Blockchain Papers

Sami Basly

No abstract is available for this record.

Kirti Sood, Vishal Sharma, Rajesh Kumar

The present study aims to map the existing intellectual structure on Decentralized Finance (DeFi) risks.The study utilizes the systematic literature review (SLR) method to identify DeFi risks and the Scopus database to retrieve the pertinent literature.Further, authors select 50 research articles through abstract and title scanning, complete text analysis, and citation chaining to perform content analysis.Using content analysis, the present study identifies 21 DeFi risks segregated into four categories, namely technical, macro-economic, legal and regulatory, and user-centric risks.Additionally, the study provides unique research directions for the future.Hence, the present study contributes to the DeFi literature and has practical implications for DeFi entrepreneurs, individuals, developers, programmers, and policymakers.The study is the first of its kind that consolidates pertinent risks related to DeFi using the SLR method and broadens the knowledge of stakeholders in the DeFi ecosystem.

Aditya Mishra, Ankit K. Sharma, Devesh Anand Shrivastava, Deepa Jha · 6 authors

Abstract: In our thorough exploration of the intricate relationship between blockchain technology and the legal landscape, we uncover three key intersections: legality, law-like characteristics, and legal applications. Delving into the realm of legality, we analyze the profound impact of jurisdiction-specific regulations governing cryptocurrencies, intellectual property, and taxation. This includes considerations such as identity verification, exchange regulation, securities laws, bankruptcy regulations, and anti-money laundering enforcement, shaping the multifaceted legal terrain. Shifting focus to the law-like characteristics inherent in permissionless blockchains, our examination reveals decentralized governance facilitated through consensus mechanisms. The blockchain protocol operates as a dynamic "constitution," actively shaping the behavior and incentives of network participants, with forking introducing a distinctive form of institutional innovation during disagreements over protocol changes. Expanding our exploration to the transformative legal applications of blockchain, we emphasize smart contracts and decentralized autonomous organizations. Despite remarkable advancements, challenges persist in automating intricate contractual arrangements and organizational functions, particularly within the context of multi-stage interactions embedded in broader legal and social frameworks. In conclusion, our comprehensive findings highlight that blockchain's unique capacity for direct economic value exchange requires innovative legal treatment. It not only influences user incentives through its rule-based structure but also catalyzes transformative changes across legal and contractual domains. However, as the blockchain landscape evolves, persistent limitations become apparent, particularly in addressing relational agreements and ensuring constitutional resilience. The evolving nature of this technology continues to shape and redefine the intersection between blockchain and the law

Shumeng Li

The gig economy, which is defined as transient and adaptable work arrangements facilitated by digital platforms, has experienced unprecedented growth in recent years, profoundly altering labor market dynamics. This profound transformation has introduced a multitude of repercussions for workers, simultaneously offering both opportunities and challenges. In one aspect, it entails providing individuals with heightened autonomy, the opportunity to cultivate multiple income streams, and an improved balance between work and personal life, thereby enabling them to autonomously shape their career paths. Conversely, increasing concerns on job security, workers’ rights and protection, and employment benefits arouse discussions of economic welfare of gig workers. For businesses, the gig economy represents a transformative force, promoting cost-effective, on-demand labor while necessitating responsive strategies to manage a decentralized and flexible workforce. As a signal of a new era in labour market dynamics, gig economy has significant impacts on the broader labour force and traditional employment patterns. Grappling with of crucial task, policymakers are in urgent need of finding a balance that preserves the rights and finance security of the labour force without mitigating enthusiasm of development and economic prosperity. Comprehending the multifaceted influences of the gig economy is paramount in formulating policies, thereby building a labor market that embraces opportunities and challenges arising from this transformative change and ultimately facilitating a future work of greater equity and adaptability.

Sangjae Lee, Byung Gon Kim

This study investigates the specific factors affecting the usage intention of distributed ledger technology (DLT), such as availability, diversity and economic value from the perspective of a unified theory of technology acceptance. Users of DLT in public and private sectors were surveyed. Availability and economic value affect performance expectancy, while availability, diversity, and profitability have an influence on effort expectancy. Performance expectancy and transparency have a positive effect on the intention to use DLT which in turn exerts a positive effect on usage behavior. This study provides implications for researchers in that it attempts to investigate the factors affecting the usage intention of DLT based on the extended unified theory of acceptance and encompassing diverse industries that adopt DLT, such as the public, financial, medial, and logistics sectors.

