By 2021 a structural disconnect existed between two large pools of capital: real estate owners holding significant value in physical property but constrained by the high cost of capital and the bureaucratic and legal burdens of accessing bank credit lines, and crypto investors holding liquid capital but lacking real-world collateral against which to deploy it productively within the emerging decentralized finance (DeFi) ecosystem. This whitepaper describes the Bitestate architecture, designed to bridge that gap. Real estate is transferred to a local trust managed by a registered trustee bank that secures legal enforceability and ensures KYC and AML compliance; the underlying "Rights of Disposal" are then tokenized as non-fungible tokens (NFTs) and used as collateral against revolving asset-backed credit lines provided by crypto lender pools; in the event of default, smart contracts trigger a notification flow that instructs the trustee bank to liquidate the compromised asset and repay the lender. The architecture targets real estate portfolios across Latin America â Peru, Mexico, Colombia, Brazil and Chile â with the investment vehicle anchored in a European regulatory regime contemplating the Tokens and Trustworthy Service Providers Act (TVTG) and its Ordinance (TVTV), commonly referred to as a "Blockchain Act" (the specific jurisdiction was left as an open placeholder in the 2021 draft). The contribution of the document is a concrete, legally structured architecture for integrating real-world real estate as collateral in the DeFi ecosystem.
Information technology is the backbone for all 21st century organizations that are looking forward to offer better customer service and gain competitive advantage. Today, blockchain technology is being adopted by a number of organizations such as financial services, healthcare, agriculture and even government. . However, the tendering sector have not been able to take advantage of the new blockchain technology, owing to the absence of blockchain based frameworks and a model for secure tendering. This study focuses on block-chain with its BYOE (Bring Your Own Encryption) concept in the procurement sector. The research comes up with a design of a blockchain based smart contract model for organizations in Kenya following ASD approach. In addition a discussion of challenges and opportunities of Blockchain based tendering is also presented.
Youssef Faqir-Rhazoui, Javier Arroyo, Samer Hassan
Abstract Blockchain technology has enabled a new kind of distributed systems. Beyond its early applications in Finance, it has also allowed the emergence of novel new ways of governance and coordination. The most relevant of these are the so-called Decentralized Autonomous Organizations (DAOs). DAOs typically implement decision-making systems to make it possible for their online community to reach agreements. As a result of these agreements, the DAO operates automatically by executing the appropriate portion of code on the blockchain network (e.g., hire people, delivers payments, invests in financial products, etc). In the last few years, several platforms such as Aragon, DAOstack and DAOhaus, have emerged to facilitate the creation of DAOs. As a result, hundreds of these new organizations have appeared, with their communities interacting mediated by blockchain. However, the literature has yet to appropriately explore empirically this phenomena. In this paper, we aim to shed light on the current state of the DAO ecosystem. We review the three main platforms nowadays (Aragon, DAOstack, DAOhaus) which facilitate the creation and management of DAOs. Thus, we introduce their main differences, and compare them using quantitative metrics. For such comparison, we retrieve data from both the main Ethereum network ( mainnet ) and a parallel Ethereum network ( xDai ). We analyze data from 72,320 users and 2,353 DAO communities in order to study the three ecosystems across four dimensions: growth, activity, voting system and funds. Our results show that there are notable differences among the DAO platforms in terms of growth and activity, and also in terms of voting results. Still, we consider that our work is only a first step and that further research is needed to better understand these communities, and evaluate their level of accomplishment in reaching decentralized governance.
Today's insurance industry plays a significant role in a variety of fields, particularly in health insurance. As IoT technology advances, health insurers in IoT networks can obtain real-time medical data for individuals and issue individual insurance policies based on a person's lifestyle. However, sharing personal data requires a guarantee of privacy and security. This paper suggests a Blockchain technology to solve this problem. The work presents a novel framework that integrates health insurers, IoT-based networks, and Blockchain technology to implement access control protocol using a smart contract for sharing the financial premium of insureds with the stakeholders as non-participants/authorized parties. The evaluation of the proposal results in authorized access within less time compared to traditional data-sharing systems, and the security analysis shows that proposal can protect data from potential threats. Index Termsâ IoT, Blockchain, health insurance, insurer, Smart Contract, PBFT.
