The emergence of Decentralized Autonomous Organizations (DAOs) presents a fundamental challenge to the traditional corporate form, which has dominated economic organization for over a century. Built on blockchain technology, DAOs propose a new model for coordinating economic activity. This study addressed the critical question of institutional efficiency by applying the lens of Transaction Cost Economics (TCE) to compare DAOs and traditional corporations. A comparative institutional analysis was conducted using a mixed-methods approach. We employed a multiple case study design, analyzing two representative DAOs and two analogous traditional corporations from Q1 2023 to Q4 2024. Data collection involved the systematic analysis of archival records, including 215 DAO governance proposals and corporate filings, and 32 semi-structured interviews with key participants. A novel analytical framework was developed to categorize transaction costs into ex ante (search, bargaining) and ex post (monitoring, enforcement), further distinguishing between 'on-chain' and 'off-chain' costs. The study revealed significant trade-offs between the two organizational forms. Traditional corporations exhibited high ex ante bargaining costs (legal, negotiation) and ex post monitoring costs (managerial overhead), but benefited from established legal frameworks that reduced enforcement uncertainty. Conversely, DAOs significantly lowered specific transaction costs through automation via smart contracts, particularly in on-chain bargaining and enforcement for codified tasks. However, DAOs incurred substantial, often hidden, new transaction costs related to off-chain social coordination, governance participation, and navigating legal ambiguity. This was termed the 'Governance Overhead Paradox'. In conclusion, DAOs do not represent a universally superior organizational form but rather a new point on an institutional possibility frontier. They are highly efficient for tasks that are global, permissionless, and computationally verifiable. Traditional firms retain advantages in contexts requiring complex, subjective decision-making and legal certainty. The future of the firm is likely not a replacement of one form by the other, but a pluralistic ecosystem where hybrid models emerge.
Siamak Abdi, Giuseppe Di Fatta, Atta Badii, Giancarlo Fortino
Blockchain is a decentralised, immutable ledger technology that has been widely adopted in many sectors for various applications such as cryptocurrencies, smart contracts and supply chain management. Distributed consensus is a fundamental component of blockchain, which is required to ensure trust, security, and integrity of the data stored and the transactions processed in the blockchain. Various consensus algorithms have been developed, each affected from certain issues such as node failures, high resource consumption, collusion, etc. This work introduces a fully decentralised consensus protocol, Blockchain Epidemic Consensus Protocol (BECP), suitable for very large and extreme-scale blockchain systems. The proposed approach leverages the benefits of epidemic protocols, such as no reliance on a fixed set of validators or leaders, probabilistic guarantees of convergence, efficient use of network resources, and tolerance to node and network failures. A comparative experimental analysis has been carried out with traditional protocols including PAXOS, RAFT, and Practical Byzantine Fault Tolerance (PBFT), as well as a relatively more recent protocol such as Avalanche, which is specifically designed for very large-scale systems. The results illustrate how BECP outperforms them in terms of throughput, scalability and consensus latency. BECP achieves an average of 1.196 times higher throughput in terms of consensus on items and 4.775 times better average consensus latency. Furthermore, BECP significantly reduces the number of messages compared to Avalanche. These results demonstrate the effectiveness and efficiency of fully decentralised consensus for blockchain technology based on epidemic protocols.
Ajesh Thangaraj Nadar, Soham Chandane, Gabriel Nixon Raj, Nihar Mahesh Pasi · 5 authors
This paper presents a comprehensive approach to automated energy billing that leverages IoT-based smart meters, blockchain technology, and the Prophet time series forecasting model. The proposed system facilitates real-time power consumption monitoring via Wi-Fi-enabled ESP32 modules and a mobile application interface. It integrates Firebase and blockchain for secure, transparent billing processes and employs smart contracts for automated payments. The Prophet model is used for energy demand forecasting, with careful data preprocessing, transformation, and parameter tuning to improve prediction accuracy. This holistic solution aims to reduce manual errors, enhance user awareness, and promote sustainable energy use.
