Follow blockchain research across journals, conferences, and preprint repositories.
141 results · page 3 of 6
Zefeng Bai, Pengcheng Wang, Hengwei Zhang
No abstract is available for this record.
Danling Jiang, Lin Sun, Lolita Nazarov, Jiarong Chen · 6 authors
No abstract is available for this record.
Rocco Francesco Vittorio Di Terlizzi
In recent years, Decentralized Autonomous Organizations (DAOs) have advanced significantly, transforming organizational operations through blockchain technology by replacing traditional hierarchical management with community-driven decision-making via smart contracts. Despite early skepticism and regulatory challenges, DAOs have evolved into various forms, particularly Investment DAOs, which facilitate pooled asset management and democratize investment opportunities across sectors such as Web3 and real estate tokenization. Given this evolution, a comprehensive financial framework is urgently needed to address the specific governance structures of DAOs. Traditional financial metrics like the Current Ratio, Cash Flow Management, and Liquidity Coverage Ratio (LCR) must be adapted to the unique dynamics of decentralized organizations, promoting a deeper understanding of financial health and operational efficiency while ensuring transparency and accountability. As DAOs now manage treasuries exceeding $40 billion, robust financial oversight is essential. Integrating traditional accounting principles with blockchain’s transparency can revolutionize financial reporting, risk management, and governance, enabling stakeholders to make informed decisions and fostering trust and collaboration within the DAO ecosystem. This fusion of accounting methods and technology will not only enhance internal governance but also ensure sustainable growth. In conclusion, the increasing prominence of DAOs within the financial landscape highlights the need for forward-looking financial structures that blend established accounting practices with cutting-edge technological solutions, ensuring their continued success in a rapidly changing environment.
Wenze Xiong, Yetong Wang, Wanxin Li, Jie Zhang · 5 authors
The non-fungible tokens (NFTs) are unique cryptocurrencies that exist on a blockchain and cannot be replicated. However, today’s NFT market lacks a sensible pricing framework, which causes NFT price fluctuations to interfere with the investment market. The purpose of this research is to build the pricing mechanism for NFT, as it is directly related to the detailed traits of NFT. The rarity design serves as the driving force behind the proposed pricing mechanism. We present a prototype pricing and minting algorithm and implement it through a smart contract to assess both pricing accuracy and transaction performance. Our proposed mechanism employs specific parameters and data points related to NFT features, which could encompass floating-point values due to our integration of Ether within the regression formula. The experimental results showed that the rarity score of the features has a certain degree of impact on the NFT price.
Anetta Proskurovska
No abstract is available for this record.
Nuno Baptista, João Fragoso Januário, Carlos Oliveira Cruz
Real estate markets play a crucial role in the economy, providing opportunities for investment and housing. However, there are several challenges in both direct and indirect investment mechanisms affecting its social and financial sustainability. These challenges include high costs, lengthy processes, limited transparency, and restricted investor control. Additionally, the dominance of large investors in the market intensifies these issues, creating barriers to smaller investors. This raises concerns around social inequality and sustainability among small investors, that represent, in number, the largest share of investors. Blockchain technology has emerged as a possible solution to address these issues in the real estate sector, with the potential to improve its long term social and financial sustainability. Features such as smart contracts and tokenization can enhance efficiency, transparency, security, and accessibility in property transactions. In the case of smart contracts, these enable self-executing and automated agreements, and tokenization allows for fractional ownership and increased liquidity. To assess the knowledge and perceptions of professionals in the real estate sector and evaluate the possible impact of the technology in the market, a survey-based methodology was followed. It targeted individuals actively involved in the industry, including professionals from real estate investment companies and real estate agencies. The data revealed that most professionals in the Portuguese real estate market have little to no knowledge about blockchain technology. Yet, those who possess knowledge recognize the potential benefits it can bring to the industry. This lack of awareness can be attributed to the relatively recent emergence of blockchain and its limited discussion within the real estate sector.
Paolo Mistrangelo, Lavinia Chiara Tagliabue, Algan Tezel
The real estate market is widely considered a favorable sector for investment, although it ties up capital in the short term. However, long-term asset appreciation is an attractive prospect for investors. The concept of a "divisible" asset can help remove some of the obstacles and difficulties faced by owners, while promoting liquidity and providing access for those with different financial and social backgrounds. Ownership of the asset is shared, freeing up financial resources for the primary owner and offering retail investors the opportunity to purchase a portion of the asset via an NFT (non-fungible token).
