Blockchain Papers

Zhao Song

No abstract is available for this record.

Rocco Francesco Vittorio Di Terlizzi

In recent years, Decentralized Autonomous Organizations (DAOs) have advanced significantly, transforming organizational operations through blockchain technology by replacing traditional hierarchical management with community-driven decision-making via smart contracts. Despite early skepticism and regulatory challenges, DAOs have evolved into various forms, particularly Investment DAOs, which facilitate pooled asset management and democratize investment opportunities across sectors such as Web3 and real estate tokenization. Given this evolution, a comprehensive financial framework is urgently needed to address the specific governance structures of DAOs. Traditional financial metrics like the Current Ratio, Cash Flow Management, and Liquidity Coverage Ratio (LCR) must be adapted to the unique dynamics of decentralized organizations, promoting a deeper understanding of financial health and operational efficiency while ensuring transparency and accountability. As DAOs now manage treasuries exceeding $40 billion, robust financial oversight is essential. Integrating traditional accounting principles with blockchain’s transparency can revolutionize financial reporting, risk management, and governance, enabling stakeholders to make informed decisions and fostering trust and collaboration within the DAO ecosystem. This fusion of accounting methods and technology will not only enhance internal governance but also ensure sustainable growth. In conclusion, the increasing prominence of DAOs within the financial landscape highlights the need for forward-looking financial structures that blend established accounting practices with cutting-edge technological solutions, ensuring their continued success in a rapidly changing environment.

Espen Bjellerås

No abstract is available for this record.

Benjamin Schellinger, Ingo Fiedler, Fred Steinmetz

No abstract is available for this record.

Stefanie Boss

No abstract is available for this record.

Authors unavailable

No abstract is available for this record.

Qinxu Ding, Weibiao Xu, Zhiguo Wang, David Kuo Chuen Lee

This paper aims to provide a comprehensive overview of the different voting schemes used in DAO governance. We will examine the various features of these schemes and compare their differences. We propose a new hypothetical voting mechanism specifically designed for decentralized and permissionless DAO governance. This new scheme, which incorporates incentive designs, is intended to be more efficient than existing schemes and can be easily adapted to a permissioned scenario. Through this examination and proposal, we hope to contribute to the ongoing discourse on how to govern decentralized autonomous organizations effectively.

Boris Petrenj, Paolo Trucco

Ensuring Critical Infrastructure Resilience (CIR) hugely relies on decisions and actions made by networks of public and private stakeholders and their inter-organizational collaborative capabilities.Public-Private Collaborations (PPCs) are currently the most prominent approach for building CI resilience all around the world, but still face many obstacles and challenges.The Decentralized Autonomous Organization (DAO) paradigm, enabled by blockchain technology and smart contracts, provides the conceptual and technological means for new kinds of decentralized systems and allows for the emergence of new ways of governance and coordination for CIR.The paper explores the potential of DAO for enhancing governance, decision-making, and coordinated resource management in order to tackle the current challenges of cross-organizational collaboration in CIR.It does so by critically comparing the traditional multi-actor governance models and the innovative DAO governance approach, taking the main objectives of PPCs and their current challenges in CIR as conceptual lenses.The key aspects of network governance are discussed, along with the advantages/shortcomings of different approaches, and their implications in the context of PPCs for CIR.This explorative study paves the way for both new streams of theoretical research and blockchain pilot projects in real contexts.

Vincent Gramlich, Marc Principato, Benjamin Schellinger, Johannes Sedlmeir · 9 authors

No abstract is available for this record.

Authors unavailable

This publication provides a detailed overview of India’s public–private partnership (PPP) environment, with a focus on the national, local government, and sector PPP landscapes. India has a reasonably mature PPP market with approximately $265 billion invested across 1,150 projects since 1990. Based on a decentralized enabling framework, the PPP ecosystem in the country has been supported by key preparation, financing, and delivery institutions, policies, guidelines, and standardized bidding documents. To attract increased private investments across infrastructure sectors, the government has recently introduced innovative PPP models such as the hybrid annuity model and toll–operate–transfer, which will play a critical role in implementing the India’s $81 billion National Asset Monetization Pipeline, and help finance the $15 trillion National Infrastructure Pipeline, 2020–2025.

