Augustine Chidiebere Onuora, Prince Ana, Anthony Obogo Otiko, Rowland Chidi Aguwamba · 5 authors
This work seeks to illuminate the foundational principles and mechanics underpinning blockchain technology, offering a comprehensive overview of its decentralized architecture and transformative potential. By virtue of its distributed ledger, blockchain engenders a trustless environment wherein transactions are recorded immutably across a network of nodes, obviating the need for centralized authorities. Moreover, the advent of smart contracts extends the utility of blockchain beyond mere financial transactions, enabling programmable agreements and decentralized applications (dApps) to flourish. As we navigate the intricate terrain of blockchain technology, it becomes evident that its disruptive impact extends far beyond the realm of finance, permeating diverse sectors such as supply chain management, healthcare, and governance. Yet, challenges persist, ranging from scalability concerns to regulatory hurdles, necessitating ongoing research and innovation to unlock the full potential of blockchain. This work serves as a beacon, illuminating the path forward in the realm of decentralized networks. Through collaboration, experimentation, and steadfast adherence to the principles of decentralization and transparency, blockchain technology holds the promise of ushering in a new era of trust, empowerment, and societal transformation.
Purpose: The aim of the study was to assess the cryptocurrency adoption in traditional financial markets in the United States. Methodology: This study adopted a desk methodology. A desk study research design is commonly known as secondary data collection. This is basically collecting data from existing resources preferably because of its low cost advantage as compared to a field research. Our current study looked into already published studies and reports as the data was easily accessed through online journals and libraries. Findings: Cryptocurrency adoption in traditional financial markets in the United States has been marked by a gradual but significant increase in interest and integration. Studies indicate that while the adoption rates vary across different sectors, there's a growing acceptance and utilization of cryptocurrencies among institutional investors, particularly in the form of investment products like Bitcoin futures and exchange-traded funds (ETFs). Regulatory clarity and institutional infrastructure developments have played crucial roles in fostering this adoption. Additionally, the involvement of prominent financial institutions and corporations, such as banks offering cryptocurrency custody services and major companies integrating Bitcoin into their balance sheets, highlights a broader acceptance of cryptocurrencies within traditional finance. Implications to Theory, Practice and Policy: Technology acceptance model (tam), diffusion of innovations theory and institutional theory may be use to anchor future studies on assessing the cryptocurrency adoption in traditional financial markets in the United States. Develop educational initiatives aimed at enhancing financial literacy and cryptocurrency awareness among investors, financial professionals, and policymakers. Advocate for clear and coherent regulatory frameworks that provide legal certainty and consumer protection while fostering innovation and market development.
This study aimed to examine the variables that affect Malaysian university students' intentions to invest in cryptocurrencies. Few studies have been conducted on the factors influencing Malaysian university students' intention to invest in cryptocurrencies, despite a wealth of research on the desire to do so. The researcher used a self-administered questionnaire to collect data for this quantitative study, which was grounded in a positivist philosophy. The target population was students who intend to invest or have invested previously in cryptocurrencies. A total of 106 respondents were obtained. The results of this study were empirically analyzed using a deductive approach and the positivist philosophy. The Statistical Product and Service Solution (SPSS) was used to process and analyze the data. The study's findings demonstrated that among the students surveyed, financial literacy, perceived trust, and social norms all had a significant impact on their intention to invest in cryptocurrencies. It was discovered, nevertheless, that their intention to purchase cryptocurrency is not significantly impacted by their perception of behavioral control. This study's value and implications stem from the insights it provides to various stakeholders in the cryptocurrency space, such as marketers, educators, and businesses engaged in the development, exchange, and creation of non-fungible tokens (NFTs). To draw in and keep the interest of potential investors, the study's findings indicate that these parties should concentrate on raising financial literacy and spreading knowledge about cryptocurrencies. The study's conclusions add to our knowledge of undergraduates' investing behavior and have applications for those involved in the cryptocurrency space.
