ABSTRACT Companies of all sizes, including Bitcoin miners, engage in charitable giving. As Bitcoin mining evolves into a substantial industry and integrates into mainstream society, it faces challenges not only from scams and environmental criticisms but also from everyday concerns such as tax compliance. One key area is the role of deductible donations, which sits at the intersection of the cryptocurrency ecosystem and the established U.S. tax system. This paper introduces an innovative approach called “hashrate contracts,” which builds upon the long-standing framework of tolling contracts. Just as tolling contracts allow producers to manage inputs and outputs efficiently while transferring operational responsibilities, hashrate contracts enable charities to assume the income associated with mining activities. This structure not only optimizes tax deductions for Bitcoin miners but allows them to claim a charitable deduction for federal income tax purposes, bridging a key gap between the cryptocurrency ecosystem and established financial and regulatory practices. JEL Classifications: K23; K29; K34.
The rapid digitalization of finance has exposed a critical gap in the ownership and governance of digital infrastructure. Many essential digital platforms are privately owned, leading to underinvestment and monopolistic control. This paper explores SwissLedger as an innovative public good solution for digital banking infrastructure promoted by the City of Lugano. SwissLedger is a permissioned distributed ledger initiative, where the Proof of Work has been replaced with a Proof of Authority mechanism. We expand upon the SwissLedger concept by situating it in the context of open banking reforms and the evolution of digital infrastructures. We provide an analysis of comparisons between centralized and distributed models, the impact of open banking (in Switzerland and abroad), and an examination of technical, economic, and regulatory challenges. Our methodology involves a design-driven case study of SwissLedger’s development and a comparative policy analysis. Results from initial SwissLedger deployments demonstrate how SwissLedger can serve as a digital commons infrastructure, complementing open banking by providing a shared and secure ledger for financial services and identifying challenges and requirements for broader adoptions. We aim to show that SwissLedger represents a paradigm shift towards collaborative digital infrastructure in finance, mitigating market failures of purely private platforms and setting the stage for a new era of secure and inclusive innovation in banking. Index Terms-digital commons, open banking, distributed ledger, permissioned blockchain, digital market failure, Proof of Authority, public digital infrastructure
Kristián Košťál, Lukas Mastilak, Dušan Morháč, Adam Valach
This paper presents a decentralized short-term rental platform based on Ethereum and IOTA. The proposed framework aims to improve the privacy, security, and decentralization of the rental market by incorporating decentralized identity, reputation mechanisms, and escrow services. Specifically, the proposed framework utilizes Zero-Knowledge Proofs (ZKPs) to facilitate the creation of property listings and the secure exchange of funds between renters and tenants. Moreover, it employs an open-source smart contract to enhance trust between users and developers while preventing unilateral alterations to contract logic or platform fee structures. Ultimately, the presented prototype illustrates the viability of deploying a blockchain-enabled short-term rental platform by effectively incorporating essential functionalities, such as the creation and exchange of renters’ funds. This research underscores the transformative potential of blockchain technology in the accommodation rental industry. As blockchain technology continues to evolve, further advancements in decentralized governance and smart contract scalability will be instrumental in driving mainstream adoption.
This chapter, titled Regulatory Frameworks for Inclusive FinTech Ecosystems, explores the critical role of regulation in fostering financial inclusion, enabling innovation, and addressing emerging risks within the rapidly evolving financial technology (FinTech) landscape. FinTech has revolutionized access to financial services, offering opportunities for underserved populations to participate in the global economy. However, this transformation is accompanied by challenges such as regulatory gaps, data privacy concerns, cybersecurity risks, and disparities in access to technological infrastructure. The chapter examines the foundational principles of effective FinTech regulation, including adaptability, transparency, proportionality, and a focus on inclusivity. It analyzes how these principles can be applied to promote innovation while safeguarding consumers and addressing systemic risks. Key themes include the regulation of decentralized finance (DeFi), cryptocurrency, and artificial intelligence-driven financial tools.
