Blockchain Papers

Ben Chester Cheong

No abstract is available for this record.

Oleg Klym, Tetiana Melnyk

The complexity of business operations in the global economy is rising, necessitating new approaches to contractual relationship management. This article explores the potential of smart contracts as a transformative tool for international business. By utilizing blockchain technology, smart contracts can automate agreements, reduce transaction costs, and enhance security and efficiency. Initially developed on the Ethereum network, smart contracts have since evolved with the introduction of new blockchain platforms. This paper examines the theoretical background of smart contracts, their practical applications in international business activities, and their impact on economic efficiency. Despite high costs of development, insufficient legal frameworks, and trust-related concerns, the findings suggest that smart contracts hold great potential to optimize international economic activities by increasing transparency, reducing risks, and facilitating decentralized governance.

A.V. Krulko, I.I. Holubenko

No abstract is available for this record.

Raj Chandra Bose

Digital transformation is revolutionizing business agreement management by replacing traditional contract processes with blockchain-enabled smart contracts. Conventional contracts involve extensive paperwork, manual verification, lengthy negotiations, and multiple intermediaries, leading to increased costs and operational delays. Smart contracts automate contract execution based on predefined conditions, providing enhanced security, transparency, trust, and efficiency through decentralized blockchain technology. Smart contracts are widely adopted across industries such as banking, finance, healthcare, logistics, supply chain management, real estate, and international trade to automate payments, regulatory compliance, ownership transfers, and business transactions. The integration of Artificial Intelligence (AI), Internet of Things (IoT), cloud computing, and big data analytics further improves intelligent decision-making and automated compliance monitoring. This study proposes a comprehensive smart contract framework incorporating blockchain deployment, consensus validation, automated execution, secure transaction recording, continuous monitoring, and performance evaluation. Mathematical models are used to assess execution efficiency, transaction integrity, computational performance, and security reliability, while key performance indicators include execution accuracy, operational efficiency, transaction transparency, processing latency, cost optimization, and compliance effectiveness. The results demonstrate that smart contracts significantly reduce manual intervention, improve transparency and security, accelerate business transactions, and enhance organizational accountability. The proposed framework provides a secure, efficient, and scalable approach for modern business agreement management, supporting enterprise digital transformation and trustworthy blockchain-based ecosystems.

Igor Anatolyevich Kokh, Alexey I. Tsvetkov

The article is dedicated to the development of a Russian Islamic digital financial instrument “CryptoSarf”, designed for cross-border settlements. The process of conducting export-import operations using cryptocurrencies and smart contracts is described in detail. The fundamental element is the observance of the Shari’ah standard AAOIFI №1 «Currency Trading», which is achieved through the use of atomic transactions in the blockchain, ensuring the transfer of ownership rights without the need for physical presence of the parties. The key component of the model is a cryptocurrency exchange that must be under the control of an expert advisory body of Muslim scholars. This ensures compliance of all operations with Shari’ah norms and expands opportunities for cross-border trade, including attracting investments from countries with strict adherence to religious principles. Additional advantages of the instrument include the possibility of hedging currency risks without interest and providing interest-free loans to stabilize exchange rates. This makes the proposed model attractive for market participants, especially in conditions of instability of cryptocurrency exchange rates. The article represents a comprehensive analysis of the development of a financial instrument that not only meets religious requirements but also uses advanced technologies to increase transaction efficiency and security.

H. Gill

No abstract is available for this record.

Tariq K. Alhasan

No abstract is available for this record.

Wulf A. Kaal

No abstract is available for this record.

Naser Al-Sherman

This research seeks to analyze the newer trends that have emerged in the area of smart contracts and, in particular, the areas of their documentation and application, along with the growing convergence with artificially intelligent techniques. Smart contracts are also known as self-executing digital contracts managed electronically via the blockchain systems. Such contracts have provided unparalleled security and transparency in commercial and legal transactions. It is interesting to understand how to document these participant contracts, tendered as distributed digital files. This research analyzes the strengths and weaknesses in the expression of intent in the smart contracts. It also suggests solutions to enhance such a process. The study reviews the challenges to the implementation of the aforementioned within the scope of the traditional legal system. The research also deals with the impact of artificial intelligence on enhancing the efficiency of the use of smart contracts. It provides recommendations on the amendments to the law that facilitate the utilization of smart contracts and their integration with artificial intelligence, ensuring compliance with legal frameworks and safeguarding the rights of contracting parties through the establishment of legislation to govern and document these contracts. The drafting of smart contracts is considered a challenge and an opportunity for improving the efficiency and reliability of contracting operations in the digital era.