Abstract This paper provides a systematic literature review of text analysis methodologies used in blockchain-related research to comprehend and synthesize existing studies across disciplines and define future research directions. We summarize the research scope, text data, and methodologies of 124 papers and identify the two most common combinations of these dimensions: (1) papers that focus on specific cryptocurrencies tend to apply sentiment analysis to instant user-generated content or news articles to discover the correlations between public opinion and market behavior, and (2) studies that examine the broad concept of blockchain with text data from documents published by companies tend to apply topic modeling techniques to explore classifications and trends in blockchain development. We discover five major research topics in the academic literature: relationship discovery, cryptocurrency performance prediction, classification and trend, crime and regulation, and perception of blockchain. Based on these findings, we highlight three potential research directions for researchers to select topics and implement suitable methodologies for text analysis.
Abstract–An electronic voting system based on blockchain technology, addressing the challenges of traditional paper ballots and digital voting methods. The system aims to provide security, integrity, transparency, and privacy for voters. It evaluates various blockchain frameworks and proposes a novel e-voting system that can be particularly useful for small-scale elections within corporate environments. The implementation relies on Ethereum’s smart contracts, with development and testing facilitated by the Truffle framework and Ganache as the Ethereum client for testing. It also highlights the historical challenges in developing secure electronic voting systems that balance fairness and privacy with transparency and flexibility. The paper explores the application of blockchain technology in addressing these issues, emphasizing the potential of distributed ledger technology for hosting nationwide elections securely and cost-effectively. The paper also underscores the significance of blockchain technology in ensuring anonymity, privacy, verifiability, and fairness in the voting process. Keywords- Blockchain, Decentralized, Ethereum, E-Voting, Smart Contracts.
This research paper delves into the multifaceted potential of the Tron blockchain platform across various industries and use cases. Tron has emerged as a prominent player in the blockchain space, offering high throughput, scalability, and smart contract functionality. This paper examines the diverse applications of Tron, ranging from decentralized finance (DeFi) and gaming to content distribution and supply chain management. Drawing from case studies, industry insights, and expert analysis, the paper explores how Tron's unique features and capabilities can revolutionize existing systems and create new opportunities for innovation. By uncovering Tron's power and versatility, this paper contributes to a deeper understanding of its role in shaping the future of decentralized technologies and digital ecosystems.
Abstract As an innovative technology for enhancing authenticity, security, and risk management, blockchain is being widely adopted in trade and finance systems. The unique capabilities of blockchain, such as immutability and transparency, enable new business models of distributed data storage, point‐to‐point transactions, and decentralized autonomous organizations. Here, the authors focus on blockchain‐based securities trading, in which blockchain technology plays a vital role in financial services as it ultimately lifts trust and frees the need for third‐party verification by using consensus‐based verification. The 12 most popular blockchain platforms are investigated and 6 platforms that are related to finance are elaborated on, seeking to provide a panorama of securities trading practices. Meanwhile, this survey provides a comprehensive summary of blockchain‐based securities trading applications. Numerous practical applications of blockchain‐based securities trading are gathered and they are categorized into four distinct categories. For each category, a typical example is introduced and how blockchain contributes to solving the key problems faced by FinTech companies and researchers explained. Finally, interesting observations are provided ranging from mainstream blockchain‐based financial institutions to security issues of decentralized finance applications, aiming to picture the current blockchain ecosystem in finance.
Blockchain is characterized as a disruptive technology in many sectors, including accounting and auditing. Despite blockchain’s great potential, several studies point out that tangible applications in accounting and auditing are slow to develop and to become widespread. This article looks at the practices and strategies of blockchain education in university accounting courses. We study the curricula of the world’s top 50 universities (Shanghai Ranking) and identify five types of course approaches: 1) The professional practice; 2) The dual or triple competency; 3) The entrepreneurship and business; 4) The sector-specific; 5) The critical thinking and holistic. We discuss these results in terms of isomorphism and distinctions between universities and propose an agenda for research on blockchain education in accounting.
