In today's technology-driven world, ensuring robust security is of paramount importance. Blockchain technology has emerged as a pivotal solution, eliminating intermediaries andfortifying security measures. Cryptocurrencies represent the pioneering digital assets successfully managed through blockchain, attracting financial institutions to integrate them intotheir portfolios, fostering widespread adoption and interest among various stakeholders, including the banking sector, government, and individual investors. The potential for cryptocurrencies to evolve into the global currency of the future, supplanting fiat currency, is an intriguing possibility. This research project aims to offer a comprehensive insight into the cryptocurrency market, encompassing its origins, core characteristics, price dynamics, market capitalization, and trading volumes. Additionally, it will delve into critical concepts such as Ethereum, smart contracts, tokens, and consensus algorithms, which are instrumental to the cryptocurrency market's functioning Keywords: Blockchain, Cryptocurrencies, Ethereum, Smart Contracts, Token, ConsensusAlgorithm.
Financial technology (Fintech) is revolutionizing commerce and reshaping the financial services industry through technological advancements, innovative business models, and collaborative ecosystems. This abstract provides an in-depth overview of the impact of Fintech on various aspects of commerce, including traditional banking, wealth management, e-commerce, supply chain finance, regulatory environment, and the role of startups and innovation hubs. Drawing insights from a comprehensive analysis of existing literature and research findings, this abstract explores the transformative potential of Fintech and outlines key implications and future directions for the industry. Evolution of Fintech has been propelled by advancements in technologies such as blockchain, artificial intelligence (AI), and machine learning (ML). These technologies enable decentralized and transparent transactional capabilities, data-driven insights, and automation, driving efficiency and innovation across the financial services landscape. In particular, the integration of Fintech in traditional banking has led to the rise of digital banking platforms, mobile payment solutions, and peer-to-peer lending networks, challenging traditional banking practices and enhancing customer experiences. Furthermore, automated wealth management platforms and robo-advisors are democratizing access to investment services, offering individualized investment advice, and reshaping wealth management strategies. The integration of Fintech in e-commerce and supply chain finance is enhancing efficiency, transparency, and security in online transactions, benefiting both merchants and consumers. Digital wallets, payment gateways, and blockchain applications are streamlining payment processing and optimizing cash flow across the supply chain ecosystem. While Fintech presents significant opportunities for innovation and growth, it also poses regulatory challenges and considerations. The regulatory environment surrounding Fintech is complex and multifaceted, requiring a balance between promoting innovation and ensuring consumer protection, market integrity, and financial stability. Collaboration between startups, established institutions, and regulatory authorities is essential for navigating regulatory complexities and fostering a conducive environment for Fintech growth. Startups and innovation hubs play a crucial role in driving Fintech innovation and entrepreneurship, providing support infrastructure, mentorship, and access to capital. These stakeholders foster collaboration, experimentation, and knowledge exchange, accelerating industry transformation and driving economic development. Moreover, collaboration between traditional financial institutions and Fintech startups is essential for driving innovation and expanding access to financial services.
Supply chain communication is a key hobby that facilitates corporations find the right human beings to hire. In structure and development corporations, customers lease individuals who calculate and provide estimates of the expenses related to constructing of entirety. Thus, the purchaser could make his choice primarily based on the end result of tenders to pick out the most suitable challenge contractor. Donors need to acquire the e- book manager, compare it and produce it to this office before being notified. In this paper, we gift the layout and implementation of an electronic procurement system the use of internet-primarily based control as a mechanism for such furnish activities. In this paper, we've got used the innovation of a complicated block chain structure to overcome security demanding situations and meet infrastructure necessities. A comfy structure of privilege in any union or U.S.A. Permits new freedoms to be expressed. This notion is higher than other schemes, due to the fact it is a decentralized structure that operates a spot with exclusive currencies at stake. We additionally need to interrupt down the security of our proposed grant shape, which indicates that our meeting is secure inside the event of conflicts with numerous agreements.
