Automated Market Makers (AMMs) are a cornerstone of decentralized finance. They are smart contracts (stateful programs) running on blockchains. They enable virtual token exchange: traders swap tokens with the AMM for a fee, while liquidity providers supply liquidity and receive these fees. Demand for AMMs is growing rapidly, but our experiment-based estimates show that current architectures cannot meet the projected demand by 2029. This is because the execution of existing AMMs is non-parallelizable. We present SAMM, an AMM comprising multiple shards. All shards are AMMs running on the same chain, but their independence enables parallel execution. The security of SAMM, unlike in classical sharding solutions, relies on incentive compatibility. Therefore, SAMM introduces a novel fee design. Through analysis of Subgame-Perfect Nash Equilibria (SPNE), we show that SAMM incentivizes the desired behavior: liquidity providers balance liquidity among all shards, overcoming destabilization attacks, and trades are evenly distributed. We validate our game-theoretic analysis with a simulation using real-world data. We evaluate SAMM by implementing and deploying it on local testnets of the Sui and Solana blockchains. To our knowledge, this is the first quantification of high-demand-contract performance. SAMM improves throughput by 5x and 16x, respectively, potentially more with better parallelization of the underlying blockchains. It is directly deployable, mitigating the upcoming scaling bottleneck.
Cryptocurrencies have been controversial since their inception, and today there are more than a hundred types of cryptocurrencies. People can trade freely without the control of any person or organization. After a period of development, cryptocurrencies already have a large number of users. The high rate of return also makes people more accepting of cryptocurrencies. However, cryptocurrencies still have many problems. For example, there is a serious conflict between the infrastructure and philosophy of cryptocurrencies and traditional monetary systems. This article identifies the impact cryptocurrencies have on individuals, governments, and the environment. What benefits cryptocurrencies offer and what challenges they face are discussed from different perspectives. This article discusses these controversial points in detail, points out the possible future development trends of cryptocurrencies, and gives relevant recommendations in this regard.
This paper systematically studies the profound impact of blockchain technology and cryptocurrencies on the financial sector, and deeply analyzes the transformation potential they bring to the traditional financial system through decentralized, secure and transparent transaction models. This study uses the comprehensive data set provided by the Kaggle platform to build a hybrid analysis framework integrating longitudinal data analysis and advanced prediction technologies, focusing on the dynamics of the cryptocurrency market between 2017 and 2021. By using ARIMA modeling technology, this article explores market trends, participant behavior, and volatility, understands the challenges and opportunities that cryptocurrencies bring, and then provides valuable insights. The findings of this study highlight the importance of the regulatory framework in risk management and maintaining financial stability, while also highlight the potential of blockchain technology to drive financial innovation and reshape monetary policy. This study has important practical significance for the financial sector to effectively utilize blockchain technology.
With the degradation of the environment due to increasing ecological destruction and pollution, sustainable development has become the paramount objective of social progress. As a result, the concept of green development has garnered considerable attention, which is an important starting point for China to achieve stable economic development and sustainable ecological development. To achieve high-quality economic progress while advancing environmentally friendly practices, it is imperative to formulate and uphold a sound green credit system. However, the phenomenon of greenwashing by enterprises still exists, which compromises the efficacy of green credit and hinders the long-term sustainable and well-organized progress of green finance. Building on the background of green credit, considering the existence of blockchain and government subsidies and adopting the method of tripartite evolutionary game, this paper examines the strategic decisions made by the government, financial institutions, and small and medium-sized enterprises in the context of greenwashing. An emphasis is placed on the impact of blockchain technology on the three parties involved in the green credit market. The findings demonstrate that blockchain technology can diminish the likelihood of greenwashing by businesses and enhance the impact of government subsidies. However, it cannot replace the regulatory authority of the government in sustainable development. Moreover, excessive subsidies can stimulate more greenwashing practices, but eliminating subsidies does not eradicate the root of greenwashing. To encourage sustainable economic development and minimize corporate defaults, the government ought to reinforce supervision and establish a robust social surveillance and publicity mechanism. This paper broadens the research perspective on the effectiveness of green credit and provides some empirical and theoretical references for further promoting the green transformation of SMEs and the sustainable development of the ecological environment.