M. R. Islam, Muhammad Mahbubur Rahman, Mohammed Ataur Rahman, Muslim Har Sani Mohamad · 5 authors
Cryptocurrency is the latest adventure of currencies that works by using the new edge technology called the blockchain. It has gained the notable attention of the people for the last several years across the world. Cryptocurrency is also globally known as digital currency or virtual currency, and it is a form of payment that can be used online for goods and services. Blockchain has captured the application of many in the financial industry, including those vigorous in the transaction, clearing, and settlement, with its promise of greater efficiency and higher resiliency. The Cryptocurrency has been adopted by using blockchain technology that raised eye-catching attention in the financial sector, government, stakeholders, and individuals as well. It can be anticipated that Cryptocurrency will be the future currency that will replace fiat money worldwide. Though it has been attracted the users' attention, the money of them worried about its future useability, drawbacks, and challenges. Still, the research on cryptocurrencies is far behind and in the initial stage to integrate these currencies in financial institutes. This lack of trust situation in the financial sector aggravates further when it comes to cryptocurrency management challenges that are still not critically analyzed. The originality of this paper is the concept of currencies including cryptocurrencies, the concept of the blockchain ecosystem, and the cryptocurrency integration challenges of the existing blockchain in the financial institution. This paper will help the new researchers to work on cryptocurrencies and their integration challenges in the financial system.
Blockchain is a disruptive innovation that is already reshaping corporate, social, and political connections, as well as any other form of value exchange. Again, this isn't simply a shift; it's a fast-moving phenomenon that has already begun. Top financial institutions and a large number of businesses have begun to investigate blockchain in order to cut transaction costs, speed up transaction times, reduce fraud risk, and eliminate the need for middlemen or intermediate services. Blockchain is believed to be the component that completes the Internet puzzle and makes it more open, more accessible, and more reliable. In this article, we first introduced the blockchain technology and smart contracts and their merits and demerits. Second, we present a comparative and comprehensive analysis of smart contract-enabled blockchain applications. Toward the end, we discussed the future development trends of smart contract enabled blockchain applications. This document is intended to serve as a guide and resource for future research initiatives.
Manoshi Das Turjo, Mohammad Monirujjaman Khan, Manjit Kaur, Atef Zaguia
The manufacture of raw materials to deliver the product to the consumer in a traditional supply chain system is a manual process with insufficient data and transaction security. It also takes a significant amount of time, making the entire procedure lengthy. Overall, the undivided process is ineffective and untrustworthy for consumers. If blockchain and smart contract technologies are integrated into traditional supply chain management systems, data security, authenticity, time management, and transaction processes will all be significantly improved. Blockchain is a revolutionary, decentralized technology that protects data from unauthorized access. The entire supply chain management (SCM) will be satisfied with the consumer once smart contracts are implemented. The plan becomes more trustworthy when the mediator is contracted, which is doable in these ways. The tags employed in the conventional SCM process are costly and have limited possibilities. As a result, it is difficult to maintain product secrecy and accountability in the SCM scheme. It is also a common target for wireless attacks (reply attacks, eavesdropping, etc.). In SCM, the phrase âproduct confidentialityâ is very significant. It means that only those who have been validated have access to the information. This paper emphasizes reducing the involvement of third parties in the supply chain system and improving data security. Traditional supply chain management systems have a number of significant flaws. Lack of traceability, difficulty maintaining product safety and quality, failure to monitor and control inventory in warehouses and shops, rising supply chain expenses, and so on, are some of them. The focus of this paper is on minimizing third-party participation in the supply chain system and enhancing data security. This improves accessibility, efficiency, and timeliness throughout the whole process. The primary advantage is that individuals will feel safer throughout the payment process. However, in this study, a peer-to-peer encrypted system was utilized in conjunction with a smart contract. Additionally, there are a few other features. Because this document makes use of an immutable ledger, the hacker will be unable to get access to it. Even if they get access to the system, they will be unable to modify any data. If the goods are defective, the transaction will be halted, and the customer will be reimbursed, with the seller receiving the merchandise. By using cryptographic methods, transaction security will be a feasible alternative for recasting these issues. Finally, this paper will demonstrate how to maintain the method with the maximum level of safety, transparency, and efficiency.