Mohd Saleem, Chanchal Chawla

Originally intended to support cryptocurrencies, blockchain technology has developed into a force that is revolutionizing the financial industry. This study examines how blockchain technology is becoming more and more important in investment choices, with an emphasis on how it will affect investors, financial markets, and the overall investment environment. Using a researcher-made questionnaire as the research instrument, the study used a descriptive research design. To determine how adoption of blockchain based investment avenues such as cryptocurrencies is related to knowledge and attitude, logistics regression was employed.

Authors unavailable

No abstract is available for this record.

Rishal Ravikesh Chand, A. B. M. Shawkat Ali, Peng Zhang

The current situation of Land Registration in Fiji is a time-consuming set of procedures that requires liaising with various middlemen and intermediaries where each would have a different hidden cost and numerous delays with documentation. This paper highlights the issues faced by new buyers, such as dealing with fraudulent agents, lack of transparency, accountability, and delays within the entire process. Therefore, we propose a new secure system of transferring land ownership with increased transparency and security using blockchain technology.

Fabriccio Tornero-Cortés, Alvaro Cabrera-Campos, Daniel Burga-Durango

In Metropolitan Lima, small and medium-sized enterprises (SMEs) face significant challenges in obtaining financing, primarily due to high interest rates and stringent requirements from traditional financial institutions. This research introduces a crowdlending system based on smart contracts backed by blockchain technology as a solution to these obstacles. A validation with end users was conducted, and the results obtained demonstrated an impressive compliance rate of 99%. This innovative approach provides a secure, transparent, and efficient environment, offering a robust solution to the financing needs of SMEs in the region.

Ikram Nur Muharam, Iis Tussyadiah, Albert Nsom Kimbu

This study employs a sequential exploratory mixed-methods approach to investigate users' perspectives and acceptability of blockchain-based sharing economy systems. The suggested model explains how users’ perceptions of specific features of such concepts influence acceptance in ways that existing theories like TPB, TAM, or UTAUT cannot. The results revealed that user empowerment was the most significant factor influencing acceptance. Furthermore, multigroup analysis (MGA) demonstrates how different contexts have distinct acceptance predictors. Depending on the context, perceived lower fees, perceived faster settlement, perceived income distribution, perceived fraudproof, and perceived traceability had varying significance. Meanwhile, perceived immutability, perceived process automation, and perceived transparency, even though considered appealing, were not significant in influencing acceptance. The findings imply that stakeholders should balance technicality and behavioural aspects, and be aware of the context.

Inamdjanova Elnora Elbekovna

This article explores the essence of international experience in digital imaging, the need to regulate different types of assets, approaches to legal regulation, prospects for the legal regulation of assets in the digital economy of the Republic of Uzbekistan. The strategy for this growth must be determined by the private sector, directed by the government, analyzed by civil society and academia through the lens of private international law. The main purpose of the article is to expose the unclear jurisdictions, conflicting laws, and fragmented oversight that create barriers to the accountable management of traditional cross-border finance that are missing in decentralized networks. The authority to regulate stock trading remains contested among national and subnational regulators, resulting in duplicative compliance efforts that are estimated to cost investors large sums of money.

Nnamdi Nwulu, Uyikumhe Damisa

In this chapter, a smart contract is conceptualised to facilitate the sharing of electric vehicle charging stations. Different tests performed on its logic will help to determine its accuracy. While the contract shows potential, further work needs to be done to make it useful in a practical setting.

