Blockchain Papers

Morshed Mannan, Primavera De Filippi

No abstract is available for this record.

Kevin Werbach

Abstract As we look to the future, how might decentralized autonomous organizations (DAOs) evolve? And where, beyond corporate law, might we find guidance for the legal questions those evolved DAOs pose? DAOs are, and will increasingly become, instrumentalities of artificial intelligence (AI). DAOs are connected with AI in at least three ways: They are tools for decentralized governance of AI data and models; AI may be used to automate the management and operations of DAOs; and DAOs themselves may function as a form of AI. As such, DAOs inherit the major regulatory and ethical challenges that AI poses, most notably with regard to autonomy. Thus, to consider the future questions DAOs pose and how to address them, we must look to the raging debates over AI regulation, and connect them to the more established themes of corporate law.

Moin A. Yahya, Erwin Kwok

When Ethereum (ETH) shifted from a Proof of Work (PoW) protocol to a Proof of Stake (PoS) protocol, not all users were enthused. We use Ethereum’s shift from PoW to PoS as a case study for the broader question of whether developers of a blockchain owe its members certain fiduciary or fiduciary-like duties. We argue that if done properly, in accordance to the rules governing the blockchain, then developers do not necessarily owe fiduciary responsibility to other members of the chain, but they nonetheless may owe fiduciary-like responsibilities to users inadvertently and negatively impacted. We argue these users may be entitled to an oppression claim akin to what minority shareholders may be entitled to in the corporate law context.

Lauren E. Diaz

This Article examines how platforms such as OnlyFans have transformed pornographic content creation and complicated the legal landscape for online sex workers. The COVID-19 pandemic, remote work, unemployment, celebrity influence, and shifting cultural attitudes toward sex work contributed to a dramatic increase in the use of subscription-based adult content platforms. At the same time, emerging technologies, including cryptocurrency, Web3, NFTs, blockchain, and artificial intelligence, have reshaped how pornographic content is created, monetized, distributed, and exploited. This Article argues that the growth of online sex work raises urgent intellectual property, privacy, and safety concerns that should not be dismissed because of the stigma surrounding sex work. Content creators face copyright infringement, unauthorized distribution, fake profiles, deepfakes, harassment, cyberstalking, privacy breaches, and exploitation, while existing platform protections and legal remedies remain incomplete. The Article further considers how AI and blockchain-based technologies may both empower creators and create new vulnerabilities. This Article calls for a more serious legal response to online sex work, one that recognizes pornographic content as protectable creative labor. Ensuring safe online sex work requires culturally competent legal representation, stronger education about intellectual property rights, thoughtful information policy for AI, and legal reforms that protect creators without undermining free expression or the safety of trafficking victims.

Wulf A. Kaal

This Article presents the first systematic empirical analysis of institutional architecture across decentralized autonomous organizations. Forty operational DAOs spanning eight industry segments: investment and DeFi, base-layer infrastructure, data and analytics, decentralized science, oracles and tooling, civic and political coordination, NFT collectibles, and gaming and virtual worlds. These segments are evaluated against a thirteen-category institutional rubric derived from the Calcaterra-Kaal framework. The framework synthesizes Arrow's Impossibility Theorem, the Folk Theorems of repeated games, and Incomplete Contract Theory into a proof that rule stability is institutionally self-defeating and that cooperative governance requires architecture that governs its own evolution. Five institutional patterns hold across every segment of the dataset. First, a visibility paradox: categories that produce visible artifacts (token launches, treasury balances, marketplace activity) score consistently above the midpoint, while categories that produce invisible governance infrastructure (legal wrappers, judicial branches, AI alignment policies, on-chain reputation ledgers) score consistently below it. Second, a universal AI-governance vacuum: AI Alignment scores 2.10 of 10 dataset-wide with no DAO scoring above 5, the only category in the framework where no entity crosses the midpoint. Third, token-plutocracy as the default governance form, with dataset-wide Decentralization at 5.17 and no production deployment of reputation-weighted on-chain aggregation. Fourth, legal-wrapper heterogeneity without convergence: eight distinct wrapper structures appear across the forty entities, with only one DAO using the Wyoming DAO LLC statute. Fifth, a convergent architectural agenda for institutional repair built around five upgrades: ERC-1155 multi-token reputation, tripartite separation of powers, stablecoin treasury infrastructure, weighted directed acyclic graph historiography, and values-drift detection. The unweighted dataset mean of 67.3 of 130 (51.8 percent) is the central quantitative finding: the median DAO has implemented roughly half of the institutional architecture the framework prescribes, with a projected post-upgrade mean of 95.3 representing a 42 percent improvement available through the convergent agenda. The deficit is structural rather than incidental. DAO architecture has solved the problems for which it was originally designed, decentralized capital formation and programmable value transfer, and has not yet solved the problems that emerged after its design, AI-mediated governance, Sybil-resistant identity, and constitutional separation of powers. The visibility paradox explains the under-investment: invisible institutional infrastructure is systematically underprovided relative to visible institutional infrastructure even when the invisible infrastructure is more predictive of long-run resilience. The Article develops implications for legal scholars, regulators, and DAO operators.

