Mohammed Abdelhamid Nedioui, Ali Khechekhouche, Konstantinos Κarampidis, Giorgos Papadourakis · 5 authors
The integration of artificial intelligence (AI) and blockchain technology opens new avenues for decentralized, transparent, and secure data-driven systems. However, ensuring privacy and verifiability in collaborative AI environments remains a key challenge, especially when model updates or decisions must be recorded immutably on-chain. In this paper, we propose a novel privacy-preserving framework that leverages an ElGamal-based aggregate signature scheme with aggregate public keys to enable secure, verifiable, and unlinkable multi-party contributions in blockchain-based AI ecosystems. This approach allows multiple AI agents or data providers to jointly sign model updates or decisions, producing a single compact signature that can be publicly verified without revealing the identities or individual public keys of contributors. The design is particularly well-suited to resource-constrained or privacy-sensitive applications such as federated learning in healthcare or finance. We analyze the security of the scheme under standard assumptions and evaluate its efficiency in different terms. The study and experimental results demonstrate the potential of our framework to enhance trust and privacy in AI collaborations over decentralized networks.
The hydropower fleet in Austria is ageing and needs to be modernised to adapt to changing conditions in national and international energy systems. The financial viability of hydropower repowering projects remains a challenge because of high investment costs and long payback periods. A part from additional revenuestreams, a Bitcoin mining operation has the potential to be used as a flexible demand source also for curtailment and grid stability services. This thesis provides quantitative evidence on whether a Bitcoin mining operation can serve as an additional revenue stream to improve the investment metrics of a hydro repowering project in Austria, using a dynamic investment calculation and sensitivity analysis.The results show that Bitcoin mining can improve the financial performance especially for run-of-river plants with higher full load hours. These positive effects are sensitive to the volatility of the Bitcoin price and the network hash rate, making long-term returns difficult to predict.
Flavio Corradini, Alessio Galassi, Alessandro Marcelletti, Barbara Re
Blockchain has been largely adopted in several sectors through decentralized applications. These rely on smart contracts, whose implementation can diverge from the intended logic, leading to unexpected behaviors. Such behaviors can be identified by observing the data produced within smart contracts’ execution, employing compliance checking techniques. Their adoption poses a main limitation since the traditional rule specification languages do not explicitly refer to the blockchain. To address this limitation, we propose a domain-specific language, called CoBlock , to define compliance rules by relying on blockchain characterizations as a first-class citizen. This enables a tailored framework for compliance checking, supporting the definition of rules to check smart contract execution data. The framework is implemented as a web application. We demonstrate and evaluate the applicability of the language and the accuracy and feasibility of the framework using two real-world decentralized applications, namely Augur and PancakeSwap.
Purpose –this paper aims to examine the impact of the integration between Extensible Business Reporting Language (XBRL) and Smart Contracts, which represent the second generation of the decentralized ledger Blockchain, on the transition from continuous auditing to Real-time Auditing. Design/methodology/approach – Using Exploratory Study , this study examines the impact of the integration between XBRLand Smart Contracts on the transformation from continuous Auditing to Real-time Auditing. Findings – This paper finds that the XBRL- Smart Contracts is a good way to activate real-time Auditing because of the characteristics of XBRL and Smart contracts based on blockchain that can support real-time Auditing, including transparency, privacy, decentralization, and pre-validation of operations at the same time as they occur with no possibility of modification or fraud. Therefore, Smart Contracts is not a substitute for XBRL, as the Blockchain is a ledger through which transactions can be conducted, and XBRL is the standard that can standardize the terms and standards for the items that are exchanged in accounting in those transactions, which means that XBRL supports Smart contracts based on blockchain in transparency and trust in transactions. There for, this paper finds that the XBRL- Smart contracts based on blockchain integration affects significatively to transfer from continuous auditing to real time auditing. Originality/value – This paper contributes to the literature on Provide a proposed A Prospective framework for the integration between XBRL and Smart Contract to transfer from continuous Auditing to Real time Auditing.
Vítor Miguel Vieira Neves, António Grilo, Mário Monteiro Marques
Many frameworks have emerged as a valuable communication protocol for lightweight, interoperable data exchange between distributedplatforms and control stations. However, some of these frameworks was that a broker-centric architecture poses significant risks when applied to military-grade deployments where reliability, security, and operational continuity are non-negotiable. This study analyses the vulnerabilities of frameworks with a single point off ailure, such as those based on Message Queuing Telemetry Transport(MQTT) in military contexts, and proposes a decentralised architecture that integrates hierarchical blockchain layers secured by zero-knowledge Scalable Transparent Arguments of Knowl edge(zk-STARK)proofs. The approach aims to enhance survivability, auditability, and trust in UxV communication networks, offering a foundation for next-generation secures warm coordination across multi-domain operations.
