Renewed attention to the identity of Bitcoin's pseudonymous creator has revived an old worry: that the roughly 1.148 million BTC mined by Satoshi and never moved represent a major tail risk for bitcoin. This paper argues that the worry is overstated. The mechanical downside of selling the position is bounded well below the feared collapse, and the outcomes most consistent with sixteen years of observed behavior are not bearish for bitcoin's effective supply. We analyze the position in two ways. First, we model the case of a purely financial holder. Multiple sale scenarios, checked against both a square-root-law estimate and the historical record of large sales, suggest that bitcoin's current market liquidity could absorb a patient multi-year sale with a cumulative price impact centered around 10 to 13 percent relative to a no-sale case. The same arithmetic also links the downside from a surprise sale to the upside from a confirmed burn: both are bounded by the same effective-supply adjustment, so the doom case and the burn-rally case cannot both be large. Second, we consider the preferences implied by the sixteen-year record. Ideological restraint, privacy, already having enough, and preserving the myth all point toward further dormancy, permanent loss of access, or a deliberate burn. A sale or an act of sabotage remains possible, but the record supports it less strongly. Under both approaches, the mechanical bear case is bounded, and the likeliest outcomes are neutral to mildly positive for bitcoin's effective supply. The argument does not rule out transient overshoot or leverage-driven amplification; it bounds the durable repricing the coins themselves can cause.
Muhammet Anil Yagiz, Fahrettin Horasan, Ahmet Hasim Yurttakal
Integrity of audit logs produced by Internet of Things (IoT) devices is a prerequisite for post-incident forensics, regulatory compliance, and operational accountability. While blockchain-backed logging infrastructures can satisfy this requirement, they introduce consensus overhead, network dependencies, and deployment complexity that are often prohibitive at the IoT edge. This paper presents a lightweight and evaluated integrity verification pipeline that combines Merkle-tree commitments with resource-aware adaptive chunking to provide tamper evidence without relying on distributed ledger technologies. The proposed pipeline operates in three stages: (i) resource-aware batch ingestion via adaptive chunk sizing, (ii) Merkle-tree construction with O(logn) inclusion proof generation, and (iii) deterministic single-entry verification against a trusted root anchor. We further report an implementation audit that identified and corrected two evaluation defects: a double-counting bug in tampering metrics and a redundant full-tree reconstruction during batch appends. Using the corrected implementation, five-run benchmarks on synthetic IoT log datasets demonstrate throughput exceeding 130,000 logs/s for 100,000 records. The system achieves per-entry verification latency of approximately 22 ms, proof generation latency of 22 ms, an average proof size of 1,006 bytes, and peak memory usage below 5 MB. Tampering detection achieves perfect precision, recall, and F1-score (1.0) across corruption ratios ranging from 1% to 50%.
The global financial ecosystem is experiencing a paradigm shift with the integration of blockchain technology into stock trading platforms. This study explores the adoption patterns, benefits, challenges, and case evidence of blockchain implementation in financial markets worldwide. Blockchain, or Distributed Ledger Technology (DLT), offers decentralized, immutable, and transparent transaction recording, enabling enhanced efficiency, reduced settlement times, and minimized operational risks. Using a descriptive research approach, the study examines key case studies, notably the Nasdaq Linq initiative, which applied blockchain to private securities transactions to streamline recordkeeping, improve transparency, and reduce reconciliation efforts. Findings indicate that the blockchain enhances settlement speed, strengthens investor trust through transparency, and provides operational efficiencies while adoption is influenced by regulatory frameworks, technological maturity, and implementation costs. The study concludes that targeted, phased implementation, regulatory collaboration, and pilot projects are critical for sustainable adoption, of the highlighting blockchain’s transformative potential to redefine global stock trading infrastructures.
