The purpose of this work is to study the investment capital markets by analysing the IPO and ICO procedures, identifying the main trends, leading sectors and comparing their volumes. The methodological basis was a retrospective analysis of the development of various forms of investment attraction (IPO and ICO). The main research methods were deduction, induction, synthesis and logical analysis. This article examined the main trends taking place in the IPO and ICO markets; key types of used blockchain platforms were identified; the leading countries and sectors in terms of the amount of funds raised are presented. The ICO market showed high growth rates in 2013–2018, but did not reach volumes comparable to the IPO market. Most of the projects that used the ICO (digital token issuance) procedures chose the Ethereum blockchain system as a platform, implemented projects in the fintech and IT industries, infrastructure development and decentralized applications (DApps). The leading states, residents, which have carried out the largest number of ICO procedures, are the USA, Singapore, United Kingdom and Hong Kong. In the IPO market, the largest volume of funds was attracted by projects from such sectors as finance, consumer services, oil and gas, industry and healthcare. The US remains the main platform chosen by companies for IPOs. The US is followed by the UK, China and Hong Kong
Initial coin offerings (ICOs)-commonly referred to as token sales or token offeringsare assisted by blockchain technology. This financing tool helps entrepreneurs finance early-stage ventures on a decentralized, global scale. Researchers have previously called for more research to be carried out vis--vis the role of information intermediaries in the ICO ecosystem. The main goal of this study was to analyze the correlation between ICO ratings and the financing success of ICOs. As a result, secondary microdata on 5,581 ICOs were collected from the ICObench website. The results reveal that ICO ratings issued by third parties have a positive influence on the fundraising campaign of these offerings. ICO ratings thus appear to function as an effective signal to buyers and to reduce information asymmetry between sellers and investors.
Developments around new technology are opening new avenues for business, commerce, and management. From instantaneous, low-cost transaction processing, clearing, and settlement to the management of government & commercial banking ledgers, disruptive technologies like blockchain has numerous applications in financial engineering and innovative product development. Distributed ledger technology can be used to develop innovative Shariah-compliant products including financial instruments that are beneficial for the growth and development of the Islamic finance industry along with the achievement of Sustainable Development Goals (SDGs). In this paper, blockchain technology is proposed to develop Sukuk to finance development infrastructure projects in Pakistan. With adequate governance, innovative products along with legal and regulatory support, Islamic finance has the potential to make a reasonable contribution towards the development of infrastructure along with the rising standard of living for people, eventually supporting Sustainable Development Goals (SDGs) set by the United Nations General Assembly in 2015 for the year 2030. Rigorous infrastructure is the key to the successful implementation and achievement of Sustainable Development Goals (SDGs).
In recent years, cloud-based medical record sharing has greatly improved the process of researching the disease and patient diagnosis. However, since cloud systems are centralized, there is serious concern about data security and privacy. Blockchain technology is viewed as a promising method of dealing with privacy issues and data security because of its exclusive features of distributed ledgers, secrecy, verifiability, and enhanced security. The literature review has shown significant works on integrating blockchain technology with cloud system for managing and sharing healthcare data. It has been analyzed that previous works are primarily dependent on the centralized data storage approach, which raises privacy concerns. The previous works also do not emphasize handling big medical data and lack the reliability of the end-to-end security features system. This paper has presented an authorization framework for ensuring data security and privacy preservation using blockchain technology with IPFS as decentralized file storage and sharing system. The proposed study devises a proof of replication algorithm using smart contracts to provide a better access control mechanism. The implementation of the proposed framework is based on the symmetric encryption and Ethereum blockchain platform. The study outcome illustrates the efficiency and availability of the proposed scheme compared to the typical cloud-based blockchain method.
Abstract Technological innovation generates products, services, and processes that can disrupt existing industries and lead to the emergence of new fields. Distributed ledger technology, or blockchain, offers novel transparency, security, and anonymity characteristics in transaction data that may disrupt existing industries. However, research attention has largely examined its application to finance. Less is known of any broader applications, particularly in Industry 4.0. This study investigates academic research publications on blockchain and predicts emerging industries using academia‐industry dynamics. This study adopts latent Dirichlet allocation and dynamic topic models to analyze large text data with a high capacity for dimensionality reduction. Prior studies confirm that research contributes to technological innovation through spillover, including products, processes, and services. This study predicts emerging industries that will likely incorporate blockchain technology using insights from the knowledge structure of publications.
