Istiaque Ahmed, Kai Fumimoto, Tadashi Nakano, Thi Hong Tran
The charity sector impacts society significantly in many areas, including providing education, healthcare, hunger relief, drinking water, disaster relief, environmental preservation, and assistance to underserved people. The existing charity organizations have numerous limitations, such as poor management, high operation costs, and a lack of transparency in the donation execution flow. The authentication of users and institutions is a big problem in the existing system. This research resolves the issues of transparency and reliability with an immutable and traceable distributed ledger. We empower the existing centralized charity works with the electronic know-your-customer (eKYC) authentication approach and cryptographic HASH. Information privacy is implemented using the filters within smart contracts. The implementation of eKYC to ensure authenticity and to secure data flow through the channel are two significant contributions of this work. A coin-toss function for data selection and a random time delay between pieces of data are used to avoid attacks based on guesswork. We aim for this framework to send 100% of donations to the beneficiaries and become a hyper-liquid medium to fill the United Nations Sustainable Development Goals (SDG) funding gap. We also introduce the concept of service charity to broaden the ability for people to offer their services and skills as charity.
R. S. Lekshmi, K. Jawaharrani, S. Vijayakanthan, G. Nirmala · 6 authors
<p>Cryptocurrency has gained significant attention and popularity in recent years, leading to increased awareness and preference among individuals worldwide. This study explores the intertwined concepts of awareness and preference and reasons for buying cryptocurrencies among Chennai city’s Millennials and Gen Z. This study did two things: a comprehensive but detailed systematic literature review on cryptocurrency and then conducted a survey, the study got 252 valid responses. After analysis, it has been observed that majority of the respondents are aware of cryptocurrencies and only a less percentage respondents own cryptocurrency. As individuals learnt about cryptocurrencies, their preference for these digital assets begins to take shape. Decentralized &amp; transparent transactional system and financial inclusion and security &amp; privacy emerge as significant factors driving preference, as individuals seek to escape the constraints of traditional financial systems and exercise direct control over their assets. Additionally, the potential for high returns attracts investors, drawing attention to the volatile but potentially rewarding nature of the cryptocurrency market. Global accessibility &amp; speed and media &amp; publicity are vital in promoting a sustainable and well-informed approach to the adoption and affinity for cryptocurrencies. This study holds the promise of exerting a positive influence on society by enabling better-informed decision-making, fostering greater financial and technological literacy, mitigating risks, and actively contributing to the responsible development of the digital asset industry.<strong></strong></p>
The ascent of non-fungible tokens (NFTs) has recently garnered significant attention, prompting the need for effective methods to appraise these digital assets. An examination was conducted to ascertain the efficacy of the US Generally Accepted Accounting Principles (GAAP) in valuing NFTs, considering their unique attributes, notably their indivisibility and blockchain-based ownership. With a two-fold aim, this study conducts a comprehensive evaluation of GAAP’s suitability for NFT valuation while pinpointing the constraints inherent in the existing accounting framework. The proposed remedies encompass the development of industry-specific guidelines (ISG), refinement of NFT categorization and evaluation techniques, timely resolution of valuation complexities, and integration of artificial intelligence (AI) based solutions. Preliminary findings reveal that conventional GAAP procedures offer only partial alignment with the intricacies of NFT valuation, primarily because of the unprecedented nature of NFTs and swiftly evolving market dynamics. This investigation contributes significantly by delving into the subtleties of implementing established accounting principles within this nascent digital asset class. Furthermore, it underscores the importance of interdisciplinary collaboration between the accounting and technology sectors to adeptly navigate the ever-transforming domain of blockchain technology and digital assets. This research provides a resource for professionals, regulators, and scholars engaged in the dynamic realm of NFT valuation and accounting.
