Abstract Decentralized finance (DeFi) platforms have gained in popularity over the last few years, as they offer a wide range of accessible, innovative, and complex financial services. Because they evolve quickly under limited regulation, it is easy for malicious parties to target them for profit when they notice a vulnerability in these emergent protocols. Existing work has focused on understanding typical attack flows and securing the technology to alleviate crime. However, little is known about what other attributes, beyond technical vulnerabilities, may put DeFi actors at risk. Drawing on Cook’s (Crime Justice 7:1–27, 1986) crime opportunity framework of target attractiveness, this study investigates which attributes are associated with an increase or a decrease in the likelihood of DeFi victimization. We compare actors victimized in 2022 with those that were not across several target dimensions: propinquity, vulnerability, potential payoff, main area of operation, and self-protection activities. Results show that being listed on a popular centralized exchange, operating on a layer-2 blockchain, offering lending services, and having high trading volumes are associated with an increased likelihood of victimization, while operating a dApp and having experienced past victimization are associated with a decrease. By contrast, self-protection measures such as publicly disclosed audits, and bug bounty programs show no measurable effect, likely reflecting variation in their quality and implementation or the fact that undisclosed audits could not be observed. By integrating criminological theory into DeFi security research, this study provides a holistic framework for understanding crime opportunities in this novel ecosystem, while informing potential prevention strategies to reduce associated harms.
Decentralized finance (DeFi) systems currently rely on static parameters and reactive mechanisms that fail to adapt to rapidly changing market conditions. These limitations contribute to systemic inefficiencies including yield instability, capital fragmentation, and the extraction of value through adversarial mechanisms such as maximal extractable value (MEV). This paper introduces The Aeon Protocol, a control-theoretic framework for adaptive financial infrastructure. The protocol models decentralized liquidity management as a closed-loop control system in which economic variables are continuously monitored, predicted, and regulated through feedback mechanisms derived from classical control theory. The Aeon architecture integrates four primary system layers: • KENDRA — predictive forecasting and regime detection from on-chain data streams• NOEMA — model predictive control for economic orchestration• AURA — ethical routing layer that captures and redistributes MEV through sealed-bid auctions• LEIA — liquidity management engine governing protocol-owned liquidity across decentralized markets At the core of the system is a PID-controlled adaptive yield mechanism designed to regulate total value locked (TVL) and stabilize protocol yield within bounded ranges. A complementary Burn-and-Mint Equilibrium (BME) mechanism dynamically adjusts token supply to maintain long-term economic balance. A central implication of the Aeon architecture is the emergence of a self-reinforcing liquidity ecosystem. By integrating predictive forecasting, control optimization, and ethical MEV capture into a closed-loop economic system, the protocol continuously identifies inefficiencies in decentralized markets and redirects the associated value back into the protocol’s liquidity layer. This process transforms otherwise extractive market dynamics into a productive feedback cycle, where captured value is redistributed through liquidity provisioning, treasury reserves, and reflection mechanisms. Empirical simulations and historical replay experiments demonstrate that this feedback architecture materially increases capital utilization across the system. In controlled Monte Carlo simulations spanning 10,000 market scenarios, the protocol achieved improvements of 50–180% in capital efficiency, while redirecting approximately 68% of extractable value to protocol participants rather than external arbitrage actors. These results suggest that adaptive control systems can convert structural market inefficiencies into a persistent source of liquidity and yield generation, enabling decentralized financial networks to operate as self-regulating economic environments rather than static rule-based infrastructures. Formal analysis establishes asymptotic stability conditions for the controller using the Routh–Hurwitz criterion and Lyapunov stability methods, providing theoretical guarantees that the system converges toward equilibrium under defined parameter constraints. Collectively, the results demonstrate that control-theoretic economic architectures can provide a principled foundation for designing stable, transparent, and adaptive decentralized financial infrastructure. The Aeon Protocol represents a broader research direction toward autonomous economic systems, where financial networks operate as self-regulating feedback environments capable of maintaining equilibrium under dynamic market conditions.
Crypto currency has emerged as one of the most disruptive innovations in modern financial history. Beginning with the introduction of Bitcoin in 2009, decentralized digital currencies have challenged traditional financial systems by enabling peer-to-peer transactions without centralized intermediaries. This paper examines the impact of cryptocurrency on global financial systems, including banking, monetary policy, financial inclusion, cross-border payments, and regulatory structures. It explores both opportunities—such as decentralization, efficiency, and innovation—and risks, including volatility, regulatory uncertainty, financial crime, and systemic threats. The study also analyses the rise of decentralized finance (DeFi) and Central Bank Digital Currencies (CBDCs) as responses to the growing influence of blockchain-based financial models. The research concludes that while cryptocurrencies present transformative potential, their long-term integration into financial systems will depend on regulatory clarity, technological scalability, and macroeconomic stability.
