Currently, urban renewal projects primarily rely on traditional financing methods such as government fiscal support, bank loans, and corporate self-funding. However, these models exhibit significant limitations. As urban renewal progresses towards high-quality development, there is an urgent need to explore innovative financing m echanisms t hat o ffer g reater efficiency, transparency, and sustainability. In this context, the introduction of blockchain technology presents a novel breakthrough for urban renewal financing. The decentralized, immutable, and smart contract-enabled features of blockchain can optimize capital flow, e nhance c redit s ystems, reduce fi nancing co sts, an d attract more social capital participation. By leveraging blockchain and Interplanetary file s ystem ( IPFS) t echnologies, i t i s p ossible to achieve full traceability of fund flows among government entities, financial institutions, enterprises, and investors, thereby reducing information asymmetry and strengthening mutual trust. Real-time on-chain recording of fund utilization ensures dedicated use of funds, prevents misappropriation or abuse, and improves the efficiency o f b oth fi scal re sources an d so cial ca pital. Moving forward, it is essential to integrate policy support with technological pilots to gradually construct a "blockchain + urban renewal" digital financial i nfrastructure, p roviding n ew m omentum for high-quality urban development.
Implementing upgradeable smart contracts (USCs) has become a trend in Decentralized applications. Due to blockchain immutability, ensuring the upgradeability of smart contracts requires specialized implementation strategies. A systematic study of developers’ concerns regarding USC development can provide insights to reduce development costs and increase software robustness. In this work, we propose the first empirical study on exploring developers’ concerns over USCs. We first extract 2,224 USC-related posts based on an iterative process combining keyword filtering and manual filtering of posts from theEthereum StackExchangecommunity. Following open card-sorting practice, we propose 13 common development concerns based on the extracted posts, as well as the causes of these concerns. Furthermore, we analyze the frequency of these concerns within developer discussions. We highlight the most significant concerns of developers, where the top 5 most frequently discussed concerns are notably absent in existing research, e.g., code bugs originating from interacting and testing USCs in specific development frameworks. Additionally, we examine the real-world impact of these concerns by analyzing on-chain smart contracts and security reports from two widely referred databases, i.e.,RektandSlowmist. Based on case studies of the USC-related security reports in the past two years, we found that the causes of most USC security incidents are related to the identified concerns. Besides, we proposed a semi-automatic tool based on static analysis to detect related bugs and found 26 bugs in real-world smart contracts, which have involved over 0.3 million transactions. Based on these findings, we provide suggestions on the less-solved-yet-prevalent concerns regarding usability and security of USC development, such as facilitating the testing on USCs under existing development frameworks.
There has been a major cause of concern, especially concerning the integrity of political financing, since the idea of existing electoral bonds lacks transparency, traceability, and accountability. Although these systems are meant to help formalize political contributions, they usually help to allow anonymous contributions and disclosure at will, violating both the trust of a population and democratic responsibilities. The paper entails the design, development, and flow of ElectraChain, a decentralized system and blockchain-based electoral bond management platform. With the help of smart contracts and privacy-preserving cryptographic schemes like Zero-Knowledge Proofs (ZKPs), ElectraChain will preserve the tamper-proofness of bond transactions recording and preserve donor anonymity. The architecture proposed has secure KYC processes included, automated compliance procedures, and publicly available dashboards to go to the next level of transparency without any breach of privacy. Blockchain technology has been a device that allows the development of a viable prototype that supports the feasibility, security, and scalability of the system. The paper also assesses the technical parameters of the system and comments on the possibilities of the use of such a system nationally, which becomes a major step towards transparent, accountable, and technology-driven political financing in democracies.
