Blockchain Papers

Courtnay Guimaraes

No abstract is available for this record.

Lyudmyla Alekseyenko, Marta Dmytryshyn, Oksana YURKEVYCH

Introduction. Scaling the innovation ecosystem requires a digital transformation of publicprivate innovation management (PPIM). Transactional policies that guarantee the exchange of resources shape the international contours of the development of a globalized economy with local preferences. PPIM faces geopolitical, regulatory and communication challenges that require international cooperation to ensure digital transformation in the face of epistemic uncertainty. There is a growing academic discourse on decentralized finance (DeFi) and cryptocurrencies, which seek to replicate the core economic functions of traditional finance (TradFi), but their unique characteristics create new risks to financial stability. The purpose of the article is to substantiate the theoretical concept of scaling innovations with a focus on trends in public-private management of innovation transformation in the context of the epistemic nature of international transactional politics. Results. Digital transformation promotes synergy between the state and business, especially in Ukraine, where the PPIM activates innovation in the modernization of the defense sector. Transactional policy ensures the protection of intellectual property and the harmonization of standards through Horizon Europe innovation development programs, which can be adapted and scaled to achieve national security guarantees. It is argued that blockchain and DeFi are transforming financial content, but they also create regulatory challenges. The gravity model reveals the speculative role of native cryptoassets and the transactional role of stablecoins, highlighting the adaptability of regulation to reduce risks and support innovative technologies. The application of the latest regulatory measures, in particular the embedding of rules in smart contracts, will comply with the principles of technologically neutral regulation, which allows for a balance between innovation and stability. Prospects. Further development of PPIM requires research into the communication of DeFi with traditional finance, in particular asset tokenization and smart contracts, to minimize systemic risks. It is important to diagnose the stability of stablecoins and their impact on financial inclusion in developing countries. Regulating decentralized systems like DAOs will contribute to financial stability and define the framework for interaction with regulators. The implementation of AI requires ethical standards to ensure transparency and security. In Ukraine, the Brave1 cluster demonstrates the potential of PPPs for innovation in conditions of uncertainty, and the modernization of CSR taking into account transactional policy trends will harmonize economic and defense goals, contributing to sustainable development and adaptation of global standards to local dimensions.

Vasundhara Sharma, Pranav Jindal, Vineet Kumar

No abstract is available for this record.

Jan Vanhoof, Tom Van Cutsem

No abstract is available for this record.

Virginia Springer

This thesis comprises four chapters. Chapter One provides a “meta-theoretical” agenda by revealing different paradigms or ways of thinking about platform ecosystems. Through the theoretical synthesis of existing research across management fields, Chapter One clarifies the onto-epistemological foundations of each paradigm and helps explain the varying expectations researchers place on the platform ecosystem construct. Chapter Two offers a conceptual framework that theorizes the nature of B2B platforms as meta-organizations. Building on a systematic review of existing literature, it uncovers five dominant B2B platform archetypes (matchmaker, application marketplace, solution enabler, consortium, and decentralized autonomous platforms). Further, it theorizes how the specific design features of B2B platforms shape their governance models. Chapter Three and Four empirically explore the dynamics of establishing B2B platforms. Drawing on a qualitative, single case study of a B2B solution enabler platform, Chapter Three shifts the focus from static platform attributes to the unfolding communication and coordination efforts that underpin the management of B2B platform establishment. Drawing on the framing concept, this chapter foregrounds the role of narratives and their strategic and temporal complexity in establishing a B2B platform, offering insights into the socio-cognitive nature of B2B platform establishment. Chapter Four builds on the same single case study, discusses the paradox of openness, the “black box,” that most platforms face, and shows how firms operationalize strategic openness throughout a platform’s lifecycle. It provides a process model of platform openness, shaped by highlighting how platform identity acts as both a driver and outcome of openness decisions across technical, economic, and socio-cognitive dimensions, indicating that B2B platform establishment is a pathdependent, multi-dimensional, and configurational process.

Pedro Trincheiras, Pedro A. Santos, João Lopes Dias

No abstract is available for this record.

Lorenz Raphael Lehmann

No abstract is available for this record.

Emomotimi Agama

No abstract is available for this record.

Máté Hidegföldi, Gergely Laszlo Csizmazia, Justina Karpavičė

Cryptocurrencies offer a novel approach to finance by eliminating the need for traditional banking and enabling secure, traceable, and internet-accessible peer-to-peer transactions. However, despite their advantages, cryptocurrencies face persistent trust issues and low levels of engagement and awareness. This research aims to investigate individuals’ behavioral intentions to use cryptocurrencies and identify factors influencing technology adoption. Employing a qualitative meta-analytic approach, a new predictive model was proposed, drawing from TAM, UTAUT, and IDT theories. A survey administered in Hungary utilized Partial Least Squares Structural Equation Modelling (PLS-SEM) for data analysis, identifying social influence, facilitating conditions, and awareness as key factors impacting perceived ease of use (PEOU) and perceived usefulness (PE).

