Abstract Around three-quarters of Bitcoin transactions occur off-chain. While most empirical studies focus exclusively on on-chain transactions, only few papers analyse off-chain transactions. The empirical evidence of Bitcoin market considering both types of trading strategies remains limited. This paper is one of the first to present an empirical analysis of both on- and off-chain demand and supply-side factors and their short- and long-run relationship with the Bitcoin price. Employing the ARDL approach with daily data from 2019 to 2024, we demonstrate a differentiated contribution of on-chain and off-chain drivers to the Bitcoin price. In the long-run, off-chain demand pressures have a significant relationship with the Bitcoin price. In the short-run, both off-chain demand and supply factors are statistically significantly related to the Bitcoin price. The relationship between blockchain transactions and the Bitcoin price is also present, albeit likely operating through a different channel than off-chain trades. These findings confirm the dual nature of the Bitcoin market, in which price movements are related to both market fundamentals and speculative considerations captured by on- and off-chain trades, respectively.
With the rapid development of financial technology and the digital economy, fraud detection in financial transactions faces increasing challenges due to complex transaction networks, temporal dependencies, and nonlinear interactions.This study proposes an RL-LGNN framework that integrates long short-term memory (LSTM) networks, graph neural networks (GNN), and reinforcement learning (RL) for fraud detection in the financial transaction settlement process.LSTM is used to encode historical transactions as temporal sequences and extract time-dependent behavioural features.GNN then models inter-node transaction relationships and captures structural information from the transaction graph.On this basis, RL is introduced to dynamically optimise the detection strategy, thereby improving model adaptability and robustness.Experimental results on both public and real-world datasets show that the proposed framework outperforms conventional methods and achieves fraud detection accuracy above 90%.The proposed framework provides an effective solution for fraud detection in financial transaction settlement.
Hau Vasio Sarmento Soares, Sundaru Guntur Wibowo, Syahrul Anwar
This study analyzes the legal framework of Non-Fungible Token (NFT)-based digital vaccine certificates in the context of digital free trade, focusing on security, privacy, and international recognition. Using normative and comparative legal research methods with a multidisciplinary approach, the study integrates perspectives from law, digital technology, and international policy. The study examines three main aspects: first, security, evaluating how NFTs ensure authenticity, data integrity, and protection against manipulation through encryption, blockchain, and smart contracts; second, privacy, analyzing how personal data and the privacy rights of certificate holders are protected under national and international regulations, emphasizing data minimization, user consent, and secure access; and third, international recognition, assessing the extent to which NFT-based certificates can be recognized globally, highlighting regulatory harmonization and legal barriers. The findings indicate that NFT-based vaccine certificates provide strong technical security and privacy protection, but legal recognition across jurisdictions remains inconsistent. The study concludes that while NFTs have significant potential to facilitate secure and verifiable digital health credentials in global trade, harmonization of national and international regulations and the implementation of legal standards are crucial to ensure their effectiveness and legal validity worldwide.
Small-scale enterprises struggle to comply with the Goods and Services Tax (GST) filing process due to limitations in traditional centralized systems. Traditional platforms rely heavily on intermediaries, incur high compliance costs, have sluggish approval times, lack real-time validation, and are prone to manipulation and fraud. The study solves these inefficiencies through the implementation of a blockchain-based GST filing support system based on decentralization, smart contracts, and immutable distributed ledgers. It eliminates human processes and third-party validation services while maintaining a tamper-proof record of GST transactions through automated validation and safe storage. It empirically demonstrates that the proposed system outperforms by increasing efficiency by up to 83.1%, lowering filing error rates to 2.3%, reducing duplications to 1.1%, and providing 88.7% fraud detection accuracy. The result represents a revolutionary strategy for all small-scale industries, improving not only processing time, scalability, and transparency, but also the trust of all stakeholders involved.
