Blockchain Papers

Christine A. Parlour

No abstract is available for this record.

Lisa Klug, Max Halbwachs, Leif Oppermann

No abstract is available for this record.

Phulchand Saraswati

No abstract is available for this record.

Arpita Sharma, Chetan Panse, Nishu Gupta, Sunny Dawar · 6 authors

No abstract is available for this record.

Олександр Басюк

The article explores an approach to implementing modern digital technologies, such as blockchain solutions, in the public finance management system, considering global experience. The purpose of the article is to develop recommendations for the implementation of digital technologies into the existing public finance management mechanism of modern Ukraine to reduce objective risks from the “human factor” in corporate and public management, and, in accordance with the goal, 5 research tasks are set and solved in the article. The author analyzes key challenges in public finance management, particularly the negative impact of the human factor, and proposes solutions aimed at minimizing errors, enhancing transparency, and reducing corruption risks. Existing methodologies and frameworks for evaluating digital technologies, such as the digital maturity models of the OECD, the World Bank, ISO 37122, as well as methodologies from NIST and the EU, are examined. The study develops a new methodological approach to the comprehensive evaluation of technologies, encompassing six key criteria: process automation, transparency, security, decentralization, efficiency, and implementation cost. A technology assessment system is proposed for each criterion, along with a mathematical model for calculating an integrated indicator. This methodology enables the classification of technologies as either key or auxiliary in the context of the digital transformation of the public finance management mechanism. The article emphasizes the unique potential of decentralized technologies, such as blockchain, in minimizing the impact of the human factor. The primary contribution of the study lies in creating a scientific basis for enhancing the efficiency of public administration by introducing modern digital technologies capable of minimizing the adverse effects of the human factor. Applying the developed technology evaluation methodology will provide a well-founded means to identify priority areas for the digital transformation of Ukraine’s public finance management system, taking into account global experience and national specifics.

Xi Zhao, Li Jian, Xiang Wan, Xinyu Zang · 5 authors

Abstract We examine the impact of vampire attack, a unique platform entry strategy in the blockchain ecosystem, on the operational performance of the incumbent platform. During the vampire attack period, the entrant (attacker) clones the incumbent platform and offers tokenized incentives to entice users away from the incumbent. Prior studies offer little insight into the impact of vampire attack strategy because of its uniqueness in platform cloning, tokenized incentives, and targeted attacks. We implement a quasi‐experimental design by leveraging the first and most famous vampire attack launched by SushiSwap (the attacker) against Uniswap (the incumbent). We examine both the deposit‐side and exchange‐side impacts of the vampire attack on the operational performance of the liquidity pools on Uniswap. Surprisingly, we find that the vampire attack has no significant effect on the liquidity provision on the deposit side. Even more surprisingly, the vampire attack significantly increases the incumbent's trading volume on the exchange side. We further uncover the underlying mechanisms contributing to these intriguing results. We also demonstrate the efficacy of the novel tokenized incentives strategy. We show the generalizability of our findings by examining an alternative vampire attack event in the context of non‐fungible token marketplaces. Our study offers significant contributions to the literature on the implications of blockchain on platform operations and platform competition in operations management.

Zoe Konstantinidou, Evangelos Kehris

Over the last decades, globalization in manufacturing and in international trade has led to unprecedented complexity in customs procedures. A basic requirement for Customs Authorities is to determine the origin of products and materials/ inputs in order to perform the appropriate customs procedures. This paper investigates the potential of Distributed Ledger Technologies (DLT) to address the challenges of determining correctly the origin of products in order to safeguard the public revenues, accelerate clearance procedures and promote the international trade. The paper analyzes the requirements of the clearance procedures of imports under preferential trade agreements, discusses the unique attributes of DLT and presents DLT implementations in customs procedures and in international trade. Then it provides a requirements analysis and an architecture for the development of DLT-based system for the handling of the origin of products in customs procedures.

