ABSTRACT Blockchain technology has emerged as a foundational infrastructure for decentralized applications, where consensus protocols play a critical role in ensuring security, consistency and trust among distributed participants. This paper presents a comprehensive comparative analysis of nine widely adopted consensus protocols across public (proof of work [PoW], proof of stake [PoS], delegated proof of stake [DPoS]) and private (practical Byzantine fault tolerance [PBFT, Raft, Kafka, proof of elapsed time [PoET], yet another consensus [YAC], Paxos) blockchain systems. Unlike prior surveys, this work integrates workflow‐level operational modelling, quantitative performance comparison and application‐driven decision support within a unified analytical framework. Our analysis shows that PoW achieves strong decentralization at 3–15 transactions per second (TPS) with 10–60 min finality, whereas PoS improves throughput to tens to thousands of TPS with seconds‐to‐minutes finality while reducing energy consumption by approximately 99%. Private blockchain protocols such as PBFT and Kafka achieve sub‐second latency and throughput exceeding 10,000 TPS by trading off decentralization for performance and control. Furthermore, we develop a decision‐support framework that maps consensus mechanisms to application requirements and provides a critical synthesis of security risks, scalability limitations, and emerging solutions. The findings highlight that no single protocol satisfies all design goals, reinforcing the necessity of context‐aware consensus selection.
Abstract This article critically examines how Web3 decentralization policy trends impact global digital governance, questioning whether they genuinely distribute power or merely shift influence to a new, tech-savvy elite. Based on fieldwork in Silicon Valley since August 2022 and engagement with scholars and practitioners up to December 2025, the article provides a conceptual analysis with emerging empirical insights around the nascent global Web3 movement. While Web3 advocates challenge centralized data monopolies and traditional state structures, this analysis critiques the assumption that Web3 democratizes power, highlighting both its potential for inclusion and risks of exclusion, insofar as it may reinforce hierarchies rooted in technical expertise and digital access. While acknowledging the broader landscape of Web3 governance (including hybrid and federated models) and scoping the Global North and Global South contexts considering global adoption cases, the article particularly focuses on three post-Westphalian paradigms: (i) Network States, (ii) Network Sovereignties, and (iii) Algorithmic Nations. While Network States advocate for crypto-libertarian governance, Network Sovereignties and Algorithmic Nations emphasize cooperative governance aimed at empowering minority communities, such as indigenous groups, stateless nations, and e-diasporas, through decentralized, data-driven systems. By engaging with both the limitations and some promises, prospects, and pitfalls of Web3, this article questions whether Web3 can create a more inclusive global order or if influence is increasingly concentrated among a new elite. This article contributes to debates on sovereignty, governance, and citizenship by advocating hybrid policy frameworks that balance global and local dynamics, emphasizing solidarity, digital justice, and international cooperation for equitable Web3 governance.
Tato práce se zabývá integrací protokolu zkLogin do aplikace Web3, aby se uživatel mohl přihlásit pomocí účtu OpenID Connect místo správy seed phrase. Práce vysvětluje princip zkLogin, porovnává jej s jinými přístupy k autentizaci ve Web3 a implementuje prototyp pro Sui a Ethereum. Větev pro Sui používá nativní podporu zkLogin, zatímco větev pro Ethereum používá Groth16 důkaz, chytrý účet, registr JWK a ERC-4337. Jednoduchý lending scénář ověřuje opakované změny on-chain stavu po přihlášení. Výsledky ukazují, že zkLogin může zjednodušit onboarding a omezit přímé zveřejnění vazby mezi účtem Web2 a on-chain adresou, ale prototyp stále závisí na poskytovateli identity, salt service, proving infrastruktuře a správě veřejných klíčů.
Memory-enabled large language model (LLM) agents, particularly those deployed in long-horizon, tool-using settings such as Web3-style autonomous workflows, introduce security risks that extend beyond single-prompt injection. By persisting and reusing information across interaction steps and sessions, these agents enable memory poisoning attacks in which adversarial inputs modify persistent agent state and influence future decisions after benign intermediate interactions. Recent work on context manipulation and “fake memories” demonstrates that adversarial content can be injected into an agent’s prompt-visible inputs or persistent memory; however, existing evaluations largely analyze such attacks at isolated interaction steps or static context snapshots, obscuring their temporal dynamics. In this paper, we present the first large-scale, trajectory-level measurement framework for analyzing temporal memory poisoning in memory-enabled LLM agents. We construct a schema-constrained dataset of 2,614 multi-step attack trajectories spanning four attack families,chain poisoning, policy rewriting, backdoor triggering, andslow drift, executed over shared persistent memory. We define temporal risk metrics over multi-step interaction trajectories that capture delayed activation, non-monotonic escalation, and the earliest point at which attacks become distinguishable from benign behavior. Our empirical results show that a substantial fraction of attacks remain indistinguishable from benign behavior until late-stage activation, despite exhibiting low or medium risk at all earlier steps. Slow-drift and backdoor-trigger attacks, in particular, systematically evade step-local evaluation until terminal interactions, while chain poisoning and policy rewriting exhibit non-monotonic risk trajectories. These findings demonstrate that memory poisoning risk is inherently temporal and cannot be reliably assessed using prompt-level or step-isolated evaluation, motivating trajectory-aware benchmarks for agent security.