Cryptocurrency and blockchain technology have emerged as important innovations in the global financial system. Cryptocurrency is a digital form of money that uses cryptographic techniques to ensure secure financial transactions. Blockchain technology acts as a decentralized and transparent ledger that records all transactions in a secure manner. The rapid growth of digital payments, financial technology, and global connectivity has increased the importance of cryptocurrency and blockchain in modern finance. This research paper examines the role of cryptocurrency and blockchain in transforming financial markets, improving transparency, and reducing transaction costs. The study is based on secondary data collected from financial reports, academic journals, and international organizations. The analysis indicates that blockchain technology has the potential to revolutionize financial systems by increasing efficiency, security, and accessibility in financial transactions.
The global financial landscape is experiencing significant transformation driven by technological advancements and evolving market dynamics. Moreover, blockchain technology has become a pivotal platform with widespread applications, especially in finance. Cross-border payments have emerged as a key area of interest, with blockchain offering inherent benefits such as enhanced security, transparency, and efficiency compared to traditional banking systems. This paper presents a novel framework leveraging blockchain technology and smart contracts to emulate cross-border payments, ensuring interoperability and compliance with international standards such as ISO20022. Key contributions of this paper include a novel prototype framework for implementing smart contracts and web clients for streamlined transactions and a mechanism to translate ISO20022 standard messages. Our framework can provide a practical solution for secure, efficient, and transparent cross-border transactions, contributing to the ongoing evolution of global finance and the emerging landscape of decentralized finance.
By 2026, India's urban transition is no longer a gradual demographic shift it has become the central axis of national economic stability. Cities are now the primary engines of growth, employment, and productivity. Yet the financial architecture that supports them remains structurally weak. The 16th Finance Commission (2026–2031), chaired by Arvind Panagariya, faces a defining challenge: redesigning fiscal federalism at a moment when urban India is expanding faster than its capacity to finance itself. Urban Local Bodies (ULBs) stand at the heart of this tension. Although cities contribute a growing share to India's GDP, their financial autonomy remains constrained. The combined budget of India's 4,500+ ULBs amounts to roughly 1.3% of GDP, while their own-source revenue (OSR) generation is only about 0.6%. This gap reflects a deeper structural imbalance between expenditure responsibilities and revenue-raising powers. The weakness is most evident in property taxation the cornerstone of municipal finance worldwide. In India, property tax collections hover around 0.2% of GDP. In comparison, the OECD average stands at 1.08%, while countries like the United Kingdom (3.11%) and Canada (3.05%) demonstrate the fiscal potential of robust property tax systems. India's "property paradox" is rooted in valuation gaps, outdated rent control regimes, and extensive exemptions. Despite rising real estate values, tax realization remains minimal. At the same time, climate change has moved from a distant threat to a measurable economic variable. Heatwaves, floods, and water stress now erode an estimated 4–6% of GDP annually through productivity losses and infrastructure damage. In this context, fiscal reform must evolve into what can be called "Green Federalism" a framework that embeds climate performance within intergovernmental transfers. With the operationalization of the Bureau of Energy Efficiency-led Carbon Credit Trading Scheme, alongside the sovereign AI initiative BharatGen, Ind...
The rapid convergence of the Internet of Things (IoT) and decentralized finance (DeFi) is reshaping the digital economy by enabling autonomous, trustless, and value-driven interactions among connected devices. This paper provides a comprehensive survey of the emerging paradigm that combines IoT's pervasive sensing and communication capabilities with DeFi's programmable financial infrastructure. We first discuss the motivation behind this convergence and explore key opportunities, including autonomous machine-to-machine (M2M) payments, decentralized data marketplaces, and trustless IoT service provisioning. Despite its potential, IoT-DeFi integration introduces significant security and privacy challenges related to smart contract vulnerabilities, consensus protocol risks, oracle manipulation, and constrained device capabilities. We review existing mitigation approaches such as lightweight cryptography, secure contract design, and decentralized identity management, and critically assess their limitations in heterogeneous, resource-limited environments. Building on this analysis, identify research gaps and propose future directions emphasizing formal verification of IoT-integrated smart contracts, robust oracle design, interoperability frameworks, and privacy-preserving trust models. This survey systematically maps opportunities, threats, and open issues. In doing so, it guides researchers and practitioners toward building secure, scalable, and energy-efficient IoT-DeFi ecosystems for next-generation decentralized applications.