Rana Hassam Ahmed, Muhammad Zeeshan, Unais Ali, Muhammad Sarfraz Khan · 7 authors

Smart contracts power decentralised applications, but once deployed, their flaws stay exploitable. Existing fuzzers such as ConFuzzius, Smartian, and VULSEYE use hybrid static and dynamic analysis but depend on   fixed heuristics and lack adaptive learning. AI-FUZZ is an adaptive machine learning guided fuzzing framework that  pairs deep reinforcement learning with stateful graybox fuzzing. It learns from execution traces to improve input generation, focus on high-risk contract states, and cut redundant executions. The framework also includes static  analysis, adaptive mutation, and an oracle-based validation to boost accuracy and reduce false positives. Tested on  42,738 real-world contracts, AI-FUZZ achieved a 96.8% true positive rate, 4.2% false positive rate, 27% higher detection  coverage than leading fuzzers, and a 33% reduction in average detection time. It scales across small, medium, and large contracts and offers a self-improving, efficient, and reliable approach for large-scale blockchain security audits.  

Yue Yu, Jiahui Wang, Bo Meng, Dejun Wang

Decentralized Finance (DeFi) can provide traditional financial services through blockchain and smart contract technology. The generation of DeFi smart contracts from DeFi legal contracts has become a hot topic. However, we found that current approaches for generating DeFi smart contracts from legal contracts fail to ensure conformance between the two. To address this, we propose caSPESC2Vyper, a method to generate Vyper smart contracts from SPESC legal contracts while guaranteeing conformance. First, we define the executable formal semantics K-SPESC. Next, we establish a syntactic structure mapping from the SPESC language to the Vyper language, based on which caSPESC2Vyper is implemented. Finally, we analyze the conformance and demonstrate that caSPESC2Vyper effectively ensures conformance between DeFi legal contracts and Vyper smart contracts.

R. Dávila, R. Aldeco-Pérez, E. Bárcenas

Abstract The reliability and security of Smart Contracts largely depend on the consistency of their rule design. This paper introduces a novel approach for analyzing and ensuring consistency in Smart Contracts prior to their implementation. By proposing a formal grammar that captures the concurrent primitives inherent in Smart Contracts, and an algorithm that generates finite state machines (FSMs) from these grammar-based rule sets, the study enables the identification of several problems at the design stage. The paper compares this methodology with related works that focus on post-implementation verification, highlighting the advantages of early-stage analysis. Through theoretical and real-world examples, including an analysis of the DAO attack, the paper demonstrates how inconsistencies can be detected systematically. Finally, a formal definition of consistency is presented, offering a foundation for future tools aimed at enhancing Smart Contract designs.

Matvei Shabashov

Distributed Ledger Technology (DLT) as a principle of corporate governance represents an institutional shift of the law of the firm. Once relegated to academic theorizing and cryptocurrency, DLT now forms institutional infrastructure with a nascent market of tokenized real-world assets (RWAs) surpassing $33B at the close of Q4 2025. This paper analyzes how DLT intersectors three pillars of management - Strategic, Operational and Financial - in conjunction with Transaction Cost Economics (TCE) and Agency Theory that also coincide with inextricably lower baseline costs of trust and coordination. Strategically, Decentralized Autonomous Organizations (DAOs) and Intellectual Property Non-Fungible Tokens (IP-NFTs) are increasingly at the forefront of governance and R&D-related compensation structure. Operationally, smart contracts govern supply chains at near-real time with the Global Shipping Business Network (GSBN) going live with container tracking implementations and the FDA implementing pilot programs for near-instant visibility into temperature-controlled shipping needs. Financially, treasuries and debt instruments are increasingly tokenized to allow firms to harness an illiquidity premium while equitizing their working capital. Ultimately, this research concludes that the international financial architecture is bifurcated as high-stable assets transition to permissioned DLTS while high-velocity assets remain in public programmable spaces.

