This paper presents a robust multi-period portfolio optimization framework that integrates interval analysis, entropy-based diversification, and downside risk control. In contrast to classical models relying on precise probabilistic assumptions, our approach captures uncertainty through interval-valued parameters for asset returns, risk, and liquidity—particularly suitable for volatile markets such as cryptocurrencies. The model seeks to maximize terminal portfolio wealth over a finite investment horizon while ensuring compliance with return, risk, liquidity, and diversification constraints at each rebalancing stage. Risk is modeled using semi-absolute deviation, which better reflects investor sensitivity to downside outcomes than variance-based measures, and diversification is promoted through Shannon entropy to prevent excessive concentration. A nonlinear multi-objective formulation ensures computational tractability while preserving decision realism. To illustrate the practical applicability of the proposed framework, a simulated case study is conducted on four major cryptocurrencies—Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Binance Coin (BNB). The model evaluates three strategic profiles based on investor risk attitude: pessimistic (lower return bounds and upper risk bounds), optimistic (upper return bounds and lower risk bounds), and mixed (average values). The resulting final terminal wealth intervals are [1085.32, 1163.77] for the pessimistic strategy, [1123.89, 1245.16] for the mixed strategy, and [1167.42, 1323.55] for the optimistic strategy. These results demonstrate the model’s adaptability to different investor preferences and its empirical relevance in managing uncertainty under real-world volatility conditions.
Jiazhen Gan, Jianzhong Su, Kaixin Lin, Zibin Zheng
Smart contracts are Turing-complete programs that run on blockchain technology, capable of managing on-chain assets according to predefined logic, and become immutable once deployed on the blockchain. In recent years, the value of smart contracts on blockchains, notably Ethereum, has been on the rise. However, the hiding vulnerabilities made the substantial value of smart contracts a target of many hackers, leading to numerous attack incidents. Therefore, vulnerability detection in smart contracts before deployment is essential. Currently, many fuzzers for detecting smart contract vulnerabilities can only identify vulnerabilities based on the execution patterns of the underlying opcodes, overlooking the financial semantic properties of the contracts, which leads to many vulnerabilities being difficult to detect or resulting in a high rate of false positives. To this end, we focus on the financial characteristics of contracts, define contract vulnerability patterns starting from the high-level semantic properties of contracts, and combine fuzzers using evolutionary algorithms and symbolic constraint solving to detect vulnerabilities, culminating in the development of FinanceFuzz . Specifically, FinanceFuzz defines invariant and equivalence properties of finance that contracts should satisfy. Utilizing these properties, FinanceFuzz can generate transaction sequences for testing and identify vulnerable contracts that violate the properties. We conducted experiments on a dataset containing 437 smart contracts from the real world, the experimental results demonstrating that our tool outperforms other state-of-the-art tools in detecting vulnerabilities, achieving higher recall rate without false positive.
Abstract: Traditional financial systems commonly suffer from central control, opacity, and exclusion. Decentralized Finance (DeFi) solves this by employing blockchain technology such that users can interact directly without the need for intermediaries. Nonetheless, developing secure, equitable, and user-friendly staking systems is an enormous challenge. This paper introduces a DeFi token staking and rewards management automation platform based on Ethereum-based programmable contracts, React, and Node.js. By removing third-party control and offering transparent protocols, the system enables users to stake tokens securely. Smart contracts handle significant aspects such as the lock-up period, penalties, and reward distribution. With MetaMask support, authentication and transaction processing are seamless. A new dynamic reward mechanism optimizes payouts based on staking duration and network activity, promoting equitable rewards for small players. With OpenZeppelin for comprehensive audits, the platform provides increased security and reliability with a 40% reduction in gas fees compared to traditional models.Democratized passive income access and centralization risk elimination, this work facilitates the creation of scalable, user-centric DeFi applications. It offers a blueprint for the wider adoption of decentralized financial infrastructures, driving the creation of open and inclusive economic systems. Keywords: DeFi, Token Staking, Smart Contracts, Blockchain, Ethereum, Reward Distribution.