The rapid expansion of real-time payment networks—such as FedNow, the RTP network, and other instantsettlement infrastructures—has accelerated the pace of financial transactions but exposed structural limitationsin the underlying settlement processes. Current systems primarily rely on prefunded accounts, end-of-dayreconciliation, or deferred transfers of central bank reserves, creating liquidity fragmentation, intraday creditexposure, and operational inefficiencies. As transaction volumes grow and financial institutions demandcontinuous 24/7 settlement, these constraints inhibit scalability, resilience, and competition.This paper proposes a Blockchain-Enabled Real-Time Settlement Framework designed to enhance thesettlement capabilities of FedNow and other instant payment ecosystems. The framework leverages apermissioned distributed ledger to provide immutable, cryptographically verifiable, and atomic settlementfinality, while maintaining strict regulatory oversight and interoperability with existing payment rails. Byrepresenting central bank reserves or interbank settlement obligations as on-chain, regulator-supervised digitaltokens, institutions gain the ability to settle transactions instantly with reduced prefunding requirements andimproved liquidity efficiency
Objective : based on the analysis of financial and legal policy of certain jurisdictions, to determine the initial prospects of financial and legal development of social relations in metaverse using digital currencies. Methods : the research is based on the system of cognitive tools: first of all, formal-legal, comparative-legal, statistical methods, and the method of legal forecasting, which help to interpret the legal norms and financiallegal policy of various jurisdictions, assess the degree of current development of legislation on regulation of technologies in virtual worlds, and formulate ideas about the financial-legal regulation of public relations using digital currencies in the metaverse. Results : the study reveals that modern legislation on metaverses is at the initial stage of its formation, as in developed jurisdictions metaverse is still considered only as a future technology. The author shows the degree of popularity of the metaverse first prototypes and the growing attention of some states to the metaverse in order to develop their socioeconomic potential and consolidate international leadership in digital development. The paper points out the shortcomings of the metaverse definitions developed in doctrine and practice, and long proposes the author’s definition. It is argued that in order to fully integrate metaverse technology into a certain country, whose policy is focused on achieving (maintaining) a high rating in terms of the economy digital transformation, it is necessary to determine the currency that will be legitimately used in the metaverse in future. A conclusion is made that it is necessary to plan financial and legal policy in this area, which will largely depend on the legal regime of cryptocurrency in a particular country. It is argued that further development of the metaverse concept in Russia will depend on the results of testing the digital ruble. Scientific novelty : the paper is one of the first devoted to the convergence of metaverse and financial law, which proposes a concept for establishing full-fledged legality of digital currency in the metaverse depending on the attitude of a particular country to decentralized finance. Along with popular definitions formulated in doctrine and practice, the author presents their own interpretation of the metaverse, indicating its essential features. Practical significance : the conclusions and proposals obtained can be used to improve the mechanisms of financial and legal regulation of social relations under the emerging metaverse concept. The presented ideas are important for further research of various financial and legal aspects of metaverses’ development and functioning.
In recent years, cryptocurrency has emerged as a decentralized virtual asset operating across a vast network of computers, free from centralized governmental control. Proposed legislation aims to establish a framework for a digital currency issued by the Reserve Bank of India (RBI). This study delves into the transformative impact of technology on payment systems and the awareness of investors about cryptocurrency. It explores factors influencing this awareness, particularly following India's Bitcoin surge, which notably attracted the younger generation to cryptocurrency. Conducting this study involved gathering responses from 110 investors using a non-probability snowball sampling method. The majority of investors surveyed fell within the 18 to 24 age range. Findings indicate that awareness predominantly spreads through social circles and online platforms, with male respondents exhibiting higher awareness levels than female counterparts. Moreover, higher educational qualifications correlate with heightened cryptocurrency awareness. Notably, a significant portion of respondents expressed interest in investing in cryptocurrency.
Smart contracts, an integral component of blockchain technology, promise to revolutionize industries through automation, security, and efficiency. This paper delves into the mathematical foundations that underpin smart contracts, facilitating their security, reliability, and predictability within blockchain systems. The investigation spans topics such as deterministic execution, cryptographic security, finite state machines, formal verification, time management, address verification, game theory, statistics, and linear algebra. These mathematical underpinnings ensure the consistent behavior of smart contracts and bolster their integrity in decentralized networks. In a practical demonstration, the paper highlights the transformative potential of smart contracts in diverse industries. Supply chain management, financial services, healthcare, digital identity management, access control, transport, government services, and cyber defense emerge as just a few of the many real-world applications. Moreover, the paper describes the main tools employed in the smart contract development cycle as well as the main behavioral and security design patterns for Solidity smart contracts. This research offers a comprehensive exploration of the mathematical foundations of smart contracts, their application in real-world scenarios, as well as their main design and implementation tools. By unveiling the synergy between mathematics and technology, this paper illuminates the path to harnessing the full potential of smart contracts in shaping the future of blockchain-powered industries.