Thanmai Mandala, Cora Zeger, Tessa E Andersen, Gaby G. Dagher · 5 authors

Blockchain technology is a promising innovation to store information online while being secure and transparent at the same time. Despite the benefits, the immutable nature of blockchain makes it prone to vulnerabilities as any smart contract uploaded onto the blockchain cannot be modified later. Thus, it is imperative to design secure smart contracts during development stages and incorporate effective vulnerability detection mechanisms. Large-Language-Models (LLMs) are a propitious approach to automate vulnerability detection. However, recent attempts at using LLMs to detect vulnerabilities have resulted in high false positive rates and seem prone to obsolescence due to evolving Solidity code. Moreover, existing research often conflate weaknesses with vulnerabilities, despite their apparent differences, and all prior works only focus on vulnerability detection based on broad categories rather than their exact vulnerability identifiers (VIDs). To address these gaps, we propose a novel framework, VulnDetective, of fine-tuned LLM agents and a CWE-VID database to map weaknesses to their corresponding vulnerability, thereby increasing detection accuracy. Our findings show that pre-trained base models struggle significantly with detecting exact vulnerabilities, while VulnDetective shows significant improvement over base models.

S Rohan, Ananda Babu. J

No abstract is available for this record.

Dingding Wang, Jianting He, Siwei Wu, Yajin Zhou · 6 authors

Smart contract upgrades are increasingly common due to their flexibility in modifying deployed contracts, such as fixing bugs or adding new functionalities. Meanwhile, upgrades compromise the immutability of contracts, introducing significant security concerns. While existing research has explored the security impacts of contract upgrades, these studies are limited in collection of upgrade behaviors and identification of insecurities. To address these limitations, we conduct a comprehensive study on the insecurities of upgrade behaviors. First, we build a dataset containing 83,085 upgraded contracts and 20,902 upgrade chains. To our knowledge, this is the first large-scale dataset about upgrade behaviors, revealing their diversity and exposing gaps in public disclosure. Next, we develop a taxonomy of insecurities based on 37 real-world security incidents, categorizing eight types of upgrade risks and providing the first complete view of upgrade-related insecurities. Finally, we survey public awareness of these risks and existing mitigations. Our findings show that four types of security risks are overlooked by the public and lack mitigation measures. We detect these upgrade risks through a preliminary study, identifying 31,407 related issues - a finding that raises significant concerns.

Keke Gai, Haochen Liang, Jing Yu, Liehuang Zhu · 5 authors

Smart contracts play a pivotal role in blockchain ecosystems, and fuzzing remains a critical approach to securing them. However, existing smart contract fuzzers often optimize either seed generation or mutation scheduling in isolation and rely on narrow, fragmented feedback signals, leaving multi-transaction reasoning and stagnation recovery under-explored. In this work, we propose aLarge Language Models(LLMs)-based Multi-feedback Smart Contract Fuzzing framework (LLAMA). Key components of the proposed LLAMA include: (i) a hierarchical prompting strategy that guides LLMs to generate structurally valid, context-aware multi-transaction initial seeds, together with a lightweight pre-fuzzing phase that validates and prioritizes high-potential LLM-generated candidates; (ii) a multi-feedback-guided evolutionary optimization module that jointly optimizes seed selection and mutation scheduling by a group of constraints for driving an LLM-bootstrapped bandit scheduler. (iii) an LLM-guided hybrid fuzzing module that integrates evolutionary fuzzing with a dual-channel recovery mechanism, which concurrently employs asynchronous coverage-stagnation- based LLM reseeding and selective symbolic execution to resolve complex path constraints. Our extensive experiments demonstrate that LLAMA outperforms state-of-the-art fuzzers in both coverage and vulnerability detection. Specifically, it achieves 92% instruction coverage on small contracts and 81% on large contracts, while detecting 132 out of 148 known vulnerabilities across diverse categories. Ablation studies further evidence that the proposed multi-feedback and hybrid recovery strategies have strong impact on LLAMA’s performance. The results explain LLAMA’s effectiveness, adaptability, and practicality in complex smart contract scenarios.

