Abstract Corporate treasury departments face growing challenges created by liquidity fragmentation, inefficient cash management, and delayed cross-border settlements-a perfect storm for increased financial risks for the firms and for operational difficulties. The present-day treasury systems rely on centralized banking and manual processes. A traditional one thus lacks the flexibility and the transparency needed in today’s very uncertain global environment.Decentralized finance (DeFi) is presented in this paper as an essential infrastructure layer that has the potential to transform how businesses handle liquidity. DeFi offers programmable, real-time, and international financial execution through the use of smart contracts, algorithmic liquidity pools, decentralized exchanges, and tokenized assets. Conceptual modeling links DeFi mechanics to essential treasury functions, comparative analysis examines DeFi and traditional systems, and scenario simulations explore practical examples of corporate use cases.It is found that DeFi can enhance access to liquidity, reduce transaction costs, and automate treasury operations, especially with respect to intercompany fund flows, short-term financing, and FX execution. However, adoption needs strong governance frameworks, regulatory agreement, and technical compatibility with existing systems. This study offers a practical framework for CFOs, fintech developers, and policymakers to evaluate DeFi’s role in corporate treasury environments. It positions decentralized infrastructure as a useful tool for next-generation liquidity strategies.
Decentralized finance (DeFi) lending platforms have rapidly evolved within financial markets, with stablecoins playing a pivotal role in these ecosystems by providing price stability and enhancing capital efficiency. However, DeFi lending platforms still face challenges including market volatility, smart contract security, regulatory uncertainty, and liquidity constraints. This paper analyzes the function of stablecoins within DeFi lending platforms, explores their advantages and challenges, and forecasts future development trends. The article first introduces the fundamental concepts and classifications of stablecoins, then analyzes their advantages and challenges within lending markets, and finally looks ahead to innovations and future developments for stablecoins. Through this analysis, the paper provides in-depth insights for researching stablecoin applications in DeFi lending.
Privacy-Preserving Record Linkage (PPRL) integrates sensitive datasets from independent parties without exposing personal identifiers. Although secure multi-party computation (SMC) and homomorphic encryption ensure strong privacy, they suffer from high computational costs and poor scalability. Encoding-based methods, such as Bloom filters, are lightweight but face quality issues at scale owing to saturation and blocking inefficiencies. This study proposes a scalable, modular PPRL framework for distributed platforms. It combines Bloom filter encoding, Hamming-based locality-sensitive hashing (LSH), and Dice similarity within a MapReduce pipeline on a Hadoop distributed file system (HDFS). The system supports decentralized end-to-end linkage under semi-honest or covert adversarial models. Experiments on datasets with$100,000-500,000$records show linear scalability,$7.2 \times$speedup over cryptographic baselines, and recall degradation linked to filter saturation. A regression model captures the execution-candidate volume relationship, thereby aiding system tuning. The framework supports high-throughput, regulation-compliant linkages for healthcare, finance, and public sector use.
With the growing demand on cutting edge technologies specially in the field of internet of things (IoT) cybersecurity the intersections between blockchain and federated learning (FL) is a promising research field. Blockchain based systems, which are inherently decentralized and trustless, allow local immutable logging for transparent, tamperproof security frameworks that support automated threat response via smart contracts while really being able to understand the integrity of the data being shared across a distributed network of machines. FL represents a powerful new paradigm, allowing organizations to create an accurate intrusion detection system (IDS) without needing to centralize sensitive data, a fundamental problem to solve in healthcare, finance, or Industrial IoT. Both technologies have important synergies within hybrid architectures that offer a balanced alternative by leveraging the privacy of FL and the security and auditability of blockchain to create a viable path to robust, scalable, and reliable cyber defense. There remain numerous challenges yet to be resolved around scalability, interoperability between devices and legacy systems, real-world deployment, and energy efficiency, but the cybersecurity landscape appears to be rapidly evolving to incorporate decentralized technologies. This survey material has highlighted the areas in which progress is being made, outlined the core strengths and limitations of the technologies and approaches employed today, and suggested innovative ideas to pursue in shaping secure, and privacy-conscience, adaptive technologies in forthcoming generation of distributed and networked environments.