Block chain technology has gained significant attention across multiple domains such as finance, healthcare, education, and real estate. It serves as the foundational technology behind cryptocurrencies, enabling secure and decentralized digital transactions. Transactions are carried out using digital wallets on computing devices and are permanently recorded as blocks linked together in a distributed ledger known as the block chain. This paper presents a comprehensive study of block chain technology, its operational principles, consensus mechanisms, and real-world applications. It also explores the integration of artificial intelligence techniques to enhance security, scalability, and trust in block chain-based cryptocurrency systems.
• Fully integrated trigeneration systems are not yet deployed in the MENA Region • The key components of trigeneration systems are already proven in MENA. • PVT-based systems support typical rural demands of 9–55 kW of power, and 18–143 kW of heat. • PVT-based systems can generate a typical rural freshwater demand of 8–14 m 3 /day. • Performance of PV/T-based systems in MENA desert climate can be enhanced by PCMs. • The SGSP can support MED and HDH units, water and space heating, and small power cycles. Solar-based cogeneration systems offer a promising pathway for low-carbon, decentralized development in rural areas of the Middle East and North Africa (MENA). While fully integrated triple-generation systems remain unimplemented, key components, such as PV mini-grids, PV-powered desalination units, solar pumps, and solar water heaters, have proven effective. PV/T-based systems can generate 9–55 kW of electricity, 18–143 kW of thermal energy, and 8–14 m3 of freshwater per day, aligning with typical rural demands and leveraging the region’s high solar irradiation and brackish groundwater resources. To realize this potential, challenges such as solar intermittency, efficiency losses, high upfront costs, and fossil fuel subsidies must be addressed through field pilots, advanced control strategies, anti-scaling/anti-soiling solutions, cost-effective thermal storage, and innovative financing mechanisms.
Open access
Solar Thermal and Photovoltaic Systems
Photovoltaic Systems and Sustainability
Thermodynamic and Exergetic Analyses of Power and Cooling Systems
This paper analyzes the reconfiguration of business models in the Decentralized Finance (DeFi) ecosystem under the aegis of informational capitalism 4.0.It investigates the paradigmatic transition from restricted innovation to models of open innovation and algorithm-mediated co-creation, based on a new regime of mathematical trust.From a socio-technological perspective, it discusses the tensions between protocol autonomy and state regulation, identifying the challenges that algorithmic governance and social datafication pose to monetary sovereignty and ethics in the technology sector.It is concluded that the success of DeFi depends on the balance between radical decentralization and governance mechanisms that prevent the concentration of power, especially in the context of Latin American development.
This study investigates the impact of sustainability-related uncertainty (SRU)—captured via the Sustainability-related Uncertainty Index in equal-weighted (ESGUI_EQ) and GDP-weighted (ESGUI_GDP) forms—on the volatility of green financial assets, focusing on decentralized finance (DeFi) protocols and Environmental, Social, and Governance (ESG)-focused Exchange-Traded Funds (ETFs). Employing a fuzzy logic framework, complemented by 3D surface visualization, Rule Viewer analysis, diagnostic validation, and Granger causality tests, the study uncovers non-linear, asymmetric, and time-varying responses of these assets to sustainability ambiguity. Empirical results reveal a structural divergence: DeFi protocols amplify volatility due to fragmented governance, speculative investor behavior, and sensitivity to policy-driven signals, often exhibiting bidirectional predictive feedback with SRU, whereas ESG ETFs maintain stability through diversification, regulatory oversight, and rigorous ESG screening, primarily absorbing sustainability shocks. These findings extend sustainable finance theory by integrating governance, technology, and policy dimensions, and illustrate the value of fuzzy logic combined with Granger causality in modeling complex, ambiguous markets. From a practical standpoint, the study provides actionable guidance for investors, fund managers, and policymakers, emphasizing the importance of technology-informed governance, standardized ESG disclosures, regulatory sandboxes, and continuous monitoring of SRU.
This study examines access to clean and sustainable energy in the city of Mbandaka, Democratic Republic of Congo. Using a mixed-method approach combining surveys of 150 households and semi-structured interviews, it highlights a strong dependence on traditional energy sources such as wood and charcoal, despite a growing adoption of solar energy. Results show that 30% of households already use solar energy for lighting, while 72% still rely on charcoal for cooking. The main barriers to energy transition are the high initial cost of equipment and the lack of information about clean technologies. The study concludes that the energy transition in Mbandaka is technically feasible and socially desirable but requires institutional support, inclusive financing mechanisms, and participatory governance. It advocates for a territorial approach based on decentralization and environmental education.
