Blockchain Papers

Abu Hanifa Md. Noman, Muhammad Mahmudul Karim, M. Kabir Hassan, Muhammad Asif Khan · 5 authors

No abstract is available for this record.

Dzaki Mahadika Gunarto, Siti Saadah, Dody Qori Utama

Cryptocurrency price prediction is a crucial task for financial investors as it helps determine appropriate investment strategies and mitigate risk. In recent years, deep learning methods have shown promise in predicting time-series data, making them a viable approach for cryptocurrency price prediction. In this study, we compare the effectiveness of two deep learning techniques, the Recurrent Neural Network (RNN) and Long-Short Term Memory (LSTM), in predicting the prices of Bitcoin and Ethereum. Results of this research show that the LSTM method outperformed the RNN method, obtaining lower Root Mean Squared Error (RMSE) and Mean Absolute Percentage Error (MAPE) values for predicting both cryptocurrencies. Bitcoin and Ethereum. Specifically, the LSTM model had a RMSE of 0.061 and MAPE of 5.66% for predicting Bitcoin, and a RMSE of 0.036 and MAPE of 4.58% for predicting Ethereum. In this research, we found that the LSTM model is a more effective method for predicting cryptocurrency prices than the RNN model.

Sotiris P. Gayialis, Evripidis P. Kechagias, Georgios Α. Papadopoulos

Undoubtedly, supply chain operations management is becoming more demanding for product tracing due to regulatory frameworks and fraudulent incidents. Therefore, rapidly increasing challenges arise in transparency, tracking, and data storage in many product supply chains. Especially in the case of wine supply chains, timely and accurate traceability is vital, as this industry is plagued by frequent counterfeiting activities that pose significant risks to both consumer health and business viability and prosperity. Blockchain technology can serve as a crucial aid for constructing modern wine supply chains by offering increased security and trust between all supply chain stakeholders. This paper presents a framework for developing Ethereum-based Blockchain distributed applications and demonstrates a use case for creating such an application for a wine traceability system. The developed distributed application enables the participants of the wine supply chain to track wines by adding and monitoring data about each individual wine bottle's production, fermentation, aging, bottling, and distribution, providing full supervision of its production and distribution. The demonstrated use case shows the different types of users and their interactions with the system to fully comprehend the advantages it can offer to all supply chain stakeholders as well as consumers and controlling authorities.

Johannes Rude Jensen, Victor von Wachter, Omri Ross

Multi-block MEV (MMEV) denotes the practice of securing k-consecutive blocks in an attempt at extracting surplus value by manipulating transaction ordering. Following the implementation of pro-poser/builder separation (PBS) on Ethereum, savvy builders can secure consecutive block space by implementing targeted bidding strategies through relays. To estimate the extent to which this practice might be taking place today, we collect data on all bids submitted by builders through relays in the period from the 15th of September (the merge) 2022 until the 31st of January 2023. We hypothesize that builders might secure consecutive blocks in order to deploy sophisticated MMEV strategies, such as creating artificial momentum in Uniswap pools, by withholding and prioritizing transactions from the mempool. In this talk proposal, we present preliminary and non-conclusive results, indicating the builders employ super-linear bidding strategies to secure consecutive block space. We hypothesize that builders act rationally and increase bids only if this is profitable. With this WIP talk proposal, we hope to stimulate an interesting discussion on the feasibility of sophisticated MMEV strategies at SBC23, with the aim of collecting feedback from researchers and practitioners working on MEV.

Zhifeng Wang, Wanxuan Wu, Chunyan Zeng, Jia‐Long Yao · 6 authors

With the development of blockchain technology, more and more attention has been paid to the intersection of blockchain and education, and various educational evaluation systems and E-learning systems are developed based on blockchain technology. Among them, Ethereum smart contract is favored by developers for its ``event-triggered" mechanism for building education intelligent trading systems and intelligent learning platforms. However, due to the immutability of blockchain, published smart contracts cannot be modified, so problematic contracts cannot be fixed by modifying the code in the educational blockchain. In recent years, security incidents due to smart contract vulnerabilities have caused huge property losses, so the detection of smart contract vulnerabilities in educational blockchain has become a great challenge. To solve this problem, this paper proposes a graph neural network (GNN) based vulnerability detection for smart contracts in educational blockchains. Firstly, the bytecodes are decompiled to get the opcode. Secondly, the basic blocks are divided, and the edges between the basic blocks according to the opcode execution logic are added. Then, the control flow graphs (CFG) are built. Finally, we designed a GNN-based model for vulnerability detection. The experimental results show that the proposed method is effective for the vulnerability detection of smart contracts. Compared with the traditional approaches, it can get good results with fewer layers of the GCN model, which shows that the contract bytecode and GCN model are efficient in vulnerability detection.

