their organizational and methodological principles.Energy-intensive consensus mechanisms, such as PoW, have raised concerns about their sustainability.Methodological solutions, including the adoption of energy-efficient algorithms and the use of renewable energy sources for mining operations, address these concerns while ensuring the long-term viability of cryptocurrency ecosystems.The integration of cryptocurrencies with decentralized applications (dApps) and smart contracts further expands their potential within the system of electronic and virtual money.These applications enable programmable financial transactions, automation of complex processes, and the creation of decentralized financial instruments.Methodological principles for smart contract implementation include thorough code audits, formal verification, and the use of standardized programming languages to minimize vulnerabilities.In conclusion, the organizational and methodological principles of cryptocurrencies in the system of electronic and virtual money require a multidisciplinary approach that balances innovation, security, and compliance.By addressing technological, regulatory, and societal considerations, these principles can support the sustainable growth and integration of cryptocurrencies into the global financial ecosystem.As the adoption of cryptocurrencies accelerates, their alignment with established systems of electronic and virtual money will be instrumental in unlocking their full potential.
Abstract Blockchain technology is increasingly pervasive in social production and life, and its influence on the accounting and auditing industry is undeniable. The article extensively researches blockchain technology and smart contracts, and it constructs a blockchain-based cloud data auditing model. Combining it with the evolutionary game model completes the construction of the blockchain-based cloud data auditing system. The running cost of the auditing model is analyzed in terms of communication and computation overhead, smart contract cost, time cost, etc., and how it affects the strategies of auditing clients and auditors is studied from the aspects of cost and benefit, respectively. In this paper, the audit model’s average communication overhead and computation overhead are 9.86 KB and 0.82 seconds, respectively. The cost of the smart contract model is relatively low and shows a steady trend. The average query time of this paper’s auditing model is 0.78ms, and none of the validation times on the validator exceeds 5ms, while the average validation times on the blockchain and cloud servers are 11.01ms and 534.35ms, respectively. The auditing client and the auditor tend to adopt the blockchain technology strategy when the cost reduces, or the benefit increases, with a probability of adoption approaching 1 after numerous games.
The stock market is difficult for prediction, because of its complexity and randomness. Bitcoin, as the new favorite of stock market, grabs much attention. This article aims to apply the LSTM model for Bitcoin prediction, using multiple financial indices as features of LSTM to find out the relations
In response to global efforts to deal with climate change, various renewable energy policies are being implemented. Among these, renewable portfolio standards (RPS) and renewable energy 100 (RE100) regulate the obligated supply of renewable energy to ensure compliance with set quotas by nations and institutions. In this context, the renewable energy certificate (REC) system is employed to assist obligated entities in meeting their renewable energy generation quotas. Obligated entities can purchase REC from renewable energy generators to obtain recognition for their renewable energy allocation. However, the current REC system is insufficient in addressing issues related to procedural complexity and cyber security. This study aims to overcome its limitations by applying the blockchain technology. Blockchain, a distributed financial network, serves as a digital ledger, enabling peer-to-peer transactions in a simple, transparent, and secure way. The proposed new REC system based on blockchain moves away from the complex structure of the traditional REC system, simplifying the system into four processes: participation, issuance, transaction, and authentication. Moreover, by applying blockchain algorithms, it addresses the cyber security issues of the traditional system. The case study using Hyperledger Besu, or one of blockchain platforms, demonstrates that the aspects of procedural complexity and cyber security are improved in the proposed system.
Blockchain Technology is the emerging component of IT and Computing and is a kind of encrypted record of data works on distributed database. This is furthermore dealt with the data related to the transaction, contract, independent record, etc. Digital ledger is important and also applicable in various platforms, not bounded in a particular place; and required in financial activities and services and hence it is worthy in healthy digital currency and transactions. Financial transaction is not associated with the third party and it keeps the data encryption and here participants no need to share personal data and thus Blockchain Technology is associated with the data breach. Insignificantly Blockchain not only reduces the data breach but also supports the multiple numbers of shared copies and it works on the same database. It helps in wage a data breach attack. Earlier it was known as Blockchain but gradually it is treated as a Technology and considered as important in Information Technology and impacting the financial sector rapidly. Blockchain Technology is required in various tangible and intangible asset management and required in tracking including recorded effectively within a network and ledger. Blockchain is therefore is a tool, a technique, as well as a procedure for sophisticated financial management. This paper is based on existing literature emphasizing Blockchain Technology with features, characteristics with a focus on its types.
