As blockchain technology continues to advance, the secure deployment of smart contracts has become increasingly prevalent, underscoring the critical need for robust security measures. This surge in usage has led to a rise in security breaches, often resulting in substantial financial losses for users. This article presents a comprehensive survey of smart contract quality assurance, from understanding vulnerabilities to evaluating the effectiveness of detection tools. Our work is notable for its innovative classification of 40 smart contract vulnerabilities, mapping them to established attack patterns. We further examine nine defense mechanisms, assessing their efficacy in mitigating smart contract attacks. Furthermore, we develop a labeled dataset as a benchmark encompassing 10 common vulnerability types, which serves as a critical resource for future research. We also conduct comprehensive experiments to evaluate 14 vulnerability detection tools, providing a comparative analysis that highlights their strengths and limitations. In summary, this survey synthesizes state-of-the-art knowledge in smart contract security, offering practical recommendations to guide future research and foster the development of robust security practices in the field.
Non-Fungible Tokens (NFTs) have emerged as the most representative application of blockchain technology in recent years, fostering the development of the Web3. Nonetheless, while the interest in NFTs rapidly boomed, creating unprecedented fervour in traders and creators, the demand for highly representative and up-to-date data to shed light on such an intriguing yet complex domain mostly remained unmet. To pursue this objective, we introduce a large collection of NFT transactions and associated metadata that correspond to trading operations between 2021 and 2023. Our developed dataset is the most extensive and representative in the NFT landscape to date, as it contains more than 70 M transactions performed by more than 6 M users across 36.3 M NFTs and 281 K collections. Moreover, this dataset boasts a wealth of metadata, including encoded textual descriptions and multimedia content, thus being suitable for a plethora of tasks relevant to database systems, AI, data science, Web and network science fields. This dataset represents a unique resource for researchers and industry practitioners to delve into the inner workings of NFTs through a multitude of perspectives, paving the way for unprecedented opportunities across multiple research fields.
Abstract: Healthcare data sharing is essential for enhancing healthcare service quality and efficiency. However, traditional healthcare data sharing systems are often centralized, opaque, and inefficient. This can pose security and privacy concerns, as well as delays and errors in data access. The integration of blockchain-based smart contracts into the healthcare sector has introduced a transformative paradigm for decentralized healthcare data sharing. This research paper explores the multifaceted landscape of leveraging smart contracts to enhance the security, efficiency, and accessibility of healthcare data sharing. By offering secure, transparent, and automated mechanisms, smart contracts address critical challenges in patient data management, consent verification, and interoperability across healthcare systems.
The increasingly massive use of the internet is now affecting the economic world which is characterized by the birth of E-Commerce. E-Commerce mechanism that does not brings together sellers and buyers directly, this raises a variety of problems on the subjective and objective terms of the sale and purchase agreement. Smart Contracts are actually different from conventional contracts written on paper. They are also different from electronic contracts. A clause in the agreement, which takes the form of programming code, requires blockchain as a distributed storage technology, which sets them apart. In addition, Smart Contracts serve to execute contracts automatically. Therefore, the article aims to analyze the advantages of Smart Contracts compared to conventional contracts and how the validity of using smart contracts in Indonesian law, and why business transactions in Indonesia should start using smart contracts. The result obtained is that the use of Smart Contracts are completely automated and rely on software logic, making them transparent and visible to all parties involved. The use of Smart Contract in buying and selling transactions is considered very important considering the advantages in terms of security, verification, changes in the contents of the agreement, and evidentiary power. As for Indonesian law, the use of Smart Contracts is permissible as long as it does not violate the validity of the agreement as stated in the Civil Code. The use of Smart Contracts offer several advantages over traditional contracts, including trasparency, autonomy, speed, accuracy, security, and savings.
