Blockchain Papers

Zulkarnain Muhamad Sori, Damar Hulan Osman, Mohamad Nazzeer Hamzah

No abstract is available for this record.

Wei Zhong

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.

P. (Palanisamy) Deepa, R. Kavitha

The convergence of fundamental blockchain technology with the Ethereum network has ushered in a new era of decentralized innovation, moving beyond simple cryptocurrency transactions to a programmable, trustless ecosystem. By introducing smart contracts—self-executing, automated agreements—and the Ethereum Virtual Machine (EVM), Ethereum acts as a decentralized \\\"world computer\\\" that allows for the creation of decentralized applications (dApps) across numerous sectors, including finance, healthcare, and supply chain management. In recent years, blockchain technology has gained significant attention for its potential in various domains. However, the lack of interoperability between different blockchain platforms poses a significant challenge in meeting the demands of the modern world. To address this issue, our research focuses on unlocking blockchain interconnectivity through smart contract-driven cross-chain communication. We aim to contribute to the development of a model that enhances the functionality and usability of blockchain technology. To achieve interoperability, we explore various options and leverage the power of smart contracts.

Akshat Verma, Aditya Kumar, Abhishek Sahani, Ayush Gupta · 5 authors

No abstract is available for this record.

Dr.B.Swathi Dr.B.Swathi, MOHAMMAD SANA, DAMERUPPULA SAI KIRAN, JADI GANESH · 5 authors

The quick rise of digital technologies has shown how blockchain could improve business operations by making them safer, more open, and less centralized. Most blockchain solutions, on the other hand, are made for big businesses, which makes it hard for small and medium-sized businesses (SMEs) to use them because they are too expensive, too complicated, and not modular. This study suggests a blockchain-based framework designed specifically for small and medium-sized businesses (SMEs) to make digital transformation more affordable. The framework includes stable consensus protocols, governance mechanisms, and important services like Decentralized Identity (DID), Zero-Knowledge Proofs (ZKP), and Digital Asset Management (DAM). It is meant to be modular, scalable, and simple to connect to current business systems. Experimental testing shows that SMEs are more efficient, secure, and easy to use. The proposed framework lowers the barriers to entry and lets small and medium-sized businesses use blockchain for new ideas, better operations, and safe online transactions.

Michel Rauchs, Garrick Hileman

No abstract is available for this record.

Ferit Gezgil

We propose Proof of Witness (PoWit), a novel consensus mechanism for digital currency that replaces energy-intensive mining and capital-based staking with independent third-party witness verification. In PoWit, each transaction requires cryptographic signatures from three parties: sender, receiver, and a randomly selected witness. The witness validates the sender’s balance and transaction history before signing, eliminating the need for global consensus while maintaining security guarantees. Our simulation with 10,000 users demonstrates 100% double-spending prevention (n = 10, 000, 99% CI [99.93%, 100%]), 113.9 transactions per second, and complete chain integrity. The non-selective witness assignment achieves theoretical randomness with only 0.27% deviation, making collusion attacks impractical. PoWit offers a sustainable alternative to Proof of Work and Proof of Stake, with significantly lower energy consumption and fairer participation model.

Nang Nwe Ni Nyunt

Distributed Ledger Technology (DLT) is considered to be used in processing crypto assets, constructing smart contracts and data governance. As the evidence shows that application of this technology has become beneficial, number of business models created by this technology is increasingly large. However, in Myanmar, not all of business models attributed to this technology are legally allowed yet. This fact made the research to explore why there was a ban on minting crypto currency in Myanmar. However, other opportunities to use the cryptographic and block-chain concepts have not been blocked. Based on the guidance and pro and con articulations relating to this cutting-edge technology, this research offers the view that the Central Bank of Myanmar is responsible in opening up more business models. The bank requires revisiting its order or issuing the supplemental manual not to abuse the advanced technology

Fayçal Drissi, Zachary Feinstein, Basil Williams

We study the role of liquid staking and how it affects the interaction between issuance policy, economic productivity, and security in proof-of-stake blockchains, with a focus on the role of liquid staking. In a dynamic macro-finance framework, we show that issuance redistributes resources from productive on-chain activity to validators, which effectively acts as a tax on productive capital. This mechanism generates a Laffer-curve-type tradeoff: beyond an interior optimum, higher issuance weakens the productive base that finances security and reduces staking rewards. We then introduce liquid staking, which allows users to earn staking rewards while retaining liquidity for productive use. Liquid staking collapses the traditional tradeoff between staking and DeFi. When liquid staking tokens (LSTs) closely substitute for the native asset and benefit from strategic complementarities, issuance reallocates productive activity toward LSTs, compresses the feasible policy space, and can render issuance and slashing ineffective as policy instruments.