Bruno Fernandes Vieira, Fernanda de Araujo Meirelles Magalhães

Growing attention to environmental, social, and governance (ESG) concerns has prompted companies to incorporate conditions and obligations related to ESG indicators into their contracts and other agreements. Those contracts, defined as ESG metric contracts, include, for example, managers’ remuneration plans, supply chain and merger and acquisition agreements. Such contracts, however, are incomplete, as they do not account for all possible contingencies that may arise during the contractual relationship. This paper argues that smart contracts can mitigate some of the challenges associated with contract incompleteness, specifically in the context of ESG metric contracts. When considered as contracts, smart contracts have specific characteristics such as immutability and automation, which distinguish them from other forms of contracting. However, it remains challenging to incorporate all possible variables external to the blockchain into their cryptographic language. Consequently, a residual degree of incompleteness persists. Among the technological solutions created to address these questions, this work suggests that oracles and upgradeable smart contracts can be valuable tools, adding a needed layer of flexibility to these contractual relationships. In this sense, this paper aims to address these issues, analysing the pros and cons of the link between ESG metric contracts and smart contracts.

V. V. Polyakov

The article examines the problem of digital transformation within organized criminal groups. This transformation results from the introduction of innovative digital technologies into criminal activities and is manifested in the formation of decentralized organizational structures for criminal groups based on network management principles. It is shown that the transition from traditional hierarchical structures to alternative structures based on network interaction among participants is primarily typical of criminal groups specializing in high-tech crimes. In practice, the evolution of organized criminal activity has led to the emergence of groups with complex symbiotic structures, characterized by a combination of network interaction among the group's structural elements while maintaining a hierarchical structure within its governing core. The factors characterizing criminal groups with decentralized mixed structures are described, including a higher level of self-organization, increased group stability, adaptability to external conditions, responsiveness in addressing emerging issues, and enhanced anonymization of participants. The phenomenon of forming a new organizational structure for criminal groups has been revealed. This form is most accurately described by the concept of an ecosystem of criminal communities. It is shown that ecosystems of criminal communities are network associations of autonomous criminal groups interacting with one another based on the principle of "Crime as a Service", similar to the interaction principles found in business ecosystems within the digital economy. The technological basis for these ecosystems consists of digital platforms created and operating on the Darknet, which represent a shadow information environment that unites network services, data, and digital resources, facilitating the joint activities of ecosystem participants. The formation of ecosystems of criminal communities appears to be a qualitatively new and dangerous phenomenon. The criminal advantages gained from this transformation include the ease of attracting resources through the development of a global network market for criminal services and products on the Darknet; the "division of labor" through the narrow specialization of autonomous groups entering into cooperative and collaborative relationships; access to advanced means for committing high-tech crimes through the commercialization of criminal innovations; the rapid incorporation of new participants; the ease of overcoming interregional and interstate borders to commit transnational criminal acts; a combination of globalization and glocalization factors; and a significant reduction in the risk of criminal prosecution due to maximum anonymization of participants. The article concludes that the formation of ecosystems of criminal communities is becoming the dominant trend in the evolution of modern organized crime.

Amal Al‐Rasheed, Hashim Ali, Rahim Khan, Aamir Saeed

In the domain of Electronic Medical Records (EMRs), emerging technologies are crucial to addressing longstanding concerns surrounding transaction security and patient privacy. This paper explores the integration of smart cont... | Find, read and cite all the research you need on Tech Science Press

Omar Farouk Al Mashhour, Ahmad Shamsul Abd Aziz, Nor Azlina Mohd Noor

Smart contracts have shed light on a new era of contract law, which necessitates a proper legal response to address their unique characteristics, including automation, self-enforcement, coded, immutability, and irreversibility. While these features offer significant legal and practical benefits, they raised critical legal questions. The study aims to identify the legal challenges resulting from the implementation of smart contracts through an in-depth examination of various key aspects. To achieve the intended objective, the study adopted qualitative research utilising the library method and analysing data descriptively and analytically. The study revealed that applying the current conventional contract laws is inadequate and would create a bundle of unprecedented legal questions related to all the life cycle of the contracts, such as legal existence, formation and enforcement, jurisdictional issue, mechanism, unlawful activities, as well as the third parties. The study recommended establishing a specialised framework to address various issues, including the establishment of a regulatory and supervisory body, legislative clarification on various aspects of smart contracts’ such as exchange of will, place, and time, coding language and coding errors, essential functions, jurisdiction and enforcement, ADR, external partners such as Oracle and coding experts, in addition to other matters pertaining to validity and admissibility. Future studies may focus on using these questions as a way to measure the viability of their law to address the emergence of smart contracts.

