Blockchain Papers

Baofeng Zhang, Jiaxin Mu, Lei Song

No abstract is available for this record.

Dorothy Gail Rey

This research study investigates the evolution of the Taliban from an insurgent movement into a hybrid insurgent-state actor. Utilizing datasets from terrorism, conflict, and open-source intelligence, the paper analyzes the motivations, organizational structure, financing mechanisms, operational capabilities, targeting patterns, and governance practices of the Taliban. It assesses the group's transition from insurgency to a de facto government following its resurgence in Afghanistan and examines the implications for regional security, international recognition, sanctions compliance, and counterterrorism policy. The findings indicate that the Taliban's unique blend of centralized ideological leadership, decentralized operational execution, economic adaptability, and increasing diplomatic engagement poses a multifaceted challenge for contemporary security analysis and international governance frameworks.

Tanishka Ahire, Jyotsana Bagul, Dr. Archana Bendale

Abstract: The idea of cryptocurrency is really interesting. It started as a money idea and now it is changing how the world thinks about money and technology. Cryptocurrency began with Bitcoin in 2008. Now it includes ideas like blockchain and special kinds of contracts. There are also kinds of money from central banks and unique digital things called NFTs. This paper looks closely at the technology behind cryptocurrency. How it affects the economy, people and laws. It talks about the things that cryptocurrency can do which will probably help it grow. It also talks about the problems that cryptocurrency is facing which might slow it down. The paper looks at what might happen with cryptocurrency in the future and how it will affect the world and money systems. After looking at a lot of research from 2008 to 2023 it seems that cryptocurrency is a concept that could be really big, in the future. For it to really work some technical and other issues need to be figured out. Cryptocurrency has to deal with these issues to be sustainable. The idea of cryptocurrency is still very promising. It needs to solve some problems.. Keywords: Cryptocurrency, Blockchain Technology, Decentralized Finance (DeFi), Smart Contracts, Consensus Mechanisms

Petro Mykytyuk

The future of financial technologies is driven by artificial intelligence, blockchain, open banking, and decentralized finance (DeFi).Financial services are expected to become more personalized through data analytics.The development of SupTech and RegTech will improve market monitoring and transparency, while cybersecurity innovations will strengthen data protection.FinTech will enhance financial inclusion, support economic growth, and make financial services more accessible, efficient, and secure.

Victor Hugo Gimenez Gonçalves

This article examines whether the use of stablecoins as instruments for financing agribusiness produces civil-liability imputation gaps that are incompatible with traditional dogmatic assumptions. Through a hypothetical-deductive method and a dogmatic-functional approach, the study analyzes stablecoins, tokenized agribusiness financing, decentralized finance, and comparative regulatory frameworks in the European Union, the United States, and Brazil. It argues that the operational decentralization promoted by stablecoins fragments the poles of liability, weakens linear causation, and renders the classical fault paradigm insufficient. The article proposes an interpretive model based on three pillars: layered proportional liability, duties of governance and due diligence, and accountability as an autonomous criterion of imputation. It concludes that civil liability has the dogmatic resources necessary to respond to the tokenized economy, provided that causation, fault, and risk are reconstructed in light of the structural complexity of blockchain-based arrangements.

Zulkifli Usman, Adipradana R Taha, Husnandi S Wange

This study analyzes the problems of regional health governance in the era of decentralization characterized by regulatory disharmony between Central and local governments. Research gap this study lies in the lack of studies that examine health governance issues from the perspective of normative construction and authority-sharing design, because most of the previous research focused on aspects of policy implementation or empirical case studies. The purpose of this study is to formulate the direction of reforming the regional health governance law that is able to overcome the fragmentation of authority and financing within the framework of decentralization. This study uses a purely normative juridical method with a legislative and conceptual approach through an analysis of Law Number 23 of 2014, Law Number 1 of 2022, and Law Number 17 of 2023. The results showed that the main problem of regional health management lies not in regional capacity alone, but in the design of laws that are fragmented and uncoordinated, causing uncertainty about the authority, financing, and responsibility of the state. This study provides a normative contribution by developing the concept of coordinated decentralization, which is a decentralized model that places regional autonomy within an integrated, standardized national policy framework, and accompanied by a clear coordination and accountability mechanism. This concept was formulated as a response to the condition of institutional fragmentation trap, a situation of fragmentation of authority and financing that mutually weaken the performance of health services. These findings are important as a basis for updating administrative law and health law to ensure the fulfillment of the right to health in a fair and sustainable manner.

