The current extent of global technology is swiftly progressing and infiltrating all sectors. Within the financial sector, organizations are continuously seeking to create innovative strategies and solutions that priorities the needs of their corporate clients while maintaining a strong competitive edge over other firms. Corporate financial institutions must strive to maintain competitiveness versus other organizations while also maintaining operational efficiency, security, traceability, and openness. Blockchain technology enables corporate financial institutions and banks to utilize their services and streamline their internal procedures. Banks can enhance their existing processes, including transactions, identity verifications, smart contracts, and internal operations like HR and procurement, through the implementation of distributed ledger technology.
The rapid growth in the fintech industry propels financial services into the digital era, bringing unprecedented convenience and efficiency. However, this transformation could be a smoother process; it faces difficulties, primarily in Cybersecurity. This comprehensive study explores the cybersecurity landscape in the fintech industry, including common threats, existing defensive measures, and innovative solutions that shape the future. Significant dangers, such as data breaches, phishing attacks, and malware complications, emphasize the need for strong cybersecurity strategies. Fintech firms address these concerns by employing various defensive measures, including encryption technology, robust multi-factor authentication, and strict compliance with legal frameworks. Examining prospects, the article explores emerging themes such as the mysterious domain of quantum-resistant cryptography, the mysterious frontier of behavioral analytics, and the shift toward decentralized identification solutions. These developments demonstrate a proactive shift in strategy, anticipating and preparing for potential hazards to prevent and minimize their impact. The conclusion presents important findings, drawing out their implications for the future and proposing sensible suggestions for further research and industrial practices. This research provides vital insights for stakeholders in the rapidly changing field of fintech, helping them navigate the complex intersection of finance and technology and guaranteeing a safe journey through unfamiliar areas.
The diverse applications and benefits of blockchain technology and smart contracts across various sectors are explored in this overview. Decentralized Finance (DeFi) projects, supply chain management, tokenization of assets, NFT platforms, and identity verification stand out as prominent examples. Smart contracts are lauded for their cost efficiency and security, underpinned by blockchain's cryptographic features that fortify system integrity. Blockchain's global accessibility facilitates cross-border transactions, while decentralized exchanges (DEX) mitigate censorship and counterparty risks, empowering users with asset control. Moreover, blockchain expands investment opportunities through asset tokenization, encompassing diverse classes such as real estate and intellectual property, bolstering security and transparency through immutable ownership records. Oracles play a vital role in integrating real-time data into DeFi ecosystems, informing decision-making by linking off-chain data with blockchain networks.Diverse token standards like ERC-20 and ERC-721 are pivotal, catering to fungible and non-fungible token ecosystems respectively. Lastly, the advantages of proof of stake (PoS) over proof of work (PoW) are highlighted, emphasizing PoS's energy efficiency, transaction throughput, and scalability
The advantages of publicly distributed, transparent, accountable, traceable, safe, and well organized database ledger has made the blockchain technology gained popularity and acceptance. As the world keeps growing in the knowledge and the adoption of the technology, it is very important to practically harness the opportunities in this technology in land administration system to combat the insecurity, poor database and copyright challenges facing land ownership transactions in the Cadastre System in developing countries. The aim of this paper is to examine the practicability of harnessing the Web3 Technology in Land Ownership Transactions with an objective to mint and transact a Registrable Instrument on a cryptographic blockchain. To achieve this, two Non- Fungible Token (NFT) accounts were created on Core blockchain, two templates of survey plans were also minted into an Art NFT on the same blockchain. The Minted NFTs were transacted (transferred and sold) between the two accounts on the YoungParrot NFT marketplace. These two transactions (sales and transfer) were completed, recorded and stored on the blockchain public ledger, with evidence that can be traced and viewed on the blockchain using the transaction hash/ID. The blockchain transaction was found to be fast, effortless, secured and organized on the blockchain transaction ledger, hence presenting the Web3 blockchain Technology as a possible solution to the challenges facing the Cadastre System. However, the acceptance of the technology in land administration, land ownership and transactions still face some other administrative challenges which this paper further addressed.