Ehizogie Paul Adeghe, Chioma Anthonia Okolo, Olumuyiwa Tolulope Ojeyinka
The integration of blockchain technology into healthcare data management has emerged as a transformative paradigm, promising to address critical challenges in security, privacy, and patient outcomes. The paper begins with an exploration of the fundamental principles of blockchain technology and its current applications in the healthcare sector. Special emphasis is placed on the potential benefits and challenges associated with adopting blockchain, setting the stage for an in-depth analysis. In terms of security, the paper examines how blockchain ensures data integrity and immutability, leveraging decentralized structures and smart contracts for robust access control. The discussion extends to the privacy implications of blockchain, highlighting its role in granting patients’ ownership and control over their health data while maintaining confidentiality and anonymity. The analysis also delves into regulatory compliance and legal considerations, ensuring a holistic examination of the privacy landscape. The impact on patient outcomes is a central focus, exploring how blockchain enhances interoperability, streamlines healthcare processes, and potentially transforms the patient experience. Real-world case studies provide practical insights into the positive effects observed in healthcare settings. However, acknowledging the transformative potential comes with an exploration of challenges and limitations. Technical hurdles, ethical considerations, and the need for seamless integration with existing healthcare systems are discussed, providing a balanced perspective on the roadblocks faced in widespread blockchain adoption. Looking towards the future, the paper outlines emerging trends in blockchain and healthcare, offering recommendations for organizations considering implementation. It concludes by summarizing key findings and underscoring the importance of ongoing research, ultimately positioning blockchain as a catalyst for a paradigm shift in healthcare data management.
Among a lot of technological revolutions, money is also revolutionized. It has given birth to a new currency i.e. Digital currency. Cryptocurrency is one such currency that is available in electronic form and can be exchanged through online mode. With the increase in the popularity and use of virtual currency around the globe, a strategic legal framework is necessary. The decentralized and anonymous nature of these currencies gives rise to problems in their regulation in the current scenario as well as in the future. The authors have tried to focus on different legal regulations forced on virtual currencies by different countries across the globe.
The research paper examines how blockchain technology has profoundly changed a number of businesses, especially when it comes to the use of smart contracts.It explores the particular use of smart contracts in the context of crowdfunding with the goal of clarifying how they might improve and streamline the decisionmaking procedures that are a part of crowdfunding campaigns.The study illuminates how smart contracts might tackle typical problems encountered in traditional crowdfunding models, such as trust, transparency, and contract enforcement, by examining the core workings of these contracts.Based on a thorough literature review and empirical analysis, the study article highlights the significant influence that smart contracts have on crowdfunding decision-making processes.Smart contracts ensure increased transparency, security, and efficiency in the deployment of funds in addition to lowering transaction costs by doing away with the need for middlemen and creating a trustless environment.Additionally, the research explores the critical function of self-executing code in automating the distribution of cash according to predetermined criteria.This reduces the possibility of misallocation and makes it possible to evaluate project ideas in a more thorough, meritocratic manner.The application of smart contracts in crowdfunding scenarios may present certain obstacles, including scalability concerns, legal considerations, and the requirement for user-friendly interfaces.These challenges are also covered in the article.Through the integration of theoretical understanding with real-world case studies, the study offers a thorough framework that enables crowdfunding ecosystem participants to take full use of smart contract advantages while skillfully mitigating related dangers.
This bibliometric study explores the cryptocurrency accounting (CA) literature and the connections between authors, institutions, and countries where cryptocurrency activity involves transactions that must be legally recognized in accounting, ensure accuracy and reliability for auditing, and adhere to tax compliance. The design involves the selection of data from Web of Science Core Collection (WoS) and Scopus, published between 2007 and 2023. The technique helps identify influential publications, collaboration networks, thematic clusters, and trends in research on CA using tools VOSviewer, Biblioshiny, and MS Excel. The originality of the study lies in its dual role as a support for accounting professionals and academics to develop innovative solutions for the challenges posed by crypto technology across core accounting areas: financial and managerial accounting, taxation, and auditing. The findings offer insights into the themes mentioned, and even if the collaboration between the authors is not very developed, the innovation and public recognition of the subject could raise researchers’ interest. The limitation of the dataset is that it does not cover all relevant publications in a different period from the one in which the data were retrieved, 9–11 May 2024. This review might need periodic updates because the CA landscape is constantly changing.