В статье рассматривается проблема применимости отечественных криптографических алгоритмов в современных системах доказательств с нулевым разглашением (zero-knowledge proofs, ZKP), которые находят широкое применение в блокчейнах, цифровой идентификации, медицинских и биометрических системах, а также в задачах машинного обучения и защиты конфиденциальных данных. Особое внимание уделено использованию алгоритма хэширования ГОСТ 34.11-2018 «Стрибог» в качестве случайного оракула в протоколах доказательств, где этот компонент играет ключевую роль для обеспечения корректности и безопасности вычислений. В работе проводится краткий обзор современных парадигм построения систем доказательства выполнения произвольных вычислений. В качестве объекта анализа выбран постквантовый протокол FRI, который активно применяется в агрегируемых ZKP-системах и опирается на использование хэш-функций для построения деревьев Меркля и генерации случайных элементов поля. Авторами реализована экспериментальная версия протокола FRI на языке Python с возможностью замены криптографических примитивов и проведения замеров производительности. В рамках эксперимента стандартные хэш-функции семейства Keccak были заменены на «Стрибог», что позволило провести сравнение времени работы протокола. Результаты показали, что использование ГОСТ 34.11-2018 приводит к замедлению генерации доказательства примерно в два раза, однако такое снижение производительности не является критичным для приложений, где ключевым фактором выступает соответствие национальным стандартам и регуляторным требованиям. Сделан вывод о принципиальной возможности применения алгоритма «Стрибог» в ZKP-протоколах и обозначены направления дальнейшей оптимизации его использования, включая аппаратные ускорения и адаптацию к современным моделям построения хэш-губок.
Open access
Legal and Policy Issues
Advanced Computational Techniques in Science and Engineering
This research paper presents the design and development of a Cryptocurrency Dashboard that applies data analytics techniques to the financial technology sector. The goal of this project is to visualize historical cryptocurrency data such as market capitalization, trading volume, and price fluctuations through an interactive and user-friendly interface. Using tools such as Python and Power BI, data was collected, cleaned, analyzed, and visualized to provide dynamic insights for investors and analysts. The dashboard enables efficient decision-making by simplifying complex financial data into clear and interpretable visuals. The study demonstrates how data analytics enhances understanding of cryptocurrency trends and contributes to evidence-based financial analysis in the digital economy.
Persistent electoral irregularities—ranging from vote manipulation and ballot stuffing to logistical failures and post-election violence—continue to undermine democratic consolidation across developing democracies. Nigeria, Africa’s largest democracy, epitomizes this crisis, where recurrent allegations of fraud, digital failures, and institutional mistrust have eroded public confidence in electoral outcomes. This paper proposes a secure, transparent, and technically robust blockchain-based electoral framework tailored for developing democracies. Leveraging the core attributes of blockchain—immutability, decentralization, real-time auditability, and cryptographic security—we design a technical architecture for voter registration, ballot casting, vote tallying, and public verification. The system integrates smart contracts, Proof of Authority (PoA) consensus, cryptographic identity verification, and zero-knowledge proofs to ensure integrity, privacy, and resilience. We analyze implementation challenges including the digital divide, cybersecurity threats, and legal gaps, and propose a phased, stakeholder-driven roadmap anchored in Nigeria’s institutional context. Comparative insights from Estonia, Sierra Leone, and Brazil underscore the importance of local ownership, institutional autonomy, and civic literacy. The paper contributes a practical, context-sensitive blueprint for blockchain-based electoral reform, bridging the gap between theoretical innovation and real-world deployment in fragile democratic ecosystems.