Chunsheng Wang, Xuecheng Yu, Gonghao Tan, Xiaoqiang Li
To ensure the safety of power grid operation and the accuracy of data, it is necessary to solve the problems of credibility and transparency in traditional data auditing systems. In this study, the use of blockchain was proposed to design the system. It is a distributed ledger technology that can definitely provide new solutions for power grid engineering data auditing. In this article, the basic principles and characteristics of blockchain were elaborated in detail, and the application scenarios and advantages of blockchain technology in power grid engineering data audit systems were discussed. The challenges and problems of this technology in the field of power grid were analyzed. The research results indicated that the audit efficiency of the method proposed in this article ranged from 89% to 98%. Blockchain technology can provide advantages such as data security, transparency, traceability, and decentralization for power grid engineering data audit systems.
The advent of distributed ledger (DLT) technology, also known as blockchain technology and smart contracts, has been a significant factor in the growth of the digital financial assets (DFA) market in the Russian Federation. Despite the market being in its infancy and constrained by Russian legislation, the DFA market is undergoing a period of rapid growth. The author’s thesis is that the development of the DFA market is a reflection of the development of the digital asset market in the world. The author classifies and compares digital assets globally and within the Russian Federation in order to provide a more comprehensive analysis of the market. In addition, the author identifies the trends of digital assets globally by empirical analysis and proposes the reuse of the most successful token classes in accordance with Russian legislation for companies based in the Russian Federation.
With the acceleration of global integration and the rapid development of technology, economic cooperation and regional integration have become an undeniable force in today's world development. Especially with the implementation of the "the Belt and Road" strategy, this development trend is more obvious. This plan was launched by China in 2013 with the aim of promoting infrastructure construction, trade cooperation, cultural exchanges, common development, and regional cooperation in Asia, Europe, Africa, and other regions. With the rapid development of Internet, big data, artificial intelligence and other technologies, the digital economy has become an important driving force for the development of the world economy. It has not only changed the operation mode of traditional industries, but also spawned new industrial forms. However, in a network environment lacking trust, trustworthy communication of data is an important prerequisite for promoting active data sharing among network entities. Information security technology based on encryption technology can effectively solve problems such as data untrustworthiness and privacy leakage in information exchange. This paper focused on the trusted exchange of data in the "the Belt and Road" digital economic cooperation, and discussed how to solve the trust problem in data exchange with the help of blockchain smart contract technology. First, the background of the "the Belt and Road" initiative and the significance of digital economy development were briefly introduced. Subsequently, the challenges faced by trusted data exchange in a network environment lacking trust were analyzed, and a solution based on blockchain smart contracts was introduced. The experimental results showed that when the data block size was 1GB, the data trusted exchange system based on blockchain technology took 10 seconds, and the data transmission rate still reached 891Mbps.
The conceptual foundations of artificial intelligence and blockchain technology are considered. Methodologically, the work is based on the use of the analysis method to identify the limitations and prospects of the synergistic development of blockchain technologies and artificial intelligence in the conditions of the digital transformation of the economy; an empirical method for collecting and processing information about the features and trends in the development of the researched technologies; graphical method for visualizing the structural characteristics of an artificial neural network and the dynamics of the growth of computing power of the blockchain network. The key historical obstacles to the development of artificial intelligence technology are analyzed, which include limitations of computing power, information limitations, and methodological problems. It was found that overcoming the problem of limiting computing power in connection with similar requirements for the hardware base contributed to the synergistic interaction of blockchain technology and artificial intelligence. It is shown that a promising aspect of the synergy of artificial intelligence and blockchain technologies in the context of the use of computing power is related to the idea of using the computing power of miners to solve problems that have an independent value, in particular, the training of artificial neural networks. The key trends of the digital transformation of the economy, for which the key determinant is the synergy of blockchain and artificial intelligence, are the Internet of Things, the sharing economy, as well as inclusion and sustainable development. The synergistic effect of artificial intelligence and blockchain technology in the field of the IoT is that artificial intelligence makes it possible to bring the degree of "intelligence" of devices to a qualitatively new level, endowing them with the ability to make autonomous decisions and adaptive behavior. And blockchain technology is able to neutralize a significant part of the threats in the field of IoT, in particular, those associated with increasing autonomy of smart devices. The role of artificial intelligence in the development of the sharing economy is to optimize the recommendations of digital platforms regarding the exchange of resources or access to them, which leads to an increase in the effectiveness of the decisions making, an increase in consumer satisfaction, and has a positive effect on the operational results of the platforms themselves. Blockchain technologies, which are actively used by digital platforms of the sharing economy, increase the safety and reliability of the functioning of these platforms. The synergy between blockchain and artificial intelligence is important given the role they play in enabling inclusion and sustainable development. Their importance in ensuring inclusion is due to the fact that they facilitate the involvement of a wider range of stakeholders in the decision-making process and the redistribution of value through decentralized organizations (DAOs). This ensures the formation of an effective business model, which promotes the activation of the role of small and medium-sized enterprises and the emergence of an effective alternative to the trend of global capital concentration and the dominance of transnational corporations.
