The boom of public blockchains and smart contract platforms opened new approaches to solve existing issues. These new approaches addressed successfully some weaknesses of previous processes and created some new classes of problems that need solutions. In this paper we explore distributed system based on smart contract platform with a low-entry barrier designed for direct incentivization of results of scientific research. The proposed system relies on transparent interactions between organizations and individual scientist defining hard computational problems with others that are willing to invest time and efforts searching for computational solutions.
The emergence of cryptocurrency has introduced a transformative force in the global financial landscape, challenging the conventional structures of traditional financial markets. This paper explores the dynamic relationship between digital currencies and established financial systems, focusing on areas such as investment behavior, regulatory responses, market volatility, and the evolving role of financial institutions. It highlights how cryptocurrencies, particularly Bitcoin and Ethereum, have begun to influence asset allocation strategies, capital flows, and risk perceptions among investors. Furthermore, the paper examines the integration of blockchain technology in financial services and how its decentralized nature poses both opportunities and threats to conventional banking practices. While cryptocurrencies have opened up avenues for innovation and financial inclusion, their unregulated nature raises concerns regarding market stability and security. This study aims to provide a comprehensive understanding of the implications of cryptocurrency growth for traditional financial markets, suggesting the need for adaptive regulatory frameworks and strategic responses from financial institutions.
The advent of blockchain technology has sparked a revolution in various industries, with a profound impact on financial accounting practices. This review research paper explores the transformative potential of blockchain in reshaping traditional accounting frameworks. By leveraging a decentralized and transparent ledger system, blockchain introduces unprecedented levels of security, efficiency, and accuracy to financial transactions. This paper delves into the key components of blockchain technology, such as distributed ledgers, consensus mechanisms, and smart contracts, elucidating their role in revolutionizing financial accounting. The review critically examines the implications of blockchain adoption for financial reporting, audit processes, and regulatory compliance, shedding light on the emerging challenges and opportunities. Furthermore, the integration of artificial intelligence (AI) in conjunction with blockchain is explored as a synergistic force that amplifies the transformative impact on financial accounting. AI-driven algorithms enhance data analysis, fraud detection, and decision-making processes, augmenting the overall efficiency and reliability of financial information.
The rapid expansion of financial technology (fintech) across international markets has introduced unprecedented innovation in financial services, improving access, efficiency, and user experience. However, this growth also presents significant regulatory challenges for governments and oversight bodies worldwide. Diverse regulatory frameworks, inconsistent cross-border compliance requirements, and evolving fintech business models make it difficult to ensure consumer protection, data security, and financial stability. Emerging issues such as digital currencies, decentralized finance (DeFi), and algorithmic decision-making further complicate the regulatory landscape. This paper explores key regulatory hurdles faced by global fintech ecosystems, including jurisdictional fragmentation, regulatory arbitrage, and the need for agile, technology-aware governance. It also highlights efforts toward international regulatory cooperation and proposes strategies for fostering innovation while ensuring responsible and inclusive financial systems.
The advent of Web 3.0, characterized by decentralized technologies such as blockchain, smart contracts, and decentralized finance (DeFi), is reshaping the global financial ecosystem. India, or Bharat, as it progresses towards becoming a developed economy, stands at a crossroads in its financial evolution. DeFi promises transparency, efficiency, and inclusivity, potentially offering solutions to longstanding issues in India's traditional financial infrastructure, such as limited access to banking services and inefficiencies in cross-border transactions. However, the decentralized nature of Web 3.0 also presents challenges, particularly regarding regulatory oversight, consumer protection, and financial stability. The need for a robust regulatory framework is critical to balance innovation with security. This abstract explores the potential of DeFi to accelerate India's financial inclusion goals while emphasizing the importance of regulatory policies to mitigate risks such as fraud, money laundering, and volatility. By analysing global case studies, existing Indian policies, and the trajectory of Bharat's financial sector, this paper aims to provide insights into how regulators can craft a forward-looking framework for DeFi. The goal is to support innovation while ensuring that India's financial evolution through Web 3.0 is sustainable, secure, and inclusive for all citizens, contributing to its vision of becoming a developed economy.