Marilyne Ordekian, Ingolf Becker, Tyler Moore, Marie Vasek
Centralized cryptocurrency exchanges have quickly become internal components of the digital finance ecosystem, mirroring traditional institutions by offering custody, investments, and transactional services. Despite their increasing prominence, the regulatory oversight has historically been fragmented and inadequate, leaving them largely relying on self-regulation. The resulting environment has been marked by exchange collapses, connections to criminal activities, cyber attacks, and poor operational security. High-profile failures, such as Mt. Gox and FTX, highlight the systemic risks and failure of internal governance models to properly mitigate or protect user funds from cascading risks or security breaches. In response, the European Union introduced the Markets in Crypto-Assets (MiCA) regulation and the Digital Operational Resilience Act (DORA), intending to standardize regulatory oversight and enhance user protection. This paper presents the first comprehensive interdisciplinary analysis of centralized exchanges under the MiCA and DORA frameworks. Drawing on methods from both law and computer science, we systematically translate regulatory requirements into measurable compliance standards, and develop a novel doctrinal and empirical methodology to evaluate current self-regulatory practices of 75 centralized exchanges operating in Europe. Through a detailed analysis of 143 exchange legal documents, we identify major compliance gaps and regulatory uncertainties. Our findings indicate significant shortcomings in exchange practices relating to asset custody, cybersecurity, and liability. This suggests that serious efforts are needed to change these practices and ensure their alignment with regulatory requirements. Our framework enables a systemic comparison between regulation and practice, and establishes a baseline for evaluating the effectiveness of regulatory measures. This approach can be replicated to study other self-regulating emerging sectors. • We conduct a doctrinal analysis on recent EU regulations, the Markets in Crypto-Assets Regulation (MiCA) and Digital Operational Resilience Act (DORA). We identify requirements for centralized cryptocurrency exchanges and systematically extract them and create a standard framework comprising 53 criteria. • We conduct the first comprehensive empirical study of self-regulation practices among all 75 fiat-dealing exchanges in Europe, analyzing 143 documents, including terms and conditions (T&Cs) and security policies. We compile a dataset of 371 hand-coded variables across 14 themes describing exchange practices. • We use the extracted legal standards to evaluate exchange practices, assessing their compliance posture with recent regulations. This study provides a baseline to gauge the effectiveness of MiCA/DORA in the long term and track changes compared to the pre-regulation era. Additionally, it provides a tool to understand the areas currently lacking or that need more attention in industry practices. • We show that many exchanges face challenges in effectively self-regulating, fulfill their custodial duties, maintaining robust security measures, and (may) use T&Cs to shift liability. By documenting these practices and shortcomings, we provide regulators and the industry actionable and tailored recommendations for improvements. We also provide a replicable methodology to investigate the self-regulation and governance of service providers in other emerging self-regulating technologies. • An earlier draft of this research was communicated with the EU’s European Securities and Markets Authority (ESMA) and European Banking Authority (EBA) in a closed meeting. We were recommended to expand the scope of the study to include DORA provisions in addition to MiCa. It was also suggested that this study could act as the ground truth baseline for pre-MiCA industry practices. A final version has been requested by said authorities. Additionally, findings from this paper have been submitted as evidence for consultation calls in the, UK. For intance, the FCA and HM Treasury. One of the authors recently presented the high-level implications of this study in an invited and closed conference organized by the FCA.
Sub-Saharan Africa remains one of the most climate vulnerable regions globally, yet the conversion of rising inflows into measurable economic resilience has yielded modest and uneven outcomes. This study is set to examine the impact of climate finance on economic resilience in sub-Saharan Africa using a descriptive statistics and trend analysis, drawing on a quantitative secondary data from 2014 to 2024 across five countries including Rwanda, Ghana, Senegal, Nigeria, and Kenya. Visual tools such as charts and graphs illustrate financial trends and sectoral allocations across agriculture, water, energy, and infrastructure. The findings of the study revealed a consistent increase in climate finance over the decade, but this has not resulted in proportional resilience gains due to weak institutional capacity, poor coordination, and sectoral imbalances. Countries with stronger governance systems, such as Rwanda and Ghana, show better resilience outcomes despite receiving comparatively lower funding, emphasizing the importance of institutional quality and policy coherence. The study concludes that climate finance is a catalyst for transformation when embedded in strategic, well governed systems aligned with national development plans. It recommends that governments and international partners prioritize sectoral diversification by channeling finance into underfunded but high impact areas like water infrastructure and decentralized energy, supported by institutional reforms that enhance absorptive capacity and financial accountability.
