The process security of money transactions is considered an important issue in e-banking. Additionally, it is an enormous problem if never controlled. particular, security should be a combination of fast and sturdy characteristics, which is the subject of previous studies suffered from. Our research attempts to improve the system in which banks deal with the security of financial transactions. This research leverages the idea of microsegmenting the entire system into designated zones to concentrate on security, where each zone has its own rules and limitations. These rules are managed by a smart contract, which decides whether they have been observed to verify the legitimacy of the customer. First, the two-phase commit algorithm (2PC) was used to specify the type of e-banking request. After this, the microsegmentation principle was applied to isolate each type of e-transaction process alone in a separate segment. Then, the yellow saddle goatfish algorithm (YSGA) was used to determine whether the smart contract conditions were optimized. Finally, if the customer is authorized, then the entire transaction process is saved in the blockchain's main ledger and secured by a unique hash. The blockchain application makes our system capable of dealing with large numbers of users in a decentralized manner. In addition, using a hash with each block prevents fraudulent transactions by adversaries. Our system has been examined against several recent well-known assaults/attacks, such as falsification, advanced persistent threat, bribery, spoofing, double spending, chosen text, race, and transaction replay attacks, and has proven to overcome them. In terms of the performance evaluation, we obtained an execution time of approximately 0.0056 nanoseconds, 3.75% complexity, and 1500 KB of memory and disk drive, which is considered low compared to that of state-of-the-art research. Thus, our proposed system is highly acceptable for banking sector applications.
The rise of cryptocurrencies as alternative financial investments, with potential safe-haven and hedging properties, highlights the need to examine their market efficiency. This study is the first to investigate the combined impact of liquidity and volatility features of cryptocurrencies on their price delays. Using a wide spectrum of cryptocurrencies, we investigate whether the COVID-19 outbreak has affected market efficiency by studying price delays to market information. We find that as liquidity increases and volatility decreases, cryptocurrencies demonstrate stronger market efficiency. Additionally, we show that price delay differences during the COVID-19 outbreak increase with higher levels of illiquidity, particularly for highly volatile quintiles. We suggest that perceived risks and high transaction costs in illiquid and highly volatile cryptocurrencies reduce active tradersâ willingness to engage in arbitrage trading, leading to increased market inefficiencies. Our findings are relevant to investors, aiding in improving their decision-making processes and enhancing their investment efficiency. Our paper also presents significant implications for policymakers, emphasizing the need for reforms aimed at enhancing the speed at which information is incorporated into cryptocurrency returns. These reforms would help mitigate market distortions and increase the sustainability of cryptocurrency markets.
The aim of this research is to identify the factors that influence an individualâs financial behavior in the adoption of cryptocurrency. This research is a quantitative study, and the respondents were selected through purposive sampling, of which the following criteria were applied; 1) owning cryptocurrency 2) using cryptocurrency for investment or purchasing needs 3) having a minimum of 3 years of investment experience. A questionnaire was distributed to a total of 121 valid respondents. The research data was processed using SEM-PLS, and from this, it was found that 21 out of 23 questionnaire items were valid. This research found that the adoption of cryptocurrencies can be influenced by several factors; trust and perceived value can improve the adoption of cryptocurrency, while financial literacy and perceived risk do not influence the adoption of cryptocurrency. Also, the moderation of short/long horizon variables is not able to strengthen the influence of perceived risk on adoption.
