Blockchain Papers

Pushpalika Chatterjee

No abstract is available for this record.

Taishi Higuchi, Akira Otsuka

Electronic cash (e-cash) systems must provide users with anonymity while preventing criminal misuse and enabling selective tracing of malicious actors, such as double-spenders. One of the most ingenious solutions, introduced by Chaum and Brands, involves deploying observers on users’ devices to enforce legitimate payment behavior without compromising anonymity. In this paper, we propose a novel e-cash scheme based on BBS+ signatures and open-source observers running within Attested Execution Secure Processors (AESPs). Our construction employs zero-knowledge proofs to conceal private information, while the open-source observer program—installed within a tamper-proof secure element—acts as a proactive gatekeeper, preventing double-spend attempts before they succeed. The AESP-based attestation mechanism binds each output to the program’s hash, guaranteeing that the officially vetted observer is indeed installed and operating unmodified on the user’s device. This scheme provides three key properties. First, it achieves anonymity and one-more unforgeability using a technique inspired by Brickell et al.’s EPID. Second, it ensures robust double-spend prevention and traceability of double-spenders, even if the AESP assumption is compromised. Third, the scheme remains reversible: if the observer is compromised, it gracefully reverts to the basic scheme without the observer, which preserves anonymity and unforgeability. Overall, this work bridges cryptographic privacy and practical regulatory oversight, providing a transparent and extensible foundation for secure digital payments.

Mr. Piyush Gautam, Pranay Purohit, Piyush Agarwal

Blockchain technology and cryptocurrencies are reshaping traditional financial systems by introducing decentralized, transparent, and efficient alternatives.This research paper examines the transformative role of blockchain in banking and finance, focusing on applications such as cross-border payments, decentralized finance (DeFi), smart contracts, and central bank digital currencies (CBDCs).It evaluates the opportunities for innovation, including cost reduction, enhanced security, and financial inclusion, while addressing critical challenges such as regulatory uncertainty, scalability limitations, and environmental concerns.Through case studies of institutional adoption (e.g., JPMorgan's JPM Coin) and national strategies (e.g., El Salvador's Bitcoin adoption), the paper highlights both successes and pitfalls.The analysis concludes with recommendations for harmonized global regulations, infrastructure investment, and balanced risk management to foster sustainable integration of blockchain into mainstream finance.This study synthesizes academic research, industry reports, and real-world implementations to provide a comprehensive overview of crypto and blockchain's evolving impact on financial ecosystems.

Muhammadamin Dilmurodov

This capstone project explores the integration of decentralized finance (DeFi) functionalities—Token Swapping, Staking/Yield Tracking, and Liquidity Provision—in blockchain explorers within the Ethereum ecosystem. Through a qualitative analysis of 12 explorers, it assesses their support for these functions, revealing a divide between general-purpose platforms focused on data transparency and DeFi-focused platforms offering advanced financial tools. The study highlights varying levels of functionality availability and usability, providing insights into enhancing accessibility for DeFi users.

Piyush Mehta

No abstract is available for this record.

YANG‐I LIN

ABSTRACT Cryptocurrency taxation poses a fundamental dilemma: how to ensure compliance while protecting privacy and enabling real‐time cross‐border coordination. This paper introduces a blockchain‐driven framework to address these challenges. First, a permissioned consortium chain with a multi‐channel architecture links OECD tax authorities, compliant exchanges and international organizations, safeguarding data sovereignty. Second, a dynamic account‐transaction graph with rule‐guided subgraph templates detects hidden ‘tax‐base dark matter’ behaviours, including mixing services, cross‐chain transfers and NFT profit masking. Third, a zero‐knowledge proof protocol (zero‐knowledge‐TaxProof) encodes tax rules into verifiable arithmetic circuits, allowing taxpayers to prove taxable conditions without exposing details. Fourth, a dynamic‐weight PBFT mechanism ties node voting power to data integrity, accuracy and responsiveness, enabling multinational collaboration. Fifth, off‐chain identity anchoring with on‐chain KYC decoupling preserves privacy while permitting traceability strictly under judicial authorization. Finally, a real‐time dashboard and adaptive early‐warning system monitors global tax‐base changes with sub‐minute responsiveness. Experiments on a Hyperledger Fabric testbed show the model achieves 87.8% identification accuracy, an average dark‐matter capture rate of 88.9%, leakage entropy of 2.3 bits and event confirmation within 53 s. These results demonstrate a feasible, sustainable paradigm for reconstructing global digital tax governance that balances privacy, compliance and efficiency.