From the introduction of Bitcoin in 2008 by Satoshi Nakamoto, the cryptocurrency ecosystem can be seen as a disintermediating and disruptive technology which has incited huge growth of the fintech space over the last decade with an estimated 12,000 currencies in circulation. The growth of cryptocurrency is unprecedented and there is a world-wide increase in the number of companies that are accepting digital assets such as crypto currencies for transactional as well as other investment purposes. Despite the innovativeness of cryptocurrencies and the use of public, decentralised ledger through the underlying blockchain technology, small and medium businesses have been slow at adopting it. While several studies have looked at uptake of cryptocurrencies by using quantitative methods, there is a lack of studies employing qualitative data for exploring concepts and themes associated with the adoption of cryptocurrencies. The aim of this study is to uncover the qualitative factors that contribute to the adoption of cryptocurrency, e.g. Bitcoin, as a payment. Furthermore, researchers have paid attention to the adoption of this technology globally and very few studies focus specifically on public adoption and not much heed is given on determinants of cryptocurrency adoption especially among Small and Medium Enterprises (SMEs) and Micro SMEs (MSMEs). Using a sample of 75 SMEs/MSMEs in the UK, this study applies Leximancer qualitative tool to analyse the narrative data and identify the pivotal technology adoption factors. The UK has been chosen for this study as the Government has an ambition to make UK the “global hub for cryptoassets”. More specifically, the report by FCA showed that 2.3 million individuals in the UK owned cryptocurrencies in 2021 and this was estimated to grow further. This research has empirical and practical contributions related to the understanding of how users adopt new technologies in their own organizations. The findings show that social influence and benefits of the technology play an important role in adoption of Bitcoin, while regulation and lack of knowledge act as detriments in the adoption decision of business users.
Andry Alamsyah, Gede Natha Wijaya Kusuma, Dian Puteri Ramadhani
The future of the internet is moving toward decentralization, with decentralized networks and blockchain technology playing essential roles in different sectors. Decentralized networks offer equality, accessibility, and security at a societal level, while blockchain technology guarantees security, authentication, and openness. Integrating blockchain technology with decentralized characteristics has become increasingly significant in finance; we call this “decentralized finance” (DeFi). As of January 2023, the DeFi crypto market capitalized USD 46.21 billion and served over 6.6 million users. As DeFi continues to outperform traditional finance (TradFi), it provides reduced fees, increased inclusivity, faster transactions, enhanced security, and improved accessibility, transparency, and programmability; it also eliminates intermediaries. For end users, DeFi presents asset custody options, peer-to-peer transactions, programmable control features, and innovative financial solutions. Despite its rapid growth in recent years, there is limited comprehensive research on mapping DeFi’s benefits and risks alongside its role as an enabling technology within the financial services sector. This research addresses these gaps by developing a DeFi classification system, organizing information, and clarifying connections among its various aspects. The research goal is to improve the understanding of DeFi in both academic and industrial circles to promote comprehension of DeFi taxonomy. This well-organized DeFi taxonomy aids experts, regulators, and decision-makers in making informed and strategic decisions, thereby fostering responsible integration into TradFi for effective risk management. This study enhances DeFi security by providing users with clear guidance on existing mechanisms and risks in DeFi, reducing susceptibility to misinformation, and promoting secure participation. Additionally, it offers an overview of DeFi’s role in shaping the future of the internet.
The Metaverse is a developing mirror of the real world that promises to revolutionize socializing, business, and digital asset connections. Such technology will change the physical world and its environment. Decentralized Finance (DeFi) will completely transform the global financial system. Recent years have seen DeFi transform the financial industry. Since DeFi expanded, banking, insurance, and investing have changed significantly. The decentralized finance sector is growing rapidly, showing that digital currencies and platforms could replace the old financial system. It eliminates expensive intermediaries, lowers transaction costs, and increases financial services access for all, regardless of location or income. Decentralization could provide a risk-free and efficient solution for Metaverse's financial ecosystem, but it has drawbacks. Before implementing financial decentralization, security risks were the main concern. The review paper discusses DeFi's main role in the Metaverse financial ecosystem and security concerns. Front-running attacks are one of the biggest security risks in DeFi, which could cost investors a lot of funds as well as damage the ecosystem.
Clement Daah, Amna Qureshi, Irfan Awan, Savas Konur
As financial institutions navigate an increasingly complex cyber threat landscape and regulatory ecosystem, there is a pressing need for a robust and adaptive security architecture. This paper introduces a comprehensive, Zero Trust model-based framework specifically tailored for the finance industry. It encompasses identity and access management (IAM), data protection, and device and network security and introduces trust through blockchain technology. This study provides a literature review of existing Zero Trust paradigms and contrasts them with cybersecurity solutions currently relevant to financial settings. The research adopts a mixed methods approach, combining extensive qualitative analysis through a literature review and assessment of security assumptions, threat modelling, and implementation strategies with quantitative evaluation using a prototype banking application for vulnerability scanning, security testing, and performance testing. The IAM component ensures robust authentication and authorisation processes, while device and network security measures protect against both internal and external threats. Data protection mechanisms maintain the confidentiality and integrity of sensitive information. Additionally, the blockchain-based trust component serves as an innovative layer to enhance security measures, offering both tamper-proof verification and increased integrity. Through analysis of potential threats and experimental evaluation of the Zero Trust model’s performance, the proposed framework offers financial institutions a comprehensive security architecture capable of effectively mitigating cyber threats and fostering enhanced consumer trust.