This study explores the transformative potential of blockchain technology in green finance, aiming to assess how it enhances transparency, efficiency, and trust within the sector. Employing a systematic literature review and content analysis, the research scrutinizes peer-reviewed journals, industry reports, and case studies to elucidate blockchain's impact on sustainable financial practices. The methodology focuses on identifying the benefits, challenges, and strategic implications of blockchain applications in green finance, guided by specific inclusion and exclusion criteria to ensure the relevance and quality of the literature analyzed. Key findings reveal that blockchain technology significantly contributes to the transparency and efficiency of green finance mechanisms, such as green bonds and sustainability-linked loans, by providing immutable, transparent, and secure transaction records. This technological integration fosters trust among stakeholders, including investors, regulators, and beneficiaries, and addresses traditional challenges faced by green finance, such as lack of transparency and high transaction costs. The study underscores blockchain's role as a catalyst for change in the future of green finance, advocating for the development of supportive regulatory frameworks and international collaboration to fully harness its potential. Finally, the research offers strategic recommendations for enhancing transparency and trust in green finance through blockchain technology and identifies areas for future research, including the exploration of emerging technologies and the socio-economic implications of blockchain in sustainable finance. This study contributes to the ongoing discourse on leveraging blockchain technology to advance environmental sustainability goals within the financial sector. Keywords: Blockchain Technology, Green Finance, Transparency and Trust, Sustainable Financial Practices.
Angela Maria Vargas Ariza, Marleny Corzo Marín, Mayeth Lizeth Duran Duran
Results and contributions: Specific financial assurance procedures adapted to the context of the Metaverse are presented, addressing the particular challenges of virtual assets and smart contracts, where a risk assessment and the appropriate implementation of audit procedures are carried out. Contributing to the adequate preservation of these digital elements to guarantee security and lay the foundation for the future of the digital economy. Purpose: The objective is to describe the financial assurance procedures applicable to virtual assets and smart contracts generated in the metaverse, taking into account their financial, economic, legal and accounting characterization. Gap: The financial, accounting and legal characterization of digital assets in the Metaverse, I contribute to presenting audit procedures in accordance with international financial assurance standards that allow the integrity and reliability of transactions in this rapidly evolving virtual environment. Relevance: It is relevant to accountants and auditors who need to evaluate the integrity and reliability of financial operations in the Metaverse, as well as to any person or entity participating in this environment. Impact: The study will provide a solid foundation to address financial challenges in the metaverse, in the face of adequate procedures to audit and financially support virtual assets, thus contributing to the legality and reliability of operations. Methodology: the methodology is qualitative and descriptive, with a non-experimental transectional design. It begins with a review of the existing standard on financial assurance, virtual assets and smart contracts. It is then characterized by examining the applicable financial principles and regulations, as well as the legal and accounting aspects that influence their management and assurance, and the procedures and their applicability in the context of the Metaverse are evaluated.
Abstract This paper focuses on the development and deployment of a dApp (decentralized Application) for Smart Crop Production Data exchange (SCPDx) that runs on Antelope blockchain/IPFS infrastructure. The paper emphasizes practical approaches to dApp design and deployment, analyses architectural patterns of dApps, and underlines the role of smart contracts in implementing complex functionality. The paper’s contribution is the detailed description of the main smart contracts and the practical knowledge provided on the architecture and implementation of dApps, emphasizing the challenges and solutions in the development process, especially in the context of smart contract implementation. Future developments of the application towards additional data types processing, and design of an interface for leveraging, testing, and evaluating the performance of open source Large Language Models (LLMs) on specific datasets are commented on.