Modern societies are simultaneously confronting demographic collapse and intensifying conflicts over gender equality, care, and labor. These tensions are often treated as policy trade-offs, yet they stem from a deeper ontological limitation: the reduction of human existence to functional structure (E≈S). This paper introduces Universal Phase Crystallization Theory (UPCT) as a foundational shift toward defining existence as generative resonance (E=ΦR). By reframing freedom, equality, and ethics as dynamic conditions of generative participation, the apparent conflict between demographic policy and gender equality dissolves. What emerges is not a compromise, but a civilizational transition from function-centered systems to generation-centered structures. This work provides a unified theoretical framework for rethinking equality, care, and sustainability in the 21st century. Highlights Reveals that conflicts between demographic policy and gender equality originate from a shared S-centric ontology (E≈S) Introduces UPCT (E = ΦR) as a unified framework for redefining existence, equality, and ethics Reconstructs equality as non-comparability of generative potential, beyond functional parity Demonstrates that demographic decline is a systemic failure of generative continuity (d(ΦR)/dt<0) Proposes a civilizational redesign based on generative resonance rather than labor-market optimization Summary & Main Arguments 1. Ontological Diagnosis of Modern CrisisThis paper begins by identifying a foundational contradiction in modern societies: the persistent conflict between demographic sustainability and gender equality. Rather than interpreting this as a policy failure, the paper argues that the root cause lies in an implicit ontological assumption—namely, that human existence is reducible to structural or functional representation (E≈S). Within this framework, individuals are treated as economic actors, legal units, or measurable entities, leading to systemic tensions when biological, relational, and generative dimensions cannot be fully captured. 2. Historical Saturation of Functional EqualityTracing the evolution of equality from formal legal equality to distributive and identity-based equality, the paper demonstrates that modern equality has progressively intensified its reliance on functional comparability. While these developments have been historically emancipatory, they culminate in a paradox: the more equality is pursued through structural comparison, the more differences (biological, genetic, relational) become sources of conflict. This results in a zero-sum system that ultimately fragments social cohesion. 3. UPCT as Ontological ReframingTo resolve this impasse, the paper introduces Universal Phase Crystallization Theory (UPCT), which redefines existence as generative resonance (E=ΦR). Here, Φ represents generative potential, and R relational resonance. Structure (S) is not the essence of existence but a temporary crystallization within a dynamic generative cycle (Φ→R→S→Φ′). This reframing shifts the analytical focus from static structure to dynamic process. 4. Redefinition of Core ValuesWithin the UPCT framework, the foundational concepts of modern philosophy are reinterpreted. Freedom becomes participation in generative processes rather than choice within structures. Equality is redefined as the non-comparability of generative potential rather than functional uniformity. Ethics is formalized as the sustainability condition (d(ΦR)/dt≥0), transforming it from normative prescription to systemic viability condition. 5. Policy Implications and Civilizational TransitionFinally, the paper applies this framework to the conflict between demographic policy and gender equality. It demonstrates that the conflict dissolves when both are reinterpreted through generative conditions rather than structural distribution. Policy interventions—such as reducing structural burdens, restoring relational infrastructure, elevating care, and redesigning time—are reframed as foundational requirements for sustaining generative resonance. This marks not a policy adjustment, but a civilizational transition. Contributions 1. Ontological Regrounding of Social TheoryThis paper provides a fundamental ontological critique of modern social theory by identifying the implicit equation E≈S as the root of contemporary contradictions. By introducing E=ΦR, it establishes a new foundation that integrates process, relation, and generation into the definition of existence. 2. Unified Framework Across DisciplinesThe study bridges philosophy, economics, gender studies, and systems theory by offering a single conceptual framework capable of explaining demographic decline, care crises, and equality conflicts. This integration moves beyond fragmented disciplinary approaches. 3. Redefinition of Equality and EthicsA major theoretical contribution is the redefinition of equality as non-comparability and ethics as a dynamic sustainability condition. This resolves long-standing tensions between fairness, difference, and viability, offering a new paradigm for justice theory. 4. Reinterpretation of Feminist and Critical ThoughtRather than rejecting feminist, Marxist, or care-based critiques, the paper demonstrates how these traditions can be sublated within UPCT. It preserves their insights while extending them beyond structural limitations, avoiding both reductionism and opposition. 5. Civilizational Design FrameworkThe paper advances a practical theoretical model for societal redesign. By translating UPCT into policy principles—structural reduction, relational recovery, generative elevation, and temporal redesign—it provides a concrete pathway for transitioning toward a generative society. Author’s Related Works UPCT Foundational Theoretical Works Ohumi, K. (2026). Universal Phase Crystallization Theory (UPCT): A Generative Relational Ontology of Existence, Stability, and Emergence.https://doi.org/10.5281/zenodo.19065461 Ohumi, K. (2026). Universal Phase Crystallization Theory (UPCT): A Unified Generative Theory of Time, Life, and Civilization.https://doi.org/10.5281/zenodo.18653237 Ohumi, K. (2026). Universal Phase Crystallization Theory (UPCT) Phase I: A Unified Resolution of Quantum Paradoxes via Temporal Sampling.https://doi.org/10.5281/zenodo.18230537 Ohumi, K. (2026). Universal Phase Crystallization Theory (UPCT) Phase II: A Phase Transition Law for Generative Systems under Measurement Optimization.https://doi.org/10.5281/zenodo.18408708 