Blockchain technology is leading a revolutionary transformation across diverse industries, with effective governance standing as a critical determinant for the success and sustainability of blockchain projects. Community forums, pivotal in engaging decentralized autonomous organizations (DAOs), wield a substantial impact on blockchain governance decisions. Concurrently, Natural Language Processing (NLP), particularly sentiment analysis, provides powerful insights from textual data. While prior research has explored the potential of NLP tools in social media sentiment analysis, a gap persists in understanding the sentiment landscape of blockchain governance communities. The evolving discourse and sentiment dynamics on the forums of top DAOs remain largely unknown. This paper delves deep into the evolving discourse and sentiment dynamics on the public forums of leading DeFi projects—Aave, Uniswap, Curve Dao, Aragon, Yearn.finance, Merit Circle, and Balancer—placing a primary focus on discussions related to governance issues. Despite differing activity patterns, participants across these decentralized communities consistently express positive sentiments in their Discord discussions, indicating optimism towards governance decisions. Additionally, our research suggests a potential interplay between discussion intensity and sentiment dynamics, indicating that higher discussion volumes may contribute to more stable and positive emotions. The insights gained from this study are valuable for decision-makers in blockchain governance, underscoring the pivotal role of sentiment analysis in interpreting community emotions and its evolving impact on the landscape of blockchain governance. This research significantly contributes to the interdisciplinary exploration of the intersection of blockchain and society, with a specific emphasis on the decentralized blockchain governance ecosystem. We provide our data and code for replicability as open access on GitHub.
Investasi merupakan salah satu cara untuk mengalokasikan dana ke dalam bentuk investasi yang menguntungkan dengan memiliki dimensi waktu jangka panjang. Namun, keputusan investasi yang diambil harus dipertimbangkan dengan baik karena memiliki konsekuensi berjangka panjang pula. penelitian ini untuk menguji pengaruh herding dan overconfidence terhadap keputusan investasi cryptocurrency di PurwakartaPenelitian ini merupakan penelitian kuantitatif dengan melakukan survei terhadap investor cryptocurrency menggunakan kuesioner, sampling penelitian menggunakan aksidental terhadap investor di Purwakarta, responden yang di dapatkan berjumlah 53. Data dianalisis secara statistik untuk memahami pengaruhnya dengan analisis regresi berganda.Hasilnya ditemukan bahwa herding bias memiliki pengaruh positif yang signifikan terhadap keputusan investasi, sementara overconfidence bias juga mempengaruhi keputusan investasi meskipun dengan pengaruh yang lebih rendahInvestor perlu meningkatkan pemahaman tentang cryptocurrency, melakukan analisis yang cermat, dan mengurangi pengaruh perilaku herding dan overconfidence bias untuk membuat keputusan investasi yang lebih rasional.
Industries all throughout the world are preparing to understand the ramifications of the emerging metaverse, which is a merger of the virtual and physical worlds. Notably, the banking industry stands on the cusp of a monumental shift, with the metaverse offering unprecedented operational enhancements. While the potential transformations brought about by the metaverse are discussed in various sectors, there is a discernible gap in understanding its specific applications in banking, especially with respect to advanced technologies such as NFTs, blockchain, and smart contracts. The study adopts a comprehensive approach to bridge this knowledge gap, employing convenience non-probability sampling to engage 48 subject matter experts specializing in Metaverse-Enabled Innovation in Banking. Data was collected using both mailed and electronic questionnaires. The empirical analysis offers strong evidence supporting the pivotal role of technologies like Digital Twins, Artificial Intelligence, and Blockchain-Based Assets in the metaverse's preliminary stages. We discover a plethora of business potential for banks within the metaverse, including client communication, cross-border transactions, mortgages, digital assets, green loans, and data security.
