Potential benefits of utilizing blockchain-smart contracts technologies are relatively known for improving SN visibility and traceability. However, utilization of blockchain and smart contracts in integration with Enterprise Resources Planning (ERP) infrastructures of supply networks (SN) partners for advanced business intelligence (BI) and inter-company collaboration is an immature research field. This study investigates how blockchain and smart contracts can complement existing ERP foundations of SN partners for advanced BI and collaborative reporting based on a conceptual comparative study. After identifying main configuration dimensions of privacy setting (public/private/consortium), smart contract utilization for business logic implementation (full/none) and degree of transactional data decentralization (full/only critical data/none), 18 deployment scenarios are developed for advanced SN collaboration. Scenarios are then analyzed, mapped with SN collaboration maturity stages, and assessed in terms of various critical SN capabilities such as visibility, traceability, flexibility and scalability. Study is unique in providing a comprehensive treatment of the topic and mappings offered from supply network management (SNM) perspective. Findings reveal that use of blockchain technologies and smart contracts enhances critical SN capabilities and supports higher levels of collaboration maturity as compared to the baseline ERP-centric integration scenario. Some deployment scenarios support collaborative settings in make-to-order production environments, whereas others embrace relatively larger networks not as collaborative, targeting repetitive production settings.
This study employs bibliometric alchemy to explore the knowledge networks in the space of digital finance research between 2013 and 2025. It begins with 15,776 articles and finally through the process of bibliometric alchemy a dataset of 8,838 articles is analyzed. The study critically identifies the key influencing factors, existing gaps, opportunities, and future trends in digital finance research. It identifies the four key major research areas (digital currencies, digital inclusive finance, fintech, and blockchain technology) among the diversified nature of digital finance research. The analysis reveals distinct thematic and geographical patterns: scholars in developed economies concentrate on crowdfunding, cryptocurrencies, and blockchain, while those in developing economies particularly China emphasize financial inclusion. In addition to it the present study highlights the institutional, market, and infrastructural determinants shaping divergent innovation pathways. Lastly, the present study identifies the following grey areas for future studies namely societal impact of financial inclusion, economic implications of the rise in Fintech’s, and economic valuations of Non-Fungible Tokens.
Alexander A. Hernandez, Sook Yee Yip, Kam Meng Goh, Arlene R. Caballero · 5 authors
Standalone energy supply system has been in the limelight, especially in rural areas since it can provide cheap electrical supply to the local communities. Energy supply is always a problematic condition in many developing countries that significantly affects progress and inclusive economic development. Furthermore, excess energy generated is wasted due to insufficient battery storage. To confront these recurring problems, peer-to-peer energy resource sharing has emerged as a promising solution, offering a decentralized system and approach to reduce reliance on the grid energy resource. The system enables prosumers to share excess energy with consumers, reducing dependence on grid and lowering the cost of electricity. However, peer-to-peer energy resource sharing is still a relatively new technology in developing countries, especially in rural communities, needing enabling technologies, support, and sustainable policies and financing models. To this end, this study aims to provide comprehensive understanding of the state of the art of peer-to-peer energy resource sharing in rural communities.