Cryptocurrencies and blockchain have become a global phenomenon transforming peo-ple's relationships with technology and offering innovative tools for businesses and individuals to strive in a digital age. However, little is still known about the main drivers of cryptocurrency ownership, especially in emerging markets. Based on a representative online survey among 573 Brazilian digital platform investors, we find that crypto investors tend to be young, male, more tol-erant to risk, less optimistic in their economic views, and consider themselves as ‘better’ investors compared to non-crypto online traders. While crypto and non-crypto investors have similar edu-cational backgrounds, our results show that cryptocurrency literacy positively and strongly relates to cryptocurrency ownership and intentions to invest in cryptocurrency. A gender gap among cryptocurrency investors has been confirmed. The findings further suggest that sophisticated in-vestors are more likely to hedge pessimistic economic expectations using cryptocurrency than their unsophisticated peers. We also find significant heterogeneity among cryptocurrency investors (e.g., early x late adopters) on attitudes and beliefs. The insights into digital investors' intentions to invest in cryptocurrency can be valuable for policymakers in designing strategies for the broader adoption of digital assets in the era of a decentralized economy, considering the planned adoption of CBDC in Brazil.
This work intends to comprehensively analyze the application of blockchain technology in enterprise financial accounting information sharing and address prevalent issues such as information opacity, data tampering, and data security in the current practices. Therefore, it writes smart contracts based on the Ethereum platform to achieve the secure sharing of financial accounting information between enterprises. This work employs a randomized experimental design approach, using a computer-generated random number program to divide 100 enterprises into experimental and control groups, each comprising 50 enterprises. Enterprises in the experimental group share financial accounting information using smart contracts on the Ethereum platform during the experiment. The financial personnel of these enterprises upload reconciled data to the corresponding smart contracts using the enterprise's digital signatures after each month's accounting process. Enterprises in the control group continue to use traditional methods of financial accounting information sharing (such as email and web platforms) to share financial data files directly. Quantitative analysis is performed to compare the data between the experimental and control groups. Empirical results reveal a notable enhancement in information-sharing efficiency by 25.7%, a 19.8% improvement in data accuracy, and a 13.6% reduction in financial information-sharing costs within the experimental group compared to the control group. This work provides compelling evidence that adopting blockchain-based information-sharing methods can effectively elevate data trustworthiness and security. Supported by systematic empirical findings, this work validates the significant potential of blockchain technology in the realm of enterprise financial accounting information sharing.
Our daily activities revolve around various technologies, the smart city technologies and the services they offer have all influenced modern living conditions. The purpose of a smart city is to enhance people's quality of life and provide possibilities to address social and environmental issues. As a developing technology, blockchain is beneficial for enhancing smart city services including food tracking, supply-demand matching, the security of connected cars, and regulatory compliance. We propose a new framework for describing how blockchain technology is used in smart contracts to improve security, dependability, and many other positive outcomes in a smart city environment. We propose smarter and resilient smart contracts using blockchain technology to manage real estate information. We propose a framework with tamperproof functionality to store the data and retrieve the data. Smart contract mathematical computations like overhead rate, execution time, mean computational cost, standard deviation, throughput, and resource utilization are evaluated and the results are compared. This paper focuses on real-world rental file management scenarios to demonstrate the benefits of blockchain technology and how it is used to address the issues that currently exist in developing smart contracts and services while exchanging real land and other properties in a smart city environment.
