Rohit Agarwal, G. Durgadevi, Zaid Ajzan Balassem, Dharmapuri Siri · 6 authors
This study aims at exploring the direct adoption of smart contracts that enable automated payments in the supply chain management. In synthesis of qualitative survey findings and quantitative analysis of the closed-ended questions, the study determines the perceived advantages, constraints, and preparedness for implementation by the supply chain practitioners. These primary survey findings show that a clear majority of respondents had heard about blockchain technology (78 percent) and smart contracts (65 percent), but there is only shallow willingness to adopt the technology (54 percent). Among them there are recognized favorable factors as follows: Enhanced transparency (72%); lowered transaction costs (68%); hastened transactions (65%). But there are critical factors inhibiting the implementation of BPM; challenges like Technical hurdles (62%), regulatory bottlenecks (55%), and end-user resistance (50%). There now exists considerable case study evidence from pilot projects which substantiated all these benefits and challenges and thus the call to develop a systemic solution to address such quandaries. In this regard, the study concludes that though smart contracts hold great promise for increasing supply chain productivity and efficiency, solving Technical and legal questions constitutes critical elements when it comes to supply chain management and professionalism.
O presente trabalho analisa a plataforma NBA Top Shot como um estudo de caso para explorar as implicações jurídicas dos tokens não fungíveis ou non-fungible tokens (NFTs) à luz do ordenamento jurídico brasileiro. A pesquisa abrange aspectos conceituais, tecnológicos e jurídicos dos NFTs, com ênfase na estrutura distinta dos “Momentos” da NBA Top Shot como ativos digitais que incorporam o NFT e os direitos de uso limitado sobre conteúdo licenciado (e.g., imagens e vídeos de jogadores). O estudo destaca o caráter centralizador da blockchain subjacente à plataforma, a Flow, em face dos modelos público (permissionless) e permissionado (permissioned). Destaca ainda questões na adaptação desta plataforma internacional à aplicação do Código de Defesa do Consumidor (CDC) e os desafios decorrentes de cláusulas de arbitragem e lei aplicável. O estudo direciona-se ainda para lições sobre como uma versão brasileira da plataforma NBA Top Shot poderia ser implementada, indicando recomendações sobre quais aspectos devem ser adaptados à legislação brasileira. Ao examinar a interseção entre a tecnologia blockchain, os direitos dos consumidores e a conformidade jurídica transfronteiriça, este estudo contribui para o debate em curso sobre o equilíbrio entre inovação e proteção jurídica no mercado emergente de NFTs no Brasil.
The evolution of decentralized platforms has introduced significant advancements in auction systems; however, these advancements bring forth complex challenges in collateral management within sealed-bid auctions. Traditional approaches, reliant on static collateral, often fail to account for dynamic market conditions and participant behavior, thereby limiting participation from individuals with restricted capital and reducing overall auction efficiency. This research identifies a critical gap in dynamic collateral management for decentralized sealed bid auctions and proposes a novel framework to address these challenges. The proposed method integrates dynamic collateral management within the Riggs-TC (Timed Commitment) protocol, enhancing its existing capabilities to handle collateral more flexibly. By leveraging cryptographic advancements, specifically Pedersen Commitments and Zero-Knowledge Proofs, the framework ensures that collateral adjustments are made in real-time, reflecting each auction phase and participant actions effectively. This method not only secures bid confidentiality but also upholds the integrity and fairness of the auction process. Empirical results from deploying this framework demonstrate a significant reduction in entry barriers for participants, an increase in capital efficiency, and heightened security and fairness across the auction lifecycle. Additionally, the framework's adaptability to various decentralized environments suggests its broad applicative potential beyond the initial case studies.