Ahmed Gouda Mohamed, Fahad Alqahtani, Mohamed Sherif, Sama Moustafa El-Shamie
The construction industry embodies a paramount role in the economic growth of various nations, including the Middle East and North Africa (MENA) region. Despite its significance, the industry faces construction disputes and payment issues, inducing financial losses and project postponements. Consequently, the construction industry has mutated smart contracts to enhance operational efficiency, which automates contract management tasks and offers perks, including transparency and efficiency. However, the adoption of smart contracts in the MENA construction sector remains limited, and the region lacks thorough research on this topic. This study addresses this gap by examining the level of cognizance and apprehension of smart contracts among construction industry stakeholders in the MENA region. The research employs Structural Equation Modeling (SEM) to analyze the relative importance of implementing smart contracts within different project lifecycle phases and relevant practices and identify the hindrances impacting MENA’s smart contract deployment. A practical implementation of smart contract-based tendering employing the Trakti platform is paraded. The findings unveiled the infancy of smart contract adoption in the MENA construction sector. They revealed the substantial importance of implementing smart contracts in the Project Execution Phase, Project Closure, and Monitoring and Control Phase, attaining relative weights of 23.23%, 21.62%, and 20.50%, respectively.
Reentrancy vulnerability as one of the most notorious vulnerabilities, has been a prominent topic in smart contract security research. Research shows that existing vulnerability detection presents a range of challenges, especially as smart contracts continue to increase in complexity. Existing tools perform poorly in terms of efficiency and successful detection rates for vulnerabilities in complex contracts. To effectively detect reentrancy vulnerabilities in contracts with complex logic, we propose a tool named SliSE. SliSE’s detection process consists of two stages: Warning Search and Symbolic Execution Verification . In Stage I, SliSE utilizes program slicing to analyze the Inter-contract Program Dependency Graph (I-PDG) of the contract, and collects suspicious vulnerability information as warnings. In Stage II, symbolic execution is employed to verify the reachability of these warnings, thereby enhancing vulnerability detection accuracy. SliSE obtained the best performance compared with eight state-of-the-art detection tools. It achieved an F1 score of 78.65%, surpassing the highest score recorded by an existing tool of 9.26%. Additionally, it attained a recall rate exceeding 90% for detection of contracts on Ethereum. Overall, SliSE provides a robust and efficient method for detection of Reentrancy vulnerabilities for complex contracts.
Blockchain has been hyped and considered a potential game-changer for the recording of accounting transactions as it enables triple-entry accounting and real-time reporting. However, there is very little knowledge of the uptake of blockchain in accounting, and most blockchain accounting research is conceptual, lacking empirical evidence. This study addresses this gap and examines the organisational factors that drive and hinder the adoption of blockchain in accounting, as well as the perceived benefits. Using the technology-organisation-environment (TOE) framework, we analyse interview data collected from blockchain experts and accountants (N = 19). The findings confirm the influence of nine context-specific factors, highlighting the challenges and lack of knowledge in understanding the usage and benefits of blockchain in accounting, its complex integration with existing accounting systems, and the increased costs associated with the adoption intention. This study provides novel empirical evidence of the factors by adequately contextualising an established theoretical framework in the context of accounting. The findings are useful for practitioners and the broader accounting information systems research community as they provide empirical insights into how context-specific factors influence blockchain adoption in accounting.
In contemporary data-driven economies, data has become a valuable digital asset that is eligible for trading and monetization. Peer-to-peer (P2P) marketplaces play a crucial role in establishing direct connections between data providers and consumers. However, traditional data marketplaces exhibit inadequacies. Functioning as centralized platforms, they suffer from issues such as insufficient trust, transparency, fairness, accountability, and security. Moreover, users lack consent and ownership control over their data. To address these issues, we propose DataMesh+, an innovative blockchain-powered, decentralized P2P data exchange model for self-sovereign data marketplaces. This user-centric decentralized approach leverages blockchain-based smart contracts to enable fair, transparent, reliable, and secure data trading marketplaces, empowering users to retain full sovereignty and control over their data. In this article, we describe the design and implementation of our approach, which was developed to demonstrate its feasibility. We evaluated the model’s acceptability and reliability through experimental testing and validation. Furthermore, we assessed the security and performance in terms of smart contract deployment and transaction execution costs, as well as the blockchain and storage network performance.