Parwat Singh Anjana, Srivatsan Ravi, Herlihy, Maurice
This paper presents a comprehensive analysis of historical data across two popular blockchain networks: Ethereum and Solana. Our study focuses on two key aspects: transaction conflicts and the maximum theoretical parallelism within historical blocks. We aim to quantify the degree of transaction parallelism and assess how effectively it can be exploited by systematically examining block-level characteristics, both within individual blocks and across different historical periods. In particular, this study is the first of its kind to leverage historical transactional workloads to evaluate conflict patterns. By offering a structured approach to analyzing these conflicts, our research provides valuable insights and an empirical basis for developing more efficient parallel execution techniques for smart contracts in the Ethereum and Solana. Our empirical analysis reveals that historical Ethereum blocks frequently achieve high independence, with over 50\% independent transactions in more than 50\% of blocks, while, on average, Solana blocks contain longer conflict chains $\sim$58\%, compared to $\sim$18\% in Ethereum, reflecting fundamentally different parallel execution dynamics.
Solana is a rapidly evolving blockchain platform that has attracted an increasing number of users. However, this growth has also drawn the attention of malicious actors, with some phishers extending their reach into the Solana ecosystem. Unlike platforms such as Ethereum, Solana has distinct designs of accounts and transactions, leading to the emergence of new types of phishing transactions that we term SolPhish. We define three types of SolPhish and develop a detection tool called SolPhishHunter. Utilizing SolPhishHunter, we detect a total of 8,058 instances of SolPhish and conduct an empirical analysis of these detected cases. Our analysis explores the distribution and impact of SolPhish, the characteristics of the phishers, and the relationships among phishing gangs. Particularly, the detected SolPhish transactions have resulted in nearly \$1.1 million in losses for victims. We report our detection results to the community and construct SolPhishDataset, the \emph{first} Solana phishing-related dataset in academia.
G. Sharmila, K. Neha, M. Kaviya, M. Juhe Sherin · 5 authors
Blockchain technology is a cutting-edge advancement in information technology. Bitcoin, as one of its initial uses, has attracted considerable attention as a cryptocurrency. Alongside Ethereum, which emphasizes blockchain-driven smart contracts, these technologies lie at the heart of modern cryptocurrency innovation. Off-chain transactions offer a scalable solution for blockchain networks, reducing congestion, lowering transaction fees, and improving processing efficiency without compromising decentralization. However, existing off-chain solutions often face security and flexibility challenges, particularly in environments with high latency and unstable connectivity. The proposed system leverages the Hardhat blockchain framework with Ethereum to enable secure peer-to-peer transactions from user wallets, ensuring seamless fund transfers even in offline conditions. Additionally, it integrates blockchain-based email functionality, allowing encrypted messages to be sent securely over a decentralized network, thereby enhancing data privacy and security. To further strengthen data integrity, the system incorporates the Inter Planetary File System (IPFS) for decentralized file storage, reducing reliance on centralized servers and minimizing data loss risks. By combining off-chain transactions, blockchain-based email, and IPFS storage, the system enhances efficiency, security, and reliability, offering a robust decentralized solution for financial transactions and secure communication. The data is distributed across all cryptocurrency users within the network. This ensures that when a user initiates a transaction, data mining processes are conducted.