The article provides a comprehensive study of the systemic transformation of corporate governance in the context of global digitalization, characterized by the transition from hierarchical models to decentralized structures. It is substantiated that blockchain technology emerges as a new institutional foundation, where traditional bureaucratic verification mechanisms are replaced by algorithms based on cryptographic protocols. A particular emphasis is placed on the distinctions between public (permissionless) and private (permissioned) blockchain networks regarding the immutability of records. The study examines the concept of decentralized governance and the functional specifics of Decentralized Autonomous Organizations (DAOs), where operational logic and management regulations are implemented directly into the software code of smart contracts. This minimizes the influence of traditional administrative management and mitigates "single point of failure" risks. The theoretical framework of the work builds upon classical theories, such as Oliver Williamson’s "Transaction Cost Theory," Michael Jensen and William Meckling’s "Principal-Agent Theory," and the scholarly works of Harold Demsetz. Blockchain is analyzed as a tool that renders market exchange more economically viable than hierarchy. The author proposes an original interpretation of a multi-tier blockchain model for enterprise management, encompassing the infrastructure, network, consensus, data, and application layers. The essence of consensus algorithms (PoW, PoS, DPoS) is disclosed through the prism of management. Special attention is devoted to international experience in legal regulation and the processes of implementing these standards within the legislative framework of Ukraine. The economic effect and practical aspects of the study are analyzed through successful case studies of global corporations (IBM, Amazon, Oracle, Walmart, Nestlé) and Ukrainian business initiatives (TASCOMBANK, SETAM, Agroxy, Softengi). These cases demonstrate a significant reduction in verification costs, lower operating expenses, and increased transparency in supply chains. The transition to an innovative "Management-as-a-Service" paradigm is justified, where blockchain serves not merely as software but as a new firm architecture. Conclusions are drawn regarding a shift in the management ontology – moving from "governance by humans" to algorithmic "governance by code," which ensures data immutability, cyber resilience, and the possibility of real-time preventive risk monitoring. References: 1. Kuzmina, T. O., Berezovskyi, Yu., Kalinskyi, Ye., Arliukova, Yu., & Trofymchuk, A. (2024). 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The increasingly complex Web3 ecosystem and decentralized finance (DeFi) landscape demand ever higher levels of technical expertise and financial literacy from participants. The Intent-Centric paradigm in DeFi has thus emerged in response, which allows users to focus on their trading intents rather than the underlying execution details. However, existing approaches, including Typed-intent design and LLM-driven solver, trade off expressiveness, trust, privacy, and composability. We present OMNIINTENT, a language-runtime co-design that reconciles these requirements. OMNIINTENT introduces ICL, a domain-specific Intent-Centric Language for precise yet flexible specification of triggers, actions, and runtime constraints; a Trusted Execution Environment (TEE)-based compiler that compiles intents into signed, state-bound transactions inside an enclave; and an execution optimizer that constructs transaction dependency graphs for safe parallel batch submission and a mempool-aware feasibility checker that predicts execution outcomes. Our full-stack prototype processes diverse DeFi scenarios, achieving 89.6% intent coverage, up to 7.3x throughput speedup via parallel execution, and feasibility-prediction accuracy up to 99.2% with low latency.
Purpose. To substantiate conceptual approaches to integrating blockchain technologies into risk management systems of investment activities of financial institutions through systematization of architectural solutions, development of efficiency evaluation criteria, and typology of implementation strategies, taking into account the specifics of different categories of investment risks and regulatory environment. Methodology. An interdisciplinary approach was used, combining institutional analysis of financial systems, comparative analysis of traditional centralized and decentralized risk management models, and systematization of empirical data on blockchain implementation in the global financial sector. Methods of structural-functional analysis were applied to study blockchain systems architecture and their impact on various categories of investment risks. Critical analysis of scientific literature on decentralized finance, asset tokenization, and smart contracts was conducted. Findings. The dual nature of blockchain technologies has been revealed as both a tool for minimizing traditional risks (market, credit, operational, liquidity, regulatory) and a source of new technological challenges. Four integration models have been systematized: asset tokenization for enhancing liquidity, DeFi instruments for decentralized lending and exchange, hybrid portfolios for diversification, and smart contracts for risk management automation. An evaluation matrix for blockchain solutions effectiveness has been developed based on seven criteria (transparency, settlement speed, operational costs, accessibility, reliability, regulatory certainty, scalability) compared to traditional systems. A typology of implementation strategies for commercial banks, investment funds, and insurance companies has been proposed. Originality. For the first time, a comprehensive analysis of the transformation of investment activity risk management architecture through the lens of blockchain technology integration has been conducted, simultaneously considering institutional, technological, and regulatory aspects. A conceptual model of an integrated blockchain system for managing investment risks has been developed with identification of interaction levels and feedback loops. Practical value. Research results form a methodological foundation for financial institutions regarding the selection of optimal blockchain technology implementation strategies, provide tools for evaluating the effectiveness of various integration models, and contribute to the formation of regulatory policy in the field of digital transformation of the financial sector.