The blockchain technology can become a solution in data privacy and protection, being considered a public and decentralized database, in which the identity of a user is masked in the form of an address. Based on this technology, several decentralized protocols such as Bitcoin or Ethereum have been created, with the help of which decentralized applications can be created. In this article, we examine how these technologies can be used to ensure the transparency of a software application, but also the privacy and protection of user data. Other facilities like Non-Fungible Token - NFT and Smart Contract are used. The paper proposes the design and the implementation (including the source code) of a web platform for education / courses incorporating blockchain technology. The results and conclusions are showed. Finally, the contributions of the paper, the limitations and future works are also highlighted.
India is presently experiencing a moment of profound transformation that encompasses revisions to its constitution and legal principles. In this era of remarkable transformation, it would be imprudent to overlook the technological innovations and digital advancements that have permeated the legal domain. One particularly vital aspect in this context is the field of Contract Law. Presently, electronic contracts in India are primarily governed by The Indian Contract Act, in conjunction with the Information Technology Act and the Indian Evidence Act, unless stated otherwise. These legal frameworks provide the foundation for legally enforceable electronic contracts in the country. This research paper emphasizes the urgent requirement for a legal adaptation in the field of Contract Law to align with the ever-evolving technological landscape. It also delves into the legal intricacies associated with blockchain-based Smart Contracts, elucidating how these contracts function within the current judicial landscape. Finally, it concludes by emphasizing the necessity for a pioneering effort to regulate this dynamic domain.
Giacomo Ibba, Giuseppe Destefanis, Rumyana Neykova, Marco Ortu · 6 authors
The growing importance of Decentralized Applications (dApps) in areas such as the Internet of Things (IoT), Cybersecurity, and Finance is playing a crucial role in advancing software maintenance, security, and data sharing. Understanding the complex architecture and components of dApps is essential to harness their full benefits. This often involves the challenging task of identifying and retrieving key components during the dApp compilation process, particularly when dealing with multiple external dependencies. A case in point is the variety of versions in the OpenZeppelin libraries, where finding compatible elements can be a laborious process. In response to this challenge, we introduce DAI (Dependency Analyser and Installer), a novel tool that automates the identification of compatible external dependency versions for specific smart contracts. This tool significantly simplifies the compilation process for dApps that incorporate external modules, making it more efficient for developers and researchers. We evaluated DAI on 57 real-world dApps, achieving success in determining the right dependency match for 50 cases. However, the inability to compile the remaining 7 dApps due to missing files and artifacts highlights the ongoing complexities in dApp development.
Digital Ledger Technologies (DLT) have been in existence for almost 15 years. They introduced the possibility of truly global, peer-to-peer financial services. Regulators did not initially respond to this innovation but as it has become clear that digital assets are here to stay, different countries have started regulating them in different ways. The UK Government and regulatory agencies have conducted several reviews of the implications of DLT and have taken initial steps towards regulating the space, not least with the inclusion of digital assets in the Financial Services and Markets Act 2023. This chapter introduces the topic of regulating the emerging digital and cryptoassets industry and outlines the structure and contents of the book.
Qishuo Cheng, Yulu Gong, Yang Qin, Xiang Ao · 5 authors
This paper explores the integration of distributed ledger technology (DLT) and artificial intelligence (AI) in digital asset transactions, focusing on the challenges of security, privacy protection, and smart contract reliability. Through a comprehensive analysis, it was found that DLT ensures transaction security and transparency through decentralized recording and consensus mechanisms, while AI enhances security through anomaly detection and threat analysis. In addition, the convergence of DLT and AI has significantly enhanced privacy protection by encrypting data transfers and using data desensitization techniques. In addition, AI-driven automated testing and vulnerability prediction improve the reliability and execution efficiency of smart contracts, ensuring the integrity of transactions. Overall, the integration of DLT and AI provides a solid framework for safe, efficient and reliable digital asset trading, paving the way for the further development and maturity of the digital asset market.