S Shakir Jamil

Blockchain technology has moved from the fringes of cryptographic research into the center of serious conversations about how industries govern data, verify transactions, and establish trust between parties who have no prior relationship and no shared authority to appeal to. Yet for most professionals working in management, finance, healthcare, and logistics, the technology remains opaque — described in either overly technical language that assumes a computer science background, or in breathless promotional terms that obscure more than they reveal. This paper is an attempt to close that gap honestly. Drawing on a progressive self-directed engagement with blockchain fundamentals, this work develops a conceptual framework covering four interconnected dimensions: its foundational governance philosophy of decentralization and equal network rights; its cryptographic security architecture, encompassing public and private key pairs, symmetric and asymmetric encryption, and hash-based data integrity; its distributed node network, comprising full nodes, lightweight nodes, and mining nodes and their respective governance roles; and its real-world application domains across supply chain management, healthcare information systems, financial services, human resources verification, and artificial intelligence data integrity. The paper adopts a conceptual analysis methodology, synthesizing foundational and applied blockchain literature to construct an integrated framework accessible to management researchers and practitioners. The central argument is that blockchain's significance is not primarily technological but institutional: it represents a structural alternative to the centralized authority model that has governed data ownership and transactional trust for centuries.

Daniel Commey, Edem Kojo Amenyo, Vida Commey

Purpose This paper aims to compare Ghana’s Virtual Asset Service Providers Act, 2025 (Act 1154), with the USA’s anti-money laundering (AML) framework for virtual assets. It asks whether a unified statute can give an emerging economy advantages over a fragmented, path-dependent regime. Design/methodology/approach The study uses functional and institutional comparative legal analysis. It reviews statutes, supervisory notices, sandbox materials and enforcement documents through a six-dimensional matrix mapped to Financial Action Task Force Recommendations 10, 12, 15, 16, 20, 26, 27 and 35. Findings Ghana’s Act offers statutory coherence, and early implementation steps show movement beyond a purely prospective regime. However, enforcement capacity for virtual asset service providers (VASPs) is still developing. The US framework is institutionally fragmented yet operationally mature. Ghana’s licensing model more closely resembles a banking charter than a money services business (MSB) registration, increasing demands on supervisory expertise, verification systems and technical infrastructure. Both frameworks also leave gaps around decentralized finance. Research limitations/implications Implementing regulations remain incomplete and Ghana does not yet have a mature enforcement record specific to VASPs. The analysis, therefore, combines legal design with early operational evidence rather than a full account of law in action. Practical implications Emerging-economy regulators need more than statutory clarity; they need credible supervisory capacity. VASPs in Ghana should expect operational requirements to evolve as implementation matures. Originality/value The paper offers an early comparative analysis of Ghana’s Act and contributes to debates on regulatory leapfrogging, implementation gaps and compliance capacity in the Global South.

Andrei-Theodor Ginavar, Francis Liu, Daniel Traian PELE

Abstract We investigate the sustainability of a carry trade approach on AAVE V3, in which USDC is lended and used as collateral and Wrapped Ether is obtained by borrowing. We extend the Cox-Ingersoll-Ross model by incorporating Poisson-Exponential jumps to account for abrupt rate surges which can be seen on Decentralized Finance lending platforms. Using Monte Carlo simulation with 10,000 paths, we estimate liquidation probabilities. The approach takes into account compounding interest, price fluctuations for the borrowed asset, and the liquidation mechanics of AAVE V3. We use hourly data from January 2023 to January 2026 to estimate the model parameters for USDC and WETH, more specifically variable lending and borrowing rates. Our empirical results show that the average USDC supply rate (4.98%) exceeds the average WETH borrow rate (2.86%), yielding a positive spread 76% of the time. Even with WETH price appreciation from $1,381 to $4,926 during the sample period, the strategy yields a low probability of liquidation and positive expected returns. The 1-year liquidation probability is approximately 6.1-7.0% at depending on starting LTV and model used, with positive mean P&L for non-liquidated paths and mostly profitable paths. Our findings demonstrate that a profitable carry trade can be carried out on DeFi platforms using stablecoins as collateral and that these positions are sustainable.