Adnan Ramzan, Hina Amir, Muhammad Atif Ur Rehman, Muhammad Ikram Ashraf
The findings of our extensive review of the cryptocurrency literature from 2010 to 2022 are presented in this report. We cover the definitions, history, uses, and distinctive activities of the cryptocurrency business in our overview. We initially conducted a bibliometric analysis on articles acquired from the Scopus database using the VOSviewer bibliometric and R package tool in order to identify the two main streams of cryptocurrency literature. Then, we conducted content analyses on pertinent publications from reputable sources. We also found gaps in the literature and suggested seven research areas that should be addressed in follow-up studies to improve understanding of the cryptocurrency sector. Researchers researching at the numerous sides of cryptocurrencies to increase our understanding of this industry may find the findings of this paper to be a helpful resource.
The global financial crisis of 2008-09 marked a pivotal moment in the history of finance, exposing vulnerabilities in the traditional banking system. It was during these tumultuous times that Satoshi Nakamoto introduced the world to Bitcoin, a revolutionary digital currency underpinned by blockchain technology. This paper explores the multifaceted impact of cryptocurrencies and blockchain, shedding light on their role in reshaping the financial landscape and addressing various societal challenges. The study begins by dissecting the roots of the financial crisis, emphasizing the role of centralization and opaque financial products in its genesis. It then delves into the birth of Bitcoin as an alternative monetary system and the ingenious solutions proposed by Nakamoto, notably the blockchain ledger. The blockchain, with its decentralized and transparent nature, promises to disrupt not only banking but also various industries and government processes. Furthermore, the paper examines the broader implications of cryptocurrencies, focusing on their potential to empower marginalized populations, facilitate cross-border remittances, and promote a cashless economy. It also discusses how blockchain technology is being adopted by major financial institutions and governments worldwide, paving the way for more efficient and secure transactions. However, the rise of cryptocurrencies has not been without challenges. The study explores the dark side of digital currencies, detailing how they have been exploited for illicit activities, particularly through privacy-centric cryptocurrencies like Zcash, Dash, and Monero. These cryptocurrencies offer anonymity that presents law enforcement agencies with significant challenges in tracing criminal activities, such as black-market transactions and ransomware payments.
This study investigates how decentralization and transparency offered by blockchain technology could revolutionize traditional finance. Even with the rise of well-known cryptocurrencies such as Bitcoin and Ethereum, a general understanding of blockchain’s influence on the financial industry is still lacking. We identified five major application cases—transparent credit scoring, effective consumer identification, expedited insurance settlements, improved cybersecurity, and the emergence of decentralized finance—where blockchain technology is well positioned to tackle persistent issues. We show how blockchain technology may address problems such as opaque credit scoring, poor customer identity, convoluted insurance settlement procedures, and susceptibility to cyberattacks by thoroughly examining various use cases. According to our research, a greater number of traditional financial institutions need to embrace and integrate blockchain innovations into their functions to promote inclusivity, transparency, and decentralization.