Tiago Ferreira Cavazin

Este estudo analisa a arquitetura da interoperabilidade no ecossistema <b>Ethereum</b>, investigando como a padronização de interfaces e os mecanismos de comunicação entre contratos sustentam a natureza compostável da <b>Web3</b>. A pesquisa detalha a evolução dos padrões de tokens, partindo do <b>ERC-20</b> para ativos fungíveis, passando pelo <b>ERC-721</b> para ativos não-fungíveis (NFTs), até o advento do <b>ERC-1155</b>, que permite a gestão multi-token em um único contrato, otimizando custos de transação (<i>gas</i>).Além dos padrões, o texto explora os mecanismos de comunicação <i>cross-contract</i>, como o delegatecall, essenciais para a criação de sistemas modulares e contratos atualizáveis. No entanto, a obra ressalta que a interoperabilidade amplia a superfície de ataque, destacando a vulnerabilidade de <b>reentrância</b> e a importância do padrão <i>Checks-Effects-Interactions</i> para mitigar riscos financeiros. Por fim, o trabalho discute fronteiras emergentes, como o padrão <b>ERC-6551</b> (tokens vinculados a contas) e a necessidade de soluções seguras para a interoperabilidade entre diferentes blockchains (<i>cross-chain</i>).<br>

Frederik Salzmann

This paper introduces the Blockchain First-Principles Analysis (BFPA) framework, a novel methodology for the epistemic evaluation of distributed ledger systems. Unlike conventional blockchain assessment approaches that rely on performance metrics, tokenomics, or decentralization indices, BFPA constructs a rigorous derivation chain from physical laws and cryptographic assumptions through an action axiom to concrete protocol design decisions. The framework systematically identifies structural failure points by testing whether each design choice is derivable from foundational axioms or represents an ad hoc decision vulnerable to obsolescence. The framework introduces several analytical innovations: (i) a four-level axiom hierarchy anchoring evaluation in physics, cryptography, praxeology, and social consensus; (ii) a Nash equilibrium gate mechanism for social layer stability; (iii) a four-stage stability profile progressing from Nash equilibrium through evolutionarily stable strategies and lock-in to self-referential feedback; (iv) a lock-in typology distinguishing design-emergent, ecosystem-emergent, corporate-imposed, and regulatory-granted lock-in; and (v) a network effect genesis model identifying five necessary conditions for spontaneous adoption without marketing. We apply the framework systematically to eight major blockchain systems: Bitcoin, Ethereum, Solana, Monero, XRP, Polkadot, Tezos, and BNB Chain. The analysis reveals that epistemic design quality alone correlates weakly with market price and adoption. Lock-in type and network effect genesis conditions are substantially stronger predictors. This finding provides a principled explanation for two empirical puzzles: the Tezos Paradox (superior governance design, declining price) and the Monero Paradox (strong epistemic foundations, stagnant adoption). The framework provides a falsifiable, non-speculative methodology for institutional evaluation of blockchain systems as coordination mechanisms.

Zsolt Halász

Like many other subject areas, technological progress is also transforming the world of securities. New technological solutions and opportunities may lead to the emergence of new institutions, including new legal institutions. The distributed ledger technology enabling the operation of well-known cryptocurrencies is – among many other things – a tool suitable for the registration of securities; although it has not yet become widespread, some countries have already established the legal framework for its application. This study presents a comparative analysis of existing European regulatory solutions to demonstrate the options available for establishing an effective regulatory framework for securities recorded on a distributed ledger and the benefits of introducing such a securities registration system from both a regulatory and a practical perspective.