Dr.Karthick. M, N Anusri, Nithish kumar P, P Siva ¡ 5 authors
Agriculture sector plays a pivotal role in the Indian economy, but farmers often face challenges like unpredictable weather, pest attacks, and erratic rainfall, leading to significant losses.Crop insurance is crucial to mitigate these risks and coverage for pre-sowing and post-harvest losses due to natural calamities.Block-chain based insurance system for farmers with smart contracts.The system is designed to provide farmers with insurance coverage against crop failure due to natural disasters.The system uses smart contract to automatically calculate and pay out insurance claims to farmers based on data from the weather cloud app.This approach involves using block-chain technology to create a decentralized and immutable ledger that records all insurance contracts, claims, and payouts.This system could greatly benefit farmers by providing them with more reliable and timely financial support in the event of adverse weather conditions or crop failures, thereby reducing their risk and encouraging greater investment in crop production.The crop index insurance is based on objectively measurable and verifiable data (e.g., weather data, satellite imagery) to determine insurance payouts, thus minimizing the need for on-the-ground assessments and reducing the risk of fraudulent claims.Furthermore, the model includes a decentralized application (DApp) interface for stakeholders to interact with the insurance policies seamlessly, view realtime data, and monitor the status of their coverage and claims.The utilization of Ethereum and Polygon networks ensures the scalability, sustainability, and accessibility of this solution, paving the way for a more resilient agricultural sector.
Know Your Customer (KYC) is a requirement for financial institutions to use identity, qualification and risk to identify customers when establishing a banking relationship. With the focus on security, the KYC process has become difficult and costly to complete for any customer. In this article, we propose a convenient, instant, secure and transparent banking system KYC certification platform through Inter Planetary File System (IPFS) and block-chain technology. The system allows customers to open an account at any bank, complete the KYC process there, generate hashes using the IPFS network, and distribute them to other banks using the legacy urine of block-chain technology. Using a private key, all banks/financial institutions can use the IPFS network to securely store and store customer information (e.g. KYC) if the customer wants to open another account with that bank/financial institution. Additionally, leveraging block-chain technology ensures immutability and transparency of KYC information, thereby increasing security and reducing the risk of fraud or misuse of information. Storing hashed KYC data on the IPFS network ensures that important customer data remains transparent and accessible only to authorized users, thus maintaining confidentiality and compliance with data protection laws. In addition, the processes that this new system can easily adjust will increase efficiency in the banking sector, allowing companies to allocate resources more efficiently and focus on providing better customer service. By sharing KYC credentials across multiple banks, customers benefit from a quicker and faster account opening process; When banks come voluntarily, it builds trust and reduces the risks associated with new customers. Overall, the integration of block-chain and IPFS technology into the KYC process should transform the banking industry by providing efficient, secure and transparent solutions that enable customer satisfaction and compliance.
Abstract The focus of this review article is on the societal problems and end user acceptance of blockchain technology. The paper begins by outlining the importance of blockchain in modernizing trust and data management systems and highlighting its rapid spread across numerous industries. Inâdepth analysis of the adoptionâinfluencing aspects is done, which also lists the advantages and typical endâuser problems. It examines the privacy implications, restrictions on pseudonymity, and function of technologies that improve privacy, such as zeroâknowledge proofs, while also exploring the legal and regulatory environment around blockchain, putting a focus on digital identity, intellectual property, and data ownership. It also evaluates blockchain security features, such as flaws and risks associated with smart contracts, discusses best practices for boosting security, discusses the societal effects of blockchain, and makes suggestions for legislators, companies, and scholars. The use of blockchain technology and its effects on privacy, rights, and security are discussed in realâworld case studies as well.
Blockchain is the underlying technology for cryptocurrencies such as Bitcoin. Blockchain is a robust distributed ledger that uses consensus algorithms to approve transactions in a decentralized manner, making malicious tampering extremely difficult. Ethereum, one of the blockchains, can be seen as an unstoppable computer which shared by users around the world that can run Turing-complete programs. In order to run any program on Ethereum, Ether (currency on Ethereum) is required. In other words, Ether can be seen as a kind of energy in the Ethereum world. We developed self-replicating and self-employed agents who earn the energy by themselves to replicate them, on the Ethereum blockchain. The agents can issued their token and gain Ether each time the tokens are sold. When a certain amount of Ether is accumulated, the agent replicates itself and leaves offspring. The goal of this project is to implement artificial agents that lives for itself, not as a tool for humans, in the open cyber space connected to the real world.