Xiufeng Li, Lei Li, Shaojun Ma

In recent years, various digital Business-to-Business (B2B) platforms have been accelerating the promotion of digital transformation in manufacturing. Consider a supply chain setting where an online B2B platform offers Internet of Things (IoT) service and selling channels to a manufacturer, this paper examines digital innovation investments and service pricing decisions under two common contracts: sell-on and sell-to contracts. Firstly, we have identified the impact of demand spillover from IoT platform services and IoT technology on manufacturer innovation and product line decisions. We found that under significant demand spillover , the manufacturer will exclusively produce smart products and discontinue the production of traditional products. Secondly, we find that under sell-on contracts, the innovation investments of the platform and manufacturer are always substitutable as the platform commission rate increases. Also, both the manufacturer and the IoT platform tend to increase innovation provision when using sell-on contracts compared to sell-to contracts. Finally, our results illustrate that the profitability of the IoT platform and the manufacturer is contingent upon the type of contract in place, with the IoT platform being more profitable under sell-to contracts when demand spillovers are small. Our research findings offer a valuable reference point for developing IoT platforms and insights into innovation and pricing decisions for smart device manufacturers in the digital transformation of manufacturing.

Alexandre Marques Coutinho

This thesis explores the development of governance frameworks to facilitate fractional ownership of real estate assets using blockchain technology. Addressing inefficiencies in traditional property management, such as bureaucracy and lack of transparency, highlights the potential of distributed ledger technologies (DLTs) to enhance liquidity, streamline decision making, and democratize property investment. The legal, technical, and operational challenges, the thesis shows that tokenization, regulatory alignment, and further innovation will enable more efficient, transparent, and equitable management of real estate assets. It also evaluates blockchain compatibility for governance needs, compliance with EU regulations, and the implications of varying ownership structures.

Yousef Abdelmagid, Mohamed Hammad

Signing documents using electronic signature services can pose security risks due to problems pertaining to signature tracing, forging, and identity verification. These services also rely on centralized networks, which require that the signing parties trust the provider’s ability to keep their documents and sensitive information safe. However, the shift to digital contracting remains essential, as the traditional contracting process is often complex and inefficient. This work proposes a distributed network model that allows any two parties to sign a legally binding agreement using verifiable digital signatures. This eliminates the need for third-party mediation, which results in a more cost-effective and time-efficient contracting process. Integrating a hybrid encryption scheme and full client-side processing in this model ensures the confidentiality of the contract and the privacy of the parties involved. This, in addition to the model’s emphasis on minimizing traffic and power consumption, results in a highly scalable and robust ledger, with the potential for integration with blockchain or other Distributed Ledger Technologies (DLTs). In conclusion, this work is a step forward towards the adoption of digital contracts and their integration with current legal frameworks. Eventually, it could aid in clearing the confusion that surrounds smart contract technology.

Leonardo Duarte Catalano

Nos últimos anos, tem-se assistido a um interesse crescente numa Web cada vez mais descentralizada - a Web3. Apesar de existirem diferentes perspectivas em torno do propósito da descentralização como o uso da blockchain ou o controlo total de dados por parte dos utilizadores, continua a persistir uma lacuna na indústria de jogos relativamente à relação assimétrica em termos da presença online e estratégias de monetização entre estúdios de jogos duplo-A ou triplo-A e desenvolvedores indie ou solo. A Blockbastards é uma empresa que oferece uma plataforma que disponibiliza diferentes jogos digitais numa lógica Play-to-earn com a inclusão de assets interoperáveis - Interoperable Game Assets - IGA. Esta dissertação tem por objetivo compreender como é que a interoperabilidade de assets como Nonfungible tokens -NFTs pode afetar a experiência de jogo. Para isso, dois desenvolvedores de videojogos foram entrevistados relativamente a Web3 gaming e interoperabilidade e 28 participantes experimentaram a criação de Non-fungible tokens -NFTs na plataforma QUDO - NFT Garage tendo reportado a experiência através do preenchimento do Game Experience Questionnaire - GEQ no que concerne o módulo principal, presença social, e momento pós-jogo, bem como as caractecterísticas do NFT como a autenticidade, raridade, valor e interoperabilidade. As entrevistas indicam que apesar de existirem desafios como a má reputação dos NFTs, restrições por parte de certos países e a viabilidade e balanceamento da transação de assets em diferentes jogos, a interoperabilidade de conteúdo gerado pelo utilizador, nomeadamente game modding e a troca de tokens por moeda que permitem dinamizar a procura dos consumidores por diferentes tipos de jogos, são aspectos a reforçar. A avaliação dos IGA no NFT Garage revelou que a maior parte dos participantes valoriza a capacidade de personalização do asset, nomeadamente a sua aparência, salientando o seu valor único e reutilização em vários jogos. Porém, ainda não existe muita familiaridade com o conceito de NFT nem intenção de obtenção de NFTs por parte dos participantes. Este estudo contribui com um conjunto de implicações do desenvolvimento de Web3 Gaming para a experiência de jogo.