Ohumi, K. (2026). Universal Phase-Crystallization Theory (UPCT) I: Generative Time and Relational Space.https://doi.org/10.5281/zenodo.18979001 Ohumi, K. (2026). From Machine Civilization to Generative Civilization: Universal Phase-Crystallization Theory and the Generative Structure of Reality.https://doi.org/10.5281/zenodo.18935934 Ohumi, K. (2026). UPCT Existential Core: A Generative Ontology for Post-Functional Civilization. https://doi.org/10.5281/zenodo.19146516 Ohumi, K. (2026). A Generative-Relational Ontology of Sustained Existence: UPCT. https://doi.org/10.5281/zenodo.19469785 UPCT Ontology and Civilizational Philosophy Ohumi, K. (2026). Existence as Generativity: Desire, Structure, and the Dynamics of Civilizational Transition in Universal Phase Crystallization Theory. https://doi.org/10.5281/zenodo.19198157 Ohumi, K. (2026). From Having to Being: Toward a Generativity-Centered Ontology in the Age of Artificial Intelligence.https://doi.org/10.5281/zenodo.18829129 Ohumi, K. (2026). The Declaration of Life-OS: An Ontological Turn Toward a Generative Civilizational Spiral.https://doi.org/10.5281/zenodo.18645582 Ohumi, K. (2026). From Proof to Resonance: A Φ-Ontology of Existence, Labor, Education, and Economic Life.https://doi.org/10.5281/zenodo.18515955 Ohumi, K. (2026). Returning to the Source of Philosophy: Affirmation of Life as the Life-OS and a Radical Point of Departure.https://doi.org/10.5281/zenodo.18529485 Ohumi, K. (2026). Dialectics as a Relational Logic of Life: From Linear Ascent to Spiral Circulation.https://doi.org/10.5281/zenodo.18522371 Ohumi, K. (2026). Does Color Exist? Overcoming the Ontological-Epistemological Confusion Through Generative Phase Transition: An Application of Universal Phase Crystallization Theory (UPCT). https://doi.org/10.5281/zenodo.19105125 Ohumi, K. (2026). From Color to Sound: Human Cognitive Limits Between Ontology and epistemology and the Generative Resolution of UPCT. https://doi.org/10.5281/zenodo.19110346 Ohumi, K. (2026). Toward a Generative Theory of Human Motivation: Participation, Existence, and the Fundamental Drive. https://doi.org/10.5281/zenodo.19286911 Ohumi, K. (2026). What is Desire? The Transition from the "Machine OS" to the "Life OS" in the History of Human Thought. https://doi.org/10.5281/zenodo.19327281 Ohumi, K. (2026). The Ontology of Resonance Beyond Generative Supremacy: The First Principle of "Existence = Generation = Resonance" and the Mandalic Hierarchy of the Life OS. https://doi.org/10.5281/zenodo.19334259 Ohumi, K. (2026). Life as Generative Resonance: An Ontological Essay on Happiness, Wealth, and the Recovery of Human Generativity. https://doi.org/10.5281/zenodo.19394468 Ohumi, K. (2026). Co-Generative Intelligence: A Relational Framework for Human–AI Collaboration Beyond Optimization. https://doi.org/10.5281/zenodo.19659573 Ohumi, K. (2026). The Equation of Knowledge Dynamics: A Generative–Relational–Structural Field Theory of Intelligence and Civilization. https://doi.org/10.5281/zenodo.19707187 Ohumi, K. (2026). The Meta-principle of Generation and the End of Ideology: Dismantling Structural Illusions and Redefining the Ontology of Value via the Equation E = ΦR. https://doi.org/10.5281/zenodo.19724468 UPCT Science and Physics Foundations Ohumi, K. (2025). A Sampling-Theoretic Reinterpretation of Quantum Uncertainty and Wave Function Collapse.https://doi.org/10.5281/zenodo.1800
Piotr Fiszeder, Witold Orzeszko, Radosław Pietrzyk
Abstract This study investigates the use of ChatGPT as an automated tool for extracting and labeling Bitcoin-related news sentiment and examines how the resulting sentiment indicators affect Bitcoin returns and volatility. A large dataset of news headlines is processed via an API-based workflow, and the ChatGPT-derived sentiment indicators are subsequently incorporated as explanatory variables into selected statistical and machine learning models, including autoregressive (AR), heterogeneous autoregressive (HAR), Bayesian model averaging (BMA), least absolute shrinkage and selection operator (LASSO), and support vector regression (SVR). We find that while the sentiment indicators significantly improve in-sample estimation accuracy for returns and volatility, they do not lead to statistically significant gains in out-of-sample forecasting performance. This result suggests that ChatGPT-based sentiment measures primarily capture contemporaneous market-relevant information rather than persistent predictive signals, consistent with semi-strong market efficiency.
The development of small business at the regional level is one of the key factors ensuring sustainable economic growth, employment expansion, and reduction of territorial disparities. In emerging economies, particularly in Uzbekistan, small business entities play a significant role in generating income, stimulating entrepreneurial activity, and strengthening regional economic resilience. However, despite large-scale reforms aimed at supporting entrepreneurship, substantial differences remain among regions in terms of access to finance, infrastructure quality, market opportunities, and institutional efficiency.This article examines the economic mechanisms of small business development in the regions of Uzbekistan through a comparative analysis of international practices, including the experiences of the United States, Germany, and South Korea. The study applies comparative, statistical, institutional, and analytical methods to evaluate the effectiveness of financial-credit instruments, tax incentives, innovation infrastructure, and decentralized governance models.The findings demonstrate that successful regional small business development depends on the coordinated interaction of three major factors: effective financial mechanisms, adaptive institutional systems, and developed entrepreneurial infrastructure. The study identifies the main constraints in Uzbekistan, including centralized management, weak regional financial institutions, and uneven territorial development.Based on the results, several policy recommendations are proposed, including decentralization of support mechanisms, expansion of regional financing instruments, development of business incubators and technology parks, and implementation of differentiated regional entrepreneurship strategies. The practical significance of the study lies in developing proposals aimed at improving the competitiveness and sustainability of small business entities in the regions of Uzbekistan.