This studyâs goal is to empirically research the global dynamics of cryptocurrency adoption, with a particular focus on the impact of financial technology (FinTech) breakthroughs on the evolution, acceptability, and integration of digital currencies within the broader financial landscape. This study takes a mixed-methods approach, combining quantitative analysis of global cryptocurrency statistics with qualitative insights from stakeholder interviews. Case studies and a comprehensive literature study help to contextualize FinTechâs impact on the global evolution of digital currencies. This study emphasizes the various drivers driving Bitcoin adoption globally, with FinTech advances at the forefront. Regulatory clarity, technology developments, and changing customer behaviour all influence the trajectory of digital currencies, emphasizing the importance of adaptive methods and collaborative efforts to properly traverse this dynamic field.
Experiments in alternative forms of urban digitalisation include blockchain-based applications as enablers of civic action in local communities, inspired by different visions than blockchain-based speculative cryptocurrencies. This article investigates how blockchain technology can be oriented towards locally embedded applications. It explores the case of a blockchain-based wallet app that aims to support social collaborative economies and civic participation in urban communities by tokenising social and economic assets. Building on studies on the embeddedness of urban digital platforms with a local character, this article studies how the app under consideration is shaped by, and adapted to, the needs and resources of local socio-economic contexts. Two pilot experimentations on the app are considered, concerning systems for rewarding civic participation and urban sharing economies. The empirical analysis concerns the methodology for introducing the app into local socio-economic contexts, the way in which local actors interpret its properties, and the resulting iterative co-design of its functionalities. The article defines and discusses the extent to which the civic blockchain is rendered context-based by this methodology, and highlights similarities and differences with other urban digital platforms. The empirical evidence drawn from this research contributes to the debate on how community members, researchers and digital experts together can realise alternative forms of urban digitalization.
Abstract: The emergence of blockchain technology has spurred innovation in various domains, including decentralized communication systems. In this context, a decentralized chat application leveraging blockchain, Remix Ethereum IDE, Ganache blockchain, and MetaMask offers a novel approach to secure and privacy-centric messaging. The application harnesses blockchain's immutable ledger to store chat messages, ensuring data integrity and censorship resistance. Remix Ethereum IDE provides developers with a robust environment for crafting smart contracts, the backbone of the chat application's functionality. Developers can design and deploy smart contracts defining chatroom logic, message encryption, and user authentication. Ganache blockchain serves as a local testing environment, enabling developers to validate smart contracts and simulate blockchain interactions in a controlled setting. This facilitates rapid iteration and debugging during the development phase. MetaMask acts as the gateway for users to access the decentralized chat application. Through MetaMask, users authenticate securely using their Ethereum wallets, ensuring pseudonymous identity verification and enabling seamless interaction with the Ethereum blockchain. Together, these technologies form the foundation of a decentralized chat application that prioritizes privacy, security, and user control. By leveraging blockchain and associated tools, the application offers a compelling alternative to centralized messaging platforms, empowering users with sovereignty over their data and communication.
The advent of cryptocurrencies has introduced a paradigm shift in the financial ecosystem, offering a novel approach to traditional banking and financial transactions. This Master's thesis titled "Cryptocurrency Adoption in Traditional Banking: Challenges and Opportunities" provides a comprehensive analysis of the integration process of cryptocurrencies into the traditional banking sector. It scrutinizes the multifaceted challenges banks face in adopting cryptocurrencies while highlighting the unprecedented opportunities this new form of currency presents. The study commences with a detailed overview of the cryptocurrency market, emphasizing its growth, volatility, and the technological underpinnings that distinguish it from conventional banking systems. It delves into the historical perspective of cryptocurrencies, with a specific focus on Bitcoin, Ethereum, and other significant players, to understand their evolution, current market dynamics, and potential future trajectories.
