In today's blockchain landscape, smart contracts are assuming a pivotal role, albeit accompanied by a heightened risk of exploitation by attackers. As smart contracts grow in complexity, vulnerabilities lurking within deeper layers of code become more prevalent. Existing analysis tools primarily focus on data flow and a priori knowledge based on symbolic execution as a test case generation strategy, often falling short in uncovering vulnerabilities nested within intricate conditional statements. To address this challenge, we present ACOFuzz, an advanced fuzzer for Ethereum smart contracts. ACOFuzz employs the ant colony optimization (ACO) algorithm to traverse the control flow graph (CFG) of smart contracts, systematically exploring execution paths and generating test cases. Subsequently, it strategically directs the search towards paths that are more susceptible to vulnerabilities within the CFG, leveraging block coverage data obtained from executing the test cases. In a comprehensive evaluation, we demonstrate that ACOFuzz excels in covering a wider array of paths within a contract while exhibiting enhanced accuracy in pinpointing specific vulnerabilities compared to contemporary fuzzers.
To fully utilize the energy on the user side and establish a new integrated energy trading system to realize energy transactions among users, it is imperative to conduct research on the architecture and pricing models of energy trading systems. Based on the study of the application of blockchain technology in energy trading, this paper constructs a peer-to-peer (P2P) energy trading system using blockchain technology, enabling users to conduct energy transactions without the involvement of a third party. A dynamic energy pricing method based on game theory according to the supply–demand ratio (SDR) is proposed in this paper. The pricing model considers user satisfaction and energy supply–demand comprehensively, introduces the concept of game theory, and constructs an optimized microgrid trading model under the P2P information interaction state. This paper also discusses the application scenarios and operation processes of the P2P energy system, and carries out relevant tests. The test results show that the system has high performance and efficiency, and can meet the needs of energy trading. Finally, through simulation examples, it is proved that the pricing model proposed in this paper provides users with significant benefits and technical support, and can serve as a reference for the application of blockchain in P2P energy trading.
Yuanzhu Zhan, Andy C.L. Yeung, Kim Hua Tan, Yu Xiong · 6 authors
ABSTRACT Despite a growing focus on blockchain adoption within operations and supply chains, these initiatives exhibit an exceedingly high failure rate, with many failing to achieve sustainable success. Why are enterprise blockchain adoptions highly susceptible to failure? In our inductive case study of five technology providers offering blockchain services for operations and supply chains, we examine how founders' power (i.e., expert, prestige, and ownership) shapes management behaviors that build blockchain perceptions and influence stakeholders toward strategic adoption. Our findings reveal that high‐performing cases actively seek inspiration beyond the blockchain ecosystem for service designs and adopt a centralized decision‐making approach where key strategic decisions are made internally. In contrast, low‐performing cases struggle due to within‐blockchain exploration and decentralized decision‐making, leading to slower implementation and limited scalability. Furthermore, we find that founders' behaviors in blockchain adoption are embraced by firm members through performance evaluation and interactions, shaping organizational practices and culture, ultimately determining the success or failure of blockchain technology providers. This study extends previous research at the intersection of founders' power and blockchain literature by developing propositions about how different sources of founders' power lead to distinct management behaviors, influencing the success or failure of blockchain adoption outcomes.
Spot Bitcoin Exchange Traded Products (ETPs) are financial instruments enabling Bitcoin to be traded on traditional brokerage platforms, reducing the risks associated with direct Bitcoin exposure while addressing fraud and market manipulation concerns. This study examines the adoption of Spot Bitcoin ETPs, emphasizing the roles of financial and digital literacy, market dynamics, and regulatory frameworks in influencing individual investor behavior. Based on a survey of 428 U.S. respondents, financial literacy and early adopter traits were found to significantly enhance adoption likelihood (β = 0.458, p < 0.001). Government factors, such as compliance guidelines and tax policies, improved investor confidence and adoption rates (β = 0.409, p < 0.001). Market factors, including volatility and sentiment, played a notable yet secondary role (β = 0.34, p < 0.001). Institutional investment mediated the effects of regulatory and market dynamics on individual adoption, legitimizing Spot Bitcoin ETPs and fostering trust (β = 0.298, p < 0.001). The findings emphasize the need for clear regulations, robust disclosure requirements, and investor education to enhance adoption. Policymakers should focus on regulatory transparency to build investor confidence, while financial institutions can advance adoption by promoting financial and digital literacy. This study contributes to understanding how individual, market, and regulatory factors collectively drive the integration of regulated cryptocurrency products into mainstream finance.