We offer a new perspective on trust formation in smart contracts on blockchain that is based on deduction rather than induction. This shift in perspective allows us to explore the boundaries of trust in IT systems, analyze the conditions under which trust becomes dispensable, and unpack the sociotechnical complexity of supposedly “trust-free” systems. Through this approach, we introduce three key concepts: deductive certainty, a state in which an individual has full knowledge of the other party’s future behavior based on deduction; the possibility of deductive certainty that an IT system may provide; and deduction-related trust, a new type of trust rooted in the possibility of deductive certainty. We use these concepts to analyze smart contracts on a blockchain as a technology that offers the potential for deductive certainty by enabling complete deduction. Our analysis reveals the conditions under which smart contract-based applications, also known as dApps, can become “trust-free” and why, in practice, they often are not. Based on a sample of 536 dApps and a user survey, we provide evidence supporting our theoretical claims. Our findings suggest that the possibility of deductive certainty plays a significant role in forming initial trust in dApps. However, we also find that new users rely on both deduction-related trust and classical inductive trust, with the two sources of trust reinforcing each other.
G Jayashree, M. Anitha, R Chethana, Prateek Prasanna Savanur
Blockchain technology has emerged as a revolutionary force in the digital era, redefining transactional security and data integrity. This paper presents a blockchain-based solution to enhance the security and transparency of crowdfunding platforms using Ethereum smart contracts. Traditional crowdfunding platforms are marred by security vulnerabilities, lack of transparency, high transaction fees, and reliance on intermediaries. Our proposed system leverages Ethereum's decentralized architecture, smart contracts, and Polygon network scalability, coupled with the Interplanetary File System (IPFS) for decentralized storage. The platform automates fund disbursement based on milestone verification, mitigating fraud risks and enabling global participation. Performance evaluation demonstrates the system's efficiency, with transaction costs reduced by 30% and milestone-based fund disbursement achieving 98% accuracy compared to traditional systems.
ABSTRACT Cryptocurrency markets are known for their wide price fluctuations, lack of central control, and fast‐paced development. These characteristics present serious challenges to traditional theories about how markets work and how prices reflect available information. Understanding how information is processed in these markets is essential for investors, policy makers, and academic researchers. This paper offers a thorough review on the extent to which cryptocurrency markets reflect information, based on 977 peer‐reviewed articles published between 2015 and 2024 and indexed in Scopus. Using a combined method of bibliometric analysis and thematic review, the study identifies key research directions and common methods used to explore how information affects cryptocurrency prices. The review goes beyond the Efficient Market Hypothesis (EMH) and includes related topics such as volatility modelling, behavioral dynamics, spillovers, liquidity, and institutional influences. It presents a detailed overview of the most influential publications and organises the literature into six thematic research clusters, highlighting conceptual tensions and new methodological approaches. Finally, the paper outlines a future research agenda that connects market efficiency with changing regulatory environments, innovations in market structure, and the increasing role of institutional actors in the cryptocurrency space.
Olaolu Samuel Adesanya, Akindamola Samuel Akinola, Lawrence Damilare Oyeniyi
Smart contract technologies are revolutionizing the landscape of global finance by enabling secure, automated, and transparent cross-border financial transactions. Traditional international transactions are often hindered by delays, high costs, and reliance on multiple intermediaries such as correspondent banks, clearinghouses, and regulatory bodies. These processes not only increase operational complexity but also expose transactions to risks of fraud, errors, and regulatory inefficiencies. Smart contracts, built on blockchain platforms, address these challenges by embedding contractual terms directly into self-executing code that autonomously enforces obligations once pre-defined conditions are met. This technological innovation eliminates the need for third-party verification, reduces transaction latency, and ensures that funds or assets are exchanged only when contractual conditions are satisfied, thereby enhancing both trust and efficiency in global markets. The application of smart contracts in cross-border financial transactions streamlines settlement processes by providing real-time execution and verification, reducing the risk of human error and dispute. Automated compliance mechanisms can be integrated into the contract logic, ensuring adherence to international trade and financial regulations while minimizing manual oversight. Moreover, transparency inherent in blockchain technology allows stakeholders including regulators, financial institutions, and clients to access immutable transaction records, strengthening accountability and trust. The interoperability of smart contract platforms with emerging technologies such as digital currencies and decentralized finance ecosystems further amplifies their potential to reshape international trade and investment flows. Strategically, smart contracts promote inclusivity in global markets by lowering transaction costs, expanding access for small and medium-sized enterprises, and accelerating settlement times, particularly in regions where traditional banking infrastructure is underdeveloped. However, challenges remain, including legal recognition across jurisdictions, standardization of protocols, and ensuring resilience against cyber threats. Addressing these issues through coordinated governance and international regulatory cooperation will be critical for mainstream adoption. In summary, smart contract technologies enable secure, automated, and transparent cross-border financial transactions, offering significant advances in efficiency, cost reduction, and trust-building across global economic markets. Keywords: Smart Contracts, Blockchain, Cross-Border Transactions, Financial Automation, Global Economic Markets, Transparency, Compliance, Decentralized Finance.
