Blockchain Papers

Smity Agarwal

No abstract is available for this record.

Enzo Fenoglio, Philip Treleaven

No abstract is available for this record.

Mohammed El Baraka, Siham Ezzouak

This paper proposes a quantum-resistant signature protocol tailored for Bitcoin transactions, leveraging the commutative supersingular isogeny Diffie-Hellman (CSIDH) cryptographic system. By achieving a key size of 64 bytes and a signature size of 128 bytes, the protocol realises up to an 80% reduction in combined key and signature storage overhead compared to SPHINCS+. Benchmark results further reveal a 50% improvement in signing throughput relative to SPHINCS+, while maintaining comparable verification performance. These findings underscore the practical benefits of adopting quantum-resistant cryptographic solutions and highlight the protocol's potential to secure blockchain systems in the post-quantum era.

Asif Mahmud, Kareem Kamal, Ahmed Wasif Reza

Cryptocurrency mining data centers consume 100-200 times more energy than conventional office areas annually. Regulating power consumption, cooling mechanisms, and thermal control performance is crucial to creating a greener and more energy-efficient crypto-mining data center. This paper presents a new cryptocurrency mining data center design that is both environmentally friendly and energy-efficient. The design considers popular green and energy-saving data center cooling and temperature management approaches, as well as cost-effective operations. The total monthly cost of the proposed data center is 358025 USD, with renewable energy generating 68520 kW of electricity. The monthly profit from Bitcoin mining is 3200806.969 USD, while Ethereum mining is 2317353.503 USD. The PUE number is 1.04, and the DCiE is 96.15 percent. These statistics help determine the model’s conclusion.

Ozan Solmaz, Lioba Heimbach, Yann Vonlanthen, Roger Wattenhofer

Layer 2 rollups are rapidly absorbing DeFi activity, securing over $40 billion and accounting for nearly half of Ethereum's DEX volume by Q1 2025, yet their MEV dynamics remain understudied. We address this gap by defining and quantifying optimistic MEV, a form of speculative, on-chain MEV whose detection and execution logic reside largely on-chain in smart contracts. As a result of their speculative nature and lack of off-chain opportunity verification, optimistic MEV transactions frequently decide not to execute any trades. In this work, we focus on cyclic arbitrage, which we find is predominantly executed as optimistic MEV on Layer 2s. Using our multi-stage identification pipeline on Arbitrum, Base, and Optimism, we show that in Q1 2025, transactions from cyclic arbitrage contracts account for over 50% of on-chain gas on Base and Optimism and 7% on Arbitrum, driven mainly by "interaction" probes (on-chain computations searching for arbitrage). This speculative probing indicates that cyclic arbitrage on Layer 2s is predominantly executed as optimistic MEV and contributes to generally keeping blocks on Base and Optimism persistently full. Despite consuming over half of on-chain gas, these optimistic MEV transactions pay less than one quarter of total gas fees. Cross-network comparison reveals divergent success rates, differing patterns of code reuse, and sensitivity to varying sequencer ordering and block production times. Finally, OLS regressions link optimistic MEV trade count to ETH volatility, retail trading activity, and DEX aggregator usage. Together, these findings show that optimistic MEV has become a major source of persistent spam-like transaction activity on Layer 2s, dominating blockspace with low-value probes and reshaping the composition of on-chain activity.

Ram Kumar Solanki, Ganesh R. Pathak, Amit Gadekar, Abhishek Dhore · 6 authors

The spread of Distributed Ledger Technology (DLT) beyond its roots in cryptocurrency has led to a proliferation of blockchain frameworks with differing architectural philosophies, performance attributes, and applications in mind. This non-uniformity poses a significant problem for enterprises and developers who aim to find the best platform that suits them. The paper is based on a rigorous, multi-dimensional comparison of the four most crucial blockchain frameworks that encompass the breadth of the current DLT: Ethereum as an early smart contracts and decentralized application pioneer, Hyperledger Fabric for permissioned blocks designed to work in enterprise consortia, R3 Corda as a privacy-oriented ledger that is suitable to regulated industries, and Solana as a high-performance public blockchain that was developed to support web-scale applications. The paper breaks down the major architectural building blocks of each framework, including their permissioning models, data models, consensus models, and execution environments for smart contracts. Next, it compares their scalability and performance by combining the findings of notable benchmark experiments with relevant performance metrics (throughput and latency). Moreover, the paper investigates practical adoption by examining notable examples in financial services, supply chain management, and the fundamental growth of the Web3 economy. The most valuable output of this study is a synthesized framework selection matrix, which aligns platform abilities with the particular business and technical requirements as an evidence-based (observed in the field) guide that practitioners can use; at the same time, it will serve as a well-structured point of departure in future academic studies and research on the topic of distributed systems.