Healthcare IoT systems must balance the need for continuous monitoring with strong guarantees of privacy and trust. We present ProofHealth, a zero-knowledge proof–based framework that shifts verification to the edge by generating zk-SNARKs on smartphones. In this design, wearable data is encrypted and accompanied by proofs that ensure only valid submissions are admitted to cloud storage, even on untrusted networks. We implement and evaluate ProofHealth under varying batch sizes, measuring latency, throughput, and proof size. Results show batching significantly improves per-sample efficiency while proof sizes remain constant at sub-kilobyte scale, enabling lightweight communication suitable for constrained devices. This demonstrates the practicality of proof-at-the-edge healthcare monitoring and establishes ProofHealth as a novel approach to secure and privacy-preserving health data collection.
Cheap energy, absence of regulations on mining, low taxes, free industrial zones made Georgia an attractive place for Bitcoin mining and home to such big companies as Bitfury and Binance. This paper asks how and why Georgia become a crypto mining hub and examines crypto mining in relation to the neoliberal state and its economic development mode. This study frames crypto currency mining as a state facilitated development project, which is embedded in Washington Consensus (WC) liberalization and deregulation policies and is enabled by Wall Street Consensus (WSC) derisking policies. The paper argues that crypto currencies - once emerged on allegedly nonpolitical economic grounds to challenge the state and existing financial order - need the state and its sovereign space. The study also unfolds continuities between WC and WSC and demonstrates the destructive character of crypto mining. The paper thus challenges the claims of the crypto industry of being against the state and traditional financial system, provides insights into the political economy of Bitcoin from a peripheral country perspective and enriches ongoing debates on neoliberal derisking states.
Целью статьи является комплексный анализ возможностей и ключевых тенденций развития блокчейн-технологий в экономическом секторе. Проблема исследования заключается в стремительном проникновении распределенных реестров в различные отрасли при отсутствии системной оценки их потенциала и сопутствующих рисков. В качестве основной гипотезы выдвинуто положение о том, что блокчейн формирует принципиально новую инфраструктуру доверия, способную трансформировать традиционные экономические процессы. Научная новизна работы заключается в комплексном применении инструментов стратегического анализа (SWOT- и PEST-) для выявления системных преимуществ, рисков, регуляторных вызовов и киберугроз. Методология исследования включает сравнительный анализ применения распределенных реестров в финансах, логистике, государственном управлении и цифровых сервисах, с особым акцентом на такие ключевые инструменты трансформации, как цифровые валюты центральных банков (CBDC), децентрализованные финансы (DeFi) и невзаимозаменяемые токены (NFT). В результате установлено, что внедрение блокчейн-решений обеспечивает значительное снижение операционных издержек, повышение прозрачности и безопасности экономических операций. Практическая значимость данного исследования заключается в создании комплексного понимания потенциала технологий для бизнес-сообщества и регуляторов, что может способствовать разработке стратегий цифровизации и адаптации нормативно-правовой базы. Перспективы будущих исследований охватывают углубленный анализ долгосрочных последствий внедрения DeFi и CBDC, а также создание моделей управления киберрисками в условиях широкого распространения распределенных реестров. The purpose of the article is a comprehensive analysis of the opportunities and key trends in the development of blockchain technologies in the economic sector. The problem – of the study lies in the rapid penetration of distributed registries into various industries in the absence of a systematic assessment of their potential and associated risks. The main hypothesis is that blockchain forms a fundamentally new trust infrastructure capable of transforming traditional economic processes. The scientific novelty of the work lies in the integrated application of strategic analysis tools (SWOT and PEST) to identify systemic advantages, risks, regulatory challenges and cyber threats. The research methodology includes a comparative analysis of the use of distributed ledgers in finance, logistics, public administration, and digital services, with a particular focus on key transformation tools such as central bank digital currencies (CBDCs), decentralized finance (DeFi), and non-fungible tokens (NFTs). As a result, it was found that the implementation of blockchain solutions provides a significant reduction in transaction costs, increased transparency and security of economic transactions. The practical significance of this research lies in creating a comprehensive understanding of the potential of technology for the business community and regulators, which can contribute to the development of digitalization strategies and the adaptation of the regulatory framework. The prospects for future research include an in-depth analysis of the long-term consequences of the introduction of DeFi and CBDC, as well as the creation of cyber risk management models in the context of widespread distributed ledgers.