Ashish Rath, R. K. Pateriya, Deepak Singh Tomar, Surendra Singh
Abstract The tokenization of rental real estate assets using blockchain technology has recentlygained attention as a novel way to enhance the liquidity and transparency of the real estate market. Inthis paper, we propose a smart contract-based system for the tokenization of rental estate assets usingthe Solidity programming language along with the framework. The system aims to provide a secureand transparent way to buy and sell a fraction of ownership of rental estate assets by leveraging thedecentralized and immutable nature of blockchain technology. Our study showcases the outcomes ofthe regression analysis conducted on synthetic historical data of rental estate returns and risk factors.The findings revealed a significant positive correlation between rental estate returns or rental yieldand risk-return factors. Additionally, we describe the Analysis of Variance(ANOVA) analysis, whichconfirms the statistical significance of our proposed model. Our findings suggest that tokenizationof rental estate assets using blockchain technology can bring substantial benefits to estate investors,such as increased liquidity and reduced transaction costs. This study contributes to the developmentof the estate industry by proposing a novel model of blockchain technology in the context of rentalestate asset tokenization.
Donyetta Bennett, Erik Mekelburg, Tomás Williams
This systematic literature review summarizes the extant research in the Behavioral Finance (BeFi) and digital asset spaces to understand better the interactions of behavioral effects on the pricing of assets constructed, enabled, and exchanged in Decentralized Finance (DeFi) markets. We find that asset pricing in these rapidly evolving markets is better explained through BeFi than through traditional finance (TradFi) theory. Investor attention, sentiment, heuristics and biases, and network effects interact to form a highly volatile and dynamic market. We offer a deterministic research framework with propositions for future research. We further provide investors with a theoretically and empirically supported structure to better inform their decisions through an understanding of BeFi applications to DeFi.
Umesh S. Mahtani
Double-entry accounting has been used globally for the past six hundred years and has become the base for all corporate financial reporting. Blockchain technology with distributed ledger now provides a new method of accounting termed “triple-entry accounting”. This method consists of recording and storage of business transactions, as a third entry on the blockchain. This third entry is expected to deliver a system that is trustworthy, immutable, and transparent. This study conducts a detailed review of the present literature on triple-entry accounting with blockchain technology and its impact on fraudulent practices. The review shows current literature has limited information on how this methodology will deter financial and accounting fraud. Drawing on the case studies of twenty-four companies involved in fraudulent practices globally, this paper describes common practices in manipulating financial statements, falsifying accounting records, and fraudulent banking transactions. The study explains the mechanics of how these practices can be prevented using triple-entry accounting in the blockchain environment and how the technique will bring about changes in the audit process and in the roles of internal and external auditors in the organization. The study recommends research propositions focused on governance and financial performance of a company when this method is adopted.
David Vidal-Tomás, Antonio Briola, Tomaso Aste
This paper investigates the causes and the consequences of the FTX digital currency exchange’s failure in November 2022. Analysing on-chain data, we report that FTX heavily relied on leveraging and misusing its native token, FTT, and we show how this behaviour exacerbated the company’s fragile financial situation. To gain further insights into the downfall, we employ state-of-the-art network science instruments to model the evolutionary dependency structures of 199 cryptocurrencies on an hourly basis, and we investigate tick-by-tick public trades at the time of the events. We identify the collapse of the Terra-Luna ecosystem as the pivotal event that triggered a significant decrease in the exchange’s liquidity. Results suggest that the crash was actively accelerated by Binance tweets causing a systemic reaction in the cryptocurrency market. Finally, identifying the actors who mostly benefited from the FTX’s collapse and highlighting a generalised trend toward centralisation in the crypto space, we emphasise the importance of genuinely decentralised finance for a transparent, future digital economy.
Norazmawati Md. Sani Abd. Rahim, Muhammad Shafiq Kamaruddin
Affordable housing has become the main issue of concern among Malaysians, especially those from low-income background in Klang Valley. Limited housing supply in key areas within Klang Valley due to no interest from private developers has forced low-income people to live far from their workplaces. It is considered unprofitable by many private developers because of heavily regulated policies sanctioned by the government, decentralization of affordable housing agencies, and requiring specific design, which can drive the cost of development. Furthermore, access to home financing for low-income people is limited due to their current economic situation and financial constraints. The research focuses on the factors to facilitate private developers in financing and the possibility for the private developers to venture into a home financing structure and analyze other possibilities and solutions that can be implemented with the collaboration between the developers and government.