Purpose: to develop a methodological framework for selecting the optimal technology for building cross-border payment infrastructure based on the criterion of decentralization of key financial system actors. Methods: structural analysis of objects, a systems approach, a service approach, a method of structural-matrix analysis of concepts, a research method from general to specific, a comparative analysis method. Results: payment institutions and infrastructure are classified as the main factors influencing the qualitative and quantitative characteristics of cross-border payments. Such characteristics can be improved by forming a cross-border payment infrastructure based on distributed ledger technology, which allows for more equal relations between its users. The features of a cross-border payment infrastructure based on distributed ledger technology include mechanisms for forming, using, maintaining identity and protecting processes, objects and data, which provide it with the required functionality. A comparative analysis with centralized data processing systems shows the advantages of using distributed ledger technology to form a cross-border payment infrastructure. The signs of a payment's cross-border nature are determined by splitting the payment into fragments and identifying pairs of payment subjects located in different jurisdictions. It has been established that a number of cross-border payment subjects may be located outside the payment space and, under certain circumstances, fail to perform their functionality. Numerical indicators of the level of a cross-border payment dependence on the actions of entities outside the payment space are proposed. A model of a decentralized cross-border payment infrastructure is constructed, containing one structural level and an integrated payment token. Conclusions and Relevance: the proposed model can serve as a methodological foundation for the practical implementation of the task of developing cross-border payment infrastructure that ensures a sufficient level of key actors decentralization, meets the needs of economic agents in conducting cross-border payments, and possesses long-term development potential.
Cryptocurrencies have revolutionized traditional finance by providing decentralized payment methods and disrupting global solutions. However, the increasing prevalence of cryptocrime threatens financial market security and public confidence. This study, “The Ripple Effect,” examines the financial damage caused by crypto-attacks on global payment networks and the regulatory complexities arising from deceitful cryptocurrency activity. It also examines the economic impact of cryptocrime, affecting individuals, organizations, and countries. The chapter highlights the financial threats that span across global markets and the regulatory barriers governments and organizations face. The fight against crypto crime requires international cooperation, sophisticated legal frameworks, and innovative blockchain analytical tools. The study emphasizes the need for transparency initiatives, education programs, and robust communication methods to restore trust within the crypto community.
Yan Watequlis Syaifudin, Daffa Cahyo Alghifari, Gunawan Budiprasetyo, N. Funabiki · 9 authors
Carbon credit trading is an evolving system that aims to mitigate climate change by providing financial incentives to reduce greenhouse gas emissions, where each carbon credit corresponds to the right to emit one ton of carbon dioxide or its equivalent. Indonesia’s carbon market, which leverages blue carbon credits from coastal ecosystems, is estimated to have an economic potential of approximately USD 25 billion between 2022 and 2026. Decentralized carbon credit trading leverages blockchain technology to create a transparent and secure marketplace that fosters peer-to-peer connections and democratizes access, utilizing features such as smart contracts and tokenization to enhance efficiency and reduce transaction costs. The study presents a model for a decentralized marketplace that incorporates a streamlined workflow, a blockchain framework, and automated processes via smart contracts, further enabling tokenization of carbon credits into ERC-20 tokens. However, implementing this system in Indonesia entails navigating regulatory compliance with environmental and financial laws while overcoming challenges such as interoperability with existing systems, fostering user adoption, and addressing market fragmentation to assure the integrity and success of the market.
