Blockchain Papers

Meghna Chaudhary, M. Afshar Alam, Sherin Zafar

No abstract is available for this record.

Öncü Hazır, Ilter Önder, Tolga İnan

No abstract is available for this record.

V. S. Balatska, R. L. Tkachuk, A. I. Ivanusa, V. I. Yashchuk · 5 authors

Problem. The growing intensity of cyberattacks on state registers and the increasing complexity of insider threats expose the weaknesses of traditional comprehensive information security systems (CISS), particularly the reliance on centralized logging and change verification mechanisms. This reduces audit transparency, complicates the evidential value of incidents, and creates regulatory risks in personal data protection. Purpose. To develop and substantiate a scientific and methodological approach for integrating permissioned blockchain technology into CISS of state registers to enhance resistance to insider actions, ensure transparency of access control, and increase trust in electronic public services. Methods. The study applies a systems analysis of CISS architectures and regulatory requirements, mathematical modeling of data flows, and experimental modeling in a virtualized environment using Hyperledger Fabric as a decentralized logging and verification module. Zero-Knowledge Proofs were applied to preserve transaction confidentiality, and behavioral analytics based on machine learning algorithms were used to detect anomalous activity. Results. A hybrid architecture was proposed in which traditional mechanisms of authentication, access control, and cryptographic protection are reinforced by a distributed event log and consensus-based verification of operations. This integration ensures data immutability and reproducibility of access history, reduces the possibility of hidden record editing by administrators, accelerates the detection of atypical user behavior, and creates a reliable evidential base for auditing. The proposed architecture complies with ISO/IEC 27001 requirements and supports data minimization and accountability principles, facilitating GDPR compliance during personal data processing. Conclusions. Integrating permissioned blockchain into CISS of state registers establishes a new level of trust and controllability of security: it increases audit transparency, mitigates insider risks, and preserves transaction confidentiality. The proposed approach is scalable and suitable for national e-government platforms and interagency data exchange systems.

Yaroslav Ivanov

As crypto exchanges and decentralized exchanges have proven untrustworthy, this paper seeks to create a rigorous Blockchain Project Evaluation Model (BPEM) for assessing the trustworthiness of a blockchain project. This BPEM will collate the components of technical audit, on-chain and off-chain analytics, liquidity indicators, and behavioral indicators into a single score of the project. The relevance of this work is driven by widespread instances of trade volume manipulation, opaque tokenomics, and tightening regulatory requirements (including in the context of MiCA). The scientific novelty lies in the creation of a hybrid MCDM architecture with an automated Incongruity Detection System (IDS) module that cross-checks tokenomics, liquidity, on-chain activity, and public statements and introduces a penalty coefficient into the final rating. The results of BPEM validation across case studies of wash trading and hidden centralization demonstrate that the key indicators of project resilience are not nominal volume but market depth, liquidity quality, and the integrity of on-chain data, and that identified inconsistencies act as early markers of scam projects and systemic risks. It is shown that a comprehensive multifactor analysis significantly outperforms the use of isolated metrics and can serve as a backbone for listing and compliance procedures. The article is of practical value for researchers of decentralized finance, risk managers, crypto exchange analysts, and digital asset regulators.

Frido Rolloos, Frederic Delaroche, Glenden C Khew, Ksenia Ponomareva

No abstract is available for this record.

Anna Sivkova

The article considers theoretical and applied aspects of digital audit of execution of state smart contracts concluded with private companies. The requirements for execution of financial documentation, including estimate documentation, in the context of integration of blockchain technologies and intelligent control algorithms are analyzed. The mechanism of adaptation of internal financial control of private counterparties to new formats of digital reporting, providing automated verification of completeness and target nature of spending of funds, is disclosed. A structured approach to conducting financial examination of estimates is proposed in order to increase the readiness of companies for digital audit, including within the framework of project and stage-by-stage execution of contracts. The role of digital platforms in providing predictive diagnostics of risks and monitoring of fulfillment of obligations in real time is substantiated.

