E. I. Agbedo, R. O. Osanakpa, Salami M. O, C. O. Kayoh · 5 authors
This study explores the intricate dynamics of digital asset engagement, employing a Markov chain model to examine peer-influenced adoption (θ) and event-triggered abandonment (γ) across diverse network structures. The study gives hindsight into mixing time (time to stationarity) analysis, which represents the duration required to achieve a stationary distribution, and investigates its upper bound along with a revised linear programming proof. Simulations reveal the significant impact of network architecture on the spread of adoption and abandonment behaviors over time. Random networks typically demonstrate faster mixing, facilitating rapid information dissemination and market stabilization. In contrast, structured networks like small-world and scale-free exhibit more complex and often slower mixing patterns, showing distinct vulnerabilities or resilience based on the prevailing dynamic. Phase diagrams outline areas of sustainable adoption, critical decline, and swift abandonment, showcasing the long-term viability of various digital asset categories (such as Bitcoin-like, Meme coin-like, and NFT-like) within these network landscapes. The research underscores the crucial influence of network structure on market efficiency, information flow, and the enduring sustainability of digital assets. Additionally, this study aims to provide practical insights for Web3 project teams striving to cultivate sustainable asset ecosystems.
With the growing prevalence of electric vehicles (EVs), electrical grids face increasing strain due to heightened demand and potential overload during charging. This paper proposes a tokenized Ethereum-based framework that enables charging point operators (CPOs) and stations (CSs) to manage EV charging requests while ensuring grid stability through time flexibility (adjustable durations) and power flexibility (dynamic load modulation). Smart contracts automate peer-to-peer trading of charging parameters like energy needs and time limits, shifting loads to off-peak hours and adjusting prices based on real-time grid capacity. Simulations reveal that EV users who adopted time- and power-flexible charging experienced a 42% increase in participation compared to those using rigid, fixed-rate systems. Two scenarios were tested: 1) requests every 15 minutes on a 33 kW grid, where smart charging achieved a 71% efficiency improvement over uncontrolled charging and increased acceptance rates from 38% to 70%; and 2) consecutive requests to the same CSs, where acceptance rates rose from 23% to 43%, with smart charging reducing peak-to-valley load differences by 43–50%, flattening demand profiles. The system, developed on Ethereum using Remix IDE and MetaMask and tested on the Sepolia testnet, demonstrates higher electricity sales, improved grid stability, and enhanced flexibility in time, power, and cost. Tokenization incentivizes participation through rewards, allows users to bid for priority slots via proof-of-stake (PoS), and ties reputation metrics to token costs. Practical Byzantine Fault Tolerance (PBFT) ensures fault tolerance, while dynamic pricing and monetized flexibility create scalable EV-grid synergy, balancing supply-demand mismatches and attracting investors.
Financial resilience is influenced by Decentralized finance (DeFi) adoption only if individuals possess financial literacy and have limited risk perception, while the intermediary of trust in blockchain technology also influences DeFi adoption. Through quantitative research, the study investigates the positive role that DeFi adoption plays in improving financial resilience via superior liquidity management, asset diversification, and enhanced absorption of adverse economic shocks. It demonstrates the critical role trust plays in a technology such as blockchain, which uses its transparency, security, and immutability to gain users' trust. Fifth, findings demonstrate how financial literacy is a bridging link in the relationship between DeFi take-up and financial resilience, while risk perception weakens the encouraging effects of trust in blockchain technology. To uncover direct, mediating, and moderating relationships, structural equation modeling will be utilized to analyze results from individuals and organizations involved with DeFi platforms. The research findings provide policymakers, academics, and practitioners with insights into potential solutions to promote a safe and inclusive DeFi ecosystem. The study fosters financial resilience and inclusion in an increasingly evolving decentralized financial landscape by addressing the trust, financial literacy, and risk perception of two distinct groups.