Real-World Assets (RWAs) serve as a bridge between traditional financial instruments and decentralized infrastructures. By representing assets such as bonds, commodities, and real estate on blockchains, RWAs can extend the scope of decentralized finance. Industry forecasts further indicate rapid growth in tokenized RWAs after 2025, underscoring their potential role in the evolution of digital financial markets. However, in the current multi-chain environment, RWAs face challenges such as repeated authentication across multiple chains and inefficiencies arising from multi-step settlement protocols. To address these issues, we present a cross-chain framework for RWAs that emphasizes identity management, authentication, and cross-chain interaction. The framework integrates Decentralized Identifiers and Verifiable Credentials with customized attributes to support decentralized identification, and incorporates an authentication protocol based on Simplified Payment Verification to avoid redundant verification across chains. Furthermore, this paper adopts a cross-chain channel that supports efficient RWA settlements, and we refine its design so that the channel does not need to be closed immediately after each settlement, thereby reducing on-chain cost. We implement the framework and evaluate its performance via simulations, which confirm its feasibility and demonstrate improvements in efficiency for RWAs in cross-chain settings.
This study investigates three blockchain-based initiatives empowering entrepreneurial communities in Africa, focusing on Cape Verde, Angola, and Nigeria. Utilizing a multiple case study approach, it explores the implementation of decentralized public Blockchain Technology (BT) and cryptocurrency platforms. These platforms, which operate on a proof-of-stake mechanism and are fully open source, aim to identify the characteristics of successful BT system implementation and the pivotal role of blockchain-aligned entrepreneurship. The findings underscore BT's precision and effectiveness in managing entrepreneurship programs, facilitating real-time adaptation, and decision-making to address social and economic disparities. The study highlights BT's capacity to enhance operational efficiency and align business models with strategic goals, necessitating diverse skill sets for effective implementation. This innovative research offers valuable insights into how blockchain can rapidly integrate management, leadership, and execution capabilities into actionable strategies, ultimately empowering African entrepreneurs and fostering inclusive community development.
Journal of Theoretical and Applied Information Technology
The insurance sector is being transformed through the combination of artificial intelligence (AI) and blockchain technologies. This study proposes the AI-Blockchain Hybrid Smart Contract Model (AIBSCM), which combines AI-based fraud detection with blockchain-based smart contracts to allow for automated insurance claim processing. A synthetic dataset of 1,000 insurance claims was used to train a random forest model, which achieved 92% accuracy on training data; however, real-world testing revealed difficulty in detecting fraudulent claims from under-represented categories. A blockchain simulation was conducted to demonstrate the secure storage and automated execution of claims, with smart contracts giving transparency and immutability. The architecture integrates decentralised oracles, zero-knowledge proofs (ZKPs), federated learning, and a DAO governance mechanism to provide a privacy-conscious, decentralised, and robust solution for the insurance business. Subsequent study will look at real-world deployment and integration with regulations. The integration of these technologies seeks to address traditional insurance systems' issues, such as data privacy concerns and a lack of transparency. By investigating real-world deployment and regulatory compliance, this model has the potential to transform the insurance business by delivering a safe and efficient method for dealing with false claims. This innovative method has the potential to boost client trust while also streamlining insurance company operations. Overall, the combination of blockchain and privacy-conscious technology might result in increased reliability and a transparent insurance sector.