Digital assets, including cryptocurrencies, non-fungible tokens, and digital tokens, are reshaping global economic systems by promoting financial inclusion, decentralized control, and technological innovation. However, their intangible, decentralized, and cross-border nature presents significant challenges to existing legal frameworks, leading to legal uncertainty, regulatory fragmentation, and enforcement difficulties. This study systematically analyzes the definitions, characteristics, and classifications of digital assets while examining the regulatory approaches of the United States, the European Union, the BRICS nations, and Singapore. By identifying key challenges such as security vulnerabilities, cross-border complexities, and market volatility, this paper proposes solutions including harmonized frameworks, enhanced consumer protections, technological innovations, and international collaboration. The findings emphasize the importance of a balanced regulatory approach that fosters innovation, ensures consumer protection, and supports market stability in the evolving digital asset ecosystem.
Giovanni Rosa, Simone Scalabrino, S. Mastrostefano, Rocco Oliveto
Abstract Smart contracts, i.e., self-executing contracts written in code, have gained popularity in recent years due to the introduction of blockchain technology. These contracts are executed automatically when certain conditions are met, and, once deployed, they can not be modified. This presents issues when errors are found or updates are needed. Previous research has mainly focused on introducing approaches and tools for detecting bugs or vulnerabilities in smart contracts. However, it is unclear if these are the only maintenance-related operations developers perform. In this paper, we aim to understand why and how developers maintain smart contracts. We run a qualitative analysis on 590 commits from 14 open-source smart contract repositories written in Solidity, the most popular programming language for smart contracts. We analyze the commit messages, related issues, and the changes made to understand what triggered changes. Then, we examine how developers changed the source code. As a result, we define two taxonomies: one reporting the reasons for the maintenance and one regarding the patterns of modifications. Our findings suggest that smart contract maintenance is often focused on improving the internal quality of the scripts (40% of the cases), and that many changes aim to fix bugs despite the several approaches available for detecting them beforehand.
Phoebe Wong, Wilson K.S. Leung, Markus Vanharanta, Calvin Wan
Purpose Consumer adoption of decentralized blockchain solutions, such as decentralized finance (DeFi) applications, has demonstrated considerable technological promise. However, to benefit from DeFi applications, consumers must purchase and own cryptocurrencies, which is a potential obstacle to adopting decentralized blockchain technology. This study employed a push-pull-mooring model to examine factors influencing individuals’ willingness to use cryptocurrencies. In particular, how do push (i.e. diminishing value and pricing problems), pull (i.e. relative security and perceived value) and mooring (i.e. switching cost and personal innovativeness) factors shape individuals’ switching intentions. Design/methodology/approach About 300 valid responses were collected via an online survey and analyzed using partial least squares structural equation modeling (PLS-SEM). Findings The results confirm that the factors of push (i.e. pricing problem and low perceived value of traditional fiat money), pull (i.e. relative security and perceived value of cryptocurrency) and mooring (i.e. switching cost and personal innovativeness in technology) significantly impact switching intention to cryptocurrency. These findings offer key insights and implications for consumer adoption of cryptocurrencies as a precursor to participating in decentralized blockchain ecosystems. Originality/value Cryptocurrencies have been associated with numerous risk and security concerns, potentially holding back consumer adoption of DeFi financial solutions. Accordingly, this paper contributes to extending the knowledge of consumer adoption of cryptocurrency, switching from traditional money to using cryptocurrencies based on the push-pull-mooring theory (PPM). This allows for a detailed analysis of the critical factors that hinder or promote consumers' adoption of decentralized blockchain solutions.