Massimo Doria, Fabio Bassan, Maddalena Rabitti, Antonella Sciarrone Alibrandi · 5 authors

No abstract is available for this record.

Elvira N. Belozorova

The article is devoted to the development of integration models of corporate governance for digital financial assets in distributed ledger ecosystems as applied to agricultural and processing enterprises that experience a chronic shortage of investments and require alternative sources of financing. The purpose of the study is to provide a theoretical and applied justification for a format of digital asset governance that simultaneously ensures capital raising, compliance with regulatory requirements, reduction of cyber risks, and operational interoperability of blockchain platforms with the existing infrastructure of an enterprise. The materials include statistics on investments in the agro industrial complex, regulatory and legal acts of Russia and foreign jurisdictions, industry analytical reports, as well as more than 70 academic publications. The study employs methods of system and comparative analysis, economic and statistical methods, bibliometric analysis, case studies, and business-process simulation modeling. The results show exponential growth in the financing of agricultural projects through digital financial assets: in 2019–2024, the volume of attracted funds increased from zero to 28.7 billion rubles, and the share of tokenized instruments reached 7.5% of all investments in the sector. Scenario analysis demonstrates that the presence of a formalized corporate governance system and advanced cybersecurity reduces the average number of incidents by almost three times and decreases total annual losses by more than half, even with increasing preventive costs. Modeling of three integration options (traditional, partially integrated, and fully integrated) reveals up to a 24-fold reduction in data reconciliation time, a tenfold decrease in errors, and more than a sevenfold reduction in transaction costs when transitioning to a unified distributed ledger. Based on the analysis, the article substantiates the concept of an integration model of corporate governance for digital financial assets, relying on a combination of a regulatory-neutral architecture, risk-oriented management procedures, and deep IT integration, which makes it possible to consider digital assets as a sustainable element of the financial strategy of agro-industrial enterprises rather than a one-off experiment.

Андрій Олександрович Гашко, Андрій Петрович Бондарчук, Максим Петрович Трембовецький, Олександр Ілліч Чумак

The article examines an automated method for verifying the correctness of smart contracts in the Solana blockchain network. The relevance of the research is driven by the growing popularity of Web3 applications and the need to ensure their security, as even minor errors in smart contract code can lead to significant financial losses. The primary goal is to develop an automated verification methodology for smart contracts that can detect vulnerabilities such as the absence of founder rights verification, arithmetic operation errors, and missing transaction check signatures. Using static analysis techniques in the Rust programming language, the authors propose an approach that enables rapid analysis-taking less than three minutes per contract-and automatic generation of reports on identified vulnerabilities. The methodology is based on analyzing external data flows through smart contracts, allowing for the early detection of potential threats. To automate the process, Python and Bash scripts are employed, integrating with cloud services such as Amazon Web Services to scale the analysis. Testing results on real Web3 applications demonstrate the effectiveness of the methodology, particularly in reducing analysis time and improving the accuracy of error detection. An important aspect of the research is the continuous updating of knowledge bases and analysis tools, enabling the consideration of new types of attacks and vulnerabilities. The article also highlights the importance of interoperability between different blockchain networks, which remains a challenging task but is a key element for the future development of Web3. The research results show that the proposed methodology is promising for scaling and adapting to new challenges in blockchain ecosystems such as Solana. Thus, the developed approach to automated smart contract verification not only enhances the security of Web3 applications but also contributes to their further development, ensuring stability and reliability in the dynamic evolution of blockchain technologies.