Security, Politics, and Digital Transformation
Legal and Regulatory Analysis
Economic, Social, and Public Health Issues in Russia and Globally
The article provides a comprehensive analysis of the constitutional and legal aspects of digital intellectual property in the context of the development of the information society and Ukraine's accelerated digital transformation under wartime conditions.It examines the impact of emerging technologies, particularly artificial intelligence (AI), blockchain, and non-fungible tokens (NFTs), on the transformation of traditional concepts of authorship, ownership, and creative freedom.Special attention is paid to the need for reinterpreting constitutional guarantees enshrined in Articles 41 and 54 of the Constitution of Ukraine through the lens of technological neutrality and contemporary digital realities.The study focuses on the challenges of identifying authorship in works generated with the use of artificial intelligence, as well as on the legal nature of ownership rights to digital assets, including NFTs.It also analyzes the role of the Constitutional Court of Ukraine in shaping the doctrine of digital rights and adapting constitutional interpretation to the challenges of the digital era.Particular emphasis is placed on the importance of digital intellectual property for Ukraine's post-war recovery, especially in the context of developing a national Digital IP Strategy aligned with European approaches and initiatives.The article substantiates the conclusion that the constitutional modernization of intellectual property law is necessary to ensure a balance between human rights, technological innovation, open access to knowledge, and national resilience.Such an approach will contribute to the harmonization of Ukraine's legal system with European and international standards while preserving the human-centered nature of legal regulation in the field of creative activity in the digital age.
Open access
Legal, Health, Environmental and COVID-19 Challenges
Oct 29, 2025·2025 International Conference on Electrical, Electronics, and Computer Science with Advance Power Technologies - A Future Trends (ICE2CPT)
Over the years, managing patient consent for sharing health data has remained a significant challenge due to a lack of transparency about how the data is shared with other systems and the absence of a verifiable audit trail. This paper introduces a new hybrid design that uses an industry-standard Open Authorization (OAuth) 2.0 authorization framework for detailed access grants, complemented by a decentralized, on-chain consent ledger built on the ERC-6551 blockchain standard, enabling digital assets (using Non Fungible Tokens) to act as independent accounts. The primary concept behind this paper is the utilization of the ERC-6551 Token Bound Account (TBA) as a patient-controlled on-chain portfolio of consent grant tokens, which are represented as semi-fungible tokens. We have solved the problem of converting the static, database-bound permissions into a dynamic, patient-owned digital system supported by timely-expiring JWT tokens. With the utilization of the OAuth 2.0 flow, short-lived JSON Web Tokens (JWTs) act as pointers to the durable, immutable consent records on the Blockchain. With our dual-validation approach, resource servers can verify both the off-chain time-based short-lived tokens and the granted access, along with on-chain consent status, to determine whether the patient has revoked the token. This provides a robust, auditable, and patient-sovereign system for managing healthcare data access. Finally, we present the complete design and architecture, along with data flows and cryptographic operations, which we used to analyze the security and performance characteristics and evaluate the outcomes of this implementation.