Asif Ali Laghari, Awais Khan Jumani, Shoulin Yin, Muhammad Bux Alvi · 7 authors
Blockchain is a decentralized, public, and distributed ledger designed to securely record and track transactions. It possesses the potential to transform various industries, including healthcare, supply chain management, and financial services, by enhancing transparency, efficiency, and trust. Despite its promise, blockchain development continues to face several challenges, particularly concerning security, scalability, and standardization. This paper provides a comprehensive analysis of blockchain technology, focusing on its quality of service (QoS), security mechanisms, and the latest frameworks and models shaping its evolution. Furthermore, it examines existing limitations and identifies key open research challenges that must be addressed for broader adoption. The findings suggest that blockchain can substantially improve operational efficiency and data integrity across multiple domains; however, realizing its full potential requires continued research and technological advancement to overcome current barriers.
Knowledge is free: Zenodo 10.5281/zenodo.20053184Kindle $2.99 for students worldwide This $5,000 Hardcover is not ink. - soon on a suitable platform -It’s a scarecrow stepping down to plant.A humble try to bring 200 years closer. Fields are empty. Fear stands guard.Patience is a cage. Silence feeds no one.Better to be a guide than a ghost. 90% of your hand buys time:Water for the thirsty.Light for the seeking.Breath for the broken.A life sustained to light more lives. If you buy luxury, buy legacy.If you buy this, you buy tomorrow. STNT² = STNT + HumanityManifesto iii "ولست بمحيار الظلام إذا انتحت هدي الهوجل العيسف" ....to Nietzsche. To الشنفريلامية العرب للشنفرى مع الشرح بصوت فالح القضاع Amazon live https://a.co/d/04qKwlpH Paper Book soon.Zero Free Parameters. This is not a popular science book.No analogies were used in the making of this content.This is a technical manuscript. It presents the complete mathematical derivation, reproducible Python code,and experimental logs archived at: DOI:10.5281/zenodo.19894991 Chapter 4: DOI 10.5281/zenodo.19588970Chapter 5: DOI 10.5281/zenodo.19600197Chapter 6: DOI 10.5281/zenodo.19607198 This book contains:- The first geometric structure that brackets Riemann Zeros with 2.23% error- Reproducible Python code for the 25-Cell and 49-Cell operators- A roadmap to 10 technologies: from Zero-Point Energy to Wrap Drive WHAT YOU'LL FIND INSIDE:• The proof that reproduces π²/6 = 1.644934... as the Universe's baseline energy• Why 13+ million quantum vacuum modes collapse to just 24 that matter• The link between Riemann's Zeta Function, Einstein's Λ, and the Riemann Hypothesis FOR WHO:Physicists, mathematicians, engineers, advanced readers comfortable with linear algebra, eigenvalue analysis, and quantum mechanics and anyone who suspects the biggest secrets are hidden in the simplest places.
In the digital era, personal data is continuously collected, processed, and shared by organizations across various sectors. Traditional consent management systems suffer from centralization, opacity, and insufficient user control, making it difficult for individuals to track and enforce their data-sharing preferences. This paper presents ConsentChain, a decentralized consent governance protocol built on the Polygon blockchain. The system leverages Ethereum-compatible smart contracts to implement purpose-bound, time-limited, and user-revocable consent records, backed by an immutable on-chain audit trail. The architecture employs two core Solidity smart contracts—ConsentManager and AccessController—supported by a React-based frontend and MetaMask wallet integration. Comprehensive end-to-end testing demonstrates 18 of 18 test cases passing, validating the correctness of consent lifecycle management, access validation, role-based access control, and event logging. ConsentChain demonstrates that blockchain technology can provide a transparent, tamper-proof, and user-sovereign alternative to conventional consent management systems, with clear pathways toward enterprise adoption, multi-chain deployment, and zero-knowledge privacy extensions. Index Terms—Blockchain, Consent Management, Smart Contracts, Data Privacy, GDPR, Decentralized Systems, Ethereum, Polygon, Access Control, Audit Trail.