Ashok Kumar Pasi, Irfan Siddavatam, Ashwini Dalvi

Blockchain technology will revolutionize many industries since it provides decentralization, transparency, and security features. However, existing algorithms are not without challenges-that is, high power consumption, limited scalability, and vulnerability. This paper aims to propose a novel hybrid consensus algorithm based on a combination of Proof of Stake (PoS) and Proof of Elapsed Time (PoET). This innovative approach strives to surpass the current shortcomings and to improve the performance and security of blockchain systems. This proposed algorithm can balance the security, performance, and resource utilization features of the PoS-based energy efficiency and the PoET-based fairness and scalability. This paper shows the hybrid algorithm design and its mathematical modelling. Its operational flow and main elements are fully explained. An extensive simulation was performed to evaluate this proposed algorithm with other conventional consensus mechanisms such as PoW, PoA, and hybrid PoS + PoW regarding throughput, latency, scalability, and energy efficiency. Results showed that PoS + PoET improved performance on the blockchain to great heights with high throughput capabilities and scalability without affecting the security aspect. This study is very important for the development of energy-efficient and scalable blockchain solutions that can open up the application of blockchain technology in real-world applications. The results are expected to contribute to further research and development in sustainable blockchain ecosystems.

Meenal R Kale, Yousef A. Baker El–Ebiary, L. Sathiya, Vijay Kumar Burugari · 7 authors

Quantum computing is progressing at a fast rate and there is a real threat that classical cryptographic methods can be compromised and therefore impact the security of blockchain networks. All of the ways used to secure blockchain like Rivest–Shamir–Adleman (RSA), Elliptic Curve Cryptography (ECC) and Secure Hash Algorithm 256-bit (SHA256) are the characteristic of the traditional cryptographic techniques vulnerable to attack by quantum algorithms: Shor’s and Grover’s algorithms: can efficiently break asymmetric encryption and speed up brute force attacks. Because of this vulnerability, there exists a need to develop an advance quantum resilient blockchain framework to protect the decentralized ledgers from the future threats of the quantum. This research proposes Post-Quantum Cryptography (PQC), Quantum Key Distribution (QKD) and Quantum Random Number Generation (QRNG) as a formidable architectural integration, to fortify security of blockchain. Classical encryption is replaced with PQC, QKD with secure key exchange by detecting eavesdropping, and QRNG with improving cryptographic randomness to remove the predictable key vulnerability. Only with a small loss of transaction efficiency, we increase transaction encryption accuracy, key exchange security, and resistance to quantum attacks. In this quantum enhanced blockchain design, the idea is to preserve the decentralization, transparency and security and at the same time overcome the future quantum threat. By going through rigorous analysis and comparative evaluation, we demonstrate that the approach saves blockchain networks from the emerging quantum risks to make sure that the decentralized finance, smart contracts and cross chain transactions.

Michael Wijaya, Franscelino Melvyn, Reina Setiawan, Reinert Yosua Rumagit

Blockchain technology has emerged as a breakthrough in decentralized systems. The development of applications, systems, programs, and financial solutions can now be managed in a decentralized manner, revolutionizing the previously centralized paradigm. In this new system, performance, scalability, transaction costs, and network security present both challenges and compelling topics for research. This paper conducts a comparative analysis through experiments and evaluations of Ethereum and Solana, the two largest Layer 1 blockchain networks today. The comparison focuses on performance, consensus mechanisms, security, and ecosystem development. Performance is assessed through Transactions Per Second (TPS) and latency, while gas fees are compared under different network conditions. The study also analyzes Ethereum’s Proof-of-Stake (PoS) versus Solana’s Proof-of-History (PoH) + PoS consensus mechanisms. Network security is examined by reviewing historical vulnerabilities and corresponding responses. The DApp (Decentralized Application) ecosystem is evaluated based on Adoption Efficiency Index (AEI) and sector specialization (DeFi, NFT, gaming). Through this analysis, the paper aims to provide a deeper understanding of the differences, strengths, and weaknesses of both networks, helping developers choose the most suitable blockchain platform.