G. Nirmaladevi, G. Akilandasowmya, Sai Krithika M, Vedagiri sri harsha · 5 authors

Transparency, cutting out middlemen, and fair trade have become essential focuses in agriculture. This paper proposes an innovative e-commerce platform that facilitates direct trans- actions between farmers and end-consumers using Ethereum blockchain smart contracts, leveraging the Elliptic Curve Dig- ital Signature Algorithm (ECDSA) for secure and transparent transactions. ECDSA enhances security by providing robust authentication, ensuring that all transactions are irrefutable and trustworthy. The platform has a hybrid recommendation system, which uses the Bidirectional Encoder Representations from Transformers (BERT) algorithm for delivering personalized product recommendations that fit each customer's personalized settings. This enables the software to work on natural language processing and this technique captures subtle feelings and contexts, thereby enhancing recommendation accuracy and diversification. Besides ARIMA, XGBoost algorithm, one of the machine learning methods, is applied to predict agricultural commodity prices and the demand, in this way by considering the internal, external, and seasonal factors that can create credit for each commodity provides much more accurate predictions and decision-making insights. XGBoost is a non-linear algorithm that wins in the comparison of MAE, RMSE, and MAPE as it continued to improve by capturing more factors and patterns associated with changes in the models. The platform aims to solve the problem of farmers being disadvantaged due to the lack of access to smartphones and internet connectivity. It will be done by integration of USSD-based interface that enables wide participation with basic mobile devices.

Benedikt Veith, Christoph Fischer, F. Herrmann, Hans D. Schotten

In contemporary settings of industry and smart communities, the integration of wireless networks and collaborative manufacturing has become ubiquitous. This integration, however, poses significant challenges to the management of SLA’s describing the interactions between processes, particularly in ensuring scalability and reliability. This paper addresses these challenges by investigating an approach, where each process is represented by a Smart Contract. Specifically, we highlight the increasing importance of DLT and SDN for agile QoS management in service chains and propose an architectural concept. To validate the approach, we implement a basic PoC and apply it to a relevant use case scenario. The findings underscore the effectiveness of the proposed framework in meeting the demands of modern service environments.

Kobe De Keere, Maksim Novokreshchenov

Russia is a global forerunner in cryptocurrency adoption. This paper explores how cryptocurrency, as a techno-economic actant, informs the way Russians strategize their lives and imagine alternative futures. Based on in-depth interviews with Russian cryptocurrency owners and advocates (N = 21), we show how this new digital asset is tied to specific techno-economic imaginaries, allowing Russians to envision shortcuts out of prolonged crises. By mobilizing concepts from science and technology studies, sociology of crises, and the study of economic valuation, we unpack how cryptocurrency has a performative effect (i.e. acts and makes act) on the way Russians live during crises. The analysis reveals three shortcuts on different social levels. First, on a day-to-day level, cryptocurrency is imagined as a way to hedge against inflation, circumvent payment restrictions, and find alternative sources of income. Second, it acquires political value as it is seen as a means to circumvent state power through self-custody of value and anonymity. Finally, engagement with cryptocurrency fosters a belief in an alternative geofinancial configuration, envisioning the replacement of the US Dollar as the global currency and imagining a post-state tech utopia.