P. M. Yawalkar, Deepak Narayan Paithankar, Abhijeet Rajendra Pabale, Rushikesh Vilas Kolhe · 5 authors

An integrated identity is a centralized identifier that makes it possible for customers to get access to a variety of business services from a single network. The risks and assaults include identity leaks, centralized management, auditing restrictions, and lengthy breach investigation procedures. The article presents a technique for creating a blockchain-based, integrated identification system in a marketplace by automating and decentralizing the creation and auditing of strong and secure attributes. When individuals engage in market transactions, they act as nodes in a distributed blockchain network, contributing to the development of federated identities. Using a single federated identity, members of this network are able to use any of the participating companies' services. In this, IoT sensors and wearables can automatically log real-time data for you while identifying patterns and flagging problems. The total transparency of all blockchain transactions provides participants the ability to see which services they're using and their users the ability to track the usage of their identities. To test the proposed architecture, implementation done on a public blockchain and a permissioned blockchain (Ethereum and Hyperledger Fabric).

Vernon Louis, Piyush Maheshwari

No abstract is available for this record.

Facundo Carrillo, Elaine Hu

Maximum extractable value (MEV) has been extensively studied. In most papers, the researchers have worked with the Ethereum blockchain almost exclusively. Even though, Ethereum and other blockchains have dynamic gas prices this is not the case for all blockchains; many of them have fixed gas prices. Extending the research to other blockchains with fixed gas price could broaden the scope of the existing studies on MEV. To our knowledge, there is not a vast understanding of MEV in fixed gas price blockchains. Therefore, we propose to study Terra Classic as an example to understand how MEV activities affect blockchains with fixed gas price. We first analysed the data from Terra Classic before the UST de-peg event in May 2022 and described the nature of the exploited arbitrage opportunities. We found more than 188K successful arbitrages, and most of them used UST as the initial token. The capital to perform the arbitrage was less than 1K UST in 50% of the cases, and 80% of the arbitrages had less than four swaps. Then, we explored the characteristics that attribute to higher MEV. We found that searchers who use more complex mechanisms, i.e. different contracts and accounts, made higher profits. Finally, we concluded that the most profitable searchers used a strategy of running bots in a multi-instance environment, i.e. running bots with different virtual machines. We measured the importance of the geographic distribution of the virtual machines that run the bots. We found that having good geographic coverage makes the difference between winning or losing the arbitrage opportunities. That is because, unlike MEV extraction in Ethereum, bots in fixed gas price blockchains are not battling a gas war; they are fighting in a latency war.

Satyajit Ghosh, Mousumi Dutta

<p>Recent technological advancements have led to the development of new methods for managing organ donation systems, which aim to overcome the limitations of traditional centralized systems. To achieve increased transparency, security, and efficiency in the organ donation process, blockchain technology is being proposed as a replacement for these centralized systems. However, most previous works on organ donation systems have focused on using Ethereum-based blockchain solutions, which offer limited control, a fixed set of consensus protocols, and no support for concurrent executions. In contrast, our work has utilized the Hyperledger Fabric framework to develop a network model of the organ donation system. We have designed and deployed a prototype system with smart contracts using Amazon Managed Blockchain Service. Additionally, we have built a client application that uses the Fabric SDK to interact with the network and perform various actions. To evaluate the performance of our system, we conducted extensive testing using the Hyperledger Caliper benchmarking tool. In our test bench, the system achieved a peak actual send rate of 389.1 transactions per second (TPS) for creating new records and 508.4 TPS for reading records. At a send rate of 800 TPS, the system took an average of 12.16 seconds to serve a request for creating a record and an average of 3.71 seconds to serve a request for reading a record. Future work is required to extend the functionalities of the system and identify potential endorsers and managers for this type of controlled blockchain network.</p>

Dr.Hiren Patel Avani Dadhania

With the Internet of Things' (IoTs) rapid expansion, effect, and potential, the healthcare industry is shifting to a new paradigm that permits wearable devices to collect patient medical data and use it for monitoring and diagnosis. Tamper-proof data and avoidance of the centralized record-keeping mechanism are crucial requirements in any wellness system due to its exigent and precise necessity of data requests. Along with the same, transactions’ auditability and revocation of access rights upon certain records for specific stakeholders are also a few of the other prerequisites in the medical segment. Blockchain, as a distributed ledger, offers a solution for securely storing data while providing transparency in transactions and interactions among stakeholders. Synchronous interaction among patient, doctor, pharmacy, consultant, hospital, etc. with all possible data security is another concern that could be resolved through the usage of Blockchain’s smart contracts wherein interaction among these stakeholders is permitted in a traceable and irreversible mode. The purpose of this paper is to discuss the potential use of Blockchain technology in the healthcare sector to achieve data security, transparency, and reliability without the involvement of a trusted third party. In terms of security and privacy, we survey and provide an exhaustive review of Blockchain-based access control systems for the healthcare system. In addition, for the healthcare system, we propose and implemented a decentralized role-based access control model based on Ethereum smart contract.

