Blockchain technology can drastically reduce the costs associated with claim verification in the insurance and Takaful industry while increasing trust among involved parties through smart contracts and a shared source of truth. This study examines whether Takaful operators and insurance companies apply blockchain differently and explores the benefits of blockchain technology and smart contracts for both. It conducts a systematic review of relevant literature and a meta-analysis to assess how current studies describe and combine cases as evidence. The results indicate that Takaful and insurance companies that use smart contracts experience a reduction in fraudulent claims, increased transparency, enhanced connections between involved parties, and automation of claim payments with minimal human intervention. The analysis reveals no difference in the application of blockchain technology between the two types of operators, despite the distinct operating contracts of Takaful and conventional insurance.
Healthcare Systems in local areas are still in conventional semi-structured methods in processing patient's medical records.The study compares different related works through a systematic approach to provide insights and help improve the proposed system.The main purpose of this study is to enhance the electronic health record for local community through simulating and testing the performances of the proposed system with the integration of blockchain smart contracts to ensure quality of healthcare services before deploying it in the network.The experiment will be using automation approach for faster results and evaluation.This paper aims to evaluate the digitalized healthcare system and determine the results from the key components including response time, throughput, load handling capability, scalability, security and reliability.This study also employed comprehensive assessment through conducting an online survey to determine the users' perceived usefulness of the proposed system.There were 43 respondents who have participated the survey.The findings of the study suggested that the notably practical success rate offer promising implications for embracing the proposed system.The testing helps the confidentiality of the system and lessen the risk in adopting blockchain among healthcare providers in Pangasinan and underscoring its capabilities to enhance the existing healthcare system.
This research paper analyses the outcome of the continuous evolvement of banking industry, it is undergoing significant change because of technological advancements that are improving client satisfaction, efficiency, and security while also changing conventional financial practices. The use of cutting-edge technologies like cloud computing, blockchain, big data analytics, and artificial intelligence (AI) has completely changed how banksfunction and engage with their clientele. These developments make it possible for smooth online transactions, individualized financial services, and enhanced decision-making. Moreover, risk management, fraud detection, and regulatory compliance are all improved by the combination of automation and machine learning. Traditional banks are under more and more pressure to compete by utilizing technology to fulfil changing client expectations as fintech and digital banking platforms gain traction. The industry is embracing change to guarantee accessibility, scalability, and resilience through projects like decentralized finance (DeFi), improved mobile banking apps, and biometric security measures. In addition to increasing operational efficiency, the ongoing advancement of technology enables banks to make substantial contributions to global financial inclusion and economic growth. This essay emphasizes how important technology breakthroughs are to promoting creativity, resolving business obstacles, and opening the door to a financial environment that is more effective, safe, and customer focused.
This paper presents an in-depth analysis of the architecture and development of an innovative application designed to virtualize transaction execution on the Solana blockchain.This virtualization system facilitates the execution of smart contracts at native speeds, while concurrently evaluating the outcomes within a controlled and isolated environment, separate from the live blockchain network.By employing this approach, the system maximizes performance efficiency and ensures the integrity of blockchain data during testing phases.The study meticulously examines the key design considerations, development challenges, and technological implementations in constructing this sophisticated virtualization tool.Furthermore, the application forms the foundation for a comprehensive testing suite that rigorously assesses the performance and security of smart contracts before their deployment on the Solana network.This work aims to advance the blockchain development field by offering a robust framework for testing and validation, thereby enhancing the reliability of smart contracts through rigorous pre-deployment evaluation processes.
Abstract Initial coin offerings (ICOs) have emerged as a new form of digital and decentralized finance. They have the potential to disrupt conventional finance sources and expand capital-raising alternatives. However, their decentralized nature, lack of regulation, and market complexity, along with fraud events, have led to a crisis of trust. This crisis jeopardizes firms' fundraising success. This study examines the role of specialized venture capitalists (VCs) in overcoming transparency issues and restoring trust in the market and ICO issuers. Based on data from 191 ICOs, our results show that VC-backed firms have higher ICO success. This success is more pronounced for firms affiliated with VCs specializing in blockchain technologies, especially if ICO issuers are opaque and riskier. Specialist VC affiliation leads investors to buy more tokens. This effect increases with additional affiliations with other specialized VCs. For early-stage firms with a product/service, generalist VC affiliation also plays a certification role, enhancing the probability of ICO success.