Bo Lü, Lijie Fan, Yuanzhao Tang, Sandun C. Perera · 5 authors
Traditional information structures within shipping supply chain platforms often grapple with inefficient decision-making processes, hindering overall efficiency. Blockchain is increasingly utilised in shipping platforms, employing decentralised distributed ledgers to transform the information architecture of supply chains, which are typically characterised by centralised management and fragmented data. However, the ceasing of operations such as TradeLens and 300cubits due to high operating costs, user privacy concerns, and multiple bets also makes investing in blockchain an obscure choice. Motivated by this dilemma about the value of blockchain to platforms, we investigate the impact of user behaviour on blockchain investments in shipping platforms through a game-theoretic model of heterogeneous platform competition. First, our results show that the relationship between the intrinsic value and the option value of blockchain is a crucial determinant of its applicability to platforms. Second, we establish that, although the network effects enhance platform profits, higher network effects exacerbate price competition and hinder the value of the blockchain. Moreover, multi-homing can weaken the strategic dependency between platforms and users, thereby reducing the profitability of platforms. Finally, it is observed that blockchain investment in shipping platforms brings more consumer surplus and social welfare, with moderate network effects and multi-homing behaviour.
The study seeks to address the gender gap in the crypto world by exploring strategies for promoting financial literacy, creating opportunities for women in the industry and addressing the “bro culture”. Several empirical evidence has been done by researchers which indicates that men are more interested in crypto currencies than women. This work will show how crypto currency-based approaches to development interact with gender, which are part of neoliberal beliefs about entrepreneurialism, financial inclusion, and gender roles. Block-chain technology has the potential to address gender inequality. The research methodology borders around the use of descriptive methods of analysis and content analysis. The work attempts to look into the rise of decentralized finance, specifically block chain-based applications and calls for a more feminine-friendly analysis. Findings by Gemini’s State of US Crypto report showed that women make up only 26% of the investors in the space. Forex analyzed the top 50 crypto company founders to find only 6% of these have female CEOs. The World Bank explores how block chain can be leveraged to advance gender equality, particularly in the context of humanitarian response and financial services. As such, the gender gap in the cryptocurrency world is a complex issue that requires a multifaceted approach to address. The study recommended that blockchain technology holds promise for promoting gender equality
Achieving zero hunger through food security, improved nutrition, and sustainable agriculture is one of the global agendas. Thus, the quality of seeds is important for ensuring sustainable food security, making seed certification critically important. However, classical seed certification systems are predominantly paper-based with limited digitisation. These systems, even digitised, are often centralised, and they face challenges related to transparency, traceability, and integrity. This study aims to investigate the practicality of blockchain technology in revitalising transparency, traceability, and integrity in the seed certification process. This study used a Design Science Research (DSR) approach to design and test a blockchain-based smart contract to improve the seed certification process. Within the DSR framework, the study used literature review and evolutionary prototyping to establish the requirements and design the prototype. The findings demonstrate the practical application of blockchain technology in improving aspects of transparency and integrity in the seed certification process. The findings further underscore that smart contracts can be leveraged efficiently to automate and enhance the seed certification process. The findings provide evidence-based frameworks for decision-makers and practitioners to justify the prioritisation of blockchain technology in designing future sustainable agricultural systems. Future studies should investigate how blockchain-based systems for seed certification can be scaled and integrated with existing agricultural systems. This study provides both theoretical and practical contributions on application of blockchain technology in the domain of seed supply chain. Specifically, it provides a comprehensive account of the design aspects of blockchain system in the seed certification process.
