken ARIMA zaman serisi modeli yakın gelecek tahmini için düşük hata oranı ile tahmin performansı gerçekleştirmiştir.
This article explores the potential of blockchain technology to enhance podcast content marketing. In the post-pandemic era, more and more enterprises are using podcasts for content marketing. However, the rapid growth of the podcast industry has also raised concerns. This study looks at current podcast advertising methods and uses a 10-step process to examine the need for a blockchain platform. With the decentralization, transparency and traceability of the blockchain and five smart contracts, the new distributed podcast platform improves content marketing metrics and reduces transaction costs. It provides enterprises with a more robust podcast platform, as well as more opportunities for niche creators to showcase and optimize the podcast platform as a useful advertising and marketing tool.
Ioannis Karamitsos, Maria Papadaki, Marinos Themistocleous, Cornelius Ncube
The adoption of Blockchain has caused the organization to rethink how it operates and adds value to its current processes. Some scholars refer to Blockchain as the Black Swan of the 21st century, which will have a greater impact than the introduction of the Internet. Currently, there is little discussion about Blockchain technology and the value model approach and how organizations can close the gap between strategy and operational planning to successfully implement this technology in organizations. This paper explores the relationship and implications of Blockchain technology in relation to the value chain model in education. This paper proposes a value modeling approach for implementing Blockchain in the education sector and demonstrates how a solution works in practice. The novelty of the research will be from both theoretical and practical perspectives. The study will appraise enhancement that can be made within the existing literature on Blockchain and the value chain model, and how the alignment of the two concepts can be used to improve the use of the current value chain model in the education sector.
With the rapid development of the Internet, blockchain technology is developing and maturing daily. This paper compares the positive impact of blockchain on three aspects: accounting bookkeeping, accounting information quality and digital financial information. Blockchain, with its distributed bookkeeping and timestamp technologies, can effectively improve accounting bookkeeping procedures and solve the problems of traditional bookkeeping, which is time-consuming and easy to tamper with. Its digital signature technology, timestamp, and real-time data transmission technology can enhance the timeliness, security, and reliability of enterprise financial information. Innovative contract technology can make inter-enterprise transaction procedures completed automatically and recorded in real-time to realize the digitization of financial data and achieve the goal of enterprise economic integration. This paper also finds that, due to the incomplete development of existing technologies, most of the scholars' research remains in the theoretical stage; they are mostly optimistic about the widespread application of blockchain in practice and less consider the problems that will arise during the practical application. This paper also presents some outlooks for the future of financial reporting based on existing literature and research, where enterprise financial management systems will be reshaped, and financial reporting will be more intelligent, secure, and personalized.
Israa Nazeeh, Teeb Hussein Hadi, Zainab Qahtan Mohammed, Shaymaa Taha Ahmed · 5 authors
The improvement of different data-sharing technology has increasingly permeated many industries as technology continues to improve. As a result, for the value of the data to be realized, data sharing and security are essential. However, a fundamental data sharing mechanism is difficult to check for electronic data usage traces. Furthermore, data providers' unwillingness to provide their data is a challenge. Taking use of the dispersed ledger, smart contract, data trust, and traceability aspects of blockchain technology. This research presents a data-sharing model based on blockchain technology optimizing to overcome the challenges in terms of security and control, of conventional centralized data sharing and management, enabling safe access to the data as a result. Moreover, the research assesses the prototype's usefulness and security. Additionally, this paper suggests a method for using blockchain technology to optimize the efficiency of data sharing. This study showed that data sharing via the blockchain technology paradigm proposed in this work is feasible, secure, controllable, and efficient. This was demonstrated in a novel way employing blockchain technology.
In today’s world, having access to land records is a must and being able to see who owns the land property is important to allow crossverify ownership of the land in order for business purposes or for personal use. In India, maintaining the land record with the current population is a challenging task, and the current system was causing incomplete registries, leading to fraudulent activities. The current system being used by the government is inconsistent and has a lot of intermediaries who have access to the system and make changes to it. The use of Blockchain is increasing day by day, the government is trying to adopt technology, and web3.0 is the future we are heading; adding Land Records in Blockchain is very useful because it provides transparency for everyone. Allowing citizens to view the land record with a visual representation with maps will ensure everyone has access to these land records.