Financial markets often appear chaotic, yet ranges are rarely accidental. They emerge from structured interactions between market context and capital conditions. The four-hour timeframe provides a critical lens for observing this equilibrium zone where institutional positioning, leveraged exposure, and liquidity management converge. Funding mechanisms, especially in perpetual futures, act as disciplinary forces that regulate trader behavior, impose economic costs, and shape directional commitment. When funding aligns with the prevailing 4H context, price expansion becomes possible; when it diverges, compression and range-bound behavior dominate. Ranges therefore represent controlled balance rather than indecision, reflecting strategic positioning by informed participants. Understanding how 4H context and funding operate as market governors is essential for interpreting cryptocurrency price action as a rational, power-mediated process.
Stake-out surveying is a crucial step in the initial phase of building construction, aiming to transfer the planned design coordinates onto the actual site with high precision. This study evaluates the accuracy and effectiveness of using the Total Station DTM 322 instrument in performing stake-out measurements for the construction project of the STDI Jember Lecture Building. The methodology involves converting design data from CAD drawings into local coordinates, implementing field measurements, and verifying the geometric accuracy across 52 stake-out points. Results show that the horizontal deviation was maintained within ±2 cm, meeting the technical requirements for structural foundation work. The use of Total Station significantly enhanced the speed and precision of the process. This paper highlights the systematic approach e ployed, the challenges encountered during fieldwork, and recommends strategies for improving stake-out operations in similar future projects.
Khadija Sarwar, Syed Abid Ali Shah, Umar Ayaz Khan, Nosharwan Javied · 6 authors
Public and private sector tendering has traditionally relied on manual, paper-based, or loosely digitized workflows that are slow, opaque, and vulnerable to favouritism, record tampering, and unauthorized disclosure of bid information. Conventional e-tendering portals, although faster than paper-based processes, remain centralized, exposing them to a single point of failure and not guaranteeing that evaluation outcomes are auditable by bidders themselves. This paper presents the design and implementation of a Blockchain-Based Secure Tender Management System that uses Ethereum smart contracts, the Inter Planetary File System for decentralized document storage, and MetaMask-based identity/wallet management to automate tender publication, bid submission, evaluation, and contract award. The system is organized around two core smart contracts — a Listings Contract that manages tender creation, publication, and bidder communication, and an Agreement Producer Contract that manages award, billing, and payment logic — deployed and tested using Truffle and Ganache. By anchoring every transaction to an immutable, cryptographically verifiable ledger, the proposed framework removes intermediaries, enforces evaluation rules programmatically, and gives every stakeholder a synchronized, tamper-evident view of the tendering lifecycle. A review of blockchain-enabled procurement, construction-industry payment automation, and decentralized storage literature from 2020–2026 is used to contextualize the design choices and to identify open research directions, including scalability, gas-cost optimization, regulatory compliance, and integration with artificial intelligence for bid evaluation.
The proliferation of counterfeit products in various industries, including pharmaceuticals, electronics, and luxury goods, poses a significant threat to consumer safety, brand reputation, and economic integrity. Traditional verification methods often fail due to centralized control and limited traceability. This research proposes a block chain-based system to identify fake products by leveraging the decentralized, immutable, and transparent nature of block chain technology. The system records product information such as manufacturing details, origin, and ownership history on a distributed ledger, ensuring secure and tamper-proof tracking across the supply chain. Each product is tagged with a unique QR code that links to its block chain record, allowing end-users to verify authenticity through a mobile application. The system incorporates distinct login modules for administrators, sellers, and customers to ensure secure interactions and streamline product management. Simulation results validate the system’s capability to detect counterfeit products with high accuracy and real-time verification speed. The proposed solution provides a scalable and efficient framework for enhancing supply chain integrity and protecting consumers against fake goods
Blockchain technology has emerged as a revolutionary tool for securing online transactions by providing a decentralized, transparent, and immutable ledger for digital records. This technology operates on the principles of cryptography and consensus mechanisms, making it resistant to tampering and fraud. As online transactions have become an essential part of modern economies, ensuring the security and integrity of these transactions has become a critical challenge. Blockchain addresses these concerns by enabling peer-to-peer transactions without the need for intermediaries, thereby reducing the risk of fraud, data breaches, and financial theft. The purpose of this paper is to explore the role of blockchain technology in enhancing the security of online transactions, focusing on its implementation in various industries such as finance, healthcare, and e-commerce. This paper will analyze the fundamental features of blockchain, including its decentralized nature, transparency, and the cryptographic techniques used to ensure data integrity. Additionally, it will examine the challenges associated with the widespread adoption of blockchain, including scalability issues, regulatory concerns, and technological barriers. The paper also discusses the future potential of blockchain technology, particularly in relation to its integration with emerging technologies like artificial intelligence and the Internet of Things. By reviewing current trends, case studies, and research findings, this paper aims to provide a comprehensive analysis of blockchain technology’s impact on securing online transactions and its potential to revolutionize digital economies.