"Love in the Blockchain: Unique NFT Gifts for Lovers" explores the intersection of romance and technology in the realm of Non-Fungible Tokens (NFTs). In this digital age, where expressions of love transcend traditional boundaries, NFTs offer a unique and innovative way for couples to celebrate their affection and deepen their connection. From digital artworks capturing special moments to virtual experiences symbolizing shared memories, NFT gifts provide couples with a timeless and meaningful expression of their relationship. By leveraging the immutable nature of the blockchain, NFT gifts become enduring symbols of commitment and fidelity, transcending the limitations of physical gifts. Through case studies and examples, the abstract will showcase a variety of unique NFT gift ideas for lovers, ranging from custom-designed artworks to interactive experiences tailored to individual preferences. It will also explore the emotional impact and cultural significance of exchanging NFT gifts within romantic relationships, emphasizing the role of technology in enhancing and enriching the bonds between partners. Ultimately, this paper aims to shed light on the evolving landscape of digital romance and inspire couples to explore new avenues of expressing their love through the power of blockchain technology and NFTs.
Abstract This paper examines the efficiency of the Initial Coin Offering (ICO) market through a search-theoretical lens. Search intensity associated with the process of identifying valuable startups is increasing in market granularity. DLT increases market granularity because asset tokenization lowers entry barriers. Lower-end entrants, however, increase aggregate search intensity but may lack search skills. The resulting search-related inefficiency creates a niche for intermediaries or institutional investors that specialize on search. Consistent with the theory, specialized crypto funds increase ICO market efficiency by reducing search frictions, inter alia, by shortening the time-to-funding and increasing the funding amount. At the same time, crypto funds extract sizable economic rents for their intermediation services. Overall, the study relates to the general trade-off between centralization and decentralization in entrepreneurial finance. It suggests that market frictions specific to early-stage crowdfunding of entrepreneurship may prevent “perfectly” Decentralized Finance (DeFi) markets from functioning efficiently.
Virtual Currency, Digital Currency, Crypto Asset, DLT(Distributed Ledger Technology) , Payment tokens, Virtual Asset, Bitcoin are some of the terms commonly used to denote the crypto currency without any standard common definition. These are all types of crypto assets developed initially in 2009. Bitcoin, Ethereum are some of the widely used crypto currencies. All around the world some countries have regularised this field, some are yet to regularise. The entire event is based on the concept of decentralisation or no need of a Central organ to control or monitor such currencies. The various articles published with different ideas regarding the taxability of such cryptocurrencies are analysed .
Santosh Reddy Addula, Karthik Meduri, Geeta Sandeep Nadella, Hari Gonaygunta
Blockchain technology and artificial intelligence (AI) have been gaining much interest in the finance industry due to their potential to democratize access to financial services, especially in impoverished areas lacking traditional banking infrastructure.The current study adopts a research strategy that thoroughly examines and integrates existing literature on the convergence of AI and blockchain technologies within the banking sector.The strategy combines qualitative and quantitative methods to deliver a holistic understanding of the integration's advantages and limitations of blockchain technology and AI in banking.The data is subjected to qualitative content analysis to identify recurring themes, trends, and linkages in the literature.Blockchain technology offers inherent security features, such as encryption and cryptographic hashing, but also introduces new privacy challenges.Security and privacy issues necessitate the deployment of strong encryption protocols, access controls, and data anonymization techniques that protect sensitive data and ensure regulatory compliance.Integrating blockchain and AI offers significant opportunities for enhancing the risk management processes in supply chain finance, enabling real-time tracking, transparency, and optimization of supply chain processes.AI-driven algorithms improve fraud detection and risk management, allowing financial institutions to spot unusual trends and proactively reduce risks.This paper attempts to promote discussion on possible applications and help readers make well-informed decisions on the future of finance in a blockchain-enabled, artificial intelligence-driven world by looking at real-life instances.