Обушний, Сергій Миколайович, Прядко, Андрій Вячеславович

У статті розглянуто сучасні механізми функціонування фінтех-сервісів та децентралізованих фінансів (DeFi) як інструментів залучення й інвестування фінансових ресурсів домогосподарств. Визначено місце фінтех-інновацій у трансформації фінансового сектору України та їхню роль у формуванні нових каналів інвестування поза традиційною банківською системою. Особливу увагу приділено аналізу моделі P2P-кредитування, яка поступово перетворюється на один із ключових сегментів сучасної цифрової економіки. Узагальнено теоретико-методологічні засади функціонування платформи P2P-фінансування, охарактеризовано її переваги для інвесторів та позичальників, а також ризики, що супроводжують цей процес. На основі аналізу досвіду країн Європейського Союзу — Литви, Латвії, Естонії, Великої Британії — окреслено основні інституційні умови розвитку ринку децентралізованих фінансів, роль державних регуляторів та особливості нагляду за діяльністю фінтех-платформ. Визначено головні бар’єри, які стримують розвиток P2P-кредитування в Україні: недосконалість нормативно-правової бази, низький рівень довіри до цифрових фінансових сервісів, обмеженість платоспроможного попиту та відсутність системи захисту інвесторів. Запропоновано напрями державного регулювання, що передбачають створення сприятливого правового поля для легалізації децентралізованих фінансових платформ, розвиток національної системи фінансової грамотності населення, розбудову інфраструктури кібербезпеки та забезпечення прозорості транзакцій. Розкрито потенціал DeFi-технологій у формуванні альтернативних джерел фінансування малого бізнесу, стимулюванні інвестиційної активності домогосподарств і підвищенні рівня фінансової інклюзії. Результати дослідження мають прикладний характер і можуть бути використані у процесі формування національної стратегії розвитку фінтех-ринку, адаптації законодавства України до стандартів ЄС та розроблення інструментів підтримки інновацій у сфері цифрових фінансів.

Kheda Zh. Muskhanova

Decentralized finance (DeFi) is a rapidly developing segment of the blockchain economy, offering an alternative to the traditional financial system through the use of smart contracts, open protocols, and the absence of centralized intermediaries. In Russia, interest in DeFi is growing amid the digitalization of the economy and the development of regulatory initiatives in the digital asset sector. However, widespread adoption of DeFi is associated with significant risks: technological vulnerabilities, lack of user protection, high volatility, and the threat of money laundering and sanctions evasion. This article analyzes the key challenges associated with the operation of DeFi platforms and discusses possible approaches to their legal regulation in the Russian context– from a complete ban to the creation of a special “sandbox” regulatory regime. It emphasizes the need to balance innovative development with financial stability, investor protection, and AML/CFT compliance.

Maria Cristina Enache

Emerging digital technologies such as Artificial Intelligence (AI), blockchain, Non-Fungible Tokens (NFTs), cryptocurrencies, and the metaverse have radically altered the landscape of industries worldwide. As these technologies continue to evolve, understanding how younger generations perceive and interact with them can offer valuable insights into future adoption trends. In this article, we present a detailed theoretical explanation of these technologies, paired with a comprehensive statistical analysis based on survey data from Romanian students. By applying advanced statistical methods such as correlation analysis, comparative analysis, and cluster segmentation, we aim to uncover not just familiarity and interest but also the underlying factors that shape students’ attitudes toward these groundbreaking technologies.

Roman Maydanyk

The article is devoted to the analysis on a crypto assets smart contract in the civil law and common law jurisdictions and the implementation of the best practices into Ukrainian law. It is argued that the essence of a crypto assets smart contract is that it is a self-executing contract which is represented and executed by a computer program, remains unchanged and unstoppable after the creation of this contract, and its terms are included in the internal functions of a decentralized database which is not controlled by the databases of the parties to the contract or third parties. It is noted that a cryptoasset smart contract, like any contract, may be declared invalid if the will to conclude it does not meet the conditions for the validity of this transaction, regardless of the form in which this transaction is concluded, as in this case in the form of a computer code. It is also stated that the terms of a cryptoasset smart contract must be specific (clear, unambiguous), feasible (objective), legitimate, and capable of automation (no evaluative terms, such as “reasonable time,” may be used), exist within the blockchain platform (on which cryptoassets are currently transacted) and not involve obtaining and confirming information from outside (in this regard, the terms of force majeure are not specified in the smart contract). The study applies dialectical, comparative legal, formal and logical, and systemic and structural methods of scientific knowledge. It is proved that a smart contract is a contract which is represented and executed by a computer program, the components of which are a computer code, some or all of the terms of this contract which are fulfilled upon the occurrence of predefined events, are stored in an electronic register system which records the result of execution of this program, and the contract itself cannot be changed and is executed in accordance with the programmed instructions of the computer program. The author concludes that the determination of the person who is legally liable when a smart contract fails to perform the programmed function depends on the terms of the smart contract, and in their absence, the provisions of applicable law regarding the legal consequences of non-performance of the contract and liability for such non-performance should be used.