This paper explores how zero-knowledge proofs can enhance Bitcoin's functionality and privacy. First, we consider Proof-of-Reserve schemes: by using zk-STARKs, a custodian can prove its Bitcoin holdings are more than a predefined threshold X, without revealing addresses or actual balances. We outline a STARK-based protocol for Bitcoin UTXOs and discuss its efficiency. Second, we examine ZK Light Clients, where a mobile or lightweight device verifies Bitcoin's proof-of-work chain using succinct proofs. We propose a protocol for generating and verifying a STARK-based proof of a chain of block headers, enabling trust-minimized client operation. Third, we explore Privacy-Preserving Rollups via BitVM: leveraging BitVM, we design a conceptual rollup that keeps transaction data confidential using zero-knowledge proofs. In each case, we analyze security, compare with existing approaches, and discuss implementation considerations. Our contributions include the design of concrete protocols adapted to Bitcoin's UTXO model and an assessment of their practicality. The results suggest that while ZK proofs can bring powerful features (e.g., on-chain reserve audits, trustless light clients, and private layer-2 execution) to Bitcoin, each application requires careful trade-offs in efficiency and trust assumptions.
It is envisioned that 6G networks will be supported by key architectural principles, including intelligence, decentralization, interoperability, and digitalization. With the advances in artificial intelligence (AI) and machine learning (ML), embedding intelligence into the foundation of wireless communication systems is recognized as essential for 6G and beyond. Existing radio access network (RAN) architectures struggle to meet the ever growing demands for flexibility, automation, and adaptability required to build self-evolving and autonomous wireless networks. In this context, this paper explores the transition towards AI-driven RAN (AI-RAN) by developing a novel AI-RAN framework whose performance is evaluated through a practical scenario focused on intelligent orchestration and resource optimization. Besides, the paper reviews the evolution of RAN architectures and sheds light on key enablers of AI-RAN including digital twins (DTs), intelligent reflecting surfaces (IRSs), large generative AI (GenAI) models, and blockchain (BC). Furthermore, it discusses the deployment challenges of AI-RAN, including technical and regulatory perspectives, and outlines future research directions incorporating technologies such as integrated sensing and communication (ISAC) and agentic AI.
Blockchain-based steganography enables data hiding via encoding the covert data into a specific blockchain transaction field. However, previous works focus on the specific field-embedding methods while lacking a consideration on required field-generation embedding. In this paper, we propose a generic blockchain-based steganography framework (GBSF). The sender generates the required fields such as amount and fees, where the additional covert data is embedded to enhance the channel capacity. Based on GBSF, we design a reversible generative adversarial network (R-GAN) that utilizes the generative adversarial network with a reversible generator to generate the required fields and encode additional covert data into the input noise of the reversible generator. We then explore the performance flaw of R-GAN. To further improve the performance, we propose R-GAN with Counter-intuitive data preprocessing and Custom activation functions, namely CCR-GAN. The counter-intuitive data preprocessing (CIDP) mechanism is used to reduce decoding errors in covert data, while it incurs gradient explosion for model convergence. The custom activation function named ClipSigmoid is devised to overcome the problem. Theoretical justification for CIDP and ClipSigmoid is also provided. We also develop a mechanism named T2C, which balances capacity and concealment. We conduct experiments using the transaction amount of the Bitcoin mainnet as the required field to verify the feasibility. We then apply the proposed schemes to other transaction fields and blockchains to demonstrate the scalability. Finally, we evaluate capacity and concealment for various blockchains and transaction fields and explore the trade-off between capacity and concealment. The results demonstrate that R-GAN and CCR-GAN are able to enhance the channel capacity effectively and outperform state-of-the-art works.
This paper develops a comprehensive framework for artificial intelligence systems that operate under strict epistemic constraints, moving beyond stochastic language prediction to support structured reasoning, propositional commitment, and contradiction detection. It formalises belief representation, metacognitive processes, and normative verification, integrating symbolic inference, knowledge graphs, and blockchain-based justification to ensure truth-preserving, auditably rational epistemic agents.