The security of smart contracts, which are an important part of blockchain technology, has attracted much attention. In particular, reentrancy vulnerability, which is hidden and complex, poses a great threat to smart contracts. In order to improve the existing detection methods, which exhibit low efficiency and accuracy, in this paper, we propose a smart contract threat detection technology based on symbolic execution. In this method, first, the recursive descent algorithm is used to recover the basic blocks of contract code and control flow diagram, and static type inference is performed for static single assignment (SSA) variables. Then, the control flow diagram is encoded into constrained horn clause (CHC) constraints in combination with the symbolic execution technology. Model checking is conducted for the generated constraints using an automatic theorem prover based on the abstraction refinement technique for fast static detection of common security threats in smart contracts. Compared with existing detection methods, the method proposed in this paper allows the detection of both the checks-effects-interactions pattern and the vulnerability in relation to reentrant locks. It can simulate the state changes of reentrant locks as well as other global variables in multiple recursive transactions. The experimental results show that this method significantly increases both detection efficiency and accuracy, improving the security of smart contracts.
Saat ini, keterbatasan informasi mengenai keaslian produk masih mengemuka, memicu penyebaran produk palsu secara tidak terkontrol di masyarakat. Supply chain, sebagai elemen integral, memiliki peran sentral dalam memberikan pemahaman signifikan kepada konsumen terkait produk yang mereka konsumsi. Teknologi blockchain dalam manajemen rantai pasok menawarkan transparansi, yang dapat secara substansial meningkatkan kepercayaan konsumen terhadap produk yang dipilihan. Namun, penerapan teknologi blockchain dalam rantai pasok saat ini masih terbatas, dan minimnya pemahaman tentang blockchain menjadi hambatan utama. Penelitian ini bertujuan untuk menyajikan informasi komprehensif mengenai produk dalam rantai pasok serta memanfaatkan teknologi blockchain melalui smart contract. Melalui penerapan sistem berbasis teknologi blockchain dalam rantai pasok, pengguna akan memperoleh informasi yang substansial dan komprehensif mengenai produk yang mereka akuisisi dan gunakan. Hasil evaluasi yang menunjukkan kepuasan konsumen secara keseluruhan sebesar 89,64%. Sistem ini sangat membantu bagi konsumen pada saat memutuskan untuk membeli sebuah produk dengan mengetahui informasi yang lengkap dan transparan terkait produk. Dalam hal ini, penerapan teknologi blockchain dengan smart contract meningkatkan keyakinan konsumen bahwa produk yang mereka beli autentik dan aman. Teknologi blockchain dengan smart contract menjadi solusi efektif dalam menanggulangi masalah produk palsu dan meningkatkan transparansi rantai pasok. Teknologi blockchain memungkinkan penyediaan informasi yang aman dan tidak dapat diubah, sedangkan smart contract memfasilitasi transaksi otomatis dan transparan tanpa perantara.
Blockchain technology has become a powerful disruptive force that upends established ideas in several industries. A fascinating point of convergence is that of blockchain technology and Business Process Management (BPM), where the distributed and immutable characteristics of blockchain promise to completely transform the modeling, implementation, and oversight of business processes. This symbiosis offers a singular chance to develop corporate processes that are more efficient, safe, and transparent. Nevertheless, to guarantee that blockchain-specific components are accurately represented in these processes, modeling techniques need to be critically examined as part of integrating blockchain into BPM. This literature review examines blockchain-BPM integration using different modeling methodologies. Though well-established, traditional BPM approaches may need help with blockchain-specific aspects. Blockchain-oriented modeling includes smart contracts and decentralized consensus. Hybrid models with blockchain and traditional elements are popular. Adaptability, model clarity, and blockchain integration are evaluated in the analysis. This literature review aims to improve corporate processes’ efficiency, security, and transparency by investigating how to model the integration of blockchain and BPM better.
Many businesses seeking new capabilities that blockchains may offer are deterred from fully embracing the technology due to fears of the classic "vendor lock-in" and platform-capture into one specific blockchain. From an asset-centric perspective, most business applications seek certain desirable functional guarantees with regard to the state of the tokenized asset on the blockchain. These new capabilities must be accessible through standardized service interfaces. The emerging tokenized asset networks based on decentralized ledger technology must integrate seamlessly into existing financial IT systems through similar standard interfaces. As such, if blockchains are to be a foundational technology in the future Web3 Internet of Value, then several classes and types of standardized APIs must be specified, published, and widely deployed by the nascent tokenized asset industry. These standard APIs must provide business applications with a single uniform interface to the many and varied blockchains today, thereby reducing business IT costs and preventing platform-capture.