Financial Technology, aka FinTech, has greatly facilitated the rapid development of the banking sector, forging new paths for traditional financial service provision and forging new environments for innovation and efficiency. In the review, we explore how FinTech is impacting banking in multiple ways, including areas of adoption fueled by consumer demand for simple digital experiences and the use of cutting-edge technologies like artificial intelligence and blockchain. The growing trends of decentralized finance (DeFi) and quantum computing, promise more autonomous, efficient financial processes, and create a challenge for the traditional banking models. Sustainable products gained importance in light of growing demands from society, which calls for the use of environmentally friendly finances by banks and FinTech tools. Governments and regulatory bodies play a major role in guiding the ever-changing landscape by helping to lay down guidelines that promote innovation while protecting consumers and financial stability. Additional hallmark initiatives to promote financial inclusion for underserved populations reinforce the importance of cooperation (consortium) between regulators and industry stakeholders. Overall, FinTech integration into banking improves the customer experience, and efficiency in general, and strengthens a more equal financial ecosystem. The review points to an obvious need for traditional banks to embrace innovation and adapt to the dynamics of challenges and opportunities in the FinTech revolution.
Over the past three decades, scholars have studied technology adoption and its determinants in many contexts. Nevertheless, this literature has remained silent in understanding the complex interdependency among these determinants and how such interdependency determines technology adoption. In this paper, we build on previous research to focus on the technological, social, economic, cultural, and political determinants of technology adoption. Using the Fuzzy-set Qualitative Comparative Analysis (FsQCA) with samples of 101 and 43 countries, we perform a configurational analysis to explore the interdependency among these five categories of factors and their causal effect on the adoption of cryptocurrency and decentralized finance (DeFi). We obtain various causal combinations of the technological, social, economic, cultural, and political factors that are associated with a high level of cryptocurrency and DeFi adoption. In addition, our analysis highlights the key role of the social, economic, and cultural factors in influencing both crypto and DeFi adoption. Technological and political factors, nevertheless, play a less important role in driving blockchain adoption. We also find intriguing differences between cryptocurrency and DeFi adoption. Our results both support and challenge existing findings in the technology adoption literature and offer theoretical implications for future research.
Blockchain technology has emerged as a revolutionary force with the potential to address pressing social challenges and transform traditional paradigms in humanitarian aid and social initiatives. This paper provides a comprehensive review of the diverse applications of blockchain in fostering social good, particularly in the realms of humanitarian aid and social initiatives. The decentralized and transparent nature of blockchain offers a paradigm shift in the way charitable organizations operate and deliver aid. Smart contracts on blockchain enable transparent and tamper-resistant transactions, ensuring that resources are allocated efficiently and reach intended beneficiaries. The elimination of intermediaries reduces the risk of corruption and ensures a more direct and accountable flow of funds. In the context of humanitarian aid, blockchain facilitates the creation of decentralized identity systems, ensuring secure and verifiable identities for displaced populations. This aids in the efficient delivery of aid, as well as financial inclusion for those without access to traditional banking services. Moreover, blockchain enhances supply chain transparency, enabling the tracking of donations from inception to distribution, reducing fraud and ensuring the authenticity of goods. Social initiatives, too, benefit from blockchain's transformative capabilities. Decentralized autonomous organizations (DAOs) enable communities to collectively make decisions and manage resources. This fosters a sense of ownership and empowerment among participants, promoting sustainable social development. Additionally, blockchain-based token economies incentivize positive behaviors, encouraging individuals to contribute to social causes in meaningful ways. Despite these promising applications, challenges such as scalability, regulatory uncertainties, and technological literacy remain. This paper calls for continued research and collaboration to unlock the full potential of blockchain for social good, emphasizing the need for innovative solutions that can address the unique challenges faced by humanitarian and social initiatives.
Given the growing importance of smart contracts in various applications, ensuring their security and reliability is critical. Fuzzing, an effective vulnerability detection technique, has recently been widely applied to smart contracts. Despite numerous studies, a systematic investigation of smart contract fuzzing techniques remains lacking. In this paper, we fill this gap by: 1) providing a comprehensive review of current research in contract fuzzing, and 2) conducting an in-depth empirical study to evaluate state-of-the-art contract fuzzers' usability. To guarantee a fair evaluation, we employ a carefully-labeled benchmark and introduce a set of pragmatic performance metrics, evaluating fuzzers from five complementary perspectives. Based on our findings, we provide direction for the future research and development of contract fuzzers.