Russia is a global forerunner in cryptocurrency adoption. This paper explores how cryptocurrency, as a techno-economic actant, informs the way Russians strategize their lives and imagine alternative futures. Based on in-depth interviews with Russian cryptocurrency owners and advocates (N = 21), we show how this new digital asset is tied to specific techno-economic imaginaries, allowing Russians to envision shortcuts out of prolonged crises. By mobilizing concepts from science and technology studies, sociology of crises, and the study of economic valuation, we unpack how cryptocurrency has a performative effect (i.e. acts and makes act) on the way Russians live during crises. The analysis reveals three shortcuts on different social levels. First, on a day-to-day level, cryptocurrency is imagined as a way to hedge against inflation, circumvent payment restrictions, and find alternative sources of income. Second, it acquires political value as it is seen as a means to circumvent state power through self-custody of value and anonymity. Finally, engagement with cryptocurrency fosters a belief in an alternative geofinancial configuration, envisioning the replacement of the US Dollar as the global currency and imagining a post-state tech utopia.
Wansen Wang, Pu Zhang, Renjie Ji, Wenchao Huang · 6 authors
Some smart contracts violate decentralization principles by defining privileged accounts that manage other users' assets without permission, introducing centralization risks that have caused financial losses. Existing methods, however, face challenges in accurately detecting diverse centralization risks due to their dependence on predefined behavior patterns. In this paper, we propose JANUS, an automated analyzer for Solidity smart contracts that detects financial centralization risks independently of their specific behaviors. JANUS identifies differences between states reached by privileged and ordinary accounts, and analyzes whether these differences are finance-related. Focusing on the impact of risks rather than behaviors, JANUS achieves improved accuracy compared to existing tools and can uncover centralization risks with unknown patterns. To evaluate JANUS's performance, we compare it with other tools using a dataset of 540 contracts. Our evaluation demonstrates that JANUS outperforms representative tools in terms of detection accuracy for financial centralization risks . Additionally, we evaluate JANUS on a real-world dataset of 33,151 contracts, successfully identifying two types of risks that other tools fail to detect. We also prove that the state traversal method and variable summaries, which are used in JANUS to reduce the number of states to be compared, do not introduce false alarms or omissions in detection.
Kamil Erdayandı, Lucas C. Cordeiro, Mustafa Mustafa
This paper proposes a novel Privacy-preserving and Accountable Billing (PA-Bill) protocol for peer-to-peer energy trading markets. It addresses the challenges of discrepancies between committed and delivered energy volumes, ensuring accurate billing, privacy, and accountability. PA-Bill employs a universal cost-splitting mechanism to enhance fairness and prevent indirect privacy leakage. The protocol leverages homomorphic encryption to protect user data and uses blockchain technology to maintain accountability through an immutable and transparent distributed ledger. Additionally, it includes a dispute resolution mechanism to rectify erroneous bill calculations and identify responsible parties, thus ensuring non-repudiation. Our experimental and theoretical evaluations demonstrates that PA-Bill effectively supports large communities of up to 2000 households, offering a computationally efficient, privacy-preserving, and accountable billing solution in a semi-decentralised manner.
N. Gayathri, M. Aswin, Mr. A Shishand, Mr. A.T Sabarigireeson · 5 authors
This paper explores a blockchain-based approach to redefining digital ownership through Non-Fungible Tokens (NFTs). Phase 1 focused on developing smart contracts on the Ethereum blockchain, minting unique NFTs, and implementing secure transfer mechanisms. These steps ensure transparency, immutability, and decentralized verification of ownership via blockchain hashes, demonstrating the potential of NFTs to revolutionize asset ownership. Looking ahead, Phase 2 will involve designing a user-friendly web interface for an NFT marketplace. This platform will enhance accessibility and engagement by simplifying NFT creation, buying, and selling while integrating features like intuitive design and wallet compatibility. Together, these efforts aim to bridge blockchain technology and mainstream adoption, transforming the landscape of digital ownership. Keywords: Blockchain, NFTs, Smart Contracts, Digital Ownership, Ethereum, NFT Marketplace, Decentralized Verification.