<ns4:p>This paper proposes a reflection on the opportunities and the challenges of the use of digital means of payment (decentralised and regulated ones) in the African economies. In this perspective, we structure our reasoning around three axes. First, we try to show that digital currencies can serve as a lever for financial inclusion and the revolution of means of payment in an increasingly digitalization context. Second, we discuss the technical and the infrastructural constraints (deployment of the blockchain, electricity and Internet access) which condition the effective use of digital currencies. Third, we discuss the trade-offs and the possible implications that arise from the circulation of the Bitcoin, the Altcoins and the Stablecoins on the one hand, and the Govcoins on the other. In our view, the African authorities should first focus on overcoming infrastructural and institutional obstacles, rather than rushing the adoption of cryptocurrencies. Some policies implemented in this direction would in fact offer the continent the opportunity to anchor itself once and for all to progress. <ns4:bold> Classification JEL </ns4:bold> : D73, E00, E58, G18, O33, O55</ns4:p>
Non-Fungible Tokens (NFTs) are unique digital assets which operate in a decentralised system that facilitate true digital ownership and product authenticity, leading to significant consumer interest. Despite growing interest, a gap exists in understanding the consumer journey regarding NFT purchase and consumption. This study aims to enhance comprehension of the consumer motivations and ownership intentions in NFT markets through the theoretical framework of Consumer Culture Theory (CCT). By exploring the three stages of the consumption journey - pre-purchase, acquisition and possession and post-purchase evaluation and behaviour – this research contributes to a nuanced understanding of consumer behaviour. Employing a qualitative phenomenological methodology, the study involved in-depth, one-on-one interviews with twenty-five NFT consumers. These participants were selected through purposive sampling within a virtual community to understand consumers lived experiences of NFT purchasing and consumption. The findings revealed a comprehensive consumer journey of NFT consumption. This was categorised through three stages: risk and motivation of consumption, digital ownership and market processes, and value creation and consumer behaviour. Additionally, twelve distinct personas were identified, illustrating varied motivations and behaviours among NFT consumers. Theoretical contributions include a holistic expansion of CCT research to encompass decentralised digital asset consumption, addressing a critical gap in existing literature. Practically, the findings provide valuable insights for organisations and marketing teams, enhancing their understanding of consumer motivations, ownership intentions, and value attributed to NFTs. This knowledge empowers marketers to better interact with communities, customer journeys and experiences of both current and prospective consumers of Non-Fungible Tokens.
The transition of Ethereum from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism introduces a transformative approach to blockchain validation, offering enhanced scalability, energy efficiency, and security. However, this shift also presents significant challenges, including high barriers to becoming a validator, restrictions on the liquidity of staked Ether (ETH), and the risk of centralization due to staking pool dynamics. This paper addresses these challenges by exploring two innovative solutions: EigenLayer and Lido. EigenLayer is a middleware solution enabling restaking, allowing validators to secure multiple protocols and thereby increasing decentralization and profitability. Lido, a liquid staking protocol, simplifies participation by issuing stETH tokens that retain liquidity, allowing users to earn rewards without long-term lock-up constraints. This paper provides a detailed analysis of how these technologies mitigate key PoS challenges, reduce validator entry barriers, unlock staked capital, and improve decentralization. We conclude with an evaluation of the combined potential of EigenLayer and Lido to foster a more resilient and inclusive Ethereum ecosystem, setting the stage for further advancements in decentralized finance.
Mathew Fukuzawa, Michael G. Kay, Brandon M. McConnell, Kristin Thoney-Barletta · 5 authors
Purpose - Demonstrate proof-of-concept for an expanded blockchain smart contract based small-scale contracting process that includes an internally managed arbitration service to manage disputes. Design/Methodology/Approach - Using Ethereum smart contracts, we model a small-scale general contracting scenario with disruptions. Execution is demonstrated with the Remix Integrated Development Environment (IDE). Findings - We show the feasibility of managing general contracting disputes with an internal arbitration service, completely encompassed within blockchain smart contracts. Originality/value - This research continues an original effort to model the small-scale general contracting scenario on a blockchain network. Research limitations/implications - Further work is required to expand the scope of dispute management and account for additional external factors. Also, full-scale decentralized application is not explored here. Practical implications - This process expands the scope of current practices and tools, such as Angi, in a decentralized manner with blockchain. Social Implications - Full-scale adoption at the small scale is likely difficult due to disbelief in technology, cost, and resistance to change.
Patricia Saldaña-Taboada, M. A. Girard, David Décary-Hêtu
Drug trafficking is a crime that is constantly renewing and adapting to new technological advances. With the emergence of cryptocurrencies, many offenders have incorporated this technology in the development of their criminal activities. It is usually assumed that characteristics of this virtual currency such as its security and anonymity could favor criminality. This paper studies the acceptance of cryptocurrencies in online drug markets in Canada. The results show that most marketplaces refuse cryptocurrency as a form of payment. Furthermore, they suggest that this acceptance is based on criteria of business improvement and customer acquisition, with the market’s need to take advantage of the cryptocurrency’s features being less important. Merchants do not consider their use necessary to protect the development of their criminal activity and therefore most of them do not intend to accept them in the future. The extended TAM has shown to be valuable in elucidating conclusions regarding the acceptance of cryptocurrency in this area.