This thesis examines the feasibility of implementing a retail Central Bank Digital Currency (CBDC) in Qatar using an Ethereum-based blockchain architecture. The research is motivated by Qatar's strategic objectives, including improving payment infrastructure, enforcing monetary policy, fintech innovation and infrastructure modernization. A literature review examined global CBDC initiatives, blockchain architectures, consensus mechanisms, and programmability features, focusing on governance models, privacy frameworks and interoperability.The findings of this literature review informed the design of a modular, four-layered system aligned with Qatar’s institutional structure and regulatory requirements. The proposed system leverages Hyperledger Besu with QBFT consensus for deterministic finality and Tessera for transaction-level privacy. A suite of smart contracts was developed to manage compliance (KYC/AML), role-based access, cash compatibility and cross-border transactions. Implementation and deployment were conducted using a private network of 4 validator nodes, configured via Docker, with supporting infrastructure built on a dedicated virtual machine.Functional and empirical testing confirmed the network's ability to maintain consensus under fault scenarios, enforce compliance through smart contracts and achieve limited confidentiality among privacy groups. Scalability testing revealed throughput of up to 127 transactions per second with up to 8 validators and block intervals of 1 second; however, performance degraded with 12 validators, identifying current limits in scalability and resource efficiency. Similarly, privacy enforcement via Tessera was effective in basic cases but encountered limitations with standard ERC-20 contract compatibility.In conclusion, the study confirms that an Ethereum-based blockchain is viable for controlled deployment in Qatar. This is primarily due to its programmability, which ensures regulatory compliance and fosters the development of innovative financial products. However, limitations in privacy and scalability necessitate further research into scaling techniques and alternative privacy solutions to meet the requirements of nationwide retail CBDC implementations. Alternatively, dedicated blockchain frameworks and ERC standards for CBDCs can offer a more sustainable option that natively supports the scalability and privacy requirements of central banking.
The future of security in Financial Technology (FinTech) hinges on achieving a delicate balance between safeguarding user privacy, ensuring regulatory compliance, and embracing technological advancements.As FinTech continues to disrupt traditional financial systems with innovative solutions, the industry faces increasing challenges from sophisticated cyber threats, evolving privacy concerns, and stringent regulatory frameworks.This article examines the critical interplay between these elements and explores strategies for building resilient, secure, and future-ready FinTech ecosystems.The discussion begins with an analysis of current trends in FinTech security, highlighting vulnerabilities associated with digital payment systems, decentralized finance (DeFi), and third-party integrations.Advanced technologies such as artificial intelligence (AI), blockchain, and quantum cryptography are presented as transformative tools for enhancing security, with applications in fraud detection, secure transactions, and real-time threat mitigation.The importance of adopting privacy-first principles, including data minimization and encryption, is underscored as essential for building user trust.The article also delves into the complexities of complying with global regulatory standards, such as GDPR, CCPA, and PSD2, emphasizing the need for adaptive compliance strategies to accommodate rapidly evolving technologies.By analysing case studies and best practices, it provides actionable insights for FinTech firms and policymakers to address challenges while fostering innovation.Ultimately, this work envisions a future where FinTech security frameworks not only protect users but also promote transparency, inclusivity, and growth.The convergence of technology, regulation, and ethical practices will shape a secure, privacy-respecting FinTech landscape that drives global financial inclusion and trust.
<p><strong>This paper contributes to the literature by</strong> presenting a reproducible framework for designing and testing fair on-chain governance systems. It introduces <em>CryptoKen</em>, an Ethereum-based token using quadratic voting to reduce plutocracy and enhance participation in decentralized organizations, achieving high usability (SUS 82.5) and 92% verified test coverage.</p>
Ibtisam El Gaddafi, M. Z. Rashad, Amal Abou Eleneen
Modeling is the process of developing models representing software systems from different perspectives using a modeling language that includes graphical notation. This process assists software developers in understanding the system functionality, evaluating design proposals, and documenting the software to be implemented. Blockchain is a popular, decentralized, efficient, and secure technology that enables transparent and tamper-resistant transactions across distributed networks. However, blockchain systems lack a dedicated modeling language to represent Blockchain-Based Applications (BBAs) and related Smart Contracts (SCs). Recent research has introduced adaptations of well-known graphical notations to meet the unique modeling needs of blockchain systems. This paper proposes a structured review of graphical models, techniques, and languages to enhance Blockchain-Oriented Software Engineering (BOSE) modeling. A detailed analysis of 36 studies published between 2018 and 2023 highlights the trends and developments in blockchain modeling, and a classification of modified modeling techniques and languages for BBAs and SCs is presented. A modeling framework that guides blockchain developers in describing, designing, and documenting BBAs and related SCs is developed, and an example is provided to demonstrate how this framework is used. These insights can help software engineers select suitable modeling strategies to improve the reliability and quality of BBAs.