Sami Eyidilli

No abstract is available for this record.

Tiago Ferreira Cavazin

A evolução dos mercados de capitais em direção à digitalização exige infraestruturas que conciliam a eficiência das Finanças Descentralizadas (DeFi) com o rigor regulatório. Este relatório analisa o Unified Structured Finance Protocol (USFP), operando sobre a arquitetura D-CMI 2.0 (Decentralized Capital Market Infrastructure). O foco central reside na superação do "trilema da privacidade" identificado no Projeto Drex — equilibrando privacidade, escalabilidade e programabilidade. A arquitetura proposta utiliza Provas de Conhecimento Zero (ZKP), como Halo2/Pickles e o protocolo GKR, para assegurar o sigilo bancário (LC 105/2001). A solução integra uma rede de <i>provers off-chain</i> com um núcleo <i>on-chain</i> multicamadas (Compliance, Core Finance e Liquidez) e uma interface regulatória de acesso hierárquico. Os resultados demonstram que a separação funcional entre liquidação <i>trustless</i> e acesso <i>trusted</i> reduz custos operacionais em até 70%, garantindo auditabilidade contínua via <i>view keys</i> judiciais e verificação formal CertiPlonk.<br>

Tiago Ferreira Cavazin

A evolução dos mercados de capitais em direção à digitalização exige infraestruturas que conciliam a eficiência das Finanças Descentralizadas (DeFi) com o rigor regulatório. Este relatório analisa o Unified Structured Finance Protocol (USFP), operando sobre a arquitetura D-CMI 2.0 (Decentralized Capital Market Infrastructure). O foco central reside na superação do "trilema da privacidade" identificado no Projeto Drex — equilibrando privacidade, escalabilidade e programabilidade. A arquitetura proposta utiliza Provas de Conhecimento Zero (ZKP), como Halo2/Pickles e o protocolo GKR, para assegurar o sigilo bancário (LC 105/2001). A solução integra uma rede de <i>provers off-chain</i> com um núcleo <i>on-chain</i> multicamadas (Compliance, Core Finance e Liquidez) e uma interface regulatória de acesso hierárquico. Os resultados demonstram que a separação funcional entre liquidação <i>trustless</i> e acesso <i>trusted</i> reduz custos operacionais em até 70%, garantindo auditabilidade contínua via <i>view keys</i> judiciais e verificação formal CertiPlonk.<br>

Jessi Brooks, Katherine Kirkpatrick Bos

No abstract is available for this record.

Gaurang Bharadava, Madhav P. Desai, Anshuman Prajapati, Manav Bagthaliya · 5 authors

Advances in digital technology brought about in the recent past by blockchain's transparency, security, and decentralization have changed things.The present paper discusses a blockchain-enabled crowdfunding platform that eliminates fraud, processes that go undocumented, and accountability issues that arise in the existing systems.Automation takes place with the use of Ethereum blockchain and smart contracts.The implementation of the smart contract employs Solidity, testing and deployment is handled through Foundry, and wallet integration is with MetaMask.HTML and JavaScript facilitate user navigation, moving blockchain nearer to the user interface.The platform addresses problems such as latency and complexity, providing a trustless, low-cost funding system.Future updates can incorporate token integration and cross-chain compatibility for increased stability and user adoption.