The emergence of digital financial technology, such as blockchain, cryptocurrencies, and decentralized finance (DeFi) has created new opportunities in the field of financial inclusion, although gender differences are still very strong. The research paper examines the acceptance and effects of Web3 financial tools on the economic empowerment of women, the access and use as well as the financial literacy levels of women in the developed and emerging economies. The research design is a mixed-method study that will involve quantitative data based on blockchain transaction data, the use of digital wallets, and financial inclusion indicators, and qualitative data collection based on structured interviews and focus groups with female users and fintech providers. The results show that there are also a great difference in the adoption: women in technologically developed areas are better equipped with access, financial literacy, and institutional support, and women in resource-deprived regions have challenges with limited internet connectivity, lack of digital literacy, and socio-cultural constraints. In spite of such difficulties, Web3 technologies can contribute to making women more financially independent through facilitating inexpensive and safe transactions, decentralized savings, and having access to alternative credit structures. In addition to this, the user interaction also indicates subtle preferences: digitally literate users prefer convenience, transparency, and privacy, whereas the less digitally equipped ones focus on trust, education, and community support. Strategic interventions presented in the paper, such as female-sensitive policy models, specific financial literacy interventions, and onboarding strategies driven by communities, are also suggested to facilitate fair involvement in the Web3 ecosystem. Through the identification of both prospects and obstacles to digital finance that is inclusive of gender, this paper illustrates that Web3 can be used as an empowering opportunity in the economy and financial sustainability. The findings can be added to the increasing body of research on digital finance and presented as evidence-based policies to help policymakers, fintech developers, and advocacy organizations to enhance the gender gap in digital financial technology adoption.
Srinidhi Srinivasan, Rubasri Sundar, Sam Joy Herald Immanuel, Ramesh Belvadi · 5 authors
In light of the multiple legal issues, compliance and disruptions caused by the pandemic, organisations searching for new solutions need to know what smart contracts are and how they would function under the legal doctrine of force majeure in light of COVID-19. The Blockchains which use Bitcoin type of scripts have been popular as payment solutions, but it is less used as smart contracts. In the case of multi-level games and incremental project payments, there is a high potential to use Bitcoin type of scripts, but it is not being used currently. Interestingly, there have been attempts to associate smart contract mainly using Ethereum Blockchain but not with Bitcoin type of scripts. This article intends to demonstrate the novelty of designing smart contracts using Bitcoin type of scripts for hierarchical execution of smart contracts. An attempt is done to show its application in two use cases (multi-level reward games payment and incremental project payment). An evaluation is done with three methods each having a combination of pros and cons based on the requirements which aids in understanding for transparency and control over funds through Blockchain.
The recent emergence of blockchains may be considered a critical turning point in organizing collaborations. We outline the historical background and the fundamental features of blockchains and present an analysis with a focus on their role as governance mechanisms. Specifically, we argue that blockchains offer a way to enforce agreements and achieve cooperation and coordination that is distinct from both traditional contractual and relational governance as well as from other information technology solutions. We also examine the scope of blockchains as efficient governance mechanisms and highlight the tacitness of the transaction as a key boundary condition. We then discuss how blockchain governance interacts with traditional governance mechanisms in both substitutive and complementary ways. We pay particular attention to blockchains’ social implications as well as their inherent challenges and limitations. Our analysis culminates in a research agenda that explores how blockchains may change the way to organize collaborations, including issues of what different types of blockchains may emerge, who is involved and impacted by blockchain governance, why actors may want blockchains, when and where blockchains can be more (versus less) effective, and how blockchains influence a number of important organizational outcomes.
We suggest the re-introduction of bartering to create a cryptocurrencyless, currencyless, and moneyless economy segment. We contend that a barter economy would benefit enterprises, individuals, governments and societies. For instance, the availability of an online peer-to-peer barter marketplace would convert ordinary individuals into potential traders of both tangible and digital items and services. For example, they will be able to barter files and data that they collect. Equally motivating, they will be able to barter and re-introduce to the economy items that they no longer need such as, books, garden tools, and bikes which are normally kept and wasted in garages and sheds. We argue that most of the pieces of technology needed for building a barter system are now available, including blockchains, smart contracts, cryptography, secure multiparty computations and fair exchange protocols. However, additional research is needed to refine and integrate the pieces together. We discuss potential research directions.
We investigate the phenomenon of solidarity cryptocurrencies by combining the societal and communitarian aspects of the traditional community currencies with the the blockchain architecture chosen in a cryptocurrency project. We classify and analyze 20 selected solidarity cryptocurrencies from different countries according to three critical aspects of solidarity cryptocurrencies: scale, territorial scope and price stability. Analysis of these aspects is critical to understand the solidarity cryptocurrency concept that connects the originally separated universes of traditional community currencies and cryptocurrencies. This paper contributes to explain the emergent solidarity cryptocurrencies phenomenon by describing particular types captured by our classification. The main findings about solidarity cryptocurrencies in this study are, first, the alignment between type of governance and the respective architecture platform; second, those with closed governance are more likely to be pegged on fiat currencies or other stable measures; third, those focused on local issues tend to have a higher level of adoption.
