The security testing of Ethereum smart contracts has become increasingly important with the rise of decentralized applications (DApps) and blockchain technology. This systematic literature review (SLR) aims to provide a comprehensive overview of the state-of-the-art techniques, methodologies, tools, and challenges in the security testing of Ethereum smart contracts. By synthesizing and analyzing existing research articles, conference papers, and other relevant sources, this SLR identifies common trends, gaps, and areas for future research in this domain. The review covers various aspects of security testing, including vulnerability detection, testing frameworks, automated analysis tools, and best practices. In addition, it explores the impact of security vulnerabilities on smart contract ecosystems and proposes recommendations to improve the effectiveness and efficiency of security testing processes. This SLR serves as a valuable resource for researchers, practitioners, and developers interested in improving the security and reliability of Ethereum smart contracts.
Alternative financial services (AFS) have been studied in recent years in terms of how these financialmarkets are utilized. The products and services include check cashing, pawnshop loans, payday advanceloans, electronic cash transmissions, tax refund anticipation arrangements, rent-to-own contracts, prepaiddebit cards, gift cards, and loans collateralized by automobile titles. Cryptocurrency has become part ofthis AFS ecology. The 2023 Survey of Household Economics and Decisionmaking collected informationon AFS use, including the use of cryptocurrency as an AFS. This research answered the questions: a) Dousers of cryptocurrencies for AFS also tend to use them for investments; b) do users of cryptocurrencies tomake payments tend to use them for other AFS purposes, and c) do users of cryptocurrencies to sendmoney to friends and family tend to use them for other AFS purposes?
The explosive growth of Non-Fungible Tokens (NFTs) has revolutionized digital ownership by enabling the creation, exchange, and monetization of unique assets on blockchain networks. However, this surge in popularity has also given rise to a disturbing trend: the emergence of rug pulls - fraudulent schemes where developers exploit trust and smart contract privileges to drain user funds or invalidate asset ownership. Central to many of these scams are hidden backdoors embedded within NFT smart contracts. Unlike unintentional bugs, these backdoors are deliberately coded and often obfuscated to bypass traditional audits and exploit investor confidence. In this paper, we present a large-scale static analysis of 49,940 verified NFT smart contracts using Slither, a static analysis framework, to uncover latent vulnerabilities commonly linked to rug pulls. We introduce a custom risk scoring model that classifies contracts into high, medium, or low risk tiers based on the presence and severity of rug pull indicators. Our dataset was derived from verified contracts on the Ethereum mainnet, and we generate multiple visualizations to highlight red flag clusters, issue prevalence, and co-occurrence of critical vulnerabilities. While we do not perform live exploits, our results reveal how malicious patterns often missed by simple reviews can be surfaced through static analysis at scale. We conclude by offering mitigation strategies for developers, marketplaces, and auditors to enhance smart contract security. By exposing how hidden backdoors manifest in real-world smart contracts, this work contributes a practical foundation for detecting and mitigating NFT rug pulls through scalable automated analysis.
The emergence of Non-Fungible Tokens (NFTs) – unique, blockchain-based tokens – has introduced a new dimension to the concept of property rights in the digital domain. Recent legal developments in the UK and the proposal of the Property (Digital Assets etc) Bill fuelled the discussion on how to legally conceptualise digital assets, including Non-Fungible Tokens (NFTs). This paper explores the evolving legal landscape surrounding property rights over NFTs, examining the challenges and ambiguities that arise from their intersection with existing property law frameworks. It analyses how property is defined and transferred in the context of NFTs, the implications for creators and acquires, and the best way to protect the latter. By critically assessing these issues, this paper aims to provide some insights regarding the legal principles that should guide the recognition and enforcement of property rights over NFTs, while suggesting new legal paths to accommodate this rapidly evolving technology.