Mohammed Shuaib, Noor Hafizah Hassan, Sahnius Usman, Shadab Alam · 8 authors
The land registry system is one of the essential components of any governance model required to ascertain the ownership records uniquely. This paper reviews the existing literature and provides a detailed literature review consisting of 3 stages based on three research questions (RQ) that highlight the step by step evaluation and analysis. We selected 48 primary articles out of 477 extracted from different scientific databases based on criteria and RQ defined in the research method section. The majority of these papers focus on assessing the identity issues related to the land registry system and reviewing the existing identity models to find the best possible identity model to resolve the identified identity problems in the land registry. This paper examines the current land registry model and its shortcomings. It explains the various blockchain types and their characteristics. It further evaluates the usability of blockchain technology in different aspects of the land registry. Identity management is one of such weaknesses in the blockchain‐based land registry model that has been assessed in detail. Identity issues of blockchain‐based models have been further evaluated on defined criteria. The paper ends with a discussion on possible identity models and their comparative analysis to ascertain the most suitable identity model to resolve the identity issues of land registry systems.
Sara Ait Bennacer, Abdessadek Aaroud, Khadija Sabiri, Mohamed Rguibi · 5 authors
In the context of COVID-19 pandemic, the Moroccan Interior and Health Ministries have proposed to use the health pass with a QR code to identify vaccinated people. Additionally, the government suggested a mobile application to control the health passport authenticity. However, the key problem is the possibility of anyone scanning the QR code and figuring out citizens' private information, causing severe issues about individual privacy. In this work, the main contribution is integrating a private Blockchain-based digital health passport to ensure high protection of sensitive information, security and privacy among all the actors (Government, Ministry of Interior, Ministry of Health, verifiers) that comply with the CNDP (National Commission for the Control of Personal Data Protection) and the Moroccan Law 09-08. In our proposed architectural framework solution, we identify two types of actors: authorized and unauthorized, to limit and control access to the citizens' personal information. Besides, to preserve individuals' privacy, we adopt on-chain and off-chain storage (Interplanetary File Systems IPFS). In our case, smart contracts improve security and privacy in the health passport verification process. Our system implementation describes the proposed solution to grant individual privacy. To verify and validate our approach, we used Remix-IDE and Ethereum Blockchain to build smart contracts.
This paper aims to provide a state-of-the-art analysis about the FinTech and the cryptocurrencies phenomena. Given the focus of the central banks all over the world, we will discuss three main aspects: technology, economics and regulation. Technology seems to be the most important revolution brought by cryptocurrencies: it is employed for many purposes that depart from the original one of distributed ledger for storing transactions. The traditional financial intermediaries are trying to prevent the disruption of the current financial system by cooperating with the FinTech start-ups. Regarding the economic aspect, we deal with the comparison between what academia has been proposing for incorporating cryptocurrencies in the economy and what central banks and banks are doing. Regulation has mainly adopted a 'wait and see approach' and it is very fragmented around the globe. Regulation is mainly oriented in exploiting technology, acquiring the new name of RegTech.
Jan 1, 2022·Proceedings of the ... Annual Hawaii International Conference on System Sciences/Proceedings of the Annual Hawaii International Conference on System Sciences
The adoption of cryptocurrencies and blockchain technologies is an active field of research in information systems, looking at the promise and issues hampering the arrival of cryptocurrencies as a general means of payment. However, an overwhelming number of papers only look at existing users and usually limit themselves to a single cryptocurrency, mostly Bitcoin. This paper adds to the body of research by creating a taxonomy of features for cryptocurrencies as payment systems, and conducting a user study with over 500 participants asking what features are most relevant for the adoption of a cryptocurrency. We identify cost-effectiveness and data confidentiality as crucial for potential users, but also find that these two factors are followed by a wealth of convenience features that have found less emphasis in present cryptocurrency implementations.