Transformasi sistem hukum yang dipicu oleh perkembangan teknologi blockchain dan Web3 menuntut penyesuaian mendasar dalam sistem sertifikasi profesi hukum di Indonesia. Penelitian ini bertujuan untuk menganalisis kebutuhan reformulasi sistem sertifikasi profesi hukum dalam menghadapi tantangan era digital, dengan menggunakan pendekatan yuridis normatif dan metode kualitatif deskriptif melalui studi kepustakaan terhadap peraturan perundang-undangan, doktrin hukum, serta literatur yang relevan dalam bidang hukum dan teknologi. Hasil penelitian menunjukkan bahwa Indonesia belum memiliki kerangka regulasi yang memadai untuk mengatur isu-isu hukum baru seperti kontrak cerdas, yurisdiksi lintas negara, serta perlindungan data pribadi dalam ekosistem digital. Selain itu, masih terdapat kekosongan standar kompetensi hukum digital dalam kerangka sertifikasi profesi hukum yang ada saat ini. Temuan ini menggarisbawahi pentingnya pengembangan sistem sertifikasi profesi hukum yang terintegrasi dengan penguasaan teknologi digital terkini. Sertifikasi berbasis teknologi tidak hanya meningkatkan kapasitas teknis dan etika profesional hukum, tetapi juga memperkuat kepercayaan publik serta mendukung penerapan prinsip kenali nasabah dan pencegahan tindak pidana pencucian uang. Dalam jangka panjang, sistem ini akan mendorong lahirnya profesional hukum yang adaptif dan siap menjawab kompleksitas regulasi di era transformasi digital.
Ryan Zarick, Isaac Zhang, Daniel Wong, Thomas Kim · 7 authors
Current blockchain execution throughput is limited by data contention, reducing execution layer parallelism. Fast Ahead-of-Formation Optimization (FAFO) is the first blockchain transaction scheduler to address this problem by reordering transactions before block formation for maximum concurrency. FAFO uses CPU-optimized cache-friendly Bloom filters to efficiently detect conflicts and schedule parallel transaction execution at high throughput and low overhead. We integrate the Rust EVM client (REVM) into FAFO and achieve over 1.1 million native ETH transfers per second and over half a million ERC20 transfers per second on a single node (Table 1), with 91% lower cost compared to state-of-the-art sharded execution. Unlike many other existing high throughput blockchain execution clients, FAFO uses QMDB to Merkleize world state after every block, enabling light clients and stateless validation for ZK-based vApps. FAFO scales with minimal synchronization overhead, scaling linearly with additional CPU resources until it fully exploits the maximum parallelism of the underlying transaction flow. FAFO proves that the high throughput necessary to support future decentralized applications can be achieved with a streamlined execution layer and innovations in blockchain transaction scheduler design. FAFO is open-sourced at https://github.com/LayerZero-Labs/fafo.
Lucas Barbosa, Sam Kirshner, Rob Kopel, Eric Tze Kuan Lim · 5 authors
This paper outlines an incentive-driven and decentralized approach to verifying the veracity of digital content at scale. Widespread misinformation, an explosion in AI-generated content and reduced reliance on traditional news sources demands a new approach for content authenticity and truth-seeking that is fit for a modern, digital world. By using smart contracts and digital identity to incorporate 'trust' into the reward function for published content, not just engagement, we believe that it could be possible to foster a self-propelling paradigm shift to combat misinformation through a community-based governance model. The approach described in this paper requires that content creators stake financial collateral on factual claims for an impartial jury to vet with a financial reward for contribution. We hypothesize that with the right financial and social incentive model users will be motivated to participate in crowdsourced fact-checking and content creators will place more care in their attestations. This is an exploratory paper and there are a number of open issues and questions that warrant further analysis and exploration.
Guntur Dharma Putra, Bagus Rakadyanto Oktavianto Putra
Self-Sovereign Identity (SSI) offers significant potential for managing identities in the Internet of Things (IoT), enabling decentralized authentication and credential management without reliance on centralized entities. However, existing SSI frameworks often limit credential issuance and revocation to trusted entities, such as IoT manufacturers, which restricts flexibility in dynamic IoT ecosystems. In this paper, we propose a blockchain-based SSI framework that allows any individual with a verifiable trust linkage to act as a credential issuer, ensuring decentralized and scalable identity management. Our framework incorporates a layered architecture, where trust is dynamically established through endorsement-based calculations and maintained via a hierarchical chain-of-trust mechanism. Blockchain serves as the Verifiable Data Registry, ensuring transparency and immutability of identity operations, while smart contracts automate critical processes such as credential issuance, verification, and revocation. A proof-of-concept implementation demonstrates that the proposed framework is feasible and incurs minimal overheads compared to the baseline, making it well-suited for dynamic and resource-constrained IoT environments.