This paper proposes a sociotechnical framework to address these issues by integrating fairness metrics, explainable AI (XAI), and game-theoretic models. We adapt statistical fairness criteria (demographic parity, equal opportunity) to audit bias, extend SHAP values to blockchain data for transparency in DeFi, and simulate stakeholder dynamics using agent-based models. Novel contributions include a governance-aware fairness metric that combines technical parity with stakeholder trust scores and a multi-layer agent model linking AI behavior to decentralized governance. Our findings reveal that DeFi systems exhibit narrower bias gaps than traditional systems but introduce new risks (e.g., collateral volatility), while profit-driven DAO governance often prioritizes short-term gains over systemic stability. This work advances interdisciplinary approaches to AI governance, emphasizing the need to reconcile technical robustness with social accountability.
This article examines the integration of blockchain technology and smart contracts within financial regulatory systems and their potential to transform traditional compliance frameworks. The distributed and immutable nature of blockchain presents unique opportunities for enhancing regulatory reporting, fraud detection, and compliance monitoring in financial institutions. Through analysis of implementation cases and theoretical frameworks, this article identifies key applications in automated reconciliation, real-time monitoring, and cross-border regulatory coordination. Despite promising benefits in transparency and automation, significant challenges persist in scalability, legacy system integration, and regulatory uncertainty. This article contributes to the growing body of literature on regulatory technology by providing a comprehensive examination of blockchain applications in financial oversight, offering insights for both regulatory bodies and financial institutions navigating this technological transition. The articles suggest that while blockchain implementation requires substantial infrastructure adaptation, its potential to create more efficient, transparent, and secure regulatory systems warrants continued exploration and development.
Paula Ungureanu, Francesca Bellesia, Carlotta Cochis
This study investigates an emblematic case of innovation failure in blockchains as to understand how turbulent episodes of innovation failure shape the socio-technical organization of digital ecosystems. The Decentralized Autonomous Organization ( The DAO ) was an alternative model of organizational governance based on the Ethereum blockchain which registered one of the biggest successes in crowdfunding history and fell victim to one of the biggest hacks of the crypto world. Our empirical qualitative study combines interviews, archival and social media data to develop a grounded theory on how innovation failure was framed and dealt with in the Ethereum ecosystem. Our findings highlight the key role of blaming processes following innovation failures in digital ecosystems. Building on blame theory, we theorize about the interplay between human and technological blaming, and document a process called multi-distributed blaming whereby actors circle between multiple blames to an ecosystem's human and technological components, with multi-level (i.e., organizational and technological) consequences for the ecosystem. By adopting a socio-technical perspective, our findings contribute to blame theories, to the literature on digital ecosystems and to the scant research on blockchain organization. • We study The DAO blockchain experiment as a case of failure in digital ecosystems • We show the interplay between organizational and technological ecosystems’ elements • We introduce a multi-distributed blaming process in complex digital ecosystems • We show how blaming processes shape the consequences of an innovation failure • We show the consequences for the ecosystem’s organizational and technological players
“Değiştirilemez ve benzersiz varlıklar” şeklinde ifade edilen NFT’ler (Non-Fungible Token), kripto para teknolojisinin bir uzantısı olarak doğmuş olmasına rağmen kısa süre içerisinde sanat ve estetik konularıyla iç içe geçmiştir. Dijital sanatın bir göstergesi olan NFT’ler, sadece estetik ve etik açıdan değil, aynı zamanda orijinallik, koleksiyonerlik ve ticarileşme gibi pek çok açıdan incelenmeye değer bir konudur. Yapay zekâ destekli algoritmaların etken bir faktör olarak NFT’lerde yer alması, sanatçının rolünü birçok açıdan dönüştürmüştür. Bunun yanı sıra sanat eserlerinin mülkiyetinin dijitalleşmesi, eserden beklentilerin de değişmesine sebep olmuştur. Bu değişimde NFT’ler üzerinden sanatın ticarî bir meta hâline getirilmesinin büyük bir etkisi bulunmaktadır. Yapay zekâ desteğiyle üretilen sanat eserlerinin, yine yapay zekâ tarafından manipüle edilerek para piyasalarını kontrol altına alabilmesi pek çok spekülasyona yol açsa da Refik Anadol, Murat Pak, Selçuk Erdem, Cem Yılmaz gibi bazı öncü Türk NFT sanatçıları küresel ölçekte yeni bir sanat zemini oluşturmuştur. Bu çalışmada yapay zekâ ile desteklenen NFT’lerin sanat dünyasındaki yeri, Türk NFT sanatçıları örnekleminde değerlendirilecektir. Aynı zamanda sanatın doğuşundan kitlelere uzanan yolda yapay zekânın etkisi ve önemi ile yaratıcılık ve orijinallik kavramlarının nasıl değişime uğradığı tartışılacak, NFT’lerin sanatı yayma gücü ve potansiyeli irdelenirken, dijital teknolojilerin sanatçı ve sanatın alımlayıcısı arasındaki yeni ve doğrudan ilişkiyi nasıl dönüştürdüğü üzerinde de durulacaktır.