Purpose. To substantiate conceptual approaches to integrating blockchain technologies into risk management systems of investment activities of financial institutions through systematization of architectural solutions, development of efficiency evaluation criteria, and typology of implementation strategies, taking into account the specifics of different categories of investment risks and regulatory environment. Methodology. An interdisciplinary approach was used, combining institutional analysis of financial systems, comparative analysis of traditional centralized and decentralized risk management models, and systematization of empirical data on blockchain implementation in the global financial sector. Methods of structural-functional analysis were applied to study blockchain systems architecture and their impact on various categories of investment risks. Critical analysis of scientific literature on decentralized finance, asset tokenization, and smart contracts was conducted. Findings. The dual nature of blockchain technologies has been revealed as both a tool for minimizing traditional risks (market, credit, operational, liquidity, regulatory) and a source of new technological challenges. Four integration models have been systematized: asset tokenization for enhancing liquidity, DeFi instruments for decentralized lending and exchange, hybrid portfolios for diversification, and smart contracts for risk management automation. An evaluation matrix for blockchain solutions effectiveness has been developed based on seven criteria (transparency, settlement speed, operational costs, accessibility, reliability, regulatory certainty, scalability) compared to traditional systems. A typology of implementation strategies for commercial banks, investment funds, and insurance companies has been proposed. Originality. For the first time, a comprehensive analysis of the transformation of investment activity risk management architecture through the lens of blockchain technology integration has been conducted, simultaneously considering institutional, technological, and regulatory aspects. A conceptual model of an integrated blockchain system for managing investment risks has been developed with identification of interaction levels and feedback loops. Practical value. Research results form a methodological foundation for financial institutions regarding the selection of optimal blockchain technology implementation strategies, provide tools for evaluating the effectiveness of various integration models, and contribute to the formation of regulatory policy in the field of digital transformation of the financial sector.
Stephen Bishibura Erick, Bonamax Mbasa, Kulwa Mang’ana
This study conducts a comprehensive bibliometric analysis of scholarly research on green economy and sustainable finance from 2014 to 2024. Drawing upon a dataset of 692 peer-reviewed publications indexed in Scopus and analysed using the Bibliometrix R package, the study maps the field’s intellectual landscape, thematic development, and collaborative networks. The findings reveal a consistent increase in scientific output, with a pronounced surge in publications after 2018. This growth trend aligns with global policy milestones such as the Paris Agreement, the European Union [EU] Sustainable Finance Action Plan, and the proliferation of Environmental, Social, and Governance [ESG] integration and green bonds. China emerges as the most productive country, while institutions such as Jiangsu University, the Southwestern University of Finance and Economics, and the Lebanese American University lead in publication volume and collaboration intensity. Keyword co-occurrence and thematic mapping identify dominant themes related to green finance, environmental sustainability, ESG frameworks, and renewable energy, alongside emerging topics like climate risk disclosure and transition finance. Conceptual and co-word network analyses further reveal the interdisciplinary integration of finance, economics, policy, and environmental science. The study also demonstrates the growing decentralization of institutional influence and the rise of both North–South and South–South collaborations. These findings offer valuable insights into the evolving structure of research in sustainable finance and inform future academic inquiry and policy development.
Relevance of the research topic. The relevance of studying fiscal decentralization as a factor in strengthening the financial capacity of Ukraine's regions stems from the limited opportunities for optimizing budgetary policy amid significant financial constraints caused by priority expenditures on defense and the social sphere. The traditional centralized model of the budgetary system, despite its historical justification, demonstrates inefficiency due to regions' dependence on interbudgetary transfers and limited adaptability to local needs. At the same time, decentralization, while offering prospects for enhancing autonomy and more efficient resource utilization, is accompanied by risks of regional disparities and requires balanced control to maintain the macroeconomic stability of the state.The purpose of the article is to examine fiscal decentralization as a key factor in strengthening the financial capacity of Ukraine's regions.Research objectives are to analyze the impact of decentralization on the revenue base structure of local budgets, to identify the advantages and risks of this process under contemporary conditions, and to substantiate directions for improving interbudgetary relations mechanisms in order to ensure the stability and autonomy of subnational finances.Research methods: analysis, synthesis, statistical assessments, graphical evaluations, induction, deduction, scientific abstraction.Main research findings. The article examines the role of fiscal decentralization as a key factor in strengthening the financial capacity of Ukraine's regions, and analyzes the transformation of the revenue base structure of local budgets as well as interbudgetary relations mechanisms under contemporary conditions. It is substantiated that the reform contributes to enhancing the autonomy of subnational levels of government, more efficient satisfaction of local needs, and reduction of dependence on central transfers, although it is accompanied by risks of deepening regional disparities and fiscal asymmetry. Directions are proposed for improving financial equalization instruments, revising the distribution of revenue sources, and strengthening monitoring to ensure a balance between the financial independence of communities and the macroeconomic stability of the state.Field of application of the results: The findings of the study can be applied in the process of shaping and improving the state's budgetary policy, developing normative–legal acts in the sphere of interbudgetary relations, as well as in preparing recommendations for local self–government bodies aimed at enhancing the financial capacity of territorial communities. In addition, the materials of the article hold practical value for research activities in the fields of public finance, regional economics, and decentralized governance.