Talal Alqahtani, Shuja Ansari, Yusuf Sambo, Muhammad Ali Imran
The wireless spectrum, although a finite resource, is often sub-optimally managed, leading to underutilization and lengthy allocation timelines. Blockchain’s inherent characteristics including decentralization, traceability, and tamper-proofing are crucial for designing efficient spectrum management systems, creating a secure and reliable transaction environment. This paper presents a framework for creating a decentralized secondary marketplace for spectrum trading through blockchain technology to optimize spectrum utilization. Our experiments validate the capability of Blockchain to monetize and facilitate on-demand spectrum trading between operators to improve utilization. This study highlights the benefits of decentralization and trust inherent in blockchain technology, offering spectrum holders and buyers a flexible and efficient trading platform.
Abstract This article introduces a blockchain-based insurance scheme that integrates parametric and collaborative elements. A pool of investors, referred to as surplus providers, locks funds in a smart contract, enabling blockchain users to underwrite parametric insurance contracts. These contracts automatically trigger compensation when predefined conditions are met. The collaborative aspect is embodied in the generation of tokens, which are distributed to surplus providers. These tokens represent each participant’s share of the surplus and grant voting rights for management decisions. The smart contract is developed in Solidity, a high-level programming language for the Ethereum blockchain, and deployed on the Sepolia testnet, with data processing and analysis conducted using Python. In addition, open-source code is provided and main research challenges are identified, so that further research can be carried out to overcome limitations of this first proof of concept.
Muhammad Yousaf, Muhammad Imran Tariq, Abdul Jabbar, Syed Qaiser Jalil
This comprehensive review paper explores the diverse landscape of cryptocurrency forecasting, tracing its evolution from an alternative to traditional monetary systems to its significant growth in the global financial arena. It consolidates existing research by categorizing and analyzing 234 scholarly articles, organizing them into machine learning, deep learning, deep reinforcement learning, and statistical methodologies, and evaluating the related metrics. The case study titled “Examining the performance differences between backtesting and forward testing” highlights the challenges investors face, as strategies that appear effective in backtesting often fail in practical use. Another case study, “Social Data Exploration in Cryptocurrency Trends,” examines how social media data can provide insights into market movements and investor sentiment, revealing the impact of social trends on cryptocurrency prices. The findings section provides a detailed view, illuminating trends such as yearly publication rates, methodological distributions, input features, training/testing splits, the total number of data samples considered, and forecasting time horizons. This survey paper serves as a valuable resource, providing researchers and investors with a solid foundation for understanding and navigating the dynamic field of cryptocurrency forecasting.
Youquan Xian, Xueying Zeng, Xuan, Duancheng, Dan Yang · 7 authors
Blockchain smart contracts have catalyzed the development of decentralized applications across various domains, including decentralized finance. However, due to constraints in computational resources and the prevalence of data silos, current smart contracts face significant challenges in fully leveraging the powerful capabilities of Large Language Models (LLMs) for tasks such as intelligent analysis and reasoning. To address this gap, this paper proposes and implements a universal framework for integrating LLMs with blockchain data, {\sysname}, effectively overcoming the interoperability barriers between blockchain and LLMs. By combining semantic relatedness with truth discovery methods, we introduce an innovative data aggregation approach, {\funcname}, which significantly enhances the accuracy and trustworthiness of data generated by LLMs. To validate the framework's effectiveness, we construct a dataset consisting of three types of questions, capturing Q\&A interactions between 10 oracle nodes and 5 LLM models. Experimental results demonstrate that, even with 40\% malicious nodes, the proposed solution improves data accuracy by an average of 17.74\% compared to the optimal baseline. This research not only provides an innovative solution for the intelligent enhancement of smart contracts but also highlights the potential for deep integration between LLMs and blockchain technology, paving the way for more intelligent and complex applications of smart contracts in the future.