Silvia Meschini, Lavinia Chiara Tagliabue, Stefano Rinaldi, Giovanni Miri Giovanni Miri · 8 authors
Construction procurement remains inefficient, paper-based, and lacks transparency. Current systems fail to ensure reliable bid evaluations and sustainability compliance, particularly in waste management. This research proposes a blockchain-based framework integrating BIM, Smart Contracts and process normalization to automate tender evaluations, ensuring tamper-proof data storage and verifiable assessments. A prototype was tested through an Italian Design-Build procurement. Results highlight enhanced compliance monitoring and fairer bid selection based on sustainability criteria. By establishing standardized processes for data submission and verification, this approach fosters trust and promotes digital transformation in public procurement, setting a new standard for transparency and waste management.
Abstract Value‐at‐Risk (VaR), the primary measure of downside risk in market risk management, relies heavily on the accuracy of volatility forecasts produced by risk models. This paper shows that, for forecasting the VaR of cryptocurrencies, the time‐heterogeneous Student's t autoregressive model outperforms standard models commonly used by practitioners.
This paper proposes the design of electronic medical record system supported by multimedia communication based on blockchain technology. Blockchain technology ensures the secure storage and sharing of patient information through distributed ledger and smart contract algorithm. In this system, smart contracts are used to automatically execute cross-institutional data access control and audit functions to ensure the transparency and compliance of data access. At the same time, this paper introduces multimedia communication technology to support the efficient transmission and sharing of medical data, especially in diagnostic images, videos and voice. Simulation results show that the electronic medical record system based on blockchain has significantly improved data processing efficiency, security and reliability compared with traditional systems.
Rüya Kaplan Yıldırım, Turgay Münyas, Gülden Kadooğlu Aydın
Constructing an effective asset allocation strategy requires building well-diversified portfolios that maintain robust performance beyond the sample data. The classical Markowitz portfolio optimisation, while widely used, is known to suffer from issues such as estimation errors and sensitivity to multicollinearity, which can significantly distort the allocation process and reduce performance reliability. In order to surmount the aforementioned challenges, the incorporation of Machine Learning echniques, specifically Ridge regression, into the portfolio creation process has been effected. This has resulted in the provision of a hybrid model that combines the strengths of Markowitz optimisation and Ridge regression. The integration of these approaches within the hybrid model serves to mitigate the prediction risks while maintaining the diversification benefits inherent to the Markowitz framework. The model was trained using an 80/20 split and cross-validation was employed to prevent overfitting. The findings indicate that this integrated approach attains the maximum Sharpe ratio, thereby significantly enhancing risk-adjusted returns and portfolio stability when applied to cryptoasset returns. The findings emphasise the merits of integrating classical optimisation methodologies with machine learning to develop more robust and adaptive asset allocation strategies. By analysing the impact of high-volatility cryptoassets on portfolio performance, it makes important contributions to both the literature and practical portfolio strategies for investors.
This study explores the financing of local governance in Nepal, focusing on Neelakantha Municipality to evaluate fiscal federalism under the country’s three-tier governance system. Analyzing revenue and expenditure data from FY 2077/78 to 2079/80, the research reveals a significant dependence on intergovernmental transfers, which comprised over 55% of total revenue, while internal revenue generation declined to as low as 2.8%. Despite consistent budget surpluses, the municipality struggled with capital expenditure execution, achieving as little as 61% in some years. Using indicators such as the Fiscal Autonomy Ratio (FAR), Local Fiscal Dependency Ratio (LFDR), and Financial Autonomy Index (FAI), the study identifies weak fiscal autonomy and increasing external dependence, with FAR values ranging from 4.0% to 38.5%, FAI declining to 18.0% by FY 2079/80, and LFDR trending upward. These trends reflect administrative inefficiencies in revenue collection and budget implementation. Although Nepal’s legal provisions for fiscal federalism are robust, the study concludes that implementation gaps—such as vertical and horizontal fiscal imbalances, overlapping tax structures, and limited local capacity—continue to undermine effectiveness. It recommends enhancing local revenue administration, improving expenditure management, and strengthening performance monitoring. The case of Neelakantha Municipality underscores the need for governance reforms to support institutional design and realize the goals of meaningful fiscal decentralization.