Managing smart contracts in an Agile software development based on blockchain technology enables project managers to offer rules for software processes to meet the needs and expectations of stakeholders. On the one hand, smart contracts’ faster cycle time, lower fraud, and lower fees and charges have ensured that the business logic satisfies the stakeholder’s criteria. Agile approaches, on the other hand, are development processes that use incremental and iterative engineering methodologies to drive the system life cycle. Such methodologies are typically well-suited for incorporating and adapting management ideas early in the development life cycle. To reconcile both viewpoints, this work provides an organization modeling for constructing smart contracts on the blockchain utilizing organizational modeling techniques that allow all processes as well as the smart contracts management discipline in supply chain finance system development to be illustrated.
This research examines the changes and effects of digital transfer in creative industries on the music market strategies for digital entrepreneurship. This study uses the transfer of digital technology, such as non-fungible tokens (NFTs) and Artificial intelligence (AI), by entrepreneurial producers and suppliers to illustrate how new technologies transform market dynamics through audience personalisation and decentralised business models. In addition to addressing how these new technologies open up opportunities, this paper provides industry stakeholders with practical strategies to negotiate challenges successfully. These changes change market access and generate entrepreneurial ideas by increasing the strategies' efficiency. At the same time, the results of this research show how the new business models presented in the new decentralised markets lead to the democratisation of the market and, thus, to the increase of entrepreneurship and the cultivation of new ideas. This study uses a questionnaire of music projects presented as NFT, the researcher's experiences participating in NFT projects, and a questionnaire conducted by the researcher with project agents. For this purpose, this research has used the 217 responses it received as statistical data from the questionnaire. This research examines identifying the results of using new technologies and their relationship with the theories of digital entrepreneurship strategy. It answers how using entrepreneurial strategies to apply new technologies, especially artificial intelligence and NFTs, creates new opportunities in entrepreneurship.
This paper examines the complex landscape of digital currencies, non-fungible tokens (NFTs), and distributed ledger technology (DLT), focusing on their implications within the accounting and financial reporting sector. The surge in popularity of these assets has brought about reporting challenges and complexities. The lack of comprehensive accounting standards and the digitization of financial reporting processes further compound the situation. These challenges underscore the need to update accounting practices to align with the security and transparency offered by DLT. The study examines the International Financial Reporting Standards (IFRS) for digital currency reporting, analysing their implications and potential solutions for the accounting community. Central to this exploration is the question: How can the accounting sector navigate the multifaceted challenges and harness the multifarious opportunities that stem from digital currencies, NFTs, and DLT? Using a comprehensive research approach, including a literature review, empirical analysis, case studies, and comparative analysis, this study identifies strategies for managing the reporting complexities of digital assets. It also highlights the importance of collaborative dialogue between stakeholders and regulators to ensure consistency in an evolving landscape. This paper guides the accounting and investment sector in making informed decisions, fortified by a nuanced understanding of the evolving digital asset terrain.