In today's world, e-government services are critical for assisting citizens with their daily activities such as visa applications, tax submission, emergency security assistance, and electronic tendering. By combining blockchain and IoT technologies, e-government services can be made far more secure and efficient. Existing e-government applications suffered from a number of limitations, including a lack of privacy and security, increased job processing time, a lack of coordination among various parties, and a lack of services. More specifically, they did not conduct simultaneous investigations into citizen service, employee service, and business service while comparing performance. To conquer these issues, this article proposes a decentralized blockchain-based secure and privacy-preserving smart e-government system that considers the interactions between informers, government, smart contracts, MetaMask-based public and private wallets, Ethereum, and the Interplanetary File System. We investigated the time and cost delays associated with employee, business, and citizen services in the proposed blockchain-based e-government system. This paper provides appropriate security measures for mitigating malware attacks, DDoS attacks, and Sybil attacks. Our simulation results show that the proposed blockchain-based e-government system can reduce the completion time of existing works by at least 33%. Received: 2 November 2024 | Revised: 6 February 2025 | Accepted: 23 May 2025 Conflicts of Interest The author declares that they have no conflicts of interest to this work. Data Availability Statement The data that support this work are available upon reasonable request to the corresponding author. Author Contribution Statement Nahid Imtiaz: Conceptualization, Methodology, Software, Validation, Formal analysis, Investigation, Resources, Data curation, Visualization. Mahfuzulhoq Chowdhury: Conceptualization, Methodology, Investigation, Resources, Data curation, Writing – original draft, Writing – review & editing, Visualization, Supervision, Project administration.
Bitcoin's return volatility from 2014 to 2022 reveals significant changes in response to political and macroeconomic developments, particularly during the 2016 and 2020 U.S. presidential elections. In 2016, Bitcoin exhibited modest price movement and low volatility, while in 2020, the asset experienced dramatic price increases and heightened volatility, reflecting increased market maturity and institutional interest. Political uncertainty, regulatory shifts, and market sentiment played crucial roles in shaping volatility dynamics during these periods. Using GARCH(1,1) and EGARCH(1,1) models, time-varying volatility patterns and asymmetric effects of market shocks are analyzed. GARCH results confirm volatility clustering and high persistence, whereas EGARCH captures leverage effects, showing that negative shocks influence volatility more than positive ones. Visualizations of conditional variance support these findings, indicating that Bitcoin reacts more intensely to adverse news, especially during politically turbulent periods. Residual diagnostics suggest model adequacy and enhance the reliability of insights. These results underscore Bitcoin's evolving role as a financial asset increasingly affected by global events and investor sentiment, offering valuable implications for market participants and policymakers monitoring risk in cryptocurrency markets.
WebAssembly has become the preferred smart contract format for various blockchain platforms due to its high portability and near-native execution speed. To effectively understand WebAssembly contracts, it is crucial to recover high-level type signatures because of the limited type information that WebAssembly provides. However, existing studies on type inference for smart contracts primarily center around Ethereum Virtual Machine bytecode, which is not applicable to WebAssembly owing to their differing targets and runtime semantics. This paper introduces WasmHint, a novel solution that leverages deep learning inference to automatically recover high-level parameter and return types from WebAssembly contracts. More specifically, WasmHint constructs a wCFG representation to clarify dependencies within WebAssembly code and simulates its execution to capture type-related operational information. By learning comprehensive code semantics, it infers parameter and return types, with a semantic corrector designed to enhance information coordination. We conduct experiments on a newly constructed dataset containing 77,208 WebAssembly contract functions. The results demonstrate that WasmHint achieves inference accuracies of 80.0% for parameter types and 95.8% for return types, with average improvements of 86.6% and 34.0% over the baseline methods, respectively.