Blockchain-based smart contracts provide transparent automation in a broad range of services, including finance, the Internet of Things, and autonomous systems. However, the implementation of such services may easily involve security risks and functional errors, especially for complex services composed of different blockchains. To help developers focus on their business model instead of diving into the blockchain architecture heterogeneity, we propose a framework to enable analysis and comparison of composed services before deployment. This is achieved through the intensive use of model-based engineering allowing reasoning on the model before generating concrete deployment artifacts, especially for the safe orchestration of contract calling transactions.
This study aims to determine and understand whether bitcoin can be categorized as a means of payment exchange in Indonesia and how the legality of positive Indonesian law in regulating bitcoin issues. The research method used is a normative research method. The approach method used in this research is the statutory approach and the conceptual approach. Bitcoin clearly does not meet the requirements of money in theory and the Currency Act only recognizes the rupiah as a legal medium of exchange, and under the Currency Act, bitcoin cannot be said to be money. Apart from not being able to be said to be bitcoin money, it can also not be said to be electronic money. Law No. 7 of 2011 concerning Currency, it is stated that Indonesia only recognizes Rupiah as a legal medium of exchange for Bitcoin and Other Virtual Currencyâ which basically states that bitcoin and other virtual currencies are not legal tender in Indonesia, so the risk associated with the use of bitcoin is borne by the owner. or the bitcoin user concerned. This study aims to determine and understand whether bitcoin can be categorized as a means of payment exchange in Indonesia and how the legality of positive Indonesian law in regulating bitcoin issues. The research method used is a normative research method. The approach method used in this research is the statutory approach and the conceptual approach. Bitcoin clearly does not meet the requirements of money in theory and the Currency Act only recognizes the rupiah as a legal medium of exchange, and under the Currency Act, bitcoin cannot be said to be money. Apart from not being able to be said to be bitcoin money, it can also not be said to be electronic money. Law No. 7 of 2011 concerning Currency, it is stated that Indonesia only recognizes Rupiah as a legal medium of exchange for Bitcoin and Other Virtual Currencyâ which basically states that bitcoin and other virtual currencies are not legal tender in Indonesia, so the risk associated with the use of bitcoin is borne by the owner. or the bitcoin user concerned.