Tudor BUDISTEANU

Abstract Bitcoin was the breakthrough innovation demonstrating peer-to-peer transfer of value without a central bank and has since expanded to countless innovations such as smart contract applications, decentralized finance protocols and asset tokenization. The EU is moving from scattered state-specific rules governing cryptocurrency activities to a coherent European regulatory regime. This paper review the transition to a harmonized framework in 2024-2025 from a doctrinal-institutional perspective, unpack how to carry out the three main legislative instruments: MiCA, TFR on information accompanying transfers of funds and transfers of certain crypto-assets and amending the EU directive and the EU AML package . Moreover, I look at the implications of DAC8 for the tax treatment of crypto-assets and tokenized assets. In 2025, the market begins institutionalizing, as MiCA requires significant compliance measures in terms of governance, transparency and conduct for CASPs to get licensed. Moreover, in conjunction with the new TFR rules, compliance for CASPs, at least in the business models discussed, effectively transforms into an operational infrastructure issue revolving around data quality, process efficiency and interoperability. By way of comparison, I analyze eight example business models in eight representative EU markets that appear to be impacted. These include: two major exchanges, two broker-dealers offering cryptocurrency on trading platform, a provider of non-custodial software wallets, two DeFi protocol participants and two NFT platform providers. These fall into three general categories depending on their legal status, direct regulatory burden and level of engagement with decentralized technologies. Finally, harmonized regulatory frameworks like the one outlined for the EU increase operational fixed costs and favor consolidation, reduce the benefits for regulatory arbitrage and thereby boost user protection, although part of innovation may pivot towards B2B solutions.

R. Carè, S. Taddeo

No abstract is available for this record.

Abdur Rehman Raza, Muhammad Haseeb, Shahzaib Tahir, Asif Masood · 6 authors

Abstract Smart contracts are the fundamental building block of decentralized applications (DApps) and decentralized finance (DeFi). However, their immutability makes security flaws exceptionally costly. Despite advancements in vulnerability detection, such as static and dynamic analysis, formal verification, and Solidity language improvements, vulnerabilities continue to result in substantial financial losses, exceeding $2 billion in 2024 alone. This paper presents a comprehensive analysis of smart contract vulnerabilities derived from real-world exploits, systematically categorized into seven distinct types. Each category is illustrated with Solidity code examples and insights from notable exploits. An Enhanced test suite is developed by restructuring the existing solidity-defects-and-bugs suite and supplementing it with new smart contract implementations to address underrepresented vulnerabilities, including flash loan and price oracle manipulation. We evaluate three widely used analysis tools (Slither, Mythril, and 4naly3er) on both the original and Enhanced suites, revealing substantial limitations in detection coverage. To address these limitations, we introduce the Solidity Defects and Bugs Analysis (SDABA), which incorporates advanced analyses and detectors to identify 28 vulnerability variations across both suites. Results on the SDB and Enhanced test suites show that SDABA improves overall precision, recall, and F1-score compared with the evaluated tools. Finally, we release the source code, test suite, and vulnerability reports to support future research in smart contract security.