Ethereum Trader

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Feruz K. Elmay, Mohammad Madine, Khaled Salah, Raja Jayaraman

<p>The distribution, traceability, and management of shipping container logistics require secure data flow and trusted transactions. Digital Twins (DTs) can realize these features by offering shipping tracking and traceability, process flow and status monitoring, and management of the physical containers all in a remote manner. However, the data of a DT itself is typically stored, controlled, and managed by a centralized entity, which is often the original creator of the physical container. Having a centralized entity can cause mistrust. The centralized entity may alter, tamper, or delete the digital twin data. To overcome this problem, this paper proposes trusted sharing and management of DTs for shipping containers by using Non-Fungible Tokens (NFTs). NFTs are digital tokens that hold unique data stored, controlled, and managed in a decentralized and immutable blockchain ledger. We extend in this paper the use of NFTs to tokenize shipping container DTs and their metadata. The proposed solution uses NFTs and Ethereum blockchain smart contracts to offer decentralization, security, transparency, traceability, and immutability to the data and processes involved in the creation, storage, and management of DTs of shipping containers. To demonstrate our solution, we create a DT of a shipping container using Microsoft Azure Digital Twins services and showed how to tokenize it using NFT. We assess the system using various test cases to evaluate its main functionalities. Furthermore, we analyze the cost of transactions and the security of the smart contracts code. We have made the code of our smart contracts publicly available on GitHub.</p>

Ashish Kumar Tripathi, K. Akul Krishnan, Avinash Chandra Pandey

No abstract is available for this record.

Chiang-Ching Tan, Pick-Soon Ling, Siew-Ling Sim, Kelvin Lee Yong Ming

This study examined the capabilities of six cryptocurrencies as a hedge and safe haven against the stock indices and foreign exchange rate in the East Asia-5 markets. According, MGARCH-DCC was adopted and implemented in data collection processes together with Rathner and Chiu regression method, which spanned from April 2013 to December 2019. The results revealed that these cryptocurrencies had dissimilar hedging and safe haven capabilities across various stock indices and exchange rates in the East Asia-5 markets. In particular, Bitcoin, Litecoin, and Ethereum offered strong hedge properties on most of the East Asia-5 equity indices. Moreover, Bitcoin and Litecoin only provided a safe haven for Japanese Yen currency, while Taiwanese equity indices and Chinese Yuan currency can be safely protected via an investment into Stellar.

Abdul Razzaq, Ahmed B. Altamimi, Abdulrahman Alreshidi, Shahbaz Ahmed Khan Ghayyur · 6 authors

As Internet of Things (IoT)-based systems become more prevalent in the era of data-driven intelligence, they are prone to some unprecedented challenges in terms of data security and systems scalability in an era of context-sensitive data. The current advances in IoT-driven data sensing and sharing rely on third-party sources of information (TTPs) that gather data from one party, then transmit it to the other. As a result of TTPs’ involvement, such IoT systems suffer from many issues including but not limited to security, transparency, trust, and immutability as a result of the involvement of the company. Moreover, a multitude of technical impediments, such as the computation and storage poverty of IoTs, privacy concerns, and energy efficiency, enhances the challenges for IoTs. To address these issues of IoT security, we propose a blockchain-enabled open IoT data-sharing framework based on the potential of the interplanetary file system (IPFS). We have used a case study-based approach to evaluate the proposed solution. It is submitted that the proposed scenario is implemented by building smart contracts in Solidity and deploying them on the local Ethereum test network, using the Solidity programming language. With the implementation of smart contracts on the blockchain for access roles in IoT data sensing, the proposed solution advocates for a blockchain-based approach to data security for IoT systems that makes use of smart contracts for access roles.

