The hydropower fleet in Austria is ageing and needs to be modernised to adapt to changing conditions in national and international energy systems. The financial viability of hydropower repowering projects remains a challenge because of high investment costs and long payback periods. A part from additional revenuestreams, a Bitcoin mining operation has the potential to be used as a flexible demand source also for curtailment and grid stability services. This thesis provides quantitative evidence on whether a Bitcoin mining operation can serve as an additional revenue stream to improve the investment metrics of a hydro repowering project in Austria, using a dynamic investment calculation and sensitivity analysis.The results show that Bitcoin mining can improve the financial performance especially for run-of-river plants with higher full load hours. These positive effects are sensitive to the volatility of the Bitcoin price and the network hash rate, making long-term returns difficult to predict.
Flavio Corradini, Alessio Galassi, Alessandro Marcelletti, Barbara Re
Blockchain has been largely adopted in several sectors through decentralized applications. These rely on smart contracts, whose implementation can diverge from the intended logic, leading to unexpected behaviors. Such behaviors can be identified by observing the data produced within smart contracts’ execution, employing compliance checking techniques. Their adoption poses a main limitation since the traditional rule specification languages do not explicitly refer to the blockchain. To address this limitation, we propose a domain-specific language, called CoBlock , to define compliance rules by relying on blockchain characterizations as a first-class citizen. This enables a tailored framework for compliance checking, supporting the definition of rules to check smart contract execution data. The framework is implemented as a web application. We demonstrate and evaluate the applicability of the language and the accuracy and feasibility of the framework using two real-world decentralized applications, namely Augur and PancakeSwap.
Purpose –this paper aims to examine the impact of the integration between Extensible Business Reporting Language (XBRL) and Smart Contracts, which represent the second generation of the decentralized ledger Blockchain, on the transition from continuous auditing to Real-time Auditing. Design/methodology/approach – Using Exploratory Study , this study examines the impact of the integration between XBRLand Smart Contracts on the transformation from continuous Auditing to Real-time Auditing. Findings – This paper finds that the XBRL- Smart Contracts is a good way to activate real-time Auditing because of the characteristics of XBRL and Smart contracts based on blockchain that can support real-time Auditing, including transparency, privacy, decentralization, and pre-validation of operations at the same time as they occur with no possibility of modification or fraud. Therefore, Smart Contracts is not a substitute for XBRL, as the Blockchain is a ledger through which transactions can be conducted, and XBRL is the standard that can standardize the terms and standards for the items that are exchanged in accounting in those transactions, which means that XBRL supports Smart contracts based on blockchain in transparency and trust in transactions. There for, this paper finds that the XBRL- Smart contracts based on blockchain integration affects significatively to transfer from continuous auditing to real time auditing. Originality/value – This paper contributes to the literature on Provide a proposed A Prospective framework for the integration between XBRL and Smart Contract to transfer from continuous Auditing to Real time Auditing.
В статье рассматривается проблема применимости отечественных криптографических алгоритмов в современных системах доказательств с нулевым разглашением (zero-knowledge proofs, ZKP), которые находят широкое применение в блокчейнах, цифровой идентификации, медицинских и биометрических системах, а также в задачах машинного обучения и защиты конфиденциальных данных. Особое внимание уделено использованию алгоритма хэширования ГОСТ 34.11-2018 «Стрибог» в качестве случайного оракула в протоколах доказательств, где этот компонент играет ключевую роль для обеспечения корректности и безопасности вычислений. В работе проводится краткий обзор современных парадигм построения систем доказательства выполнения произвольных вычислений. В качестве объекта анализа выбран постквантовый протокол FRI, который активно применяется в агрегируемых ZKP-системах и опирается на использование хэш-функций для построения деревьев Меркля и генерации случайных элементов поля. Авторами реализована экспериментальная версия протокола FRI на языке Python с возможностью замены криптографических примитивов и проведения замеров производительности. В рамках эксперимента стандартные хэш-функции семейства Keccak были заменены на «Стрибог», что позволило провести сравнение времени работы протокола. Результаты показали, что использование ГОСТ 34.11-2018 приводит к замедлению генерации доказательства примерно в два раза, однако такое снижение производительности не является критичным для приложений, где ключевым фактором выступает соответствие национальным стандартам и регуляторным требованиям. Сделан вывод о принципиальной возможности применения алгоритма «Стрибог» в ZKP-протоколах и обозначены направления дальнейшей оптимизации его использования, включая аппаратные ускорения и адаптацию к современным моделям построения хэш-губок.