Umar Yeni Suyanto, Ratna Rosita Pangestika, Kinanti Puja Prameswari, Heni Setiyaningsih
The integration of Artificial Intelligence (AI) into Small and Medium Enterprises (SMEs) has become a critical lever for achieving resilience, efficiency, and long-term sustainability in the digital era. However, despite AI’s transformative potential, empirical evidence suggests a persistent gap between technological capabilities and actual adoption within the SME sector. This study employs a bibliometric analysis using VOSviewer with the keywords "artificial intelligence" OR "AI" AND "Small and medium enterprises" OR "SMEs" AND "digital", encompassing 150 Scopus indexed articles from 2017 to 2025. The visualizations reveal six prominent thematic clusters, including AI based adaptive strategies, post-pandemic digital transformation, decentralized finance, digital literacy, and emerging concepts such as green cybersecurity. Notably, overlay visualizations indicate that sustainability-oriented digital practices are gaining scholarly momentum, signaling a future research trajectory focused on inclusive, secure, and environmentally conscious AI applications in SMEs. This article proposes a conceptual model SDRAIS (SME Digital Resilience through AI and Sustainability) that integrates three strategic dimensions: Strategic AI Integration, Digital Capabilities, and Sustainability Orientation. The model advances theoretical development by aligning with the Dynamic Capabilities and TOE (Technology Organization Environment) frameworks, while also responding to gaps in Triple Bottom Line (TBL)-driven technology adoption. The findings offer new perspectives for policymakers, SME stakeholders, and researchers by emphasizing the importance of interdisciplinary approaches to foster AI-driven innovation ecosystems that are both competitive and sustainable. This study contributes to the evolving discourse on digital transformation in SMEs and sets a robust foundation for future empirical exploration.
The rapid development of financial technologies and the spread of blockchain infrastructure have contributed to the emergence of new digital financial assets, among which stablecoins hold an important place. Unlike traditional cryptocurrencies, they are characterized by relative price stability, which is ensured by pegging to fiat currencies, commodity assets, or the use of algorithmic mechanisms for regulating token supply, creating conditions for their use in payment systems, international settlements, and decentralized financial services. The aim of the article is to study the economic essence of stablecoins, determine their role in modern payment systems, and analyze trends in the development of the stable digital asset market based on an assessment of their market capitalization. In the course of the research, general scientific and specialized methods of scientific knowledge were used, in particular methods of system analysis, generalization, comparative analysis, and structural study of the crypto-asset market. The article examines approaches to the classification of stablecoins depending on the type of their backing, in particular fiat-backed, commodity-backed, crypto-backed, and algorithmic stablecoins. The main directions of the use of stablecoins in the modern financial infrastructure are identified, including cryptocurrency exchanges, decentralized finance platforms, and cross-border payments. A comparative analysis of traditional payment systems and payment systems based on stablecoins was carried out, which made it possible to determine their advantages in transaction speed, global accessibility, and reduction of transaction costs. Special attention is paid to the analysis of the market structure of stablecoins. It was found that at the beginning of 2026, the total capitalization of this segment exceeds USD 300 billion, which indicates its rapid growth. At the same time, the market is characterized by a high level of capital concentration, as more than 80% of its volume is concentrated in the two largest stablecoins, namely USDT and USDC. As a result of the study, it was concluded that stablecoins are gradually transforming from an auxiliary tool of cryptocurrency trading into an important element of the global payment infrastructure. A further development of this segment will depend on the improvement of regulatory mechanisms, increased transparency of reserve backing, and the integration of stablecoins into the traditional financial system.
Стаття присвячена створенню мультимодальної системи прогнозування Bitcoin, яка об’єднує традицiйнi ринковi показники з аналiзом новин через нейромережi LSTM та GRU. Завдяки використанню GDELT та моделi FinBERT авторам вдалося видiлити вплив геополiтики й фiнансiв на крипторинок, що пiдняло точнiсть прогнозiв на 15-хвилинних iнтервалах з 53,2% до вражаючих 77,8%. Головна особливiсть пiдходу — механiзм щотижневого адаптивного донавчання, який рятує модель вiд застарiвання, та виявлення 30-хвилинної затримки, з якою макроекономiчнi новини реально вiдображаються на цiнi. Наукова новизна зосереджена на алгоритмi автоматичного коригування ваг мережi, що дозволяє системi самостiйно пiдтримувати актуальнiсть в умовах хаотичного ринку.
The aim of this study is to assess the viability and valuation of Bitcoin as a strategic corporate asset, evaluating its role as a store of value and its implications for financial management. Data were collected from specialized platforms such as investing.com, coinmetrics.io, gold.org, blockchain.com, fredf.org, and coinmarketcap.com as of July 23, 2025, complemented with institutional reports and recent academic literature. The methodology relies on three main approaches: a) gold market–adjusted valuation, b) Hayes’ cost-of-production model, and c) statistical analysis through Pearson’s correlation coefficient, alongside the Stock-to-Flow (SF) model. Results indicate that, assuming a 10% penetration of the investment gold market, Bitcoin’s value would be around USD 114,398, reaching up to USD 560,551 with 49% penetration. The cost-of-production model yielded an estimated value of USD 97,167, consistent with the range reported by the University of Cambridge and close to its market price (USD 118,175). Correlation analysis reveals a strong positive association with the Nasdaq (+0.81) and a negative one with the VIX (–0.61), positioning Bitcoin as a risk asset rather than a safe haven. The SF model highlights Bitcoin’s relative scarcity, with a ratio of 121.14 compared to gold’s 67.58, reinforcing its narrative as 'digital gold.' Overall, the findings suggest that Bitcoin’s strategic potential rests on its programmed scarcity and growing institutional adoption, though its consolidation will depend on sustained demand, lower volatility, and a clearer regulatory framework.