Xing Su, Hanzhong Liang, Hao Wu, Ben Niu · 6 authors
Understanding the Ethereum smart contract bytecode is essential for ensuring cryptoeconomics security. However, existing decompilers primarily convert bytecode into pseudocode, which is not easily comprehensible for general users, potentially leading to misunderstanding of contract behavior and increased vulnerability to scams or exploits. In this paper, we propose DiSCo, the first LLMs-based EVM decompilation pipeline, which aims to enable LLMs to understand the opaque bytecode and lift it into smart contract code. DiSCo introduces three core technologies. First, a logic-invariant intermediate representation is proposed to reproject the low-level bytecode into high-level abstracted units. The second technique involves semantic enhancement based on a novel type-aware graph model to infer stripped variables during compilation, enhancing the lifting effect. The third technology is a flexible method incorporating code specifications to construct LLM-comprehensible prompts for source code generation. Extensive experiments illustrate that our generated code guarantees a high compilability rate at 75%, with differential fuzzing pass rate averaging at 50%. Manual validation results further indicate that the generated solidity contracts significantly outperforms baseline methods in tasks such as code comprehension and attack reproduction.
The article is devoted to the development of a methodological approach to managing the scientific component of the budget process at the municipal level under the conditions of power decentralization in Ukraine. Given the increasing complexity of the socio-economic environment, the need for balanced local finances, and the focus on sustainable development of territorial communities, the author emphasizes the significance of scientific and analytical support in the budget process. The aim of the study is to develop a methodological approach to managing the scientific component of the municipal budget process, taking into account modern challenges, institutional specifics, and international experience. The research methods include systems analysis, structural-functional approach, institutional-comparative analysis, as well as logical and formalized modeling methods in the field of scientific support of the budget process. The article explores the theoretical foundations of scientific support for the budget process, analyzes the current state, and identifies key issues in managing the scientific component within Ukrainian municipalities. It reveals the essence and functions of the scientific component in budget management – from research planning and analytical database formation to the evaluation of decision effectiveness and forecasting the influence of external factors. The key principles of effective management are defined: scientific validity, interdisciplinarity, adaptability, openness, and institutional interaction. The opportunities for integrating scientific institutions, independent analytical centers, and digital tools into municipal budget management are systematized. Results. A conceptual model for managing the scientific component is proposed, encompassing the following stages: strategic planning of scientific and analytical support, coordination of stakeholder actions, organization of institutional cooperation, provision of resource support, and implementation of control and evaluation mechanisms. It is argued that systematic management of the scientific component improves the quality of managerial decisions, ensures transparency in the budget process, and strengthens citizens’ trust in local self-government authorities. The research findings can be applied in the development of municipal development strategies, the design of institutional cooperation mechanisms with scientific institutions, and the digitalization of public finance management at the local level.
Bhupinder Kaur, Deepak Prashar, Leo Mršić, Ahmad Almogren · 7 authors
Wireless sensor networks (WSNs) are subject to distributed denial-of-service (DDoS) attacks that impact data dependability, mobility of nodes, and energy drain. The remedy to these challenges in this work is a solution based on deep learning integrated with a blockchain-aided distance-vector hop (DV-HOP) localization algorithm for reliable and secure node localization. Incorporating a blockchain ledger makes the network more trustworthy as it verifies usual and unusual system activities, whereas the DV-HOP algorithm mitigates localization inaccuracies and enhances node placement. The system is evaluated according to different performance measures like localization error, accuracy ratio, average localization error (ALE), probability of location, false positive rate (FPR), false negative rate (FNR), energy utilization, network stability, node failure rate, node recovery rate, and malicious node detection rate. Experimental results reveal improved security, accuracy, and efficiency with 17% FPR and 15% FNR, outperforming the conventional methods. This model enhances WSN performance in different environments via precise data transmission from the source to the destination. The results confirm that integrating deep learning with blockchain and DV-HOP increases network robustness, thus making WSNs more secure against security attacks while reducing energy consumption and localization accuracy. The proposed model presents a strong solution for real-world applications in wireless network environments.