Open access
Legal and Policy Issues
Advanced Computational Techniques in Science and Engineering
This research paper presents the design and development of a Cryptocurrency Dashboard that applies data analytics techniques to the financial technology sector. The goal of this project is to visualize historical cryptocurrency data such as market capitalization, trading volume, and price fluctuations through an interactive and user-friendly interface. Using tools such as Python and Power BI, data was collected, cleaned, analyzed, and visualized to provide dynamic insights for investors and analysts. The dashboard enables efficient decision-making by simplifying complex financial data into clear and interpretable visuals. The study demonstrates how data analytics enhances understanding of cryptocurrency trends and contributes to evidence-based financial analysis in the digital economy.
Persistent electoral irregularities—ranging from vote manipulation and ballot stuffing to logistical failures and post-election violence—continue to undermine democratic consolidation across developing democracies. Nigeria, Africa’s largest democracy, epitomizes this crisis, where recurrent allegations of fraud, digital failures, and institutional mistrust have eroded public confidence in electoral outcomes. This paper proposes a secure, transparent, and technically robust blockchain-based electoral framework tailored for developing democracies. Leveraging the core attributes of blockchain—immutability, decentralization, real-time auditability, and cryptographic security—we design a technical architecture for voter registration, ballot casting, vote tallying, and public verification. The system integrates smart contracts, Proof of Authority (PoA) consensus, cryptographic identity verification, and zero-knowledge proofs to ensure integrity, privacy, and resilience. We analyze implementation challenges including the digital divide, cybersecurity threats, and legal gaps, and propose a phased, stakeholder-driven roadmap anchored in Nigeria’s institutional context. Comparative insights from Estonia, Sierra Leone, and Brazil underscore the importance of local ownership, institutional autonomy, and civic literacy. The paper contributes a practical, context-sensitive blueprint for blockchain-based electoral reform, bridging the gap between theoretical innovation and real-world deployment in fragile democratic ecosystems.
Marilyne Ordekian, Ingolf Becker, Tyler Moore, Marie Vasek
Centralized cryptocurrency exchanges have quickly become internal components of the digital finance ecosystem, mirroring traditional institutions by offering custody, investments, and transactional services. Despite their increasing prominence, the regulatory oversight has historically been fragmented and inadequate, leaving them largely relying on self-regulation. The resulting environment has been marked by exchange collapses, connections to criminal activities, cyber attacks, and poor operational security. High-profile failures, such as Mt. Gox and FTX, highlight the systemic risks and failure of internal governance models to properly mitigate or protect user funds from cascading risks or security breaches. In response, the European Union introduced the Markets in Crypto-Assets (MiCA) regulation and the Digital Operational Resilience Act (DORA), intending to standardize regulatory oversight and enhance user protection. This paper presents the first comprehensive interdisciplinary analysis of centralized exchanges under the MiCA and DORA frameworks. Drawing on methods from both law and computer science, we systematically translate regulatory requirements into measurable compliance standards, and develop a novel doctrinal and empirical methodology to evaluate current self-regulatory practices of 75 centralized exchanges operating in Europe. Through a detailed analysis of 143 exchange legal documents, we identify major compliance gaps and regulatory uncertainties. Our findings indicate significant shortcomings in exchange practices relating to asset custody, cybersecurity, and liability. This suggests that serious efforts are needed to change these practices and ensure their alignment with regulatory requirements. Our framework enables a systemic comparison between regulation and practice, and establishes a baseline for evaluating the effectiveness of regulatory measures. This approach can be replicated to study other self-regulating emerging sectors. • We conduct a doctrinal analysis on recent EU regulations, the Markets in Crypto-Assets Regulation (MiCA) and Digital Operational Resilience Act (DORA). We identify requirements for centralized cryptocurrency exchanges and systematically extract them and create a standard framework comprising 53 criteria. • We conduct the first comprehensive empirical study of self-regulation practices among all 75 fiat-dealing exchanges in Europe, analyzing 143 documents, including terms and conditions (T&Cs) and security policies. We compile a dataset of 371 hand-coded variables across 14 themes describing exchange practices. • We use the extracted legal standards to evaluate exchange practices, assessing their compliance posture with recent regulations. This study provides a baseline to gauge the effectiveness of MiCA/DORA in the long term and track changes compared to the pre-regulation era. Additionally, it provides a tool to understand the areas currently lacking or that need more attention in industry practices. • We show that many exchanges face challenges in effectively self-regulating, fulfill their custodial duties, maintaining robust security measures, and (may) use T&Cs to shift liability. By documenting these practices and shortcomings, we provide regulators and the industry actionable and tailored recommendations for improvements. We also provide a replicable methodology to investigate the self-regulation and governance of service providers in other emerging self-regulating technologies. • An earlier draft of this research was communicated with the EU’s European Securities and Markets Authority (ESMA) and European Banking Authority (EBA) in a closed meeting. We were recommended to expand the scope of the study to include DORA provisions in addition to MiCa. It was also suggested that this study could act as the ground truth baseline for pre-MiCA industry practices. A final version has been requested by said authorities. Additionally, findings from this paper have been submitted as evidence for consultation calls in the, UK. For intance, the FCA and HM Treasury. One of the authors recently presented the high-level implications of this study in an invited and closed conference organized by the FCA.