Automated Market Maker (AMM)-based Decentralized Exchanges (DEXs) are crucial in Decentralized Finance (DeFi), but Ethereum implementations suffer from high transaction costs and price synchronization challenges. To address these limitations, we compare the XRP Ledger (XRPL)-AMM-Decentralized Exchange (DEX), a protocol-level implementation, against a Generic AMM-based DEX (G-AMM-DEX) on Ethereum, akin to Uniswap's V2 AMM implementation, through agent-based simulations using real market data and multiple volatility scenarios generated via Geometric Brownian Motion (GBM). Results demonstrate that the XRPL-AMM-DEX achieves superior price synchronization, reduced slippage, and improved returns due to XRPL's lower fees and shorter block times, with benefits amplifying during market volatility. The integrated Continuous Auction Mechanism (CAM) further mitigates impermanent loss by redistributing arbitrage value to Liquidity Providers (LPs). To the best of our knowledge, this study represents the first comparative analysis between protocol-level and smart contract AMM-based DEX implementations and the first agent-based simulation validating theoretical auction mechanisms for AMM-based DEXs.
There is no question about the innovation force and the economic potential of blockchain technology. As the basis for new currencies, financial services, and smart contracts, blockchain technology can be seen as the fifth disruptive computing paradigm, after mainframes, personal computers, the Internet, and mobile devices. However, there are questions about its ethical implications, which have the potential to also impact the economic success of blockchain technology. This article aims to provide ethical guidance on blockchain technology. In order to reach this goal, the focus of the ethical analysis will first concentrate on the unique characteristics of blockchain technology compared to other technology-based innovations. The unique nucleus of blockchain technology can be defined as a move from the trust in people to a trust in math, as a move from an internet of information to an internet of value, or—as I would propose—a shift from an intermediated network to an immediate network. Second, the ethical opportunities (e.g., transparency, participation, global access to services) and risks (e.g., ecological impact, lack of legal monitoring and enforcement) associated with this unique nucleus of blockchain technology will be discussed. Third, an outlook on possible concrete solutions will be provided.
Muhammad Albirr Inzal Yazidillah, Bakti Samuel Barus
Dalam era digital saat ini, teknologi keuangan (fintech) telah membawa perubahan mendalam dalam paradigma keuangan global, khususnya dengan munculnya cryptocurrency sebagai bagian integral dari fintech dan elemen signifikan dalam investasi. Jurnal ini bertujuan menyumbangkan ulasan literatur yang komprehensif, fokus pada analisis risiko cryptocurrency sebagai instrumen investasi utama. Dengan peningkatan jumlah investor cryptocurrency di Indonesia mencapai 17,91 juta pada September 2023, penelitian ini bertujuan mengungkapkan lanskap risiko dan manfaat yang terkait dengan investasi cryptocurrency. Penelitian ini menggunakan metode tinjauan literatur untuk menjelajahi tidak hanya risiko yang umumnya diakui seperti volatilitas harga, tetapi juga faktor-faktor yang sering terabaikan seperti kerentanan teknologi, ketidakpastian regulasi, dan risiko pasar lebih luas. Analisis melibatkan pemahaman mendalam tentang dampak ekonomi dan sosial fluktuasi nilai cryptocurrency terhadap panggung keuangan global. Dengan memberikan wawasan yang matang, penelitian ini bertujuan memberdayakan investor, regulator, dan praktisi keuangan untuk menavigasi kompleksitas investasi cryptocurrency dan membuat keputusan terinformasi dalam lingkungan keuangan yang dinamis dan terus berkembang. Selain itu, jurnal ini secara kritis mengevaluasi literatur yang ada, mengidentifikasi kesenjangan pengetahuan, dan mengusulkan arah penelitian masa depan, berperan sebagai pendorong bagi pengembangan pemahaman dan pengelolaan risiko cryptocurrency
Cryptocurrency, powered by blockchain technology, has revolutionized the financial landscape, captivating the attention of investors, technologists and governments worldwide. This paper provides a comprehensive exploration of cryptocurrency and its underlying technology, blockchain. It delves into the structure and functioning of blockchain, highlighting its decentralized and secure nature. The impact of cryptocurrency on finance is dissected, showcasing how it disrupts traditional financial systems by reducing intermediaries, promoting financial inclusion, enhancing security and transparency and empowering individuals with financial sovereignty. Challenges and regulatory developments are also discussed, reflecting the ongoing evolution of this transformative technology. Cryptocurrency investment and speculation are explored, emphasizing the differences between long-term investment and short-term speculation and the unique risks and opportunities associated with each approach. The integration of cryptocurrencies into diversified investment portfolios is examined, offering insights into their potential role as a hedge and a source of uncorrelated returns. A SWOT analysis summarizes the strengths, weaknesses, opportunities and threats within the cryptocurrency space, highlighting its disruptive potential and the complexities it faces in a dynamic financial landscape. In conclusion, this paper underscores the transformative power of cryptocurrency and blockchain technology while acknowledging the need for responsible adoption and regulation to shape their future impact on finance.