Ulrich Bindseil, Omid Malekan

The design of financial instruments and processes is contingent on the infrastructure supporting them. Blockchain technology, as utilised by public crypto networks such as Ethereum, represents a novel type of payment and settlement infrastructure that gives rise to a new generation of solutions. This paper discusses the key properties of this technology, including immediacy, omni-asset capability, programmability and its ability to flatten the financial architecture (disintermediation). We illustrate the distinctive products these features make possible, and have the potential to disrupt current payment and capital market systems. We discuss the utility of blockchain technology in private (permissioned) networks. Finally, we revisit the risks of public crypto networks and their mitigants. This article is also included in the Business & Management Collection which can be accessed at https://hstalks.com/business/.

Marina D. Samakaeva, Raisa F. Martynova

Cryptocurrencies have become an important stage in the evolution of blockchain technologies, representing not just a financial instrument, but an entire platform for automating and simplifying various processes. Blockchain 2.0, with its capabilities for creating and executing smart contracts, allows users to develop decentralized applications (dApps) that can function without intermediaries. This technology opens up new horizons for economic coordination and social management. For example, smart contracts can be used in areas such as financial services, supply chain management, voting and management, and real estate. Cryptocurrencies or smart contracts are self-executing computer algorithms hosted on the blockchain and activated automatically when strictly defined conditions occur. Their fundamental importance lies not in technical novelty, but in the ability to create interaction systems where the fulfillment of conditions is mathematically guaranteed, which marks the transition from centralized models to decentralized algorithmically managed environments. The development of theoretical and practical recommendations on the use of smart contracts can provide new opportunities for the development and economic growth of Russia.

Fatemeh Nasiri, Sara Najafzadeh, Elham Ghanbari

No abstract is available for this record.

Kharzan P. Matasheva, Yunus M.-G. Gadamurov

The article examines cryptographic methods of zero-knowledge proof (ZKP) as a tool for overcoming information asymmetry in data markets. The theoretical foundations of ZKP are considered, including their formal properties and classification, as well as practical application scenarios in digital identification systems, confidential auctions, machine learning and data management. The impact of ZKP on the behavior of economic agents, transaction costs and market structure is analyzed. Both potential benefits of the technology — increased trust and automated verification — and risks associated with computational complexity and possible participant segmentation are identified. The study concludes that further development of hybrid privacy architectures and regulatory mechanisms is necessary to support open data markets.

Abhishek Rawat, Rajat Verma, Raghuraj Singh Suryavanshi

No abstract is available for this record.

Valentina Villa, Bernardino Chiaia, Gioberti Luca, F. Necati Çatbaş · 5 authors

No abstract is available for this record.

С. В. Зайцев, Igor N. Kutovoy, Anatoly M. Makarov, Irina N. Razhina · 5 authors

No abstract is available for this record.

Руслан Ханиев

Данная работа посвящена исследованию вопроса обеспечения целостности производственной информации в окружении высокой автоматизации с помощью блокчейн-технологии. Задачи, которые решались в ходе исследования: 1. Исследование вопроса применения блокчейн-оракулов в промышленности для обеспечения целостности данных. 2. Разработка архитектуры соответствующего решения для промышленных производств. 3. Разработка модульной структуры в виде программного кода и рекомендаций по его встраиванию в промышленное цифровое окружение. Работа была проведена на основе открытых данных о блокчейне и средствах обеспечения безопасности информации в промышленности в условиях автоматизированного производства. Был произведен теоретический обзор вопроса и изучение самой технологии блокчейн, как и рассмотрение уже существующих примеров в качестве части комплексных решений формата «умный завод». Были рассмотрены инструменты и внешние сервисы, позволяющие развернуть подобную структуру обеспечения безопасности и целостности информации без использования сторонних комплексных решений «из коробки». В результате была разработана архитектура системы с блокчейн-оракулом, обеспечивающим логирование всех производственных данных в блокчейн-сеть Polygon с возможностью использования как открытой сети, так и развертывания собственной, закрытой от сети Интернет. Были разработаны модули, доступные для встраивания в любую автоматизированную архитектуру, и даны рекомендации по дальнейшей доработке в зависимости от нужд предприятия. Для достижения данных результатов в результате были использованы следующие информационные технологии: Python, web3.py, Solidity, Ethereum, Polygon.