Innovation has profoundly transformed the finance industry, improving efficiency, transparency, and accessibility through technologies like electronic banking, blockchain, and Artificial Intelligence (AI). This research explores the future of finance, emphasizing the pivotal role of AI and other emerging technologies in redefining financial practices, creating new opportunities, and addressing challenges. The study synthesizes findings from academic journals, industry reports, and case studies, employing a mixed-methods approach that includes quantitative analysis of adoption rates and qualitative interviews with industry experts. Key advancements, such as the rise of algorithmic trading and the introduction of Decentralized Finance (DeFi) platforms, highlight the deep intertwining of finance and technology. The anticipated outcomes include identifying key innovations, the potential for AI to enhance efficiency and personalize services, and the strategies needed to address emerging challenges like regulatory hurdles and ethical concerns. The findings are designed to provide valuable insights for policymakers, industry leaders, and academics to facilitate informed decision-making and foster innovation while ensuring ethical and regulatory compliance
The primary aim of this article is to identify internet users' knowledge and awareness of cryptocurrencies and the determinants of their use in Poland. The study, which used the CAWI (Computer-Assisted Web Interview) method, was conducted on a group of 400 active Internet users selected through random and purposive sampling. In the survey, which was carried out in April/May 2022 in Poland, respondents were asked to evaluate cryptocurrencies taking into account the following criteria: familiarity with the concept of cryptocurrency, sources of information about the phenomenon, investment preferences, security awareness, and the respondents' knowledge of the advantages and disadvantages of cryptocurrencies. As a continuation of previous research undertaken in this area, the research demonstrated a strong understanding of the respondents concerning the lack of transparency associated with cryptocurrencies and the cryptocurrency market. The main concerns when using cryptocurrencies are: lack of protection against speculators, lack of supervision by a reputable financial institution, and lack of control of the cryptocurrency market by the National Bank of Poland (NBP). The conclusions and recommendations contained in this article may contribute to increasing knowledge and awareness of the phenomenon analysed, and increasing its popularity in society. Additionally, it provides insights for investors regarding the direction of cryptocurrency development.
Nazir Ullah, Waleed Mugahed Al-Rahmi, Fahad Alblehai, Yudi Fernando ¡ 8 authors
Blockchain technology can potentially be a bedrock for the energy record-keeping system. This study examined several critical factors that affect users' intention to accept Blockchain technology for the Smart grid. The proposed model is based on the Technology Organization Environment framework, which is examined using Structural Equation Modelling. Based on the study findings, it has been indicated that the relative advantage shows a significant effect and matters the most during the Blockchain technology adoption in the Smart grid. The innovativeness, cost saving, and regulatory support also significantly influence the intention to use the Blockchain technology. The innovativeness and traceability show a significant influence on upper management support. The traceability shows a substantial impact on cost savings. However, innovativeness shows an insignificant effect on cost savings. The traceability and competitive pressure do not affect the intention to use the Blockchain technology. This study has extended the Technology Organization Environment theory, which predicts the organizational behavior to adopt the Blockchain technology for the Smart grid. We argue that the finding provides insights to guide the industry to deliver the best practice on the Blockchain technology. The study findings suggest that experts would recognize innovative technology free of effort to raise the determined aids for improving the traditional energy system. Though there are some limits, theoretical and practical implications are justified based on the findings.
Cryptocurrency has emerged as a disruptive force in the financial landscape, raising questions about its long-term sustainability and impact on traditional financial systems. This research report examines the debate surrounding cryptocurrency, focusing on whether it represents a speculative bubble or a new standard for digital assets. Through a comparative analysis of empirical evidence, theoretical frameworks, and expert opinions, this study aims to provide insights into the dynamics of cryptocurrency markets and their implications for the future of finance. The research begins by reviewing the historical context of cryptocurrency, tracing its origins and evolution from the introduction of Bitcoin in 2009 to the proliferation of alternative cryptocurrencies and blockchain-based applications. It then explores the characteristics of financial bubbles and evaluates whether cryptocurrency exhibits similar patterns of speculative behavior, drawing on insights from economic theory and empirical research. Next, the report examines the arguments supporting cryptocurrency as a new standard for digital assets, emphasizing its potential to democratize access to financial services, promote financial inclusion, and drive innovation in finance and technology. It analyzes the underlying principles of blockchain technology and explores its applications beyond cryptocurrency, such as decentralized finance (DeFi), smart contracts, and tokenization of assets. The study also considers regulatory and policy implications surrounding cryptocurrency, highlighting the challenges faced by regulators in balancing innovation and investor protection. It reviews the regulatory approaches adopted by various jurisdictions and assesses their effectiveness in addressing concerns related to market integrity, consumer safety, and systemic risk. Overall, this research report contributes to the ongoing discourse on cryptocurrency by providing a comprehensive analysis of its status as either a speculative bubble or a new standard for digital assets. By synthesizing empirical evidence, theoretical frameworks, and expert opinions, it offers valuable insights into the potential opportunities and challenges posed by cryptocurrency for the future of finance and the global economy.