Ethereum ist seit Jahren die größte Smart-Contract-Blockchain und nach Bitcoin die zweitgrößte Blockchain-Plattform. Smart-Contracts, die als dezentrale Anwendungen beschrieben werden können, laufen auf einer gemeinsamen Rechenplattform, auf der alle Teilnehmer auf einer geteilten Codebasis arbeiten. Zur Absicherung ist es nötig, dass ein Konsens über die Ein- und Ausgaben aller Smart-Contracts geschaffen wird. Die Ausführung von Smart-Contract-Code verbraucht sogenannte Gas-Einheiten, die als eine Art Treibstoff betrachtet werden können. Gas-Einheiten zeigen den erforderlichen Rechenaufwand an und haben direkte Auswirkungen auf den realen Energieverbrauch. Daher sollten idealerweise alle Smart-Contracts so implementiert sein, dass sie möglichst wenig Gas-Einheiten verbrauchen. Derartige Codeoptimierungsansätze sind nicht trivial. Zum Zeitpunkt des Verfassens dieser Diplomarbeit gibt es bereits solche Mechanismen, welche teilweise direkt in den gängigen Compilern integriert sind. Solche Mechanismen basieren in der Regel auf festen Mustern, welche manuell beschrieben werden müssen und dann auf Smart-Contracts angewendet werden können. In dieser Arbeit haben wir untersucht, ob klassische Verfahren zur Erkennung von Codeähnlichkeiten verwendet werden können, um Optimierungsmuster automatisch aus Quellcode-Repositories ableiten zu können. Zunächst haben wir einen Symbolic-Execution-Ansatz untersucht, welcher sich aufgrund von technischen Einschränkungen und der Abhängigkeit von veralteten Compiler-Versionen als ungeeignet erwies. Daraufhin haben wir einen Fingerprinting-Ansatz basierend auf Kontrollflussgraph-Blöcken gewählt. Mithilfe von Slither konnten wir Metriken wie Cyclomatic-Complexity, Fan-Out und Informationsfluss-Metriken extrahieren und anschließend Distanzen zwischen Codestücken berechnen, um mit den Ergebnissen potenzielle semantische Code-Klone zu erkennen. Wir haben die Evaluierung unseres Ansatzes auf 1.200 manuell markierten Smart-Contracts aus einem Datensatz mit 160.000 Einträgen durchgeführt, was zu 574 Vergleichen führte und konnten eine korrigierte Genauigkeit von 88% für die Erkennung von semantischen Code-Äquivalenzen auf Blockebene erzielen. Für 1.300 Code-Paare haben wir zusätzlich eine Gasverbrauchsmessung durchgeführt, indem wir die Blöcke in generierte Smart-Contracts verpackt und auf einer lokalen Blockchain ausgeführt haben. Dabei konnten wir tatsächliche gasreduzierende Codeänderungen identifizieren. Trotz einiger wesentlichen Einschränkungen zeigt das, dass das Mining gasoptimiertem Codes aus versionierten Source-Code-Repositories mittels Code-Metriken möglich ist.
Responses to surveys eliciting evaluations of trust in government, both generally and in specific areas, have varied over time and across countries.Using consistent survey data for 34 OECD countries from 2007-2023, we estimate a model of factors determining levels of trust.We employ a series of econometric techniques of increasing sophistication.The level and growth rate of real income per capita, social spending per capita, the degree of decentralization, and economic freedom all exert positive effects on trust.Inflation, unemployment, and debt per capita negatively affect trust.Additionally, higher levels of human capital and the elderly share of the population negatively affect trust.In the context of trust in government, the estimates suggest a heavier weight on inflation than on unemployment when compared to Okun's misery index, which weights them equally.Additionally, the estimates are used to evaluate combinations of policies, e.g.debt-financed increases in social spending that affect inflation and/or unemployment, to determine the net effect on trust in government.
Tansaya Kunaratskul, Ashley Lannquist, Andre Reslow, Nicolas Zhang
How should central banks explore tokenized reserves? Central banks are increasingly exploring how to make their reserves available to selected banks using distributed ledger technology, referred to as tokenized reserves. This chapter covers policy objectives for tokenized reserves, operating models and roles of central banks, implications for monetary policy implementation, alternative solutions, and implementation strategies. Ultimately, central banks’ strategic decisions and policy options will vary across jurisdictions, reflecting differences in available resources, legal systems, and policy priorities.