Yongxu Han, Meng Wang

Vulnerabilities in EOSIO smart contracts have caused significant economic losses. Although some approaches have been proposed to detect these vulnerabilities, they often face several limitations, such as inefficiency in path exploration, insufficient diversity of test cases, and path explosion, which col-lectively reduce code coverage and detection accuracy. Currently, there is a lack of hybrid fuzzing techniques specifically designed for EOSIO smart contracts to address these issues. To fill this gap, we propose a coordination-driven hybrid fuzzing approach for discovering vulnerabilities in EOSIO smart contracts. Our method employs a scheduling strategy using an online linear regression model based on stochastic gradient descent to reduce the edge redundancy detection in hybrid fuzzing and enhance the efficiency of path exploration during symbolic execution. Additionally, a synchronization strategy based on constraint domain abstraction and random walk sampling ensures uniform sam-pling in simplified scenarios, thus improving code coverage and mitigating path explosion. Furthermore, we design a function-level mutation strategy to rapidly diversify test cases in the seed pool, facilitating the efficiency of detecting vulnerabilities. We implement our method in a tool named CDHF and evaluate it on 3,440 smart contracts. Experimental results indicate that CDHF can detect vulnerabilities more precisely and efficiently, achieving an approximate 20 % improvement in code coverage compared to WASAI.

Kilian Schmück, Magnus Schückes, Tobias Gutmann, Oliver Gassmann

Business model literature, while insightful, primarily focuses on the Internet and Web 2.0 contexts. The emergence of pioneering digital technologies, especially the Web3 anchored by blockchain, necessitates reevaluating business model paradigms, particularly those of platform business models within related ecosystems. This study delves into blockchain's unique affordances, investigating how they mold novel Web3 business model patterns and integrate into specific platform ecosystems. We scrutinize the characteristics, trajectories, and synergies of value creation and capture. Using a mixed-methods approach involving 171 interviews and a subsequent sample of 126 Web3 ventures, we delineate a taxonomy of Web3 business model dimensions, clustering emergent decentralized platform ecosystems into pertinent archetypes. Our theoretical model delineates how blockchain affordances influence these configurations, emphasizing the dynamic between a platform's nucleus and its fringes. We highlight Web3 platform design choices leaning towards data sovereignty, emphasizing how the degree of blockchain integration within platform governance—leading to information symmetry and platform disintermediation—transitions digital trust to what we term as digital truth . • Blockchain-based platforms enable new decentralized governance structures in platform ecosystems. • Two distinct Decentralized platform archetypes are identified: Federated and Web3 platform ecosystems. • Platform-inherent token is crucial for incentivization and coordination schemes in fully decentralized platform ecosystems. • Blockchain affordances offer innovative pathways for overcoming B2B platform challenges. • Our study provides managerial insights for designing blockchain-based platform strategies.

Bernard Lim Jit Heng, Phuah Kit Teng, Siti Intan Nurdiana Wong Abdullah, Ow Mun Waei · 5 authors

Abstract By market capitalisation, Bitcoin, which debuted in 2009, is the biggest cryptocurrency globally. A decentralised ledger system called blockchain is used in the creation, distribution, trading, and storage of Bitcoin, with the original goal being to address the shortcomings of fiat currency. This chapter highlights potential dangers and legal concerns when Bitcoin interacts with the actual economy and the traditional financial system. Besides, the details also discuss the platform’s design principles and attributes for a non-technical readership. When assessing its transactional potential, some recognise its potential for speculation, while others are doubtful of its admirable intent. The write-up also explores the potential of the adoption of cryptocurrencies in Southeast Asia due to the vast adoption of Bitcoins in countries such as Vietnam and the Philippines following the establishment of cryptocurrency technology and e-commerce. In addition, rankings of the cryptocurrency and legal stance from each country in Southeast Asia were exhibited as the solid foundation of cryptocurrencies existent for transaction purposes. The rise of central bank digital currencies (CBDC) and the future directions of Bitcoins were also highlighted in this write-up to spur the debate on whether cryptocurrency remains a fad of sensation or is legalised as the medium of exchange in an ever-growing digital world of commerce.