The fast evolution of the cryptocurrency has brought new dynamics to the trading setting at the international level which has altered the manner in which value is created, captured and retained across border. This paper will examine the impacts of cryptocurrency in the international trade by examining its impact on efficiency in transactions, financial accessibility, regulation, and market stability. The cryptocurrencies are based on decentralized blockchain networks, and they allow almost instant international payments, that do not involve the use of intermediaries and less expenditure on transactions by traders. The features are very beneficial to the firms in a region where the conventional banking systems have limited scope, which can spread to international trade. The paper also discusses the role of cryptocurrency in enhancing transparency through unchanging digital records of transactions to increase confidence between the trading partners and reduce the risks of fraud and late payments. At the same time, the insecurity of digital currencies, changing regulations, and suspicion of unlawful financial operations are not the last challenges that may limit mass adoption. The reactions of governments and international institutions to such uncertainties through new rules, cross-border banking digital currency (CBDC) programs and cross-border regulatory collaboration are discussed. With the compilation of the case studies in the various markets, the research finds out the effective implementations of cryptocurrency in trade finance, and the limitations faced by businesses, as they seek to trade volatile markets in digital currencies. According to the findings, one can state that although the role of cryptocurrency is hardly going to replace traditional financial systems wholesale, it is becoming a more and more prevalent complementary opportunity that will be able to facilitate faster payments, increased financial accessibility, and better flexible trading opportunities. Lastly, the study finds that the participation of cryptocurrency in global commerce will depend on upcoming tendencies in the harmonisation of the regulations, technological security and maturity of the industry. These will determine how the digital assets will see the dawn of day as either a trusted and stable component of the world trading system or a niche provision that is put to selective use in special industries.
A fragmented workflow, infrequent payment milestones, and unclear supply chains are some of the continuing problems, which complicate the contract administration in the UAE oil-and-gas construction sector. To examine blockchain and smart contract usage as a way to solve these issues, this paper reviews the literature on the topic, concentrating on the Technology Acceptance Model (TAM) as a framework that can be used to examine its use.The past research indicates that the perceived usefulness (PU) and the perceived ease of use (PEOU) play a significant role in predicting the intention of users to use new technology. They emphasize the need to be transparent and automated. Other barriers that are identified in the literature include regulatory uncertainty, system integration issues, and organizational inertia. Based on these results, we describe the prerequisites and the preconditions of successful adoption. These are regulatory clarity, clear policy frameworks, specific technical training and implementation roadmaps. This paper can provide practical advice to policy-makers in the supply-chain digitization sector and industry executives in the UAE oil-and-gas sector of construction by combining scattered studies.
The digitalization of global economic relations has redefined the foundations of consumption, investment, and financial intermediation, positioning e-commerce and digital finance as central pillars of the contemporary economic model. The rapid integration of online trade platforms, fintech ecosystems, and algorithmic payment systems has not only transformed consumer behavior but also reshaped the mechanisms of capital formation and resource distribution. Ecommerce functions as an accelerator of market accessibility and competition, while digital finance provides the structural infrastructure necessary for transactional transparency, financial inclusion, and liquidity circulation in data-driven markets. In emerging economies, these instruments collectively stimulate entrepreneurial activity, reduce transaction costs, and expand cross-border investment flows. The research emphasizes that the synergy between digital trade and financial technologies generates a new consumption–investment paradigm characterized by personalization, real-time decision-making, and decentralized trust mechanisms. At the same time, the sustainability of this paradigm depends on the robustness of digital infrastructure, cybersecurity frameworks, and institutional adaptability to technological disruption. The study concludes that e-commerce and digital finance are not isolated innovations but interdependent drivers of structural modernization that integrate consumer dynamics with investment behavior, forming the analytical nucleus of the digital economy.