Fabio Bassan

The evolution of market regulation in recent years has accelerated the combined outcome of market globalization and digitalization. The regulatory frontier is therefore represented by digital platforms and, in recent years, by the blockchain. Apparently, the rules regulating digital platforms (Web2) and blockchains (Web3) on each side of the ocean appear mutually incompatible on a legislative (primary) level. Nevertheless, we have recently witnessed a significant convergence between the regulation ofthe two ecosystems on the implementation (secondary) level. Convergence arises from the ‘regulatory circle’, typical of co-regulation in the EU, but also compatible with self-regulation in the US. Co-regulation and self-regulation, both implemented through the ‘regulatory circle’, generate a ‘participatory regulation’: regulatory and supervisory authorities cooperate with operators to set the rules, which are embedded in the technology. Technology is a discriminating element. Hence, what we see in practice both in the EU and in the US is a ‘participatory regulation by technology’. Participatory regulation by technology overcomes twenty years of regulation based on network neutrality, changing its fundamentals from the outset. Blockchain, DLT, regulation, self-regulation, co-regulation, participatory regulation, digital transformation, command and control, DLT Pilot, regulatory circle, Web3

Egon Mattis Frank

This paper explores the transformative impact of blockchain technology on the European banking sector, with a specific focus on the dynamics of Decentralized Finance (DeFi). Beginning with an overview of the emergence and evolution of blockchain, the study delves into the integration of blockchain in European banking, examining its current landscape, opportunities, and challenges. A comprehensive exploration of DeFi principles, smart contracts, and cryptocurrency significance follows, highlighting European banking initiatives in this realm through case studies. The paper assesses the broader impact of blockchain and DeFi on financial services, emphasizing transparency, security enhancements, cost reduction, and advancements in financial inclusion. The regulatory framework and legal considerations in Europe provide a crucial backdrop, with a detailed analysis of smart contract legality and the delicate balance required for consumer protection and privacy in the DeFi landscape. A case study evaluates the implementation of DeFi in selected European banks, scrutinizing blockchain integration, impact assessment, and strategies to overcome challenges. The journey concludes with a comprehensive examination of the interconnected elements, emphasizing the transformative potential of blockchain and DeFi in reshaping the financial landscape.

Yunkai Tang

Decentralised finance (DeFi) is a decentralised peer-to-peer system based on blockchain technology that facilitates lending and borrowing through smart contract code and lending protocols replacing traditional financial activities that typically require trusted intermediaries such as brokers or banks. In this essay, the four factors of collateral presentation, borrowing rate, lending relationship, and subject of legal connection are compared between decentralized and centralized financial lending models. This paper illustrates the entire DeFi lending model using Compound as a real-world example. The borrowing interest rate is decided in real time by Compound's smart contract according to the supply and demand of funds in the market, so the borrower does not need to bargain with the lender. The smart contract will automatically match the money market. Additionally introduced are the DeFi innovation's concept and features. The paper concludes by discussing the advantages of DeFi lending and borrowing, the hazards associated with doing so, and providing an outlook on the future path of DeFi research.

Xihan Xiong, Zhipeng Wang, Tianxiang Cui, William J. Knottenbelt · 5 authors

Technological advancement drives financial innovation, reshaping the traditional finance landscape and redefining user-market interactions. The rise of blockchain and Decentralized Finance (DeFi) underscores this intertwined evolution of technology and finance. While DeFi has introduced exciting opportunities, it has also exposed the ecosystem to new forms of market misconduct. This paper aims to bridge the academic and regulatory gaps by addressing key research questions about market misconduct in DeFi. We begin by discussing how blockchain technology can potentially enable the emergence of novel forms of market misconduct. We then offer a comprehensive definition and taxonomy for understanding DeFi market misconduct. Through comparative analysis and empirical measurements, we examine the novel forms of misconduct in DeFi, shedding light on their characteristics and social impact. Subsequently, we investigate the challenges of building a tailored regulatory framework for DeFi. We identify key areas where existing regulatory frameworks may need enhancement. Finally, we discuss potential approaches that bring DeFi into the regulatory perimeter.

Quinn DuPont

This research examines the polycentric governance of digital assets in blockchain-based Decentralized Autonomous Organizations (DAOs). It offers a theoretical framework and addresses a critical challenge facing decentralized governance by developing a method to identify Sybils, or spurious identities. Sybils pose significant organizational sustainability threats to DAOs and other, commons-based online communities, and threat models are identified. The experimental method uses an autoencoder architecture and graph deep learning techniques to identify Sybil activity in a DAO governance dataset (snapshot.org). Specifically, a Graph Convolutional Neural Network (GCNN) learned voting behaviours and a fast vector clustering algorithm used high-dimensional embeddings to identify similar nodes in a graph. The results reveal that deep learning can effectively identify Sybils, reducing the voting graph by 2-5%. This research underscores the importance of Sybil resistance in DAOs, identifies challenges and opportunities for forensics and analysis of anonymous networks, and offers a novel perspective on decentralized governance, informing future policy, regulation, and governance practices.