Innovation in financial economics and other technological development has increased the demand for digital currencies. Crypto currency refers to tokens or digital currency based on cryptographic technology used to perform a range of financial transactions such as payments or store of value on the block chain technology. The main objective of this study is to apply the Extended Technology Acceptance Model to predict behavioral intention to use crypto currency. The number of users in crypto currencies across countries is continuing to grow. However, the number of users in crypto currencies in Sri Lanka is limited. Therefore, this study analyzed what are the factors that influence on intention to use crypto currencies in Sri Lanka. A survey instrument was used to collect quantitative data for predicting the use of crypto currency from the 125 postgraduate students of MSc/diploma in information technology in the University of Moratuwa. A Stratified sampling method was used to distribute questionnaires. Regression and correlation analysis through SPSS software was conducted to achieve the research objective. The findings indicate that Perceived Usefulness, Perceived Ease of Use, Perceived Trust and Awareness positively impact the Intention to Use Crypto currency. Overall, the results of the study showed that the model has a good model fit and can be used to explain the theory. There are limited researches done for Sri Lankan context for crypto currencies by applying Technology Acceptance Model into Fintech. In Addition to that this study useful for understanding human behavior related to the Fintech in emerging markets. Keywords: Block chain Crypto currency, Fintech, Technology Acceptance Model
With the development of blockchain technologies, many Ponzi schemes disguise themselves under the veil of smart contracts. The Ponzi scheme contracts cause serious financial losses, which has a bad effect on the blockchain. Existing Ponzi scheme contract detection studies have mainly focused on extracting hand-crafted features and training a machine learning classifier to detect Ponzi scheme contracts. However, the hand-crafted features cannot capture the structural and semantic feature of the source code. Therefore, in this study, we propose a Ponzi scheme contract detection method called MTCformer (Multi-channel Text Convolutional Neural Networks and Transofrmer). In order to reserve the structural information of the source code, the MTCformer first converts the Abstract Syntax Tree (AST) of the smart contract code to the specially formatted code token sequence via the Structure-Based Traversal (SBT) method. Then, the MTCformer uses multi-channel TextCNN (Text Convolutional Neural Networks) to learn local structural and semantic features from the code token sequence. Next, the MTCformer employs the Transformer to capture the long-range dependencies of code tokens. Finally, a fully connected neural network with a cost-sensitive loss function in the MTCformer is used for classification. The experimental results show that the MTCformer is superior to the state-of-the-art methods and its variants in Ponzi scheme contract detection.
Purpose-Blockchain has emerged as high impact disruptive technology and surpassed most of the aggressive predictions in banking and finance domain. The changing landscape in digital banking has forced the entire banking sector to look at blockchain technology as future of transactions. Blockchain is disrupting the banking industry and contributing to the increased efficiency and speed in banking. However, there exists a gap in research and development into block-chained processes in banking from an academic perspective, and this paper ia an attempt to put together the research work done in the field of blockchain adoption in banking. Methodology-This paper's literature review process follows common and established guidelines (Levy and Ellis, 2006; Okoli, 2015; von Brocke et al., 2009; Webster and Watson, 2002) and is summarized thoroughly. We considered the IS literature in both the blockchain and the banking context. In the first step, we conduct a separate review on both streams of literature to derive a general understanding of their current state of development. In the second step, we then conflate the relevant literature and discuss it within a joint analytical framework. In doing so, we identify paths for future research and discuss the potential of blockchain technology for banking and finance sector. Findings-In this paper we discuss the impact that blockchain will have on banking in future and show the increasing importance of distributed ledger based transactions for the banking industry. Finally, this paper brings together the research work published in several reputed databases, in hope of motivating more active engagement by academics, researchers and bankers alike. A comprehensive review of the blockchain adoption in banking to date and across the geographic areas is presented as a result of comprehensive review of literature.