Abstract Agile fosters speed, autonomy, and innovation at the team level, but organizations often struggle to preserve these strengths as they scale. Coordination overhead increases, decision-making slows, and the agility that once fueled success begins to erode. This paper introduces an approach to scaling by drawing on Robotics Subsumption Architecture , a model originally developed to build adaptive, autonomous robots. Building on the late Mike Beedle ’s pioneering work in applying these robotics principles to organization design , we reimagine how to design systems that grow without sacrificing local autonomy or real-time responsiveness. This approach offers scalable agility by embedding sensing, decision-making, and action into every layer—resulting in organizations that are resilient, decentralized, and capable of surviving today’s VUCA market.
ABSTRACT Cryptocurrency, a decentralized digital asset enabled by blockchain technology, has transformed global finance by introducing novel mechanisms for value exchange, security, and governance. This comprehensive academic review synthesizes current knowledge across multiple dimensions: the technical foundations of cryptocurrencies (including distributed ledger technologies, cryptographic primitives, and consensus mechanisms), economic and financial implications (market behavior, monetary policy interactions, speculation, and investment risk), legal and regulatory frameworks (jurisdictional approaches, taxation, anti-money laundering measures, and consumer protection), as well as societal and ethical concerns (environmental impact, privacy, financial inclusion, and potential for illicit use). Drawing on recent empirical studies, case analyses, and theoretical models, the review highlights both the transformative potential of cryptocurrencies to democratize access to financial services and foster innovation, and the significant challenges—such as scalability, volatility, regulatory uncertainty, and energy consumption—that could inhibit or slow their integration. The paper concludes with a discussion of future research directions, including evolving consensus innovations (e.g. proof-of-stake, sharding), central bank digital currencies (CBDCs), and frameworks for balancing innovation with systemic risk mitigation. KEYWORDS Cryptocurrency, probabilistic forecasting, value-at-risk, expected shortfall, volatility, risk management, threat modeling, fintech, blockchain
Since the introduction of Bitcoin in 2008, the blockchain technology as its underlying architecture, has attracted attention from various sides due to its decentralized and distributed computing characteristics. AS the core advantage of blockchain technology, the consensus mechanism determines various characteristics of blockchain, such as security, scalability, and decentralization. Currently, there are many consensus mechanisms suitable for different scenarios. This paper studies the existing consensus mechanisms from the perspectives of algorithm principles, performance, etc. Firstly, this article divides the existing consensus mechanisms into Proof of Work (PoW), Proof of Stake (PoS), and Byzantine Fault Tolerance (BFT). Secondly, for each type of consensus mechanisms, the study analyzes their algorithmic principles, understands typical solutions and latest ones, clarifies the advantages, disadvantages, and the possible attack methods of various consensus mechanisms. Finally, the paper defines the basic requirements for new consensus mechanisms. It aims to help break through the application bottlenecks of blockchain technology and promote the development of blockchain technology in various scenarios.
The healthcare industry is increasingly dependent on digital technologies for the storage, access, and sharing of sensitive patient data. While this brings significant benefits in terms of efficiency and accessibility, it also raises critical concerns regarding privacy, security, and trust. This paper proposes a hybrid Quantum-Blockchain system for secure healthcare through a decentralized, tamper-proof method for managing Electronic Health Records (EHRs). We present the design and implementation of a decentralized application (DApp) that leverages Ethereum smart contracts and InterPlanetary File System (IPFS) to securely store and control access to patient records. The proposed system empowers patients with ownership and control over their medical data, while enabling authorized doctors to access records with explicit patient consent. The system shows a temporal performance efficiency for Ethereum-based DApp mining. However, the system remains approximately 19 times slower than traditional Proof-of-Stake protocols, indicating a trade-off between enhanced security and computational speed.