ABSTRACT This study investigates the failure of implementing neoliberalism and free market principles in cryptocurrencies, focusing on South Korea's response to the collapse of LUNA. Despite the promise of decentralization and peer-to-peer transactions inherent in cryptocurrencies, the collapse of LUNA highlights the limitations of unfettered market dynamics in ensuring stability and security. Using a qualitative research approach, this study examines the case of LUNA's collapse within the framework of neoliberal and free market concepts. Drawing on secondary sources such as articles, news, and internet sites, the research sheds light on the complexities of regulating decentralized financial systems. The findings reveal that the South Korean government intervened in the cryptocurrency market following the LUNA collapse to prevent similar incidents and establish regulatory frameworks for crypto assets. This intervention underscores the need for government oversight to maintain market stability and protect investors in the face of market volatility and manipulation. Furthermore, the study discusses the broader implications of these findings for cryptocurrency regulation and neoliberal economic policies. By examining the tensions between decentralized finance and neoliberal principles, the research contributes to a deeper understanding of the evolving relationship between government intervention and market dynamics in the cryptocurrency ecosystem. In conclusion, the study highlights the importance of regulatory oversight in safeguarding the integrity of cryptocurrency markets and ensuring the long-term sustainability of decentralized financial systems. Keywords: cryptocurrency; Luna; South Korea; neoliberalism; free market
Ghassan Adhab Atiyah, Nazura Abdul Manap, Ahmed Ismael Ibrahim, Abdur Rahman
Blockchain smart contracts is a digital program based on the blockchain design that accommodates certain data stored in their internal logic. The decentralized nature of this technology prevents unauthorized access. This technology require the use of cryptocurrencies to be effectively utilized as a medium of exchange. While cryptocurrencies have received wide recognition as an improvement to modern business transactions. However, in the Muslim communities, Muslim scholars have divergent views on the permissibility and prohibition of cryptocurrencies on certain grounds. Islamic law is characterized by outstanding flexibility that enables it to keep pace with the development of time and place, and gives it the validity to interact to address emerging issues that stand in people's way. This study aims to examine blockhain smart contracts, how they work, the religious ruling surrounding its permissibility. As well as the consensus of Muslim Scholars on its usage by Muslim communities. The study adopts qualitative doctrinal, library based or normative judicial research to analyze blockchain smart contracts and their suitability and compatibility with Islamic law. By examining the law from the perspective of social reality, the researchers qualitatively analyzed the concept of Smart contracts within the boundaries of law and its application under Islamic law. Delving into deductive reasoning and conclusions based on consensus of scholars. This study found that blockchain smart contracts falls within the permissibility principle, The Maliki school sale on credit and negotiations under the ijtihadi perspective. This research suggests the need for further study to shed light on this new type of contract to support its acceptability among Muslim communities.
‘Sustainable Finance’ refers to the process of taking environmental, social, and ‘Blockchain Technology (BCT) is a decentralized and distributed ledger system that enables secure and transparent recording of transactions across a network of computers. It has immense potential to revolutionize sustainable finance reporting. By leveraging BCT’s inherent transparency, immutability, and decentralized nature, organizations can enhance trust and accountability in reporting practices related to sustainability initiatives. The ever growing importance of ‘Sustainable Finance’ and the need for transparent reporting in this field need not be exaggerated. Of late, BCT has emerged as a disruptive force in improving transparency and accountability. Traditional Reporting practices face several challenges in today's dynamic business environment. Addressing these challenges requires organizations to embrace innovation and adopt modern reporting practices that prioritize timeliness, transparency, relevance, and stakeholder engagement. This may involve leveraging advanced analytics, automation technologies, integrated reporting frameworks, and interactive data visualization tools to enhance the quality, accessibility, and usability of reporting processes and outputs. Sustainable Finance Reporting (SFR) plays a crucial role in promoting transparency, accountability, and responsible investment practices within the financial sector. It is essential for promoting responsible investment, managing risks, enhancing transparency, and driving long-term value creation in the financial sector. By integrating sustainability into their reporting practices, financial institutions can contribute to a more sustainable and resilient global economy. Adopting BT offers numerous benefits and opportunities across various industries. BCT Framework provides a robust and innovative platform for building decentralized applications, facilitating secure and transparent transactions, and transforming various industries and sectors. This comprehensive Concept Paper provides an overview of BTS’s Framework, challenges involved in traditional reporting systems and SFR, the potential and promise of BCT, its benefits and opportunities, and practical applications.
ROCYS is a knowledge resource for practitioners, scientists, and researchers working in various fields of cyber security, hacking, digital forensics, cyber warfare, viruses and worms domain or critical infrastructure protection area.
