Accountability is a fundamental after-the-fact approach to detect and punish illegal actions during the execution of a warrant for accessing users’ sensitive data. To achieve accountability in a security protocol, a trusted authority is required, denoted as judge, to faithfully cooperate with the rest of the entities in the system. However, malicious judges or uncooperative protocol participants may void the accountability mechanism in practice, for example by fabricating fake evidence or by refusing to provide any evidence at all. To provide remediation to these issues, in this paper we propose Fialka, a novel accountable decryption system based on privacy-preserving smart contracts (PPSC). The neutrality that is inherent to a secure blockchain platform is inherited by PPSC which are then used in our approach as an accountable key manager as well as a transparent judge. To the best of our knowledge, we present the first PPSC-based accountable decryption system to increase the transparency of warrant execution with formal definitions and proofs. Furthermore, we provide and evaluate a prototype implementation using the PPSC-enabled platform Oasis Devnet, which additionally demonstrates the feasibility of Fialka.
In this paper we critically evaluate the applicability of blockchain-based smart contracts to reduce unfair trading practices (UTPs) in the food supply chain. Face-to-face interviews and a quantitative survey were used to collect and analyse the opinions of 20 experts in blockchain and food supply management. The results show that contractual parties with asymmetric bargaining power along the food supply chain can implement blockchain-based smart contracts to reduce the negative impacts of UTPs. The creation of templates for such types of contracts and promotion by regulative authorities could help their dissemination. This is the first study to explore the applicability of blockchain-based smart contracts in the food supply chain and its impact on UTPs. We especially focus on the needs of small and medium-sized food producers and farmers who experience negative impacts on their businesses due to existing power asymmetries.
The main goal set in this monograph was to create an economic and legal model for financing long-term and capital-intensive investment projects utilizing the potential of DLT (Distributed Ledger Technology) so that the new solution is an effective alternative and is adapted to existing legal possibilities (compliance-by-design approach). The monograph is the most important result of the work carried out as part of a grant financed by the Polish National Science Centre, and contains a proposal for such a model (see Chapter 7 ).
Julian Adam Wise, Meng Chak Chan, Dihon Tadic, Stephanie Miles · 9 authors
Abstract This research demonstrates financial derivative trade of unprocessed materials, for the mining industry through legal smart contracts. Within the mining supply chain, a stock of mined resources can reside in a mineral stockpile for over twenty years without gaining financial interest and without undergoing the mineral extraction process to derive value from the asset. This research elaborates on a blockchain solution implemented to increase miners’ short-term cash flow for business operations through the issuance of derivative assets on mineral stockpiles which can be traded through legally binding smart contracts. The system is the first to enable mining companies’ access to the underlying asset’s value earlier in the production lifecycle through smart contract technology whilst providing hedge funds with access to new financial products for investment portfolios.
Tämän tutkimuksen tavoitteena oli selvittää lohkoketjuteknologian ja hajautettujen tilikirjojen soveltuvuutta arvo-osuuksien käsittelyyn. Lohkoketjuteknologia on saanut verrattain paljon huomioita lähinnä kryptovaluuttojen vuoksi, ja sen on arvioitu muuttavan finanssialaa tulevaisuudessa. Tutkimus keskittyi ensisijaisesti selvittämään, onko lohkoketjuteknologialla aidosti disruptiivisia ominaisuuksia, jotta se voisi muuttaa arvopaperikeskusten, keskusvastapuolten ja säilyttäjäpankkien roolia tulevaisuudessa. Täytyykö lohkoketjun olla suunniteltu juuri tietynlaiseksi, jotta sitä voitaisiin hyödyntää arvo-osuuksien käsittelyssä. Lisäksi tutkimus pyrki löytämään syitä siihen, miksi lohkoketjuteknologian ja hajautettujen tilikirjojen käyttö ei ole yleistynyt sen luvatuista hyödyistä ja mainituista perusominaisuudesta huolimatta. \n \nTutkimuksessa pyrittiin selvittämään, voitaisiinko hajautetulla tilikirjoilla vähentää arvopapereiden säilytykseen ja selvitykseen liittyviä riskejä, kuten selvitys-, likviditeetti- tai säilytysketjun riskejä. Lisäksi tutkimuksessa pyrittiin selvittämään, voisiko lohkoketjupohjaiset selvitys- ja säilytysjärjestelmät lisätä omaisuuden suojaa, tietosuojaa, sekä lisätä läpinäkyvyyttä liikkeeseenlaskijoille, loppusijoittajille ja valvojille. Tutkimus toteutettiin puolistrukturoituina asiantuntijahaastatteluina. \n \nTutkimustulokset viittaavat siihen, että lohkoketjuteknologia ja hajautetut tilikirjat eivät tällä hetkellä sovellu laajamittaisesti arvopapereiden säilytykseen ja selvitykseen. Tosin, toimiala näkee mahdollisuuksia lohkoketjuteknologian soveltamiseen esim. fyysisten arvopapereiden, kuten osakeyhtiöiden osakkeiden käsittelyssä. Lohkoketjuteknologian luvatut hyödyt eivät ole toteutuneet, osittain investointien vähyyden vuoksi. Myös nykyisten järjestelmien todellisten ongelmien vähäinen määrä, sekä uuden teknologian tuomat mahdolliset hyödyt ovat osaltaan vähentäneet sen kiinnostusta toimialalla.