Ghareeb Falazi, Uwe Breitenbücher, Frank Leymann, Stefan Schulte
The introduction of smart contracts has expanded the applicability of blockchains to many domains beyond finance and cryptocurrencies. Moreover, different blockchain technologies have evolved that target special requirements. As a result, in practice, often a combination of different blockchain systems is required to achieve an overall goal. However, due to the heterogeneity of blockchain protocols, the execution of distributed business transactions that span several blockchains leads to multiple interoperability and integration challenges. Therefore, in this article, we examine the domain of Cross-Chain Smart Contract Invocations (CCSCIs), which are distributed transactions that involve the invocation of smart contracts hosted on two or more blockchain systems. We conduct a systematic multi-vocal literature review to get an overview of the available CCSCI approaches. We select 20 formal literature studies and 13 high-quality gray literature studies, extract data from them, and analyze it to derive the CCSCI Classification Framework. With the help of the framework, we group the approaches into two categories and eight subcategories. The approaches differ in multiple characteristics, e.g., the mechanisms they follow, and the capabilities and transaction processing semantics they offer. Our analysis indicates that all approaches suffer from obstacles that complicate real-world adoption, such as the low support for handling heterogeneity and the need for trusted third parties.
Abstract This chapter defines the building blocks of Web3 to explore its implications for sustainable democracy. It explains the crash of the Terra ecosystem and compares it with the implosion of FTX, both to underscore the dark side of networks built on blockchain technology and to illuminate how all cryptocurrencies (crypto), as well as all investors, are not created equal. The chapter weighs the costs and benefits of crypto and decentralized finance (DeFi) at the present moment and explores emergent regulation. It argues that cryptocurrencies and DeFi will only serve democracy if governments and international organizations establish the right incentive structure for innovators and safeguards for investors in this space.
Abstract Pay-for-outcome financing mechanisms have been used to address agricultural runoffs to overcome the inefficiencies associated with push-based solutions, which are dependent on subsidies or philanthropic funding. As a market-based approach, pay-for-outcome platforms seek to incentivize sustainable practices, compensated by beneficiaries of the positive outcomes. Execution of pay-for-outcome financing mechanisms in an agriculture context is a complex transaction, involving investors, farmers, third party verifiers of outcomes, government and corporate beneficiaries, and thus requires a costly governance structure. Effective governance mechanisms are needed to meet the transaction costs identified in performance measurements. This study investigates the efficacy of blockchain technology to address transaction costs in pay-for-outcome financing for sustainable agriculture. Through a proof-of-concept, this study quantifies and explores the potential cost-saving benefits of utilizing blockchain. The proof-of-concept is an application of blockchain within a pay-for-outcome incentive model, namely the Soil and Water Outcomes Fund, for sustainable agriculture. Utilizing the Ethereum blockchain, transactions are facilitated through crypto wallets and a hybrid smart contract, while precipitation is used as a proxy for agricultural runoff measurements. Drawing from Transaction Cost Economics theory, a discussion is presented on how blockchains can reduce transaction costs, enhancing the governance and efficiency of pay-for-outcome mechanisms. Furthermore, the article presents blockchain transaction fees in the context of the scale of operations, considering the total number of participants in the Soil and Water Outcomes Fund. Our findings indicate that blockchain technology has the capacity to simplify intricate transactions, boost measurement accuracy, cut administrative expenses, and foster trust and transparency among stakeholders, thereby reducing the overall transaction costs associated with pay-for-outcome incentives. While blockchain has its limitations and is not a universally applicable solution for every type of transaction cost, we believe that blockchains are well-suited to facilitate pay-for-outcome financing such as the Soil and Water Outcomes Fund.