Блокчейн технологиясының дамуымен, алмастырылмайтын токендар (NFT- Non-fungible token) цифрлық меншік тұжырымдамасын қайта анықтады және құқықтық реттеулер тұрғысынан маңызды сұрақтарды көтерді. NFT-лер өнер туындылары, музыка, ойын ішіндегі активтер және виртуалды жылжымайтын мүлік сияқты көптеген сандық активтерді сатып алуда-сатуда қолданылады және орталықтандырылмаған құрылымына байланысты олар дәстүрлі заң негіздеріне толығымен сәйкес келмейді. Бұл жағдай меншік құқығы, зияткерлік меншік, келісім-шарт құқығы және алаяқтық сияқты әртүрлі мәселелер бойынша құқықтық белгісіздік тудырады. Көптеген елдердегідей, Қазақстанда да NFT үшін арнайы құқықтық база жоқ. Бұл жағдай сатып алушылар үшін де, сатушылар үшін де заңды белгісіздіктер тудырады және зияткерлік меншік құқығы, алаяқтық, келісім-шарт құқығы және тұтынушылардың құқықтары тұрғысынан әртүрлі тәуекелдерді тудырады. NFT нарықтарының жылдам өсуі үкіметтердің осы жаңа цифрлық актив сыныбын реттеу қажеттілігін арттырды. Дегенмен, елдер арасында айтарлықтай нормативтік айырмашылықтар бар. Кейбір юрисдикциялар NFT-лерді сандық активтер немесе бағалы қағаздар ретінде жіктеп, оларды қолданыстағы қаржылық ережелерге бағындырса, кейбір елдер арнайы заңдарды әзірлеуде. Зияткерлік меншік құқықтарына келетін болсақ, NFT-лер жай сандық куәлік пе немесе авторлық құқықты беруді де қамтуы мүмкін бе деген жалпы көзқарас әлі жаһандық деңгейде әзірленбеген. Әртүрлі елдерде салық салуға қатысты әртүрлі тәжірибелер де бар. Кейбір елдерде NFT операцияларына қосылған құн салығы (ҚҚС) салынса, басқа елерде олар құн өсіміне салынатын салық ретінде қарастырылады. Алайда, NFT-дің трансшекаралық сипаты мен орталықтандырылмаған құрылымы салық салу процестеріндегі сәйкестік пен аудит мәселелерін туындатады. Бұл мақалада NFT-лердің құқықтық мәртебесі мен салық салу процестері халықаралық тұрғыдан қарастырылады және қолданыстағы ережелер салыстырмалы тұрғыдан бағаланады. Нәтижесінде, NFT экожүйесінің тұрақты өсуі үшін үйлесімді және ашық заңнамалық базаны құру қажет екендігі атап өтілді.
Islam Abdeljawad, Ahmad Tina, M. Kabir Hassan, Mamunur Rashid
The aim of this comprehensive review of the papers published on the Scopus database is to gain insights into the various indicators that determine the level of market efficiency within the global cryptocurrency markets. We have employed a series of bibliometric and content analyses on 3,224 papers published during 2014–2024. Findings indicate that the scholarly literature on cryptocurrency exhibits a varied range of perspectives, frequently encompassing multiple academic disciplines such as economics, finance, accounting, technology, and engineering. We present three significant findings. First, despite a growing list of recent studies supporting some efficiency, cryptocurrency assets frequently deviate from conventional norms of market efficiency. Herding, co-movement, sentiment, and overconfidence are the major contributors behind the inefficient cryptocurrency market. Second, the intricate nature of these assets and their lack of connection to fundamental economic value contribute to inconsistencies, instability, and ambiguity. Third, regulators are expected to intervene with prudent and globally collaborative regulations to optimize the potential of this market. In this discourse, we analyze the potential consequences derived from various frameworks and methods, with the aim of informing forthcoming scholarly investigations.
We examine how wrapped tokens – tokenized representations of assets on other block/chains – contribute to cryptocurrency price discovery. Based on high-frequency data for Wrapped Bitcoin (wBTC), our results indicate that wBTC accounts for about 10% of the total price discovery of Bitcoin as measured by information shares. We show that wBTC’s contribution to price discovery is positively related to wBTC liquidity and trading volume as well as to important measures of decentralized finance activity. Our results have significant implications for the relationships between crypto-assets on different platforms as well as for systemic risk in the crypto-ecosystem. • Wrapped Bitcoin (wBTC) is a tokenized form of Bitcoin on other blockchains. • wBTC contributes significantly to Bitcoin price discovery. • Price discovery rises with liquidity and trading volume. • wBTC’s price discovery share increases with decentralized finance activity. • Decentralized finance plays an important role in Bitcoin pricing.
If limited liability companies were widely spread in the 1990s, limited liability companies based on blockchain technology have witnessed tremendous growth in the past two years due to digital globalization. These companies adopt decentralized autonomous organizations, known as DAOs, which operate on the blockchain platform through smart contracts and decentralization of control. Despite the many advantages of these companies, they face many legal challenges and regulatory risks. What increases the importance of this study is that the laws of commercial companies in the countries of Iraq (Kurdistan Region) and the United Arab Emirates do not include any regulatory rules in this regard, which raises the question of what are these newly created companies? What are the similarities and differences between them and traditional companies? What are their legal provisions? Should they be adopted within the legislative system or not? In other words, are the decentralized autonomous organizations that belong to these companies capable of displacing traditional organizational structures? In this study, we will highlight to what extent limited liability companies based on blockchain technology can be considered a new form of commercial companies or whether it is just a false idea confined to a narrow scope.