This study aims to empirically examine the relationship between cryptocurrency and various facets of the financial system. It seeks to provide a comprehensive understanding of how cryptocurrencies interact with, and influence, the stock market, the U.S. dollarâs strength, inflation rates, and traditional banking operations. This is carried out using linear regression models, Granger causality tests, case studies, including the collapse of the Futures Exchange (FTX), and the successful integration of Binance. The study unveiled a strong positive correlation between cryptocurrency market capitalization and key financial indicators like the Dow Jones Industrial Average, Consumer Price Index, and traditional banking operations. This indicates the growing significance of cryptocurrencies within the global financial landscape. However, a mild association was found with the U.S. dollar, suggesting a limited influence of cryptocurrencies on traditional fiat currencies currently. Despite certain limitations such as reliance on secondary data, methodological choices, and geographic focus, this research provides valuable insights for policymakers, financial industry stakeholders, and academic researchers, underlining the necessity for continued study into the complex interplay between cryptocurrencies and financial stability.
This study aims to understand how blockchain technology can be used to build a decentralized Islamic financial system. The method used in this research is literature analysis, which is further validated by case studies. The data analysis process was conducted using Systematic Literature Review (SLR) methodology. The main data sources were scientific publications, academic journals, books, and other reputable materials relevant to the research problem. The results of this study show that Blockchain Technology has the potential to reduce the dangers of corruption, money laundering, and illicit activities in the Islamic financial system. Moreover, the use of blockchain technology in decentralized finance ensures equitable access to participation in the financial ecosystem, thereby promoting the inclusion of minority populations. The challenges in implementing blockchain technology within the context of Islamic banking are also highlighted in this study. The contribution and implementation of this research are expected to offer insights into the potential of blockchain technology in constructing a decentralized Islamic financial system, guiding practitioners and academics toward innovative and sustainable solutions in Islamic finance
This systematic literature review explores the role of smart contracts in improving data sharing for drug development, with an emphasis on security and transparency. Using blockchain technology, smart contracts offer a decentralized tracking mechanism for pharmaceutical supply chains, addressing challenges related to drug authentication and supply chain optimization. The review examined 52 studies using the PRISMA methodology, highlighting the automation of data exchange, reduced reliance on external parties, and acceleration of operational processes. Advanced encryption and strict access controls in smart contracts strengthen data security, ensuring patient confidentiality and compliance with medical data regulations. Despite technical and regulatory barriers, smart contracts promise significant improvements in operational efficiency, transparency, and collaboration among stakeholders in drug development. This study emphasizes the need for standardized protocols, further empirical research, and strategic implementation to fully leverage the potential of smart contracts in the pharmaceutical industry. Integration of these technologies can accelerate clinical trials and improve data reliability, thereby enhancing the safety and effectiveness of the drug development process.