Smart contracts are self-executing programs that facilitate trustless transactions between multiple parties, most commonly deployed on the Ethereum blockchain. They have become integral to decentralized applications in areas such as voting, digital agreements, and financial systems. However, the immutable and transparent nature of smart contracts makes security vulnerabilities especially critical, as deployed contracts cannot be modified. Security flaws have led to substantial financial losses, underscoring the need for robust verification before deployment. This survey presents a comprehensive review of the state of the art in smart contract security verification, with a focus on Ethereum. We analyze a wide range of verification methods, including static and dynamic analysis, formal verification, and machine learning, and evaluate 62 open-source tools across their detection accuracy, efficiency, and usability. In addition, we highlight emerging trends, challenges, and the need for cross-methodological integration and benchmarking. Our findings aim to guide researchers, developers, and security auditors in selecting and advancing effective verification approaches for building secure and reliable smart contracts.
This project represents a comprehensive digital transformation initiative designed to revolutionize traditional procurement practices through the development of an advanced Smart Tender Management System that enables vendors to seamlessly access complete tender documentation and specifications through a centralized online platform while facilitating efficient electronic bid submission processes. The system fundamentally addresses the inherent inefficiencies and cost burdens associated with conventional tendering methodologies by significantly minimizing additional operational expenses that traditionally encompass extensive advertising campaigns, physical document printing and distribution, manual handling procedures, and administrative overhead costs that often inflate the overall procurement budget. Through its sophisticated digital architecture, the application establishes stringent timeline management protocols that ensure the evaluation process adheres strictly to predetermined schedules and deadlines, thereby eliminating delays that frequently plague traditional tendering systems and compromise project timelines. The platform accommodates multiple vendor participation by providing a robust infrastructure that supports simultaneous bid submissions from diverse suppliers, contractors, and service providers, each presenting unique proposals with varying technical specifications, pricing structures, and implementation methodologies, from which procurement committees can systematically evaluate and select the most suitable proposals based on predetermined criteria including cost-effectiveness, technical merit, vendor credentials, and alignment with organizational objectives. This systematic approach to vendor selection and proposal evaluation has demonstrated significant potential for enhancing organizational profitability through optimized resource allocation, reduced procurement costs, improved vendor competition, and the selection of high-quality solutions that deliver superior value propositions. Furthermore, the implementation of this digital tendering system contributes substantially to improving the overall operational quality and efficiency of organizations by streamlining bureaucratic processes, reducing human error, enhancing transparency and accountability, facilitating better vendor relationships, and providing comprehensive audit trails that support compliance requirements and regulatory standards. The Smart Tender Management System's integration of advanced technologies, including secure document management, automated workflow processes, real-time communication capabilities, and comprehensive reporting mechanisms, positions it as a transformative solution that fundamentally reshapes how organizations approach procurement activities. In essence, this Smart Tender Management System represents a paradigmatic shift from traditional, paper-based, time-consuming procurement practices toward a modern, efficient, technology-driven approach that provides organizations with a powerful, comprehensive tool to systematically streamline their entire tendering ecosystem, significantly reduce operational and financial risks associated with procurement activities, enhance their competitive positioning in increasingly dynamic market environments, and establish sustainable procurement practices that support long-term organizational growth and success while maintaining the highest standards of transparency, efficiency, and stakeholder satisfaction throughout the entire tender lifecycle management process.
The integration of Artificial Intelligence (AI) into decentralized finance (DeFi) has triggered a paradigm shift in the automation and optimization of financial contracts, particularly within the domain of financial derivatives. Derivatives, including options, futures, swaps, and forwards, are among the most complex financial instruments, requiring accurate pricing, efficient settlement, and continuous risk monitoring. Smart contracts—self-executing agreements coded onto blockchain networks—have emerged as a transformative mechanism to automate these processes. However, conventional smart contracts in DeFi are constrained by inefficiencies in execution logic, gas costs, vulnerability to adversarial trading strategies, and limitations in adapting to real-time market fluctuations. This manuscript investigates AI-driven optimization frameworks for smart contracts in derivatives markets, where machine learning algorithms, reinforcement learning agents, and predictive analytics are employed to dynamically enhance pricing mechanisms, counterparty risk management, and execution efficiency. The study builds on an extensive literature review of DeFi, AI-finance integration, and blockchain automation, proposing an AI-augmented smart contract architecture that enables adaptive fee structures, risk-adjusted margin calls, automated dispute resolution, and latency-sensitive derivatives clearing. A simulation-based methodology was employed, where deep reinforcement learning models interacted with synthetic market data to optimize contract logic in futures and options markets deployed on Ethereum Virtual Machine (EVM)-compatible blockchains. Statistical evaluation revealed that AI-enhanced smart contracts demonstrated 25–40% improvement in transaction throughput, 18–25% reduction in gas costs, 30–35% enhancement in derivative pricing accuracy, and 50% reduction in settlement disputes compared to baseline blockchain contracts. The results highlight that AI-driven optimization is not only feasible but essential for scaling derivatives trading in DeFi to institutional-grade levels. The paper concludes by discussing regulatory implications, computational limitations, adversarial AI threats, and the future trajectory of autonomous financial engineering.