Javier Parra-Domínguez, Laura Sanz Martín, Germán López‐Pérez, José Luis Zafra Gómez
Purpose The purpose of this study is to explore the disruptive potential of blockchain technology in the field of accounting. By conducting a systematic review and bibliometric analysis, the research aims to identify key clusters and trends that illustrate how blockchain can transform traditional accounting practices. This includes improving transparency, enhancing data security, automating processes and integrating emerging technologies such as artificial intelligence. This study also seeks to highlight current research gaps, challenges in practical implementation and the future impact of blockchain on governance and financial systems. Design/methodology/approach This study uses two main methodologies: a systematic literature review and bibliometric analysis. The systematic review follows the PRISMA 2020 guidelines to identify and analyze relevant articles from Scopus, Web of Science and EBSCO databases, using specific search equations related to blockchain and accounting. A bibliometric analysis was conducted using VOSviewer to identify key clusters and trends within the collected literature. Clustering techniques, such as exploratory factor analysis, were applied to explore the relationships among documents, keywords and authors, providing insights into the evolution of blockchain’s impact on accounting practices. Findings The results of this study reveal four primary clusters in the intersection of blockchain and accounting: CryptoLedger Accounting Network, TransparentChain Trust Framework, IntelliLedger Accounting Tech and DigiGov Ledger Insights. These clusters highlight key areas where blockchain technology is transforming accounting practices, such as enhancing transparency and trust in supply chains, integrating artificial intelligence for accounting automation and improving data security. The bibliometric analysis also identified emerging trends, including the increasing relevance of smart contracts, the challenges of integrating blockchain with existing systems and the need for updated regulatory frameworks. Practical implications In this sense, this paper presents several theoretical and practical implications, as well as identifying possible limitations and gaps in current knowledge, providing new opportunities for the establishment of future lines of research, such as robust regulatory frameworks, privacy and security considerations, and the practical implementation of blockchain solutions in real-world accounting scenarios. Originality/value This study provides a unique contribution by synthesizing the disruptive impact of blockchain technology on accounting through a combination of systematic literature review and bibliometric analysis. By identifying four distinct research clusters, this paper offers fresh insights into how blockchain integrates with accounting practices, particularly in transparency, automation and security. It also highlights emerging challenges and research gaps, such as regulatory frameworks and practical implementation. The originality lies in the comprehensive exploration of blockchain’s multifaceted role in modernizing accounting, offering valuable guidance for both academics and practitioners navigating this evolving field.
The decentralized finance (DeFi) ecosystem continues to evolve, allowing crypto holders greater control over their assets. This research examines key aspects of token accessibility, liquidity provisioning, and holder distribution. The study focuses on evaluating whether holders can check their ranking and percentage ownership, the availability of the token on decentralized exchanges (DEXs), the feasibility of liquidity pool creation, and opportunities for holders to acquire at least 0.1% of the total supply. In present paper, Coredaovip token has been considered as example to evaluate the crypto holder accessibility, liquidity and participation in decentralized ecosystem.