Abstract This article examines the integration of Decentralized Autonomous Organizations (DAOs) into the existing legal framework of the United Kingdom, proposing a novel legal entity model termed the Decentralized Autonomous Organization Limited Liability Partnership (DAOLLP). It explores the distinctive characteristics of DAOs, including their decentralized governance, reliance on smart contracts operating on blockchain and the challenges they face under current UK law and underscores the necessity for legal adaptations that accommodate these innovative structures. The suggested model seeks to provide legal personhood, limited liability protection and a framework for compliance with existing laws and regulations while maintaining the core principles of decentralization and transparency. By comparative analysis of legislative approaches towards DAOs in jurisdictions such as Wyoming, Vermont and Malta, this article promotes a proactive regulatory framework for DAOs that fosters innovation and positions the UK as a leader in blockchain governance.
Private city models—encompassing Charter Cities, Free Private Cities, Seasteads, Startup Cities, and Special Economic Zones (SEZs)—are emerging as innovative alternatives to traditional urban governance. This article examines the discussion of these private urban experiments through the lens of blockchain technology and cryptocurrency. We present a structured taxonomy of private city models and analyze case studies to illustrate how blockchain can facilitate governance, economic transactions, and transparency in these contexts. Drawing on peer-reviewed literature, we examine how distributed ledger technologies enable new forms of decentralized governance and finance (e.g., local cryptocurrencies and decentralized finance for city services) while also identifying critical challenges and limitations. Comparisons with traditional public-sector urban governance highlight the potential efficiency gains and transparency improvements of blockchain-powered private cities, as well as concerns regarding accountability, inclusivity, and regulatory integration. Finally, we discuss future prospects for integrating blockchain in urban development, including the concept of networked “crypto cities,” and outline key areas for further research. The analysis balances theoretical propositions with empirical insights, ultimately finding that blockchain can augment private city models by enhancing transparency and enabling novel economic systems, but it is not a panacea for governance and must be implemented with careful consideration of social and legal frameworks.
Sajan Poudel, Abhishek Yadav, Niraj Pandey, Shahid Noor
Decentralized Finance (DeFi) enables intermediary-free financial operations but faces challenges in scalability, liquidity fragmentation, and usability. While protocols such as Solana and Injective have brought a lot of improvements in transaction throughput and cross-chain interoperability, usability, security, and accessibility remain large areas for improvement in DeFi. In order to fix those problems, we are introducing a new DeFi framework with three big improvements: an Adaptive Proof-of-Stake (APoS) consensus mechanism that changes based on network needs to make it more secure and scalable; Dynamic Multi-Asset Pools (DMAPs) that make the best use of liquidity and reduce fragmentation, making traders’ capital more efficient and reducing slippage; and an Adaptive Complexity Layer (ACL) that makes user interfaces that are more accessible to people with varying levels of technical knowledge. We evaluated our comprehensive framework through simulation and compared it to real-world DeFi usage patterns. The results show considerable improvements: a 30% increase in transaction throughput, a 20% reduction in liquidity fragmentation, and a 15% decrease in average transaction latency compared to leading protocols such as Solana and Uniswap V3. These results strongly indicate that our framework may have the potential to make DeFi significantly more efficient, accessible, and secure for a much larger user base, ultimately speeding up its maturity and entry into the mainstream of finance. Further research will investigate real-world applicability and integration with the current DeFi ecosystems.
Crowdfunding is a widely used method for raising funds, yet existing platforms often suffer from transparency issues, security vulnerabilities, and centralized control. This study proposes a decentralized crowdfunding system built on the Ethereum blockchain, utilizing smart contracts to enhance trust and automate transactions. The system incorporates a simple majority voting mechanism, in which at least $50 \%+1$ of donors must approve any fund withdrawal, thereby improving accountability and reducing fraud potential. Developed using the Scrum methodology, the system was tested through black-box validation and successfully executed core features including campaign creation, contribution, voting, and withdrawal. The results confirm that the implementation ensures transaction immutability, accurate donor verification, and transparent fund management, demonstrating the potential of blockchain-based crowdfunding to overcome the limitations of traditional platforms.