Lyudmila Kovalchuk, Nataliia Kuchynska, Mikhail S. Kondratenko
The paper investigates the issues of the safe operation of a two-level blockchain with a complex mixed consensus protocol — Proof-of-Stake in the main blockchain (mainchain) and Proof-of-Work in the secondary (sidechain). This two-level blockchain is built on the principle of the Proof-of-Proof protocol, where the safety of the sidechain is ensured by the stability of the mainchain, by referring the mainchain blocks to the sidechain blocks using special transactions. Such a structure allows faster issuance of blocks in the sidechain and, accordingly, faster processing of transactions without loss of security and without increasing the volume of the block. In turn, such a two-level blockchain is of the greatest interest for the creation of a cascade system of state registers, which will be guaranteed to be protected against the substitution and forgery of documents. The main results of the work are explicit analytical expressions for estimates of probability of double spend attack on such two-level blockchain, under the condition of adversary in sidechain and in mainchain. Keywords: blockchain, mainchain, sidechain, cryptocurrencies, mining, Proof-of-Proof consensus protocol, double spend attack.
Open access
2 source records
Blockchain Technology Applications and Security
Advanced Research in Systems and Signal Processing
This article examines the current state of financial monitoring as a tool for combating and preventing money laundering and corruption. The use of blockchain technology is becoming increasingly prevalent in the field of financial monitoring for legal compliance. It offers a range of benefits, including improved accuracy, transparency, and security in tracking financial transactions. However, its adoption also poses several challenges, such as data privacy concerns, regulatory compliance, and the need for skilled personnel to operate and maintain these systems. This article explores the opportunities and challenges of leveraging blockchain technology to enhance legal compliance and financial monitoring. It also examines its key features and potential applications in financial monitoring. With the increasing adoption of this technology, the financial monitoring landscape is set to transform in the coming years, paving the way for a more efficient and effective way to combat and prevent money laundering and corruption.
Blockchain architecture is based on distributed and decentralised technology used to store transaction records in blocks [1].These blocks are linked to each other based on the value of the hash address (previous hash) generated through a cryptographic mechanism [2].Blockchain technology has developed as an open ledger to record transactions in a distributed manner.New blocks will be created after the mining process is complete through the protocol consensus that requires each peer to verify transactions [3][4][5].
We present a comprehensive analysis of the profitability of technical trading strategies that were successful within the sample period for the cryptocurrency pairs BTC/USDT and ETH/USDT. The study covers the time period from August 2017 to October 2023 and employs rigorous data snooping tests including reality checks and stepwise tests. This approach ensures that any positive results obtained are not merely coincidental, but instead reflect the intrinsic value of the method. Our results indicate that the previously profitable technical approaches, observed prior to December 2021, generally failed to generate profits during the subsequent out-of-sample period, especially after adjusting for potential data snooping. Based on the results, it is recommended to exercise caution when relying solely on historically profitable trading strategies and advisable for investors and practitioners to validate the performance of such strategies in real-time market conditions before implementing them. The findings of the study highlight the difficulty of identifying profitable technical trading strategies in an out-of-sample context when only data from the in-sample period are available, which lends support to the efficient market hypothesis within the cryptocurrency market.
The study focuses on developing a smart contract framework for the sharing of government big data in the context of “ckchain + government big data." The unique characteristics of government big data sharing are taken into consideration during the modeling process. The analysis of the smart contract's operational mechanism for "blockchain + government big data" sharing encompasses various aspects, including contract generation, deployment, and invocation. Furthermore, the research investigates the key challenges associated with cross-chain sharing of government big data. Building upon this analysis, the framework and operational mechanism of a smart contract for cross-chain sharing of government big data are examined within the specific scenario of cross-chain sharing. Consequently, valuable recommendations are proposed to facilitate the open sharing and controlled utilization of government big data within the blockchain context.
This paper explores the issues of building digital twins for smart cities, which can be controlled manually or with the assistance of intelligent systems. For these purposes, a specialized logic platform, Delta, is being built, which has such properties as transparency, reliability, and predictability. The Delta platform allows us to represent the digital twins of cities as a network of smart contracts that interact with each other within a unified multi-blockchain system. The inclusion of Delta-learning and Delta-connection modules facilitates knowledge acquisition and utilization for AI-driven process management and sensor integration within smart cities.