This paper addresses the challenge of preserving user privacy within the Internet of Things (IoT) ecosystem using blockchain technology. Several approaches consider using blockchain and encryption to enhance the privacy of IoT applications and constrained IoT devices. However, existing blockchain platforms such as Ethereum and Hyperledger Fabric already use encryption to store data blocks and secure communication. Therefore, introducing an additional cryptographic layer on top of these platforms could potentially increase processing overhead and reduce response time. In this work, we investigate the integration of IoT and blockchain for privacy preservation. More specifically, we propose a new model that leverages the properties of private blockchain and smart contracts to ensure user data privacy when shared with others. We define policy-based algorithms and notations to assist users in managing smart contracts responsible for registering and controlling their IoT devices. We also specify multiple smart contracts designed to enhance privacy by creating a private channel for communication between the user and the blockchain network.
Kilian Schmück, Magnus Schückes, Tobias Gutmann, Oliver Gassmann
Business model literature, while insightful, primarily focuses on the Internet and Web 2.0 contexts. The emergence of pioneering digital technologies, especially the Web3 anchored by blockchain, necessitates reevaluating business model paradigms, particularly those of platform business models within related ecosystems. This study delves into blockchain's unique affordances, investigating how they mold novel Web3 business model patterns and integrate into specific platform ecosystems. We scrutinize the characteristics, trajectories, and synergies of value creation and capture. Using a mixed-methods approach involving 171 interviews and a subsequent sample of 126 Web3 ventures, we delineate a taxonomy of Web3 business model dimensions, clustering emergent decentralized platform ecosystems into pertinent archetypes. Our theoretical model delineates how blockchain affordances influence these configurations, emphasizing the dynamic between a platform's nucleus and its fringes. We highlight Web3 platform design choices leaning towards data sovereignty, emphasizing how the degree of blockchain integration within platform governance—leading to information symmetry and platform disintermediation—transitions digital trust to what we term as digital truth . • Blockchain-based platforms enable new decentralized governance structures in platform ecosystems. • Two distinct Decentralized platform archetypes are identified: Federated and Web3 platform ecosystems. • Platform-inherent token is crucial for incentivization and coordination schemes in fully decentralized platform ecosystems. • Blockchain affordances offer innovative pathways for overcoming B2B platform challenges. • Our study provides managerial insights for designing blockchain-based platform strategies.
Smart contracts are self-executing programs on blockchain platforms like Ethereum, which have revolutionized decentralized finance by enabling trustless transactions and the operation of decentralized applications. Despite their potential, the security of smart contracts remains a critical concern due to their immutability and transparency, which expose them to malicious actors. Numerous solutions for vulnerability detection have been proposed, but it is still unclear which one is the most effective. This paper presents a systematic literature review that explores vulnerabilities in Ethereum smart contracts, focusing on automated detection tools and benchmark evaluation. We reviewed 3,380 studies from five digital libraries and five major software engineering conferences, applying a structured selection process that resulted in 222 high-quality studies. The key results include a hierarchical taxonomy of 192 vulnerabilities grouped into 13 categories, a comprehensive list of 219 detection tools with corresponding functionalities, methods, and code transformation techniques, a mapping between our taxonomy and the list of tools, and a collection of 133 benchmarks used for tool evaluation. We conclude with a discussion about the insights into the current state of Ethereum smart contract security and directions for future research.
This paper investigates the evolving landscape of decentralized finance (DeFi) by examining its foundational concepts, research trends, and ecosystem. A bibliometric analysis was conducted to identify thematic clusters and track the evolution of DeFi research. Additionally, a thematic review was performed to analyze the roles and interactions of key participants within the DeFi ecosystem, focusing on its opportunities and inherent risks. The bibliometric analysis identified a progression in research priorities, transitioning from an initial focus on technological innovation to addressing sustainability, environmental impacts, and regulatory challenges. Key thematic clusters include decentralization, smart contracts, tokenization, and sustainability concerns. The analysis of participants highlighted the roles of developers, liquidity providers, auditors, and regulators while identifying critical risks such as smart contract vulnerabilities, liquidity constraints, and regulatory uncertainties. The study underlines the transformative potential of DeFi to enhance financial inclusion and transparency while emphasizing the need for robust security frameworks and regulatory oversight to ensure long-term stability. This paper comprehensively explains the DeFi ecosystem by integrating bibliometric and thematic analyses. It offers valuable insights for researchers, practitioners, and policymakers, contributing to the ongoing discourse on the sustainable development and integration of DeFi into the global financial system.