ABSTRACT Layer 2 blockchain solutions improve scalability and transaction efficiency while preserving the security and decentralization of base blockchains like Bitcoin and Ethereum. These solutions enable faster and more costeffective transactions, making them crucial for Decentralized Applications (DApps). This paper explores the fundamentals of Layer 2 technology, its various implementations, and its impact on blockchain ecosystems. It also examines the benefits and challenges of these solutions, emphasizing the different approaches adopted across blockchain networks. Layer 2 solutions address blockchain scalability issues by reducing the reliance on the main blockchain, which traditionally suffers from slow transaction speeds and high costs. Unlike Layer 1 solutions that alter the core blockchain infrastructure, Layer 2 solutions process most transactions offchain, using the main blockchain primarily for security and final settlements. By reducing congestion, Layer 2 solutions ensure smoother operation for blockchain applications, allowing them to reach their full potential in real-world use cases such as decentralized finance (DeFi), gaming, and enterprise solutions. Key Words: Layer 2 Blockchain Solutions, Blockchain Scalability, Decentralized Applications (DApps), Off-chain Transactions, Rollups (Optimistic and Zero-Knowledge), State Channels, Sidechains, Transaction Throughput, Latency Testing, Interoperability Issues, Security Vulnerabilities, Regulatory Compliance, Decentralization Risks, Smart Contract Security, Cross-chain Communication
Distributed Ledger Technologies (DLT), such as Bitcoin, Ethereum, and Directed Acyclic Graphs (DAG), are being positioned as a promising solution for smart agriculture by enabling secure, decentralized, and transparent traceability systems. However, these technologies face challenges related to scalability, latency, and efficiency in IoT environments. In this study, we conduct a comparative analysis of Bitcoin, Ethereum, and DAG technologies through extensive simulations, varying transaction generation rates and network latencies. A key methodological innovation of this research is the detailed codification of agricultural data transactions, encompassing parameters such as crop type, fertilization, harvesting, and transportation, enabling a structured and scalable approach to data representation. Our results reveal that Bitcoin's robustness is hindered by its high sensitivity to latency and network load, with inclusion times exceeding 700 s. Ethereum demonstrates better adaptability, with controlled inclusion times ranging from 12.91 to 35.76 s under varying conditions. DAG outperforms both, achieving significantly lower inclusion times between 4.27 and 22.25 s, highlighting its suitability for real-time applications. To the best of our knowledge, this is the first study to provide a direct comparison of these technologies in the context of agricultural traceability, showcasing the advantages and limitations of DAG-based systems for managing and scaling agricultural IoT networks.
Luca Ruschioni, Robert Shuttleworth, Rumyana Neykova, Barbara Re · 5 authors
Solidity is the predominant programming language for blockchain-based smart contracts, and its characteristics pose significant challenges for code analysis and maintenance. Traditional software analysis approaches, while effective for conventional programming languages, often fail to address Solidity-specific features such as gas optimization and security constraints. This paper introduces micro-patterns - recurring, small-scale design structures that capture key behavioral and structural peculiarities specific to a language - for Solidity language and demonstrates their value in understanding smart contract development practices. We identified 18 distinct micro-patterns organized in five categories (Security, Functional, Optimization, Interaction, and Feedback), detailing their characteristics to enable automated detection. To validate this proposal, we analyzed a dataset of 23258 smart contracts from five popular blockchains (Ethereum, Polygon, Arbitrum, Fantom and Optimism). Our analysis reveals widespread adoption of micro-patterns, with 99% of contracts implementing at least one pattern and an average of 2.76 patterns per contract. The Storage Saver pattern showed the highest adoption (84.62% mean coverage), while security patterns demonstrated platform-specific adoption rates. Statistical analysis revealed significant platform-specific differences in pattern adoption, particularly in Borrower, Implementer, and Storage Optimization patterns.
Najmus Sakib Sizan, Md. Abu Layek, Khondokar Fida Hasan
To improve crop forecasting and provide farmers with actionable data-driven insights, we propose a novel approach integrating IoT, machine learning, and blockchain technologies. Using IoT, real-time data from sensor networks continuously monitor environmental conditions and soil nutrient levels, significantly improving our understanding of crop growth dynamics. Our study demonstrates the exceptional accuracy of the Random Forest model, achieving a 99.45\% accuracy rate in predicting optimal crop types and yields, thereby offering precise crop projections and customized recommendations. To ensure the security and integrity of the sensor data used for these forecasts, we integrate the Ethereum blockchain, which provides a robust and secure platform. This ensures that the forecasted data remain tamper-proof and reliable. Stakeholders can access real-time and historical crop projections through an intuitive online interface, enhancing transparency and facilitating informed decision-making. By presenting multiple predicted crop scenarios, our system enables farmers to optimize production strategies effectively. This integrated approach promises significant advances in precision agriculture, making crop forecasting more accurate, secure, and user-friendly.