Vasundhara Sharma, Ashish Agarwal, Anitesh Barua

Many digital products follow an open-innovation model, wherein the open boundaries facilitate copying (forking) the codebase and creating new products, which may compete with the parents for user demand. Although a rich body of literature highlights the benefits of open source such as the availability of developers with diverse skill sets and accelerated innovation, the competition effects of forked products on the demand of their parents remain understudied. Using data from major cryptocurrencies and their forked products created between 2011 and 2021, we study how these entrants impact the demand for parent cryptocurrencies. We categorize cryptocurrencies as transaction or platform types. Transaction coins are primarily used for the exchange of goods and services, whereas platform coins offer additional capabilities such as hosting applications or third-party services. We find that parents with only transaction capabilities experience a negative impact on demand. Although popularity may shield the parents to a certain extent, the substitution effect is still dominant. However, popular coins with platform capabilities do not experience a decrease in demand when competing with forked entrants; an increase in smart contract transactions due to their compatibility with the competing forked products offsets the negative substitution effect observed for regular transactions. Our study underscores the competitive dynamics of open innovation and provides managerial insights for firms considering open models for product development. Our results highlight the importance of considering both substitution and complementarities when assessing the risks and benefits of the open-innovation model. This paper was accepted by Anindya Ghose, information systems. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2021.03132 .

Pegah Beikzadeh, Maedeh Mosharraf

Amidst the frenzy surrounding Non-Fungible Tokens (NFTs) in 2021, the concept of digital assets and trading was redefined. Although the initial hype may have subsided, NFTs continue to drive innovation in ownership, with substantial revenue streams flowing through the market. This transformative shift underscores the importance of discerning the factors that shape this ecosystem. This paper delves into the intricate dynamics of the NFT market, particularly focusing on the impact of creation methods—whether hand-drawn or artificial intelligence (AI)-generated—on market behavior. In a comprehensive analysis of the NFT market, we have analyzed a vast dataset comprising 1,478,556 transactions of NFT art from the OpenSea marketplace in 2023 to explore correlations and patterns between key transactional features. Furthermore, we employed regression models to predict the sales of an NFT and classification models to distinguish between hand-drawn and AI-generated NFTs. Finally, by comparing different machine learning models, we identified the most appropriate model for analyzing the market, considering the non-linear relationships and complex nature of the NFT market. Overall, the results provided in this research can lead to making more informed decisions regarding investment, creation, and trading.

Meiske Mariana Wenseslas Lasut, Engeli Yuliana Lumaing, Ademsi Timomor, Wenly R. J. Lolong · 5 authors

This study aims to analyze the legal and social implications of cryptocurrency adoption in developing countries. This study adopts a holistic approach that integrates legal, social, and economic analysis to provide a more comprehensive understanding. This study uses a qualitative method with a literature review approach. Data were collected through a systematic search of academic databases using relevant keywords. Thematic analysis was conducted to identify key themes related to cryptocurrency adoption in developing countries. Triangulation of data sources and consideration of geographical context were conducted to ensure the validity of the results. The results show that cryptocurrency adoption in developing countries has significant potential but also presents complex challenges. Some of the key findings include: cryptocurrency has the potential to increase financial inclusion for the unbanked population; developing countries face regulatory dilemmas in adopting cryptocurrency; widespread adoption of cryptocurrency can affect macroeconomic stability; cryptocurrency shows the potential to revolutionize the remittance sector; limited technological infrastructure is a major barrier to adoption; cryptocurrency adoption has diverse social implications, including the risk of widening the digital divide; lack of consumer protection mechanisms is a major concern; international collaboration is essential in addressing adoption challenges; low financial and digital literacy are significant barriers; and cryptocurrency adoption raises environmental concerns related to energy use.