Dec 19, 2023·In: Miraz, M.H., Southall, G., Ali, M., Ware, A. (eds) Emerging Technologies in Computing. iCETiC 2023. Lecture Notes of the Institute for Computer Sciences, Social Informatics and Telecommunications Engineering, vol 538. Springer, Cham
Mohammad Ali Tareq, Piyush Tripathi, Nurhayati Md. Issa, Mahdi H. Miraz
Although blockchain technology was first introduced in 2008 and materialised in 2009, the early usage of blockchain were mainly limited to financial technologies, particularly cryptocurrencies. Later, blockchain became a widespread emerging technology, utilised in multifaceted sectors and applications. In fact, various new and innovative application of blockchain and distributed ledger technologies are still continuously being researched and explored. On the other hand, smart-contracts were first introduced in 1990s, however, it did not gain enough popularity until being integrated with blockchain technologies lately. The duo lately been seen as the key to many innovations in various industries and sectors. So, we took data from 1445 blockchain-related patent documents and tried to map out the historical and current trends in patenting activities in the blockchain field. This helps us get a better grasp of how blockchain technologies are evolving and being tracked. In addition to serving as an indicator of science and technology growth, patents are also used to judge the research potential and development of a particular technology.
Blockchain technology (BT) is increasingly important in digital government as a means of efficient information management, decision making and an instrument for reform. This study presents a systematic review of BT's potential and application in land registration within low-income countries. The study uncovers diverse approaches to BT implementation that are influenced by local conditions and government structures. The study reveals that while there is a burgeoning interest in this field, actual implementations remain limited. The key barriers include resistance from government officials and a lack of local BT skills. Public blockchains have shown a high tendency for adoption, indicating a shift towards more transparent relationships between governments and citizens. The Hyperledger Fabric platform emerges as a popular choice due to its ability to provide secure, scalable, and robust solutions. However, there is a lack of clarity regarding the consensus mechanisms used, indicating a potential gap in current research practices. The study recommends an incremental approach to BT implementation, starting with non-threatening, transparent processes that could be expanded as part of broader government reform programs. Despite the potential of BT to revolutionize land registration systems and democratize tracking, it also poses a threat to existing power structures. Therefore, more robust empirical research is needed to evaluate the impacts and navigate the associated sociotechnical, legal, and institutional challenges. The study also proposes the establishment of a BT collaborative network among low-income countries to leverage shared experiences and develop a common framework for implementation. In the single instance where it was implemented in Georgia, public trust in government was restored. The study contributes to understanding how BT can be effectively harnessed to improve land registration systems in low-income countries.
This study aims to understand the challenges in adoption of blockchain technology in higher education institutions in India using the technological-organizational-environmental (TOE) framework. Blockchain brings transparency, efficiency in working systems, and leveraging trust. The benefits of blockchain are multifaceted and might be beneficial to educational institutions. However, the utilization of blockchain technology is presently in its nascent stage within the educational sector in India. This research employed a qualitative methodology involving semi-structured interviews with participants working in higher administration teams and IT teams in private universities in the Delhi-NCR region of India. The responses of the participants were analyzed using thematic analysis. The study found 10 main challenges that were categorized under the three dimensions of the TOE framework.
As a pivotal innovation in digital infrastructure, blockchain ledger technology catalyzes the development of nascent business paradigms and applications globally. Utilizing Rothwell and Zegveld's taxonomy of twelve innovation policy tools, this study offers a nuanced comparison of domestic blockchain policies, dissecting supply, environment, and demand-driven policy dimensions to distill prevailing strategic orientations towards blockchain healthcare adoption. The findings indicate that blockchain technology has seen rapid growth in the healthcare industry. However, a certain misalignment exists between the corporate and policy layers in terms of supply and demand. While companies focus more on technological applications, existing policies are geared towards regulations and governance. Government emphasis lies on legal supervision through environmental policies, aiming to guide the standardization and regulation of blockchain technology. This maintains a balance between encouraging innovation and market and legal regulatory order, thereby providing a reference for the development of the distributed intelligent healthcare industry in our country.