Cross-border trade finance supports liquidity and global supply chain growth, especially for small and medium enterprises (SMEs). Traditional documentation and invoice factoring systems face delays, huge documentation, fraud risks, poor interoperability, and limited transparency which results in unsustainable action. Blockchain-based trade finance improves immutability, decentralized validation, and automation through smart contracts. However, it suffers from scalability limitations, fragmented data management, and regulatory integration issues. Academic literature lacks a unified framework combining blockchain and cloud to address these operational gaps. This study fills the gap by evaluating traditional, blockchain, and hybrid models in trade finance systems. The paper reviews major use cases to understand realworld blockchain implementations in trade finance. These include HSBC and ING's blockchain letter of credit, and Bank of Canada's Project Jasper. UBS's blockchain payment initiative is also analyzed for its real-time settlement and auditability benefits. The study compares traditional and blockchain systems across speed, security, transparency, and integration parameters. It identifies that blockchain alone is insufficient due to its lack of scalability and limited system compatibility. To address this, the paper proposes a Blockchain-Cloud Integrated Trade Finance (TF) Framework. This includes hybrid data storage, Application Programming Interface (API) compliance, digital identity verification, and stakeholder dashboards. Using a design science approach, the framework improves auditability, transparency, and regulatory alignment. Findings benefit regulators, banks, and FinTech's. The framework not only enhances efficiency and compliance but also contributes to sustainable trade finance
This paper proposes a dynamic risk assessment model for cross-border e-commerce data that integrates genetic algorithms with zero-knowledge proofs. The study first constructs a dynamic evaluation framework based on multidimensional feature extraction and employs an improved genetic algorithm featuring an adaptive crossover and mutation operator to efficiently optimize risk assessment parameters. Subsequently, a lightweight zero-knowledge proof protocol is designed to verify data integrity and the trustworthiness of the risk evaluation logic, while ensuring the confidentiality of the original data. Experimental results on a simulated cross-border e-commerce dataset demonstrate that the proposed model achieves 92.7% accuracy on a simulated dataset, surpassing traditional SVM and Random Forest by 15.3% and 7.5%, respectively. Additionally, the proof generation time is maintained at the millisecond level, significantly outperforming existing homomorphic encryption schemes. This research offers an innovative solution to the “security-efficiency-compliance” trilemma in cross-border e-commerce data flows and holds substantial practical significance for constructing a trusted data element circulation system.
Srinivas. D, C M Preeti, P. Tirumala, Nitesh Ghodichor · 6 authors
It is anticipated that blockchain-based technologies will significantly alter a wide range of corporate processes and applications, which will have a significant impact on ecommerce. This study introduces a blockchain-based ecommerce transaction model, emphasising how it might improve efficiency, security, and transparency. By merging the state-of-the-art Blockchain Consent Algorithm (BCA) with Distributed Ledger Technology (DLT), particularly Decentralised Identifiable Distributed Ledger Technology (DIDLT), this study investigates how to improve the security and privacy of ecommerce transactions. This study examines the ways in which BCA, a state-of-the-art consensus algorithm created for blockchain environments, and DIDLT, which integrates decentralised identity management with blockchain technology, cooperate to safeguard e-commerce transactions against data manipulation, payment fraud, and identity theft. By offering a thorough examination of their application, this study elucidates the potential of BCA and DIDLT to revolutionise the e-commerce security and safety sector. The network's safety efficacy is greatly increased by using the integrated DIDLT-BCA model, which leads to 99.1% security, up to 150 milliseconds in performance times, and times of mining of up to 0.99 seconds.
With the rapid advancement of blockchain technology and the expanding influence of decentralized finance (DeFi), centralized trading systems (CEX) increasingly confront critical challenges including single points of failure, insufficient data transparency, and elevated transaction costs. Therefore, it is imperative to develop and explore decentralized trading systems that are compatible with and adaptive to quantitative trading strategies. This study focuses on constructing a framework for decentralized trading systems suitable for quantitative strategies, aiming to reduce transaction costs, enhance strategy transparency, and improve risk resistance capabilities. By analyzing the technical architecture (including public chain adaptations: Solana for high-frequency strategies and Ethereum Layer 2 for medium-frequency strategies), innovations in decentralized exchanges (DEX) (such as order-book based dYdX and AMM based Uniswap V3), and the application of on-chain quantitative tools (like Nansen for whale behavior tracking and automated execution tools based on Aave smart contracts), the study confirms the feasibility and advantages of decentralized design in quantitative scenarios.
Akash Shinde, K. S. Radha, Eesh Pratap Singh, Amresh Kushwaha
Event ticketing systems have long faced challenges such as counterfeiting, scalping, and lack of transparency in resale markets. To address these issues, this research presents the design and development of a blockchain-based ticketing platform that leverages Non-Fungible Tokens (NFTs) to ensure secure, transparent, and verifiable ticket distribution. The primary aim of the study is to explore how blockchain technology can enhance trust, eliminate fraud, and provide users with full ownership of their tickets. The proposed system employs smart contracts to automate ticket creation, distribution, and resale, thereby minimizing the need for intermediaries. Each ticket is represented as a unique NFT, guaranteeing authenticity and enabling traceability throughout its lifecycle. The methodology involves implementing a decentralized application where event organizers can mint NFT tickets, and users can securely purchase, transfer, or resell them using blockchain infrastructure. The results demonstrate that NFT-based tickets effectively prevent duplication and unauthorized sales while providing an immutable record of ownership. Additionally, organizers gain better control over pricing policies, while buyers benefit from secure transfers and enhanced transparency. In conclusion, this platform contributes to solving long-standing issues in the ticketing industry by combining blockchain’s immutability with NFTs’ uniqueness. The study highlights the potential of decentralized technologies to revolutionize digital ticketing, improve user trust, and create a more efficient event management ecosystem.