In the context of extreme societal polarization, activists have mobilized to protest injustices and claim their rights, yet such efforts often fall short of goals because demands normally are directed to government or firms that offer superficial responses. Communitarianism, which broadly strives for autonomy from established institutions, promises the development of self-provisioning communities based on cooperative networks and participatory, democratic governance that prioritizes use over exchange value and redistribution over profitable activity for individuals. The emergence of Web3 and blockchain technology has ushered in new affordances such as scaling a communitarian enterprise and exchange of value independent of banks or other institutions. Whereas market-based organizations use Web 3 affordances for accounting purposes for profit, communitarian organizations aim to link accounting with designs to inject capital into a commons to support self-governing communities in community-based peer production (CBPP). To exemplify the broad range of approaches to the multifaceted goals of CBPP, I focus on FairCoop and Sensorica. Despite considerable differences, these organizations nonetheless share problems and generally are illustrative of longstanding challenges to communitarian enterprises – digitalized and non-digitalized alike. Perennial problems such as the fraught capitalist/postcapitalist relation, self-interest, uneven power relations, lack of diversity, and the challenge of responding adequately to societal needs combine with effects of automated governance and associated effects of technocracy that can dissolve founding values to threaten the integrity of a communitarian collective. CBPP as well as its non-digitalized counterparts are important contributions to humanity, but goals and actual practices can diverge. CBPP requires vigilant designs that complement rather than replace human decision making with algorithmic governance and pay attention to reflexivity and positionality, continualre-design to engage unanticipated problems, and distance actually existing projects from discourses that reify patterns such as decentralization with the consequence of missing crucial contextual knowledges.
This comprehensive article delves into the intricate interrelations among cryptocurrency evolution, sustainability marketing, regulatory frameworks, and market quality within the financial domain. Drawing upon a diverse array of scholarly references, it explores the historical inception, technological advancements, and potential trajectories of cryptocurrency markets. It also scrutinizes the emergence of sustainable finance, emphasizing the incorporation of environmental, social, and governance (ESG) principles into financial paradigms. Furthermore, it assesses the influence of regulations on sustainability marketing strategies and investigates how market quality impacts the efficacy of sustainability endeavors. Through the analysis of case studies and collaborative endeavors, the article furnishes practical insights into embedding sustainable practices and cultivating a responsible financial environment. By amalgamating theoretical constructs with realworld instances, it offers guidance to stakeholders navigating the complexities and opportunities within sustainable finance and cryptocurrency trading.
Hongyu Guo, Haozhe Liang, Ju Huang, Wei Ou · 7 authors
The proliferation of blockchain technology has resulted in diverse token standards, posing challenges for compatibility, security, and performance in existing cross-chain bridges. This paper introduces a novel framework capable of concurrently facilitating fungible token exchange, as well as the processing of both individual and batch non-fungible tokens (NFTs). We deploy token bridges that meet different token standards to support cross-chain staking and unlocking of ERC20, ERC721, and ERC1155. To minimize both waiting times and handling fees, we relocate processes necessitating frequent transactions and verifications to the sidechain. Additionally, we adopt a batch-processing approach for tokens necessitating cross-chain transfers, leveraging payment channels to facilitate efficiency. The system’s reliability is upheld through the validator group. Validators acquire an initial reputation value by making deposits and enhance both their rewards and reputation by successfully completing NFT auction tasks on the sidechain. We use OpenZeppelin’s security library functions to standardize token operations, and carefully design the validator’s reward, punishment, and reputation mechanisms. Our comprehensive contract security audit and system analysis validate our solution’s effectiveness in mitigating common vulnerabilities and internal threats. Implementation and testing with Ethereum and its test network demonstrate substantial reductions in transmission time for key cross-chain token steps by nearly half. Moreover, our framework showcases efficiency and cost-effectiveness with an average gas cost of 693,379.