Indonesia’s fiscal decentralization provides village funds and tax revenue sharing funds to strengthen village autonomy, support public services, and enhance community economic welfare. This study examines the impact of village fund allocation, village fund, and tax revenue sharing funds on the economic welfare of communities across 13 villages in Murung District, Murung Raya Regency, from 2020 to 2024. Using a quantitative explanatory approach, the research applies descriptive and inferential statistical methods, including validity and reliability tests, multiple linear regression, and significance testing. The findings reveal that fund allocation, village fund, and tax revenue sharing funds significantly influence key indicators of economic welfare, such as household income, access to clean water, and the growth of active micro-enterprises. Among these, village funds emerge as the most dominant variable, contributing directly to economic participation and service access. The regression model demonstrates strong predictive power. These results align with theories of fiscal decentralization, public finance allocation, and welfare economics emphasizing the role of targeted fiscal transfers in reducing inequality and enhancing local development. The study recommends optimizing sharing funds for productive programs, integrating fiscal planning with SDGs and performance indicators, and strengthening governance, transparency, and community participation.
Persistent electricity shortages and routine load shedding have long hindered social and economic development in Pakistan, with Punjab its most populous and industrialized province bearing a disproportionate share of the burden. In recent years, however, solar power has emerged as a central pillar of provincial strategies to enhance energy security and reduce dependence on conventional, fossil-fuel-based generation. This paper examines how solar energy is contributing to Punjab’s gradual shift from chronic load shedding toward greater energy independence. Adopting a qualitative, multiple-case design, the study draws on national and provincial policy documents, secondary reports, and peer-reviewed literature. It focuses on four key sectors residential, agricultural, educational, and industrial where solar initiatives have been promoted through programs such as free solar panel schemes for low-income households, school solarization, solar irrigation systems, and industrial rooftop installations. A comparative sectoral analysis evaluates these initiatives in terms of affordability, reliability, sustainability, and scalability. The findings show that solar energy has significantly improved supply reliability for many households and institutions, reduced operating costs for some farmers and industries, and opened new avenues for decentralized generation. At the same time, coverage remains uneven, key programs are still small relative to overall need, and implementation is constrained by financing barriers, bureaucratic delays, and limited technical capacity. The paper argues that Punjab’s trajectory illustrates both the transformative potential and the persistent limitations of solar-led energy transitions in developing-country contexts. It concludes that scaling up equitable, decentralized solar adoption supported by robust provincial policies, innovative financing, and institutional reforms will be essential if solar power is to move from a complementary role to a structural driver of energy independence.
The principle of financial independence is particularly linked to one of the budgetary principles, i.e. the principle of material unity. The article aims to describe the principles of financial independence and the principle of material unity in the financing of municipalities. To obtain this objectives, we focus on explaining the essence and goals of the principles of financial independence and the principles of material unity, as well as on exceptions to the principles of unity. The article bases on the dogmatic and legal method. The presented considerations lead to the conclusion that the introduction of many sources of exceptions to the principles of material unity results from additional regulatory arbitrariness, limiting decentralization and management independence.