Vladislav V. Fomin, Ugnius Kerulis, Rihards Grāmatiņš, Tan Gürpinar
Background: Despite the financial technology (Fintech) industry being marked as a strategic development direction in many countries, cryptocurrency products show low adoption rates. Purpose: This study investigated factors affecting consumer trust in cryptocurrency products, particularly exchanges and crypto wallets. Methods: A three-stage multi-method approach was adopted: two non-probability convenience surveys and a systematic literature review. The initial survey (N=45) was followed by literature review (N=16) and a follow-up survey (N=95). Qualitative and quantitative analysis techniques were used. Findings: Trust must be understood as a versatile concept, with consumers perceiving different factors differently when choosing cryptocurrency products. Two key findings emerged: convenience, rather than trust, is the biggest factor attributed to cryptocurrency product popularity and adoption. Second, an inverse relationship exists between trustworthiness and popularity of information sources about cryptocurrency products, with less popular sources being more trusted. Consumers rely on convenience-based attributes like the ease of use and accessibility, which indirectly influence trust perception. Conclusions: Trust degree is not bound to specific products or services but depends on consumer intentions and knowledge, among other factors. Research implications: The authors suggest policy and innovation development directions to increase consumer trust in cryptocurrency products.
One of the modern areas of blockchain technology application is the Internet of Things (IoT). An important component of blockchain technology is the consensus layer. It includes consensus protocols that are used to establish and maintain consensus, as well as to ensure network security, accuracy, and protection of the registry from unauthorized access. Currently, there are a large number of different consensus protocols, including those for blockchain-based IoT networks. Therefore, choosing the most suitable consensus protocol for a specific distributed ledger system, in particular, for an IoT blockchain solution, is an important task. The problem of optimal blockchain consensus mechanism selection in IoT networks can be considered a multi-criteria decision-making problem. This paper presents the step-by-step development of a conceptual model of a system of optimal consensus protocol selection for blockchain-based IoT networks. Following this step-by-step approach, the final goal is to transform the conceptual framework into a practical, adaptive, and efficient decision-making system for blockchain-based IoT networks. The obtained results can be useful for developers and researchers working in the field of blockchain technology and the Internet of Things and contribute to improving the efficiency and security of IoT networks.
The rapid evolution of phishing attacks targeting email, chat, and social media platforms poses a significant threat to digital security, with a reported 667% surge in spear-phishing during the 2020 COVID-19 crisis [1]. Current AI-based detection systems face challenges in dataset diversity, adversarial robustness, computational scalability, model interpretability, and privacy preservation, limiting their efficacy in real-time, multi-platform environments. This paper introduces PhishGuard, an innovative framework for real-time phishing detection, designed to overcome these limitations. PhishGuard integrates lightweight transformer models (e.g., distilled BERT), hybrid detection techniques combining natural language processing (NLP), propagation analysis, and user behavior analysis, and explainable AI (XAI) methods like SHAP and LIME for transparent decision-making. Privacy-preserving techniques, including federated learning and local differential privacy, ensure secure processing of sensitive user data. Evaluated on diverse datasets such as PhiKitA, Enron, and a custom social media corpus, PhishGuard achieves up to 97.5% accuracy, 94% F1-score, and inference times below 5 ms, demonstrating scalability for resource-constrained devices. The framework also incorporates zero-knowledge proofs for verifiable inference, addressing trust and integrity concerns. By tackling cross-domain generalization, adversarial robustness, and real-time performance, PhishGuard offers a scalable, user centric solution for secure digital communications, with applications in finance, healthcare, and social media platforms. Future enhancements include multilingual support and image based phishing detection, paving the way for a comprehensive defense against evolving cyber threats.