Frederic von Normann, Mansur Aliyu, Niclas Kannengießer, Lan Bao Quang Le · 6 authors

Proof-of-stake-based (PoS-based) blockchain systems exhibit a trade-off between degree of decentralization (DoD) and scalability: equitable participation of validating nodes can raise latency and degrade throughput, while scaling can reduce equitable participation. To meet application requirements, software architects must balance these dimensions using comparable metrics. We curated a compact metric set for DoD (block-proposal randomness [Shannon entropy], token concentration [HHI], wealth distribution [Gini]) and for scalability (transaction throughput, first-inclusion latency) and applied it to Tezos Hangzhou 2 (Octez v12.3). Across 1,573 controlled configurations with varying validating-node count n, block interval, and block size limit, we normalized DoD by n to enable cross-configuration comparison. Under this normalization, DoDscalability associations were weaker and not uniformly negative. Scalability was primarily influenced by validating-node count. Our main contributions are a benchmarking approach with curated metrics, an empirical mapping of configuration levers to both dimensions, evidence for the dominant role of n, and guidance for configuring PoS-based blockchain systems.

Migyeong Kim, Youngjin Kim

As blockchain technology evolves to support a wide range of Web3 services, seamless interoperability between heterogeneous blockchain platforms has emerged as a key technical challenge. Existing studies mainly address interoperability in homogeneous environments, often neglecting critical platform-specific factors such as consensus mechanisms, asset models, and block generation parameters. Additionally, current standards by ISO and ITU-T define architectural frameworks but fall short in offering practical guidance for real-world implementation. This paper introduces a practical gateway-based interoperability framework designed to support dynamic and policy-driven interactions across diverse blockchain networks. The proposed architecture decouples interoperability logic from blockchain-specific interfaces, enabling modular scalability and flexible integration. Interoperability policies are defined with respect to consensus trust levels, transaction types, and asset compatibility to ensure atomicity and consistency in cross-chain operations. To validate the approach, we implemented a cross-chain asset transfer scenario between Hyperledger Fabric and Hyperledger Besu (Private Ethereum). The case study demonstrates high success rates, low latency, and consistent data integrity, confirming the framework’s practical applicability in Web3 environments. Future work will explore enhanced support for asynchronous execution, trust-based transaction control, and regulatory compliance in cross-jurisdiction blockchain interactions.

Govardhan Reddy Annapureddy

Blockchain has toured the technological world as a revolutionary platform powering safe and secured storing of information across many sectors including digital currency and supply systems. This paper discusses the potential of this technology and the essential role it plays in the management of data integrity and security in distributed systems. It starts with a brief discussion of the key concepts of blockchain namely decentralization, the ledger is not controlled by the parties to the transaction or by any third party, immutability of records on the blockchain, the records on a blockchain cannot be tampered with once they have been put on the blockchain, and transparency, everybody can see the record but cannot influence it. The paper then looks at how these principles improve data security and data integrity as compared to centralized approach. Besides, it also looks at some of the drawbacks and possible limitations of blockchain about data consistency and protection again also giving scenarios that support its efficiency.

Nagendra Harish Jamithireddy

This article presents a blockchain reconciliation framework that improves transparency, automation, and trust within the SAP supply chain and finance processes. The implemented system with smart contracts on SAP modules FI, MM, and SD permits real-time verification of supply chain activities and financial transactions, thus minimizing manual matching and third-party verification processes. The framework enables automated three-way matching and updates across modules by storing transaction states in a distributed ledger that captures changes. Based on experiments conducted using SAP simulation data, the accuracy of reconciliations increased by 92%, processing time was cut by 41%, and manual processing steps were reduced by 67%. The results demonstrate the capability of blockchain technology to solve pervasive challenges related data integrity and reconciliation within enterprise ERP systems.