Dimpi Gulati

Abstract Originally designed to support cryptocurrencies like Bitcoin, blockchain technology has evolved into a powerful tool with applications far beyond digital currency. This paper explores how blockchain is transforming software development by enabling decentralized, secure, and transparent systems. Key areas of focus include digital identity verification, smart contract automation, supply chain tracking, decentralized data storage, and secure e-governance solutions such as digital voting. The study outlines fundamental blockchain components—such as distributed ledgers, consensus mechanisms, and tokenization—and explains how they contribute to building tamper-resistant applications. It also examines blockchain’s role in powering Web3 technologies, decentralized finance (DeFi), and cross-chain interoperability. Through real-world case studies in healthcare, logistics, and digital governance, the paper highlights the tangible benefits of blockchain-based solutions while acknowledging current limitations like scalability, energy use, and regulatory issues. The analysis offers a forward-looking perspective on how software developers and organizations can harness blockchain to create resilient, next-generation applications.

Firuzi Kotwal

No abstract is available for this record.

Farbod Ghasemlu

A recurring narrative in digital-asset markets holds that tokens of protocols with "real revenue" are fundamentally cheaper and should outperform. I test this directly using the full cross-section of fee- and revenue-reporting protocols tracked by DefiLlama (2,259 protocols; 345 with a traded market capitalization) and one year of daily price and market-capitalization data. Three findings emerge. First, valuation is economically disconnected from revenue at the level of the market: a single asset (Bitcoin) accounts for 90.5% of sample market capitalization, tokens with essentially no measurable protocol revenue represent roughly 92% of market capitalization, and even among application protocols revenue multiples are extraordinarily dispersed (median price-to-revenue of 9.0× spanning well below 1× to effectively unbounded). Second, in the cross-section of forward returns, the formation-date revenue multiple has no power to discriminate winners from losers: over a window in which the median token fell 78.7% and only 5.3% of tokens posted a positive return, the rank correlation between price-to-revenue and the subsequent twelve-month return is statistically zero (Spearman ρ = 0.04), and is unchanged after controlling for size and asset class (slope on log price-to-revenue = -0.0004, p = 0.98). Third, in a monthly Fama-MacBeth panel the relationship is, if anything, weakly anti-value (mean ρ = +0.063, t = 2.18): cheaper-on-revenue tokens did marginally worse, not better. The evidence does not support a revenue-based value premium in this market and period; the dominant force in returns was a near-uniform sector-wide repricing. Results are specific to a single, predominantly bearish regime and to a universe conditioned on revenue generation, limitations I discuss in detail. AI-use disclosure: The author used a large language model (Anthropic's Claude) to assist with data-collection scripting, routine statistical computation, and manuscript drafting and editing; all research-design choices, the analysis, and the conclusions are the author's own.

Benjamin Lewis

Early cryptocurrency discourse centered on digital scarcity as the primary source of value in non-sovereign monetary systems. While scarcity was foundational to the emergence of cryptoassets, the rapid diversification of distributed ledger architectures has increasingly decoupled scarcity from long-term value attribution. This paper argues that cryptoassets may be entering a post-scarcity phase in which value formation is driven less by fixed supply and more by settlement capacity, infrastructural interoperability, and the efficient clearing of obligations. Drawing on historical financial practices, internet protocol development, and contemporary ledger architectures, the paper proposes a structural distinction between asset-centric and protocol-centric systems. It suggests that mature crypto valuation may increasingly reflect the role of ledgers as settlement infrastructure rather than as bearer assets. The analysis is descriptive rather than prescriptive and does not privilege any specific network or token.

娟 王

本文梳理分布式账本技术在金融交易中的前沿进展，分析其对支付结算、资产登记、监管审计和风险治理的影响。采用文献分析与比较研究方法，选取国内外标准化报告、国际组织研究、监管文件和典型项目材料，从技术架构、金融功能、资产形态、风险类型与治理要求五个维度进行归纳。结果：分布式账本技术已不再局限于加密资产记账，而是逐渐进入跨境支付、资产代币化、稳定币结算、供应链金融、证券登记清算、监管科技和央行数字货币相关基础设施等场景。本文进一步通过Project Agorá、mBridge、Project Guardian、Terra/Luna、数字人民币与BSN等代表性项目或案例进行横向比较，指出不同方案在开放性、可控性、结算最终性、资产确权、合规嵌入和治理责任方面存在明显差异。研究认为，DLT的金融价值主要体现为多主体共享可验证记录、缩短对账链条、支持可编程结算和提升监管可验证性，而不是简单替代金融中介。综上，DLT的大规模金融应用应在效率提升与风险控制之间取得平衡，重点完善隐私保护、法律确权、智能合约安全、跨链互操作、失败处置机制和跨境监管协同。This paper reviews recent developments in distributed ledger technology (DLT) for financial transactions and explains how these developments affect payment and settlement, asset registration, regulatory audit and risk governance. A literature-based and comparative research approach is adopted. The discussion is organised around five dimensions: technical architecture, financial function, asset form, risk type and governance requirement. This revised version adds representative comparisons of Project Agorá, mBridge, Project Guardian, Terra/Luna, e-CNY and BSN, and argues that DLT should be understood as an infrastructure for verifiable coordination rather than a simple substitute for financial intermediaries. Its large-scale adoption depends on technical performance, legal recognition, privacy protection, interoperability standards, smart contract security and cross-jurisdictional regulatory coordination.