Open access
Blockchain Technology Applications and Security
Energy Law and Policy
Innovations and Analysis in Business and Education
This study examines the economic, legal, and institutional structures of non-fungible tokens (NFTs) as emerging mechanisms of digital value creation in the global art and media sector. Correspondingly, the aim was to analyze the functional logic of these blockchain-based forms of exploitation and to determine their role in the ongoing knowledge economization of cultural production. Utilizing a qualitative-exploratory multiple-case design, this study meticulously analyzed exemplary use cases from the art, music, and creative industries. Notable examples include ArtTrade.io, Royal.io, and the Kool Savas NFT drop, all of which were scrutinized through systematic document analysis and a PRISMA-based literature evaluation. However, to enhance analytical rigor and support theoretical triangulation, an additional institutional comparison set has been introduced. This set includes significant large-scale distributed ledger technology initiatives such as BLOCKBASTER (collaboration between Deutsche Börse and Deutsche Bundesbank), BIS Helvetia Phase II, Collateral Management Benefit from DLT, and Delivery versus Payment (DvP) utilizing Central Bank Digital Currency (CBDC). The projects in question effectively contextualize NFT-based market structures within the wider landscape of digital financial infrastructures, underscoring the convergence of cultural, technological, and regulatory frameworks surrounding tokenization. As the results indicate, NFTs currently function primarily as tokenized representations that do not transfer copyright or property rights. They point out a structural paradox: blockchain promises to decentralize technology, but governance, pricing, and monetization are still centralized. From an economic perspective, hybrid revenue models consisting of primary sales and secondary royalty mechanisms dominate, utilizing attention, exclusivity, and scarcity as core resources. However, NFTs thus appear as socio-technical infrastructures that redefine the interface between technology, market, and culture. As a contribution to the study of the global dynamics of digital creative economies, it highlights that NFTs represent less of a disruption of existing structures and more of an algorithmic reorganization of them. They thus mark the transition to a tokenized knowledge economy in which creativity, data, and code become convergent factors of production in a new economic era.
The growth in IoT devices means an ongoing risk of data vulnerability. The transition from centralized ecosystems to decentralized ecosystems is of paramount importance due to security, privacy, and data use concerns. Since the majority of IoT devices will be used by consumers in peer-to-peer applications, a centralized approach raises many issues of trust related to privacy, control, and censorship. Identity and access management lies at the heart of any user-facing system. Blockchain technologies can be leveraged to augment user authority, transparency, and decentralization. This study proposes a decentralized identity management framework for IoT environments using Hyperledger Fabric and Decentralized Identifiers (DIDs). The system was simulated using Node-RED to model IoT data streams, and key functionalities including device onboarding, authentication, and secure asset querying were successfully implemented. Results demonstrated improved data integrity, transparency, and user control, with reduced reliance on centralized authorities. These findings validate the practicality of blockchain-based identity management in enhancing the security and trustworthiness of IoT infrastructures.
x402 enables Hypertext Transfer Protocol (HTTP) services like application programming interfaces (APIs), data feeds, and inference providers to accept cryptocurrency payments for access. As agents increasingly consume these services, discovery becomes critical: which swap interface should an agent trust? Which data provider is the most reliable? We introduce TraceRank, a reputation-weighted ranking algorithm where payment transactions serve as endorsements. TraceRank seeds addresses with precomputed reputation metrics and propagates reputation through payment flows weighted by transaction value and temporal recency. Applied to x402's payment graph, this surfaces services preferred by high-reputation users rather than those with high transaction volume. Our system combines TraceRank with semantic search to respond to natural language queries with high quality results. We argue that reputation propagation resists Sybil attacks by making spam services with many low-reputation payers rank below legitimate services with few high-reputation payers. Ultimately, we aim to construct a search method for x402 enabled services that avoids infrastructure bias and has better performance than purely volume based or semantic methods.