Nik Safiah Nik Abdullah, SITI KHALILAH BASARUD-DIN, Nurul Khofifah Abdullah
Incidents where external auditors do not issue a going concern audit opinion (GC opinion) to companies having severe financial problems have been reported globally. This issue motivated this study â (i) to investigate the effect of selected auditor characteristics in terms of specialization, tenure, and fee on GC opinion issuance and (ii) to examine the moderating effect of managementâs, familyâs, and institutionâs influence on the relationship between auditor characteristics and GC opinion issuance. The study involves 644 Malaysian financially distressed listed companies in the period 2006 to 2012. The results of a panel logistic regression analysis show that auditor characteristics have no relationship with GC opinion issuance. Influential management - measured as the level of their ownership - can dampen the positive relationship between auditor specialization and auditor tenure with GC opinion issuance. The presence of an influential family, on the other hand, can strengthen the positive relationship between auditor tenure and GC opinion. No evidence about an influential institutionâs impact on the GC opinion process could be found. In conclusion, while auditor characteristics do not affect the possibility of a GC opinion issuance, pressure imposed by influential management and family on the auditor during the audit opinion decision process does have an impact
Research shows that governance is critical to predict the value and success of blockchain platforms. Although prior studies have recognized multiple mechanisms employed in governing blockchain platforms, the combined effects of these mechanisms on platform performance are still poorly understood. In this paper, we examine the interactions among decentralization, consensus mechanisms, and whales ownership concentration mechanisms and their impacts on the market performance of blockchain platforms. We analyze data of 555 and 243 largest market capitalization blockchain platforms using Hierarchical Linear Regression. Our analysis shows support for our hypotheses of the two-way and three-way interactions among the governance mechanisms. With a low degree of decentralization, proof-of-stake and other consensus mechanisms, such as proof-of-authority or the combined proof-of-work and proof-of-stake, are associated with higher market value than the proof-of-work mechanism. The interaction between decentralization and other consensus mechanisms is reinforced when there is low whale ownership concentration, highlighting the important role of the information environment. Our findings are robust to various endogeneity tests, offering important theoretical and practical implications regarding the interplay between consensus mechanisms, decentralization, and whale ownership concentration and their impacts on the market value of blockchain platforms.
Max Beinke, Jan Heinrich Beinke, Eduard Anton, Frank Teuteberg
Abstract Recently, the looming bankruptcy of Credit Suisse, which ultimately led to its merger with UBS, has intensified the discussion surrounding the need for more transparent and democratic financial markets. Decentralized finance (DeFi) represents a departure from traditional financial intermediation by leveraging blockchain technology and smart contracts. Despite its growing importance, limited research has been conducted on the business models of DeFi services. This study aims to address this gap by examining the business models of various DeFi services, identifying key drivers of innovation, differentiation, and value creation. Using a rigorous taxonomy development framework, we identify 12 dimensions and 47 characteristics that operationalize business models in DeFi. Our findings contribute to a better understanding of the transformation of financial services through blockchain technology and provide valuable insights for DeFi entrepreneurs, investors, and policymakers.
In the quickly developing landscape of Web3.0, ensuring the security and integrity of digital documents has become paramount. This abstract introduces a groundbreaking solution, "Web3.0 Document Security: Leveraging Blockchain Technology," which harnesses the power of blockchain to revolutionize document transmission and protection. This innovative system leverages the inherent characteristics of blockchain, such as immutability, transparency, and decentralization, to develop a secured and sealed environment for the exchange of digital documents. By utilizing smart contracts, cryptographic hashing, and decentralized storage, this application guarantees the confidentiality, integrity, and authenticity of documents in an interconnected Web3.0 world. This paper provides an overview of the key features, benefits, and implications of adopting a decentralized application as the foundation for secure document transmission in the era of Web3.0 . Keywordsâ Documents, Data Security, Data Integrity, Secure Transmission, Cryptography, Blockchain, Cloud Technology, Web3
Abstract: Blockchain technology has emerged as a disruptive force with the potential to revolutionize various industries, including crowdfunding. This study explores how blockchain can be applied to crowdfunding platforms to enhance transparency, security, and trust in the crowdfunding process. Through a thorough review of existing literature, analysis of current platforms, and the development of a prototype Decentralized Application (DApp) using React.js, Solidity, and other relevant technologies, this research demonstrates the promising prospects of blockchain in reshaping crowdfunding. The primary outcomes include mitigating fraud, enhancing accountability, and empowering both project creators and contributors. This paper offers a detailed examination of the research, laying the groundwork for a blockchain-driven collective funding DApp that utilizes React.js for frontend development, Solidity for smart contracts, and other contemporary technologies.