Hadar Jabotinsky, Michal Lavi

With the emergence of the metaverse, some problems relating to trader responsibility, which had previously long been addressed, have now resurfaced and come back to life. One of these problems is the question of who should be held accountable for harm inflicted by defective or counterfeit products sold by third-party vendors in metaverse marketplaces. Under the common law, liability for defective or counterfeit products rests with the immediate seller of the product. But, unique aspects of the metaverse may make holding sellers liable unwise, difficult, or even impossible. The law confronted a similar question after online platforms emerged. Currently, common law principles of negligence and product liability still assume liability rests with the seller. But, in some cases, courts have modified the law to impose contributory liability on online platforms in addition, as these platforms are viewed as the cheapest cost avoiders and are in the best position to distribute the damage. As the metaverse, an augmented reality platform, gains momentum, it poses new problems for products liability. Imposing liability on these augmented reality platforms does not necessarily follow the same rationales as imposing liability on e-commerce platforms. This is because, unlike traditional e-commerce platforms, metaverse platforms are operated on the blockchain and are governed by decentralized autonomous organizations (DAOs) enabled by algorithms. Metaverse platforms do not reside on a single server. Instead, content is distributed across an infinite number of servers in a peer-to-peer network. This means metaverses have no single point of authority making it essentially impossible to assign liability to the platforms. Even if it were possible to assign liability to individual DAO members, there would be tenuous economic justification for assigning such liability, as members on the metaverse lack the ability to monitor transactions on the platform. As such, unlike typical online platforms such as Amazon, metaverse members are likely not the cheapest cost avoiders. Applying the law for e-commerce platforms to metaverse platforms risks generating an accountability gap resulting from diffusion of responsibility where many entities are involved in a transaction and none of them act to prevent harm. This also risks leaving victims of defective products or fraudulent transactions without recourse. For these reasons, holding metaverse platforms responsible for the merchandise sold on them may be undesirable as a policy matter. In this Article, we propose a “know your trader” rule for marketplaces. Under this new approach to the long-standing financial trading rule of “know your customer,” traditional online marketplaces and innovative metaverse marketplaces would have to verify the identity of their traders before the traders could enter the system. The marketplace would confidentially maintain traders’ identities to protect the anonymity that draws many to the metaverse in the first place. However, a plaintiff could pierce the veil of anonymity when they present prima facie evidence that their case could survive a motion to dismiss. This idea builds on several statutory proposals and laws in the European Union and the United States that require online marketplaces to identify and verify traders. The Article explains why this rule would be more effective and more efficient than the current application of the rule. Finally, the Article addresses potential free speech objections based on trader anonymity, concluding that the proposed framework is permissible under the First Amendment.

Emmanuella Osagioduwa Osifo, Ewere Stephanie Omumu, Modestus Alozie

Contract management in construction law plays a critical role in mitigating risks, ensuring performance enforcement, and facilitating dispute resolution.The increasing complexity of construction projects, coupled with evolving regulatory frameworks, necessitates robust contract management strategies to address financial, operational, and legal risks.Poorly managed contracts often lead to cost overruns, project delays, and disputes, making it essential for stakeholders to adopt proactive measures in drafting, executing, and enforcing contractual obligations.This study examines key aspects of contract management in construction law, focusing on risk allocation, dispute resolution mechanisms, and performance enforcement strategies.Risk mitigation strategies, including well-defined contract terms, contingency planning, and insurance provisions, are explored to illustrate how parties can safeguard their interests.The research also highlights the effectiveness of alternative dispute resolution (ADR) methods, such as mediation, arbitration, and adjudication, in reducing litigation costs and project disruptions.Furthermore, contract enforcement mechanisms, including penalty clauses, performance bonds, and liquidated damages, are analyzed for their role in ensuring compliance and timely project completion.The study also evaluates the impact of digital transformation on contract management, particularly the use of smart contracts and blockchain technology to enhance transparency, efficiency, and dispute prevention.Through case studies and legal precedents, this research provides practical insights into how construction professionals, legal practitioners, and policymakers can optimize contract management practices.A comprehensive approach to risk management, dispute resolution, and performance enforcement is essential to maintaining legal compliance, ensuring financial stability, and improving project delivery in the dynamic construction sector.

Kazi Gulam Kadar

No abstract is available for this record.

Sarah C. Green

This piece analyses the extent to which the established doctrine of mistake will be able to deal with automated contracts that do not perform according to the legitimate expectations of the parties. Its particular focus is on the requisite mental state of those parties, and how actual knowledge may well be too high a threshold to impose on those using coded contractual instructions.

Catherine Martin Christopher

This article analyzes emerging U.S. litigation that attempts to bring decentralized autonomous organizations (DAOs) into traditional court systems by grappling with questions of legal personhood and procedural norms. The author examines how courts and litigants have confronted the fundamental issue of whether a DAO can be recognized as a sui generis legal entity capable of being sued or must instead be treated as an unincorporated association or other traditional form. The piece highlights the procedural complexities of serving process on DAOs that lack centralized leadership, identifiable agents, and conventional corporate infrastructure. The author situates these procedural and doctrinal challenges within broader debates about how existing legal frameworks adapt (or fail to adapt) to decentralized digital organizations. Ultimately, the article assesses how recent cases reveal both the flexibility and limits of current law in accommodating novel organizational forms, with implications for future DAO litigation and governance.