This paper proposes DeFiDonate, a web-based decentralized application that facilitates the transparency and privacy of donations to charities while also increasing trust through the use of blockchain and various Decentralized Finance (DeFi) solutions. The problem with traditional donation models is that they lack traceability and are centralized, with limitations and restrictions on donors. DeFiDonate proposed using Elliptic Curve Cryptography (ECC), Non-Fungible Tokens (NFTs), a form of smart contracts, and Elliptic Curve Digital Signature Algorithm (ECDSA).DeFiDonate provides flexibility for donors by making either a direct donation to beneficiaries or donating to a liquidity pool, then distributing funds through a decentralized voting system and encrypting sensitive data, like the wallet addresses, donation amounts, and donors' NFT identifiers with ECC, meaning it's recorded in both on-chain and off-chain safety, and confirming the transactions and validating the signature is unauthentic with ECDSA, the implementation of DeFiDonate composed on Django and Solidity for the creation of smart contracts; Truffle, Ganache, and MetaMask for local testing. These results indicate that the system is safe for use, as it provides transaction integrity and information security. Based on performance analysis carried out in Truffle Develop, the use of NFTs within contracts was found to be associated with a notable decrease in execution time. Another application blockchain developers can discuss is DeFiDonate, which exemplifies a trusted, decentralized, and transparent method of digital giving.
Dmitry Mikhaylov, Andrei Kutin, Joseph Anderson, Maxim Falaleev · 6 authors
Purpose - given the increased international efforts to prevent illicit financial activity related to cryptocurrencies, the study intends to thoroughly examine the complex field of cryptocurrency laundering. The core of our study project is the complex relationships that exist between cutting-edge technologies and strong security protocols in the cryptocurrency space, a dandruff attack. This paper aims to disentangle the process of bitcoin laundering by exploring the intricate webs of deceit. Method - This is a case study applying observational and experimental methods. Result - we have discovered a pattern of cryptocurrency laundering. The first one saw the primary repository start a cyclical fund movement pattern that involved several new addresses. Equal sums are then systematically transferred over a network of new addresses. The criminal then distributed the stolen money among several new addresses after combining it with an equal quantity of money. It then split and merged, and one saw the resultant sum being transmitted to the BitTorrent blockchain. The cyclical trajectory and engagement with extra money were part of the follow-up return to the Tron blockchain. Observation of the ultimate combination of pilfered money with additional monies sent to the cryptocurrency service "JustLend.org" Originality – no research has been done on using a dandruff attack to launder cryptocurrency. Thus, it is essential to acknowledge the offender's activities to raise awareness in general.
With its potential to address persistent issues like inefficiency, fraud, and a lack of transparency, distributed ledger technology (DLT), and in particular blockchain, has become a game-changing breakthrough in the realm of international trade. With a thorough examination of its potential to revolutionize trade processes, this study examines the applications of DLT in global commerce. It starts by examining the conventional cloud-based models that predominate in global trade procedures and contrasting them with the blockchain-based approach that has been suggested. The viability and effect of blockchain technology (BCT) in this industry are evaluated by the research using both qualitative and quantitative approaches, such as data collecting, comparative analysis, and SWOT analysis. The main impediments to blockchain adoption are noted, along with suggested fixes for them. A discussion of potential future possibilities and suggestions for using blockchain technology into global trade networks round out the report. The purpose of this study is to offer theoretical understandings and useful suggestions for the successful use of blockchain technology in international trade.