In smart contract development, practitioners frequently reuse code to reduce development effort and avoid reinventing the wheel. This reused code, whether identical or similar to its original source, is referred to as a code clone. Unintentional code cloning can propagate flaws and vulnerabilities, potentially undermining the reliability and maintainability of software systems. Previous studies have identified a significant prevalence of code clones in Solidity smart contracts on the Ethereum blockchain. To mitigate the risks posed by code clones, clone detection has emerged as an active field of research and practice in software engineering. Recent studies have extended existing techniques or proposed novel techniques tailored to the unique syntactic and semantic features of Solidity. Nonetheless, the evaluations of existing techniques, whether conducted by their original authors or independent researchers, involve codebases in various programming languages and utilize different versions of the corresponding tools. The resulting inconsistency makes direct comparisons of the evaluation results impractical, and hinders the ability to derive meaningful conclusions across the evaluations. There remains a lack of clarity regarding the effectiveness of these techniques in detecting smart contract clones, and whether it is feasible to combine different techniques to achieve scalable yet accurate detection of code clones in smart contracts. To address this gap, we conduct a comprehensive empirical study that evaluates the effectiveness and scalability of five representative clone detection techniques on 33,073 verified Solidity smart contracts, along with a benchmark we curate, in which we manually label 72,010 pairs of Solidity smart contracts with clone tags. Moreover, we explore the potential of combining different techniques to achieve optimal performance of code clone detection for smart contracts, and propose SourceREClone, a framework designed for the refined integration of different techniques, which achieves a 36.9% improvement in F1 score compared to a straightforward combination of the state of the art. Based on our findings, we discuss implications, provide recommendations for practitioners, and outline directions for future research.
Ethereum smart contracts determine state transition results not only by the previous states, but also by a mutable global state consisting of storage variables. This has resulted in state-inconsistency bugs, which grant an attacker the ability to modify contract states either through recursive function calls to a contract (reentrancy), or by exploiting transaction order dependence (TOD). Current studies have determined that identifying data races on global storage variables can capture all state-inconsistency bugs. Nevertheless, eliminating false positives poses a significant challenge, given the extensive number of execution paths that could potentially cause a data race. For simplicity, existing research considers a data race to be vulnerable as long as the variable involved could have inconsistent values under different execution orders . However, such a data race could be benign when the inconsistent value does not affect any critical computation or decision-making process in the program. Besides, the data race could also be infeasible when there is no valid state in the contract that allows the execution of both orders. In this paper, we aim to appreciably reduce these false positives without introducing false negatives. We present DivertScan , a precise framework to detect exploitable state-inconsistency bugs in smart contracts. We first introduce the use of flow divergence to check where the involved variable may flow to. This allows DivertScan to precisely infer the potential effects of a data race and determine whether it can be exploited for inducing unexpected program behaviors. We also propose multiplex symbolic execution to examine different execution orders in one time of solving. This helps DivertScan to determine whether a common starting state could potentially exist. To address the scalability issue in symbolic execution, DivertScan utilizes an overapproximated pre-checking and a selective exploration strategy. As a result, it only needs to explore a limited state space. DivertScan significantly outperformed state-of-the-art tools by improving the precision rate by 20.72% to 74.93% while introducing no false negatives. It also identified five exploitable real-world vulnerabilities that other tools missed. The detected vulnerabilities could potentially lead to a loss of up to $68.2M, based on trading records and rate limits.
Ruichao Liang, Jing Chen, Ruochen Cao, Kun He · 8 authors
Smart contracts, as Turing-complete programs managing billions of assets in decentralized finance, are prime targets for attackers. While fuzz testing seems effective for detecting vulnerabilities in these programs, we identify several significant challenges when targeting smart contracts: (i) the stateful nature of these contracts requires stateful exploration, but current fuzzers rely on transaction sequences to manipulate contract states, making the process inefficient; (ii) contract execution is influenced by the continuously changing blockchain environment, yet current fuzzers are limited to local deployments, failing to test contracts in real-world scenarios. These challenges hinder current fuzzers from uncovering hidden vulnerabilities, i.e., those concealed in deep contract states and specific blockchain environments. In this paper, we present SmartShot, a mutable snapshot-based fuzzer to hunt hidden vulnerabilities within smart contracts. We innovatively formulate contract states and blockchain environments as directly fuzzable elements and design mutable snapshots to quickly restore and mutate these elements. SmartShot features a symbolic taint analysis-based mutation strategy along with double validation to soundly guide the state mutation. SmartShot mutates blockchain environments using contract’s historical on-chain states, providing real-world execution contexts. We propose a snapshot checkpoint mechanism to integrate mutable snapshots into SmartShot’s fuzzing loops. These innovations enable SmartShot to effectively fuzz contract states, test contracts across varied and realistic blockchain environments, and support on-chain fuzzing. Experimental results show that SmartShot is effective to detect hidden vulnerabilities with the highest code coverage and lowest false positive rate. SmartShot is 4.8× to 20.2× faster than state-of-the-art tools, identifying 2,150 vulnerable contracts out of 42,738 real-world contracts which is 2.1× to 13.7× more than other tools. SmartShot has demonstrated its real-world impact by detecting vulnerabilities that are only discoverable on-chain and uncovering 24 0-day vulnerabilities in the latest 10,000 deployed contracts.
