Blockchain Papers

Steven L. Schwarcz

No abstract is available for this record.

David McNulty, Alistair Milne, J Williams, Justine Wood

No abstract is available for this record.

Nils Brouwer, Jakob de Haan

No abstract is available for this record.

Muhammad Imran Sarwar, Imran Khan, Louai A. Maghrabi, Arfan Jaffar · 5 authors

With the emergence of FinTech and evolution in the design and delivery of financial services, the Accounting Information System (AIS) needs to evaluate its underlying accounting methods to establish a reliable bookkeeping environment and stay up to date with technological standards and bookkeeping requirements. Many academic studies and practitioner articles have discussed Triple-Entry Accounting (TEA) and AIS researchers are not new to the idea of TEA, but its practical impact remains limited. Blockchain has emerged in financial applications, and it carries the same concept of distributed ledgers as shared ledgers in TEA. Unlike the traditional Double-Entry Accounting (DEA) system, where two parties record and maintain their books of accounts independently, the TEA model incorporates a third entry to further ensure trust and security. However, the lack of underlying accounting methods for recording the third entry, along with compliance issues and other challenges, has raised concerns with TEA, leading to limited practical implementation. This study bridges the gaps in the existing literature by proposing an alternative to TEA: a blockchain, RDBMS, and DEA-based hybrid Tripartite Accounting Framework (TAF). This integration not only adheres to DEA principles but also introduces a third transaction that meets bookkeeping requirements and addresses the limitations in the existing bookkeeping methods for recording B2B (Business-to-Business) transactions. The proposed framework provides a cost-effective and viable solution and ensures trust and security in the B2B trading environment.

Ishaq Asly, Driss Essabbar

The adoption of emerging technologies in the finance industry, such as blockchain, promises to provide new perspectives on data security and business processes. This advanced innovation paves the way for unprecedented financial and organizational optimization, transforming not only processes and structures, but also fundamental paradigms of trust and knowledge. The financial industry faces numerous challenges in combating fraud and embezzlement, due to the complexity and scale of its operations. Therefore, the infrastructure provided by the blockchain system helps reduce costs related to intermediaries, enhances security, and improves trust between stakeholders, thanks to the principle of decentralization and the immutability of its ledger. Furthermore, this technological revolution offers financial actors the ability to create new services and solutions in order to meet the needs of several business activities, especially those with complex supply chains. A perfect use of it, will certainly develop the standards of this industry and stimulate innovative economic growth. Although the blockchain offers substantial opportunities for the financial sector, its potential can only be fully achieved with adequate regulatory support, as a way to steer the system toward a more digital and inclusive economy. After a presentation of blockchain technology and its mode of operation, we will be focusing on its potential in finance and how it might provide creative accounting and financial management solutions.

Suwan Long, Ying Xie, Zhengyuan Zhou, Brian M. Lucey · 5 authors

No abstract is available for this record.

Françoise Vasselin

This article explores the potential of Distributed Ledger Technology (DLT), with a focus on blockchain, to address key challenges related to the security, ownership, and management of personal data. We trace the foundational work of Haber and Stornetta, who introduced the core principles of blockchain to secure digital records within the real economy. Building on this, Nakamoto’s innovations in blockchain technology introduced a native crypto-asset, which not only aligns and concentrates the interests of network participants but also resolves the previously unsolved “double-spending problem.” This breakthrough decentralizes the verification and control of recorded information, enhancing security in monetary transactions Migrants often face challenges related to rights protection, identity management, and limited access to financial services. Blockchain applications, with their strengths in secure data storage, transparent transactions, and reliable identity verification, offer promising solutions. In this article, we examine real-world blockchain applications that enhance identity management and foster financial inclusion for migrants. Blockchain provides an infrastructure that empowers individuals with greater control over their financial and personal data, particularly through self-sovereign identity (SSI) and the use of stablecoins as global currencies. These innovations are becoming foundational components of a new digital ecosystem for information and finance.