Pavlo V. Ivakhno, Oleksandr Manoylenko

The article addresses the scientific problem of forming an efficient approach to assessing the market value of business projects in the rapidly evolving area of decentralized finance (DeFi) within the digital economy. The article analyzes the limitations of applying traditional financial evaluation methods, specifically discounted cash flow (DCF) models and economic value added (EVA), which lose their relevance in the DeFi context due to the instability of cash flows, absence of centralized reporting, and the specific profitability structure of tokenized assets. In order to overcome the mentioned limitations in the study, a new multifactor model has been proposed, which combines classical financial indicators with key tokenomic metrics: total value locked (TVL), the utility function of the token in governance, liquidity mining incentives, as well as the distribution of tokens over time (vesting schedules). An empirical validation of the model’s efficiency was conducted through the construction of a multiple linear regression based on data from 20 leading DeFi projects for the years 2023–2024. The results obtained demonstrated a high statistical significance of the included tokenomic variables (p < 0.01) and a high explanatory power of the model (R? = 0.92), confirming its efficiency for predicting the market capitalization of digital assets. It is demonstrated that tokenomic characteristics have a decisive impact on the value of DeFi projects, while traditional indicators (DCF, EVA) are secondary or insignificant due to the changing nature of value in the Web3 economy. The proposed model enables the development of a sound methodology for the strategic analysis of investment attractiveness of decentralized platforms, particularly from the perspective of DAO organizations, venture funds, and analytical agencies.

Vagelis Plevris

No abstract is available for this record.

Georgy Kolesnik

The development of distributed ledger technologies (blockchain) led to the alternative ways to finance projects based on the issuance of tokens – digital accounting units in blockchain platforms. Unlike traditional financing mechanisms, the use of tokens allows for greater flexibility in fundraising and income and management rights allocation among stakeholders. An urgent problem that arises when using this mechanism is to determine the proportions in which tokens are distributed among the stakeholders of the project. Currently, this problem is solved by each project individually, based on its organizers’ subjective vision. In the article, the problem of token allocation of a decentralized project is investigated from the point of view of cooperative game theory. A token allocation model is considered in the form of a three-party cooperative game and the properties of its solutions are investigated, based on the core, Shapley value and nucleolus. The model allows to obtain estimates of rational token allocations corresponding to the participants’ contributions in the project, as well as stable to individual parties and their coalitions deviations. It also makes possible to solve the inverse problem of assessing the contribution of participants and their coalitions to the value of the project based on information about the past token allocation.

Андрій Олександрович Гашко, Андрій Петрович Бондарчук, Максим Петрович Трембовецький, Олександр Ілліч Чумак

The article examines an automated method for verifying the correctness of smart contracts in the Solana blockchain network. The relevance of the research is driven by the growing popularity of Web3 applications and the need to ensure their security, as even minor errors in smart contract code can lead to significant financial losses. The primary goal is to develop an automated verification methodology for smart contracts that can detect vulnerabilities such as the absence of founder rights verification, arithmetic operation errors, and missing transaction check signatures. Using static analysis techniques in the Rust programming language, the authors propose an approach that enables rapid analysis-taking less than three minutes per contract-and automatic generation of reports on identified vulnerabilities. The methodology is based on analyzing external data flows through smart contracts, allowing for the early detection of potential threats. To automate the process, Python and Bash scripts are employed, integrating with cloud services such as Amazon Web Services to scale the analysis. Testing results on real Web3 applications demonstrate the effectiveness of the methodology, particularly in reducing analysis time and improving the accuracy of error detection. An important aspect of the research is the continuous updating of knowledge bases and analysis tools, enabling the consideration of new types of attacks and vulnerabilities. The article also highlights the importance of interoperability between different blockchain networks, which remains a challenging task but is a key element for the future development of Web3. The research results show that the proposed methodology is promising for scaling and adapting to new challenges in blockchain ecosystems such as Solana. Thus, the developed approach to automated smart contract verification not only enhances the security of Web3 applications but also contributes to their further development, ensuring stability and reliability in the dynamic evolution of blockchain technologies.

Ihor Tretiak

No abstract is available for this record.