Non-fungible tokens (NFTs) are an emerging application of blockchain technology, with the potential to transform various industries, including tourism. Despite conceptual discussions that have highlighted opportunities and challenges associated with using NFTs—such as in digital souvenirs, ticketing systems, loyalty programmes, and conservation initiatives—there is a critical gap in the literature consisting of the lack of a structured methodological framework to empirically evaluate the impact of real-world NFT implementations. This study addresses this gap by proposing a conceptual model and methodological framework designed to assess NFT projects in the tourism sector. The framework integrates diverse data collection methods, advanced analytical techniques (including econometric analysis, natural language processing, and machine learning), and a technological workbench for tracking key performance indicators (KPIs). To demonstrate its applicability, the framework is applied to the Dalmatia NFT project, an exploratory application in cultural tourism. The considered example highlights the potential of NFTs to enhance tourism experiences while addressing challenges such as scalability, sustainability, and user engagement. This study concludes with insights into the framework’s practical implications for stakeholders and outlines future research directions for empirical validation. By bridging the gap between theory and practice, this study aims to provide a robust foundation for effectively integrating NFTs into the tourism industry.
In online auctions, fraudulent behaviors such as shill bidding pose significant risks. This paper presents a conceptual framework that applies dynamic, behavior-based penalties to deter auction fraud using blockchain smart contracts. Unlike traditional post-auction detection methods, this approach prevents manipulation in real-time by introducing an economic disincentive system where penalty severity scales with suspicious bidding patterns. The framework employs the proposed Bid Shill Score (BSS) to evaluate nine distinct bidding behaviors, dynamically adjusting the penalty fees to make fraudulent activity financially unaffordable while providing fair competition. The system is implemented within a decentralized English auction on the Ethereum blockchain, demonstrating how smart contracts enforce transparent auction rules without trusted intermediaries. Simulations confirm the effectiveness of the proposed model: the dynamic penalty mechanism reduces the profitability of shill bidding while keeping penalties low for honest bidders. Performance evaluation shows that the system introduces only moderate gas and latency overhead, keeping transaction costs and response times within practical bounds for real-world use. The approach provides a practical method for behaviour-based fraud prevention in decentralised systems where trust cannot be assumed.
Abhinav Singh, P. P. Tripathi, Nishant Gupta, Dharm Raj · 5 authors
This paper introduces a crowdfunding platform that enhances the security and transparency of fundraising activities by leveraging Ethereum's blockchain technology. The system uses contracts based on Solidity to create a decentralized space, for setting up campaigns and receiving donations securely online. By recording donations in the blockchain and allowing refunds if fundraising goals are not reached the smart contract ensures accountability and safely manages transferring funds to campaign organizers. In contrast to traditional crowdfunding websites this platform provides transaction fees and enhanced transparency, making it easier for people worldwide, from various backgrounds to participate in the system. The design of the platform tackles problems such as, transaction costs and limited user autonomy that are common, in traditional crowdfunding approaches. Showcasing how blockchain technology can offer a fairer and more decentralized option.
We construct an empirically founded model of a repo trade intermediated by two broker-dealers and prove multiple equilibrium and the existence of equilibrium at the joint profit maximizing volume of trade. We then present a smart contract that resolves multiple equilibrium by requiring each broker-dealer to report its client schedule and its minimum hurdle spread, and implementing a selection rule that filters out hurdle-infeasible outcomes. Whenever there exists an equilibrium that exceeds both hurdle spreads, the protocol selects the joint profit maximizing feasible trade and thereby avoids a collapse to no trade. The smart contract is a machine executed algorithm which eliminates the need for trust. Hardware and cryptography are used to prevent leakage of broker-dealer client trade schedules, and to enable privacy-protected auditing with zero-knowledge proofs of the integrity of computations. The outcome can be implemented by a myopic strategy where a broker-dealer truthfully reports its own variables without anticipating its counterparty's reports. This minimizes cognitive and computational complexity, thereby making our smart contract suitable for real-world deployment.