Workday's compliance with global standards -- such as GDPR, SOC 2, HIPAA, ISO 27001, and FedRAMP -- shows its ability to best protect critical financial, healthcare, and government data.Automated compliance attributes like audit trails, behavioral analytics, and continuous reporting improve automation of the process and cut down on the manual effort to audit. A comparative review demonstrates enhanced risk management, operational flexibility, and breach mitigation. The paper also discusses potential future solutions with AI, ML and blockchain, to enhance attackdetection and data integrity. Overall, Workday turns out to be a secure, compliant and future-ready ERP solution. The paper also explores emerging trends, including the integration of AI, machine learning, and blockchain technologies to enhance next-generation threat detection and data integrity. The findings position Workday as a reliable, compliant, and future-ready ERP solution, setting a new benchmark for secure enterprise cloud management.
This article examines the convergence of two major initiatives of international cooperation: the European Union’s Global Gateway (GGE) and China’s Belt and Road Initiative (BRI). At first glance, these projects appear to embody distinct paradigms. The GGE emerged within the framework of North-South Cooperation (NSC), traditionally associated with the Global North’s approach to development assistance, emphasizing aid conditionality, institutional reforms, and adherence to liberal democratic norms. In contrast, the BRI is rooted in South-South Cooperation (SSC), which stresses solidarity among developing countries, mutual respect, and non-interference. Despite these different origins, both frameworks have increasingly adopted convergent strategies, driven by shared geopolitical ambitions and the pressing need to frame global development within the narrative of the 2030 Agenda for Sustainable Development. The analysis proceeds from a critical theory perspective within International Relations, questioning whether these initiatives genuinely transform the global order or, rather, reproduce existing power asymmetries. Building on the insights of Robert Cox, the article emphasizes that international cooperation is not a neutral or purely humanitarian exercise. Instead, it constitutes a political mechanism that sustains hegemonic structures. Aid, investment, and connectivity projects often reinforce the interests of donor states, embedding them in development agendas that appear universal but remain shaped by particular geopolitical priorities. This theoretical framing provides the basis for interrogating the practices of both the GGE and BRI. From this critical lens, the article argues that cooperation should not be understood simply in terms of poverty alleviation or technical assistance. Rather, it is part of a broader struggle over global governance, legitimacy, and influence. Discourses around sustainability, inclusion, and “win-win” partnerships often obscure the underlying reality: cooperation serves to project power, secure strategic resources, and expand spheres of influence. The EU and China, though employing different narratives, both use development as a foreign policy instrument, reinforcing their global standing at a time when multipolarity and competition over leadership in the Global South are intensifying. Both the GGE and the BRI claim to tackle urgent global challenges. The EU highlights infrastructure deficits, climate change, and digital divides, framing its response in terms of values such as transparency, democracy, and rules-based governance. Conversely, China emphasizes its commitment to mutual benefit, shared prosperity, and non-interference, presenting the BRI as an inclusive framework that accommodates partner countries’ priorities without imposing political conditions. These discourses reveal important ideological differences but also converge on the goal of legitimacy: both seek to present themselves as reliable partners to the Global South and as leaders in shaping a post-Western order. Institutionally, the two models diverge significantly. The Global Gateway operates through a complex, multilayered governance structure involving the European Commission, EU Member States, development banks such as the EIB, private sector actors, and civil society organizations. This decentralized architecture is coordinated through the “Team Europe” approach, designed to promote coherence and visibility of European external action. By contrast, the BRI remains a highly centralized initiative. Strategic direction is set by Chinese ministries, while state-owned enterprises play a central role in implementation, supported primarily by financing from state-owned development banks such as the China Development Bank and the Export-Import Bank of China. This centralized and state-led model reflects China’s preference for bilateralism and flexibility, allowing Beijing to negotiate directly with partner governments on a case-by-case basis. Yet, despite these structural differences, both models demonstrate a growing convergence in financial logic. Traditional concessional aid has declined in importance, giving way to investment-driven cooperation that blends public and private capital. This shift emphasizes risk mitigation, return on investment, and the mobilization of large-scale funding for infrastructure and connectivity projects. The EU’s EFSD+ mechanism, for instance, offers €40 billion in guarantees and €13.5 billion in grants, designed to catalyze up to €135 billion in private investment across strategic sectors. China’s BRI, meanwhile, had mobilized over $1.17 trillion in cumulative investments by 2024, with more than $11 billion allocated to renewable energy alone in that year. Such figures underscore how development cooperation has become increasingly financialized, subordinating aid to logics of profitability and visibility. This financialization also reveals a deeper ideological shift. Earlier models of cooperation often invoked moral obligations or humanitarian imperatives. By contrast, the contemporary discourse stresses mutual benefit