Embedded finance represents a transformative shift in how financial services integrate within non-financial platforms, creating seamless user experiences that eliminate traditional friction points. This comprehensive article explores how companies have leveraged embedded payment infrastructures to create extensive ecosystems that transcend their original business models. The technical infrastructure powering these innovations—including API-first banking, regulatory technology, and microservices architecture—enables real-time processing at scale while maintaining security and compliance. The evolution toward Super Apps demonstrates how financial transactions can become invisible utilities within broader digital experiences, while artificial intelligence enhances these platforms through predictive analytics and conversational interfaces. Despite technical challenges related to data security, scalability, and cross-border complexity, emerging trends including decentralized finance integration, context-aware services, and embedded insurance promise continued innovation in this rapidly developing field
Khoirul Hidayah, Muhammad In’am Esha, Dwi Hidayatul Firdaus, Ramadhita Ramadhita
The Non-Fungible Token (NFT) is one form of trade utilising crypto assets as a medium of exchange. This system has proven effective in assisting creators in protecting both their economic and moral rights. However, the existence of Regulation of the Minister of Finance No. 68/PMK.03/2022 concerning Value Added Tax and Income Tax on Cryptocurrency Trading does not adequately address the phenomenon of NFT trading. This raises an intriguing issue regarding the formulation of tax collection for NFTs as digital assets that can be traded and serve as a source of state revenue. This study employs a socio-legal approach with qualitative methods. Based on an analysis of legislation, the theory of justice, and tax collection theory, three alternative models for regulating income tax and VAT on NFTs in Indonesia are proposed. The first model suggests specific regulation in the form of a Minister of Finance Regulation. The second model recommends classifying NFT trading platforms as Permanent Establishments (PE). The third model advocates for the application of tax treaties to prevent double taxation. This study is expected to contribute to the development of NFT taxation regulations in Indonesia.
This comprehensive article explores the rapid advancement of financial technologies (FinTech), highlighting their transformative role in enhancing transaction efficiency and security across global financial markets. The integration of artificial intelligence and machine learning in financial services has revolutionized fraud detection, credit assessment, and customer service delivery while presenting new implementation challenges. As digital payment systems and banking platforms continue to evolve from early electronic transfers to sophisticated mobile applications and neobanks, they reshape traditional financial models and expand access to previously underserved populations. The interplay between emerging technologies like distributed ledger systems, cloud computing, and biometric authentication creates a dynamic ecosystem where established institutions and innovative startups both compete and collaborate. Regulatory frameworks worldwide adapt to balance innovation facilitation against consumer protection, while specialized compliance technologies address increasingly complex requirements. Despite cybersecurity threats including data breaches and ransomware attacks, advanced security measures provide essential protection for the digital financial landscape.
The banking industry is experiencing a swift transformation fueled by technological advancements, including artificial intelligence (AI), blockchain, and automation, which are redefining financial services. The rise of the metaverse offers banks new avenues to boost customer engagement, provide immersive financial experiences, and create innovative digital products. This paper delves into the effects of technological innovation on banking, focusing on how the metaverse can be integrated into banking business models. It looks at the advantages of virtual banking branches, decentralized finance (DeFi), and tailored financial services, while also tackling significant challenges like cybersecurity threats, regulatory issues, and obstacles to consumer adoption. By analyzing existing literature and industry trends, this study underscores the metaverse's potential to transform banking, while stressing the importance of strong security measures and regulatory frameworks. The findings indicate that banks need to embrace a hybrid strategy that balances innovation with compliance and risk management to effectively navigate the changing digital landscape.
This study explores the transformative potential of blockchain technology in revolutionizing cross-border payment systems. Traditional methods are hindered by inefficiencies such as high transaction fees, prolonged processing times, and opaque operations, which impede seamless global financial interactions. Blockchain, with its decentralized and immutable ledger, offers a secure and transparent alternative that can significantly streamline payment processes. This paper examines how blockchain can facilitate real-time settlements, eliminate intermediaries, and enhance data integrity, thereby reducing costs and improving efficiency. Further, it addresses the practical applications and regulatory challenges associated with integrating blockchain into existing payment infrastructures. Ultimately, this research aims to provide actionable insights for developing a more efficient, transparent, and cost-effective cross-border payment ecosystem.