Many educational institutions worldwide now use blockchain to verify electronic document, often relying on Ethereum 1.0, which uses proof of work (PoW) or proof of authority (PoA). However, Ethereum 2.0, launched in 2022 by Ethereum Foundation operates on proof of stake (PoS). This study provides comparative analysis of PoS and PoA consensus in Ethereum environment specifically focusing on performance and scalability in the context of academic transcript databases. To demonstrate this, a student academic reputation information system was developed using two different blockchain technologies: Ethereum 1.0 with PoA and Ethereum 2.0 with PoS. This setup was used to obtain comparative analysis data for the two blockchain systems by measuring the throughput and latency. We observed how these platforms responded to an increasing number and frequency of transactions with Hyperledger Caliper. Results indicates that in performance testing, both consensus mechanisms exhibited. Scalability tests revealed that both consensus mechanisms experienced increased latency with higher loads. However, PoA system was superior in average throughput and latency than PoS system except in high transaction of data addition. The experiment result show that PoA system better than PoS system in context of academic transcript databases, making it more suitable to be implemented on that context.
The implementation of an Electronic Health Record (EHR) management system has proven to be an effective alternative to the traditional manual method of handling medical records. However, concerns about data privacy and security persist in the healthcare sector, particularly due to the outdated centralized database systems that have failed to meet modern expectations.To address this, a secured blockchain database management model for medical based organization is designed for healthcare organizations, emphasizing a patientcentered approach. This model efficiently handles and maintains individuals’ health records using blockchain technology. Developed based on object oriented analysis and design methodology, the system was built using Visual Studio Code (VS Code), PHP, the Ethereum network, Web3.js, and Ganache.Blockchain technology provides the foundation for decentralizing patient information and ensuring secured data storage. Smart contracts arecritical in protecting patient privacy and data integrity by facilitating secured transactions, each modification is verifiable and propagated across the network. To further enhance the model’s security and integrity, a cryptocurrency wallet such as MetaMask is integrated, offering a centralized yet secure repository for medical records that authorized users like patients and healthcare providers can access anytime.By providing a robust platform for securely managing data with customizable access permissions and enabling the safe exchange of patient records, this blockchainbased system surpasses legacy systems in efficiency, reliability, and accessibility in the healthcare domain
Financial derivatives are widely recognized for their effectiveness in managing interest rate risk, demonstrating the principle of comparative advantage in finance. However, traditional financial derivative transactions are often complex and can expose participants to market and credit risks. To mitigate these risks, reduce transaction costs, and enhance liquidity, this paper proposes a blockchain-based matching mechanism for financial derivatives that uses smart contracts for decentralized counterparty matching and settlement. Smart contracts facilitate secure data sharing among participants, ensuring the integrity and immutability of transaction data. We design a transaction pool mechanism-based smart contracts for counterparty matching and automatic settlement of financial derivatives involving real fiat currencies and introduce an efficient peer-to-peer counterparty matching method, where the entire trading process is conducted on a decentralized blockchain, ensuring greater security and transparency. A prototype implementation based on Ethereum smart contracts validates the effectiveness of our proposed model, demonstrating its potential to streamline and secure financial derivative transactions.
Iulia Cristina Iuga, Raluca Andreea NeriÅŸanu, Larisa-Loredana Dragolea
This study investigates the risk spillover between clean and dirty cryptocurrencies and their impact on green finance indexes (solar, wind, and nuclear energy) and regional economic indexes (Baltic Dry Index and CRB Index), with data processed using the diagonal BEKK model. The results identify several dirty cryptocurrencies such as: Ethereum Cash (ETC), Litecoin (LTC), and Bitcoin (BIT) as potential diversifiers and hedges with specific green energy and economic indexes. Our findings show that news from the cryptocurrency markets predominantly have a positive, significant effect on the covariance with green finance indices. The study also presents the covolatility spillover effect, showcasing the impact of a return shock in one market, such as the cryptocurrency market or the green finance market, on the co-volatility between markets, including regional economic indices like the Baltic Dry Index and CRB Index. The analysis reveals differential spillover patterns between clean and dirty cryptocurrencies and various green finance indices, highlighting the complexity of their interactions and the varying degrees of influence on regional economic indicators.