Blockchain technology(BCT) offers transformative opportunities, particularly in cross-border trade finance ($T_{F}$) and securities settlement in capital markets. Conventional capital markets face challenges such as high operational costs, lengthy settlement times, and susceptibility to fraud. This paper explores how the decentralized ledger and smart contract system of BCT can address these challenges. By examining key technological components such as consensus mechanisms, network design, and transaction validation methods, this study highlights blockchain's potential to streamline processes, reduce intermediaries, and ensure immutable record-keeping. The research also examines the impact of blockchain in securities settlement, focusing on atomic settlement models that eliminate counter-party risks and enhance liquidity management. Through a comprehensive analysis of use cases and implementation strategies, this research underscores blockchain's role in revolutionizing capital markets. The findings suggest that blockchain adoption can drive significant improvements in cross-border transactions, fostering a more resilient and efficient financial ecosystem. Future research directions include exploring interoperability challenges and regulatory considerations for broader adoption.
Anak Agung Lingga Pratyaksa Nugraha, Ni Wayan Emmy Rosiana Dewi, Fajar Purnama
The development of the entertainment industry, especially music concerts, has driven the transformation of ticket sales systems from conventional to digital methods. Although online concert ticket sales offer greater convenience and reach, they still face the risks of fraud, counterfeit tickets, and unfair distribution. This study, Blockchain Smart Contract Implementation for NFT-Based Online Music Concert Ticket Transactions, aims to develop a ticket sales system using blockchain technology by integrating smart contracts and Non-Fungible Tokens (NFTs). The main objectives are to design and implement smart contracts on the Ethereum network, implement ERC-721-based digital tickets, ensure transparency in transaction history, and verify ticket authenticity through unique identifiers. This study adopts the Agile method, with implementation on the Ethereum Sepolia Testnet and testing using the meta mask digital wallet. The results show that the developed system can automatically hold funds through an escrow mechanism until the ticket is downloaded, generate unique and tamper-proof NFT tickets, display transaction details transparently, and facilitate ticket verification effectively. In conclusion, the use of smart contracts and NFTs significantly improves the security, transparency, and trustworthiness of online music concert ticket transactions.
Federated Learning (FL) enables collaborative model training across maritime devices without the need to share raw data. However, challenges such as data heterogeneity and unreliable marine communications impede its performance and security. In this work, we propose a Blockchain-based Active Client Selection Strategy for FL in Shipping (BAFLS), which utilizes blockchain technology to create a secure and auditable environment for node registration and parameter exchange. A lightweight consensus algorithm is introduced to dynamically elect aggregation nodes based on residual energy, reputation, and computing power, improving fault tolerance and reducing resource consumption. Based on such, a Top-kactive learning strategy is designed to select the most informative clients, balancing data utility and privacy protection. Security evaluation and analysis demonstrate that BAFLS effectively resists aggregation attacks and privacy inference. Experimentations on FMNIST, HAR, and ShipNetwork10 datasets show that BAFLS achieves up to 2.4% higher accuracy, reduces convergence rounds by up to 44%, and consistently lowers communication overhead compared to the baseline under various degrees of label and feature heterogeneity.
Against the background of the digital economy, the conventional matching strategy of supply and demand is unable to meet the requirements of matching supply and demand industrial interconnection with digitalization as the core element. To solve the trust problem of supply and demand matching contract of digital industrial interconnection, a decision-making framework of supply and demand matching of industrial interconnection based on smart contract is proposed. Based on the massive resource data, a resource characteristic attribute matrix is constructed, and the Fuzzy C-Means algorithm is used to classify and reduce the dimension of massive resource data. Based on the attribute expectation of supply and demand, the objective function with maximum satisfaction is created to realise bidirectional matching. Finally, the effectiveness of the proposed method is demonstrated by an example.