Sub-Saharan Africa remains one of the most climate vulnerable regions globally, yet the conversion of rising inflows into measurable economic resilience has yielded modest and uneven outcomes. This study is set to examine the impact of climate finance on economic resilience in sub-Saharan Africa using a descriptive statistics and trend analysis, drawing on a quantitative secondary data from 2014 to 2024 across five countries including Rwanda, Ghana, Senegal, Nigeria, and Kenya. Visual tools such as charts and graphs illustrate financial trends and sectoral allocations across agriculture, water, energy, and infrastructure. The findings of the study revealed a consistent increase in climate finance over the decade, but this has not resulted in proportional resilience gains due to weak institutional capacity, poor coordination, and sectoral imbalances. Countries with stronger governance systems, such as Rwanda and Ghana, show better resilience outcomes despite receiving comparatively lower funding, emphasizing the importance of institutional quality and policy coherence. The study concludes that climate finance is a catalyst for transformation when embedded in strategic, well governed systems aligned with national development plans. It recommends that governments and international partners prioritize sectoral diversification by channeling finance into underfunded but high impact areas like water infrastructure and decentralized energy, supported by institutional reforms that enhance absorptive capacity and financial accountability.
Ethereum ist seit Jahren die größte Smart-Contract-Blockchain und nach Bitcoin die zweitgrößte Blockchain-Plattform. Smart-Contracts, die als dezentrale Anwendungen beschrieben werden können, laufen auf einer gemeinsamen Rechenplattform, auf der alle Teilnehmer auf einer geteilten Codebasis arbeiten. Zur Absicherung ist es nötig, dass ein Konsens über die Ein- und Ausgaben aller Smart-Contracts geschaffen wird. Die Ausführung von Smart-Contract-Code verbraucht sogenannte Gas-Einheiten, die als eine Art Treibstoff betrachtet werden können. Gas-Einheiten zeigen den erforderlichen Rechenaufwand an und haben direkte Auswirkungen auf den realen Energieverbrauch. Daher sollten idealerweise alle Smart-Contracts so implementiert sein, dass sie möglichst wenig Gas-Einheiten verbrauchen. Derartige Codeoptimierungsansätze sind nicht trivial. Zum Zeitpunkt des Verfassens dieser Diplomarbeit gibt es bereits solche Mechanismen, welche teilweise direkt in den gängigen Compilern integriert sind. Solche Mechanismen basieren in der Regel auf festen Mustern, welche manuell beschrieben werden müssen und dann auf Smart-Contracts angewendet werden können. In dieser Arbeit haben wir untersucht, ob klassische Verfahren zur Erkennung von Codeähnlichkeiten verwendet werden können, um Optimierungsmuster automatisch aus Quellcode-Repositories ableiten zu können. Zunächst haben wir einen Symbolic-Execution-Ansatz untersucht, welcher sich aufgrund von technischen Einschränkungen und der Abhängigkeit von veralteten Compiler-Versionen als ungeeignet erwies. Daraufhin haben wir einen Fingerprinting-Ansatz basierend auf Kontrollflussgraph-Blöcken gewählt. Mithilfe von Slither konnten wir Metriken wie Cyclomatic-Complexity, Fan-Out und Informationsfluss-Metriken extrahieren und anschließend Distanzen zwischen Codestücken berechnen, um mit den Ergebnissen potenzielle semantische Code-Klone zu erkennen. Wir haben die Evaluierung unseres Ansatzes auf 1.200 manuell markierten Smart-Contracts aus einem Datensatz mit 160.000 Einträgen durchgeführt, was zu 574 Vergleichen führte und konnten eine korrigierte Genauigkeit von 88% für die Erkennung von semantischen Code-Äquivalenzen auf Blockebene erzielen. Für 1.300 Code-Paare haben wir zusätzlich eine Gasverbrauchsmessung durchgeführt, indem wir die Blöcke in generierte Smart-Contracts verpackt und auf einer lokalen Blockchain ausgeführt haben. Dabei konnten wir tatsächliche gasreduzierende Codeänderungen identifizieren. Trotz einiger wesentlichen Einschränkungen zeigt das, dass das Mining gasoptimiertem Codes aus versionierten Source-Code-Repositories mittels Code-Metriken möglich ist.