Purpose: This study explores the transformative impact of financial technology (fintech) on the global financial services industry, focusing on innovations, regulatory implications, and challenges. The research aims to identify key technological disruptions, examine the regulatory landscape, and highlight opportunities and risks introduced by fintech. Methodology/approach: A Systematic Literature Review (SLR) was conducted using SCOPUS, IEEE Xplore, and ScienceDirect. Following a structured protocol, 153 peer-reviewed articles (2014–2019) were analysed through thematic and meta-analytical approaches. The study adopted an interpretative philosophy and used the PICOC framework to refine search precision and synthesis. Results/findings: The analysis reveals fintech’s disruptive innovations in financing and payment systems, such as peer-to-peer (P2P) lending, crowdfunding, blockchain-enabled transactions, and mobile payments. These services have enhanced financial inclusion, operational efficiency, and customer accessibility. Regulatory frameworks have evolved in parallel, though challenges remain in addressing moral hazard, cybersecurity, and compliance. Geographically, Asia, particularly China and Indonesia, leads fintech research and implementation. Conclusion: Fintech has significantly reshaped financial ecosystems by enabling decentralized financial services, accelerating digital transactions, and fostering inclusivity. However, cybersecurity risks, limited regulatory clarity, and uneven global adoption continue to impede its sustainable integration. Limitations: The study is limited to English-language literature from 2014–2019 and may not capture recent post-pandemic developments or region-specific innovations in Islamic or informal economies. Contribution: This paper contributes a comprehensive synthesis of fintech’s evolution, identifies existing gaps, and offers insights for policymakers, financial institutions, and researchers to foster a balanced, secure, and innovative financial environment.
Smart contracts are a key part of blockchain applications, and attackers can exploit them to manipulate contract behaviour or steal assets. Smart contracts often contain security vulnerabilities, either accidentally introduced by developers or due to flawed business logic. In this paper, we focus on finding an optimal Machine Learning based framework for detecting vulnerable smart contracts by analysing the smart contracts as embedding vectors. CodeBERT, a pre-trained transformer model, is used for feature extraction in the proposed framework. The framework has shown approximately 97% accuracy in detecting smart contracts that contain various vulnerabilities. Additionally, the research explores the performance of CodeBERT variants for this task. The results of the experiments have proven the favourability of this framework in detecting vulnerable smart contracts.
This study discusses the behavior of decentralized decision-making of investment in Web3 environment, and the primary factors affecting the decision of investors, including governance with transparence and fair process, opinion of the community, fluctuations of markets, and trends of social networks. From DeFi platforms and markets of NFT, this study finds the inclination of investors towards governance with transparence and fair process when selecting projects, and decisive impacts of opinion of the community on decision. This study also finds significant impacts of social network and fluctuations of markets on short-term investment, and greater risk appetite of investors under more fluctuations of markets. This study verifies the impacts of these factors on the Web3 environment of investment with data simulation under a virtual environment, provides in-depth understanding of behavior of investment under decentralized finance and markets of NFT, and provides valuable references for related projects' design and operation.
Benjamin Appiah, Daniel Commey, Winful Bagyl-Bac, Laurene Adjei · 5 authors
Maximal Extractable Value (MEV) presents a significant challenge to the fairness and efficiency of decentralized finance (DeFi). This paper provides a game-theoretic analysis of the strategic interactions within the MEV supply chain, involving searchers, builders, and validators. A three-stage game of incomplete information is developed to model these interactions. The analysis derives the Perfect Bayesian Nash Equilibria for primary MEV attack vectors, such as sandwich attacks, and formally characterizes attacker behavior. The research demonstrates that the competitive dynamics of the current MEV market are best described as Bertrand-style competition, which compels rational actors to engage in aggressive extraction that reduces overall system welfare in a prisoner’s dilemma-like outcome. To address these issues, the paper proposes and evaluates mechanism design solutions, including commit–reveal schemes and threshold encryption. The potential of these solutions to mitigate harmful MEV is quantified. Theoretical models are validated against on-chain data from the Ethereum blockchain, showing a close alignment between theoretical predictions and empirically observed market behavior.