Web3 technology echoes the paradigm of a secure, transparent, and privacy-preserving decentralized internet. Unfortunately, this digital transformation has opened up new opportunities for cybercriminals, for example online gambling bookies can utilize the Blockchain Domain Name System (BDNS) running on Web3 as a way to avoid tracking and blocking. This analysis aims to map the potential threats from misuse of BDNS technology through a two-dimensional scenario matrix approach using two main types of variables: (1) Native Web3 integration into popular browsers, and (2) Level of BDNS adoption by online gambling sites. The four scenarios produced will describe various levels of risk that require different mitigation strategies, in certain combination conditions will create the highest threat conditions where the conventional domain name blocking system is no longer effective in blocking online gambling sites. The results of this study are expected to identify weak signals from the evolution of online gambling threats, as well as become a basis for government agencies or policy makers in preparing anticipatory steps in dealing with the dynamics of digital threats in the Web3 era.
Jun 6, 2025·Artificial Intelligence and Financial Transformation: Unlocking the Power of Fintech, Predictive Analytics, and Public Governance in the Next Era of Economic Intelligence
In a bank-centered financial system, digital payments basically mean how customers access their bank deposits to settle payments. Retail payments are mostly settled through government and commercial banks, but at RTGS level, payments occur through settlement controls of the central banks. In contrast, digital payments in a decentralized currency-based financial system involve no banks or financial institutions. In brief, it is the entire banking system and not just its accounts that do not participate in digital payments. Digital payments are the electric wiring that connects everyone at the ‘exchange’ and ‘conversion’ levels of the macroeconomic circuit, including consumers, businesses, banks, and central bank. In addition to money transfers, digital payments also provide complementary services needed in consumption and Ecommerce, such as invoicing, matching buyers and sellers, clearing, and settlement. Unlike most circuit activities, digital payments do not have a multiplier effect because of digital payments’ one-for-one service charge. Digital payments also have a major role in the rapid and invisible collection of indirect taxes. Digital payment systems, whether wallet-based or interbank-based, extricate the economy from the “cash flow and multiply” mechanism that has characterized the world economy ever since barter systems were replaced by elaborate currencies. Paper currencies also have become obsolete and are headed for complete replacement by digital payments (Gai et al., 2018; Chen et al., 2019; Arner et al., 2020).
The development of digital technology has encouraged the use of smart contracts as an instrument for automating agreements in Blockchain-based electronic transactions. In the context of Indonesian law, the validity of a smart contract must meet the legal requirements for an agreement, as regulated in Article 1320 of the Civil Code, which includes the agreement between the parties, legal capacity, a transparent object of the agreement, and lawful causes. Additionally, data verification in smart contracts is a key element in guaranteeing the security, authenticity, and transparency of e-commerce transactions, which is related to the provisions in the ITE Law and the PDP Law. This verification aims to prevent data manipulation, reduce the risk of fraud, and increase trust in transactions by using encryption technology, digital signatures, and Blockchain-based identity. Smart contracts can be considered valid if they fulfill the terms of the agreement and data security principles, making their use in e-commerce more effective and reliable.