The advent of cryptocurrencies and blockchain technology has sparked a revolutionary shift in the financial sector. This study sets out on a wide-ranging investigation to understand the nuanced dynamics, repercussions, and potential future paths of this shifting environment in the UK and USA. The primary goals of the research are to examine how cryptocurrencies affect financial markets and conventional banking systems; to examine how blockchain technology might be used in the financial sector; to assess policy and regulatory considerations; and to predict and plan for the future. This research digs into how cryptocurrencies have revolutionized the banking and finance sectors. Analysis of adoption rates, market volatility, and integration methods sheds light on the changing position of cryptocurrencies in investment portfolios, reconfiguration of asset classes, and coping mechanisms of conventional financial institutions. When looking at the financial sector as a whole, the transformational potential of blockchain technology becomes clear. The advent of DeFi, smart contracts, and asset tokenization offers new prospects to improve financial transactions, increase transparency, and broaden participation in the investment market. The research analyzes cryptocurrencies and blockchain technology from a policy and regulatory perspective. The delicate balancing act between stimulating innovation and guaranteeing consumer protection, market integrity, and financial stability is highlighted by a comparison of the regulatory methods adopted in the United Kingdom and United States, as well as proposals from international organizations. The research identifies potential future paths for these technologies and their implications. Opportunities and challenges that will influence the future of finance emerge, with a focus on central bank digital currencies (CBDCs), sustainable blockchain solutions, and interdisciplinary collaborations. As this deep dive comes to a close, the transformational power of cryptocurrencies and blockchain technology is highlighted. It sheds light on the forces that are altering the structures of the world’s financial markets, conventional banking structures, and regulatory frameworks. The findings and critical assessment stress the need for well-considered choices, ethical innovation, and interdisciplinary cooperation in order to succeed in an ever-changing environment. To further democratize access, improve transparency, and reshape the economic fabric of our planet, the future of finance resides at the confluence of tradition and innovation, where cryptocurrencies and blockchain technology exist.
This paper examines how the combination of artificial intelligence (AI) and blockchain technology can enable autonomous AI agents to engage and execute economic and financial transactions. We critically examine the constraints on AI agents in achieving predefined objectives independently, especially due to their limited access to economic and financial institutions. We argue that AI’s access to these institutions is vital in enhancing its capabilities to augment human productivity. Drawing on the theory of institutional economics, we propose that blockchain provides a solution for creating digital economic and financial institutions, permitting AI to engage with these institutions through the management of private keys. This extends AI’s capabilities to form and execute contracts, participate in marketplaces, and utilize financial services autonomously. The paper encourages further research on AI as a general-purpose technology and blockchain as an institutional technology that can unlock the full capabilities of autonomous AI agents.
With the expansion of digitalization into the financial sector, emerging technology has also demonstrated new applications within the traditional financial system. This rapid change in the financial system was not limited only to the applications in the central financial system and the emergence of financial assets, but then steps were taken to the decentralized financial system. The aim of this study is to examine the Decentralized Finance (DeFi) system, which has emerged as an independent alternative to the traditional finance system, and to reveal the opportunities and threats in this field. In this context, the focus was first on the traditional central financial system, which consists mostly of banking and financial institutions. Then, digital assets, cryptocurrencies, FinTech and RegTech which are the antecedents of decentralized finance system were explained. This study examines DeFi, an independent and pioneering technology, highlighting its distinctive features and explaining the opportunities and threats it presents. While the important opportunities emerging with DeFi are accessibility, globality, cost effectiveness and transparency, the main threats are listed as exclusion of the central financial system, volatility, legal problems and security risk.
Exploring mechanisms for internal data sharing within government departments is important in advancing digital and intelligent society. This paper is based on the establishment of decentralized nodes on the external network of government departments, constructing a decentralized node, and establishing a government internal data sharing model based on blockchain. Subsequently, integrating attribute fields from government data into the shared model, accompanied by the formulation of data-sharing rules through smart contracts, serves to streamline the implementation of efficient and secure cross-validation mechanisms across diverse departments. Finally, this article concludes by conducting a model performance testing experiment, evaluating the model from three perspectives: storage cost, blockchain performance, and security analysis. The test results show that our model enhances the efficiency of querying and retrieving data within the government's internal data-sharing system, effectively addressing challenges such as low efficiency, high costs, and issues related to the security and real-time aspects of data sharing within the government. Overall, our article provides a new way of thinking about government data sharing.