Jinghua Wang

No abstract is available for this record.

Gading Aditya Perdana, Mochammad Irgi Aulia Kisdi, Irma Kartika Wairooy, Brilly Andro Makalew

We propose a novel machine learning framework to quantify the effects of regulatory policies on GDP normalized Bitcoin trading volume in the United States, Russia, and Indonesia. Our panel dataset integrates Bitcoin price series, country level adoption rates (2021–2024), macroeconomic indicators, and granular policy variables. An XGBoost regression model predicts future trading volume, and SHAP values to further elucidate feature importance and interactions. Using this calibrated model, we conduct policy ablation simulations by selectively removing regulatory instruments asset classification, licensing, taxation, AML/KYC stringency, and payment bans. Results indicate jurisdiction specific sensitivities: removing AML enforcement in the United States increases volume by +71.45%, while eliminating taxation in Indonesia reduces volume by -46.90%. Comprehensive removal of all regulations yields mixed outcomes: a +26.38% increase in the United States, versus -6.27% in Russia and -47.55% in Indonesia. These findings offer quantitative insights into the trade offs faced by policymakers when designing cryptocurrency regulation.

Imran Rasool Khan

No abstract is available for this record.

Johannes Fuchs, Paul P. Momtaz

No abstract is available for this record.

Ye, Xuling

Das Baumanagement steht aufgrund ineffizienter Zusammenarbeit, fragmentierter Abläufe und uneinheitlicher Dokumentation vor großen Herausforderungen. Diese Probleme behindern Vertragsverwaltung, Prozessverfolgung und Datenaustausch und führen oft zu Streitigkeiten, Verzögerungen und Kostenüberschreitungen. Blockchain-basierte Smart Contracts bieten Potenzial für Automatisierung, Transparenz und Sicherheit, werden jedoch bisher nur unzureichend genutzt und in BIM integriert, um branchenspezifische Anforderungen zu erfüllen. Diese Arbeit untersucht, wie Smart Contracts das digitale Baumanagement verbessern können - mit Fokus auf BIM-Datennutzung, automatischer Vorlagenerzeugung, Prozessüberwachung und Systemintegration. Die Lösung umfasst drei Verfahren: Datenmodellierung, Prozessvorlagendefinition und Smart-Contract-Implementierung. Validiert durch drei Anwendungsfälle und entwickelte Prototypen legt sie die Grundlage für ein zuverlässigeres und stärker kollaborativeres Baumanagement.

Putri Purbasari Raharningtyas Marditia, April Yanto

This research aims to analyze the regulatory model for implementing smart contracts in commercial contracts in Indonesia and conduct comparative studies with other countries such as Singapore, England, the Netherlands, Switzerland, and Italy.Smart contracts and electronic instructions executed automatically in a blockchain network provide security, efficiency, and transparency advantages.This research uses a normative juridical approach with comparative legal methods.Data was collected through literature study and analysis of related legal documents.This research found that in Indonesia, regulations related to smart contracts are still in the development stage, and no specific regulations regulate their implementation in detail.However, the use of blockchain technology underlying smart contracts has begun to be recognized by the relevant authorities.The research results show that regulations in the countries compared are more advanced in accommodating the use of smart contracts.Singapore, for example, has developed various guidelines and policies supporting this technology's application in multiple sectors.The UK has also recognized the legal validity of smart contracts through reports and guidance issued by the Law Commission.In the Netherlands, traditional contract law principles are applied to smart contracts with some adjustments.Switzerland, known as the "Crypto Valley" of Zug, has adopted regulations that support blockchain technology innovation.Italy has also passed legislation providing smart contracts' legal definition and status.This research concludes that Indonesia needs to develop more comprehensive and specific regulations regarding innovative agreements to accommodate the development of this technology and provide legal certainty for parties involved in digital transactions following applicable legal principles.

Henry Han

No abstract is available for this record.