In today's world, cryptocurrencies are no longer a technological miracle for a small group of programmers. They have become a very common investment instrument that attracts the attention of both traditional investors (funds and traders) and those who are not interested in classical markets and investing in general. This is especially true for bitcoin. The purpose of the study was to investigate the influence of behavioural psychology in making investment decisions in cryptocurrency markets. The research methods included analysing historical data on cryptocurrency prices, as well as observing investors' reactions to important events and news related to cryptocurrencies. In addition, behavioural analysis methods were used to understand and predict investors' reactions to various incentives and situations in the cryptocurrency markets. The results of the article describe the main provisions of behavioural finance, which are necessary for an overview of the cryptocurrency market. The impact of the main topics of behavioural finance research is also considered. It should be noted that in the absence of a large amount of data, the study of the cryptocurrency market and the behaviour of participants is mainly a hypothetical assessment, and the empirical aspects of the study are copied from the behavioural finance of the classical market. Considering the cryptocurrency market from the point of view of behavioural finance, the main points of view of different parties were considered: both supporters of cryptocurrency and those who consider this phenomenon to be an economic bubble in a technological wrapper. The information reflecting the main biases of behavioural finance, which relate to both classical markets and cryptocurrency markets, is systematised. The study of cryptocurrencies from the point of view of behavioural finance reflects the practical value in understanding the impact of behavioural factors on price dynamics and investment decisions in cryptocurrency markets
Joshua Tan, Tara Merk, Sarah Hubbard, Eliza R. Oak · 29 authors
Decentralized autonomous organizations (DAOs) are a new, rapidly-growing class of organizations governed by smart contracts. Here we describe how researchers can contribute to the emerging science of DAOs and other digitally-constituted organizations. From granular privacy primitives to mechanism designs to model laws, we identify high-impact problems in the DAO ecosystem where existing gaps might be tackled through a new data set or by applying tools and ideas from existing research fields such as political science, computer science, economics, law, and organizational science. Our recommendations encompass exciting research questions as well as promising business opportunities. We call on the wider research community to join the global effort to invent the next generation of organizations.
Delegated-Proof-of-Stake (DPoS) blockchains, such as EOSIO, Steem and TRON, are governed by a committee of block producers elected via a coin-based voting system. We recently witnessed the first de facto blockchain takeover that happened between Steem and TRON. Within one hour of this incident, TRON founder took over the entire Steem committee, forcing the original Steem community to leave the blockchain that they maintained for years. This is a historical event in the evolution of blockchains and Web 3.0. Despite its significant disruptive impact, little is known about how vulnerable DPoS blockchains are in general to takeovers and the ways in which we can improve their resistance to takeovers. In this paper, we demonstrate that the resistance of a DPoS blockchain to takeovers is governed by both the theoretical design and the actual use of its underlying coin-based voting governance system. When voters actively cooperate to resist potential takeovers, our theoretical analysis reveals that the current active resistance of DPoS blockchains is far below the theoretical upper bound. However in practice, voter preferences could be significantly different. This paper presents the first large-scale empirical study of the passive takeover resistance of EOSIO, Steem and TRON. Our study identifies the diversity in voter preferences and characterizes the impact of this diversity on takeover resistance. Through both theoretical and empirical analyses, our study provides novel insights into the security of coin-based voting governance and suggests potential ways to improve the takeover resistance of any blockchain that implements this governance model.
The fintech industry has witnessed significant growth in recent years, largely due to technological advancements that have introduced innovative payment methods. Cryptocurrencies have emerged as a key player in this transformation, challenging traditional financial systems with their fast, secure, and decentralized nature. This paper explores the role of cryptocurrencies within fintech, highlighting their advantages such as quick transactions, low fees, and increased financial inclusivity. It also addresses the challenges posed by volatility, regulatory uncertainty, and potential security concerns. Additionally, the paper discusses the potential of cryptocurrencies to revolutionize cross-border payments and promote financial inclusion for underserved populations. Emerging trends like Central Bank Digital Currencies CBDCs and Decentralized Finance DeFi are also examined, emphasizing their potential to reshape the financial landscape. The future of cryptocurrencies in fintech is promising, but it requires a balanced regulatory approach to fully realize their potential while ensuring consumer protection.