G H Gouri, Vineetha Das
No abstract is available for this record.
Kristof Lommers, Jack Kim, Mohamed Baioumy
No abstract is available for this record.
Jonathan Chiu, Thorsten V. Koeppl, Hanna Yu, Shengxing Zhang
No abstract is available for this record.
David J. Reiss, Joseph Bizub
No abstract is available for this record.
Andrea Barbon, Jean Barthélemy, Benoît Nguyen
No abstract is available for this record.
Dong Huang, William N. Goetzmann
Using transaction data from a large non-fungible token (NFT) trading platform, this paper examines how the behavioral bias of selection-neglect interacts with extrapolative beliefs, accelerating the boom and delaying the crash in the recent NFT bubble.We show that the pricevolume relationship is consistent with extrapolative beliefs about increasing prices which were plausibly triggered by a macroeconomic shock.We test the hypothesis that agents prone to selection-neglect formed even more optimistic beliefs and traded more aggressively than their counterparts during the boom.When liquidity for NFTs declined, observed NFT prices were subject to severe selection bias due in part to seller loss aversion delaying the onset of the crash.Finally, we show that market participants with sophisticated bidding behavior were less subject to selection bias and performed better.
Mohamad Hassan Abou Daya, Carole Bernard
When entering into a tontine, the value of the tontine for the participant highly depends on its composition (e.g. the age of the participants, the amount invested by each of them already invested in the tontine). However, participants subscribe to the scheme without any knowledge of either the composition of the tontine, or, in some cases, its exact payout scheme. Herein, we quantify the value of this information using certainty equivalents in the expected utility setting and a measure for model risk that allows us to obtain bounds on the tontine value subject to uncertainty in certain characteristics. We then propose a smart contract that offers full disclosure of information in a tontine. We discuss the practical implementation of such a tontine and present some new risks that could arise.
Juehui Ma, Ken Huang
No abstract is available for this record.
Darren Aiello, Tetyana Balyuk, Marco Di Maggio, Mark J. Johnson · 6 authors
This paper uses transaction-level data across millions of accounts to identify cryptocurrency investors and evaluate how fluctuations in individual crypto wealth affect household consumption, equity investment, and local real estate markets.We estimate an MPC out of unrealized crypto gains that is more than double the MPC out of unrealized equity gains but smaller than the MPC from exogenous cash flow shocks.This MPC is mostly driven by increases in cash/check spending and mortgages.Moreover, households sell crypto to increase both discretionary as well as housing spending.As a result, crypto wealth causes house price appreciation-counties with higher crypto wealth see higher growth in home values following high crypto returns.Our results indicate that cryptocurrencies have substantial spillover effects on the real economy through consumption and investment into other asset classes.
Michael Weber, Stephen Sheflin, Olivier Coibion, Yuriy Gorodnichenko
Using repeated large-scale surveys of U.S. households, we study the cryptocurrency investment decisions and motives of households relative to other financial assets.Cryptocurrency holders tend to be young, white, male and more libertarian relative to non-crypto holders.They expect much higher rates of returns for crypto and perceive it as relatively safer than do other households.They also view it as a better hedge against inflation.For those holding cryptocurrencies, changes in Bitcoin prices translate into their purchases of durable goods.Finally, exogenously-provided information about historical returns of cryptocurrencies leads individuals to increase their desired crypto holdings and makes them more likely to actually purchase cryptocurrency subsequently.We compare these views and behaviors to those of households toward other financial assets and argue that cryptocurrency is unique in many of these respects.
Haruo Kondoh, Akinobu Ogawa
No abstract is available for this record.
H. S. Gupta, Ankita Sinha
Ecosystem services are the outcome of ecosystem functions of the forests benefitting human beings and their economies immensely. Valuation and accounting of ecosystem services emanating from forests is not only necessary to generate awareness among stakeholders, but it is essential for green accounting and ensuring environment friendly financial redistribution in a federal setup which is important for good governance and optimum land use planning. The pioneer study calculates the approximate worth of the Jharkhand forests, on the basis of different assessment methodology. These findings have been used to evolve a model for financial decentralization, ensuring an equitable distribution resource which incentivizes environmental conservation (providing baseline evidence to the recommendations of Finance commission i.e., 14 th and 15 th ). Further the assessed value of ES have been compared with the realized value of E.S. (as decided by different recommendations of Finance commission) – which shows that how the concept of “E.S.†is getting grounded in reality. Their use for inferming the developmental policies and measuring the outcomes of policies are future potential of E.S.Valuation.