T. Vairam, M Srijeimathy

Incorporating blockchain technology into vehicle classification systems shows potential progress in data security, transparency, and decentralization. This work examines how blockchain technology can improve vehicle classification procedures, emphasizing the advantages and hurdles of various consensus mechanisms. Conventional methods of categorizing vehicles typically depend on centralized databases susceptible to data tampering and breaches. Using blockchain ensures data integrity by utilizing decentralized and immutable ledgers. We assess different consensus algorithms such as Proof of Stake (PoS), Delegated Proof of Stake (DPoS), Practical Byzantine Fault Tolerance (PBFT), Federated Byzantine Agreement (FBA), and DAG (Directed Acyclic Graph) to determine their appropriateness for vehicle categorization. Our aim is to determine the most effective and secure method for incorporating blockchain technology into vehicle classification systems by analyzing these consensus mechanisms.

Xueqi Qian, Lixin Shen, Yanan Wang, Jinglin Lin · 7 authors

No abstract is available for this record.

Maksym Bespalov, Solodchenko Sergii, Anastasiia Matvieieva, Hryhorii Hrytsenko

The article examines the use of blockchain distributed ledger technology in various sectors of the economy. It was found that since 2008, blockchain has developed as a tool for cryptocurrency transactions and was later adopted by major transport companies for cargo transportation management, proving its efficiency. The study is based on general scientific methods of cognition, including the dialectical method for understanding phenomena and the comparative legal method for analyzing approaches to the legal nature of distributed ledger technology. Using a systemic-structural approach, the author examined the benefits and risks of digitalization and blockchain application, leading to the article's conclusions. Blockchain is applied in IT, energy, finance, agriculture, logistics, and other sectors, improving efficiency and transparency in business processes. However, Ukraine lacks legislative regulation of this technology. If implemented, blockchain could become a tool for promoting transparent business practices, reducing risks, and minimizing interference from government authorities.

Олександр Басюк

The article explores an approach to implementing modern digital technologies, such as blockchain solutions, in the public finance management system, considering global experience. The purpose of the article is to develop recommendations for the implementation of digital technologies into the existing public finance management mechanism of modern Ukraine to reduce objective risks from the “human factor” in corporate and public management, and, in accordance with the goal, 5 research tasks are set and solved in the article. The author analyzes key challenges in public finance management, particularly the negative impact of the human factor, and proposes solutions aimed at minimizing errors, enhancing transparency, and reducing corruption risks. Existing methodologies and frameworks for evaluating digital technologies, such as the digital maturity models of the OECD, the World Bank, ISO 37122, as well as methodologies from NIST and the EU, are examined. The study develops a new methodological approach to the comprehensive evaluation of technologies, encompassing six key criteria: process automation, transparency, security, decentralization, efficiency, and implementation cost. A technology assessment system is proposed for each criterion, along with a mathematical model for calculating an integrated indicator. This methodology enables the classification of technologies as either key or auxiliary in the context of the digital transformation of the public finance management mechanism. The article emphasizes the unique potential of decentralized technologies, such as blockchain, in minimizing the impact of the human factor. The primary contribution of the study lies in creating a scientific basis for enhancing the efficiency of public administration by introducing modern digital technologies capable of minimizing the adverse effects of the human factor. Applying the developed technology evaluation methodology will provide a well-founded means to identify priority areas for the digital transformation of Ukraine’s public finance management system, taking into account global experience and national specifics.

Y Tsudzenko

With the development of digital technologies, smart contracts are becoming an important tool for improving social networks. The research examines the integration of smart contracts for intelligent data analysis and process automation. These self-executing blockchain-based applications could revolutionize the way data management, content monetization, and user engagement are approached. The developed system provides automation of transactions, payments to authors, protection of personal data and decision-making in communities. This makes it possible to monitor user interaction in real time and analyze their activity, automatically recording and processing data without the intervention of intermediaries. This approach provides high transparency and accuracy, which makes it effective for researching social trends, identifying public opinion leaders, and evaluating content impact. Smart contracts also help streamline processes that previously required human intervention, keeping all actions and transactions stored on the blockchain transparent. This increases user trust and creates a fairer environment for interaction on the platform. Therefore, the developed system includes several technological aspects, such as blockchain, smart contracts, intelligent data analysis, as well as the integration of these technologies in social networks