Wan Amir Azlan Wan Haniff, Redwan Yasin, Rahmawati Mohd Yusoff, Asma Hakimah Ab Halim · 6 authors
The article investigates the challenges and prospects of the ruling of Waqf Crowdfunding (Waqf-CF) scheme adoption in Malaysia as Shariah-compliant fintech successors deployed to mobilize Islamic endowment. However, the implementation of Waqf-CF is hindered by a number of challenges, such as the uncertainty of the legal aspects and fragmented governance, along with technology limitations and Shariah compliance issues. Using a qualitative approach, insights were gathered from seven experts 7 experts in finance, academia, and business to inform and guide our work. The results suggest that poor coordination of regulation between federal and state governments, varied modes of governance, and a lack of fintech literacy in waqf bodies are the barriers to successful implementation. In this regard, the paper examines the Waqf-CF models currently being used, including the Crowdfunding-Waqf Model and the Hasanah Platform, by highlighting the pros and cons of each. Based on these, the authors present a sophisticated hybrid model combining blockchain-based smart contracts, AI-led risk profiling, and real-time Shariah auditing for increased trust, transparency, and scalability. Finally, the paper calls for the need of a national regulatory framework and better institutional support to drive Waqf Crowdfunding as an ethical and sustainable funding option that is in line with Maqasid al-Shariah and the nation’s vision to be a global Islamic financial hub.
This study examines the impact of cryptocurrency ownership on corporate volatility, focusing on external financial conditions, internal financial conditions, and liquidity crises. The research utilizes secondary data from publicly traded companies in the United States listed in the Refinitiv database for the period 2018-2023. To enhance the validity of the results, a matching procedure was implemented, in which each cryptocurrency-owning company was paired with a similar non-cryptocurrency-owning company to create a balanced control group. The analysis employed panel data regression on 384 publicly traded companies in the U.S. The findings indicate that the ratio of cryptocurrency ownership has a significant positive effect on corporate volatility. Additionally, liquidity levels also have a significant positive impact on the volatility of companies holding cryptocurrencies, suggesting that liquidity crises amplify the effect of cryptocurrency ownership fluctuations on corporate volatility. Internal financial conditions, measured by Return on Assets (ROA), exhibit a significant negative effect on the volatility of companies holding cryptocurrencies, implying that strong internal financial health mitigates the impact of cryptocurrency ownership fluctuations on volatility. Conversely, external factors such as company Beta do not influence increased volatility, which contrasts with the expectation that external factors would amplify the effect of cryptocurrency ownership fluctuations on corporate volatility. This study offers important implications for financial managers and regulators in designing risk mitigation strategies against digital asset price fluctuations.
Smart contracts have emerged as a transformative force in contract law, leveraging blockchain technology to automate transactions and reduce reliance on human intermediaries. However, their widespread adoption is hindered by significant legal challenges, particularly in determining liability for transaction failures. This Note examines the accountability problems inherent in smart contracts, focusing on the critical role of oracles—third-party entities that feed external data into blockchain-based agreements. While existing scholarship explores the theoretical foundations and potential applications of smart contracts, this Note shifts focus to liability allocation and proposes a novel framework: default oracle liability. Under this proposal, oracles bear primary responsibility for transaction errors arising from inaccurate data sourcing or validation failures. If oracles demonstrate that they functioned correctly, liability shifts to smart contract developers, who are responsible for ensuring secure and error-free code. By clarifying accountability, this framework incentivizes higher standards for data accuracy and software integrity, ultimately fostering a more reliable and legally-viable environment for smart contracts to operate.