The increasing reliance of non-profit organizations (NPOs) on technology has created an opportunity to enhance transparency and trust in charity donation processes. Traditional donation systems often lack transparency, raising concerns about misuse and inefficiency. This study proposes a Blockchain-Based Frame- work for Enhancing Transparency and Traceability in Charity Donations, lever- aging Ethereum’s public-permissioned blockchain to ensure secure, immutable, and traceable transactions. By utilizing smart contracts and distributed ledger technology, the framework enhances donor trust by enabling real-time tracking of donations from the point of contribution to their final allocation. A hybrid qualitative evaluation confirms the system’s effectiveness in mitigating fraud, eliminating intermediaries, and increasing accountability. The proposed approach offers a scalable and secure solution to modernizing charity donations, addressing long- standing concerns regarding financial transparency and donor confidence.
Aashish Kumar Jha, Mohammed Nihar N R, J Sankalpa, Chetana Prakash
ABSTRACT: As statistics is the backbone of the digital financial system dependence on centralized cloud storage structures makes users prone to troubles concerning statistics breaches operational price and lack of control this paper examines the deployment of a decentralized cloud storage DCS framework with the use of interplanetary file system IPFS and Ethereum blockchain clever contracts to triumph over those drawbacks the gadget proposed here improves protection and information availability by incorporating aes-256 encryption sharding of records and decentralized metadata control by the introduction of a working prototype based on react.js, Ethereum wallet, ether.js and solidity this mission illustrates the viability of a decentralized statistics garage whilst resolving troubles with latency user adoption and value effectiveness experimental consequences affirm enhancements in safety and availability establishing a strong platform for additional research on decentralized storage architectures
With the rapid advancement of blockchain technology, smart contracts have enabled the implementation of increasingly complex functionalities. However, ensuring the security of smart contracts remains a persistent challenge across the stages of development, compilation, and execution. Vulnerabilities within smart contracts not only undermine the security of individual applications but also pose significant risks to the broader blockchain ecosystem, as demonstrated by the growing frequency of attacks since 2016, resulting in substantial financial losses. This paper provides a comprehensive analysis of key security risks in Ethereum smart contracts, specifically those written in Solidity and executed on the Ethereum Virtual Machine (EVM). We focus on two prevalent and critical vulnerability types (reentrancy and integer overflow) by examining their underlying mechanisms, replicating attack scenarios, and assessing effective countermeasures.
Romario Desouza Daniel Mangiwa, Revina Siregar, Sri Anum Sari, Neli Agustina
Ethereum is one of the leading cryptocurrencies utilizing blockchain technology for peer-to-peer financial transactions. This study aims to forecast Ethereum's price using the Autoregressive Integrated Moving Average (ARIMA)model. Historical price data from January 1, 2023, to January 15, 2025, covering 534 periods, was analyzed. The ARIMA (0,1,9) model was selected based on AIC, SC, and Adjusted R-squared criteria, with forecast evaluation showing a Mean Absolute PercentageError (MAPE) of 15.01% and a Root Mean Squared Error (RMSE) of 649.702. Forecast results indicate an upward trend in Ethereum's price over the next 30 periods, with fluctuations being less pronounced compared to historical data. The study concludes that ARIMA provides reasonably accurate short-term predictions, although forecasting errors increase with longer prediction periods. These findings can serve as a reference for investors in developing short-term investment strategies for Ethereum.
