Blockchain Papers

Dmitry Zharnikov

This paper empirically demonstrates Zharnikov's (2026ao) Proposition P4 – rendering-equivalence under spine-preservation – in management theory. The paper extends the companion theory's Heisenberg–Schrödinger historical existence proof into contemporary strategy research via structural extractions of two independently-authored pairs: a dynamic-capabilities pair (Eisenhardt and Martin 2000 + Zollo and Winter 2002) and a knowledge-based-view pair from the SMJ Winter 1996 Special Issue (Grant 1996 + Liebeskind 1996). The recombination metric Rec returns 4 linked propositions with preserved antecedents on each pair. A random-graph null baseline shows Pr(Rec ≥ 3 by chance) ≈ .000 across 1,000 size-matched shadows. Three additional renderings of substrates already in the corpus — a practitioner-register rendering of the paper's own structure, a third rendering of the focal-pair shared substrate, and a cross-paper rendering of the companion theory's full theoretical apparatus – preserve 11/14, 4/4, and 12/15 items strictly; 14/14, 4/4, and 15/15 semantically; zero contradictions. A bibliographic-hallucination audit of twelve AI-suggested anchors finds two verified and ten negative findings. Secondary β/δ estimates satisfy the cost-asymmetry ordering. Cross-language demonstrations span Russian renderings across multiple LLMs (including Russian-native GigaChat Rec = 12 and YandexGPT Rec = 11) and Chinese renderings across five LLMs from three training-corpus families including an open-weights model running locally on a single Mac mini (DeepSeek Rec = 12, Claude Opus Rec = 11, Qwen3.6:27b Rec = 12), with cross-extractor robustness (DeepSeek's Chinese rendering re-extracted by Qwen3.6 instead of GPT-4o: Rec = 12). Inter-coder reliability tests are pre-registered for a future release. The paper engages recombinant-search and knowledge-representation scholarship as theoretical antecedents. Includes paper.yaml (Paper Spec v0.1.0) – a machine-readable specification of the paper's claims, assumptions, and dependencies. See https://github.com/spectralbranding/paper-spec for the standard.

Thomas Miller

This thesis explores how blockchain technology improves trust and efficiency in supply chains, particularly for small and medium enterprises. By combining distributed ledger technology with financial principles, the research developed practical frameworks including a live financial instrument backed by real assets. A key theoretical contribution is "Retrospective Common Knowledge," explaining how blockchain creates shared understanding among participants after events occur. The work addresses data accuracy challenges through multi-party verification and demonstrates practical applications in the beef supply chain, showing how blockchain reduces miscommunication and enables better coordination in global trade.

Andry Alamsyah, Raras Fitriyani Astuti

Purpose This study aims to analyze public discourse on decentralized finance (DeFi) and central bank digital currencies (CBDC) using advanced natural language processing (NLP) techniques to uncover key insights that can guide financial policy and innovation. This research seeks to fill the gap in the existing literature by applying state-of-the-art NLP models like BERT and RoBERTa to understand the evolving online discourse around DeFi and CBDC. Design/methodology/approach This study uses a multilabel classification using BERT and RoBERTa models alongside BERTopic for topic modeling. Data is collected from social media platforms, including Twitter and LinkedIn, as well as relevant documents, to analyze public sentiment and discourse. Model performance is evaluated based on accuracy, precision, recall and F1-scores. Findings RoBERTa outperforms BERT in classification accuracy and precision across all metrics, making it more effective in categorizing public discourse on DeFi and CBDC. BERTopic identifies five key topics frequently discussed, such as financial inclusion, competition and growth in DeFi, with important implications for policymakers. Practical implications The insights derived from this study provide valuable information for financial regulators and policymakers to develop more informed, data-driven strategies for implementing and regulating DeFi and CBDC. Public discourse analysis enables policymakers to understand emerging concerns and trends critical for crafting effective financial policies. Originality/value This study is among the first to use advanced NLP models, including RoBERTa and BERTopic, to analyze public discourse on DeFi and CBDC. It offers novel insights into the potential challenges and opportunities these innovations present. It contributes to the growing body of research on the intersection of digital financial technologies and public sentiment.

Helen Toxopeus

The importance of transitioning to a sustainable economy - one which safeguards ecological life-support systems and provides equity within and between generations - has become increasingly urgent. A crucial ingredient of such a transition is sustainable innovation by new or existing enterprises, to develop business activities that realize both societal and financial value. However, obtaining finance for sustainable innovation is often a challenge due to both principal-agent and (double) externality problems. While society benefits from investments into sustainable innovation, the – financial and societal - return for individual financiers is highly insecure. 
\nThis dissertation explores how to enable finance for sustainable innovation, with a focus on banks and crowdfunding platforms. It makes use of two theoretical lenses. First, it studies how to overcome principal-agent problems through different lending technologies. Second, and more novel, it takes a collective action perspective to address the double externality problem embodied in sustainable innovation finance. This research fills a gap because there exist empirically well-defined mechanisms for solving collective action problems that have not yet been applied to the finance domain. Furthermore, the dynamics of collective action appear particularly relevant in the emergence of technologically driven, decentralized financial instruments like crowdfunding. 
\nThis dissertation draws conclusions regarding the role of relationships, cash flows and assets as enablers of sustainable innovation finance, as well as regarding motivations of crowdfunders to undertake such investments. It highlights the challenge of enabling sustainable innovation finance while guarding the quality of the investment decisions in line with the motivation of the financier.

Borgklint, Erik, Söderberg, Michael

Bakgrund: Satoshi Nakamoto kallas gruppen eller individen bakom kryptovalutan Bitcoin. Syftet med valutan är att kunna genomföra transaktioner snabbt, anonymt och kunna hålla tredje part, centralbanker och banker utanför. Syfte: Syftet är att undersöka och analysera svenska bankers inställning till Bitcoin. Det författarna till denna studie vill undersöka är hur bankens inställning ser ut till valutan om den blir allt mer populär att företag och privatpersoner börjar genomföra transaktioner utan inblandning med banken. Metod: För att kunna svara på syftet har studien genomförts med en abduktiv metod. Datainsamling har skett genom att intervjua relevanta personer på banker genom semistrukturerade intervjuer. I analysen förklaras sedan den datainsamlingen utifrån studiens teoretiska referensram. I syfte att få kvalificerade bedömningar om framtiden har studien använt sig av delfi-metoden. Slutsats: Författarna till studien kom fram till att Bitcoin inte utgör något hot mot bankerna eftersom de kan kopiera tekniken och bankens kärnverksamhet handlar inte bara om att genomföra transaktioner. Den underliggande tekniken till Bitcoin tillsammans med en mer legitimerad valuta (exempelvis e-krona) har en möjlighet att användas av banker i framtiden.