Paolo Sernani

La blockchain rappresenta una delle più rilevanti innovazioni tecnologiche degli ultimi decenni, capace di ridefinire il modo in cui la fiducia viene costruita e mantenuta nei sistemi digitali. Il presente contributo intende analizzare le radici tecnologiche di tale paradigma, concentrandosi su due concetti fondativi: l’immutabilità dei dati e il meccanismo di consenso. L’immutabilità deriva dalla struttura crittografica della catena di blocchi, in cui le funzioni di hash collegano ogni elemento al precedente rendendo impraticabile la modifica retroattiva delle informazioni senza invalidare l’intera sequenza. Il consenso, invece, consente ai nodi della rete distribuita di concordare sulla validità delle transazioni senza ricorrere a un’autorità centrale, sostituendo la fiducia istituzionale con una validazione matematica. I principali protocolli di consenso – Proof of Work e Proof of Stake – incarnano due differenti logiche di sicurezza, rispettivamente basate sul costo computazionale e sulla partecipazione economica, ma condividono l’obiettivo di garantire la coerenza del registro distribuito. L’analisi mostra come l’affidabilità della blockchain emerga dall’interazione tra queste componenti, configurandosi come una forma di «disintermediazione tecnica» che produce fiducia attraverso il calcolo. Tuttavia, le stesse caratteristiche che assicurano integrità e trasparenza pongono questioni aperte in termini di scalabilità, interoperabilità, governance e sicurezza di fronte al calcolo quantistico. Comprendere l’equilibrio tra immutabilità e consenso significa, dunque, cogliere la natura dinamica di una tecnologia che coniuga matematica e cooperazione distribuita per creare un nuovo modello di infrastruttura affidabile, capace di dialogare con i principi giuridici e istituzionali della società digitale.

Hasibul Islam, Shimanto Saha, Md. Muhaimin Siddieq, Masud Rana · 5 authors

No abstract is available for this record.

Jingchen Liu, Yao Cui

No abstract is available for this record.

Andrea Cesaretti

No abstract is available for this record.

Sean Foley, Luca Galati, Ryan Riordan, Jiří Švec

No abstract is available for this record.

Florian Böser, Rebecca Gerosa

The SNB implements its monetary policy by using several instruments, including repurchase agreement (repo) transactions. The SNB conducted test repo transactions involving tokenised assets and wholesale central bank digital currency. These so-called digital repos were settled on a distributed ledger technology (DLT) infrastructure. The tests revealed that settlement of repos on a DLT-based infrastructure is feasible, and provided insights into the corresponding challenges. Specifically, integrating a DLT-based infrastructure into today's money market as in the test setup presents challenges related to market fragmentation, the need for enhanced collateral management capabilities, and the harmonisation of communication standards.

Craig Wright

This empirical study investigates the transformative potential of overlay networks built on Distributed Ledger Technology (DLT) for the implementation of Central Bank Digital Currencies (CBDCs) in Europe. Amidst the evolving digital economy, the adoption of CBDCs offers a promising avenue for modernising financial infrastructures, enhancing payment efficiency, and strengthening financial security. However, the deployment of CBDCs poses significant challenges, including scalability, cost efficiency, and security concerns. This research aims to address these challenges by exploring the efficacy of DLT-based overlay networks in improving the operational capabilities of CBDCs. The study employs a comprehensive methodology that combines quantitative analysis with a quasi-experimental design, using simulations based on a production system to assess the impact of DLT-based overlay networks on the efficiency, cost, and security of a proposed CBDC in Europe. The research juxtaposes the performance of CBDC networks with and without the implementation of these advanced technological frameworks, drawing on data from simulated transactions and user feedback. Findings from the study reveal that overlay networks built on DLT significantly enhance the efficiency and security of CBDC networks while concurrently reducing operational costs. These improvements are attributed to the inherent characteristics of DLT, including its decentralised nature, immutability, and transparency. The research underscores the pivotal role of DLT in facilitating fast, secure, and cost-effective transactions, thereby addressing the primary concerns associated with CBDC implementation. The implications of this study extend beyond theoretical contributions, offering actionable insights for policymakers and financial institutions in Europe contemplating the adoption of CBDCs. By demonstrating the tangible benefits of integrating DLT-based overlay networks, this research provides a solid foundation for informed decision-making in the development and deployment of CBDCs. Furthermore, the study identifies areas for future research, particularly in exploring the long-term economic impacts of CBDCs on the European financial topography and the potential for global interoperability of DLT-based payment systems.