An economic analysis of what distributed ledgers can do, examining key components and discussing applications in both developed and emerging market economies. Distributed ledger technology (DLT) has the potential to transform economic organization and financial structures. In this book, Robert Townsend steps back from the hype and controversy surrounding DLT (and the related, but not synonymous, innovations of blockchain and Bitcoin) to offer an economic analysis of what distributed ledgers can do and a blueprint for the optimal design and regulation of financial systems. Townsend examines the key components of distributed ledgers, discussing, evaluating, and illustrating each in the context of historical and contemporary economies, reviewing featured applications in both developed economies and emerging-market countries, and indicating where future innovations can have large impact. Throughout, Townsend emphasizes the general equilibrium impact of DLT innovations, the welfare gains from these innovations, and related regulatory innovations. He analyzes four crucial components of distributed ledgers—ledgers as accounts, e-messages and e-value transfers, cryptography, and contracts—assessing each in terms of both economics and computer science, and forges some middle ground. Relatedly, Townsend highlights hybrid systems in which some of these components allow useful innovation while legacy or alternative pieces deal with the problem of scale. The specific applications he analyzes include an intelligent financial automated system that provides financial services to unbanked and under-banked populations, and cross-border payments systems, including financial systems that can integrate credit and insurance with clearing and settlement. Finally, Townsend considers cryptocurrencies, discussing the role and value of tokens in economies with distributed ledger systems. The open access edition of this book was made possible by generous funding from Arcadia – a charitable fund of Lisbet Rausing and Peter Baldwin.
Kimberly Swanson Church, Sean Stein Smith, Ethan Kinory
ABSTRACT Blockchain technology, commonly associated with bitcoin cryptocurrency, attracted large amounts of investment, attention, and analysis. In addition to attracting the attention of investors, speculators, and regulators, implications for financial practitioners and organizations are increasingly apparent. Financial transactions, property transfers, audit and attestation services, supply chains, and numerous other areas of industry are continuing to integrate blockchains into operations. This paper bridges the gap between the technical concept of blockchain and relevance to the accounting field. By distilling technical components of blockchain into understandable components, practitioners and other users of this research are poised to better understand, explain, and apply salient concepts. This paper proposes a Hyperledger Composer use case method through which practitioners and researchers can familiarize themselves with blockchain concepts using an interactive demonstration of an accounting integration for intangible assets. Addressing the growing need for increased awareness, this paper builds a necessary skillset with blockchain technology and applications.
Xiao Fan Liu, Xin-Jian Jiang, Si-Hao Liu, Chi K. Tse
Cryptocurrencies gain trust in users by publicly disclosing the full creation and transaction history. In return, the transaction history faithfully records the whole spectrum of cryptocurrency user behaviors. This article analyzes and summarizes the existing research on knowledge discovery in the cryptocurrency transactions using data mining techniques. Specifically, we classify the existing research into three aspects, i.e., transaction tracings and blockchain address linking, the analyses of collective user behaviors, and the study of individual user behaviors. For each aspect, we present the problems, summarize the methodologies, and discuss major findings in the literature. Furthermore, an enumeration of transaction data parsing and visualization tools and services is also provided. Finally, we outline several future directions in this research area, such as the current rapid development of Decentralized Finance (De-Fi) and digital fiat money.
Case law is the term that refers to reports of past court decisions. It is considered an essential source of law, vital for legal professionals. Existing case law services are currently centralized, with an entity having complete control over the data and often charging fees for its access and other adding value services. This paper attempts to leverage the potential of blockchain technology in order to develop a public and decentralized platform that allows the submission of court decisions in a decentralized database and employs a network of curators who offer their validation, classification, and evaluation. Specifically, we design, analyze and implement AnyCase, a proof-of-concept prototype system on the Ethereum platform. We focus on the establishment of a sybil-resistant voting protocol used for reaching agreement and the development of a tokenized economy that incentivizes participation. Our preliminary analysis indicates that, besides being decentralized, AnyCase has the potential to compete with existing centralized systems in several other aspects.