The implementation of blockchain technology in the creation of secure and decentralized Web 3.0 applications has grown in significance. Blockchain, an industry-spanning distributed ledger technology, has facilitated substantial advancements in information and communication technology, among others. Regarding Web 3.0, this study examines how the implementation of blockchain technology can enhance decentralization and security. By conducting a literature review, this study examines how the implementation of blockchain technology in the development of Web 3.0 applications significantly improves data security. Through the implementation of robust cryptographic features and distributed security principles, the outcomes demonstrate that blockchain can effectively safeguard data while it is being transmitted and stored via Web 3.0 applications. This is a crucial step in the direction of resolving the security issues that are frequently encountered in the digital environment of today. Furthermore, blockchain technology facilitates enhanced decentralization within Web 3.0 applications. Blockchain applications reduce their reliance on a central authority, thereby enhancing their resilience against single-system malfunctions and monopoly control. Furthermore, it facilitates the development of platforms that are more equitable and transparent, granting users greater authority over their data and interactions.
Azlin Alisa Ahmad, Mat Noor Mat Zain, Nur Diyana Amanina Zakaria
Smart contracts are simply programs stored in a blockchain that run under predetermined conditions; however, they are yet to be implemented commercially in the financial industry, including the Islamic financial industry. It has not been entirely implemented in the Islamic financial industry because it is unstable and there are debates regarding its conformity with Shariah principles. Since the development of the smart contract is still in the preliminary stages, its position in an Islamic contract is yet to be determined. Does a smart contract blockchain comply with Islamic contract theory? This qualitative study aims to analyse the smart contract’s position based on Islamic contract theory. Data were obtained using content analysis and interview methods, in which the semi-structured interview involved Islamic financial experts and industryplayers. Data were then analysed using the QDA Miner version 5.0.31 software. Findings indicate that a smart contract differs from other contracts because it records every transaction using hash cryptography and computer codes known as solidity. Besides that, transactions did not adhere to two principles of an Islamic contract, namely the existence of autonomy in the contracting parties and the ability to manipulate the contract. Hence, Shariah-based risks in a smart contract can be decreased by improving the Shariah compliance aspect in the transaction to solve autonomy issues and the manipulation of contracts. The study implies that a smart contract has the potential to become an innovation in the Islamicfinancial industry if it can adhere to the principles of an Islamic contract and it can be monitored by relevant authorities.
Decentralized Finance (DeFi) stands at the forefront of financial innovation, leveraging blockchain technology and cryptocurrencies to redefine traditional financial paradigms. This research explores the intricate interplay between blockchain, cryptocurrency, and DeFi, unraveling the transformative impact on financial ecosystems. Beginning with an exploration of the foundational technologies-smart contracts and decentralized ledger technology-the study delves into the diverse landscape of digital assets and tokens within DeFi. It scrutinizes the decentralized exchange model and assesses its advantages and challenges compared to centralized counterparts. Key components of DeFi, such as lending and borrowing platforms and Decentralized Autonomous Organizations (DAOs), are dissected, shedding light on their roles and implications. The paper unravels the challenges and risks inherent in DeFi, including security concerns and the evolving regulatory landscape. It provides insights into strategies for enhancing cybersecurity and navigating regulatory complexities. Looking to the future, the research outlines current innovations and emerging trends, speculating on the potential trajectories of decentralized finance. It explores the social and economic impacts of DeFi, emphasizing its potential to democratize financial services and foster financial inclusion. This comprehensive analysis contributes to the evolving discourse on DeFi, offering a holistic understanding of its technological foundations, operational components, challenges, and future trajectories. As the financial landscape undergoes a paradigm shift, this research serves as a valuable resource for academics, practitioners, and policymakers navigating the complexities of decentralized finance.