Yuliia Shulyk

The article deals with the peculiarities of the project management application in public administration of Ukrainian institutions. Changes in the financial management of Ukraine, reforms in the administrative, security, educational, medical, cultural, law enforcement sectors have led to the developments in the system of public administration. Decentralization reform has been a particularly important stimulus. Ukraine has developed and applied a regulatory framework for the development of strategies, programs, projects, with defined methods of calculation and investment support. As in the business environment, the project management in public administration uses the connection of projects, programs with the strategy of the state, communities and industries. The forms and directions of the project approach application have been expanded both at the state and local levels, which contributes to the change of management from the process approach to achieving results of public importance, strengthening the funds efficiency, and public involvement in control over public expenditures. Projects in public administration in Ukraine are used in the following forms: public investment projects, projects financed by ministries and departments (internal and distributed externally on the basis of competitions); public-private partnership projects; projects submitted for financing by international organizations, banks; participative public budgets. The base for financing projects has expanded with extensive use of international finance. Project management also affects the organizational structure of institutions. In Ukraine, project departments / offices have appeared in local governments, institutions, and ministries, which helps to expand the application of the project approach. The Cabinet of Ministers of Ukraine has an Office of Reforms of the Cabinet of Ministers of Ukraine to assist in the development and implementation of reforms in the country. The article identifies weaknesses in the application of project management, in particular the need to improve the training of public administration in the organization of teamwork, improve monitoring and project control, risk assessment; improving communication between state, local authorities and the public.

Antonio Andreoni, Kenneth Creamer, Mariana Mazzucato, Grové Steyn

Abstract Green transition is a ‘wicked’ problem in that it is complex, systemic, interconnected, and urgent. In this paper we advance a ‘mission-oriented’ approach to reconceptualize energy megaprojects within a systemic, cross-sectoral, and challenge-driven policy framework for energy transition. This approach is operationalized through a discussion of project-level policy instruments including directional public finance, public procurement, and several types of conditionality. These instruments are geared towards shaping markets and industrial supply chains for green transition, and managing risks and rewards associated with energy megaprojects. We also look at the opportunities offered by a more decentralized energy system and the importance of building up state capacity and green coalitions supporting energy transition. We discuss this mission-oriented approach through a deep dive on the South African experience of energy megaprojects with a focus on the restructuring of its public utility, Eskom, as well as opportunities for sustainable industrialization.

Yuliya Zaloznova, Іryna Pеtrova, Олександр Сердюк

The purpose of the article is to substantiate the introduction of international public-private partnerships (IPPPs) to achieve the Sustainable Development Goals in Ukraine. Methodology. The methodological framework of the research relies on the systems approach, which allows the authors to determine the main characteristics of international public-private partnerships to achieve the Sustainable Development Goals; the comparison method, which illustrates the unity of the strategic focus of international public-private partnerships and the Sustainable Development Goals; the dialectical method, which facilitates establishing potential directions for developing international public-private partnerships in Ukraine. Results. The importance of fostering international public-private partnerships to achieve the Sustainable Development Goals in Ukraine is argued. The authors have defined the regime of “international-public-partnerships” in terms of the ideology of the modern economy. The components of the regulatory regime of international public-private partnerships are characterized: the goals to be achieved through introducing the regime; subjects covered by the regime; incentives, benefits, and restrictions necessary to achieve the declared goals; resources involved as part of the regime’s implementation; action plan for the regime’s implementation. The algorithm for introducing the regulatory regime of international public-private partnerships is considered: initiation and initial selection of a project for implementation in terms of an international public-private partnership; assessment and structuring of an IPPP project; drafting an IPPP agreement; conducting tendering procedures and concluding the IPPP agreement; management of the implementation of the international public-private partnership agreement (the IPPP monitoring implementation). Analysis of the current state of the implementation of public-private partnerships shows that state policy remains ineffective. The bulk of public-private partnership agreements deals with housing and public utility services, as this sector is characterized by the low cost of capital expenditures, a simple scheme of investment return, and guaranteed demand. The principal barriers hindering the development of public-private partnerships have been identified. The authors put forward a road map for the IPPP development in Ukraine with the identification of key areas. The main directions of the road map of the regulatory regime of international public-private partnerships involve: amending the legislation on public-private partnerships; increasing the level of responsibility and competence of officials charged with the formation and implementation of public policy on international public-private partnerships; guaranteeing additional sources of business financing; strengthening the role of public-private partnerships amid decentralization. The road map of the IPPP regulatory regime is aimed at stimulating the development and implementation of public-private partnership agreements for the realization of long-term projects in priority economic activities in all regions of Ukraine. Practical implications. The main development directions of the regime of international-public-private partnerships in the current economic realities are outlined. Value/originality. The introduction of the regulatory regime of international public-private partnerships in Ukraine is substantiated, given the achievement of the Sustainable Development Goals.