The emergence of financial technology (Fintech) has revolutionized the global financial landscape, offering innovative solutions that challenge traditional banking systems and investment practices. This review explores the intersection of Fintech, taxation, and regulatory compliance, highlighting the complexities and opportunities within this dynamic ecosystem. Fintech encompasses a wide range of technologies, including blockchain, artificial intelligence, and mobile payment systems, which have streamlined financial services and expanded access to capital markets. However, this rapid evolution poses significant challenges for taxation and regulatory frameworks. Traditional tax laws struggle to keep pace with the speed and complexity of digital transactions, leading to uncertainties in tax treatment and enforcement. Navigating the tax implications of Fintech requires a nuanced understanding of digital assets, decentralized finance (DeFi) platforms, and cross-border transactions. Tax authorities worldwide are grappling with these challenges, seeking to balance innovation and compliance while ensuring a fair and transparent tax regime. The review examines various approaches adopted by governments and regulatory bodies to address Fintech taxation, including legislative reforms, international cooperation, and the use of advanced data analytics. Furthermore, regulatory compliance remains a critical concern for Fintech firms, as they must navigate a labyrinth of rules and standards across jurisdictions. Compliance requirements vary widely, ranging from anti-money laundering (AML) regulations to data protection laws, presenting operational and legal challenges for market participants. The review discusses strategies for achieving regulatory compliance in the Fintech sector, emphasizing the importance of proactive risk management, regulatory engagement, and technological solutions such as RegTech. Despite these challenges, the convergence of Fintech, taxation, and regulatory compliance offers immense opportunities for innovation and growth. By embracing digital transformation and adopting agile regulatory frameworks, governments and businesses can unlock the full potential of Fintech while safeguarding financial stability and integrity. This review provides insights into the evolving landscape of Fintech taxation and regulatory compliance, highlighting key trends, challenges, and best practices for navigating this new frontier in finance. Keywords: Fintech, Taxation, Financial, Technology, Review.
Drawing from the literature on decentralized finance (DeFi) and third-level digital (in)equality as well as from the emerging literature on artificial intelligence (AI), this study examined differences between investors and non-investors of blockchain technologies, cryptocurrencies, and non-fungible tokens (NFTs). Data from a cross-sectional survey among users of AI technologies (N = 502) indicate that investors of blockchain technologies, cryptocurrencies, and NFTs show higher blockchain transparency perception, greater trust in cryptocurrencies, and higher perceived asset value of NFTs than non-investors. Results also indicate that investors show greater technopian views on AI, higher AI awareness, and higher third-level AI equality than non-investors. Furthermore, the mediation effect of trust in cryptocurrencies on the relationship between investment status and perceived asset value of NFTs and the moderation effect of AI awareness on the relationship between investment status and third-level AI equality were revealed. Differential psychographics of investors versus non-investors were also found such that investors feel lonelier, experience higher existential isolation, and indicate higher need to belong than non-investors. Unique theoretical contributions to the literature on the intersection of DeFi and third-level digital (in)equality in light of AI-driven digital transformation as well as managerial implications for the emerging NFT FinTech marketplace are discussed.
Crowdfunding is an online fundraising method whereby individuals contribute small amounts to support the startup projects or businesses of young entrepreneurs. The emergence of crowdfunding sites has improved the financing process. Individuals, business owners, and innovators can now reach a worldwide audience to raise money for their ideas. In addition to examining the emergence, important models, and societal impact of crowdfunding platforms, this abstract offers a succinct summary of their many facets. Building confidence between donors and recipients is important, especially in light of the increasing number of scams. Donating to unknown parties generally scares people since they don't know if their money will go towards the appropriate causes or not. Thus, the development of a safe crowdfunding platform is required. Blockchain technology has revolutionized a number of industries by bringing previously unheard-of levels of security, transparency, and decentralization. The aim of this research paper is to examine how blockchain technology integration might improve transparency, build confidence between project creators and backers, and solve current issues with crowdfunding platforms. The decentralized ledger technology of blockchain guarantees the security, accountability, and transparency of project creators and backers. This presentation concludes by outlining the revolutionary potential of crowdfunding platforms to change financial dynamics and promote inclusive financing process involvement.
Upgradeable smart contracts (USCs) have been widely adopted to enable modifying deployed smart contracts. While USCs bring great flexibility to developers, improper usage might introduce new security issues, potentially allowing attackers to hijack USCs and their users. In this paper, we conduct a large-scale measurement study to characterize USCs and their security implications in the wild. We summarize six commonly used USC patterns and develop a tool, USCDetector, to identify USCs without needing source code. Particularly, USCDetector collects various information such as bytecode and transaction information to construct upgrade chains for USCs and disclose potentially vulnerable ones. We evaluate USCDetector using verified smart contracts (i.e., with source code) as ground truth and show that USCDetector can achieve high accuracy with a precision of 96.26%. We then use USCDetector to conduct a large-scale study on Ethereum, covering a total of 60,251,064 smart contracts. USCDetecor constructs 10,218 upgrade chains and discloses multiple real-world USCs with potential security issues.