ABSTRACT The financial technology (Fintech) sector is undergoing a profound transformation, disrupting traditional banking models and reimagining how individuals and institutions access, manage, and utilize financial services. This thesis explores the future trajectory of Fintech with an emphasis on technological innovations, user adoption patterns, regulatory frameworks, and the sector’s broader socio-economic implications. This research aims to analyze the key drivers of Fintech evolution, including the adoption of Artificial Intelligence (AI), blockchain technology, embedded finance, and open banking systems. It also evaluates the opportunities and challenges these innovations present, particularly in the context of emerging markets like India. By using a mixed-method research approach, the study integrates primary data collected through a structured survey of 100 urban Fintech users with secondary data from authoritative industry reports, academic literature, and regulatory publications. The findings reveal that while Fintech solutions are increasingly accepted due to their convenience, speed, and personalization, issues related to cybersecurity, digital literacy, regulatory uncertainty, and trust continue to hinder mass adoption. Technologies such as AI and blockchain are identified as central to the next phase of Fintech innovation, especially in areas like digital lending, investment management, and decentralized finance (DeFi). The research concludes that the future of Fintech will be shaped not only by technological advancements but also by proactive policy-making, industry collaboration, and user education. Recommendations are offered for Fintech firms to enhance consumer trust and for policymakers to develop balanced regulatory frameworks that encourage innovation without compromising financial stability and consumer protection. The thesis contributes to the academic discourse by presenting a structured analysis of where Fintech is headed and offers practical insights for industry stakeholders, researchers, and regulators aiming to navigate this rapidly evolving landscape.
Smart contracts underpin decentralized applications but face significant security risks from vulnerabilities, while traditional analysis methods have limitations. Large Language Models (LLMs) offer promise for vulnerability detection, yet adapting these powerful models efficiently, particularly generative ones, remains challenging. This paper investigates two key strategies for the efficient adaptation of LLMs for Solidity smart contract vulnerability detection: (1) replacing token-level generation with a dedicated classification head during fine-tuning, and (2) selectively freezing lower transformer layers using Low-Rank Adaptation (LoRA). Our empirical evaluation demonstrates that the classification head approach enables models like Llama 3.2 3B to achieve high accuracy (77.5%), rivaling the performance of significantly larger models such as the fine-tuned GPT-3.5. Furthermore, we show that selectively freezing bottom layers reduces training time and memory usage by approximately 10-20% with minimal impact on accuracy. Notably, larger models (3B vs. 1B parameters) exhibit greater resilience to layer freezing, maintaining high accuracy even with a large proportion of layers frozen, suggesting a localization of general code understanding in lower layers versus task-specific vulnerability patterns in upper layers. These findings present practical insights for developing and deploying performant LLM-based vulnerability detection systems efficiently, particularly in resource-constrained settings.
This chapter considers the future of currency in light of recent developments in artificial intelligence (AI). It is now possible to put a reasonably sensible brain into every piece of money. We ask, what will intelligent money do to markets, society, and people? We first consider the ongoing digitalisation of payment and the use of blockchains in the non-fungible token space. Then we review recent advances in AI. We then discuss how these two developments come together to create “smart money” – money that has goals. Finally, we conclude with an assessment of the broader implications of smart money and how it may alter our interactions in markets and elsewhere in society.
Muhammad Izzul Syahmi Zulkepli, Suffian Haqiem Nor Azelan, Nur Bakri Abdul Hamid, Hazrul Hizam Karim · 5 authors
A smart contract is a script that encodes and executes the terms of a contract or transaction on a blockchain platform. This technology offers a practical mechanism for delivering Islamic banking products. Smart contracts can be utilized for Islamic home financing, specifically to implement the diminishing partnership (musharakah mutanaqisah) structure. This arrangement has seen a decline in use, largely due to the rise of tawarruq contracts which benefit from more developed systems and facilities. Reassessing and redeploying the diminishing partnership model via smart contracts could reduce the industry’s heavy reliance on tawarruq in Islamic banking operations. Accordingly, this study evaluates the potential of smart contract technology to execute diminishing partnership agreements, especially within the context of housing finance offerings. We adopt a qualitative approach to achieve this aim, drawing on thematic analysis of prior studies and synthesizing findings through narrative methods. Our results indicate that smart contracts can serve as an effective operational mechanism for diminishing partnership-based home financing, thanks to automated workflows, enhanced transaction transparency, and improved risk management. However, these advantages can only be fully realized if the technological, operational, and Sharia-related risks are properly identified and controlled.