Yangguang Tian, R. Edward Minchin, Christian Vriborg Petersen, E Moayed · 5 authors

Abstract Infrastructure is critical for enabling society to function and the economy to thrive. Unfortunately, there is an increasing mismatch between the need for infrastructure investment and available financing globally due to constraints on public resources and limited capacity to effectively leverage private sector co-financing in the current system. This research explores the integration of blockchain-enabled asset tokenization with public-private partnership (PPP) project finance to engage private sector resources and innovation to supplement limited public sector capacities and to leverage the inherent efficiencies in infrastructure financing. A conceptual framework of tokenization-enabled PPP project finance is proposed. The transactional and contractual structures of the blockchain-driven infrastructure financing system are illustrated and evaluated. It is found that the potential benefits can be summarized into three categories: better project management, improved bankability, and enhanced inclusivity.

Yangguang Tian, R. Edward Minchin, K. CHUNG, Junghoon Woo · 5 authors

Abstract Infrastructure development is a key to supporting the economy and building social resilience. Unfortunately, existing infrastructure financing models struggle with multiple issues to close the widening financial gap and integrate environmental, social, and governance (ESG) factors to improve resilience and achieve sustainable growth. With the emergence of innovative technology, blockchain-enabled asset tokenization shows the potential to create a new economic model to integrate non-financial values, such as positive social and environmental impacts, into tradable cryptographic tokens. Tokenization offers opportunities to generate long-term positive social and environmental impacts, along with better financial returns, which further improves the profitability and bankability of infrastructure projects. SolarCoin, WePower Token, and ZiyenCoin are analyzed in this exploratory case study research to demonstrate how blockchain-enabled asset tokenization can be applied to infrastructure development. It is identified that tokenization promotes inclusiveness and sustainability through shareholder empowerment, incentive monetization, and finance optimization. Obstacles hindering the broader adoption of tokenization and policy implications are also discussed.

Sayan Roy

The term "urban governance" refers to the effective planning, financing, and reforms in the delivery of urban services to people. Deficits in India's urban basic infrastructure pose a threat to inclusive governance. As a result, schemes such as AMRUT have been developed to fill infrastructure gaps and improve service delivery through effective planning, financing, decentralized-digital reforms, and people's participation. This paper will critically investigate the underlying process that projects like AMRUT use to develop urban planning, financing, reforms, and services more accountable, effective, transparent, and inclusive.

Henrik Axelsen, Omri Ross

No abstract is available for this record.

Rui Mu, Peiyi Wu, Maidina Haershan

In the literature on relational governance, it is often assumed that relational governance emerges primarily after formal contracting and acts as a functional supplement to a formal contract. In this article, we show that especially facing deep uncertainties, relational governance can emerge before the start of formal partnerships, in the form of trust-building, exchanging resources, and fostering flexibility. Based on a case study of a smart city outsourcing project, this article introduces a forward-extended framework of relational governance that captures the pre-contractual dimensions of relationship cultivation and their role in facilitating formal contracting. The study finds that pre-contractual relational governance facilitates formal contracting by reducing substantive, evaluative, technological, and procedural uncertainties in the project and helps the partners to design an elaborative contract, undergo an easy negotiation, adopt short-term contracts, and use simple monitoring and evaluation methods. The article thus argues that only understanding post-contractual relational governance is insufficient for exploring the relation between formal contracting and relational governance; facing deep uncertainties, it is necessary to understand how public and private parties develop their pre-contractual relationship and reduce the uncertainties before a formal contract can be signed. Points for practitioners Practitioners should realize that there is much room for relational governance in the pre-contractual phase of PPP projects when the projects are rife with various uncertainties. Public and private parties can take measures to build trust, foster flexibility, and create interdependence before a formal contract is signed. These ex-ante relational governance measures can facilitate formal contracting by reducing the various uncertainties, making a formal contract designable, making negotiation smooth and easy, and reducing the need for contract supervision.

Agustín Moya-Colorado, Nina León-Bolaños, José Luis Yagüe Blanco

Project management is an autonomous discipline that is applied to a huge diversity of activity sectors and that has evolved enormously over the last decades. International Development Cooperation has incorporated some of this discipline’s tools into its professional practice, but many gaps remain. This article analyzes donor agencies’ project management approaches in their funding mechanisms for projects implemented by non-governmental organizations. As case study, we look at the Spanish decentralized donor agencies (Spanish autonomous communities). The analysis uses the PM2 project management methodology of the European Commission, as comparison framework, to assess and systematize the documentation, requirements, and project management tools that non-governmental organizations need to use and fulfill as a condition to access these donors’ project funding mechanisms. The analysis shows coincidence across donors in the priority given to project management areas linked to the iron triangle (scope, cost, and time) while other areas are mainly left unattended. The analysis also identifies industry-specific elements of interest (such as the UN Sustainable Development Goals) that need to be incorporated into project management practice in this field. The use of PM2 as benchmark provides a clear vision of the project management areas that donors could address to better support their non-governmental organization-implemented projects.