A considerable proportion of perishable goods, including fruits and vegetables, deteriorate prior to reaching customers. Inadequate refrigeration infrastructure, particularly in developing nations with arid climates and markets distant from agricultural sources, accounts for most of these losses. A food cold chain has three primary phases: pre-cooling, cold storage, and refrigerated transportation. All phases of the cold chain rely fundamentally on refrigeration to preserve perishable products at designated temperatures, relative humidity, and CO2 concentrations, thus prolonging their shelf life. Solar-driven or aided refrigeration systems use solar energy to power cooling systems and preserve the food in the cold chain. These systems are especially beneficial in off-grid or developing areas for preserving perishable goods such as fruits, vegetables, and other food items, mitigating postharvest losses that can exceed 30–50% in areas with inconsistent energy supplies. Despite progress in efficiency and scalability, numerous research gaps remain across technological, economic, social, policy, and regional dimensions, including technical aspects, optimization, and integration. There is a need to enhance energy-efficient designs, particularly by managing solar intermittency to address non-uniform cooling, which leads to inconsistent ripening and spoilage, and by integrating sustainable refrigerants to mitigate environmental impact. Further development is necessary for micro-scale, transportable, or decentralized systems designed for small farms, while economic and financing obstacles include high upfront costs and limited financial accessibility. Substantial deficiencies exist in creating affordable models and funding channels for small-scale agriculturalists. Addressing these deficiencies could expedite adoption, thereby reducing global food loss and waste (accounting for 8–10% of GHG emissions) while improving food security. Future research must emphasize multidisciplinary methodologies that amalgamate engineering, economics, and social sciences to provide comprehensive solutions.
The concept of alternative finance is explored from a narrow and broad perspective. The latter defines it as segments of "gray" financial markets, outside the scope of regulation and traditional finance. "Dark" liquidity pools—trading transactions of major players in securities and currencies, operating anonymously, opaquely, and hidden from the public in the over-the-counter space through automated digital trading platforms—are presented as one element of the alternative finance system. The advantages and disadvantages of "dark" pools for financial market participants and exchange infrastructure are discussed. The problem of liquidity fragmentation caused by "dark" pools is highlighted, a problem inherent in decentralized finance, where liquidity is not concentrated on a single platform or trading system, but distributed among many. Emphasis is placed on the insufficient or complete lack of oversight and regulation of this alternative financial market segment. Examples of legislative and regulatory acts in a number of countries are provided.
Abstract This study analyzes the progression of the Financial Technology (FinTech) sector and its basic technological drivers in the United States, emphasizing investment trends and the entrepreneurial impact on the digital financial landscape. The research employs a descriptive-analytical approach: the descriptive component outlines the evolution of the FinTech ecosystem, while the analytical component examines investment trends and technology drivers shaping the sector. The factors for technology investment were recalibrated by reassessing the compound annual growth rate (CAGR) using benchmark values from secondary market research. The resulting dataset presents smoothed trend estimations rather than separately recorded annual values, offering a solid empirical basis for the ensuing statistical models. The results indicate rapid growth in the FinTech sector, with the United States retaining its leading global position due to strong technological infrastructure and substantial venture capital support, largely driven by the digital payments segment. The empirical study reveals remarkably robust and consistent positive correlations, with Pearson correlation coefficients (r) surpassing 0.978 (p < 0.01) in all models. Cloud computing demonstrated the strongest correlation (r = 0.9856), closely followed by AI (r = 0.9854). The computed regression models exhibited exceptional explanatory power, with coefficients of determination (R 2 ) ranging from 0.9579 to 0.9714. Blockchain technology yielded the largest marginal regression coefficient (β = 1101.47), highlighting its significant potential to transform conventional financial intermediation through decentralized finance (DeFi) ecosystems. The study indicates that the high correlation coefficients (r > 0.97) predominantly reflect a fundamental structural co-movement of technological investment cycles within the U.S. FinTech sector, which is intrinsically associated with the employed smoothed trend estimations. The report ultimately promotes strategic collaboration between traditional financial institutions and FinTech startups, emphasizing the need for adaptive regulatory frameworks that effectively reconcile entrepreneurial innovation with systemic financial stability and digital financial inclusion.