Naren Swamy Jamithireddy

Decentralized finance (DeFi) technologies, when integrated with enterprise systems, create an opportunity to fully automate payment processes within ERP systems. This research develops and tests a smart contract-based cryptocurrency payment gateway framework with SAP ERP systems focusing on the FI, MM, and SD modules. Incorporating blockchain wallets, programmable transaction logic, and modular APIs enables SAP systems to independently manage multi-chain and multi-currency crypto payment initiation, confirmation, and reconciliation across multiple chains and currencies. The payment gateway minimizes payment delay, manual processing, and expenses in comparison to traditional fiat gateways utilizing smart contracts for payment validation, tokenization, and invoice reconciliation. Testing under real SAP transactional simulations on Quorum-based testnets showed an about 62% increase in reconciliation speed, 48% decrease in average cost per transaction, and 92% accuracy in volatile token conflict detection—during token volatility periods—resulting in errors. This study contributes to the development of frameworks for decentralized payment systems within ERP infrastructures, advancing the design and ERP enterprises aimed at achieving seamless interoperability, auditability, and comprehensive control over digital assets with SAP ecosystems.

Xu Liu, Junwu Zhu

Consensus algorithms play a critical role in maintaining the consistency of blockchain data, directly affecting the system's security and stability, and are used to determine the binary consensus of whether proposals are correct. With the development of blockchain-related technologies, social choice issues such as Bitcoin scaling and main chain forks, as well as the proliferation of decentralized autonomous organization (DAO) applications based on blockchain technology, require consensus algorithms to reach consensus on a specific proposal among multiple proposals based on node preferences, thereby addressing the multi-value consensus problem. However, existing consensus algorithms, including Practical Byzantine Fault Tolerance (PBFT), do not support nodes expressing preferences. Instead, the proposal to reach consensus is directly decided by specific nodes, with other nodes merely verifying the proposal's validity, which can easily result in monopolistic or dictatorial outcomes. In response, we proposed the Aggregating Preferences with Practical Byzantine Fault Tolerance (AP-PBFT) consensus algorithm, which allows nodes to express preferences for multiple proposals. AP-PBFT ensures the validity of consensus results through a consensus output protocol, and incentivizes nodes to act honestly during the consensus process by incentive mechanism. First, AP-PBFT leverages Verifiable Random Function to select both consensus nodes and a primary node from the candidates. The primary node gathers proposals, assembles them into a proposal package, and broadcasts it to other consensus nodes. The consensus nodes independently vote to express their preferences for different proposals in the package, execute the consensus output protocol to reach local consensus, and the primary node aggregates these results to form the global consensus. Once the global consensus is finalized, AP-PBFT evaluates node behavior based on the consensus output protocol, penalizes nodes that acted maliciously, and rewards those that adhered to the protocol. Additionally, nodes can interact and adopt different strategies while executing the consensus output protocol, which can influence the consensus outcome. Therefore, we established an evolutionary game model based on hypergraph to analyze these interactions. Theoretical analysis shows that the incentive mechanism in AP-PBFT effectively encourages nodes to honestly follow the consensus output protocol, ensuring that AP-PBFT satisfies the properties of consistency, validity, and termination. Finally, the simulation results demonstrate that the AP-PBFT algorithm possesses good scalability and the capability to handle dynamic changes in nodes, surpassing some mainstream consensus algorithms in terms of transaction throughput and consensus achievement time. Moreover, AP-PBFT can incentivize honest behavior among consensus nodes, thereby enhancing the reliability of consensus and strengthening the security of the network.

Sidra Tul Muntaha, Qasim Zeeshan Ahmed, Faheem A. Khan, Zaharias D. Zaharis · 5 authors

We propose a hybrid blockchain-based framework for multi-operator resource sharing and SLA management in 5G Standalone (5GSA) networks. Leveraging Hyperledger Fabric (HLF), we implement secure resource sharing between multiple seller Mobile Network Operators (MNOs) and a single buyer MNO, evaluating HLF’s performance in terms of transaction latency and throughput. The framework incorporates a two-level Multi-Leader Single-Follower (MLSF) Stackelberg game to model pricing and buying strategies. For the upper-layer game, we determine the pricing strategies of seller MNOs using Pattern Search Algorithm (PSA), Genetic Algorithm (GA), and Fmincon, comparing their performances. In the lower-layer game, we design a Lagrange multiplier-based solution for the buyer MNO’s strategy, benchmarking it against PSA, GA, and Fmincon. Our framework also employs smart contracts for SLA automation and enforcement, utilizing Ethereum and IOTA-EVM blockchains. These contracts are implemented with Hardhat and deployed across Goerli, Linea-Goerli, Sepolia, Polygon (Mumbai), and Shimmer EVM Testnets. We measure key metrics, such as transaction latency and throughput, to evaluate the performance of our SLA management system. Results demonstrate the framework’s effectiveness in enhancing resource allocation and SLA enforcement in 5G networks, highlighting the capabilities of different blockchain platforms in managing complex network operations.