Muhammad Amjad

No abstract is available for this record.

Arjun Shivarudraiah

The rapid growth of financial technology (FinTech) has brought significant advancements in the way financial services are delivered, but traditional infrastructure has struggled to keep up with the increasing demands for scalability, speed, and security. Centralized cloud computing has provided a partial solution, but with the emergence of decentralized technologies and edge computing, FinTech is at the cusp of a paradigm shift in how financial data and services are processed. Decentralized cloud computing, underpinned by blockchain and distributed ledger technologies, offers the promise of improved security, transparency, and autonomy in financial systems. Edge computing, by enabling data processing closer to the source, reduces latency, improves privacy, and enhances the user experience in real-time financial transactions. This paper explores the integration of decentralized cloud and edge computing technologies in the FinTech sector, analysing the potential benefits, challenges, and risks associated with this emerging infrastructure. We investigate key use cases such as decentralized finance (DeFi), smart contracts, and cross-border payments, highlighting the synergy between decentralized cloud and edge computing in enabling more efficient, scalable, and secure financial services. Additionally, we discuss the technical challenges of integrating these systems, such as data synchronization, security risks, and regulatory considerations. Finally, the paper outlines the future directions for this transformative approach to financial infrastructure and provides insights into the role of emerging technologies in reshaping the FinTech landscape

Rashad Ahmed, Stephen A. Karolyi, Leili Pour Rostami

No abstract is available for this record.

Raffaele Ciriello, Vitali Mindel, Lars Mathiassen

In the face of dramatic technological evolution, blockchain and cryptocurrencies stand out as captivating, yet contentious, game-changers. Amid their notorious uncertainty and myriad debates surrounding their sustainability, we present a configurational systems perspective on the crypto commons as a novel concept that encompasses infrastructures and superstructures at the micro and macro levels of blockchain and cryptocurrency governance. We illuminate critical knowledge gaps and unearth transformative research opportunities. Our journey through the dualities of crypto commons presents a novel theoretical perspective, pushing our understanding of their sustainability a leap further.

Adedeji Daniel Gbadebo

In this paper, we review the benefits and challenges of cryptocurrencies, the decentralized digital money and assets, on the financial system.Afterward, we apply the simple and linear "Transfer Function (Autoregressive distribution Lag Model, ARDL) to examine the effects of selected cryptocurrencies on financial system with specific focus on the foreign exchange market, capital market and the money market in Nigeria.We propose a linear ARDL method to demonstrate how the volatilities in the prices and transaction volumes of Bitcoin.The result shows that the treasury bill transaction amount is explained by its own past, as well as other considered variables.A 1% increase in bitcoin price would result in 0.004% decrease in the volume of transaction of the treasury bill.Also, a 1% increase in bitcoin traded transaction will result in a 0.096% decrease in the money market treasury bill.Regarding the treasury bill rates, the result identified that the treasury bill rate is also explain by own past and other considered variables.A 1% t increase in bitcoin price would result in 0.059% decrease in the treasury bill rates.Lastly, bitcoin volume would result in significant decrease in treasury bills rates in line with expectation.A 1% increase in bitcoin traded transaction will result in a 0.039% decrease in treasury bill rates.Thus, the study contributes to the existing literature by providing how the financial transactions in the cryptocurrency market are drives price discovering in the financial markets in Nigeria.The findings open room for future research since the study is limited to only few financial markets in Nigeria.