Zhijie Tan, Xiang Yuan, Shengwei Meng, Yakun Huang · 7 authors

The current large blockchain systems (BTC Lightning network, Ethereum, etc.) are generally facing the problems of low persistence rates and high storage costs. Therefore, users tend to store single modal (textual) information on the existing blockchain systems. Inspired by semantic communication algorithms, this paper presents a new algorithm to solve the serious imbalance between textual and visual modals on blockchains. After semantic sampling of the original visual image, the resulting semantic text will be stored on the chain, and the end users can reconstruct a semantically similar image using the \textbf{R}elative \textbf{O}ptimal \textbf{S}emantic \textbf{I}sotope \textbf{S}election algorithm. Experiments on the DIV2K dataset show that the blockchain with our algorithm can achieve 430,000 times the storage capacity and 550,000 times the persistence rate for the original visual data with acceptable semantic information loss.

Sai Shibu N B

Abstract Carbon dioxide (CO2) emissions primarily contribute to global warming and climate change. The immediate source of CO2 emissions is burning fossil fuels like petrol, diesel, natural gas and coal, accounting for 78% of total emissions. CO2 emissions have risen since the late 1800s, reaching a record high of 33.1 billion tons in 2019. The paper proposes a Blockchain and IoT-based framework to track and trade carbon credits, aiming to reduce carbon dioxide emissions and mitigate their impact on global warming and climate change. We consider electrical energy as one use case for carbon emission and credit trading. The framework will monitor the energy usage of each entity, recording real time carbon emissions in a tamperproof blockchain ledger. Each entity will receive carbon credits based on the recorded emissions, which can then be traded on a blockchain exchange. This will enable entities with higher emissions to offset their emissions by purchasing credits from entities with lower emissions. The blockchain ledger ensures the authenticity and transparency of the carbon emissions data, promoting a secure and efficient solution for reducing carbon emissions. The paper also outlines a reward and penalty mechanism for consumers, encouraging them to reduce their carbon footprint and contribute to a more sustainable future. The paper discusses the blockchain and IoT-based carbon credit exchange architecture, including algorithms for estimating energy consumption, carbon emissions, reward, and penalty. The paper concludes with a proof of concept implementation using the Ethereum platform and a performance evaluation of the algorithms. The paper proposes a comprehensive solution for reducing carbon emissions and mitigating their environmental impact, leveraging the strengths of blockchain and IoT technologies.

R. Thilagavathy, P. N. Renjith, R. V. S. Lalitha, Mantripragada Yaswanth Bhanu Murthy · 6 authors

No abstract is available for this record.

Sasmita Padhy, Majed Alowaidi, Sachikanta Dash, Mohamed Alshehri · 7 authors

Every aspect of the 21st century has undergone a revolution because of the Internet of Things (IoT) and smart computing technologies. These technologies are applied in many different ways, from monitoring the state of crops and the moisture level of the soil in real-time to using drones to help with chores such as spraying pesticides. The extensive integration of both recent IT and conventional agriculture has brought in the phase of agriculture 4.0, often known as smart agriculture. Agriculture intelligence and automation are addressed by smart agriculture. However, with the advancement of agriculture brought about by recent digital technology, information security challenges cannot be overlooked. The article begins by providing an overview of the development of agriculture 4.0 with pros and cons. This study focused on layered architectural design, identified security issues, and presented security demands and upcoming prospects. In addition to that, we propose a security architectural framework for agriculture 4.0 that combines blockchain technology, fog computing, and software-defined networking. The suggested framework combines Ethereum blockchain and software-defined networking technologies on an open-source IoT platform. It is then tested with three different cases under a DDoS attack. The results of the performance analysis show that overall, the proposed security framework has performed well.

Hind Hassan, Rehab F. Hassan, Ekhlas Gbashi

—In the second decade of the twenty-first century, blockchain is considered one of the most popular computer technologies. Blockchain is a zero-trust network, making it a potent tool for various services provided that people are ready to believe and invest in it. In the Ethereum world, the blockchain runs on smart contracts, self-executing applications that come at the cost of security. As technology is used increasingly, Election is facing new issues of trust and management. Therefore, E-voting systems are increasingly acceptable because they are more accurate, reliable, practical, and secure. This research purpose is to propose a decentralized elections application based on Ethereum; the application was developed using the Truffle development framework. The actions of the software were written into an Ethereum smart contract, which was then deployed on the Ethereum network. A web interface had been used to read the user's vote before it was broadcast to the Ethereum network through the web3.js API. The ganache was utilized as the Ethereum client. Metalmark was used as a wallet on a website, and the remix was used to deploy the smart contract on the main network, the results of implementing the proposed system show that the cost of each transaction is not stable, its increases with the increase the network load, and the throughput ends up at 14 transactions per second.