Ilia Murtazashvili, Jennifer Brick Murtazashvili, Martin B. H. Weiss, Michael J. Madison
Researchers interested in blockchains are increasingly attuned to questions of governance, including how blockchains relate to government, the ways blockchains are governed, and ways blockchains can improve prospects for successful self-governance. Our paper joins this research by exploring the implications of the Governing Knowledge Commons (GKC) framework to analyze governance of blockchains. Our novel contributions are making the case that blockchain networks represent knowledge commons governance, in the sense that they rely on collectively-managed technologies to pool and manage distributed information, illustrating the usefulness and novelty of the GCK methodology with an empirical case study of the evolution of Bitcoin, and laying the foundation for a research program using the GKC approach.
It is sufficiently predictable that most paper currencies will disappear and digital currencies will become the mainstream. This is why the Central Bank Digital Currency (CBDC) has recently begun to attract attention. Blockchain technology bring unique advantages to a CBDC. A blockchain-based CBDC enables central banks to control the currency while protecting the privacy and independence of the CBDC’s use to the end users. The 5irechain based CBDC benefits from the innovative products and services that are being built across the open source blockchain ecosystem including zero-knowledge cryptography, non-custodial wallets, and decentralized finance. 5irechain ecosystem assists all of new financial models that will guarantee financial stability and inclusion, fraud control as well as greater efficiency and modernization of the monetary system. In this paper, we propose 5irechain based CBDC that enables communication between blockchains using Inter-Blockchain Communication (IBC) protocol to ensure interoperability. It can give different user privileges and privacypreserving.
Cross-border financial transactions increasingly require robust, secure, and efficient mechanisms for customer identity verification. Regulatory compliance, particularly with Know Your Customer (KYC) standards, Anti-Money Laundering (AML) obligations, and counter-terrorist financing regulations, imposes significant operational and procedural burdens on financial institutions engaged in international finance. Traditional KYC processes rely heavily on manual verification, centralized databases, and fragmented identity documentation, often resulting in inefficiencies, duplications, and heightened exposure to fraud. In response, blockchain technology has emerged as a promising solution, offering decentralized, tamper-proof, and verifiable identity frameworks that can streamline KYC operations, reduce duplication, and enhance cross-border compliance. This paper proposes a conceptual blockchain-based framework for digital identity verification in cross-border financial contexts. The framework leverages distributed ledger technology to securely manage identity credentials, facilitate interoperability among financial institutions, and maintain compliance with international financial regulations. The study synthesizes prior research on blockchain applications in financial services, digital identity management, and KYC automation, highlighting challenges such as privacy, scalability, interoperability, and regulatory integration. By integrating blockchain with secure digital identity protocols, the proposed framework aims to enhance efficiency, trust, and compliance in international financial operations. The paper concludes with a discussion of implementation considerations, potential limitations, and future research directions to enable secure, scalable, and regulatory-compliant digital identity verification in cross-border financial ecosystems.
Jan Jürjens, Simon Scheider, Furkan Yıldırım, Michael Henke
Abstract A significant challenge in bootstrapping a jointly used infrastructure such as Data Spaces is to incentivize the participants to invest in setting up the infrastructure. In this chapter, we investigate this challenge and possible solutions, focusing on an approach called “Tokenomics.” The incentivization scheme should be utilized by governance frameworks, in which the participants of Data Spaces remain capable of action and independent through automated, effective, and fair decision-making processes. Also, potential participants should be motivated to participate in the establishment and further development of the system, while on the other hand, undesirable behavior should be penalized. In combination with distributed ledger technology (DLT) and machine-readable, legally compliant smart contracts, participant behavior can be affected in such a way that both data quality and quantity are improved for the whole Data Space. To derive possible design options for Tokenomics approaches, we examine different token frameworks and their impact on participants. The investigation of the frameworks is carried out taking into account five significant domains: technical, behavior, inherent value, coordination, and pseudo-archetypes. Furthermore, we investigate which token designs provide smaller or larger incentives in order to join or maintain a DLT-based ecosystem.
Bitcoin is now famous by it's high level of price, but most people are not familiar with what Bitcoin is and why it is so expensive. Before studying different policies made by governments and how policies can affect cryptocurrencies market price, it is necessary to know several things: the characteristics of cryptocurrency and the technology behind the crypto token; how Bitcoin leads to different attitudes of the government in different countries, and policies made in the United States, Europe, China, and El Salvador respectively. Studying the market price level of the cryptocurrencies is a good way to research about how different policies can affect the trend of the Bitcoin price. And the price of Bitcoin would go down to some extent no matter whether the policy is beneficial or harmful to the cryptocurrencies.