Jessica Man, Sadiq Jaffer, Patrick Ferris, Martin Kleppmann · 5 authors
Information and Communication Technologies (ICT) have a significant climate impact, and data centres account for a large proportion of the carbon emissions from ICT. To achieve sustainability goals, it is important that all parties involved in ICT supply chains can track and share accurate carbon emissions data with their customers, investors, and the authorities. However, businesses have strong incentives to make their numbers look good, whilst less so to publish their accounting methods along with all the input data, due to the risk of revealing sensitive information. It would be uneconomical to use a trusted third party to verify the data for every report for each party in the chain. As a result, carbon emissions reporting in supply chains currently relies on unverified data. This paper proposes a methodology that applies cryptography and zero-knowledge proofs for carbon emissions claims that can be subsequently verified without the knowledge of the private input data. The proposed system is based on a zero-knowledge Succinct Non-interactive ARguments of Knowledge (zk-SNARK) protocol, which enables verifiable emissions reporting mechanisms across a chain of energy suppliers, cloud data centres, cloud services providers, and customers, without any company needing to disclose commercially sensitive information. This allows customers of cloud services to accurately account for the emissions generated by their activities, improving data quality for their own regulatory reporting. Cloud services providers would also be held accountable for producing accurate carbon emissions data.
This paper proposes a comprehensive deep-learning framework, SentiStack, for Bitcoin price forecasting and trading strategy evaluation by integrating multimodal data sources, including market indicators, macroeconomic variables, and sentiment information extracted from financial news and social media. The model architecture is based on a Stacking-LSTM ensemble, which captures complex temporal dependencies and non-linear patterns in high-dimensional financial time series. To enhance predictive power, sentiment embeddings derived from full-text analysis using the DeepSeek language model are fused with traditional numerical features through early and late data fusion techniques. Empirical results demonstrate that the proposed model significantly outperforms baseline strategies, including Buy & Hold and Random Trading, in cumulative return and risk-adjusted performances. Feature ablation experiments further reveal the critical role of sentiment and macroeconomic inputs in improving forecasting accuracy. The sentiment-enhanced model also exhibits strong performance in identifying high-return market movements, suggesting its practical value for data-driven investment decision-making. Overall, this study highlights the importance of incorporating soft information, such as investor sentiment, alongside traditional quantitative features in financial forecasting models.