Decentralized autonomous organizations (DAOs) can be perceived as a novel way for people to organize themselves and carry out collective activities, based on the blockchain and with a degree of decentralization that traditional forms of organization such as companies, associations, or foundations do not provide. With some exceptions, it is rare to find jurisdictions with bespoke regimes for DAOs. However, this vacuum does not mean DAOs escape the law – in most jurisdictions, DAOs will be considered partnerships, with common themes of informality, lack of legal personality, and unlimited liability of members. Portuguese law is no exception, and this chapter provides a review of how Portuguese civil law partnership (sociedade civil) law would apply to DAOs and to what degree it is compatible with their purposes. However, as will be pointed out, the treatment of DAOs as partnerships is unsustainable, and any future tailor-made regulation must keep some essential issues in mind.
Chrysostomos Apostolidis, Anthony Devine, Abdul Jabbar, Yaşanur Kayıkçı · 5 authors
Purpose Despite the increasing interest of organisations in integrating advanced digital technologies, many digital transformation efforts fail to deliver long-term, sustainable value to the organisations and the stakeholders. Focusing on the impact of Non-Fungible Tokens (NFTs) in the Peer-to-Peer economy, as a case of digital transformation towards Industry 4.0, this conceptual study explores the role of algorithmic and organisational trust as facilitative drivers of sustainable digital transformation. Design/methodology/approach Drawing on Lewin’s change theory model, the study reviews and considers relevant literature on digital transformation, innovation and digital business models to support the development of a conceptual framework that explains the sustainable digital transformation process and explores the role of trust. Findings Drawing on Lewin’s change theory model and technology adoption literature, we reconceptualise digital transformation as a dynamic, non-linear process and identify four key phases in the sustainable digital transformation process (Initiating, Transforming, Re-positioning and Sustaining). We then explain the important role of algorithmic and organisational trust in sustainable digital transformation. Practical implications The study highlights the importance of trust for organisations, and explains how organisations can use blockchain-based technologies as intermediaries who take on the role of trust and the impact this has on the digital transformation process. Originality/value This paper contributes to existing literature on digital transformation in several ways. First, we reconceptualise the digital transformation process as a dynamic, non-linear process and develop a conceptual model for sustainable digital transformation following a “plan-action-result-evaluation” strategic approach. Second, we argue that there is a relocation of trust, towards technology and organisations, which impacts further upstream in the digital transformation process. This paper integrates the discussion between trust (algorithmic and organisational) and digital transformation, highlighting the need for parallel processes in creating the conditions for a sustainable transformation process.
The article argues for the sociocultural contextualization of Web3 affordances by examining play-to-earn gaming in the Philippines. It first outlines how socioeconomic factors promote blockchain technology and cryptocurrency. Against this background, and based on scholarship in cultural communication, anthropology, and critical platform studies, the article illustrates how sociocultural frames shape the interpretation and enactment of blockchain-based gameplay affordances. A Grounded Theory analysis of interviews and documents reveals that players identify persistent access and ownership as technical affordances, performing them through the cultural frame of cockfighting and its digital economy version, the side hustle. The study challenges universalist notions of Web3 adoption, highlighting how technical affordances both support and disrupt sociocultural and economic reproduction through narratives of family, competition, and inclusivity. The research calls for comparative studies on how platform corporations structure societies in emerging economies, how platforms exploit culture as use value, and how adopters strategically utilize Web3 technologies.
This research explores the developments and challenges in decentralized finance (DeFi) since 2015 and the increasing use of blockchain technology. DeFi provides access to financial services without traditional intermediaries, improving the economic system's efficiency through automated and transparent smart contracts. The bibliometric analysis shows a significant growth in DeFi-related publications, with 1,909 articles identified between 2015 and 2025. The research also highlights the importance of collaboration between authors and stakeholders to build a more secure and sustainable financial ecosystem. Analysis results using VOSviewer identified 173 keywords in 18 clusters, focusing on "digital twin" and "artificial intelligence." This research recommends further exploration into DeFi adoption, blockchain technology innovation, and the application of smart contracts to support the development of an inclusive, efficient, and innovative DeFi ecosystem in the future. In addition, this research aims to bridge existing research gaps and provide deeper insights into the potential of DeFi in the global financial system.