The increasing complexity of global financial systems has necessitated the adoption of more efficient and transparent mechanisms for combating money laundering (AML). Blockchain technology, with its decentralized, immutable, and transparent characteristics, presents a promising solution to address the limitations of traditional AML systems. This paper represents a review, exploring the potential applications of AI and blockchain in enhancing financial control systems, in particular, within AML compliance, focusing on key areas such as transaction monitoring, cross-institutional data sharing, and regulatory reporting. The integration of blockchain can streamline AML processes, reduce operational costs, and increase the effectiveness of detecting illicit financial activity. The combination of blockchain technologies and artificial intelligence algorithms in financial control is considered. It is shown how automation of transaction analysis can strengthen the stability of the banking system and prevent financial crimes. It is demonstrated that the convergence of Artificial Intelligence and blockchain technologies presents a transformative opportunity to strengthen AML frameworks, particularly in the face of rising crypto-enabled financial crimes. This research offers several important contributions to the academic literature. First, it presents a synthesis of the current status of artificial intelligence approaches used for compliance in detecting fraud in Bitcoin transactions. This review discusses the essential methodologies and tactics in a particular area that intersects finance and compliance but falls under the broader disciplines of AI-driven finance and decentralized finance (DeFi). The incorporation of AI into financial control marks a tremendous technological revolution that is affecting industries across the board. Second, the study assesses the current state of the publications, major trends, and research gaps, emphasizing areas that deserve additional investigation.
Blockchain technology has a significant impact on smart contracts. In practice, they reflect the redistribution and organization of the rights and obligations of the contract parties, but the existing legal regulations regarding their functioning are still underdeveloped. With this regard, it is highly important to consider the legal effect of smart contracts in commercial transactions. The current research uses the methods of text-mining such as Chinese word segmentation, keyword extraction, co-occurrence network analysis, and LDA topic clustering to derive the factors that contribute to the legal effect of smart contracts in commercial transactions and then explores the relationships between those factors using association-rule mining in order to reveal the particularities of their legal effect. The experimental outcomes demonstrate that there are four critical areas of concern related to smart contracts: validity determination, transaction security, responsibility definition, and risk prevention and control. There are altogether 11 LDA topics and 33 dispute focus points of the legal effect of smart contracts in business transactions. Of them, the most significant share belongs to the disputes based on professional ethics and responsibility boundaries, which amount to 52.83 percent. The obtained result indicates that the professional ethics and the demarcation of responsibilities are very important aspects of the development of the legal effect of smart contracts.
Digital identity management is a cornerstone of effective e-governance, yet centralized identity systems face critical challenges including single points of failure, data breaches, and lack of citizen control over personal information. This paper proposes a blockchain-based Self-Sovereign Identity (SSI) framework for e-governance that enables citizens to own, control, and selectively disclose their identity credentials without relying on centralized authorities. Built on Hyperledger Fabric with W3C Decentralized Identifier (DID) standards and Verifiable Credentials, the framework incorporates zero-knowledge proofs (ZKPs) for privacy-preserving authentication and smart contracts for automated credential verification. Performance evaluation on a 4-organization, 16-peer Hyperledger Fabric network demonstrates a throughput of 4,800 transactions per second with an average identity verification latency of 85 ms, suitable for citizen-scale e-governance applications. Security analysis confirms resistance to identity theft, Sybil attacks, man-in-the-middle attacks, and credential forgery, achieving resistance scores above 94% across all evaluated attack vectors. The framework provides a practical pathway for governments to modernize identity infrastructure while preserving citizen privacy and data sovereignty.
Bitcoin's security posture depends on more than consensus rules and proposal-based governance. This study proposes a formal cybersecurity framework for Bitcoin that integrates automated vulnerability monitoring, dependency inventory control, exploitability analysis, relational graph analytics, and funded bounty incentives. The framework is intended to reduce vulnerability exposure in Bitcoin Core and adjacent open-source dependencies through Dependabot for automated security pull requests, FOSSA for supply chain visibility, CycloneDX for exploitability classification, and Neo4j for relational tracking of vulnerability scope. The study argues that Bitcoin Improvement Proposals are insufficient for vulnerability management because they do not provide rapid remediation workflows or structured researcher incentives. A formal responsibility model is also proposed to assign accountability across maintainers, contributors, bounty hunters, financers, and policy functions. The resulting framework advances a more responsive, measurable, and auditable security posture for the Bitcoin ecosystem than existing frameworks.
Muhammad Izzul Syahmi Zulkepli, Abdul Muneem, Mohd Shahid Mohd Noh, Mohammad Taqiuddin Mohamad · 5 authors
Smart contracts offer Islamic finance a new mechanism for executing transactions with greater transparency, efficiency and reduced Sharia non-compliance risk, yet their distinct technical features introduce Sharia challenges scholarly exploration. This paper aims to study the implementation of smart contracts from the Sharia Scholars’ perspective and to analyze its operational challenges as well as Sharia-related issues that arise from integration in the realm of Islamic finance. Using a qualitative approach, data was collected from credible sources such as books, journals, and relevant websites, with strict inclusion criteria. The analysis employed inductive reasoning and an explanatory research method to explore the application and issues surrounding smart contracts. The study finds that smart contracts hold great potential and are generally Sharia-compliant. However, technical aspects, such as contract terms, coding, execution, and protocol consensus require further research. It also stresses the importance of having a Sharia committee or advisor to ensure compliance in products and operations.