Jesús Manuel Niebla Zataraín, Paola Jackeline Ontiveros Vázquez

Technology has reshaped the law. The Internet and derived technologies have led to the adaptation of traditional legal figures with the objective of bringing certainty to users and developers. A field that has been subject of constant technological development is contact law. This paper will address this scenario from the perspective of smart contracts, which allows not only a digital representation of the obligations agreed by the parties, but also the capacity to solve discrepancies to ensure operation. Finally, this joint approach offers compatibility with transactions that take place in digital scenarios, contributing to a safer and law compliant cyberspace.

Tetiana Krychevska

The article explores the complexity and diversity of the crypto-asset space, examining the logic of its development, the dynamics of interactions within the ecosystem, and with the external world. It demonstrates how the open-source nature of crypto projects and the emergence of tools for simplified token creation on third-party blockchains have transformed the crypto-asset space into one of unlimited financial asset creation. The structure of the crypto-asset space is represented through a typology of crypto-assets based on technological, functional, and socio-economic characteristics. By studying thirty of the largest crypto-asset projects by market capitalization, several distinct groups that define the construction of crypto-asset space have been identified: bitcoin and ether as the poles of crypto space development; alternative to bitcoin payment cryptoassets; cryptocurrency based back-office solutions for traditional cross-border payments; stablecoins; coins of alternative blockchain platforms with innovative consensus mechanisms and scalability solutions (Layer 1 and Layer 2); crypto-assets of projects for scaling other blockchains and facilitating efficient interoperability between blockchains and the external world; crypto-assets of projects expanding existing successful virtual networks; crypto-assets of centralized cryptocurrency exchanges; DeFi project coins; meme coins; enhanced privacy coins; and non-fungible tokens (NFTs). The article reveals the ongoing development of the crypto-asset space in the following directions: solving the blockchain trilemma considering project goals; ensuring interoperability of decentralized networks; creating new forms of collaboration with traditional financial intermediaries and institutions (which often contrasts with the original cypherpunk ideology). It is argued that the space of decentralized interactions, mediated by crypto-assets, has become a domain of extreme volatility, hyper-financialization, and a space where it is difficult to separate technological value from speculative crypto markets. It also highlights the presence of centralized, opaque, and unregulated hyper-intermediaries, with no clear distinction between professional and non-professional participants in the crypto market. Furthermore, this space seeks additional sources of trust from the traditional world, including through sovereign currency-backed stablecoins, partnerships with traditional financial intermediaries, and regulatory lobbying. In the first article, the ideological foundations, basic technologies of the crypto- asset space, bitcoin and ether as the poles of development in this space, and the typology of crypto-assets are examined.

Annas Rasid Musthafa, Rifda Yussriyyah Putri, Alfaiza Akbar Farizki, Shafanissa Aulya Alma

The development of smart contract in a decentralized blockchain system raises various problems in the legal field marked by cases of smart contract violations such as the DAO, Parity Wallet, and PlayDapp cases. The breach of smart contract in the blockchain system affects the application and enforcement of conventional law in a virtual world that has no geographical jurisdiction. The limitations of conventional law in regulating the virtual world gave birth to various new legal concepts such as lex cryptographia and virtual state. This research aims to examine the expansion of law in blockchain systems and smart contract, especially in cases of breach of smart contract and the birth of new governance. This research uses doctrinal research methods with a case study approach and literature research. Based on the results of this research, the existence of smart contracts affects the legal expansion of their legitimacy and application as contracts that have legal force. Smart contract that have no ties to territorial jurisdiction give the parties to the smart contract complete freedom to regulate the settlement of contract violations, so that smart contracts become law, legal procedures, and punishment itself in carrying out its functions. In addition, the existence of smart contracts in the blockchain system also gave birth to lex cryptographia as a new law and a blockchain-based virtual state as a new governance model that is not limited by geographical areas.

Yuan He, Sandra Kumi, Richard K. Lomotey, Ralph Deters

Digital twin instances are gaining popularity due to their ability to provide a novel way to operate, design, and maintain physical assets. These virtual replicas offer real-time insights into their real-world counterparts’ performance, condition, and potential issues. Organizations can optimize processes, predict failures, and make informed decisions by analyzing data from sensors, simulations, and historical records, ultimately saving costs, reducing downtime, and enhancing overall efficiency. However, the data streams, models, and connected physical assets of a digital twin instance are of considerable value to the owners of the digital twin and, thus, need to be protected from potential abuse and attacks. This paper focuses on the need for access control when deploying digital twin instances. We present and evaluate a solution integrating digital twin instances into a smart-contract-governed blockchain solution.