Automated Market Makers (AMMs) are essential to decentralized finance, offering continuous liquidity and enabling intermediary-free trading on blockchains. However, participants in AMMs are vulnerable to Maximal Extractable Value (MEV) exploitation. Users face threats such as front-running, back-running, and sandwich attacks, while liquidity providers (LPs) incur the loss-versus-rebalancing (LVR). In this paper, we introduce RediSwap, a novel AMM designed to capture MEV at the application level and refund it fairly among users and liquidity providers. At its core, RediSwap features an MEV-redistribution mechanism that manages arbitrage opportunities within the AMM pool. We formalize the mechanism design problem and the desired game-theoretical properties. A central insight underpinning our mechanism is the interpretation of the maximal MEV value as the sum of LVR and individual user losses. We prove that our mechanism is incentive-compatible and Sybil-proof, and demonstrate that it is easy for arbitrageurs to participate. We empirically compared RediSwap with existing solutions by replaying historical AMM trades. Our results suggest that RediSwap can achieve better execution than UniswapX in 89% of trades and reduce LPs' loss to under 0.5% of the original LVR in most cases.
The integration of smart contracts into decentralized applications (DApps) presents significant advancements in supply chain management. This paper demonstrates the use of formal verification for smart contracts within a practical DApp, specifically designed for the olive oil supply chain. It provides actionable guidance for developers and software designers on how to express and verify functional properties using verification tools such as SMTChecker and Certora Prover.
Bitcoin adoption as a legal tender threatens a financial crisis because of the lack of regulatory frameworks and systems for exchanging Bitcoin into local currencies. This study analyzes monthly data from 2010 to 2022 using a structural vector autoregressive model, estimating Bitcoin’s pass-through into remittance, money multiplier, the US Dollar index, and gold price. The results show that Bitcoin prices decrease the money multiplier and gold prices in both the short and long run, while remittances moderately increase in the long run. The implication of these results suggests the potential for international business opportunities to stimulate the credit, savings, and investment monetary policy channel. The results are robust to alternative SVAR identification strategies.
Ghinwa Ismail, Julien Hatin, Juliette Cantais, Valentin André
This paper introduces a novel decentralised video-conferencing service utilising Ethereum smart contracts to manage resource allocation and booking processes. The proposed system leverages underutilised server resources, particularly during off-peak hours, to enhance operational efficiency through a decentralised resource allocation model. By integrating blockchain technology, the service ensures transparency, security, and independence from centralised control, with each booking is encrypted and verified by a distributed network.
Jinghan Sun, Hongbo Zhang, Abdulmotaleb El Saddik, Wei Cai
As a bridge connecting the Web3 financial ecosystem and digital games, smart contracts empowered blockchain games have attracted significant attention from the Web3 community in recent years. By providing players ownership over assets and interoperable Non-Fungible Tokens (NFTs), blockchain games enable the reuse of in-game assets beyond the original games, thereby overturning the “walled garden” among traditional games. Nonetheless, blockchain games diminish the monopolistic edge previously held by traditional game providers, forcing them to compete with players by token distribution. Therefore, this paper explores the duopoly competition within the blockchain game market, emphasizing the role of interoperable NFTs together with NFT wear and tear. Specifically, we propose a three-stage game to formulate the interactions between game providers and players. Besides, we revealed the relationship between game providers' code disclosure strategies for NFT interoperability and token retention strategies. Finally, the experimental results demonstrate how the token distribution, players' preferences, and the NFT wear level affect the profits of game providers.
We investigate the motivations behind non-fungible token (NFT) ownership. Utilizing survey data from NFT owners, we identify four distinct groups based on their primary motivations: (1) Utilizers, who emphasize functional uses; (2) Socializers, motivated by community and networking; (3) Speculators, focused on profit potential; and (4) Aesthetes, who appreciate artistic and cultural aspects. Our analysis indicates that individual traits such as risk-taking, impulsivity, and investment knowledge significantly influence group membership. These findings suggest that NFT users are a diverse cohort with varied motivations rather than a homogeneous group.