The existing methods do not effectively meet the security and performance demands for Internet of Vehicles (IoV) applications. They also do not provide low-latency, secure edge-computing solutions for end-users in vehicular environments. The study presented in this paper proposes a blockchain-based edge computing framework that utilises Double Deep Q-Network (DDQN) for reinforcement learning and lightweight Practical Byzantine Fault Tolerance (PBFT) consensus for simultaneously optimising latency, energy consumption, and security. For efficient microservice orchestration and task off-loading, the containerised architecture utilises Kubernetes with Hyperledger Fabric. The experiments conducted in urban, suburban, and highway scenarios confirmed that the proposed framework outperformed baseline algorithms with end-to-end latency reduction of 30–45% while also lowering energy consumption by up to 55% under moderate-to-heavy loads. With less than 1.2 seconds per block on the blockchain consensus, the system also maintained task completion rates exceeding 95% during peak conditions. The framework demonstrates consistent performance across various vehicular densities and consumes zero-knowledge proofs with attribute-based encryption for data against cybersecurity threats. These results confirm that the integration of DDQN and blockchain technology effectively tackles primary obstacles IoV faces by providing secure edge computing for next generation vehicular networks.
Abstract: This e-commerce platform is specifically designed for agriculture-based trade, leveraging advanced blockchain technology and decentralized file storage to create a transparent, secure, and efficient marketplace for farmers, buyers, and suppliers. The platform utilizes Ganache, a simulation of Ethereum transactions, to ensure that all transactions are secure, immutable, and verifiable on the blockchain. The decentralized architecture is further enhanced with IPFS (Interplanetary File System), enabling farmers to securely store their product information, including images and descriptions, in a way that prevents alteration or loss. This ensures that the product listings are transparent and tamper-proof. The platform also incorporates cryptocurrency payments, enabling fast, secure, and borderless transactions between buyers and sellers. Utilizing smart contracts, the system automates payment flows based on predefined conditions, reducing the reliance on intermediaries and minimizing fraud risks. This fosters a trusted environment for agricultural trade, where both buyers and sellers can engage in transparent, efficient, and secure transactions. In addition to these core features, the platform includes a staking mechanism, allowing users to lock tokens to gain transaction privileges, influence governance decisions, and access premium features. This incentivizes long-term commitment and creates a sense of ownership within the platform. Active participants, such as those verifying transactions or maintaining data integrity, are rewarded with tokens, further promoting continuous engagement. The system also supports multilingual user interfaces, making it accessible to a global audience, and includes real-time updates for seamless interaction. Through transparent governance, decentralized voting, and economic incentives, the platform ensures a resilient and future-ready ecosystem for agro-commerce, empowering stakeholders to participate in decision-making and market dynamics, while addressing the challenges faced by farmers in accessing reliable markets and efficient payment systems.
This paper suggests a blockchain-enabled e-trade platform for renewable energy for encouraging sustainability, equity, and efficiency in the energy market. The platform makes use of smart contracts and distributed ledger technology to ensure transparent, decentralized, and automated transactions. It incorporates IoT devices to support real-time energy measurement, saving administrative costs and improving accessibility. The study is carried out with specific focus on Qatar and Turkey to assess the viability of the platform, reviewing regulatory, scalability, and infrastructure issues. Furthermore, it estimates economic and technical viability under varying green finance mechanisms based on considerations such as carbon credits, incentives to energy trade, and monetary measures such as Net Present Value, Internal Rate of Return, Payback Period, and Levelized Cost of Energy.
Over the last decades, the industrial sector has known significant technological progress, that led to major improvements in logistics. This evolution has given rise to the concept of ’Smart Logistics’, which refers to the integration of advanced technologies such as Internet of things (IoT), DLT (Distributed Ledger Technology)... in logistic. Hashgraph [1] is a trusted digital innovation technology, as a type of DLT, it is recognized by its characteristics of sustainability, rapidity, and low cost... , IoT devices play a crucial role in enabling real-time monitoring of the logistics environment... The combination of these two technologies not only enhances overall performance but also addresses the security vulnerabilities inherent in IoT. This paper highlights the contribution of IoT and Hashgraph technology for the benefit of future logistics and presents an architecture for low-cost and echo-friendly logistics systems based on IoT-enabled Hashgraph technology. The evaluation results show that our proposed solution effectively solves logistics system challenges related to performance, and sustainability. Moreover, its low cost, efficiency and minimal energy consumption make it a recommended choice for both small and big-sized logistics companies and stakeholders.