Ruhan Hou

In recent years, the digital world is fast speeding developed from decentralised concept to blockchain, then to cryptocurrency. Especially, cryptocurrency is a popular trending in recent decades that attracts different experts from various field. Its high volatility has been attracted plenty of investors while also brings the difficulty for realizing the price forecasting. On this basis, this study uses public cryptocurrency dataset and three analytical models to predict the direction of cryptocurrency’s price. To be specific, three underlying assets covering large proportion in cryptocurrency are selected, i.e., Bitcoin, Ethereum and Dogecoin. According to the analysis, the prediction results of different models and approaches will be presented. At the end of study, it gains that the optional model with appropriate hyperparameters based on the judgement of metrics values, which offers relevant suggestions for future works. These results shed light on guiding further exploration of cryptocurrency price prediction in terms the state-of-art machine learning scenarios.

Xiangli Xiao, Xiaotong He, Yushu Zhang, Xuewen Dong · 6 authors

Abstract The indiscriminate distribution of a large number of unlicensed images through the Internet seriously harms the benefits of image owners, which prompts the study of image copyright protection solutions. Existing blockchain‐free solutions are limited to using centralized servers to store copyright information, leaving data vulnerable to being lost or tampered with by external attacks. Although the blockchain‐based image copyright protection solutions are capable of addressing the above problem, improvements are needed in choosing a suitable blockchain platform and supporting integrated copyright life cycle management. To this end, this paper designs a blockchain‐based reliable image copyright protection system named BB‐RICP using Hyperledger Fabric. For one thing, the adoption of Fabric mitigates the limitations of other blockchain platforms represented by Ethereum in terms of efficiency, economy, and availability. For another, BB‐RICP successes in achieving integrated copyright lifecycle management. In addition, BB‐RICP achieves enhanced applicability performance by firstly introducing GM algorithms recommended by Chinese national standard and adapting the more consortium blockchain‐oriented practical byzantine fault tolerance algorithm. Moreover, the adoption of spread spectrum watermarking brings convenience to users. Finally, Kubernetes is used to assist in the simulation of BB‐RICP to verify that users can operate reliably in the blockchain network.

Wenni Zhang

Contemporarily, the popularity and use of cryptocurrencies has risen along with their prices and Ethereum is the second most popular and largest cryptocurrency after Bitcoin. Cryptocurrencies are based on the blockchain, which is a decentralized technology that has the power to change any banking system. They have become an attractive investment for both traders and individuals looking to invest. The price of Ethereum fluctuates and is affected by various factors, e.g., the crypto trading exchange as well as supply and demand. Ethereum is so valuable because it can be used as cash and one also pay Ethereum in full or in part to someone in exchange. Besides, it is easily guaranteed by the blockchain. Unlike stocks, the price of Ethereum is much more variable because it is traded 24 hours a day and there are no closing times. On this basis, this paper compares the results of two different models, namely linear regression and Long Short-Term Memory networks (LSTM). The dataset comprised in the closing prices of the last 372 days for Ethereum. The performance of the obtained models is critically evaluated using statistical indicators Root Mean Squared Error (RMSE) and the study have drawn our conclusions based on the RMSE result. The paper demonstrates a technique for using time series data in both models and determining each model's RMSE. These results shed light on guiding further exploration of prediction Ethereum prices and trends.

Dhiyaul Mahdi

Mencapai keseimbangan antara skalabilitas, keberlanjutan, dan keamanan sambil mempertahankan desentralisasi telah menjadi solusi target untuk aplikasi blockchain yang terdesentralisasi selama beberapa tahun terakhir. Beberapa pendekatan telah diusulkan oleh beberapa tim blockchain untuk mencapainya, Ethereum termasuk di antaranya. Ethereum berada di jalur peningkatan protokol utama yang disebut Ethereum 2.0 (Eth2), menerapkan Sharding dan memperkenalkan Proof-of-Stake (PoS). Karena perubahan mekanisme konsensus merupakan masalah yang rumit, peningkatan ini akan dicapai melalui fase yang berbeda, yang pertama adalah penerapan Beacon Chain. Sebagai Ethereum1, Eth2 mengandalkan jaringan peer-to-peer (p2p) terdesentralisasi untuk distribusi pesan. Hingga saat ini, ada lebih dari 17.500 node di jaringan utama Eth2 yang tersebar secara geografis. Namun, topologi yang satu ini masih belum diketahui. Dalam makalah ini, kami menyajikan hasil yang diperoleh dari analisis yang kami lakukan pada jaringan p2p Eth2. Menggambarkan topologi jaringan, kemungkinan bahaya yang disiratkan oleh yang satu ini (Cortes-Goicoechea and Bautista-Gomez, 2021).