This study provides a comprehensive analysis of Decentralized Finance (DeFi) within the U.S. economy, focusing on its rise, challenges, and implications. The primary objective is to unravel the concept of DeFi, delineate its role in the U.S. financial landscape, and explore its historical evolution from traditional to blockchain-based finance. Employing a systematic literature review and content analysis, the study synthesizes data from academic journals, industry reports, and regulatory publications. The methodology involves a meticulous selection process, adhering to specific inclusion and exclusion criteria to ensure the relevance and quality of the literature. Key findings reveal that DeFi, underpinned by blockchain technology and smart contracts, offers innovative financial services, enhancing inclusivity and efficiency. However, it faces challenges such as regulatory uncertainties, security concerns, and scalability issues. The study highlights the significant impact of DeFi on the U.S. economy, including technological advancements, economic integration, and regulatory shifts. It also underscores the implications for various stakeholders, including investors, institutions, and regulators. The future landscape of DeFi is poised for growth, marked by technological innovations and potential integration with traditional financial systems. The study concludes with recommendations for industry stakeholders and policymakers, emphasizing the need for clear regulatory frameworks, enhanced security protocols, and consumer education. Future research directions include exploring DeFi's integration with emerging technologies and its role in addressing global financial challenges. This study contributes to the academic discourse on DeFi and offers insights for policymakers, investors, and financial institutions navigating this evolving landscape.
James A. Cunningham, Nigel Davies, Sarah Devaney, Søren Holm · 7 authors
Abstract Decentralized autonomous organizations (DAOs) have emerged as a novel governance mechanism that operates through distributed ledgers and smart contracts, enabling members to direct an organization's actions. The widespread adoption of DAOs has occurred in response to their utility in managing emergent semi‐structured projects and has led to the development of various innovative governance mechanisms. The mechanisms employed by DAOs has the potential to be generalized beyond their core financial domain to a wide range of use cases. In the medical field the use of blockchain and DAOs can provide secure and transparent access to medical data, while ensuring patient privacy. Civic access to medical data is a growing area of interest, where individuals have control over their own medical data and can share it with healthcare providers, researchers, and other stakeholders. DAOs can facilitate this civic access, enabling individuals to share their data securely and selectively with authorized parties for research and other purposes. This paper explores the use of DAOs to medical data sharing, with a focus on ownership, governance, and transaction models. An application framework and API that enables the deployment of DAO‐like organizations is derived and this approach is applied to the patient‐centric management of medical data.
Small and medium enterprises (SMEs) contribute to strengthening the global market by creating new jobs. Interactions among these companies may indeed be facilitated via e-commerce platforms. However, e-commerce activities seem to be a virtual face-to-face transactions, highly digital, and mutable. E-commerce based SMEs are frequently exposed to virtuous risks and competitive intensity. Blockchain is a digital database with the features of truthfulness, assurance, accountability, and intractability. It is made up of decentralized data storage, a consensus algorithm, and smart contracts. As a result, integrating e-commerce platforms and blockchain networks to help SMEs overcome their security difficulties. Conventional e-commerce platforms and storage depends on authorized intermediary networks or distributed cloud storage. Still, the failure of a single device is a danger, and third parties access, and data storage systems might be subject to data theft attacks. This paper presents a proof-of-authority (PoA) based consensus mechanism for e-commerce platforms in SMEs to address security issues in the network. This manuscript initially developed an energy-efficient PoA based consensus mechanism supported by e-commerce platforms for SMEs. We construct a comprehensive PoA consensus model based on pseudorandom number generator (PRNG) and accumulated validators number (AVN) for adding a new block in the conceptual framework. Finally, we demonstrate the security performance of the proposed consensus mechanism to help SMEs solve finance and trading issues. To evaluate the energy performance of the proposed model, we did a CPU utilization analysis and compared it with existing consensus protocols.