E. Apparao

This paper evaluates the transformative impact of Distributed Ledger Technology (DLT), commonly known as blockchain, across core financial services sectors, including capital markets, cross-border payments, trade finance, and Real-World Asset (RWA) tokenization. The research establishes that DLT drives significant operational efficiencies by fundamentally changing the mechanisms of trust and settlement. This technological shift is characterized not by evolutionary improvement, but by a foundational restructuring of transaction governance. Synthetic quantitative analysis, supported by empirical evidence, reveals profound efficiency gains. The mechanism of atomic settlement (T+0) via smart contracts reduces post-trade operational overhead by an estimated 50% and virtually eliminates systemic counterparty risk by making the exchange of assets and cash simultaneous. Furthermore, DLT-based cross-border payments promise cost reductions up to 80% compared to traditional correspondent banking models, drastically improving speed and transparency. This operational success is corroborated by empirical studies showing a positive correlation between DLT adoption and enhanced bank financial performance metrics, specifically Return on Assets (ROA) and Return on Equity (ROE). Despite substantial technical maturity, scalable institutional adoption is primarily constrained by non-technical barriers. The intrinsic conflict between DLT’s immutability and data privacy mandates, particularly the European Union&#39;s General Data Protection Regulation (GDPR) Right to Erasure (Articles 16 and 17), remains a significant legal challenge. Technical hurdles center on scalability and the fragmented liquidity caused by isolated, incompatible DLT ecosystems, leading to a critical interoperability crisis. The analysis concludes that DLT adoption in finance is concentrated in private, permissioned networks (such as Corda and Hyperledger Fabric) that prioritize institutional governance and data confidentiality. Future systemic integration requires proactive policy innovation, utilizing mechanisms like regulatory sandboxes to align distributed technological capability with existing legal and prudential requirements, thereby ensuring a controlled transition to a digital financial infrastructure.

Sunando Roy

No abstract is available for this record.

Lanyin Zhang

No abstract is available for this record.

Pedro Hidalgo, Ciro Rodríguez, Luis Bravo, Cesar Angulo

This paper presents the design and validation of a modular architecture for smart microcredits, aimed at expanding credit access for populations excluded from the traditional financial system. The solution integrates three key technological components: data acquisition through Open Finance, automated risk assessment using Artificial Intelligence (AI) models, and the execution of smart contracts on blockchain. A functional prototype was developed to process applications manually submitted by users without prior financial history, utilizing a LightGBM model trained on real, anonymized data. The model was integrated into the system workflow to generate automatic credit conditions and register decisions on the blockchain without direct human intervention. During the validation phase, the model achieved an Area Under the Curve (AUC) of 0.94, supporting its discriminative power within the automated flow. The overall technical validation demonstrates the feasibility of offering personalized, traceable, and secure credit services through open and decentralized technologies. The use of alternative unstructured data, as well as the expansion into production environments, is proposed as a future line of development. In our system, Open Finance provides consented financial data off-chain; the ML model estimates default probability and outputs an eligibility decision; a rule engine maps the score to personalized loan terms; and blockchain smart contracts only record loan terms and execution events on-chain (no personal data). This separation ensures auditability (on-chain) and privacy (off-chain).

He Chengying, Huang Xianjing, Ali Shah Salman, Wang Tianqi

No abstract is available for this record.

Sergii Grybniak, Oleksandr Nashyvan, Igor Mazurok, Yevhen Leonchyk · 5 authors

ABSTRACT This article presents algorithms and smart contract designs to facilitate recurring bill payments on decentralised platforms using the Ethereum‐like Virtual Machine (EVM). The proposed approach enables the inclusion of recurring and deferred transactions, ensuring compatibility with ERC‐20 and ERC‐777 standards, thereby contributing to the establishment of a novel token standard. The research addresses the growing need for non‐custodial mechanisms to support automatic periodic payments in decentralised environments, offering potential benefits to both service providers and customers in various industries.