Solana is recognized for its innovative Proof of History consensus mechanism, a cryptographic method that enables validators—participants responsible for verifying transactions—to efficiently record and order events without extensive communication, thus supporting high transaction rates. Despite its high-speed transactions capability, low cost transaction fees and significant market presence, it remains relatively underexplored in academic research. To address this gap, this paper uses graph-based modeling to analyze Solana’s transaction network. The analysis reveals several interesting key characteristics, including a high concentration of transactions among central nodes, a prevalence of unidirectional transactions, and a low graph density. Moreover, we observe a significantly higher transaction failure rate (approximately 20% compared to 0.1% on Ethereum) and a substantial proportion of zero-value transfers (around 7.6% versus 0.66% on Ethereum). These findings shed light on underexplored aspects of Solana’s ecosystem and provide insights that could influence future blockchain research and applications. The findings are particularly relevant for understanding behavior of blockchains with high transaction rates, and optimizing blockchain scalability and security.
Abstract Cryptocurrency markets have evolved into a vital segment of the global financial ecosystem, drawing considerable interest from both investors and regulatory bodies. Yet, their extreme price instability demands innovative strategies for risk mitigation and investment that diverge from conventional financial practices. This research focuses on analyzing the volatility patterns of leading cryptocurrencies—Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB)—by employing GARCH-family models such as GARCH, EGARCH, TGARCH, and CGARCH. Through a comparative evaluation of these models, the study identifies the optimal framework for characterizing cryptocurrency market volatility. Utilizing daily closing prices from Yahoo Finance (January 1, 2019, to January 8, 2025), the analysis reveals that TGARCH outperforms others for BTC, EGARCH for ETH, and CGARCH for BNB, underscoring the critical role of asymmetric volatility in these markets. This work advances existing research by offering a detailed comparison of GARCH-based approaches and practical insights for risk evaluation and portfolio optimization.
The conventional space title industry is overwhelmed by centralized recorders that force tall recharging expenses, limit possession rights, and show security vulnerabilities due to single focuses of disappointment.This paper presents Domyn, a decentralized space title commercial center leveraging blockchain innovation and NFTs (Non-Fungible Tokens) to empower genuine possession of advanced spaces.Built on the Ethereum blockchain, Domyn utilizes ERC-721 keen contracts to tokenize space names, permitting clients to mint, purchase, offer, and exchange proprietorship without mediators.Furthermore, IPFS (InterPlanetary Record Framework) guarantees decentralized capacity, making the framework censorship-resistant and tamper-proof [8].Through an in-depth investigation of its design, exchange stream, and savvy contract execution, we illustrate Domyn's capacity to supply security, straightforwardness, and productivity compared to conventional space enlistment centers.The paper assist presents execution measurements, test case comes about, and a security assessment to approve the viability of the proposed framework.We moreover investigate future upgrades, counting Layer 2 scaling arrangements and multi-chain interoperability, to progress gas proficiency and selection.
K. Vamshee Krishna, Ganesh Udara, Geethika Maison, Joshmika Katepaka
Blockchain technology has emerged as a transformative approach for secure legal document management, offering key advantages such as transparency, immutability, and enhanced security. This study presents a detailed examination of blockchain’s application in managing legal documents, aiming to modernize and streamline traditional document workflows. The paper begins with an in-depth discussion of blockchain fundamentals, highlighting its decentralized structure, cryptographic safeguards, and consensus protocols. The proposed system follows a well-defined methodology: applicants first submit their credentials, which are authenticated by educational institutions. These verified credentials are then stored in the InterPlanetary File System (IPFS) for decentralized file handling, while only their cryptographic hashes are recorded on the blockchain. This approach reduces storage costs and improves scalability. To evaluate performance, the system was tested using multiple consensus algorithms, including Proof of Work, Proof of Stake, and Practical Byzantine Fault Tolerance. Results indicated that Proof of Stake delivers the best balance between speed and security. A functional prototype demonstrated notable improvements enhancing verification accuracy, reducing processing time, and minimizing manual intervention making the process far more efficient than conventional methods. The system achieved a transaction throughput of 1000 transactions per second and an average confirmation time of 5 seconds, significantly boosting efficiency for institutions and employers verifying credentials. Additionally, a comparative analysis with traditional methods showed superior performance in terms of security, speed, and costeffectiveness, supported by tamper-proof validation and reduced fraud risk. This research not only strengthens the trustworthiness of document verification but also paves the way for future innovations such as cross-chain interoperability, AI-powered fraud detection, and mobile-based verification, enhancing both accessibility and operational excellence in academic credential validation
Mariia Deinega Mariia Deinega, Theodoros Dounas, Daniel Hall Daniel Hall, Hico McDonald Hico McDonald · 6 authors
Decentralized project delivery in architecture faces challenges related to transparency, accountability, and role definition. This paper explores the application of Soulbound Tokens (SBTs) as a governance and record-keeping mechanism within decentralized autonomous organizations (DAOs). Using a systematic review of practice, the paper identifies five opportunities for SBTs, proposes an operating framework for SBTs with respect to record-keeping (e.g., skills, contributions) and project governance (e.g, voting power, reputation), and describes one case of technical implementation of SBTs. Future research can improve on this technical implementation or develop additional decentralised applications for SBT skills verification and governance mechanisms.