Medical institutions distribute regulated medications to patients and persist in employing manual documentation methods to record the production, distribution, prescription, administration, and disposal of controlled substances. Consequently, this reliance on handwritten paperwork leads to operational inefficiencies. Of noteworthy concern is the potential for this practice to facilitate the circumvention or manipulation of the system, thereby enabling the issuance of undocumented or non-standardized prescriptions that could potentially harm patients . The central thesis is that smart contracts are a solid foundation for any blockchain development project, by describing the design and implementation of the prescription dispense approach that manages different participants in related sectors. Moreover, designing secure smart contracts required to privacy and security of the healthcare system. This study presents a proposal and implementation for the prescribed immutable and authenticated prescription for patients suffering from chronic disease and need ongoing dispense on regular bases. By employing smart contracts upon blockchain, I attempt to illuminate the benefits of using this technology in the prescription system in Saudi Arabia specifically and the ability of smart contracts to provide security for applications in general. The findings contribute in several ways to our understanding of smart contracts and provide a basis for building a secure prescription dispenser approach that serves the healthcare sector.
The evolution of cryptocurrency and decentralized finance (DeFi) marks a significant shift in the financial landscape, making it more accessible, inclusive, and participative for various societal groups. However, this transition from traditional financial institutions to DeFi demands a meticulous policy framework that strikes a balance between innovation and safeguarding consumer interests, security, and regulatory compliance. In this script we explore the imperative need for regulatory frameworks overseeing cryptocurrencies and Decentralized Finance (DeFi), aiming to leverage their potential for inclusive economic advancement. It underscores the prevalent challenges within conventional financial systems, juxtaposing them with the transformative potential offered by these emergent financial paradigms. By highlighting the pivotal role of robust regulations, we examine their capacity to ensure user security, fortify market resilience, and spur innovative strides. We aim to proffer viable strategies for formulating regulatory structures that harmonize the twin objectives of fostering innovation and upholding fairness within financial ecosystems.
The adoption of cloud-based electronic health record (EHR) systems and blockchain technology in healthcare is gaining attention for enhancing data security and interoperability. This research focuses on designing and implementing a blockchain-based cloud EHR system. It explores selecting suitable blockchain technology, cloud infrastructure, and data management methods to ensure patient data confidentiality, integrity, and availability. The architecture and components of the system, including the blockchain network, cloud storage layer, and user interface, are thoroughly discussed. A pilot study evaluates the system’s feasibility and performance, showcasing improved data protection, sharing, and management compared to traditional EHR systems. The potential benefits, drawbacks, and barriers to adoption of a blockchain-based cloud EHR system are examined. This research provides valuable insights and recommendations for healthcare institutions considering the implementation of such systems, addressing the challenges, and offering guidance for successful adoption.
The theoretical foundations and indeed implications related to the emergence of digital assets, particularly cryptocurrencies, remain a scarcely explored area in recent academic literature. This chapter aims to analyze the presumed influences of various economic schools of thought on the genesis of Bitcoin, the monetary policies underlying several digital assets, and the evolution of their market capitalization since 2009. The study also addresses the case of several cryptocurrency exchange platforms, commonly known as crypto exchanges, and focuses on industrial entities, such as Ledger and Bitmain. An overview of use cases involving “smart contracts” and Blockchain technology is provided. This chapter seeks to revisit the emergence of different approaches to national regulation on a global scale and to establish international comparisons. The examples of Japan, long trapped in a deflationary spiral, and Argentina, facing hyperinflation, are particularly enlightening for understanding the legal treatment of digital assets and their perception by local authorities. Two central questions guide this exploration: what are the economic and ideological foundations underlying the conception of Bitcoin, and to what extent does the current development of the digital asset ecosystem remain true to the initial ideas of Satoshi Nakamoto?