Sheikh Sharfuddin Mim, Doina Logofătu, Gabriel Guerrero-Contreras, Inmaculada Medina‐Bulo
Federated learning (FL) offers a compelling solution to the privacy and compliance challenges that plague the financial industry by enabling decentralized machine learning without the need for raw data sharing. As regulations like GDPR and the GLBA enforce strict data protection requirements, financial institutions are increasingly exploring FL as an avenue for collaborative intelligence. This paper presents a comprehensive analysis of state-of-the-art FL algorithms tailored for finance, evaluates their performance across realistic tasks such as credit scoring, fraud detection, and customer segmentation, and identifies the trade-offs among performance, fairness, privacy, and communication cost. We benchmark twelve prominent FL algorithms, highlight their privacy implications with differential privacy and secure aggregation, and provide practical, strategic recommendations for deploying FL systems in financial environments. The study closes with a discussion on regulatory alignment, deployment challenges, and future directions for ethical and robust FL adoption in finance.
This research explores the future synergy between quantum computing (QC) and non-fungible tokens (NFTs) as a tool to revitalize urban transport systems through optimized improvement techniques as well as decentralized governance. Utilizing a conceptual approach combined with thematic analysis, this research provides an integrative framework that combines insights from quantum computing, blockchain governance, and transport geography. Key results include the observation that the integration of these technologies holds the potential to address enduring issues regarding efficiency, sustainability, and equity within transport through exemplary spatial optimization as well as open, participatory governance strategies. However, significant challenges do remain, including energy consumption, the digital divide, as well as regulative uncertainties, requiring careful design, equity-focused protections, as well as effective governance infrastructure. This paper suggests that the actualization of the full potential of these future technologies requires interdisciplinary collaboration as well as a focus on the public good rather than technological advancement alone.
Asheshemi Nelson Oghenekevwe, Okoro Akpohrobaro Daniel, Ayeh Blessing Elohor, Ayo Michael Ifioko · 6 authors
Developments of Web 3.0 technologies present vital problems regarding data confidentiality, authentication of users and their privacy in decentralised systems. The traditional multifactor authentication (MFA) systems have been effective when deployed in Web2 environments but have failed in protecting sensitive information in the decentralised environment because they use centralised servers and are also dependent on static security factors. The paper explores the concept of multifactor authentication that is based on blockchain technology as the effective method of improving the use of data confidentiality in Web3. A blockchain-augmented MFA infrastructure was created on the basis of an Ethereum smart contract, decentralised storage, and biometric data that were cryptographically encrypted. Simulation demonstrated significant increases in security relative to conventional MFA systems, a significant drop in the probability of breaching (0.0270 to 0.0040), an improvement in the entropies, a decrease in the likelihood of session hijacking, and limited mutual information leakage. Also, the blockchain-based system becomes more resistant to Man-in-the-Middle (MITM) and phishing attacks, mitigating them by about 60 per cent and 50 per cent success rates, respectively. Whereas the blockchain MFA made some minor sacrifices in latency and computation cost in the course of authentication, such a trade of costs is productive in the Web3 environment where security and data integrity remain of utmost importance. The study could be useful to developers, security practitioners and policymakers who intend to develop more secure, scalable, and user-centric authentication mechanisms in decentralised apps. As a potential improvement, it is suggested that future research should implement the aspect of consensus optimisation and Layer-2 to increase the efficiency and scalability further.
Financial fraud detection is critical for maintaining the integrity of financial systems, particularly in decentralised environments such as cryptocurrency networks. Although Graph Convolutional Networks (GCNs) are widely used for financial fraud detection, graph Transformer models such as Graph-BERT are gaining prominence due to their Transformer-based architecture, which mitigates issues such as over-smoothing. Graph-BERT is designed for static graphs and primarily evaluated on citation networks with undirected edges. However, financial transaction networks are inherently dynamic, with evolving structures and directed edges representing the flow of money. To address these challenges, we introduce DynBERG, a novel architecture that integrates Graph-BERT with a Gated Recurrent Unit (GRU) layer to capture temporal evolution over multiple time steps. Additionally, we modify the underlying algorithm to support directed edges, making DynBERG well-suited for dynamic financial transaction analysis. We evaluate our model on the Elliptic dataset, which includes Bitcoin transactions, including all transactions during a major cryptocurrency market event, the Dark Market Shutdown. By assessing DynBERG's resilience before and after this event, we analyse its ability to adapt to significant market shifts that impact transaction behaviours. Our model is benchmarked against state-of-the-art dynamic graph classification approaches, such as EvolveGCN and GCN, demonstrating superior performance, outperforming EvolveGCN before the market shutdown and surpassing GCN after the event. Additionally, an ablation study highlights the critical role of incorporating a time-series deep learning component, showcasing the effectiveness of GRU in modelling the temporal dynamics of financial transactions.