The article concerns selected issues regarding smart contracts from the perspective of private law, in particular the concept of a contract, determination of its content, principles of performance and breach of an obligation. The legal analysis jest supplemented with technological aspects that show the essence and mechanism of operation of Blockchain, smart contracts, Ethereum. The legal doctrine generally referred to the technological aspects of smart contracts, attempting to include them in the traditional contract law system. The article contends that this is the wrong approach. The authors argue that a smart contract as such is not a contract, but a computer program (code) that can be a manner of concluding a contract and at the same time self-executing it. The qualification of a smart contract as a method of conclusion a contract, and not the contract itself, determines the conclusions on other aspects of concluding the contract, its interpretation, etc. Considerations concerning the model of a self-executing contract are formulated around this thesis. This model determines the proposals for regulation of the principles of performance of the contract, the consequences of the breach of contract and others areas of concern.
Online teaching has become mandatory across the globe during the COVID-19 pandemic situations. Hence, there is a need to uplift the online teaching technology for data privacy preservation and transparency in the system. Various online teaching schemes have been proposed by various authors, but they lack in handling decentralised governance, transparency, trust and communication issues. Blockchain (BC) Technology has emerged to provide decentralised solution in solving the real-time problems. Motivated by these facts, in this paper, we propose a BC-based decentralised online teaching scheme known as BDoTs. The security and data privacy issues in BDoTs are resolved by developing smart contracts (SCs) over BC. Moreover, the data storage cost issues are handled by the Inter Planetary File System (IPFS) protocol for Off-Chain data storage. Moreover, we present a real-time BC simulation and deployment of SC in Truffle suite. Results show that the proposed scheme performs better in comparison to the state-of-the-art schemes in terms of scalability, data storage cost, and packet loss.
This study proposes a blockchain-based copyright depository scheme. Blockchain is used as an underlying architecture to develop the digital copyright depository system. The system is built to solve the existing problems of the copyright depository, such as ambiguous ownership, low cost of piracy, rampant piracy, and difficulty in copyright monitoring, protection and sharing. Digital verification technology, supervision nodes, Oracle service and smart contract are introduced to provide certification depository, flow tracking, rights protection and sharing services for digital content. A system performance test is carried out for the registration service and query service, and the results show that the throughput of the two services was 195 and 366 times/second respectively with zero failure rate. The blockchain-based copyright depository system has been developed into a software as a service (SaaS) platform-blockchain copyright depository platform and provides services for dozens of institutions and enterprises, such as Zhijiang Notary Office, Xinhua Zhiyun, Himalaya, etc.
Article New Zealand: Are Cryptocurrencies Property? — An analysis of eligible entities for property in the light of the first landmark ruling on cryptocurrency was published on October 1, 2020 in the journal Computer Law Review International (volume 21, issue 5).
This study examines the potential risk reducing benefits of Bitcoin against systemic risk in 28 countries from 2011-2020. The results indicate that Bitcoin provides a safe haven in times of extreme financial market volatility and during periods of financial crisis.
In this paper, we study the cryptocurrency asset pricing via machine learning. Cryptocurrency is based on the blockchain technology. In 2008, a person who published an idea. By 2011, that idea is a market worth over 54 million. After bitcoin began taking off, hundreds of alternative cryptocurrencies formed an in-depth market system. More advanced, alternative forms of blockchains are springing up as autonomous corporations.
Cryptocurrencies are decentralised virtual currencies, using blockchain technology to process peer-to-peer electronic payments. In 2009, the first successful cryptocurrency, Bitcoin, was established. This article discusses concepts of cryptocurrency, its relevance in the financial sector, its associated risks and establishes whether regulatory interference is necessary in order to combat money laundering using cryptocurrency. Currently, cryptocurrencies remain unregulated in South Africa. The article concludes that regulatory intervention is necessary and that cryptocurrencies should be integrated into relevant existing legislation.
In this study, digital transformation applications in the business world and in finance field are discussed in detail. The current and potential effects of digitalization on a wide spectrum from operational finance to portfolio management are examined. Advantages and disadvantages of digital transformation have been examined in detail and a general evaluation has been made about the ongoing process. One of the most important milestones of digitalization in the financial world is cryptocurrency. It is totally based on blockchain technology that eliminates public authority intervention and intermediaries by establishing peer to peer (P2P) transactions via the decentralized platform. In particular, the possible effects of increasing digitalization efforts on the financial environment after Covid-19 are interpreted.