Smart contracts provide convenience to the financial industry by automating complex transactions without intermediaries. In the context of decentralized finance, ensuring the correctness, reliability, and efficiency of these automated systems is crucial, especially for loan management processes. This paper presents a formal specification of a smart contract-based loan management system using TLA+. The system is designed to handle various types of loans, including credit-based and collateral-backed loans, managing both regular and early repayments, as well as handling late payments and collateral forfeiture. Our specification defines key components such as loan states, repayment calculations, and collateral management, ensuring that all aspects of the loan lifecycle are rigorously modeled and verified. Safety properties, such as preventing negative loan balances and ensuring proper collateral ownership transfer, are enforced alongside liveness properties that guarantee the system reaches a termination state where all loans are either fully repaid or defaulted. We used the TLC model checker to verify the correctness of the system across all possible states and transitions. The verification process confirmed that the system consistently adheres to its formal specification under a variety of operational conditions. Through the formal specification and comprehensive verification with TLA+, this work enhances the dependability of smart contract based financial systems, providing a secure, verifiable, and resilient loan management framework ready for deployment in real-world DeFi environments.
We organize existing empirical regularities of cryptocurrencies into seven stylized facts and analyze cryptocurrencies through the lens of empirical asset pricing. We find important similarities with traditional markets--risk-adjusted performance so far is broadly comparable, and the cross-section of returns can be summarized by a small set of factors. However, cryptocurrency also has its own distinct character: jumps are frequent and large, and blockchain information helps drive prices. This common set of stylized facts provides evidence that cryptocurrency is emerging as an investable asset class. Additionally, we discuss potential data quality issues and possible changes in future regulations and the cryptocurrency environment.
This study investigates how media influence and educational resources shape individual engagement with cryptocurrencies. As digital assets become increasingly mainstream, social media platforms, influencers, and financial analysts play a central role in driving public interest and investment behavior. Quantitative surveys and qualitative interviews reveal that persuasive narratives and success stories on social media often attract new investors, while accessible educational materials empower individuals to make informed decisions in a volatile market. The findings highlight that media exposure can spark initial adoption, but sustained and responsible participation depends on comprehensive education in cryptocurrency fundamentals, trading strategies, and blockchain technology
Decentralized finance (DeFi) lacks centralized oversight, often resulting in heightened volatility. In contrast, centralized finance (CeFi) offers a more stable environment with institutional safeguards. Institutional backing can play a stabilizing role in a hybrid structure (HyFi), enhancing transparency, governance, and market discipline. This study investigates whether HyFi-like cryptocurrencies, those backed by institutions, exhibit lower price risk than fully decentralized counterparts. Using daily data for 18 major cryptocurrencies from January 2020 to November 2024, we estimate panel EGLS models with fixed, random, and dynamic specifications. Results show that HyFi-like assets consistently experience lower price risk, with this effect intensifying during periods of elevated market volatility. The negative interaction between HyFi status and market-wide volatility confirms their stabilizing role. Conversely, greater decentralization is strongly associated with increased volatility, particularly during periods of market stress. Robustness checks using quantile regressions and pre-/post-Terra Luna subsamples reinforce these findings, with stronger effects observed in high-volatility quantiles and post-crisis conditions. These results highlight the importance of institutional architecture in enhancing the resilience of digital asset markets.
Ignacy Nieweglowski, Aviv Yaish, Fahad Saleh, Fan Zhang
Cryptoassets launched by political figures, e.g., political finance (PoliFi) tokens, have recently attracted attention. Chief among them are the eponymous tokens backed by the 47th president and first lady of the United States, TRUMPandMELANIA. We empirically analyze both, and study their impact on the broad decentralized finance (DeFi) ecosystem. Via a comparative longitudinal study, we uncover a "Trump Effect": the behavior of these tokens correlates positively with presidential approval ratings, whereas the same tight coupling does not extend to other cryptoassets and administrations. We additionally quantify the ecosystemic impact, finding that the fervor surrounding the two assets was accompanied by capital flows towards associated platforms like the Solana blockchain, which also enjoyed record volumes and fee expenditure.