Sundarasen Sheela, Ahnaf Ali Alsmady, K. Tanaraj, Ibrahim Izani
This study seeks to meticulously analyze the scholarly discussion on the integration of blockchain technology into accounting and auditing. Based on a total of 67 articles from the Web of Science (WoS) database, this study adopts a bibliometrics and content analysis approach which uses both numerical and visualization techniques to examine the extant literature. It spans the timeframe between 2016 and 2022. Bibliometrix R-package (Biblioshiny, version 4 is employed to analyze the descriptive analysis, which includes publication trends, the most trustworthy sources of scientific publications, prominent scientific authors, prominent documents, and country collaborations. VOSviewer software Version 1.6.20, is used for a network visualization of keywords and bibliographic coupling. Leveraging the content analysis, this research reveals three fundamental themes: first, the use of blockchain technology to strengthen financial reporting systems; second, blockchain technology and the future of auditing; and third, the valuation of cryptocurrencies. Research gaps in the current literature include a lack of comprehensive studies on blockchain’s regulatory and governance aspects in accounting, insufficient exploration of risks and challenges in adopting new technologies in auditing, and a limited understanding of tax consequences, disclosure requirements, and regulatory frameworks for cryptocurrencies, necessitating future research endeavors. Thus, this study extends existing theoretical insights by exploring blockchain’s role in financial reporting, its transformative impact on auditing, and the possible adaptation or development of new valuation methods for cryptocurrencies. It further identifies and discusses future research directions, contributing to potential novel frameworks for addressing regulatory, governance, and socio-economic dimensions of blockchain integration into accounting and auditing practices.
The development of investment is currently very popular so many people are interested in investing to meet their needs, but not many people know about legal and illegal investments, so there are many cases of fraud using investment methods. Usually illegal investments will offer profits and bonuses in recruiting new members. This research aims to determine accountability and sanctions in preventing and taking action against perpetrators of fraudulent investments. The methods used in this research are as follows: statutory approach, case approach, normative juridical research types of primary and secondary legal materials. Data analysis techniques using library legal research. The results of this research show that in the investment business legal entities cannot be held physically responsible but rather the individuals involved in it can be held responsible in accordance with applicable laws. perpetrators of illegal or fraudulent investments in their implementation using new member bonuses violate the rules of criminal law, namely article 105 of Law no. 7 of 2014 concerning Trade.
This research explores the potential impact of blockchain technology on fincancial transactions in Islamic banking, addressing challenges related to security, transparency, and efficiency. Employing a multifaceted approach, the study assesses the benefits of blockchain in Islamic finance through literature reviews and empirical investigations. Notably, blockchain enhances the security of financial transactions by leveraging robust cryptocurrency and decentralized consensus mechanisms, thereby mitigating fraud and manipulation risks. Additionally, blockchain facilitates currency exchange, a critical aspect of Islamic banking, ensuring transparency and adherence to Sharia standards. The research identifies increased efficiency in Sharia banking operations as a key advantage of blockchain technology, attributing it to the automated processes that reduce organizational costs and transaction processing times. Furthermore, blockchain enables more streamlined cross-border transactions, reduces reliance on external entities, and enhances market liquidity. Despite these benefits, the study emphasizes certain challenges in implementing blockchain in Islamic banking, such as the need for youth education, establishing a robust infrastructure, and gaining community trust in new technologies. Successful integration requires collaboration among Sharia banking organizations, regulators, and stakeholders, with clear guidelines and a deep understanding of blockchain innovation. Overcoming these challenges is crucial for unlocking the full potential of blockchain in enhancing the security, transparency, and efficiency of monetary transactions within Islamic finance.