Yuanxin Zhang, Zeyu Wang, Jiaying Deng, Zaijing Gong · 6 authors

Infrastructure is the lifeline for fulfilling most of the basic needs that support the well-being and prosperity of human society. To sustain improvements in quality of life, China, as a developing economy, needs more and better infrastructure, despite facing massive funding shortages. An enormous amount of its private capital is locked up because of the many obstacles to private investment. This study introduces a blockchain-based financing instrument for unlocking massive private capital to fund infrastructure projects in China. It draws on a literature review and expert survey to identify the major holdups preventing private capital from funding infrastructure projects and to compare the existing instruments used in infrastructure financing. A fuzzy AHP-SWOT analysis is conducted to reveal the main internal factors (strengths and weaknesses) and external factors (opportunities and threats) in using blockchain-based finance in infrastructure projects. Finally, a conceptual framework for a blockchain-based infrastructure financing system is formulated to take advantage of the strength and opportunities, meanwhile, counter the weakness and threats, and the framework is also validated through its deployment on Hyperledger Fabric.

Jean-Michel Severino

In recent years, states across the African continent have increased their investments in the water, sanitation and energy sectors. However, the extent of the infrastructure remains well below the global average, and population growth in Africa will intensify demand for basic services. The question of financing these services – capital-intensive at first and only generating a return in the long term – is strategically important. With the emergence of decentralized systems, primarily in the energy sector, private actors such as businesses, foundations, impact investment funds, etc., have increasingly financed infrastructures that are alternatives and/or complementary to centralized services. Although a driver for progress and innovation, private financing can never fully meet the vast need for financing. It cannot replace public financing, particularly in low-profitability regions where households lack the means to pay for services and equipment. New mindsets and new forms of (de)regulation are needed to bring together all actors, public and private, international and domestic, to find ways to finance these services.

Liza Rose Cirolia

The current global development agendas provide relatively little guidance on how the incredible challenge of sustainable urban development in Africa can and should be financed. This paper makes the case for understanding this development challenge at the nexus of urban governance and city infrastructure. Tracing African urban development trends over the post-colonial period, the paper makes three arguments. First, African cities experience fractured fiscal authority. Decentralization reforms have resulted in contested and complex city governance arrangements. Second, large scale infrastructure investments have been the focus of donors and investors. This has resulted in fragmented networks and systems. Finally, these two processes together have created fertile ground for the emergence of hybrid systems of service delivery in cities. This has implications for both how urban services are governed and their material arrangements. This reality, and the underlying processes which contributed to its production, are under-accounted for within global development discourses. In conclusion, it is crucial that new models of infrastructure finance are developed to respond to the fractured fiscal authority, fragmented infrastructure networks, and hybrid service delivery patterns which characterise African cities.

Neil Patel

The United Republic of Tanzania explicitly recognizes the human right to water and sanitation in its constitution. However, full implementation of this right has been complicated by Tanzania’s ongoing decentralization process for water governance, which has created a significant public financing gap for cash-strapped rural water schemes. Under the framework of the progressive realization of the human right to water, this thesis examines the potential for digital credit financing to bridge the public financing gap for rural water schemes in Tanzania. The thesis utilizes (1) country-wide data on digital financial inclusion and rural water access and (2) two case studies of digital credit financing in the rural water sector to explore the viability of a digital credit financing model. This thesis challenges sector-wide intuition on a “cost-recovery” model for rural water financing, instead arguing in favor of a “cost-reduction” model that prioritizes the use of debt financing for cost-reducing asset improvements, such as low-maintenance solar pump technology. It further finds that the weak regulation of the digital credit industry creates a major risk of predatory lending toward financially-illiterate consumers and outlines clear delineations of responsibility for various government agencies in regulating lending terms and providing technical assistance for rural water schemes. Finally, the thesis explores opportunities for cross-subsidization to ensure that the improved financial sustainability of water schemes does not come at the cost of equitable access to water for the rural poor.

Mukaramah Harun, Ting Ding Hooi, Hussin Abdullah

In developed countries, urban growth has multiplied the demand for investment in basic infrastructure services such as water supply, waste removal, roads and mass transportation. At the same time, decentralization strategies have shifted the responsibility for much of these investments to the local governments. This decentralized investment requires the development of decentralized capital financing. No longer can a central government pay for local investment by raising national taxes or borrowings on international markets and using the funds simply to construct projects at the local level. The introduction of municipal bonds is one of the alternative source of funds to finance the escalating costs of financing local governments. This paper discusses the conditions underlying the development of municipal credit markets, which Malaysia can use to provide a vehicle to narrow the local government’s resource gap through debt funding.