Дмитро Люшенко, Нодарі Горгіладзе, Олександр Туголуков, Михайло Шептун · 6 authors
Висока волатильність криптовалют та швидке поширення технологій штучного інтелекту (ШІ) у фінансовому секторі визначають необхідність точного прогнозування ризиків і поведінки інвесторів у процесі цифрової трансформації фінансових ринків. Метою дослідження є розробка системи економетричних моделей для оцінки прибутковості, волатильності, ліквідності та ризику падіння основних криптоактивів із використанням методів на основі ШІ. Методологічна структура включає моделі специфікацій ARDL-MIDAS, GARCH-MIDAS, PMG та logit, які поєднують високочастотні ринкові дані, макроекономічні індикатори, он-чейнгові метрики та індекси настроїв інвесторів. Вибірка охоплює вторинні дані за 2018-2025 роки для п'яти провідних активів — Bitcoin, Ethereum, BNB, XRP та Solana. Результати моделі ARDL-MIDAS показали, що збільшення обсягів торгівлі на 1% збільшує короткострокову прибутковість на 0,012 пункту, водночас зростання індексу VIX зменшує їх на 0,014 пункту. У моделі GARCH-MIDAS коефіцієнти α=0.085 та β=0.900 підтверджували високу інерцію волатильності біткоїна, а компонент MIDAS у VIX мав значний вплив 0.27. Модель панелі PMG виявила негативний довгостроковий вплив волатильності на ліквідність (−0,27) і позитивний ефект надпливу стейблкоїнів (−0,12), що вказує на функцію стабілізації. Логіт-модель довела, що збільшення на стандартне відхилення індексу VIX збільшує ризик краху на 52%. Отримані результати підтверджують ефективність поєднання економетричних методів і ШІ для аналізу цифрових фінансових ринків і технологій ШІ для аналізу цифрових фінансових ринків. Висновки підкреслюють можливість практичного застосування запропонованих моделей у фінансовому прогнозуванні, управлінні ризиками та політиці стабілізації цифрових активів у контексті розробки інтелектуальних фінансових систем на основі ШІ.
As the digital transformation accelerates, the security of cloud-based data storage and transmission has become a critical concern. Traditional cryptographic models often fail to ensure data integrity, privacy, and non-repudiation in distributed environments. This study proposes a blockchain-based security framework that integrates smart contracts, hash-based consensus, and distributed ledger technology (DLT) to enhance cloud data protection. The framework leverages immutable storage for audit trails, consensus validation for tamper detection, and homomorphic encryption for privacy-preserving computations. Experiments using Hyperledger Fabric and Ethereum private testbeds reveal that blockchain integration improves data integrity verification efficiency by 42% and reduces unauthorized modification risks by 35% compared to conventional systems. The findings underscore blockchain’s role as a cornerstone of trustworthy cloud architectures, ensuring both transparency and confidentiality in global digital ecosystems..
Although many academic studies have examined volatility spillovers and dynamic correlations between stock markets, they have largely overlooked the perspective of Small and Medium-Sized Enterprise (SME) markets. On this basis, this study explores the interconnectedness and volatility correlation between Decentralized Finance (DeFi) markets and SME markets. To understand the correlation between these markets, we empirically analyse six European SME market indices—the FTSE AIM All-Share Index (AIM), BIST SME Industrial Index (BISTSME), Euronext Growth All-Share Index (EURONEXT), First North All-Share Index (FIRSTNORTH), IBEX Medium Cap Index (IBEXC), and Scale All-Share Performance Index (SCALE)—alongside three cryptocurrencies: Aave (AAVE), Ethereum (ETH), and Uniswap (UNI); two stablecoins: Dai (DAI) and USD Coin (USDC); and one synthetic asset: Synthetix (SNX). The study employed BEKK-GARCH and DCC-GARCH to analyse the existence of spillover effects and correlations from October 5, 2020, to August 18, 2024. The findings indicate that AAVE, ETH, and UNI, in particular, transmit significant volatility to the EURONEXT and FIRSTNORTH markets. However, bidirectional volatility spillover was detected between EURONEXT and AAVE, ETH, UNI, USDC, and SNX, and FIRSTNORTH and AAVE, ETH, UNI, and SNX. This suggests volatility interdependence between these markets and the existence of potential risk contagion channels.
This study aims to analyze the implementation of smart contracts in digital business practices and to assess their legal certainty from a civil law perspective. This research employs a normative legal research method using statutory and conceptual approaches, focusing on the Indonesian Civil Code, the Law on Electronic Information and Transactions, and the Law on Financial Sector Development and Strengthening. The findings indicate that smart contracts can be legally recognized as valid agreements provided they fulfill the essential requirements of contract validity, namely consent, legal capacity, a specific object, and a lawful cause. However, the automated and code-based nature of smart contracts poses challenges in interpreting the parties’ intent, verifying legal capacity, and determining lawful cause. Therefore, stronger regulatory frameworks and hybrid contract models are necessary to ensure legal certainty for smart contracts in Indonesia.
The intermediated holding of investment securities through tiered custody chains undermines the rights of investors. Distributed ledger technology offers potential solutions through direct investor-issuer connections, but emerging regulatory frameworks paradoxically recreate intermediation while providing weaker safeguards than for traditional securities. This article examines how current legal approaches to tokenised securities risk creating worse outcomes for investors, particularly retail participants.