Katherine Kaneda Moraes, Gilberto Miller Devós Ganga, Moacir Godinho Filho, Luis Antonio de Santa-Eulália · 5 authors

Purpose The integration of blockchain technology (BT) in supply chain management (SCM) is at the forefront of technological advancements, yet it faces significant barriers that hinder its widespread adoption. This study aims to delve into these challenges, employing the diffusion of innovations (DOI) theory to systematically investigate and propose a strategic framework for overcoming the technological barriers to BT adoption within SCM. Design/methodology/approach Through a comprehensive systematic literature review (SLR) of 155 publications, complemented by rigorous content analysis and expert interviews, this research identifies and categorizes 16 primary technological barriers, including scalability and privacy issues, that impede BT integration. Findings The proposed framework, informed by DOI theory, outlines tailored strategies across three critical adoption stages: initiation, where the focus is on mitigating high energy consumption and scalability issues; adoption decision, emphasizing the formulating international standards for blockchain architecture, embedding abstraction layers within software projects; and implementation, concentrating on enhancing security, interoperability and system efficiency. Originality/value This research contributes significantly to both academic literature and practical applications. Academically, it extends the DOI theory within the SCM context and enriches the blockchain literature by providing a nuanced understanding of the specific barriers to BT adoption. Practically, it offers a roadmap for industry practitioners, delineating actionable strategies to navigate the adoption process effectively. This study not only bridges the gap between theoretical insights and practical implementations but also serves as a vital resource for policymakers and standard-setting bodies in facilitating and regulating BT adoption in SCM, thereby fostering innovation and competitive advantage in the marketplace.

Haoqian Zhang, Michelle Yeo, Vero Estrada-Galiñanes, Bryan Ford

No abstract is available for this record.

Daha Tijjani Abdurrahaman, Olumide Abiodun Ayetigbo, Olalekan Charles Okunlola, Eunice Adegbola

This study examines the factors influencing cryptocurrency adoption in Nigeria, specifically focusing on emotional perceived value, trust, and financial value. Utilizing Structural Equation Modeling (SEM) with partial least squares (PLS) analysis, survey data was collected from 417 participants across six geo-political zones in Nigeria. The SEM results indicate that emotional perceived value significantly affects the intention to use cryptocurrencies. Perceived trust also shows a strong positive relationship with adoption intention. Conversely, financial perceived value negatively impacts the intention to adopt cryptocurrencies. This research contributes to the existing literature by providing empirical evidence on the socio-psychological factors that drive cryptocurrency adoption in an emerging market. These insights are valuable for policymakers and practitioners promoting digital financial inclusion. The findings underscore the significance of building trust and enhancing emotional value in cryptocurrency offerings to encourage higher adoption rates.

Khaladdin Rzayev, Αθανάσιος Σάκκας, Andrew Urquhart

The network effect, measured by users’ adoption, is considered an important driver of cryptocurrency market dynamics. This study examines the role of adoption timing in cryptocurrency markets by decomposing total adoption into two components: innovators (early adopters) and imitators (late adopters). We find that the innovators’ component is the primary driver of the association between user adoption and cryptocurrency returns, both in-sample and out-of-sample. Next, we show that innovators’ adoption improves price efficiency, while imitators’ adoption contributes to noisier prices. Furthermore, we demonstrate that the adoption model captures significant cryptocurrency market phenomena, such as herding behaviour, more effectively, making it better suited for forecasting models in cryptocurrency pricing. These results suggest that our methodology for linking early and late adopters to market dynamics can be applied to various domains, offering a framework for future research at the intersection of operational research and financial markets.