Responses to surveys eliciting evaluations of trust in government, both generally and in specific areas, have varied over time and across countries.Using consistent survey data for 34 OECD countries from 2007-2023, we estimate a model of factors determining levels of trust.We employ a series of econometric techniques of increasing sophistication.The level and growth rate of real income per capita, social spending per capita, the degree of decentralization, and economic freedom all exert positive effects on trust.Inflation, unemployment, and debt per capita negatively affect trust.Additionally, higher levels of human capital and the elderly share of the population negatively affect trust.In the context of trust in government, the estimates suggest a heavier weight on inflation than on unemployment when compared to Okun's misery index, which weights them equally.Additionally, the estimates are used to evaluate combinations of policies, e.g.debt-financed increases in social spending that affect inflation and/or unemployment, to determine the net effect on trust in government.
Tansaya Kunaratskul, Ashley Lannquist, Andre Reslow, Nicolas Zhang
How should central banks explore tokenized reserves? Central banks are increasingly exploring how to make their reserves available to selected banks using distributed ledger technology, referred to as tokenized reserves. This chapter covers policy objectives for tokenized reserves, operating models and roles of central banks, implications for monetary policy implementation, alternative solutions, and implementation strategies. Ultimately, central banks’ strategic decisions and policy options will vary across jurisdictions, reflecting differences in available resources, legal systems, and policy priorities.
Блокчейн технологиясының дамуымен, алмастырылмайтын токендар (NFT- Non-fungible token) цифрлық меншік тұжырымдамасын қайта анықтады және құқықтық реттеулер тұрғысынан маңызды сұрақтарды көтерді. NFT-лер өнер туындылары, музыка, ойын ішіндегі активтер және виртуалды жылжымайтын мүлік сияқты көптеген сандық активтерді сатып алуда-сатуда қолданылады және орталықтандырылмаған құрылымына байланысты олар дәстүрлі заң негіздеріне толығымен сәйкес келмейді. Бұл жағдай меншік құқығы, зияткерлік меншік, келісім-шарт құқығы және алаяқтық сияқты әртүрлі мәселелер бойынша құқықтық белгісіздік тудырады. Көптеген елдердегідей, Қазақстанда да NFT үшін арнайы құқықтық база жоқ. Бұл жағдай сатып алушылар үшін де, сатушылар үшін де заңды белгісіздіктер тудырады және зияткерлік меншік құқығы, алаяқтық, келісім-шарт құқығы және тұтынушылардың құқықтары тұрғысынан әртүрлі тәуекелдерді тудырады. NFT нарықтарының жылдам өсуі үкіметтердің осы жаңа цифрлық актив сыныбын реттеу қажеттілігін арттырды. Дегенмен, елдер арасында айтарлықтай нормативтік айырмашылықтар бар. Кейбір юрисдикциялар NFT-лерді сандық активтер немесе бағалы қағаздар ретінде жіктеп, оларды қолданыстағы қаржылық ережелерге бағындырса, кейбір елдер арнайы заңдарды әзірлеуде. Зияткерлік меншік құқықтарына келетін болсақ, NFT-лер жай сандық куәлік пе немесе авторлық құқықты беруді де қамтуы мүмкін бе деген жалпы көзқарас әлі жаһандық деңгейде әзірленбеген. Әртүрлі елдерде салық салуға қатысты әртүрлі тәжірибелер де бар. Кейбір елдерде NFT операцияларына қосылған құн салығы (ҚҚС) салынса, басқа елерде олар құн өсіміне салынатын салық ретінде қарастырылады. Алайда, NFT-дің трансшекаралық сипаты мен орталықтандырылмаған құрылымы салық салу процестеріндегі сәйкестік пен аудит мәселелерін туындатады. Бұл мақалада NFT-лердің құқықтық мәртебесі мен салық салу процестері халықаралық тұрғыдан қарастырылады және қолданыстағы ережелер салыстырмалы тұрғыдан бағаланады. Нәтижесінде, NFT экожүйесінің тұрақты өсуі үшін үйлесімді және ашық заңнамалық базаны құру қажет екендігі атап өтілді.