Explosion-proof apparatus is a must in hazardous areas especially in anindustrial setting where certification is required to meet certain safety levels.Conventional certification mechanisms tend to be slow, non-transparent and vulnerable to forgery of documents and delays, particularly in the context of cross border transactions.This article presents the architecture of a blockchain-based certification platform, which could contribute to transparency, traceability, and efficiency in the certification lifecycle of explosion-proof equipment.It includes Ethereum smart contracts, IPFS (InterPlanetary File System) to store the comprehensive test reports on a decentralized platform, and a role-based web application interface for different kinds of users such as manufacturers, testing labs, certification bodies, and field auditors.Smart contracts are responsible for generating, revoking and handling certificate access control, all certification metadata and file hashes are suitably safeguarded on the blockchain, allowing records to remain tamper-proof and verifiable.A working prototype was implemented in Goerli Ethereum testnet and developed as React application.js frontend, Web3.js, IPFS and Architecture for a Blockchain-based Certification Platform for Explosion-Proof Devices https://iaeme.com/Home/journal/IJCET499
Abstract—The integrity and transparency of voting systems are fundamental to the democratic process; however, traditional voting mechanisms often encounter issues such as fraud, manipulation, limited transparency, and centralized control. To address these challenges, this research proposes a decentralized voting system utilizing blockchain technology. The system leverages the Ethereum blockchain, smart contracts developed in Solidity, and a React.js-based frontend integrated with Web3.js and MetaMask to ensure secure voter authentication, transparent vote casting, and immutable vote recording. Voter and candidate registrations are managed through decentralized smart contracts, and all transactions are permanently stored on the blockchain, providing public verifiability while preserving voter anonymity. Development and testing were conducted in a simulated environment using Ganache and the Truffle Suite, allowing for extensive validation of system functionalities. Experimental results demonstrate enhanced security, real-time result computation, prevention of double voting, and elimination of any single point of failure. This decentralized architecture significantly improves trust, transparency, and security in electoral processes, offering a scalable and reliable model for the future of electronic voting systems. Index Terms— Blockchain, Decentralized Voting, Ethereum, Smart Contracts, Solidity, Web3.js, MetaMask, Ganache, Truffle Framework, E-voting Systems.
Blockchain technology has set off a wave of decentralization in the world since its birth. The trust system constructed by blockchain technology based on cryptography algorithm and computing power provides a practical and powerful solution to solve the trust problem in human society. In order to make more convenient use of the characteristics of blockchain and build applications on it, smart contracts appear. By defining some trigger automatic execution contracts, the application space of blockchain is expanded and the foundation for the rapid development of blockchain is laid. This is blockchain 2.0. However, the programmability of smart contracts also introduces vulnerabilities. In order to cope with the insufficient security guarantee of high-value application networks running on blockchain 2.0 and smart contracts, this article will be represented by Ethereum to introduce the technical details of understanding blockchain 2.0 and the operation principle of contract virtual machines, and explain how cryptocurrencies based on blockchain 2.0 are constructed and operated. The common security problems and solutions are also discussed. Based on relevant research and on-chain practice, this paper provides a complete and comprehensive perspective to understanding cryptocurrency technology based on blockchain 2.0 and provides a reference for building more secure cryptocurrency contracts.
This study introduces a cutting-edge architecture developed for the NewbornTime project, which uses advanced AI to analyze video data at birth and during newborn resuscitation, with the aim of improving newborn care. The proposed architecture addresses the crucial issues of patient consent, data security, and investing trust in healthcare by integrating Ethereum blockchain with cloud computing. Our blockchain-based consent application simplifies patient consent's secure and transparent management. We explain the smart contract mechanisms and privacy measures employed, ensuring data protection while permitting controlled data sharing among authorized parties. This work demonstrates the potential of combining blockchain and cloud technologies in healthcare, emphasizing their role in maintaining data integrity, with implications for computer science and healthcare innovation.
The cryptocurrency market, characterized by its extreme volatility and speculative nature, poses significant risk and reward opportunities for investors. This conceptual paper explores the dynamics of risk and volatility within cryptocurrency markets, with a focus on Bitcoin, Ethereum, and other leading digital assets. Drawing exclusively on data from widely recognized online financial sources, this study examines the interplay between cryptocurrency volatility and traditional asset behaviour under market stress conditions. Key crisis events—including the 2016 Brexit referendum, the 2017 market correction, and the 2020 COVID-19 crash—serve as case studies to highlight how cryptocurrencies diverge in risk profiles from conventional assets like Gold and the S&P 500. Additionally, correlations between Bitcoin, Gold, and US Treasury Bonds illustrate the nuanced hedge potential of cryptocurrencies in both short- and long-term investment horizons. This analysis underscores the importance of understanding cryptocurrency behaviour as it matures, while providing insights into the broader financial implications of incorporating these assets into traditional portfolios amidst economic uncertainties.