TrenchX stands as a groundbreaking initiative at the intersection of e-commerce and blockchain technology, dedicated to empowering artists, entrepreneurs, and users in the digital marketplace. Leveraging the decentralized and transparent nature of blockchain, TrenchX offers a user-friendly platform for creating, managing, and trading Non-Fungible Tokens (NFTs). These NFTs, powered by smart contracts, serve as unique digital assets representing ownership of various forms of digital content, including artworks, collectibles, and more. By seamlessly bridging traditional e-commerce with blockchain innovation, TrenchX provides a secure and transparent environment for individual creators and businesses to thrive alongside their conventional counterparts. The project's objectives are multifaceted, aiming to democratize access to the digital marketplace, ensure transparent and fair transactions, and foster a vibrant, community-driven ecosystem of creativity and entrepreneurship. Through a comprehensive exploration of its technical architecture, implementation strategies, and potential impacts, this research paper endeavors to shed light on the transformative potential of TrenchX in revolutionizing e-commerce and empowering creators in the digital age. Keywords: Blockchain Technology, Decentralized Platform, E-commerce, Non-Fungible Tokens (NFT) Marketplace, Ethereum, Security and Privacy, Transparent Exchanges.
A Service Level Agreement (SLA) is a commitment between a client and provider that assures the quality of service (QoS) a client can expect to receive when purchasing a service. However, evidence of SLA violations in Internet of Things (IoT) service monitoring data can be manipulated by the provider or consumer, resulting in an issue of trust between contracted parties. The following research aims to explore the use of blockchain technology in monitoring IoT systems using smart contracts so that SLA violations captured are irrefutable amongst service providers and clients. The research focuses on the development of a Java library that is capable of generating a smart contract from a given SLA. A smart contract generated by this library is validated through a mock scenario presented in the form of a Remote Patient Monitoring IoT system. In this scenario, the findings demonstrate a 100 percent success rate in capturing all emulated violations.
Cristian Camilo Ordoñez, Mario Muñoz-Organero, Gustavo Ramírez-González, Juan Carlos Corrales
In Colombia, coffee futures contracts represent essential financial agreements that allow producers and buyers to establish prices, quality, and conditions for future transactions in the coffee market. Despite the evident benefits of stability and predictability, this practice faces significant sustainability challenges that threaten its long-term viability. One of the reasons is the significant lack of transparency in the supply chain. Farmers, affected by abrupt price fluctuations and adverse weather conditions such as the El Niño phenomenon, experience an increase in market prices, leading to the non-delivery of the final product, and contract breaches as they find better prices in the local market. In this context, smart contracts emerge as a promising technological solution to address these problems. These contracts enable the verification of each step in the process, from harvest to final sale, within a blockchain. Therefore, this research designs a smart contract managed through a platform called SmartBeanFutures, which records the clauses of futures contracts using the IERC721 framework, allowing the generation of a unique and non-repeatable asset. It aims to sell, promote, and manage coffee sale prices during the agreement’s signing, creating a transparent environment for chain actors. This proposal undergoes evaluation in a test environment, providing farmers access to the designed platform. Following the validation of the proposal, it was identified that over 74% would use this type of contract in their agricultural processes, highlighting that implementing this technology contributes to eliminating intermediaries in the chain and gives farmers more control over their participation in the market.
In many smart contract architectures, every contract or object is mutably shared by default. The Sui smart contract platform bears the unique feature of distinguishing between shared and owned objects. While transactions operating on shared objects require consensus to sequence reads and writes, those involving only owned objects are independent and may bypass consensus; thus, the latter are less prone to this throughput bottleneck. However, it may not always be possible or desirable to avoid using shared objects. This article aims at identifying and investigating decentralized applications that require shared objects. Utilizing the Sui Rust SDK to query programmable transaction blocks, we analyze the frequency of transactions involving shared objects, shared resource contention levels, and most “popular” applications that contain shared objects. The presented results are reproducible and show the extensive usage of shared objects in Sui, low contention levels, and moderate dependency among shared objects in atomic transactions. This novel study of shared object use cases in a relatively new smart contract platform is important for improving the efficiency of such object-based architectures. This work is relevant for smart contract platform designers and smart contract developers.