In this paper we analyse the advantages that the application of blockchain technology brings to accounting information systems (AIS), but also highlight the potential issues with its use. We examine the use of blockchain against the background of the historical evolution of AIS and explain the operational fit of this technology in AIS. We then analyse the pros and cons of the highly probable use of blockchain technology in AIS. For this purpose, we review the relevant contributions on this subject in the accounting academic literature to date and classify them into four categories on the basis of their focus: governance, transparency and trust; continuous audit; smart contracts; and roles of accountants and auditors. We also analyse the early reactions of the accounting industry and regulators to this new technological environment.
Cryptocurrency has become most sought after digital payment system these days and has been regarded as the safest mode of transferring money and making payments. The functionality of the cryptocurrency highly depends upon the use of advanced technology and resulted in the emergence of a number of cryptocurrencies like Bitcoin, Ripple, Ethereum, etc. The evolution and growth of cryptocurrency have been tremendous during the last 10 years and has revolutionised the whole financial sector. The cryptocurrency provides immense opportunities to the users in the form of increased job propensities and new market ventures along with certain challenges like volatility, lack of markets and so on. The risk and return factors involved with the usability and adaptability of cryptocurrency has also impacted the users in both positive and negative ways. Hence, the current research study provides detailed insights about cryptocurrency, its growth, opportunities, and future prospects in an adequate manner.
ABSTRACT Blockchain transactions are recorded in a shared and append-only repository that multiple parties verify, validate, and agree upon. While initially used to keep track of digital assets, blockchains now track the ownership and provenance of tangible assets. An inherent challenge in using blockchain for this task involves keeping the status of a tangible asset in the physical world in sync with its non-fungible token on a blockchain. While several blockchains are already being used in this manner, specific implementation details are fragmented. In response, this study examines four stages of tracking tangible assets using a consortium's permissioned blockchain, including: design and governance of a blockchain, asset creation, asset transfer, and asset retirement. Based on this analysis, this study proposes a framework of risk considerations and control objectives to evaluate the extent to which a unique blockchain serves as a reliable transaction repository for tracking the ownership and provenance of tangible assets.
This study presents a comparative analysis of risk models employed by traditional financial systems and emerging blockchain-based fintech platforms, with a focus on their respective risk identification, mitigation, and management mechanisms. As fintech innovation accelerates, the growing diversity of financial technologies necessitates a deeper understanding of how risk is assessed and addressed across different paradigms. Traditional financial institutions have long relied on centralized risk models, utilizing historical data, credit scores, regulatory compliance frameworks, and human oversight to evaluate financial, operational, and credit risks. These models are generally characterized by hierarchical structures, standardized reporting, and strict regulatory supervision. However, such systems may struggle with issues of data latency, limited transparency, and operational inefficiencies. Conversely, blockchain-based fintech platforms leverage decentralized architectures, cryptographic protocols, and smart contracts to manage financial transactions and risks. These systems utilize automated, algorithmic risk assessments that incorporate real-time transaction monitoring, distributed consensus mechanisms, and token-based collateralization to mitigate risks. Blockchain-enabled models also offer enhanced transparency, auditability, and immutability of transaction records. Nevertheless, they introduce new risks, such as vulnerabilities in smart contract code, governance challenges in decentralized autonomous organizations (DAOs), scalability constraints, and regulatory uncertainty in many jurisdictions. This comparative study examines the strengths and weaknesses of both models across key risk categories, including credit, operational, market, liquidity, and compliance risks. It further explores the implications of emerging technologies such as decentralized finance (DeFi) and regulatory technology (RegTech) in reshaping risk management practices. The analysis highlights that while blockchain-based systems offer greater automation and transparency, they require robust technical safeguards and adaptive regulatory frameworks to ensure security and resilience. Ultimately, the study underscores the need for hybrid approaches that integrate the robustness of traditional risk models with the agility and transparency of blockchain technologies to create more resilient, efficient, and inclusive financial ecosystems.
This essay examines whether smart contract innovation is capable of displacing the orthodox adherence to traditional contracts. This examination is underpinned by an analysis of the legality of smart contracts, through which it is exemplified that smart contracts ought to be considered legally binding instruments. The essay proceeds to explore the superiority of smart contracting on a technical and theoretical basis. The advantages generated through smart contract automaticity and enforceability present a concrete basis for undermining reliance on traditional contracts. Blockchain Technology also enhances the benefits of smart contracts by acting as a smart contract enabler through guaranteed performance and enforceability. Nevertheless, such novel technologies inevitably suffer from several shortcomings. This essay considers examples which illustrate the inflexibility of smart contracting. Apart from being susceptible to hacking and code exploitation, smart contracting is unable to deal with ambiguities and potential modifications. Overall, this suggests that the advantages of smart contract practice are currently confined to some specified limited scenarios. Smart contracts perform a different function to traditional contracting by merely guaranteeing technical enforceability as opposed to legal enforceability. This essay thus concludes that, for the time being, it is best to regard smart contracting as a supplement to traditional contracts rather than an outright displacement.
Several blockchain-based financial technologies and cryptocurrencies have been launched for low-income people. Blockchain?s technical potential can be used to serve the needs of unbanked and underbanked populations, but there is no evidence that these needs are being met.
Il contributo analizza i principali aspetti connessi alla disintermediazione, tech-based nei mercati finanziari, illustra natura e principi di operatività di DLT e Blockchain per poi illustrare vantaggi e i rischi derivanti dal ricorso alle Distributed Ledger Technologies nel mercato finanziario, con particolare riferimento alle incertezze connesse al relativo quadro normativo.