Ibrahim Ramadan Abdelhamid, Islam Tharwat Abdel Halim, Ibrahim A. Ibrahim, Abd El-Majeed Amin Ali
This study explores the potential of blockchain technology to redefine public administration, focusing on the integration of Ethereum, a blockchain platform, and the Interplanetary File System (IPFS) for notarial certification issuance.The core aim is to evaluate the capacity of this technology to augment governmental efficacy, ensure transparency in service provision, decentralize data management, and maintain information integrity.The architectural components of the system comprise Ethereum's smart contracts, Ether, gas, and a decentralized application, supplemented by IPFS as a decentralized file storage system for a secure and transparent certificate issuance mechanism.Scalability assessments indicated efficient processing of multiple transactions per second (TPS), suggesting the system's capability to service a considerable number of simultaneous users.The encryption and decryption performance exhibited by IPFS, particularly for small content sizes of 250 KB and 500 KB, was near-instantaneous.Average times for deployment and execution were recorded as 9 seconds and 6 seconds, respectively.In conclusion, the synergistic integration of Ethereum and IPFS exhibits the potential to significantly transform public administration by augmenting efficiency and transparency in the delivery of citizencentric services.Notably, the incorporation of IPFS for secure file storage and hash transmissions was instrumental in optimizing cost-efficiency.
Mainstream blockchain games have drawn criticism for prioritizing economic systems over gameplay experience. Influenced by these economically-centered games, existing research on blockchain games predominantly focuses on the financial sector. We have developed BranchClash, a fully on-chain tower defense game on the Sepolia testnet of Ethereum. It introduces chain collaboration, a novel non-economically-centered game mechanism inspired by blockchain technology. BranchClash aims to expand unique game mechanics in blockchain games and explore innovative cooperative modes within the decentralized ecosystem.
Smart contracts are rapidly applied in many fields, with their varied types and increasing complexity. A sharp increase in the method development demands seems to be certain. However, this type of development has its unique programming language and security requirements, making it difficult for regular software personnel to adapt quickly. It is important to realize that the development efficiency is application specific and that getting this application issue solved is critical for its further development. To this end, we proposes a new, automatic, and intelligent contract-generation method, based on code annotation. First of all, combined with the semantic annotation information of smart contract code association ,a clustering analysis model is built to realize fast and accurate clustering with functions similar to smart contract. Then, based on Char-RNN network, a multi-level and automatic generation method of intelligent contract knowledge base is built to realize the automatic generation at different levels, such as contract layer, function layer and interface layer. Finally,by using text matching technology and by calculating the semantic similarity of the user text demands as well as the smart contract knowledge base annotation, the relevant contract code is automatically extracted for users to choose, with the aims to improve the method efficiency and to meet the needs of different users. To test the effectiveness of the method, with the aid of bilingual quality assessment BLEU and Mythril, VaaS and other code security tools for evaluation are used and results are compared with the existing method. The generated code BLEU average score was increased by 27% and the average accuracy was increased by 11.5%.Therefore, the smart contract generated by our method is relatively accurate and reliable.
The rapid progression of Decentralized Finance (DeFi) has established Decentralized Exchanges (DEX) as critical elements in the financial landscape. Nevertheless, the open and transparent nature of DEX makes them susceptible to strategic manipulations, especially the sandwich attack. During such maneuvers, ill-intentioned actors exploit price slippage by positioning their transactions strategically around a target’s order to reap unfair profits. This paper introduces a ground-breaking framework rooted in mechanism design game theory to lessen the impact of sandwich attacks. The framework delineates the precise strategy of the sandwich attack and its repercussions, shedding light on the tactical aspects and utility functions pertinent to both the attackers and the ordinary traders, subsequently referred to as workers. The discussion extends to defining utility functions for both the market and the workers, emphasizing the benefits of liquidity provision for the market and the potential profits and losses for the workers. The proposal encourages adopting a market-centric mechanism design grounded in game theory, wherein the market, operating as the designer, creates rules to maximize its utility while considering the workers’ utility. Through a meticulous analysis of this game-theoretic approach, the study identifies optimum strategies for all the involved parties, demonstrating that these strategies can reach a balanced state. Further, this study presents a comparative view against existing research, highlighting the limitations of contemporary solutions and asserting the effectiveness of the proposed model in protecting the interests of both the market and the workers. Ultimately, this research furnishes stakeholders with new perspectives and instruments to thwart sandwich attacks and lays a foundation for creating resilient and fair decentralized trading infrastructures.