Md Al Amin, Hemanth Tummala, Seshamalini Mohan, Indrajit Ray
This paper addresses the critical challenge of ensuring healthcare policy compliance in the context of Electronic Health Records (EHRs). Despite stringent regulations like HIPAA, significant gaps in policy compliance often remain undetected until a data breach occurs. To bridge this gap, we propose a novel blockchain-powered, smart contract-based access control model. This model is specifically designed to enforce patient-provider agreements (PPAs) and other relevant policies, thereby ensuring both policy compliance and provenance. Our approach integrates components of informed consent into PPAs, employing blockchain smart contracts to automate and secure policy enforcement. The authorization module utilizes these contracts to make informed access decisions, recording all actions in a transparent, immutable blockchain ledger. This system not only ensures that policies are rigorously applied but also maintains a verifiable record of all actions taken, thus facilitating an easy audit and proving compliance. We implement this model in a private Ethereum blockchain setup, focusing on maintaining the integrity and lineage of policies and ensuring that audit trails are accurately and securely recorded. The Proof of Compliance (PoC) consensus mechanism enables decentralized, independent auditor nodes to verify compliance status based on the audit trails recorded. Experimental evaluation demonstrates the effectiveness of the proposed model in a simulated healthcare environment. The results show that our approach not only strengthens policy compliance and provenance but also enhances the transparency and accountability of the entire process. In summary, this paper presents a comprehensive, blockchain-based solution to a longstanding problem in healthcare data management, offering a robust framework for ensuring policy compliance and provenance through smart contracts and blockchain technology.
Objective : due to the rapid technological changes, digital economy and contractual relations determine law transformation and legislation development towards adaptation to prospective spreading and application of smart contracts in civil and commercial turnover. In this regard, the study focuses on determining the legal essence of smart contracts as a fundamental step towards the development of their timely and clear regulation. Methods : the research is based on the methodology of formal-legal and comparative legal analysis. It compares the current Bulgarian legislation with supranational legal sources and identifies the characteristic features of smart contracts as demanded instruments necessary for modern law and economy. The article also compares them with the classical understanding of contracts, making it possible to understand and define the nature of smart contracts more accurately. Results : it was determined that a smart contract is a software code in which the parties predetermine conditions under which the contractual relationship between them is created, modified and terminated. The research proved that the contract execution does not depend on the action or inaction of its parties, but rather on the occurrence of a predetermined condition (a certain fact relevant to the parties) under which the contract must self-execute. It was substantiated that the will of the parties cannot be changed or replaced because of the special way in which the smart contract is recorded in a distributed ledger. It is found that the fundamental problem of transferring the will from the legal language to the program code of the smart contract persists: if the will of the parties is incorrectly transferred to the program code, the smart contract may self-execute, but its execution will not be the result that the parties counted on. Scientific novelty : the analysis made it possible to compare the current national (Bulgarian) legislation and supranational (European) law. It revealed the vagueness of smart contracts regulation, both at the national and international level, and identified a number of issues in need of scientific and legal interpretation, which refer to the legal nature of smart contracts in view of the self-executing program code concept. Practical significance : the study can serve as a basis for further development of legislation towards its adaptation to the prospects of smart contracts spreading and application in civil and commercial turnover. It also allows an in-depth analysis of the smart contracts practice referring to such unsolved problems as accurate transference of the parties' will to the program code (translation of specific terms from the legal language into the smart contract program code), electronic identification of subjects - parties to the transaction and many other issues.
Mohammad Masoud, Yousef Jaradat, Ahmad Manasrah, Mohammad Alia · 6 authors
This work carried out a measurement study of the Ethereum Peer-to-Peer (P2P) network to gain a better understanding of the underlying nodes. Ethereum was applied because it pioneered distributed applications, smart contracts, and Web3. Moreover, its application layer language “Solidity” is widely used in smart contracts across different public and private blockchains. To this end, we wrote a new Ethereum client based on Geth to collect Ethereum node information. Moreover, various web scrapers have been written to collect nodes’ historical data from the Internet Archive and the Wayback Machine project. The collected data has been compared with two other services that harvest the number of Ethereum nodes. Our method has collected more than 30% more than the other services. The data trained a neural network model regarding time series to predict the number of online nodes in the future. Our findings show that there are less than 20% of the same nodes daily, indicating that most nodes in the network change frequently. It poses a question of the stability of the network. Furthermore, historical data shows that the top ten countries with Ethereum clients have not changed since 2016. The popular operating system of the underlying nodes has shifted from Windows to Linux over time, increasing node security. The results have also shown that the number of Middle East and North Africa (MENA) Ethereum nodes is neglected compared with nodes recorded from other regions. It opens the door for developing new mechanisms to encourage users from these regions to contribute to this technology. Finally, the model has been trained and demonstrated an accuracy of 92% in predicting the future number of nodes in the Ethereum network.