In the context of rapid and widespread digitalization of society, active implementation of new innovative technologies, and the growth of cyber threats, the issue of organizing effective cybersecurity for enterprises is becoming particularly important. To protect today's modern digital enterprise, you need a comprehensive strategy for secure access to your corporate resources anytime, anywhere, regardless of where they are located. By following Zero Trust Architecture (ZTA) principles, which call for least privilege access and continuous verification, businesses can effectively minimize their attack surface and limit potential losses from compromised accounts. However, existing access control and authentication mechanisms alone are not always sufficient to ensure complete protection of critical data, especially in scenarios where proof of access rights or actions is required without revealing content. In such cases, an effective addition to ZTA can be the use of Zero-Knowledge (ZK) concept, which allows confirming access rights or ownership (knowledge) of certain information without the need to disclose it, which significantly reduces the risks of leaks and unauthorized access. At the same time, representatives of businesses interested in the security of their systems are not yet fully aware of the advantages of this concept. The practical application of already known Zero-Knowledge Proof (ZKP) capabilities in various relevant areas that ensure security is being hampered, among other things, by a lack of awareness and insufficient theoretical training in this area among specialists responsible for security and communicating these capabilities (their potential) to the managers of relevant IT companies. In other words, there is currently a problem related to a lack of awareness about the zero-knowledge concept (its theoretical and practical significance) for making the right decision when building a security system for a corporate information system in modern conditions. This article is exactly aimed at solving this problem. The purpose of this work is to systematize the theoretical foundations and practical application of the zero-knowledge concept using simple and obvious examples in order to understand the potential of ZKP in solving problems of confidentiality/privacy and data verification. To this end, it outlined the main aspects of the zero-knowledge concept, including an analysis of the applicability of interactive and non-interactive approaches, an assessment of existing ZKP systems, and a conceptual representation of zk-SNARK technology based on the popular Groth16 scheme with mathematical justification. This contributes to a better understanding and future use of this dynamically developing and complex concept as one of the key mechanisms of modern cryptography, providing the ability to prove the correctness of calculations without disclosing the computational process or the initial data.
The emergence of blockchain technology has fundamentally transformed the architecture of trust, transparency, and enforcement in legal transactions. By enabling decentralized, immutable, and cryptographically verifiable records, blockchain challenges traditional legal institutions that have historically relied on intermediaries such as courts, financial institutions, and regulatory authorities to establish trust and validate transactions. In this evolving digital ecosystem, smart contracts—self-executing agreements embedded in blockchain code—further redefine contractual relationships by automating performance, reducing transaction costs, and minimizing the need for human intervention. This article critically examines the legal implications of blockchain and smart contracts, with particular emphasis on their impact on foundational principles of contract law, mechanisms of dispute resolution, regulatory compliance, and evidentiary standards. It interrogates whether algorithmic execution can adequately substitute for legal interpretation and equitable considerations traditionally exercised by courts. Additionally, the article explores persistent challenges, including issues of enforceability, jurisdictional ambiguity in cross-border transactions, technological vulnerabilities, and the rigidity of coded agreements. While blockchain technology promises increased efficiency, transparency, and security in legal transactions, it simultaneously raises complex questions regarding legal accountability, allocation of liability, and the adaptability of existing legal frameworks. The analysis underscores that uncritical reliance on technological solutions may undermine core legal values such as fairness and justice. Accordingly, the article concludes that a hybrid legal approach—integrating technological innovation with established doctrinal safeguards and regulatory oversight—is essential for responsibly shaping the future of legal transactions in an increasingly digital society.