This study aims to compare the investment performance of Decentralized Finance (DeFi), equities (IHSG), and gold during the 2021–2024 period, which represents a full market cycle characterized by high volatility and economic uncertainty. The research objective is to evaluate differences in return, risk (volatility), risk adjusted performance, and inter asset correlations to assess portfolio diversification potential. A quantitative comparative approach is employed using monthly secondary data, analyzed through descriptive statistics, non-parametric difference tests, and correlation analysis. The findings indicate statistically significant differences among the three investment instruments. Gold demonstrates the highest risk efficiency and consistently performs as a safe haven asset. Equities show moderate stability but relatively lower risk adjusted performance. In contrast, DeFi records the highest average returns, accompanied by extreme volatility and low efficiency. Correlation results reveal a strong positive relationship between gold and equities, while DeFi exhibits significant negative correlations with both assets, indicating diversification potential despite elevated systemic risk. This study concludes that gold remains the most resilient investment asset, equities serve as a balanced growth instrument, and DeFi should be positioned as a high risk speculative asset rather than a core portfolio component.
Jauhar Abbas, Syed Shameel Ahmed Quadri, Adeel Ansari, Seema Ansari
This study examined the impact of blockchain integration on supply chain finance (SCF) performance, transparency, and trust. With traditional SCF systems facing challenges such as delayed payments, information asymmetry, and transaction inefficiencies, blockchain technology offers decentralized, immutable, and real-time data sharing capabilities to enhance financial operations. A quantitative cross-sectional research design was employed, and data were collected from 312 professionals working in manufacturing, retail, and logistics sectors. Descriptive analysis, exploratory factor analysis, and structural equation modeling (SEM) were applied to assess relationships among blockchain adoption, SCF performance, transparency, and trust. Results indicated that blockchain adoption significantly improved SCF performance (mean = 4.08), transaction verification speed (mean = 4.02), and cost efficiency (mean = 3.95). Transparency increased as stakeholders accessed real-time and verifiable financial data (mean = 4.05), while trust among supply chain partners was strengthened (mean = 4.04) due to the system’s immutable and auditable records. These findings demonstrated that blockchain acts as a strategic enabler for enhancing operational efficiency, information sharing, and stakeholder confidence in SCF operations. The study contributes to theory and practice by providing empirical evidence of blockchain’s role in fostering performance and relational benefits in supply chains. Recommendations include strategic blockchain implementation, employee training, governance alignment, and continuous monitoring of performance metrics. Future research could explore cross-border adoption, integration with emerging technologies, and long-term impacts across different industries.
BACKGROUND India’s health systems reform journey has been marked by institutional innovations that have reshaped service delivery, governance, financing, and beyond. Among these, a foundational yet often overlooked innovation is the creation of a structured ecosystem for health policy guidance: a network of State Health Systems Resource Centres (SHSRCs), supported by the National Health Systems Resource Centre (NHSRC). These institutions were not intended as parallel implementation units. Rather, they were envisioned as embedded policy advisory bodies that are intended to synthesize evidence, support strategic planning, and enable system-wide reforms. While NHSRC continues to serve as the apex technical institution supporting the Ministry of Health and Family Welfare (MoHFW), the SHSRCs were designed to play a decentralized and synergistic role within states. However, they remain variably recognized and underutilized. Unlocking their full potential could substantially enhance the capacity for state-level, evidence-informed decision-making and strategic design. AN INSTITUTIONAL DESIGN WITH PURPOSE Established in 2007, NHSRC functions as the principal technical support agency for MoHFW, with a mandate that includes policy and strategy development, technical assistance to states, and capacity building under the National Health Mission (NHM). Over time, it has played a pivotal role in institutionalizing quality improvement processes, advancing health financing reforms, guiding human resource strategies, strengthening secondary care and governance, innovations in community processes, and improved primary health care. Its enhanced role over the past 5 years, particularly through expanded expertise in evidence generation, implementation research, and the information technology realm, has been well appreciated and acknowledged. The SHSRCs, supported under the NHM and guided by NHSRC, were first envisioned under the National Rural Health Mission as in-house technical institutions to support health systems strengthening and policy development, particularly in the Empowered Action Group states.