D Thamizhselvi, M. Shabika Fathima, M. Dhivya, M. Srinidhi

No abstract is available for this record.

Mohsen Alambardar Meybodi, Amir Kafshdar Goharshady, M. R. Hooshmandasl, Ali Shakiba

Abstract In this work, we consider a combinatorial optimization problem with direct applications in blockchain mining, namely finding the most lucrative blocks for Bitcoin miners, and propose optimal algorithmic solutions. Our experiments show that our algorithms increase the miners’ revenues by more than a million dollars per month. Modern blockchains reward their miners in two ways: (i) a base reward for each block that is mined, and (ii) the transaction fees of those transactions that are included in the mined block. The base reward is fixed by the respective blockchain’s protocol and is not under the miner’s control. Hence, for a miner who wishes to maximize earnings, the fundamental problem is to form a valid block with maximal total transaction fees and then try to mine it. Moreover, in many protocols, including Bitcoin itself, the base reward halves at predetermined intervals, hence increasing the importance of maximizing transaction fees and mining an optimal block. This problem is further complicated by the fact that transactions can be prerequisites of each other or have conflicts (in case of double-spending). In this work, we consider the problem of forming an optimal block, i.e. a valid block with maximal total transaction fees, given a set of unmined transactions. On the theoretical side, we first formally model our problem as an extension of Knapsack and then show that, unlike classical Knapsack , our problem is strongly NP-hard. We also show a hardness-of-approximation result. As such, there is no hope in solving it efficiently for general instances. However, we observe that its real-world instances are quite sparse, i.e. the transactions have very few dependencies and conflicts. Using this fact, and exploiting three well-known graph sparsity parameters, namely treedepth, treewidth and pathwidth, we present exact linear-time parameterized algorithms that are applicable to the real-world instances and obtain optimal results. On the practical side, we provide an extensive experimental evaluation demonstrating that our approach vastly outperforms the current Bitcoin miners in practice, obtaining a significant per-block average increase of 11.34 percent in transaction fee revenues which amounts to almost one million dollars per month.

Muskaan Mongia

Blockchain and cloud technologies together constitute a major breakthrough in distributed systems architecture since they provide companies with unheard-of security, scalability, and operational efficiency. The symbiotic relationship between blockchain's immutable ledger system and cloud computing's scalable infrastructure is investigated in this article together with how their convergence opens fresh opportunities for business applications in supply chain management, financial services, and healthcare sectors. By means of the analysis of important architectural patterns, including Blockchain-as-a-Service (BaaS) and hybrid storage solutions, it shows how this integration addresses conventional constraints while enabling creative features such as automated compliance, real-time settlement systems, and improved data management. The article also looks at technical issues in security, interoperability, and scalability and suggests ways to use the capabilities of both technologies. Emerging technologies like artificial intelligence and IoT combined with evolving industry standards point to a transforming effect on how companies handle and use data in the digital economy as this paradigm develops.

Xiaohui Hu, Hang Feng, Pengcheng Xia, Gareth Tyson · 7 authors

The Web3 ecosystem is increasingly evolving to multi-chain, with decentralized applications (dApps) distributing across different blockchains, which drives the need for cross-chain bridges for blockchain interoperability. However, it further opens new attack surfaces, and media outlets have reported serious attacks related to cross-chain bridges. Nevertheless, few prior research studies have studied cross-chain bridges and their related transactions, especially from a security perspective. To fill the void, this paper presents the first comprehensive analysis of cross-chain transactions. We first make efforts to create by far the largest cross-chain transaction dataset based on semantic analysis of popular cross-chain bridges, covering 13 decentralized bridges and 7 representative blockchains, with over 80 million transactions in total. Based on this comprehensive dataset, we present the landscape of cross-chain transactions from angles including token usage, user profile and the purposes of transactions, etc. We further observe that cross-chain bridges can be abused for malicious/aggressive purposes, thus we design an automated detector and deploy it in the wild to flag misbehaviors from millions of cross-chain transactions. We have identified hundreds of abnormal transactions related to exploits and arbitrages, etc. Our research underscores the prevalence of cross-chain ecosystems, unveils their characteristics, and proposes an effective detector for pinpointing security threats.