Decentralized Finance (DeFi) has undergone significant expansion, evolving from a niche market into a complex alternative financial ecosystem. This burgeoning landscape now encompasses a diverse array of financial services, including decentralized exchanges, lending and borrowing platforms, stablecoins, derivatives, yield optimization services, prediction markets, and privacy-enhancing technologies such as token mixers. While the total value locked in DeFi protocols-estimated at approximately 77 billion USD-underscores its increasing significance, it simultaneously highlights the critical necessity for robust security measures.
• This paper reviews an overview of Energy Trading using Conventional and Advance method. • The application of Blockchain Technology in a de-regulated environment for peer-to-peer energy trading is discussed. • This article mentions existing financial models for implementing blockchain-based systems. • Blockchain Technology explores distributed architecture, security, privacy, economic effects, legal challenges, transaction object matching, and cost reduction in Energy Trading Platforms. • Review on Smart energy meter and IOT technology usage for Energy trading platform. Abstract Energy commerce models have changed due to the proliferation of renewable energy sources, moving from centralized to decentralized systems. Although a crucial element of these schemes is blockchain technology, problems with poor productivity, expensive transaction fees, and privacy and security concerns still exist. Although new ideas and techniques have been proposed to address these problems, unsolved regulatory frameworks and environmental difficulties still exist. Power sales agreements, electrical marketplaces, the benefits and drawbacks of energy trading, the design of trading platforms, market participant responsibilities, and energy trading are all covered in this article. Blockchain technology may improve security, lower prices, lessen the impact of distributed generation on the electrical grid, boost the advantages of energy storage, and attract social capital for shared energy storage. Because of the worldwide energy issue, automation must be included in the electrical industry. Energy waste may be decreased, and energy conservation can be aided via the Internet of Things (IoT). This paper investigates a blockchain-controlled microgrid model for smart meters and IoT, particularly on peer-to-peer interactions in conventional and non-conventional energy sources.
Purpose. The aim of the article is to explore modern trends in the development of the fintech industry in the context of the transformation of the global business landscape and to identify key challenges and opportunities for the further advancement of financial technologies. Methodology of research. General scientific and specialized methods were used in the process of the study, namely: a systematic approach to analyse the interconnections between financial technologies and the transformation of the global business landscape; comparative analysis methods to assess fintech development trends in different countries; economic and statistical methods to study the dynamics of the financial technology market; and forecasting methods to determine the prospects for the development of the financial sector in the era of digitalization and globalization. Findings. Theoretical foundations have been examined, and key trends in the development of financial technologies in the context of the transformation of the global business landscape have been systematized. The impact of central bank digital currencies (CBDC), decentralized finance (DeFi), SuperApps, and the "Buy Now, Pay Later" (BNPL) model on the structure of the financial market has been analysed. The main regulatory challenges, cybersecurity threats and the specifics of adapting financial institutions' business models to rapid technological changes have been identified. Originality. The substantiation of the interrelationship between globalization, the digitalization of the financial sector, and the evolution of financial technologies has been further developed, taking into account the challenges of cybersecurity, regulatory compliance, and business model adaptation. Particular attention has been paid to the integration of fintech solutions into the international economic system and their potential impact on traditional banking institutions. Practical value. The conclusions and recommendations derived from the study can be used by financial institutions, fintech companies, and regulatory bodies to develop strategies for adapting to emerging technological changes, improving regulatory policies, and enhancing the resilience of the financial system in the context of global digital transformation. Key words: financial technologies, fintech industry, global business landscape, global development trends, FinTech, CBDC, DeFi, BNPL, SuperApps, globalization, digitalization of the financial sector, regulatory challenges, cybersecurity.