Silvia Ratna, Saide Saide, Alvina Salshabilla Linjani Putri, Richardus Eko Indrajit · 5 authors

Purpose This study aims to provide a new overview and opportunities of blockchain (BCT), financial technology (fintech) and knowledge management (KM) over the past ten years. Its focus is on their potential to drive new value creation and innovation processes within the digital landscape of the tourism and hospitality. Design/methodology/approach This systematic literature review and sociotechnical approach employs a literature analysis, analyzing and synthesizing 62 relevant articles published in the past decade form e-databases (Web of Science and Scopus). Findings This study reveals that researchers frequently discuss the potential advantages and challenges of BCT, fintech and KM in this industry. These include establishing systems that prioritize transparency and traceability, addressing blockchain security concerns, enhancing financial transaction efficiency and trustworthiness, and promoting innovation and improvement through KM strategies. Furthermore, this review suggests that the application of blockchain, fintech and KM has the potential to create new markets and opportunities in the tourism and hospitality industry. This study provides insights into the state and implementation of technology-based and knowledge-based for tourism and hospitality in times of crisis and digitization era. Practical implications Shifting to new lens (refers to sociotechnical theory), from technology adoption strategy, it is important to stay updated with emerging technologies such as BCT and fintech and upcoming technologies trends must align with tourism and hospitality business objectives, customer expectations and market demands. From the socio-dimension, KM is not confined to technological tools alone. Instead, it is a strategic approach that emphasizes fostering a culture of open communication, collaboration and knowledge sharing within the team of tourism and hospitality industry. Originality/value Through a literature review approach, this study establishes a new foundation in tourism and hospitality such as analyzing research gaps, understanding benefits and challenges, supporting methodologies/theoretical frameworks and informing the future research opportunities. Additionally, a novel contribution is the inclusion of sociotechnical approach that is allocated into socio or knowledge resources perspective (knowledge management), and technical or technology perspective (blockchain and fintech) that drives tourism and hospitality innovation.

Juan F. Prados-Castillo, Juan Antonio Torrecilla-García, Georgette Andraz, José Manuel Guaita Martínez

Blockchain technology is emerging as a high-impact solution for the tourism industry, a topic chosen for its growing research relevance and potential to revolutionise the tourism sector in several areas. This study examines how the combination of Blockchain technology and P2P platforms advances sustainability and marketing in the tourism accommodation market. It attempts to fill a gap in the literature by focusing on its application in two areas, namely digital markets and technology, which are expanding. The originality of this research lies in its comprehensive review of blockchain applications in tourism from a practical point of view, which has been largely unexplored in the existing literature. Through a bibliometric review of forty-two papers, various Blockchain applications were identified, such as improving transparency, trust, and efficiency in hotel operations and eliminating intermediaries to reduce costs. The adoption of smart contracts and the use of cryptocurrencies have also emerged as key trends. These findings highlight the transformative potential of Blockchain technology to build trust between hosts and guests, streamline processes, and improve the customer experience. However, they emphasise the need for the careful planning and consideration of the challenges associated with implementing this technology. Future research should further explore the specific applications of Blockchain technology in tourism to optimise its impact on industry and ensure long-term sustainability.

Agata Ferreira

Smart contracts raise a number of interesting legal issues. An ongoing legal debate concerns a number of potential legal pitfalls related to smart contracts, including the existence of a valid, binding legal contract, the ability to reconcile the immutability of blockchain records with contractual deficiencies, governing law and applicable jurisdiction, consumer protection, anti-money laundering/combating the financing of terrorism (AML/CFT) requirements, implications of automated, unstoppable execution, as well as privacy and confidentiality of smart contracts deployed on borderless decentralized blockchain networks. This chapter provides an overview of the most commonly invoked advantages of smart contracts and highlights the fervor of the scholarly legal debate surrounding smart contracts. It also presents a range of legislative initiatives taken so far in response to the smart contracts phenomenon.