This article explores the symbiosis of Industry 5.0 technologies and regulatory mechanisms that radically transform the interaction between the banking sector and public governance with a perspective extending to 2045. The research identifies key mechanisms of mutual influence between advanced technologies (artificial intelligence, distributed ledgers, quantum computing) and regulatory processes that define the evolution of banks from traditional financial intermediaries into integrated ecosystems of socio-economic development. The theoretical novelty of the study lies in substantiating the concept of «hybrid financial entities», in which technological infrastructure and regulatory processes function as inseparable components of a unified self-adapting system based on principles of proactive compliance and algorithmic trust. The paper demonstrates that the transformation of public governance models in the financial sector is moving from hierarchical structures towards platform solutions («Government as a Platform», GaaP), creating preconditions for regulatory landscape fragmentation and the formation of «regulatory microclimates». The integration of ESG principles into banking regulation redefines the very nature of financial intermediation, transforming banks into institutions of sustainable development. Special attention is paid to ensuring «digital sovereignty» and «safe degradation» of financial systems in conditions of geopolitical instability and risks of global conflicts. The study proposes a methodological table of banking institutions’ characteristics within four scenarios of financial system evolution: «Technological Hegemony», «Regulatory Revenge», «Decentralised Autonomy», and «Hybrid Convergence». The paper argues that the most probable scenario for banking sector evolution by 2045 is «Hybrid Convergence», characterised by a multi-level financial system where centralised and decentralised elements, state regulation and market self-regulation coexist within a unified ecosystem.
Ahmed Hassanein, Kameleddine Benameur, Mohamed M. Mostafa, Wasim Al-Shattarat · 5 authors
This study maps the evolution of scholarly research on blockchain technology in accounting and auditing by conducting comprehensive bibliometric analyses of 359 peer-reviewed research articles authored by 639 scholars from 44 countries. Our analysis identifies the most productive authors, journals, institutions, and countries, highlighting the key contributors to the field. We also use keyword co-occurrence techniques to analyze citation trends, collaboration networks, and thematic structures. Our findings show a compound annual growth rate (CAGR) of 38% in research publications from 2017 to 2024, indicating rapid growth in this area. The collaboration network reveals a technology-centralized pattern, with developed countries leading in cross-border collaborations while developing countries exhibit limited international cooperation. Furthermore, we observe a ‘homophily impact’ among leading authors, where frequent co-authorship occurs around common research topics in blockchain for accounting and auditing. The ‘Matthew Effect’ is evident, as a small group of authors disproportionately dominate the collaboration networks, suggesting that a few influential scholars shape the direction of research. This study provides insights into the thematic evolution of blockchain research in accounting and auditing and suggests a roadmap for future research in this field.
Smart contracts are computer codes that represent contract terms and are designed to run on a blockchain platform, automatically enforced upon receiving predetermined inputs. This technological innovation, a key component of the Fourth Industrial Revolution, provides an advanced and innovative approach to executing contract terms. Incorporating this technology into Shariah-compliant contracts within Islamic Banks (IBs) holds the potential to reduce Shariah non-compliance risk (SNC) and enhance operational transparency, ensuring compatibility with contemporary technological applications. In particular, blockchain-based smart contracts have the potential to be integrated into the operations of IBs’ products that are based on tawarruq contracts. This study aims to investigate the potential application of blockchain-based smart contract technology in tawarruq contract operations within IBs and to suggest directions for future research. This study adopted a qualitative approach, drawing on relevant literature. The findings indicated that blockchain-based smart contracts can address Shariah Non-Compliance (SNC) issues in IB’s tawarruq operations while enhancing transaction transparency. This paper discussed the Shariah and operational challenges associated with blockchain technology and posits that blockchain-based smart contracts can improve the practices of tawarruq contracts within Islamic Banks. This paper offers insights for IB entities and regulatory authorities to evaluate the potential and impact of blockchain-based smart contracts within their operations and the broader financial system.