Meiske Mariana Wenseslas Lasut, Engeli Yuliana Lumaing, Ademsi Timomor, Wenly R. J. Lolong · 5 authors
This study aims to analyze the legal and social implications of cryptocurrency adoption in developing countries. This study adopts a holistic approach that integrates legal, social, and economic analysis to provide a more comprehensive understanding. This study uses a qualitative method with a literature review approach. Data were collected through a systematic search of academic databases using relevant keywords. Thematic analysis was conducted to identify key themes related to cryptocurrency adoption in developing countries. Triangulation of data sources and consideration of geographical context were conducted to ensure the validity of the results. The results show that cryptocurrency adoption in developing countries has significant potential but also presents complex challenges. Some of the key findings include: cryptocurrency has the potential to increase financial inclusion for the unbanked population; developing countries face regulatory dilemmas in adopting cryptocurrency; widespread adoption of cryptocurrency can affect macroeconomic stability; cryptocurrency shows the potential to revolutionize the remittance sector; limited technological infrastructure is a major barrier to adoption; cryptocurrency adoption has diverse social implications, including the risk of widening the digital divide; lack of consumer protection mechanisms is a major concern; international collaboration is essential in addressing adoption challenges; low financial and digital literacy are significant barriers; and cryptocurrency adoption raises environmental concerns related to energy use.
Purpose- Cryptocurrency adoption has tremendously improved in Sub-Saharan Africa's emerging economies. Despite this trend, less emphasis has been placed on determinants of cryptocurrency adoption in such economies. This study extended the Theory of Reasoned Action (TRA), Theory of Planned Behavior (TPB), and Technology Acceptance Model (TAM), to examine aspects that determine cryptocurrency adoption in Kenya. The study findings may assist policymakers in developing a sturdy regulatory framework for adopting digital assets and monitoring Virtual Asset Service Providers (VASPs). Methodology- Data was collected through questionnaires from 400 students, graduates, and investors who had information about cryptocurrency. The study employed a structural equation model to estimate our latent constructs. Findings- Results confirmed the hypotheses that perceived utility, perceived ease of usage, perceived risk, attitude, and subjective norms are significant constructs in determining behavioral intent to use cryptocurrency in Kenya. Further, the mediatory role of attitude on cryptocurrency adoption was also confirmed. Conclusion- Policies that promote the introduction of an e-cash platform, regulation of digital system currencies, social mass awareness, and cryptocurrency companies with good reputations should be introduced by the government to ensure the development of the cryptocurrency market in Kenya. Keywords: Cryptocurrency, perceived risk, perceived utility, perceived usability, subjective norm JEL Codes: G15, O30, E32
Abstract: The chapter "Decentralized Innovation: Transforming Finance, Real Estate, Healthcare, and Energy with Blockchain" explores the profound impact of blockchain technology in reshaping key global industries. By leveraging decentralization, blockchain enhances transparency, trust, and efficiency, eliminating intermediaries and fostering innovation. The chapter delves into blockchain’s transformative role in finance through decentralized finance (DeFi) and cross-border transactions, revolutionizes real estate with tokenization and smart contracts, secures healthcare data while enhancing pharmaceutical supply chains, and advances renewable energy with peer-to-peer trading and carbon credit management. Through case studies, challenges such as scalability, regulatory hurdles, and ethical considerations are analyzed alongside emerging trends like blockchain-AI integration and cross-industry applications. This comprehensive exploration underscores blockchain’s potential to drive a sustainable, transparent, and decentralized future across sectors. Keywords Blockchain, Decentralization, Decentralized Finance, DeFi, Smart Contracts, Tokenization, Renewable Energy, Healthcare Data Security, Peer-to-Peer Energy Trading, Carbon Credit Management, Blockchain-AI Integration, Transparent Supply Chains, Real Estate Innovation, Cross-Industry Blockchain Applications, Decentralized Ecosystems.