The article presents a comprehensive analysis of the transition from traditional centralized digital identity models to an innovative decentralized paradigm based on block-chain technologies and zero-knowledge proofs (ZKP). It highlights the fundamental problems of existing systems that rely on centralized registries, passwords, and social logins. Such approaches create significant vulnerabilities, including risks of data breaches, mass surveillance, and manipulation, as centralized intermediaries act as sole controllers of personal information, depriving users of control over their data. In response to these challenges, the article discusses the concept of Decentralized Identity (DID). This model enables individuals to own, store, and control their digital credentials independently, without involving intermediaries. The key technological components of this ecosystem include Verifiable Credentials (VC), Digital ID Wallets, and Decentralized Identifiers (DID), which are typically stored on a block-chain to ensure immutability and security. A triadic trust model involving the Issuer, Holder, and Verifier is described, allowing data verification without direct contact with the issuing organization. Special attention is given to the concept of Self-Sovereign Identity (SSI) as a specific philosophy within DID that emphasizes user autonomy, data minimization, and privacy by design. Unlike the broader DID concept, in the SSI model, the user makes the final decision regarding the disclosure of their data. A central technology ensuring privacy in decentralized systems is zero-knowledge proofs (ZKP). ZKP allow the validation of the truthfulness of a statement without revealing the underlying information. The article provides a detailed analysis of the benefits of using ZKP in the context of DID, including selective attribute disclosure (e.g., proving legal age without revealing the date of birth), minimizing the amount of shared data, preventing correlation and user activity tracking, as well as creating reputation systems that preserve anonymity. Practical application scenarios such as private electronic voting and confidential medical data protection are examined. The paper also addresses standardization, which is key to ensuring compatibility and widespread adoption of DID solutions. Leading initiatives such as W3C Verifiable Credentials, the Decentralized Identity Foundation (DIF), and projects like Hyperledger Indy and Aries are mentioned. Examples of advanced implementations already in use are provided: Polygon’s zkKYC for private verification in DeFi, the Sismo protocol for creating anonymous reputation badges in Web3, and Evernym’s SSI platform based on Hyperledger Indy. In conclusion, it is emphasized that the combination of DID and ZKP forms a new paradigm for digital identity management focused on security and user autonomy. Despite challenges related to usability complexity, key loss risk, and legal uncertainty, the technology is actively evolving and moving from conceptual to practical application, which may eventually become the foundation for a global sovereign digital identity.
Karim Moawad, Ahmad Musamih, Assia Chadly, Ahmad Mayyas · 8 authors
The urgency to combat climate change and reduce greenhouse gas emissions has led to increased global demand for Lithium-ion (Li-ion) batteries. Such batteries are widely used in portable electronics and electric vehicles. However, their adoption encounters challenges related to mining ethics, supply chain transparency, sustainability, and waste management. This paper proposes a blockchain-based solution that addresses these challenges in the Li-ion battery supply chain. Using the ERC-721 standard for Non-fungible tokens (NFTs), we tokenize all items/materials in the supply chain, ensuring data management, transparency, and ownership control. We integrate the Ethereum blockchain with the Interplanetary File System (IPFS) to handle NFT metadata and large-sized files, reducing storage costs and network congestion. We develop ten smart contracts (SCs) to facilitate various Li-ion supply chain functionalities, managing items/materials data and ownership. By leveraging NFTs, our solution promotes circular economy principles by facilitating secondary market trading, asset reuse, and sustainable recycling practices. We introduce a structured decision framework that empowers stakeholders to navigate operational and ethical challenges effectively. The effectiveness and practicality of the solution are demonstrated through system architecture, sequence diagrams, algorithms, and testing results. Furthermore, we assess our proposed solution’s affordability, efficiency, security, and generalizability across different industries.
Web3 technologies have experienced unprecedented growth in the last decade, achieving widespread adoption. As various blockchain networks continue to evolve, we are on the cusp of a paradigm shift in which they could provide services traditionally offered by the Internet, but in a decentralized manner, marking the emergence of the Internet of Blockchains. While significant progress has been achieved in enabling interoperability between blockchain networks, existing solutions often assume that networks are already mutually aware. This reveals a critical gap: the initial discovery of blockchain networks remains largely unaddressed. This paper proposes a decentralized architecture for blockchain network discovery that operates independently of any centralized authority. We also introduce a mechanism for discovering assets and services within a blockchain from external networks. Given the decentralized nature of the proposed discovery architecture, we design an incentive mechanism to encourage nodes to actively participate in maintaining the discovery network. The proposed architecture implemented and evaluated, using the Substrate framework, demonstrates its resilience and scalability, effectively handling up to 130,000 concurrent requests under the tested network configurations, with a median response time of 5.5 milliseconds, demonstrating the ability to scale its processing capacity further by increasing its network size.