and partnership—rhetoric that often conceals underlying asymmetries. “Win-win” outcomes are frequently skewed toward donor states, whose strategic and economic priorities dominate project design. Moreover, the growing reliance on repayable instruments raises concerns about debt sustainability in recipient countries, particularly those with weak governance structures or limited fiscal capacity. The danger is that development cooperation, instead of fostering autonomy, may deepen dependency and vulnerability. These trends highlight a broader transformation in the global aid architecture. While the vocabulary of the 2030 Agenda emphasizes inclusivity, equality, and sustainability, the actual practices of cooperation remain subordinated to geopolitical imperatives. Far from redistributing resources equitably or enabling independent development trajectories in the Global South, cooperation increasingly functions as a means of securing access to markets, strategic corridors, and political alignment. The EU and China thus represent two different pathways to the same end: the use of development as an instrument of geopolitical positioning. The article further considers the role of recipient states and non-state actors in this dynamic. Officially, both the GGE and the BRI advocate for local ownership, context-sensitive implementation, and participatory governance. In practice, however, the influence of local actors remains limited. The GGE incorporates civil society organizations to a greater degree, particularly in monitoring and advocacy, but final decision-making is driven by institutional and financial imperatives at the EU level. In the BRI, local participation is even more constrained, with negotiations conducted primarily between Chinese officials and partner governments, often behind closed doors. This imbalance reflects the structural challenge of ensuring genuine agency for recipient states in a context where power asymmetries remain pronounced. Ultimately, the article concludes that both the GGE and the BRI are not transformative frameworks but rather mechanisms that reconfigure existing hierarchies of global governance. While their instruments, discourses, and institutional arrangements differ, their substantive impact converges: reinforcing rather than challenging the dominant structures of international order. This convergence underscores the limitations of the 2030 Agenda, which, despite its universal aspirations, has become deeply entangled with the foreign policy agendas of major powers. As international cooperation becomes increasingly subordinated to strategic competition in a multipolar world, the scope for building genuinely solidarity-based frameworks narrows. The article calls for renewed debate on the purpose, governance, and political economy of development cooperation. It argues for moving beyond the adaptation of existing frameworks toward the envisioning of new paradigms rooted in equity, pluralism, and democratic governance. Such paradigms would not treat the Global South merely as a beneficiary but as a co-architect of global development, capable of shaping agendas, institutions, and norms on equal footing. Only in this way can cooperation transcend its role as a vehicle of power projection and become a tool for genuine transformation.
The study's relevance is determined by the critical dependence of cryptocurrency market stability on thetechnical reliability of smart contracts and the increasing risks of financial losses due to their defects. Aim:The aim of the study is to formalize the ranking of technical vulnerabilities of smart contracts by theirimpact on the economic stability of domestic capital markets through systematization, simulationmodelling, and quantitative assessment of financial indicators. Methods: The research used the followingtechniques: vulnerability typing, simulation modelling, financial analytics, and comparative analysis.Obtained results: The study confirmed the critical impact of smart contract technical vulnerabilities on thefinancial stability of the markets, with peak VaR of up to -68.5% and liquidity deterioration of over -80%for reentrancy attack, delegatecall injection, and oracle manipulation. The risks were reduced by more thanhalf after implementing multi-level optimisations, demonstrating the effectiveness of comprehensivemitigation to stabilise key financial indicators. Academic novelty of the study: The academic novelty of thestudy is the formalized classification of technical vulnerabilities of smart contracts and the first empiricalassessment of their impact on the economic stability of capital markets based on comprehensive financialand economic metrics, which extends the theory of DeFi structural risks. Prospects for future research:Prospects for further research include the development of a pilot project for technical optimization ofsmart contracts with a focus on increasing resilience to logical and synchronization defects.
This paper addresses the design of distributed adaptive control protocols for leader-follower consensus and time-varying formation problems, where agents communicate over directed graphs. Projection operator-based adaptive control protocols are developed for multi-agent systems modelled as general uncertain linear dynamics. An integral sliding mode-based robust control strategy is developed to compensate for the unknown bounded disturbance in the followers' dynamics. To relax the knowledge of the upper bound of the disturbance in designing a sliding-mode controller, a barrier function-based adaptive integral sliding-mode controller is designed to adjust the gain of the discontinuous part of the controller. This technique avoids overestimation of gains, which significantly reduces chattering. This control technique ensures the convergence of disagreement variables in a predefined neighborhood of zero. The Lyapunov-based stability proof demonstrates the convergence of disagreement variables in leader-follower consensus and time-varying formation control problems. Finally, numerical examples are provided to validate the efficacy of the proposed protocols.