Mihai Christodorescu, Erin English, Wanyun Catherine Gu, David Kreissman · 10 authors
With the innovation of distributed ledger technology (DLT), often known as\nblockchain technology, there has been significant growth of digital tokens in\nthe form of cryptocurrencies, stablecoins, and central bank digital currencies.\nAs the number of DLT networks increases, each with varying design\ncharacteristics, the likelihood that transacting parties are on the same\nnetwork decreases. Thus, it is crucial to facilitate payments that are\nuniversal across networks, scalable to massive loads, and highly available. We\nenvision a future payment network that may be built on top of DLT networks\nwithout being subject to their limitations on interoperability, scalability,\nand availability faced by DLT payment solutions today. Specifically, we propose\na hub-and-spoke payment route, referred to here as Universal Payment Channels\n(UPC), that can be used to support digital token transfers of funds across\ndifferent networks through payment channels. We further discuss the potential\nuse cases of the UPC technology to support, and not complicate, an already\nrobust digital payment ecosystem. Finally, through the paper, we share some\nfuture directions of the UPC technology.\n
Liu Ji, Zheng Xu, Ruiqiang Li, Hang Zhao · 8 authors
Abstract In financial market, especially primary market, it is very costly and difficult to make a deal due to discovery difficulty, information asymmetry, lack of trust, complicated trading process and low liquidity. Blockchain is an innovative technology enabling new business models of distributed data storage, pointâtoâpoint transaction and decentralized autonomous organizations via consensus. The unique features of blockchain, âdecentralization, highly transparent, enhanced security and immutability of informationâ, make it a good solution candidate to meet the needs of private equity exchange. This article focuses on analysing the technical basis of the blockchain financial model and the typical application scenarios of the blockchain in the financial market. It discusses the importance of applying key blockchain technology to the financial market, especially in the primary market. Research has found that the development of blockchain technology, especially the maturity of stabilized token technology, makes it possible for blockchain to become a supporting technology to support the next generation of infrastructure in the future financial market. At present, blockchain technology has been concentrated in the issuance, registration, clearing, settlement and derivatives management of private equity and other overâtheâcounter securities. The use of blockchain to build a decentralized primary market has not received enough attention in research and practice, and the use of blockchain technology to establish a primary market with diverse distribution methods is still in its infancy. On this basis, this article further analyses the current problems and the possibility of solving these problems in the application of blockchain in the primary market and points out several interesting directions for future research in this field.
The object of research is software for financial accounting and distribution of funds in a non-profit charitable foundation using smart contracts of the Ethereum platform. The work is aimed at designing and implementing a software application for a charitable foundation, which allows to exclude the misuse of funds of a non-profit charitable foundation. The paper proposes an implementation of the Ethereum smart contract for the software of a charitable foundation. In the app, users can apply for financial aid or make a charitable donation. The request for financial support is confirmed by administrators to avoid abuse by those seeking help. Anyone who has a crypto wallet can become a sponsor by transferring funds from its account to a selected request. The sponsor remains incognito when making a charitable contribution. After collecting the entire declared amount, the funds are automatically transferred to the crypto wallet of the requestâs owner. A smart contract and a corresponding decentralized web application for interacting with it were experimentally deployed, and their joint work was tested. To implement the smart contract, the Solidity programming language was chosen; developed smart contract converted to bytecode using remix. The resulting bytecode is ready to be deployed on the Ethereum platform. Decentralized web application for interacting with the contract is implemented using Web3.js, Vue.js. A rough estimate of the cost of deploying a project on the Ethereum platform has been made. The deployment and operation of smart contracts and web applications comes with a certain overhead, which is most dependent on the cost of ether. However, this is a justified price to pay for the transparency of transactions and the shadowing of the turnover of funds of the charitable foundation. The results of the research can be used as a basis for further transformation into full-fledged software with the ability to submit all reporting documents to the relevant government agencies and sponsors.
Johann Stockinger, Bernhard Haslhofer, Pedro Moreno-SĂĄnchez, Matteo Maffei
We present a first measurement study on two popular wallets with built-in distributed CoinJoin functionality, Wasabi and Samourai, in the context of the broader Bitcoin ecosystem. By applying two novel heuristics, we can effectively pinpoint 25,070 Wasabi and 134,569 Samourai transactions within the first 689,255 (2021-07-01) blocks. Our study reveals a somewhat steady adoption of these services and found a growing trend with a total amount of 190,777.11 mixed BTC with a value of ca. 3.02 B USD. Within the recent six months, we measured an average monthly mixing throughput of 5410.98 BTC (ca. 240.14 M USD). Among all actors, which were directly or indirectly involved in CoinJoins, we also found a lower-bound of 32 distinct exchanges and traced a lower-bound of 6683.19 BTC (ca. 95.98 M USD) mixed coins received by exchanges. Our analysis further shows that linking heuristics over Wasabi and Samourai transactions allows us to narrow down the anonymity set provided by these wallets over time. Furthermore, we estimate the number of mixing outputs that are handled in Wasabi and Samourai correspondingly over time. Overall, this is the first paper to provide a comprehensive picture of the adoption of distributed CoinJoin and to discuss implications for end-users, cryptoasset exchanges, and regulatory bodies.