Purpose: of the study is to identify promising areas for the use of metaverse technologies in the field of public finance in Russia in the context of the current sanctions restrictions and considering the peculiarities of the national budget system. Methods: the research uses such general scientific methods as literature review, comparative analysis, generalization and analysis of factual data. The work uses the method of constructing block diagrams that describe the key relationships of objects and related business processes to illustrate the proposed innovations. Results: the main results of the study include: 1) proposals for further digitalization of public and socially significant services using VR / AR technologies; 2) a scheme for integrating distributed ledger technologies (based on blockchain) into the treasury budget service system; 3) guidelines for the use of smart contract technologies in the field of public procurement, considering exclusive and inclusive access. Conclusions and Relevance: most of the current government information systems are based on traditional relational databases, which have technological limitations compared to modern distributed ledger technologies. At the same time, the development of the sphere of public finance in the context of the digital transformation of economic relations and the active spread of metauniverses requires continuous updating of the technological infrastructure. The study made it possible to conclude that the technological capabilities of the metaverses cover the current needs for the digital transformation of public finances. In addition, for the Russian public finance sector, the current metaverse tools can be assessed as a factor in further digital development under the current sanctions restrictions.
Δαμιανός Π. Σακάς, Nikolaos T. Giannakopoulos, Marina C. Terzi, Νίκος Κανέλλος · 5 authors
Emerging technologies in the digital context can favor industrial sector firms in their aim to improve their performance. Digitalization is mainly expressed through the utilization of big data that originate from various sources. Blockchain technology has led to the extended adoption of capitalization of Decentralized Finance (DeFi) services, such as cryptocurrency trade platforms. Supply chain firms, in their quest to exploit any means and collaborations available to promote their services, could place advertisements on DeFi’s social media profiles to boost their financial performance. Social media analytics, as a part of the big data family, are an emerging tool for promoting a firm’s digital transformation, based on the plethora of customer behavioral data they provide. This study aims to examine whether the social media analytics of DeFi platforms are capable of affecting their website visibility, as well as the financial performance of supply chain firms. To do so, the authors collected data from the social media profiles of the most-known DeFi platforms and web analytics from the most significant supply chain firms’ websites. For this purpose, proper statistical analysis, Fuzzy Cognitive Mapping, Hybrid Modeling, and Cognitive Neuromarketing models were adopted. Throughout the present research, it has been discerned that from an increase in the social media analytics of DeFi platforms, their website visibility increases, while the organic and paid traffic costs of supply chain firms decrease. Supply chain firms’ website customers tend to increase at the same time.
Most often, the possibilities of the applied digital technologies / tools are not used to their full extent, which is due to either the insufficient level of knowledge and competencies of the staff, or the complexity of the technical program implementation. At the same time, the methodology of digital transformation itself, especially in relation to logistics and supply chain management (SCM), is insufficiently developed, despite the existing works of foreign and domestic specialists in this field. The results of the analysis show the relevance and urgent need for the development of conceptual technological platforms of digital solutions for logistics services in supply chain management at the stage of using artificial intelligence and blockchain technology. A study was conducted on the possibility of using promising digital technologies in logistics and ULP, in particular Blockchain (distributed ledger systems), Cloud Services (cloud services), Augmented/Virtual Reality (AR/VR) (augmented / virtual reality), Big Data (big data analytics), Predictive Analytics, Industry 4.0 (Robots) and the Internet of Thing. The very procedure of digital transformation of supply chains should include a number of project solutions related to the formation of a communication network structure (Multi Party Net-work), in particular, using blockchain technology, an integrated supply chain planning system, as well as a digital platform for controlling and monitoring events in the chain supplies (Supply Chain Control Tower). Warehouse logistics is an industry that actively implements innovations. To work in the warehouse, special robots with the prefix AGV (literally – automatically controlled vehicle) are used. A project analysis is being conducted on the development of unmanned trucks using the existing developments of unmanned technologies of domestic car manufacturers and prototypes of unmanned cargo vehicles. The necessity of researching the prospects of robotization of warehouse operations and the use of unmanned vehicles (drones and trucks without drivers) in the distribution / delivery of Final Mile Logistics is shown.
Open access
Economic and Technological Systems Analysis
Digital Economy and Transformation
Digitalization and Economic Development in Agriculture