We provide a thorough and succinct analysis of the creation and use of a block- chain-based crowdfunding platform, primarily concentrating on resolving the current issues and inefficiencies with the conventional crowdfunding platform. To increase public awareness of the newest advancements and innovations, the purpose of this research paper is to present and use Ethereum blockchain technology. The study examines the main problems with the crowdfunding platforms in use today and offers a fix that combines strong security measures with user-friendly functionality, with the goal of implementing smart contracts. Our suggested solution incorporates blockchain technology, which is fundamentally transparent, decentralized, and secure. It also incorporates smart contract technology, which guarantees that the fundraisers will get their funds when they meet their deadlines and milestones. This learning helps to fundamentally change the operational usability for both the fundraisers and investors on a condition of more secure and efficient working conditions.
While non-fungible tokens (NFTs) have triggered a new market for tourism, they have also encountered challenges and controversies. Drawing on the socio-ecological perspective, this study uses a qualitative approach to identify factors influencing consumer adoption of and resistance to NFTs in tourism. The findings reveal that consumer adoption and resistance are shaped by the effect of individual-level (e.g. innate innovativeness and routine seeking), micro-level, exo-level, and macro-level factors and the interactions across various systems. An important factor is scarcity value of NFTs in tourism which compensates for experiences that tourists cannot obtain in the offline tourism. Results provide a socio-ecological perspective for the understanding of innovation adoption and resistance in an emerging context and the promotion of NFTs in tourism.
Virginia Springer, Krithika Randhawa, Marin Jovanovic, Paavo Ritala · 5 authors
Industrial business-to-business (B2B) platforms are meta-organizations (i.e., organizations of organizations) that typically integrate digital assets with physical products such as machinery or equipment, often operating in specialized contexts with a limited network of complementors and end users. These characteristics distinguish B2B platforms from their business-to-consumer (B2C) counterparts, as they are defined by distinctive design features and governance drivers. Yet, the current platform literature predominantly focuses on B2C markets, leaving a critical gap in understanding the design and governance of B2B platforms in industrial contexts. We address this gap by adopting a meta-organizational perspective on B2B platforms in industrial markets to examine how the distinct design features of B2B platforms shape their meta-organizational governance. First, we uncover distinctive design features of B2B platforms across three dimensions: platform market, platform architecture, and cyber-physical integration. Building on these features and evidence from the emerging literature, we classify B2B platforms into five dominant archetypes: matchmaker, application marketplace, solution enabler, consortium, and decentralized autonomous platforms. Second, we theorize that the governance of these archetypes is shaped by their design features and revolves around two main dimensions: control rights (i.e., enforcement authority) and decision rights (i.e., autonomy over platform assets). These dimensions underpin distinct governance models, which we label unified, collaborative, regulated, and algorithmic governance. We consolidate these insights into an organizing framework of B2B platform governance and contribute to the literature in four ways: (1) providing a nuanced understanding of B2B platform design and governance, (2) identifying distinct archetypes and developing a framework for B2B platform governance, (3) explaining how B2B platform design features influence governance models, and (4) setting a research agenda to strengthen the design and governance of B2B platforms. By broadening our understanding of platforms as meta-organizations, we advance knowledge of how B2B platforms create and capture value in industrial markets. • We examine the distinct design features of B2B platform governance. • We identify five B2B platform archetypes based on their distinct design features. • B2B meta-organizational governance encompasses unique control and decision rights. • We identify unified, collaborative, regulated, algorithmic governance models. • Each governance model is characterized by different control and decision rights.