BitCoin is a new digital currency that turned out to be quite interesting for the financial market. This digital currency has, in diverse manners, exhibited unique qualities in comparison with other financial assets, which certainly means that BitCoin investors may face more concerns and tradeoffs than those who choose more traditional investment opportunities. The present research paper primarily aims to show the importance of the BitCoin currency in the global markets and to highlight its relationship with the share prices of technology companies. It also tries to investigate and identify the most significant fluctuations that this sector witnessed in light of the Covid-19 pandemic, with a statistical analysis of ten technology companies during the period extending from 2015 to 2021. The findings of this study allowed concluding that a strong relationship exists between technology company share prices and BitCoin prices. It was also found that these companies greatly benefited from the Covid-19 pandemic and increased their profit rates, particularly information and communication technology companies.Keywords: BitCoin; Technology companies; Covid-19; Cryptocurrency; Share prices.JEL Classifications: F3, E4, G1, L1DOI: https://doi.org/10.32479/ijefi.11718
Blockchain, which is the core technology for Bit coin and other digital currencies, is a disruptive technology, especially in the Stock Exchange Market. Although blockchain has much potential in transforming the traditional stock exchange market, blockchain research in this field is still in its infancy. Business scholars began publishing studies related to blockchain in the Stock market transformation in 2015. In this research, we did a PRISMA guided systematic literature review of blockchain in the Stock market transformation from 2015 to 2019. The results show that even though there is an increase in studies, more empirical research is required to utilize the potential of blockchain technology fully. The findings also provide important insights into the current state of a blockchain scholarly study, including its top advantages and legal obstacles, the risk associated with implementing this technology, and the identification of various promising blockchain models currently being proposed in the stock market. We find that blockchain transforms the stock market remains in an early-stage research domain in terms of theoretical basis, methodological diversity, and empirically grounded work. Hence, this research identifies the research gaps and highlights areas where we need a further study that researchers can utilize.
Information and Communication Technology (ICT) is often thought of as a uniformly positive tool making governments more transparent, accountable, and less corrupt. However, the evidence on it is mixed and often misunderstood. Hence, this article carries out a systematic stocktaking of ICT toolsâ impact on corruption, offering a nuanced and context-dependent assessment. The tools reviewed are digital public services, crowdsourcing platforms, whistleblowing tools, transparency portals, distributed ledger technology, and artificial intelligence. We scrutinise the evidence both on ICTsâ anticorruption effectiveness and misuse for corruption. Drawing on the commonalities across technologies, we find that ICT can support anti-corruption by impacting public scrutiny in numerous ways: enabling reporting on corruption, promoting transparency and accountability, facilitating citizen participation and government-citizen interactions. However, ICT can also provide new corruption opportunities through the dark web, cryptocurrencies, or the misuse of technologies such as centralised databases. The introduction of ICT tools does not automatically translate into anti-corruption outcomes; rather, impact hinges on the matching between ICT tools and the local context, including support for and skills in using technology.
Blockchains are traditionally blind to the real world. This implies reliance on third parties called oracles when extrinsic data are needed for smart contracts. Oracle implementation, however, is still controversial and debated due to the reintroduction of trust and a single point of failure. The blindness to the real world also makes blockchains unable to communicate with each other, preventing any form of interoperability. This limitation prevents, for example, liquidity held in Bitcoin from flowing into DeFi applications. An early approach to the interoperability issue is constituted by âwrapped tokensâ, representing blockchain native tokens issued on a non-native blockchain. Similar to how oracles reintroduce trust and a single point of failure, the issuance of wrapped tokens involves third parties whose characteristics need to be considered when evaluating the advantages of âcrossing-chainsâ. This paper provides an overview of the available wrapped tokens and the main issuing procedures. Benefits, limitations, and implications for trust are listed and discussed.