Zusammenfassung Mit der Entscheidung des FG Niedersachsen liegt erstmals eine deutsche Finanzgerichtsentscheidung zur umsatzsteuerrechtlichen Behandlung von NFTs (Non-Fungible-Token) in Form von digitalen Bilddateien vor. Dies ist insofern zu begrüßen, weil die umsatzsteuerrechtliche Behandlung von NFTs vielfältige Rechtsfragen aufwirft. Zwar nimmt das Sekretariat des Mehrwertsteuerausschusses in einem Arbeitspaper vom 21.2.2023 zu vielfältigen Rechtsfragen unverbindlich Stellung (Working Paper No. 1060, taxud.c.1(2023)1930643 - EN). Allerdings hat der Mehrwertsteuerausschuss auf Basis dieses Arbeitspapieres keine Leitlinien aufgestellt. Auch im BMF-Schreiben v. 6.3.2025 zur ertragsteuerrechtlichen Behandlung bestimmter Kryptowerte ist sowohl die ertragsteuerrechtliche als auch die umsatzsteuerrechtliche Behandlung von NFTs in Rz.5 explizit ausgenommen (BStBl. I 2025, 658). Im Folgenden wird die Entscheidung des FG Niedersachsen kurz zusammengefasst, um sich anschließend mit der Rechtsfrage auseinanderzusetzen, ob der Handel von NFTs in Form von digitalen Bilddateien über NFT-Plattformen zu einer fingierten Leistungskette gem. § 3 Abs. 11a UStG zwischen NFT-Verkäufer, NFT-Plattform und NFT-Käufer führt. Die Rechtsfrage ist insofern von Relevanz, weil NFT-Verkäufer in der Praxis regelmäßig ein Informationsdefizit haben, den Ort der Leistung zu bestimmen - wie die Entscheidung des FG Niedersachsen einleuchtend veranschaulicht.
Islam Abdeljawad, Ahmad Tina, M. Kabir Hassan, Mamunur Rashid
The aim of this comprehensive review of the papers published on the Scopus database is to gain insights into the various indicators that determine the level of market efficiency within the global cryptocurrency markets. We have employed a series of bibliometric and content analyses on 3,224 papers published during 2014–2024. Findings indicate that the scholarly literature on cryptocurrency exhibits a varied range of perspectives, frequently encompassing multiple academic disciplines such as economics, finance, accounting, technology, and engineering. We present three significant findings. First, despite a growing list of recent studies supporting some efficiency, cryptocurrency assets frequently deviate from conventional norms of market efficiency. Herding, co-movement, sentiment, and overconfidence are the major contributors behind the inefficient cryptocurrency market. Second, the intricate nature of these assets and their lack of connection to fundamental economic value contribute to inconsistencies, instability, and ambiguity. Third, regulators are expected to intervene with prudent and globally collaborative regulations to optimize the potential of this market. In this discourse, we analyze the potential consequences derived from various frameworks and methods, with the aim of informing forthcoming scholarly investigations.
Patikiri Arachchige Don Shehan Nilmantha Wijesekara
Gaming is the notion of playing electronic games that involves users in the form of avatars or characters engaging with an interactive digital experience to achieve a specific gaming objective. Blockchains can enhance the overall gaming platform by helping to provide auditing, transparency, incentivization, security, and verification features in gaming. We analyze distinct blockchain-stemmed gaming structures, understand 11 tasks of blockchain-stemmed gaming reflection, and investigate them extensively regarding gaming- and blockchain-linked qualities. We packed an inaugural sample of 94 paper origins by extracting the papers for filtering standards chased down from E-collections, imposing a systematic and longish quality assessment scheme. Derived from the study, in blockchain-stemmed gaming, blockchain can support game auditing (C1), game incentivization (C2), gamification (C3), cooperative game play (C4), game fraud prevention and fair play (C5), game DApps with extendibility (C6), game asset ownership protection and asset transactions (C7), game user-produced elements security (C8), game credential verification (C9), game rule transparency (C10), and crypto gaming (C11). Extensive investigation discovers that in blockchain-stemmed gaming, 21.7% exploit gamification (C3), 75.6% exploit linear blockchain, and 10.8% exploit PoS consensus. As deficits, consensus approaches like proof of authority and stake, and unconventional blockchain are rarely used, while blockchain-based gaming concepts such as C1, C8, and C10 are deficient. Ultimately, we expose the advantages and asperities of the reflection of blockchain-stemmed gaming and then extend offers to shrink them.