Lending protocols have transformed the Decentralized Finance (DeFi) ecosystem, driving innovation while also introducing new risks. This study develops a machine learning framework to predict user behavior and assess factors influencing changes in health ratios within the Compound V2 protocol. By analyzing user historical data, position metrics, and market conditions, we propose machine learning-based models to predict whether users will adjust their positions or face liquidation. We find that Random Forest and XGBoost models excel in predicting these outcomes, with features like collateral values, historical risk exposure, and asset composition playing significant roles. Additionally, panel regression models reveal insights into health ratio dynamics over time and across asset types, as well as user sophistication. These findings offer a better understanding of user behavior, highlighting opportunities for improved risk modeling and adaptive strategies in DeFi lending.
Blockchain technology has become a vital foundation in the transformation of digital financial systems, particularly in supporting the growth of startupreneurs whorequire fast, secure, and transparent financial access. This study aims to analyze howtheimplementation ofblockchain technology can enhance operational efficiency and financial transparency in the development of digital startup businesses. Using a qualitative approach through literature review and best practice analysis, the research reveals that blockchain enables decentralized transactions, minimizes intermediaries, and ensures high data integrity ultimately strengthening investor and consumer trust in the startupreneur ecosystem. The adoption of smart contracts, immutable records, and automated verification also contributes to accelerating financial processes and mitigating fraud risks. However, challenges such as regulatory complexity, digital infrastructure readiness, and data security concerns remain obstacles to widespread blockchain adoption. These findings affirm that blockchain holds significant potential in creating a more inclusive, efficient, and sustainable digital financial model, in line with Sustainable Development Goals (SDGs) points 8 and 9. Recommendations are provided for startupreneurs and stakeholders to strategically integrate this technology into digital business development.
The evolution of blockchain technology, from its origins as a decentralized ledger for cryptocurrencies to its broader applications in areas like decentralized finance (DeFi), has significantly transformed financial ecosystems while introducing new challenges such as Maximum Extractable Value (MEV). This paper explores MEV on the Polygon blockchain, with a particular focus on Atomic Arbitrage (AA) transactions. We establish criteria for identifying AA transactions and analyze key factors such as searcher behavior, bidding dynamics, and token usage. Utilizing a dataset spanning 22 months and covering 23 million blocks, we examine MEV dynamics with a focus on Spam-based and Auction-based backrunning strategies. Our findings reveal that while Spam-based transactions are more prevalent, Auction-based transactions demonstrate greater profitability. Through detailed examples and analysis, we investigate the interactions between network architecture, transaction sequencing, and MEV extraction, offering comprehensive insights into the evolution and challenges of MEV in decentralized ecosystems. These results emphasize the need for robust transaction ordering mechanisms and highlight the implications of emerging MEV strategies for blockchain networks.
Hardhik Mohanty, Giovanni Zaarour, Bhaskar Krishnamachari
Everlasting options, a relatively new class of perpetual financial derivatives, have emerged to tackle the challenges of rolling contracts and liquidity fragmentation in decentralized finance markets. This paper offers an in-depth analysis of markets for everlasting options, modeled using a dynamic proactive market maker. We examine the behavior of funding fees and transaction costs across varying liquidity conditions. Using simulations and modeling, we demonstrate that liquidity providers can aim to achieve a net positive PnL by employing effective hedging strategies, even in challenging environments characterized by low liquidity and high transaction costs. Additionally, we provide insights into the incentives that drive liquidity providers to support the growth of everlasting option markets and highlight the significant benefits these instruments offer to traders as a reliable and efficient financial tool.