Lianshan Sun, Diandong Liu, Yang Li, Danni Zhou

Efficient sharing of comprehensive and relevant electronic health records (EHRs) is critical for precise disease research and high-quality, timely diagnoses. Recently, blockchain-based EHR sharing solutions have addressed issues such as single points of failure and data silos. However, decentralized solutions still face challenges in efficiently tracking and sharing dispersed and correlated medical records. Patients, lacking professional medical knowledge, struggle to construct and maintain the lineage of their overall medical records, leading to inefficient and insecure sharing of correlated EHRs with trusted doctors. Doctors from various departments also struggle to access the most relevant EHRs necessary for a precise understanding of patients’ medical histories. This study introduces a blockchain-based EHR system with provenance awareness, collecting data provenance to document traceable patient histories, facilitate rapid authorizations for correlated EHRs in a lineage, and conduct post-authorization audits. Designing a DAG-like data structure, the system efficiently stores the EHR provenance on blockchain and optimizes provenance-specific search. The system introduces a dedicated EHR authorization layer to facilitate dynamic authorization propagation along with the EHR provenance path. Harnessing Nash equilibrium principles, the system establishes an honesty-driven auditing mechanism to scrutinize doctors’ data access provenance and the intricate journey of patient health records. We developed a prototype using Ethereum blockchain smart contracts, verifying the feasibility of our model. The prototype successfully integrates data provenance, operates at expected costs, enhances user-friendliness, and improves access control efficiency.

John M. Griffin, Kevin Mei

No abstract is available for this record.

Ervin Domazet, Gunter Merdzan, Violeta Cvetkoska, Daniela Mechkaroska · 6 authors

Blockchain is a distributed ledger technology that can revolutionise the banking sector by increasing transparency, reducing costs, and enhancing security. However, the success of any banking service lies in the efficiency of serving it, which depends on the smoothness of internal documents and process flows. This paper proposes a novel method that uses blockchain infrastructure to address the efficiency, security, and privacy of workflow processes in the banking sector. Our approach combines Alfresco DMS and CMIS with the orchestration tool Camunda for workflow management and secures them with a notary using the Factom Blockchain. This method provides a secure, efficient, and reliable way for banks to process transactions, store documents, and manage their processes. It will enable banks to process transactions faster, reduce costs, minimise the risk of fraud, increase customer satisfaction, and fully consider blockchain technology's advantages.

Jignesh Vidani

No abstract is available for this record.

Woojin Jeong, Seongwan Park, Jaewook Lee, Yunyoung Lee · 5 authors

No abstract is available for this record.

Alani Kuye

No abstract is available for this record.

Wenbing Zan

This paper provides an in-depth examination of the latest trends in financial technology (FinTech) and their profound impact on the global financial sector.By delving into groundbreaking innovations such as blockchain technology, the integration of artificial intelligence (AI) in banking, and the burgeoning prominence of digital currencies, this study seeks to offer a comprehensive understanding of the current state of FinTech.We explore how blockchain is revolutionizing financial transactions with its decentralization and increased security, while AI in banking is enhancing customer experiences, automating processes, and bolstering risk management.Additionally, the paper highlights the rise of digital currencies, discussing their potential to redefine monetary systems and their influence on global finance.Our investigation extends to the challenges and opportunities presented by these technological advancements, including regulatory hurdles, ethical considerations, and the need for new skill sets in the finance sector.Furthermore, the study contemplates the future trajectory of FinTech, speculating on how emerging technologies like quantum computing and the Internet of Things (IoT) could further transform financial services.This paper aims not only to provide insights into how FinTech is currently reshaping the financial landscape but also to anticipate the future direction of these developments.Through this analysis, we contribute to the broader understanding of FinTech's role in driving innovation, efficiency, and change in the financial world.

Daphne Sobolev, Vasileios Kallinterakis

Despite regulators’ warnings that investing in cryptoassets is highly risky, cryptocurrency investments are prevalent. To explore investors’ engagement with regulatory risk advice, we conducted two surveys. Cryptocurrency investors residing in the UK and the US were asked about their interpretation of the notion of risk, awareness of regulatory risk advice, and attitudes towards the advice and the regulators. Investors were also asked whether they followed the advice. Qualitative content analysis of their answers suggests that people often invest in cryptocurrencies although they understand the risks involved and are aware of the regulators’ advice. They do so due to their risk propensity, self-reliance, criticism of the informativeness of the advice, or attitudes towards regulators. Furthermore, negative attitudes towards regulators often stem from lack of trust and the perception that regulators are dated. This study suggests that regulators could benefit investors by providing them with more informative advice and addressing their attitudes.