Healthcare data is among the most sensitive and frequently targeted information in the digital era. Existing centralised Electronic Health Record (EHR) systems are vulnerable to data breaches, unauthorised access, and single-point failures. This paper introduces a blockchain-based privacy-preserving framework for healthcare data management that integrates smart contracts, attribute-based encryption (ABE), and zero-knowledge proofs (ZKP) to ensure tamper-proof, role-gated data access. Our system is deployed on a permissioned Hyperledger Fabric network with a RESTful API gateway and a React-based patient portal. Experimental evaluations show that the proposed system achieves 99.2% access-control policy enforcement, reduces unauthorised access incidents to near zero, and maintains record retrieval latency under 180 ms at the 95th percentile. The framework also supports HIPAA and GDPR compliance through immutable audit trails and consent lifecycle management
In the context of rapid and widespread digitalization of society, active implementation of new innovative technologies, and the growth of cyber threats, the issue of organizing effective cybersecurity for enterprises is becoming particularly important. To protect today's modern digital enterprise, you need a comprehensive strategy for secure access to your corporate resources anytime, anywhere, regardless of where they are located. By following Zero Trust Architecture (ZTA) principles, which call for least privilege access and continuous verification, businesses can effectively minimize their attack surface and limit potential losses from compromised accounts. However, existing access control and authentication mechanisms alone are not always sufficient to ensure complete protection of critical data, especially in scenarios where proof of access rights or actions is required without revealing content. In such cases, an effective addition to ZTA can be the use of Zero-Knowledge (ZK) concept, which allows confirming access rights or ownership (knowledge) of certain information without the need to disclose it, which significantly reduces the risks of leaks and unauthorized access. At the same time, representatives of businesses interested in the security of their systems are not yet fully aware of the advantages of this concept. The practical application of already known Zero-Knowledge Proof (ZKP) capabilities in various relevant areas that ensure security is being hampered, among other things, by a lack of awareness and insufficient theoretical training in this area among specialists responsible for security and communicating these capabilities (their potential) to the managers of relevant IT companies. In other words, there is currently a problem related to a lack of awareness about the zero-knowledge concept (its theoretical and practical significance) for making the right decision when building a security system for a corporate information system in modern conditions. This article is exactly aimed at solving this problem. The purpose of this work is to systematize the theoretical foundations and practical application of the zero-knowledge concept using simple and obvious examples in order to understand the potential of ZKP in solving problems of confidentiality/privacy and data verification. To this end, it outlined the main aspects of the zero-knowledge concept, including an analysis of the applicability of interactive and non-interactive approaches, an assessment of existing ZKP systems, and a conceptual representation of zk-SNARK technology based on the popular Groth16 scheme with mathematical justification. This contributes to a better understanding and future use of this dynamically developing and complex concept as one of the key mechanisms of modern cryptography, providing the ability to prove the correctness of calculations without disclosing the computational process or the initial data.
Tom Sorger, Eric Cornelissen, Aman Kumar Sharma, Javier Ron · 6 authors
Software Bills of Materials (SBOMs) are increasingly mandated by regulators, yet existing sharing mechanisms impose a binary choice between full disclosure and full opacity. This exposes software suppliers to attacks that can be deduced from the SBOM only, such as the presence of a vulnerable dependency. Conversely, software consumers can be fooled by software suppliers who modify or misrepresent published SBOMs. We present zkSBOM, a privacy-preserving SBOM sharing mechanism designed to address these threats. zkSBOM uses zero-knowledge sets to cryptographically commit to the components within an SBOM. Software consumers can query for known vulnerabilities and receive a cryptographic proof confirming whether the artifact described by the SBOM is affected, without revealing any additional SBOM content. We conduct a security analysis of zkSBOM by quantifying expected leakage from inclusion and exclusion proofs. We demonstrate real-world feasibility by applying it to realistic scenarios and evaluating its operation requirements. Our evaluation demonstrates that zkSBOM is a strong, secure, and privacy-preserving mechanism for SBOM sharing, protecting software suppliers and software consumers from one another.
Đức An Nguyễn, Minh Thành Phí, Duc Dung Pham, Thị Hương Thơm Hồ
Ngành logistics hiện đại đang đối mặt với các thách thức về sự thiếu minh bạch, chi phí trung gian cao và khó khăn trong việc giải quyết tranh chấp khi giao hàng trễ hạn. Nghiên cứu này đề xuất và triển khai một ứng dụng phi tập trung (Decentralized Application - DApp) quản lý hợp đồng logistics trên nền tảng Blockchain Ethereum (mạng thử nghiệm Sepolia). Hệ thống sử dụng kiến trúc lai (Hybrid Architecture) kết hợp giữa Blockchain để xử lý thanh toán hoặc logic nghiệp vụ và IPFS để lưu trữ hồ sơ phi tập trung. Điểm mới của nghiên cứu là việc tích hợp cơ chế "Ký quỹ thông minh" (Smart Escrow) và "Phạt vi phạm tự động" (Automated Penalty) ngay trong hợp đồng thông minh (Smart Contract). Kết quả thực nghiệm cho thấy hệ thống đảm bảo tính toàn vẹn dữ liệu, tự động hóa hoàn toàn quy trình thanh toán dựa trên trạng thái giao hàng thực tế và xử lý chính xác các trường hợp vi phạm thời gian cam kết mà không cần sự can thiệp của bên thứ ba.AbstractThe modern logistics industry faces challenges regarding lack of transparency, high intermediary costs, and difficulties in resolving disputes over late deliveries. This study proposes and implements a decentralized application (DApp) for logistics contract management on the Ethereum Blockchain (Sepolia testnet). The system employs a Hybrid Architecture combining Blockchain for payment or business logic processing and IPFS for decentralized record storage. A novel feature of this research is the integration of "Smart Escrow" and "Automated Penalty" mechanisms directly within the Smart Contract. Experimental results demonstrate that the system ensures data integrity, fully automates the payment process based on actual delivery status, and accurately handles delivery deadline violations without third-party intervention.Keywords: Blockchain, Ethereum, smart contract, IPFS, Logistics, automated Penalty.