Mostafa Harakeh, Malek El Diri, Costas Lambrinoudakis, Nikolaos Tsileponis
This study investigates the impact of blockchain technology adoption on corporate investment efficiency. Utilizing a difference-in-differences methodology on an international sample of Forbes Global 2000 companies between 2012 and 2021, we find that firms implementing blockchain exhibit significantly higher investment efficiency post-adoption compared to non-adopters. This effect is more pronounced among ex ante informationally opaque firms. Our results suggest that blockchain adoption reduces overinvesting activities by restricting avenues for managerial discretion through enhanced transparency. Our findings contribute to the growing literature on blockchain's real economic impacts and inform blockchain adoption decisions by demonstrating investment efficiency benefits.
This study examines the role of cryptocurrencies in the transition to a cashless society, focusing on the balance between surveillance society and freedom, technological infrastructure and government policies, the impact of cryptocurrencies on national currencies, and issues related to the protection of personal data. The anonymity provided by cryptocurrencies and the difficulty in tracking transactions due to blockchain technology increase the appeal of a cashless society. However, multiple factors must converge for a full transition to a cashless society. The role and potential impacts of cryptocurrencies in this transition include increased traceability of financial transactions and potential restrictions on personal freedoms. Additionally, the effects of cryptocurrencies on national currencies and individual financial behaviors are discussed. The study explores the future of a cashless society and how cryptocurrencies may contribute to building a surveillance society. The increase in traceability of financial transactions with the transition to a cashless society could lead to the establishment of a full surveillance society. In this context, the balance between the privacy and traceability of cryptocurrencies is emphasized. The study provides a literature review and an analytical approach to the relationship between the rise of cryptocurrencies and the development of the cashless society concept.
Financial inclusion, the universal access to affordable financial services, has emerged as a critical component for fostering economic development, especially in emerging markets. This study presents a comprehensive review of trends in financial inclusion through technology, focusing on its transformative impact in emerging markets. In recent years, technological advancements have paved the way for innovative financial solutions, breaking down traditional barriers to access and bridging gaps in financial services. Mobile banking, digital wallets, and blockchain technologies have become instrumental tools in extending financial services to previously underserved populations. This review delves into the key trends shaping the landscape of financial inclusion in emerging markets, highlighting the role of technology as an enabler. The rise of mobile banking has been a game-changer, allowing individuals with limited access to traditional banking infrastructure to conduct financial transactions seamlessly. Digital wallets have gained prominence, offering a secure and convenient means for users to store, transfer, and receive money. Blockchain technology, with its decentralized and transparent nature, has facilitated the development of innovative financial products like cryptocurrencies, providing alternative avenues for financial inclusion. However, challenges persist, including concerns related to data security, regulatory frameworks, and the digital literacy of users. The review critically examines these challenges and explores potential solutions to ensure the sustainable growth of financial inclusion initiatives in emerging markets. Moreover, the COVID-19 pandemic has underscored the importance of resilient and accessible financial systems. The review assesses the pandemic's impact on financial inclusion trends, highlighting both the vulnerabilities exposed and the opportunities for further integration of technology in addressing economic shocks. This review contributes to the evolving discourse on financial inclusion through technology in emerging markets. By identifying trends, challenges, and opportunities, it offers valuable insights for policymakers, financial institutions, and technology innovators seeking to drive inclusive economic growth through technological interventions. Keywords: Finance, Technology, Emerging Markets, Financial Inclusion, Review.
The emergence of decentralized finance (DeFi) signifies a fundamental change in the financial sector, utilizing blockchain technology to revolutionize conventional financial structures. This study aims to investigate the development, underlying principles, and practical applications of DeFi while analyzing the regulatory factors, upcoming patterns, and policy consequences. This study employs a thorough research methodology encompassing a literature review and case studies to examine the fundamental elements, uses, and instances of success in DeFi. It emphasizes the potential for transformation and the obstacles it faces. The study identified legal ambiguity, difficulties in achieving scale, and constraints related to compliance as primary concerns for policymakers. The fundamental discoveries encompass the pivotal function of blockchain technology in facilitating DeFi platforms, the tangible implementations of DeFi in lending, borrowing, and trading, and the necessity for clear regulations and global cooperation. The policy implications encompass the significance of maintaining a balance between innovation and compliance, promoting international collaboration, and prioritizing consumer protection measures. In summary, this study enhances our comprehension of the emergence of DeFi and its consequences for conventional finance. It offers valuable insights for policymakers, industry participants, and scholars in effectively navigating the changing realm of decentralized finance.