Abstract: As Web3 and blockchain develop faster in many areas such as healthcare, social services, electronic voting and more. Crowdfunding applications are leveraging BSC's efficiency and low transaction costs to bridge the gap between blockchain and traditional finance through a hybrid model. It combines the user-friendly React-based interface, secure Solidity smart contracts, and Hardhat's development and testing capabilities to create a versatile and secure platform. The goal of this project is to identify the value gap in the current crowdfunding market and provide them with smart contracts with smart tools for application businesses created by Ethereum. This crowdfunding app represents a significant step forward in fundraising, meeting many needs of customers and poised to shape the future of crowdfunding with its new and innovative approach.
In this study, the five most well-known cryptocurrencies in the blockchain-based decentralized financing structure were compared with the centralized market interest rates, and it was examined whether there is a significant relationship between the changes in market interest rates and the prices of cryptocurrencies. Key findings indicate a significant relationship between most cryptocurrencies, such as Dash, Litecoin, Ethereum, and Bitcoin, with market interest rates. However, XRP emerges as an exception. In addition to the comparative analysis between cryptocurrencies and market interest rates, this study delves into the underlying mechanisms that govern these relationships. It explores the role of blockchain technology in shaping the decentralized financing structure and highlights the intricacies of various cryptographic algorithms. The research also emphasizes the need for specialized accounting practices that cater to the unique challenges posed by cryptocurrencies. This study bridges the understanding between conventional economic mechanisms and the innovative world of cryptocurrencies, offering inferences that are important for investors, financial analysts, and accountants in the digital age.
Aggregated trading volume in February 2023 across the leading six NFT marketplaces totalled USD 1.89 billion. This reflects a continuing positive trajectory, marked by a 91.9% month-on-month (MoM) growth from January 2023, where NFT trading volume amounted to USD 987.9 million. This study conducts a systematic review and textual analysis of industry and academic articles on NFTs primarily related to Accounting, Finance, and Information Systems where the NFT is treated as a tradable digital asset. The sample period spans 2012 to 30 June 2023, using an initial set of 5549 and a final set of 146 articles. In addition, the authors develop an NFT valuation framework, using Scopus bibliometrics data and public domain materials, that can aid in the fair valuation of NFTs and understanding their accounting implications. We further examine the accounting implications of NFTs in terms of international accounting standards, fair value recognition, taxation, auditing, and the metaverse. NFTs have the potential to become a cross-technology and cross-field topic, attracting interest from auditors, accountants, financial institutions, accounting professional bodies, regulators, governments, and investors.
In China's Greater Bay Area (Guangdong-Hong Kong-Macao), the increasing use of Blockchain technology in financial services has the potential to generate benefits for many stakeholders. Blockchains are known for their distinctive features, such as decentralized architecture, tamper-proof data structures, and traceable transactions. These features make Blockchain a preferred choice of platform for developing applications in financial service areas. Meanwhile, some questions have been raised regarding Blockchain's suitability to compete with or even replace existing financial systems. This paper provides insights into the current progress of Blockchain applications in insurance, banking, payments, asset trading, loans, remittances, the Internet of Things (IoT) for the finance industry, financial inclusions, and enterprise-level interaction in finance and governance. We review the barriers to widespread Blockchain adoption, especially the risks when transaction fees dominate mining rewards. By comparing the emerging Blockchain technologies and incentive issues related to real-world applications, we hope that this paper can serve as a valuable source of reference for Blockchain researchers and developers in financial service areas.