This article deeply explores the applications and impacts of blockchain technology and smart contracts in the financial industry. First, it outlines the basic principles and characteristics of blockchain technology and smart contracts, and then analyzes their application examples in various financial fields such as cross-border payments, supply chain finance, equity financing and securities issuance, and the insurance industry. The study found that blockchain technology and smart contracts bring significant changes and opportunities to the financial industry by improving transparency, reducing transaction costs, and enhancing security. However, the application of these technologies also faces challenges such as technological maturity, legal and regulatory perfection, and data privacy protection. This article aims to provide valuable references for practitioners, researchers, and policy makers in the financial industry to promote the widespread application and healthy development of blockchain technology and smart contracts in the financial industry.
This study investigates the impact of fintech, particularly blockchain technology and non-fungible tokens (NFTs), on the art market. As fintech has been widely accepted, the art market has undergone transformations, including increased transaction transparency, enhanced liquidity, improved risk management capabilities, reduced entry barriers to the market, and more developed copyright protection. Using a Vector Autoregression (VAR) model, this paper clarifies the significant effects of fintech, especially the NFTs, on the size and profitability of the art market. The findings not only emphasize the importance of NFTs in developing the art market and increasing investment returns but also provide insights and constructive suggestions for the future growth and sustainable development of the art market. By fostering transparency, efficiency, and accessibility, fintech contributes to a more resilient and sustainable art market, ensuring its long-term prosperity and cultural enrichment.
This study delves into Bitcoin's origins, development, and impact on the future of Fintech, answering key questions about how the cryptocurrency will revolutionize the Fintech landscape. The study is significant because it provides insight into the challenges and opportunities posed by decentralized finance, which is increasingly relevant in the academic fields of finance and technology. The study uses a multidisciplinary approach to understand Bitcoin's technical underpinning, global acceptance, and regulatory environment through a comprehensive analysis of Bitcoin white papers, historical data, and regulatory documents. The research methodology includes a detailed examination of blockchain technology, the workings of the Bitcoin network, and the factors that influence Bitcoin price trends. The findings reveal Bitcoin as a decentralized monetary system that introduces a new paradigm in financial transactions, offering transparency, security, and potentially high returns. However, it also presents significant regulatory challenges, market volatility and risks that need to be managed. The study identified key factors that affect the price of bitcoin, such as supply and demand dynamics, market sentiment, macroeconomic conditions, and technological advances. The implications of this work are far-reaching as it highlights the need for a balanced approach to cryptocurrency regulation that promotes innovation while mitigating risk. The study contributes to the academic discussion by providing a nuanced understanding of Bitcoin's role in the evolving financial ecosystem and its potential impact on monetary policy, financial stability, and global economic dynamics.
This study evaluates the impact of financial technology usage, social media influencer presence, and investment experience on cryptocurrency investment decisions, considering financial literacy as a moderating factor. Financial technology refers to using technology in financial systems to create new service products, technologies, and business models. Social media influencers have gained fame and exert significant influence over their followers on social media platforms. Meanwhile, investment experience encompasses the duration of an investor's experience in trading transactions. Data for the study were obtained through a Google Form questionnaire distributed via social media to cryptocurrency investors aged 20 to 30 in the Jabodetabek area. Convenience sampling technique was employed to obtain a sample of 192 respondents. Data analysis was conducted using the SEM-PLS method with SmartPLS software. The results indicate that using financial technology and social media influencers positively influences cryptocurrency investment decisions, while investment experience does not significantly impact. However, financial literacy does not strengthen the influence of financial technology usage, social media influencers, and investment experience on cryptocurrency investment decisions. The research findings indicate that enhancing financial literacy among young investors should be prioritized. This can be achieved through formal education programs and financial literacy campaigns. Practitioners in the financial industry also need to provide financial education to their clients and offer educational content on cryptocurrency. These measures can help mitigate uncontrolled investment risks and promote informed investment decisions, thereby contributing to the stability of the financial market and the financial protection of the wider community.