Chang Su, Jun Deng, Xiaoyang Li, Jiayi Ma · 7 authors
Purpose Urban public safety is increasingly important and engineering safety risk monitoring is a key link in this area, where information asymmetry exists. Given the technological advantages of blockchain, it is of great significance for engineering safety supervision. This study aims to reveal the behavioral evolution patterns of multiple entities in the process of engineering safety risk monitoring under blockchain technology and to discuss the mechanism of action of blockchain technology on engineering safety risk monitoring. Design/methodology/approach By integrating prospect theory and mental accounting, a game model involving construction companies, third-party monitoring units and government regulatory departments under blockchain technology is established. With numerical analysis, a comparative analysis is conducted before and after the introduction of blockchain technology. Findings The results show that under the influence of complexity factors, blockchain technology effectively resolves the problem of information asymmetry and creates a stricter regulatory environment. The introduction of blockchain technology changes the strategic preferences and decision-making speed of the game participants, thereby enhancing the effectiveness and efficiency of engineering safety risk monitoring. In addition, countermeasure suggestions, marginal contributions and future prospects are also presented. Originality/value The possible marginal contributions of this paper are mainly in three aspects: First, it expands previous studies on decision-making behavior in engineering safety risk monitoring, constructs an evolutionary game model among construction enterprises, third-party monitoring institutions and government regulatory departments under blockchain technology and analyzes the stability of different strategies. Second, it uses prospect theory and mental accounting to depict the psychological motivations and subjective emotions behind the decision-making behavior of construction enterprises, third-party monitoring institutions and government regulatory departments, profoundly showing the evolutionary trends of multi-agent decision-making behavior under blockchain. Third, it establishes game analysis models, compares the differences in multi-agent decision-making behavior before and after the introduction of blockchain and further proposes countermeasure suggestions.
Bitcoin mining business has recently gained attention, especially after reports of electricity theft within MEA area for Bitcoin mining purposes. This issue has become a major concern for the MEA distribution system. It’s estimated that non-technical losses (electricity thief) in the MEA distribution system have increased by 0.20-0.30 percent, with annual losses 8 to 15 million USD in revenue. This impact underscores the urgent need for a deeper examination of Bitcoin mining as a new form of investment, raising questions about crypto currencies and profitability for Bitcoin mining business. Illegal bitcoin mining units have diverted significant electricity through illicit connections and mining equipment by adapting meter and cable line through MEA work area and do not pay power charges. Adapted electrical system that are not up to standard can lead to short circuit, Fires, and electric shocks. This instability can harm both the lives and properly of electricity users. This abstract are delves on landscape of risks by Illegal Bitcoin mining units activities, highlighting the challenges they present to regulatory compliance and organizational resilience. Strategies to mitigate these risks and enhance operation control are also discussed.MEA has conducted a risk assessment of the above case according to the COSO ERM Framework. This assessment was carried out through a high-level management meeting and has escalated the risk to corporate level that requires urgent management action to prevent recurrence. The approach have five key actions : 1) Identify electricity theft methods by using "ArcGIS Collector" application to pin suspected location. 2) Assess the damages. 3) Coordinate with relevant agencies for legal action. 4) Develop preventive and corrective measure by install Online Load Monitoring (OLM) 5) Report to the executive. This approach ensures a comprehensive handling of electricity theft incidents, integrating detection, assessment, legal action, prevention, and improvement measures within risk management framework