Bitcoin remains a popular investment choice despite the regulatory obstacles and failures of many crypto firms. This intriguing behavior of investors necessitates calls for more in-depth research. This study explores the underlying motivations behind the intention to invest in Bitcoin by considering inaction regret aversion, overconfidence bias, herding, risk affinity, profit expectancy, perceived ease of investing, and social media influence in shaping the investors’ attitude towards investing in Bitcoin and consequently on behavioral intention to invest in Bitcoin. The study employs PLS-SEM and mediation analysis on a sample of 439 individuals from India with no history of cryptocurrency trading or investment. Path analysis demonstrates that inaction regret aversion, risk affinity, profit expectancy of Bitcoin, perceived ease of investing in Bitcoin, and social media influence are significant positive predictors of attitude toward investing in Bitcoin. Notably, profit expectancy remains the most relevant variable in the stated context. Attitude toward investing in Bitcoin positively and significantly influences the behavioral intention to invest in Bitcoin. The current study also indicates the significance of attitude as a mediator in the mentioned context.
This dissertation explores the connection of two rapidly emerging and converging technological and societal trends: Decentralized finance (DeFi), exemplified by cryptocurrencies and smart contracts on one hand and decentralized renewable energy systems, such as microgrids on the other. They are linked through the energy consumption of computations necessary to run DeFi, blockchain technology that enables innovative applications such as peer-to-peer energy for renewables, and finally the trend of decentralizing two highly centralized industries. We employ a systematic literature review and conceptual research to explore previously unmapped connections between these two domains. We find that blockchain technology can be a catalyst for fiscal decentralization, which has been proven to increase renewable energy consumption. The findings provide policy recommendations, as well as insights for prosumers.
Cryptocurrency is next in the list of gigantic financial innovations in modern times, changing the way any person, institution, and the government interacts through the global economy. Starting with Bitcoin back in 2009, it refers to decentralized digital currency based on the blockchain technology that can help someone carry out transparent, peer-to-peer, and safe transactions without using banks. There are numerous reasons that have fueled interest in cryptocurrencies, including financial independence, high returns on investment, and increased privacy in transactions. As cryptocurrencies take the world by storm in most international markets, they present major challenges and unique opportunities in equal measure. The acceptance of cryptocurrencies varies widely from country to country, depending on the regulatory environment, technology infrastructure, and cultural orientation toward digital finance. Areas with supportive regulations and the most advanced technological ecosystems promote rapid adoption, while restrictions in policies and limited technology access have hindered adoption in other areas. Apart from that, the inherent volatility of cryptocurrencies gives rise to several concerns with regard to using them as reliable mediums of exchange or stores of value, which may discourage potential users and investors. Security, fraud, and how a cryptocurrency works raise issues with trust, thereby making acceptance complicated. Despite these challenges, cryptocurrencies hold the potential for revolutionizing financial systems through financial inclusion in underbanked regions and facilitating faster, cheaper cross-border transactions. This paper aims to explore what factors drive the adoption or do not of the cryptocurrency by international markets and their related business and consumer implications. Through multiple case studies and insights obtained from various regions, the work attempts to deliver a profound understanding of the challenges posed by cryptocurrency adoption and at the same time the possible opportunities, in order ultimately to show the transformative value that cryptocurrency has in shaping the rapidly changing global economy.
The rapid development of new technologies, together with the emergence of new military conflicts and humanitarian crises, creates the need for quick response and the introduction of new methods of effective assistance to the affected population and the restoration of damaged territories. Decentralized charity became one of these methods of assistance. To implement the task, the latest technologies were used, which combine maximum transparency and complete security when forming and working with charitable payments. The main technologies that were used: blockchain and smart contracts on it, protocols of liquidity pools and profitable farming, as well as web development technologies for creating a web application. The research analyzed existing approaches, methods of software solutions for financing decentralized charity; developed and improved the mathematical model and architecture of the software application. A system of smart contracts was created using additional administrative modules, and on its basis, a decentralized charitable platform for assistance to Ukraine was implemented in the form of a web application. Such a decentralized system can be freely used and implemented nowadays to finance the most necessary charitable projects of our country with crypto-assets in various spheres: humanitarian, social or in matters of security and weapons.