Seaam Bin Masud, Md. Masud Rana, Hossain Jaman Sohag, Fisan Shikder · 6 authors

This study examines the integration of blockchain technology and machine learning (ML) to enhance financial transaction security, with a focus on fraud detection, data privacy, and operational transparency.The study explores the combined capabilities of blockchain's decentralized ledger and ML's predictive analytics in securing financial transactions.A systematic review was conducted, sourcing relevant studies from academic databases where literature resources are stored, such as IEEE Xplore, Google Scholar, Scopus, Web of Science, DOAJ, and SCImago.3037 study papers were collected from those academic databases.After screening and testing eligibility, 137 papers were selected to conduct this study.Studies covering blockchain, ML, and their collaborative impact on financial security were selected, classified, and analyzed.Comparative analysis methods highlighted both the strengths and limitations of this dual-technology approach.Results indicate that blockchain's immutability and transparency, alongside ML's data-driven fraud detection capabilities, create a robust framework for transaction security.Blockchain effectively ensures data integrity and transparency, while ML algorithms improve fraud detection and decision-making through real-time data analysis.However, challenges such as scalability, high energy consumption, and high implementation costs persist, limiting adoption in small and medium-sized institutions.The combined application of blockchain and ML presents a transformative potential for financial sectors, particularly in enhancing transaction integrity, regulatory compliance, and risk management.This framework can serve as a model across various industries beyond finance, including government and non-financial organizations, to foster a secure transaction environment.This study primarily relies on qualitative data and lacks empirical validation through quantitative measures.Further, blockchain's energy-intensive nature and ML's data dependency pose obstacles to widespread implementation, especially in resource-constrained settings.Future research should aim at developing costeffective and energy-efficient blockchain and ML solutions to support broader adoption.Additionally, advancements in quantum computing and AI-driven blockchain could address existing security vulnerabilities, making the technology more accessible and scalable.

Baptiste Perez Riaza, Jean‐Yves Gnabo

No abstract is available for this record.

Irimia Cosmin-Iulian, Adrian Iftene

This paper introduces a microservice-based architecture to revolutionize how official documents are shared, verified, and stored in digital formats. Addressing the pressing issues of privacy, security, and trust, the proposed solution enables the partial and full sharing of documents while safeguarding sensitive data. The architecture comprises seven core microservices, including a data extractor, document obfuscator, notarization service, and decentralized storage through blockchain and IPFS. By obfuscating designated document fields and utilizing a distributed ledger for notarization, the system ensures both the privacy of users and the transparency required for official verification. Through the combination of state-of-the-art encryption techniques, video-based notarization, and blockchain for immutability, this approach enables secure, scalable, and privacy-conscious document sharing. Detailed guidelines are provided for each microservice, from data extraction and field obfuscation to notarization and decentralized storage. Our approach resolves common issues such as data tampering, unauthorized access, and identity fraud while offering a framework for future innovations in digital notarization.

Charlotte Eli, Hervé Alexandre

This paper introduces a novel framework for rate discovery in de-centralized finance (DeFi), focusing on the unique challenges andopportunities within decentralized lending platforms. We explorethe mechanisms of interest rate formation in a decentralized en-vironment, free from traditional banking institutions’ control. Byleveraging lending pool dynamics, we propose a method that inte-grates borrowers’ risk profiles with market liquidity conditions todetermine fair borrowing rates without third party involvment. Ourmodel aims to offer a transparent and reliable solution for rate dis-covery in DeFi. Through a series of simulations, we demonstratethe potential of our framework to improve lending practices in theDeFi ecosystem, making it a viable and competitive alternative toconventional financial systems. The findings suggest that our ap-proach not only enhances the transparency and fairness of the lend-ing process but also encourages a more informed participation oflenders and borrowers, ultimately contributing to the stability andgrowth of the DeFi market.