Victor Takashi Hayashi, Renato Penha, Gabriela Silva, Lucas Pacheco Vieira · 8 authors
Uma solução foi proposta para criar pools de seguros mútuos eficientes, baratos e seguros na blockchain Ethereum para uma startup de seguros localizada em São Paulo (SP), Brasil. Os grupos são formados por pessoas que se unem para proteger contra riscos predeterminados e são autoadministrados até certo ponto. Os resultados mostram que a administração do grupo é realizada por meio de contratos inteligentes que executam automaticamente as condições acordadas pelas partes. Todas as regras de negócios e reservas financeiras são mantidas no contrato inteligente. Os usuários interagem com o sistema em uma aplicação web que utiliza uma API Web3, que possui uma área de cliente e uma área de seguros P2P para gestão de novos grupos e atuação no processo de indenização.
With the ongoing advancement and widespread adoption of blockchain technology, Ethereum has established itself as the foremost platform for executing smart contracts.As a focal point of the industry, the security and stability of the Ethereum ecosystem have become crucial. Ethereum Improvement Proposals (EIPs) play a vital role in promoting the technological progress of Ethereum and providing direction for innovation in the blockchain field. ERCs, as a type of EIP, define application-level standards and conventions that are crucial for promoting innovation and ensuring the scalability and maintainability of the system. In particular, some ERCs, such as the ERC-20 token standard, have become the foundation of the Ethereum ecosystem. However, if EIPs have security issues, any security vulnerabilities or design flaws can have severe consequences, including financial losses, data leaks, and damage to the reputation of the entire Ethereum network. This paper primarily focuses on the security analysis of application standard proposals (ERC). We conducted research on the current state of EIP security, performed case studies, and provided security recommendations. The goal is to gain a comprehensive understanding of the security features and potential risks of these proposals, and to propose practical solutions to enhance the security of EIPs.
Nipun Agarwal, Pornpit Wongthongtham, Neerajkumari Khairwal, Kevin Coutinho
Blockchain technology has emerged as a transformative force in the financial industry, offering the potential to streamline and enhance financial markets’ clearing and settlement processes. This paper explores the application of blockchain technology in these critical areas. We examine traditional clearing and settlement procedures, the challenges they pose, and how blockchain can address these issues. Through case studies and technical insights, we illustrate the benefits and limitations of implementing blockchain solutions. This paper utilizes the PRISMA method to survey papers related to blockchain-based clearing and settlement systems, while using Science Direct to identify papers that have been published in this area. These papers were reviewed to identify themes that relate to extending blockchain development for clearing and settlement system in financial markets. As a result, this paper also shows how the Layer One X (L1X) blockchain can be applied to develop financial markets clearing and settlement systems.
Cryptocurrencies, like Bitcoin and Ethereum, have garnered global attention in recent years as digital alternatives to traditional fiat currencies. This paper explores the complex landscape of cryptocurrency adoption, consumer behavior, and perceptions. Beginning with the origin of cryptocurrencies and the dominance of Bitcoin with its USD 1.23 trillion market capitalization, the paper highlights popular online platforms facilitating Bitcoin trading. It also examines the varying legal statuses and regulations across different countries, with a notable divide between Eastern and Western nations, attributed to factors like wealth, risk tolerance, and government restrictions. The role of blockchain technology as the foundation of cryptocurrencies is explained, emphasizing its role in ensuring secure and transparent transactions. The paper delves into the processes involved in handling cryptocurrencies, including the blockchain, exchanges, wallets, and mining. Consumer behavior and the factors influencing cryptocurrency usage are analyzed, with a focus on speculation, algorithm trust, spending power, and demographics. Survey findings and case studies from diverse geographical areas reveal patterns of adoption and local consumer perceptions. The paper concludes by discussing the cryptocurrency market’s inherent volatility and sensitivity to regulatory changes, as well as the different types of cryptocurrencies and online exchanges shaping this evolving financial landscape. Overall, it offers insights into the complex dynamics surrounding cryptocurrency adoption and its potential impact on global finance.