Zhiyuan Peng, Xin Yin, Rui Qian, Peiqin Lin · 8 authors

No abstract is available for this record.

Gerardo Iuliano, Dario Di Nucci

Smart contracts are self-executing programs on blockchain platforms like Ethereum, which have revolutionized decentralized finance by enabling trustless transactions and the operation of decentralized applications. Despite their potential, the security of smart contracts remains a critical concern due to their immutability and transparency, which expose them to malicious actors. Numerous solutions for vulnerability detection have been proposed, but it is still unclear which one is the most effective. This paper presents a systematic literature review that explores vulnerabilities in Ethereum smart contracts, focusing on automated detection tools and benchmark evaluation. We reviewed 3,380 studies from five digital libraries and five major software engineering conferences, applying a structured selection process that resulted in 222 high-quality studies. The key results include a hierarchical taxonomy of 192 vulnerabilities grouped into 13 categories, a comprehensive list of 219 detection tools with corresponding functionalities, methods, and code transformation techniques, a mapping between our taxonomy and the list of tools, and a collection of 133 benchmarks used for tool evaluation. We conclude with a discussion about the insights into the current state of Ethereum smart contract security and directions for future research.

Georgios Stathis, Athanasios Trantas, Giulia Biagioni, Klaas Andries de Graaf · 6 authors

Abstract Contract automation is a challenging topic within Artificial Intelligence and LegalTech. From digitised contracts via smart contracts, we are heading towards Intelligent Contracts ( iContracts ). We will address the main challenge of iContracts: the handling of communications and risk data in contract automation. Our Research Question reads: to what extent is it possible to develop an ontology that automates contracts with communications and risk data? The article designs and conceptualises an iContract ontology. Our findings validate the conceptual expressiveness of our ontology. A brief discussion highlights the value of the ontology design and its application domains. From the results, we may conclude that the current method is innovative and that further research is necessary for handling more complex use cases.

John R. Graham, Jillian Grennan, Campbell R. Harvey, Shivaram Rajgopal

Corporate culture has been likened to an organization's heartbeat—the less visible, somewhat intangible force that shapes its movements, health, and longevity. Just as humans need a strong heartbeat to live, culture is often the difference between business success and failure. Google's culture is frequently celebrated as a cornerstone of its innovation and achievement.1 Zappos's superior customer service stems from a teamwork culture, cultivated as early as the hiring stage. In contrast, the troubles at VW, Toshiba, Uber, and Wells Fargo are routinely held up as examples of cultural failures.2 Yet designing a culture that can be credited with great business success is difficult, especially when considering the global catalysts shifting workers to hybrid arrangements and placing new demands on management practices and governance structures.3 Employees are increasingly seeking work that aligns with their personal values, rather than just financial incentives.4 Similarly, employees, especially when not immersed full-time in toxic office cultures, are feeling empowered as whistleblowers and increasingly reporting to the SEC failures within their companies.5 Amidst these transformations, we believe now is the time to reflect on what corporate culture means, and how it contributes to a company's productivity, efficiency, and value creation. To do so, we analyze executives’ answers to questions about culture, including “How do companies build and maintain a culture focused on enhancing efficiency and value?” “What role do other formal institutions, such as board oversight and compensation systems, play in reinforcing (or undermining) culture?” and “How does one measure the effectiveness of a corporate culture?” It is in this context of reflection and inquiry, that we synthesize insights from a comprehensive survey of chief executives and financial officers (CEOs and CFOs, referred to interchangeably as “executives” or “managers”) of a wide range of North American public and private companies.6 Along with specific questions about corporate culture and its role in their organizations, we also conducted in-depth interviews of executives representing over 20% of the US equity market capitalization. As we review the insights, we endeavor to incorporate the perspectives on culture, most relevant to this era of unprecedented change for leaders and workers. In the pages that follow, we begin by summarizing the survey findings to provide context for the interviews and open-ended responses. Among the most important findings is that a majority of the executives responding to the survey considered corporate culture as “a top three value driver” at their companies, and almost all agreed that improving their corporate culture would increase their firm's value. And although the CEO was identified as “the most influential person” in setting the firm's current culture, corporate boards were also seen as affecting culture—but primarily through their choice and oversight of the CEO. 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Chase Webber

No abstract is available for this record.

Bajeela Aejas, Abdelhak Belhi, Abdelaziz Bouras

No abstract is available for this record.