Abstract: This research paper explores the design and implementation of scalable blockchain protocols to enable a trustless digital society through decentralized finance (DeFi), governance, and secure digital identity frameworks. Motivated by the growing demand for transparency, autonomy, and data sovereignty in digital systems, this research introduces a hybrid protocol combining Proof of Stake (PoS) consensus with Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge (zk-SNARKs). The study develops a theoretical mathematical framework and conducts extensive simulation-based evaluations using standardized metrics such as transaction throughput, AUC-ROC, RMSE, and nDCG. Comparative analysis against baseline architectures—Ethereum 1.0, Hyperledger, and Polkadot—demonstrates that the proposed zk-PoS protocol significantly improves throughput, reduces latency, and enhances identity verification accuracy. Regression and predictive modeling further confirm the system's scalability and reliability under varied network conditions. Forecasting models predict an increase in secure identity match rates over time, underscoring the protocol’s adaptability to real-world decentralized applications. The implications of this work are multifold: it advances blockchain scalability theories, lays a foundation for decentralized identity systems, and provides practical insights for deploying trustless governance and financial platforms. These contributions are pivotal for transitioning toward a decentralized, inclusive, and tamper-resistant digital ecosystem. Keywords: blockchain scalability, decentralized finance, trustless systems, zk-SNARKs, Proof of Stake, secure digital identity, decentralized governance, identity verification, blockchain protocols, cryptographic consensus
Cryptocurrency trading is a challenging task requiring the integration of heterogeneous data from multiple modalities. Traditional deep learning and reinforcement learning approaches typically demand large training datasets and encode diverse inputs into numerical representations, often at the cost of interpretability. Recent progress in large language model (LLM)-based agents has demonstrated the capacity to process multi-modal data and support complex investment decision-making. Building on these advances, we present \textbf{MountainLion}, a multi-modal, multi-agent system for financial trading that coordinates specialized LLM-based agents to interpret financial data and generate investment strategies. MountainLion processes textual news, candlestick charts, and trading signal charts to produce high-quality financial reports, while also enabling modification of reports and investment recommendations through data-driven user interaction and question answering. A central reflection module analyzes historical trading signals and outcomes to continuously refine decision processes, and the system is capable of real-time report analysis, summarization, and dynamic adjustment of investment strategies. Empirical results confirm that MountainLion systematically enriches technical price triggers with contextual macroeconomic and capital flow signals, providing a more interpretable, robust, and actionable investment framework that improves returns and strengthens investor confidence.
This article explores the innovation management strategies employed by Ukrainian IT companies during the ongoing war and global instability. In response to unpredictable circumstances, such as infrastructure destruction, cyberattacks, labor migration, and economic uncertainty, Ukrainian IT firms have exhibited extraordinary flexibility and innovation capacity. The study investigates structural transformations in organizational models, including the shift to decentralized management, the formation of autonomous R&D teams across different time zones, and the utilization of virtual collaboration hubs. The adoption of agile frameworks and remote-first policies has enabled rapid adaptation and continuity in development cycles despite adverse conditions. Particular attention is paid to the role of emerging technologies—such as artificial intelligence (AI), machine learning, generative models, and low-code/no-code platforms—in maintaining operational efficiency and fostering product innovation. These tools have become essential for automating customer service, enhancing cybersecurity, and optimizing internal logistics, especially in the context of humanitarian initiatives. The research also analyzes sociological surveys, including those conducted by DOU and Lviv IT Cluster, indicating a rise in R&D investment and innovation engagement across the sector. Case studies of MacPaw, Reface, and Ajax Systems exemplify successful adaptation strategies, from geographic relocation and contingency infrastructure to participation in global digital resilience initiatives. The findings emphasize the importance of integrating innovation with strategic foresight, psychological resilience, and legal frameworks such as Diia.City. Key recommendations include fostering mental health support, increasing R&D funding through public-private partnerships, deepening EU digital integration, and expanding innovation-focused regulation. The conclusions provide actionable insights for developing crisis-resilient innovation strategies, particularly relevant for digital industries operating under prolonged stress. This research highlights how the Ukrainian IT sector, despite extraordinary hardship, can become a global model for innovation-led recovery and sustainable transformation.