Global supply chains today operate in an environment marked by unprecedented complexity, interdependence, and susceptibility to both market and operational disruptions.Traditional supply chain management systems, which rely heavily on centralized coordination and rigid contractual structures, often fall short in providing the transparency, adaptability, and resilience demanded by modern logistics ecosystems.This paper introduces a novel, decentralized framework that synergistically combines blockchain technology, multi-agent reinforcement learning (MARL), and dynamic smart contract optimization to achieve autonomous and adaptive supply chain operations.In the proposed architecture, each stakeholder in the supply chain-ranging from raw material suppliers to end retailers-is modeled as an intelligent agent capable of perceiving its environment, learning from historical outcomes, and making optimized decisions in real time.The agents interact and transact over a permissioned blockchain network, ensuring transparency, data immutability, and trustless collaboration.Smart contracts govern the terms of these interactions and are designed to be dynamically adaptable, adjusting key contractual parameters such as pricing, delivery schedules, and penalties based on real-time environmental inputs and the evolving strategies of agents.By integrating MARL into the decision-making loop, the system continuously improves coordination and performance across the supply chain.Simulation results across a multi-tier supply network demonstrate that this framework significantly outperforms traditional models, achieving: Up to 34% improvement in cost efficiency, 47% reduction in contract breaches, and Faster convergence of agent policies leading to more robust and scalable autonomous operations.The results underscore the potential of blockchain-enabled autonomous systems in redefining supply chain resilience, agility, and operational intelligence.
The article examines the economic and organizational efficiency of implementing smart contracts based on blockchain technology in the public procurement system of the construction sector of the Russian Federation and St. Petersburg. Relevance research conditioned by the need to increase transparency, reduce transaction and administrative costs, and speed up procurement procedures in the context of large-scale public investment and limited budget resources. The paper develops a methodology for quantitatively assessing the economic effect of using smart contracts, including an analysis of direct savings in budget funds, reduced procurement processing time, and increased capital turnover. Based on official statistics and economic and mathematical modeling, it is shown that the introduction of smart contracts can reduce costs by 10% of the total volume of purchases, which is equivalent to savings of about 550 billion rubles for the Russian Federation and 68.2 billion rubles for St. Petersburg. Additional savings are achieved by reducing the average procurement processing time from 15 to 10 days, which leads to a decrease in administrative costs by 8.15 billion rubles and 1.13 billion rubles, respectively. A comprehensive assessment of the total economic effect confirms the high feasibility of digitalizing procurement procedures using smart contracts, which can become the basis for further transformation of the public finance management system and increasing the efficiency of using budget funds in the construction industry.
Blockchain technology has driven the development of Decentralized Applications (DApps) in areas such as decentralized finance. However, as application scenarios become more complex, the limitations of computational resources and costs gradually lead to insufficient performance. Large Language Models (LLMs), as a promising technology, have the potential to enhance blockchain’s capabilities in complex task governance. However, due to factors such as consensus mechanisms, it is challenging to directly integrate them with blockchain. To address this issue, this article proposes and implements a general framework for integrating LLMs with blockchain data, C-LLM, which successfully overcomes interoperability barriers between the two. By combining semantic relevance evaluation and truth discovery techniques, this article presents an innovative data aggregation method, SenteTruth, which effectively improves the correctness and credibility of data generated by LLMs. To validate the framework’s effectiveness, we construct a dataset containing three types of questions, covering Q&A records between 10 oracle nodes and 5 LLM models. Experimental results show that, in the presence of 40% malicious nodes, the proposed method improves data correctness by an average of 17.74% compared with the optimal baseline. This research not only provides an innovative solution for the intelligent application of smart contracts but also demonstrates the potential for deep integration of LLMs and blockchain, driving the development of smarter and more complex application scenarios for smart contracts.
Abstract This article focuses on the Network State movement as embodying the venture capital (VC) logic of exit. Exit constitutes both a strategy for lucrative returns and an ideology seeking out new territories for financial and technological speculation. This movement has emerged around Balaji Srinivasan and the technologies of Web3 that encode the imperatives of exit. In the construction of liberated zones for the Network State, VC operates through a territorial logic, under the leadership of the founder‐philosopher and with the affordances of the American state. These logics evince the discursive power at the heart of the political economy of VC. The desires of the VC class shape “future social necessity” (Howard 2024; Finance and Society 10) and are “imprinted” (Cooiman 2024; Environment and Planning A 56) upon the social and technological networks of the Network State. The valorisation through exit seeks to produce “hyperstitious” (Lynch and Muñoz‐Viso 2023; Progress in Human Geography 48) value creation in which VC is the fount of civilisation.