Scientific publication and its Peer Review system strongly rely on a few major industry players controlling most journals (e.g. Elsevier), databases (e.g. Scopus) and metrics (e.g. JCR Impact Factor), while keeping most articles behind paywalls. Critics to such system include concerns about fairness, quality, performance, cost, unpaid labor, transparency, and accuracy of the evaluation process. The Open Access movement has tried to provide free access to the published research articles, but most of the aforementioned issues remain. In such context, decentralized technologies such as blockchain offer an opportunity to experiment with new models for scientific production and dissemination relying on a decentralized infrastructure, aiming to tackle multiple of the current system shortcomings. This paper makes a proposal for an interoperable decentralized system for an open peer review ecosystem, relying on emerging distributed technologies such as blockchain and IPFS. Such system, named âDecentralized Scienceâ (DecSci), aims to enable a decentralized reviewer reputation system, which relies on an Open Access by-design infrastructure, together with transparent governance processes. Two prototypes have been implemented: a proof-of-concept prototype to validate DecSciâs technological feasibility, and a Minimum Viable Product (MVP) prototype co-designed with journal editors. In addition, three evaluations have been carried out: an exploratory survey to assess interest on the issues tackled; two sets of interviews to confirm both the main problems for editors and to validate the MVP prototype; and a cost analysis of the main operations, both execution cost and actual price. Additionally, the paper discusses the multiple interoperability challenges such proposal faces, including an architecture to tackle them. This work finishes with a review of some of the open challenges that this ambitious proposal may face.
Kushal Babel, Philip Daian, Mahimna Kelkar, Ari Juels
We introduce the Clockwork Finance Framework (CFF), a general purpose, formal verification framework for mechanized reasoning about the economic security properties of composed decentralized-finance (DeFi) smart contracts. CFF features three key properties. It is contract complete, meaning that it can model any smart contract platform and all its contracts--Turing complete or otherwise. It does so with asymptotically constant model overhead. It is also attack-exhaustive by construction, meaning that it can automatically and mechanically extract all possible economic attacks on users' cryptocurrency across modeled contracts. Thanks to these properties, CFF can support multiple goals: economic security analysis of contracts by developers, analysis of DeFi trading risks by users, fees UX, and optimization of arbitrage opportunities by bots or miners. Because CFF offers composability, it can support these goals with reasoning over any desired set of potentially interacting smart contract models. We instantiate CFF as an executable model for Ethereum contracts that incorporates a state-of-the-art deductive verifier. Building on previous work, we introduce extractable value (EV), a new formal notion of economic security in composed DeFi contracts that is both a basis for CFF and of general interest. We construct modular, human-readable, composable CFF models of four popular, deployed DeFi protocols in Ethereum: Uniswap, Uniswap V2, Sushiswap, and MakerDAO, representing a combined 24 billion USD in value as of March 2022. We use these models along with some other common models such as flash loans, airdrops and voting to show experimentally that CFF is practical and can drive useful, data-based EV-based insights from real world transaction activity. Without any explicitly programmed attack strategies, CFF uncovers on average an expected $56 million of EV per month in the recent past.
With the advent of smart contracts, the benefits of decentralization offered by distributed ledger technologies could be implemented in sectors other than cryptocurrencies, such as Healthcare, Supply Chain, and Finance. Smart contracts, however, need oracles to fetch data from the real world, which, on the other hand, do not offer the same characteristics of decentralization as blockchain. Despite their importance, research on oracles is still in its infancy, and academic contribution on the subject is scarce and sporadic. With a bibliometric analysis, this study aims to shed light on the institutions and authors that are actively contributing to the oracle literature with the aim of promoting progress and cooperation. The study shows that although there is still a lack of collaboration worldwide, there are authors and institutions working in similar directions. On the other hand, it can be observed that most of the areas of research are poorly addressed while others are even uncovered.