The digitization of democratic processes promises greater accessibility but presents challenges in terms of security, privacy, and verifiability. Existing electronic voting systems often rely on centralized architectures, creating single points of failure and forcing too much trust in authorities, which contradicts democratic principles. This research addresses the challenge of creating a secure, private e-voting system with minimized trust dependencies designed for the most versatile personal device: the smartphone. We introduce SmartphoneDemocracy, a novel e-voting protocol that combines three key technologies: the emerging European Digital Identity (EUDI) Wallet for Sybil-resistant identity verification, Zero-Knowledge Proofs for privacy-preserving validation, and a peer-to-peer blockchain (TrustChain) for a resilient, serverless public bulletin board. Our protocol enables voters to register and cast ballots anonymously and verifiably directly from their smartphones. We provide a detailed protocol design, a security analysis against a defined threat model, and a performance evaluation demonstrating that the computational and network overhead is feasible for medium- to large-scale elections. By developing and prototyping this system, we demonstrate a viable path to empower citizens with a trustworthy, accessible, and user-controlled digital voting experience.
Perkembangan teknologi mendorong transformasi terhadap berbagai aspek kehidupan manusia, mencakup transformasi metode transaksi yang semula dilakukan secara konvensional kini mulai beralih kepada transaksi digital. Dompet elektronik hadir sebagai salah satu bentuk transaksi digital yang menawarkan kemudahan dan efisiensi dalam bertransaksi. Namun terdapat tantangan keamanan dan perlindungan data pribadi pengguna dikarenakan tingginya kerentanan kebocoran data di dalam aplikasi dompet elektronik. Artikel ini mengkaji regulasi perlindungan data pribadi di Indonesia dalam konteks keamanan transaksi menggunakan dompet elektronik menggunakan metode penelitian yuridis normatif. Penulis mengusulkan penerapan metode Zero-Knowledge Proof (ZKP) untuk meningkatkan perlindungan data pribadi pengguna layanan dompet digital. Untuk mendukung inovasi tersebut, diperlukan pembaruan regulasi, antara lain pembentukan otoritas pengawas independen (DPA), penambahan persyaratan persetujuan eksplisit atas transmisi data lintas negara dalam UU PDP, serta penyusunan regulasi teknis yang mewajibkan penggunaan ZKP sebagai bagian dari standar keamanan transaksi digital di Indonesia
Yangchun Xiong, Li Ding, Shu Guo, Tsan‐Ming Choi · 5 authors
ABSTRACT Smart contracts, enabled by blockchain technology, are increasingly adopted by firms to automate the execution of agreements or contracts without the involvement of intermediaries. However, it is still unclear how smart contracts may affect firms' operational efficiency. We address this issue empirically by conducting a quasi‐natural experiment in the United States in which certain states have enacted relevant laws that increase in‐state firms' propensity to adopt and use smart contracts. Our difference‐in‐differences estimation suggests that compared with out‐of‐state control firms, in‐state treatment firms' operational efficiency increases significantly after the enactment of smart contract laws. Our post hoc analysis further suggests that state‐level smart contract laws help increase in‐state firms' actual smart contract activities, which in turn lead to operational efficiency improvement. We also find that the operational efficiency improvement varies across firms with different supply chain complexities. While firms with a large number of supply chain partners (i.e., high horizontal complexity) gain more operational efficiency improvement, the improvement becomes less pronounced if firms' supply chain partners are distributed across different countries (i.e., high spatial complexity). Overall, our research not only demonstrates smart contracts' ability to improve operational efficiency but also reveals the critical role of supply chain complexity in affecting the operational efficiency improvement.