Carlo Kleber da Silva Rodrigues

Aplicações computacionais de bases de dados distribuídas estão sempre presentes na sociedade digital. Uma importante questão é que essas bases de dados sejam seguras, auditáveis, transparentes e escaláveis. Este artigo possui dois objetivos: (i) prover um arcabouço teórico sobre Distributed Ledger Technologies (DLTs) para implementação de bases de dados distribuídas, e (ii) propor um método de seleção do tipo de plataforma DLT para uma organização alvo, denominado Método Ágil de Seleção (MAS). Para tanto, inicialmente realizamos um estudo de trabalhos da literatura e, na sequência, derivamos o MAS. Além disso, demonstramos a aplicabilidade do MAS por meio de um estudo de caso. Por fim, conclusões gerais e trabalhos futuros encerram este artigo.

Kayode Fatukasi, Sunday Adesina Adebisi

This study explores the integration of Plithogenic Hypersoft Sets (PHSS) in Multi-Criteria Decision Making (MCDM) for cryptocurrency investment analysis. Given the volatile and unpredictable nature of the cryptocurrency market, traditional decision-making models often fail to capture the complexities and uncertainties present. By incorporating the advanced concept of PHSS, which accommodates multiple membership degrees (fuzzy, intuitionistic fuzzy, neutrosophic), we propose a more robust framework for investment decision-making. The study normalizes cryptocurrency data and applies PHSS to a set of cryptocurrencies (e.g., BTC, ETH, BNB, SOL, and XRP), analyzing key attributes such as price changes, market cap, volume, and circulating supply. Our results demonstrate that PHSS can enhance the accuracy and reliability of financial decision-making, providing valuable insights for investors.

Calebe P. Bianchini, Geraldo Lucas Fernandes do Amaral, Danilo Bizarria de Oliveira

Sistemas de processamento de transações são parte essencial de negócios online, e exigem tanto confiança quanto desempenho para entregar o serviço esperado. Uma ferramenta de blockchain é capaz de oferecer escalabilidade e confiança na validação de transações. A abordagem proposta neste trabalho é da avaliação do potencial de escalabilidade da rede Ethereum, e seu comportamento em cenários progressivamente mais distribuídos. Para tal, foram coletadas métricas de throughput e latência por meio da execução de redes em cinco diferentes escalas (de 1 a 16 nós, em progressão geométrica de razão 2). Destacam-se duas variações cuja significância estatística foi testada pelo Teste U de Mann-Whitney: um aumento de até dez vezes o número de transações por segundo, quando comparados um nó isolado e uma rede de 16 nós, e uma queda de até metade da latência com relação ao cenário centralizado. Os ambientes de testes foram escolhidos para tentar representar um ambiente com usuários reais.

Chon Kit Lao, Sophie Zhou, Luyao Zhang, Fan Zhang · 5 authors

Blockchain systems such as Bitcoin and Ethereum have limitations in efficiency, resulting in an inability to immediately confirm all transactions, leading to extended periods of transactions residing in the mempool. We refer to these transactions as “long latency trans- actions” and this paper explores the issue of resource utilization in- efficiencies issues from these transactions. Utilizing the Geth client, the study quantifies the impact of these transactions on Ethereum’s resource consumption, which encompassing three crucial metrics: computational power, memory storage, and network bandwidth. Furthermore, this study also identifies three primary factors con- tributing to long latency transactions: low gas prices, long block processing times, and future-index transactions. Through empirical analysis, this study offers insights into the transaction-handling mechanisms in Ethereum. The implications of our findings aim to contribute to the enhancement of resource efficiency within the Ethereum blockchain ecosystem.