[1] However, their formation varies widely. Maharashtra and Madhya Pradesh, for instance, have established autonomous SHSRCs with independent governance and operational flexibility. Others, like Kerala, have adopted a fully embedded model within the state health department, with no legal autonomy but strong proximity to decision-making. Gujarat has adopted a hybrid approach, combining knowledge management cells, technical support functions, and programmatic units aligned with NHM priorities. In Chhattisgarh, the model transitioned from a registered society to an outsourced public–private partnership structure. Newer entrants like Meghalaya illustrate growing development partner involvement in SHSRC functions through philanthropic support. In the absence of a unified design, this diversity has led to fragmentation in roles, mandates, and institutional identity. To address this, the MoHFW released a national SHSRC Framework in 2024, formalizing key principles of governance, technical leadership, and accountability.[2] The framework aims to guide states in repositioning SHSRCs as embedded policy support institutions that are context-specific yet aligned with national health priorities. AN UNEVEN LANDSCAPE OF UTILIZATION Despite the clarity of this institutional design, the operational landscape of SHSRCs across India remains uneven. While some centers have emerged as credible partners to their state governments, others face challenges ranging from intermittent staffing and fragmented mandates to unclear positioning within state bureaucracies. In several instances, donor-funded Technical Support Units (TSUs) have taken on overlapping roles. These arrangements may address immediate programmatic needs but often lack the institutional continuity, embedded authority, and public accountability required for long-term reform.[3] Overreliance on donor-funded TSUs risks fragmenting institutional ownership and accountability, weakening the state’s own capacity to generate and use evidence for policy guidance. Recognizing these risks, NHSRC has begun working with state governments to revitalize SHSRCs and help align them with national and state-level priorities, while safeguarding their role as government-owned and state-anchored policy advisory bodies. EARLY EVIDENCE OF WHAT WORKS Where SHSRCs have been clearly institutionalized, their contributions to health policy and systems strengthening are evident. In Chhattisgarh, SHSRC was central to the design and implementation of the Mitanin program, which later became the foundation for the national ASHA model. Its positioning as a public, in-house technical agency enabled long-term continuity, responsiveness to state-specific challenges, and innovation uptake.[4] In Odisha, the SHSRC has supported district health planning, capacity building, and institutional development initiatives across program areas. In Tamil Nadu, it has supported quality assurance mechanisms and monitoring systems within the health department. These cases suggest that, when adequately structured and supported, SHSRCs can serve as trusted intermediaries that connect evidence, program strategy, and systemic reform. STRENGTHENING SHSRCS FOR HEALTH POLICY GUIDANCE For SHSRCs to fulfil their intended role as policy advisory institutions, four strategic actions are necessary. First, states must clearly define the mandate and governance of SHSRCs based on the MoHFW’s framework. This includes formalizing their distinct identity from TSUs, clarifying reporting structures, and embedding them within state health departments with a long-term vision. Second, sustainable financing should be assured through NHM provisions to reduce dependence on external actors. While TSUs may continue to serve specialized programmatic functions, they should not be equated as substitutes for in-house capacity. Third, investment in technical leadership and multidisciplinary staffing is essential. SHSRCs must attract professionals across epidemiology, public finance, implementation research, health systems, and data analytics. These are all disciplines critical to robust policy guidance. Establishing leadership structures that ensure continuity and accountability will further enhance operational coherence and effectiveness. Fourth, SHSRCs should continually expand their engagement with emerging health system interventions and institutionalize mechanisms. This includes supporting research, evaluation, and evidence-based decision-making. Their potential as platforms for resource optimization and collaboration with academic and public health institutions remains significantly underleveraged. NHSRC, through its existing mandate, can continue to play a catalytic role in this transformation by facilitating peer learning, technical handholding, and capacity strengthening. A STRATEGIC ASSET FOR THE NEXT PHASE OF REFORM As India deepens its health system reforms through initiatives such as Ayushman Bharat, and ongoing programme interventions under NHM, the need for decentralized, embedded policy guidance becomes more urgent. SHSRCs are already positioned to fulfil this role, not as supplementary structures but as enduring public institutions grounded in local systems and aligned with national goals. The imperative now is not to create new structures but to recognize and invest in the institutional capacities already in place. Authors’ contributions Maj. Gen. (Prof) Dr Atul Kotwal: Conceptualization; Writing – Original Draft, Writing – Review and Editing; Supervision. Dr Tarannum Ahmed: Conceptualization; Writing – Original Draft, Writing – Review and Editing. Financial support and sponsorship Nil. Conflicts of interest There are no conflicts of interest to declare.