Mark C. Ballandies, Guangyao Li, Claudio J. Tessone

Abstract This paper investigates whether Bitcoin can be regarded as a decentralized autonomous organization (DAO), what insights it may offer for the broader DAO ecosystem, and how Bitcoin governance can be improved. First, a quantitative literature analysis reveals that Bitcoin is increasingly overlooked in DAO research, even though early works often classified it as a DAO. Next, the paper applies a DAO viability framework, centering on collective intelligence, digital democracy, and adaptation, to examine Bitcoin’s organizational and governance mechanisms. Findings suggest that Bitcoin instantiates key DAO principles by enabling open participation and employing decentralized decision-making through Bitcoin Improvement Proposals (BIPs), miner signaling, and user-activated soft forks. However, this governance carries potential risks, including reduced clarity on who truly “votes” due to the concentration of economic power among large stakeholders. The paper concludes by highlighting opportunities to refine Bitcoin’s deliberation process and reflecting on broader implications for DAO design, such as the absence of a legal entity. In doing so, it underscores Bitcoin’s continued relevance as an archetype for decentralized governance, offering important findings for future DAO implementations.

Petar Zhivkov

No abstract is available for this record.

Campbell R. Harvey, Kose John, Fahad Saleh

No abstract is available for this record.

Giacomo Vella, Valeria Portale, Daniel Trabucchi, Luca Gastaldi

This study investigates how blockchain-based platforms redefine traditional innovation platform models by analyzing Ethereum as a paradigmatic case.While classical platforms are characterized by centralized governance and selective openness, Ethereum introduces a decentralized architecture that structurally embeds openness, composability, and permissionless participation into its protocol.Drawing on a qualitative single-case study based on over 100 secondary sources, this research explores three dimensions: governance and orchestration, complementor engagement, and architectural modularity.Findings highlight that Ethereum operates through multi-actor orchestration, where governance is distributed among core developers, the Ethereum Foundation, decentralized autonomous organizations, and community contributors.Complementors engage directly with the platform, leveraging smart contracts and token-based incentives to build interoperable applications without the need for approval from a central authority.Moreover, Ethereum extends composability beyond core-periphery dynamics, enabling peer-level recombination of complements through public, reusable smart contracts.A comparative analysis with traditional platforms and open-source ecosystems positions Ethereum as a novel archetype of innovation platform, blending open-source governance with blockchain-enabled modularity and decentralized economic coordination.The study advances platform theory by proposing new conceptualizations of openness, modularity, and governance in decentralized digital ecosystems.

R. T. Tewari, Bhagwati Prasad Pande

ABSTRACT Can virtual ownership redefine our digital economy? As online communities expand, a new digital economy is emerging, driven by Non‐Fungible Tokens (NFTs). NFTs are unique digital assets that represent ownership of virtual items such as artwork, collectibles and gaming assets. However, the rapidly evolving NFT landscape presents several challenges. The present study investigates the transformative impact of NFTs on digital ownership and market dynamics while addressing the challenges and opportunities within virtual economies. The utilisation of NFTs is explored, focusing on aspects such as ownership, valuation, and market behaviour. A comprehensive literature review and analysis of marketplace data from Cryptoslam's API are conducted to uncover key trends and dynamics. Findings reveal that the NFT market is highly speculative; with value concentrated in a small number of high‐priced NFTs. Aesthetic and emotional appeal significantly influence these valuations, often driven by hype rather than intrinsic value. Despite these challenges, NFTs foster immersive experiences and personalised identities, revolutionising digital ownership and commerce. This study underscores the need for innovation, interoperability, and robust governance to ensure the sustainable growth of the NFT ecosystem. By addressing market manipulation and regulatory concerns, NFTs can continue to shape a thriving digital economy.

Craig Calcaterra

No abstract is available for this record.

Primavera De Filippi, Morshed Mannan

Abstract In this chapter, we develop the concept of ‘regulatory equivalence’. As opposed to functional equivalence, used to extend the scope of existing legal frameworks to new technological arrangements, regulatory equivalence refers to the use of technological guarantees to serve the same purpose as traditional legal formalities. This approach goes beyond the use of technology to execute certain legal formalities, but involves analysis of the equivalence between the values undergirding legal rules and the affordances of technological artifacts. This chapter draws on the distinct properties of blockchain-based systems, such as notarization systems, Decentralized Autonomous Organization (DAO)s, and privacy pools, to demonstrate the opportunities and challenges they present to establishing regulatory equivalence. Public actors, however, are hesitant to recognize regulatory equivalence, due to competing perceptions of legitimate governance between participants within these systems and external actors such as regulators. We explore this tension before concluding that this challenge can be overcome through co-regulatory engagement between public authorities and actors within blockchain-based systems, and public authorities more explicitly stating the values they seek to promote within blockchain-based systems.

Anthony Chidi Nzomiwu

No abstract is available for this record.