It is quite challenging to properly address the issues of digital assets and online identities by conventional estate rules in the era of digital technologies. Rising social media platforms, cryptocurrencies, non-fungible tokens (NFTs), and other virtual assets have made digital legacy complex. Current research highlights the constraints of existing estate laws for the administration of digital assets after death and the legal obstacles resulting from digital platform contractual limitations. The key challenges identified are assets classification, protection of privacy rights, and enforcement of policies on a wider scale. By comparing the global legal approaches and evolving trends in digital inheritance, a comprehensive framework including digital assets into estate planning has been proposed. A balanced legal framework ensuring fair distribution, protecting heirs' rights and building trust in the digital economy is the solution.
—Superfin is an integrated web application that com- bines cryptocurrency trading and e-wallet services into a single platform. It allows users to trade crypto, manage payments, access real-time news, and learn about blockchain in one place. The platform enhances user experience, strengthens financial security, and promotes crypto literacy. Built on a cloud-based architecture, it uses HTML5, CSS3, and JavaScript for the frontend, while PHP and MySQL handle secure transactions and real-time trading via APIs like Binance and TradingView. Security challenges are tackled with encryption and microser- vices. Superfin simplifies finance management, making crypto more accessible and secure for all users. Index Terms—Cryptocurrency Trading, E-Wallet Services, Fin- Tech Integration, Blockchain Technology, Decentralized Finance (DeFi), Real-Time Data Synchronization, User Experience (UX), API Integration, Financial Security, Digital Wallet, Cryptocur- rency News Aggregation, Learning Modules in Cryptocurrency
B. N. Das, Babul Chandra Sarker, Amit Saha, Kanchon Kumar Bishnu · 9 authors
The exponential growth of cryptocurrency implementation in the USA has brought with it a surge in correlated risks, particularly in the form of scams that exploit the relative novelty and complexity of digital currencies. The primary objective of this study was to develop machine algorithms for identifying fraud trends in cryptocurrency transactions. By employing complex analysis, this research project attempted to identify certain trends and behaviors that fall under a variety of scams, providing a platform for effective detection and counter-strategies. This study will have a definite objective in terms of Bitcoin, Ethereum, and other high-profile cryptocurrencies in America when it comes to scam analysis. The scam-related transaction dataset comprised in-depth information regarding suspicious fraud activity in the cryptocurrency environment, such as a specific ID for a transaction, timestamps, values for transactions, and labels distinguishing between suspicious and legitimate activity. A variety of proven models were selected such as Logistic Regression, Random as well Multinomial Naive Bayes, where each model had its respective weaknesses and strengths. The Random Forest algorithm attained the highest accuracy, nearing perfection which underscores its robustness and reliability in classifying both legitimate and fraudulent reports. To effectively counter fraud in cryptocurrencies, U.S. policies must be strengthened with a merger of machine intelligence in them. Regulatory agencies have to work towards developing a system that encourages exchanges to utilize complex analysis for fraud detection, perhaps in terms of reduced compliance burden for entities with effective anti-fraud controls in position. Leveraging AI insights can go a long way in supporting investigations into scams in cryptocurrencies conducted by governments. By utilizing machine algorithms trained with datasets of past scams, governments can monitor and follow illicit fund flows through the blockchain with ease.
Decentralized smart contracts enable trustless collaboration but suffer from limited privacy and scalability, which hinders broader adoption. Trusted Execution Environment (TEE) based off-chain execution frameworks offer a promising solution to both issues. Although TEE-based frameworks have made significant progress, prior work has yet to fully explore contract interoperability, a critical foundation for building complex real-world decentralized applications. This paper identifies the key challenges impeding such interoperability and presents practical solutions. Based on these insights, we introduce RaceTEE, a novel framework that leverages off-chain TEE-enabled nodes to efficiently execute confidential, long-lived smart contracts with interactions of arbitrary complexity among contracts. We implement a RaceTEE prototype using Intel SGX, integrate it with Ethereum, and release it as open source. Evaluation across diverse use cases demonstrates its practicality and effectiveness.