Ali Kassar, Tarek Barhoum

System based on blockchain technology and smart contracts. The system aims to address the growing problem of managing and transferring digital assets such as cryptocurrency wallets, domains, cloud storage, NFTs, and gaming assets after the owner’s death. The proposed solution introduces a Dead Man’s Switch mechanism, where users are required to perform periodic check-ins. In case of prolonged inactivity, the system automatically triggers a smart contract that securely transfers access to designated heirs. The system leverages blockchain technology to ensure transparency, immutability, and security, while decentralized storage (IPFS) is used to protect sensitive data through encryption. The platform integrates modern technologies including Ethereum, Solidity, Web3.js, and decentralized storage solutions to provide a fully automated, secure, and trustless inheritance process without relying on centralized authorities or complex legal procedures. This work was conducted at Arab International University (AIU), Syria. The official website of the university is: https://www.aiu.edu.sy

Paul Sin

No abstract is available for this record.

Paolo Ciocca, Irene Tagliamonte

No abstract is available for this record.

Jinwook Kim, Jonghun Hong

There have been various attempts at token standards on numerous blockchain platforms today to fundamentally change the way assets are traded in the traditional capital markets, but there is a lack of research and resolution on regulatory issues that become the common foundation for interoperability and reusable standards. Our proposal, Regulatory Compliance Protocol (RCP), is based on the regulations and reports of 15 global financial institutions and standardizes recommendations and guidelines involving the overall asset tokenization of TradFi and DeFi into five regulatory groups: Traceability, Privacy, Enforceability, Finality and Tokenizability, compiling them into 31 items and presenting a benchmark for technology and standards as an underlying protocol. To review the legality and effectiveness of RCP, it was validated based on three tokenization and trading scenarios, and by benchmarking existing asset-tokenization standards (ERC-20, ERC-7943, ERC-1400, and ERC-3643) against RCP, it makes explicit which regulatory requirements each standard addresses at the token level and which remain inherently off-chain.

Giorgio Vella, Luca Pennella, Mark C. Ballandies

Real-world asset (RWA) tokenization has emerged as a prominent application of blockchain technology, enabling off-chain financial and non-financial assets to be represented through blockchain-based instruments. However, deployed RWA systems remain difficult to compare because legal claims, custody arrangements, token mechanics, verification processes, and on-chain integrations are often described separately. This paper develops a systems-level taxonomy of RWA tokenization to classify how off-chain assets are legally, economically, and technically represented on-chain. Following an iterative taxonomy-development method, we organize twenty-three dimensions into five components: governance, asset structure, token properties, distributed ledger technology, and economy. We apply the taxonomy to twenty major RWA systems selected by market capitalization and compare their design choices across asset classes and implementation models. The classification shows that current RWA tokenization is predominantly implemented through hybrid architectures: blockchain tokens support representation, transfer control, redemption workflows, pricing, and composability, while core legal guarantees remain anchored in off-chain legal wrappers, custodial arrangements, compliance processes, and verification mechanisms. The analysis also reveals recurring documentation gaps concerning voting rights, dispute forums, burn mechanics, supply constraints, and reserve verification. Overall, the taxonomy provides a structured basis for comparing RWA systems, identifying design patterns and limitations, and supporting future research on blockchain-based financial infrastructure.

Hanene ksiaa

No abstract is available for this record.

S. Dhivakar, K. Kalaiselvi, Matthew Olusegun Adigun

No abstract is available for this record.