Liupengfei Wu, Weisheng Lu, Chen Chen

Purpose This research aims to develop a blockchain smart contract–enabled framework to resolve power imbalance problems in construction payment. Design/methodology/approach This research adopts a design science research method to develop the blockchain smart contract–enabled framework. The authors then develop a prototype system. Finally, the authors evaluate its performance in solving power imbalance-induced payment problems. Findings The results show that the prototype system can resolve power imbalance problems in construction payment by allowing project participants to make transparent and decentralized decisions that are self-enforceable by blockchain smart contracts. Research limitations/implications This study provides theoretical explanations for how blockchain smart contracts can resolve power imbalances in construction payment; based on that, it proposes a novel blockchain smart contract–enabled method to rebalance the power of stakeholders in construction payment. Thus, it contributes to the body of knowledge on blockchain technology and construction payment. Practical implications This study moves beyond a conceptual framework and develops a practical blockchain smart contract system for resolving power imbalances in construction payment, strengthening construction project members' confidence in using blockchain technology. Social implications The proposed blockchain smart contract–enabled solution helps mitigate negative social impacts associated with late payment and non-payment. Furthermore, the research maximizes trust among participants in payment processes to inspire collaborative culture in the construction industry. Originality/value This paper introduces a novel blockchain smart contract integrated method, allowing project stakeholders to resolve power imbalance problems in construction payment through decentralized decision-making.

Ramani Bai, Pranav Sudhir, Rashmi Joshi, Vighnesh Nair · 5 authors

Carpooling offers an effective solution to mitigate pollutant emissions and alleviate traffic congestion. This paper presents a novel system designed to address the shortcomings of centralized ride-sharing services by leveraging smart contracts. By ensuring data security, confidentiality, and privacy, the proposed system initiates the decentralization process for carpooling systems. Users can assume the role of either a driver or a passenger, enabling them to publish rides or search for and book desired rides. Smart contracts facilitate seamless execution of user requests, triggered by events such as ride creation or booking. The fare calculation is based on the passenger's route distance, current fuel price, and the driver's car mileage, resulting in significantly reduced costs. Upon booking a ride, the fare amount is debited from the passenger and credited to the driver only upon the passenger reaching their destination. The system's overarching objective is to simplify people's lives by minimizing travel expenses and traffic congestion, all while upholding user security.

Jamie Torrance, Conor Heath, Philip Newall

Gambling sponsorships are common in international soccer due to the substantial funds they provide to clubs. For example, in the 2022/23 English Premier League season, eight clubs collectively received an estimated £60 million from gambling shirt-front sponsorships.While the Premier League plans to ban gambling shirt-front sponsorships by 2026, this will not include shirt sleeves or pitch-side hoardings, which are the most frequently seen forms of in-game marketing. In contrast, Italy and Spain have fully banned gambling sponsorships and in-game marketing due to public health concerns. Relatedly, much less attention has been paid to the emergence of sponsorships associated with cryptocurrency or financial trading. These are both gambling-like products, which are engaged in disproportionately by those experiencing gambling-related harm, and which also use soccer to market themselves. Researchers have suggested that these products might look to fill the gap in high- level sports left by gambling sponsorship bans, and so have highlighted the need to monitor their use of sponsorship agreements with high-level soccer teams. We therefore provide an overview of gambling and gambling-like sponsorship of soccer teams within high-level leagues across England, France, Germany, Spain, Italy, Portugal, and Argentina. Overall, our findings indicate that gambling sponsorship remains prominent, but has reduced in comparison to previous seasons across most countries. However, we have observed betting ‘partnerships’ which circumvent gambling sponsorship prohibitions in Italy. In relation to cryptocurrency and financial trading companies, there are limited numbers of active sponsorships outside of the UK, but ‘partnerships’ between teams and these companies have become prevalent.

Harish Natarajan, Biagio Bossone

The technology underpinning crypto-assets – distributed ledger technology (DLT) – has been talked about as having the potential to advance financial inclusion. This article analyses this potential, by using the literature on the underlying reasons for financial exclusion and what has worked; then juxtaposing that against the advantages of DLT and how they could be relevant in addressing the underlying reasons. The article concludes with high-level reflections on the challenges in realising the potential of DLT and the risks.