Crowdfunding platforms often face challenges such as high transaction fees, limited global accessibility, and reliance on traditional banking systems, which restrict participation and efficiency. These limitations hinder the full potential of crowdfunding, particularly for global contributors and projects. This research addresses these issues by proposing the development of a mobile crowdfunding platform integrated with cryptocurrency payment support. By incorporating cryptocurrency, the platform aims to reduce transaction costs, remove geographical barriers, and enhance transaction security through blockchain technology. The platform is built using a cross-platform mobile framework to ensure broad accessibility while integrating cryptocurrency gateways for decentralized financial transactions. This allows for real-time, secure, and low-cost payments, offering a transparent and efficient process for both contributors and fundraisers. Additionally, the platform's design supports scalability to accommodate various cryptocurrencies and an expanding user base. The findings demonstrate that cryptocurrency payment integration significantly improves transaction speed, reduces fees, and enhances security compared to traditional payment methods. It also fosters global participation, increasing engagement in crowdfunding initiatives.
This research paper explores the evolving landscape of cryptocurrency regulation in India, analysing the roles and limitations of existing regulatory frameworks under the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI), and the Prevention of Money Laundering Act (PMLA). As digital assets gain prominence, the Indian legal ecosystem struggles to keep pace due to a lack of comprehensive legislation, institutional clarity, and definitional coherence. The study begins by examining the classification dilemma surrounding crypto-assets under Indian securities law, particularly whether certain tokens could fall within the ambit of "securities" under Section 2(h) of the Securities Contracts (Regulation) Act, 1956. By comparing characteristics of cryptocurrencies to conventional financial instruments and referencing international legal benchmarks such as the Howey Test, the paper argues that many tokens exhibit sufficient investment features to warrant regulatory scrutiny by SEBI. In parallel, the RBI's approach, rooted in concerns over monetary stability, has largely treated cryptocurrencies as a threat to sovereign currency systems. Although the 2018 RBI circular attempted to isolate the financial system from crypto-related activities, the Supreme Court overturned the ban in 2020, underscoring the need for proportional regulation rather than prohibition. Meanwhile, the Indian government has taken significant steps under the PMLA by designating crypto intermediaries as "reporting entities," thereby mandating KYC, transaction monitoring, and suspicious activity reporting to the Financial Intelligence Unit-India (FIU-IND). While these moves align with global anti-money laundering standards, the application of PMLA to a fast-evolving digital sector presents both legal and practical challenges. A key argument advanced in this paper is the need for a dedicated regulatory authority—tentatively called the Digital Asset Regulatory Authority of India (DARA)—to oversee the crypto ecosystem holistically. The study highlights how SEBI and the Enforcement Directorate (ED) are already overburdened with their existing mandates, leading to delays, inefficiencies, and enforcement gaps. A specialised regulator could centralise policymaking, enforcement, and innovation facilitation, thereby addressing jurisdictional ambiguity and improving investor protection without stifling technological growth. this research concludes that the future of digital assets in India demands a balanced, innovation-friendly regulatory framework. For this, a pragmatic regulatory approach—combining institutional reform, international cooperation, and respect for crypto’s foundational features such as decentralisation and pseudonymity
Modern logistics monitoring solutions increasingly depend on the integration of IoT devices for real-time data collection, shipment tracking, goods and vehicle monitoring, and informed decision- making. However, current IoT-based logistics systems face significant challenges, including complex data management, limited interoperability among stakeholders, and inefficiencies resulting from centralized control mechanisms. Blockchain technology has emerged as a promising solution to address these critical issues within logistics and supply chain management. This paper presents a comparative analysis of traditional centralized logistics systems and blockchain-based decentralized solutions, emphasizing the evaluation of blockchain’s strengths such as transparency, immutability, and automated transaction execution via smart contracts and its weaknesses, particularly scalability limitations and implementation complexity. The research specifically examines how smart contracts can effectively manipulate IoT-generated data to automate logistical transactions and ensure secure, transparent data management. Through a structured analysis, this article identifies specific scenarios in logistics where blockchain technology adds significant value and discusses key practical considerations for its effective adoption. Additionally, this research critically evaluates Ethereum Virtual Machine (EVM)-based smart contracts and proposes AWS Hyperledger Fabric smart contract (chaincode) as a more scalable and cost- effective alternative for enterprise logistics applications. The study provides valuable insights and guidelines for logistics practitioners, facilitating informed decision-making about integrating blockchain solutions to enhance operational efficiency, trust, and interoperability within complex supply chain environments.