Nanditha R

Climate change presents intensifying environmental, economic, and social challenges, particularly for developing countries such as India, where climate vulnerability intersects with pressing developmental priorities including energy access, poverty alleviation, and sustainable urbanization. While global frameworks such as the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement establish mitigation and adaptation targets, their effectiveness depends significantly on decentralized and community-driven implementation. In this context, community-based climate solutions (CBCS) have emerged as an important bridge between national policy commitments and localized climate action. This paper examines India’s renewable energy transition and electric mobility initiatives as examples of decentralized climate governance. Renewable energy programmes implemented by the Ministry of New and Renewable Energy, especially rooftop solar expansion and the PM-KUSUM scheme, promote distributed power generation, solar irrigation, and farmer-centric energy systems. These interventions contribute not only to carbon emission reduction but also to rural income diversification, agricultural resilience, and enhanced energy security. By encouraging local ownership and participatory models, such programmes integrate climate mitigation with inclusive development objectives. Complementing these initiatives, electric mobility policies advanced by the Ministry of Heavy Industries, including the PM E-Drive scheme, support the adoption of electric two-wheelers, three-wheelers, and public transport systems. These measures reduce urban air pollution, lower fossil fuel dependence, and create green employment opportunities within emerging clean energy value chains. The diffusion of electric mobility further demonstrates how local entrepreneurship, cooperatives, and community participation can accelerate low-carbon transitions. By situating these initiatives within a community-based governance framework, the study argues that decentralized renewable energy systems and electric mobility expansion reinforce climate mitigation and adaptation while promoting socio-economic empowerment. The analysis concludes that India’s evolving climate strategy reflects a gradual shift toward participatory and multi-level governance models. Strengthening institutional coordination, expanding climate finance access, and enhancing local capacity-building remain essential to sustaining and scaling community-based climate action in alignment with global climate commitments.

Dr. Alicia Bennett

The rapid transformation of financial systems requires secure and intelligent architectures capable of supporting predictive analysis, decentralized operations, and collaborative knowledge exchange. Traditional banking infrastructures often depend on centralized data management, creating challenges related to privacy risks, limited interoperability, and restricted cross-entity collaboration. This research proposes a Decentralized Banking Network (DBN) designed to integrate blockchain-based distributed systems, predictive assessment mechanisms, and secure knowledge-sharing capabilities. The proposed framework enables financial institutions to collaboratively analyse data while maintaining ownership and confidentiality of sensitive information. The architecture combines distributed ledger technology, intelligent prediction models, and decentralized governance mechanisms to improve financial decision-making. Blockchain concepts provide transparency and trust among participating entities, while predictive assessment techniques support risk evaluation, fraud detection, and strategic planning. The theoretical foundation of this research is derived from distributed ledger systems, decentralized control, and federated financial intelligence. Distributed ledger technology provides mechanisms for secure and transparent transactions across independent participants (Sunyaev and Sunyaev, 2020). Recent developments in federated financial ecosystems demonstrate the potential of decentralized analytics for improving risk assessment while maintaining data sovereignty (Arifin Shawn et al., 2025). The proposed network highlights how decentralized banking models can improve security, collaboration, and predictive accuracy. However, challenges related to scalability, regulatory compliance, computational complexity, and governance remain significant considerations. This research provides a conceptual framework for future banking ecosystems where institutions can achieve secure knowledge sharing without compromising confidential financial information.

Authors unavailable

No abstract is available for this record.

Sasi Kala Rani K, Jeyasiba Ponmani Sami, R. Rajesh, Sridhar D · 5 authors

No abstract is available for this record.

Ms. Sanskruti Pawaskar, Mr. Harsh Shinde, Mr. Ruturaj Laad, Vaishali Gatty

Decentralized finance has disrupted the lending process by transferring the intermediary role from institutionally-led balance sheets into a public ledger framework of smart contracts, pooled liquidity, and tokenized governance. The relevance of such a change in the lending paradigm is more of a question of different trust mechanisms, where the solvency of actors can be maintained through the imposition of collateral and automated processing [1][3]. A qualitative comparison is made below through a literature-constrained synthesis of five sources on DeFi architecture, flash loan exploits, lending protocol structure, decentralized governance flaws, and extractable value [1]-[5]. The two protocols of Aave and Compound have been selected for being representative DeFi lending cases, as per the allowed literature that points them out to be the top loanable funds protocols, having liquidity pools and variable rates [1][3]. This comparison is made against CeFi as an institution-driven reference point rather than other DeFi lending protocols owing to the asymmetry of the evidence base. Three conclusions are drawn.Second, the risk architecture of DeFi lending is structurally different from other financial institutions in that flash loans, dependence on oracle feeds, smart contract weakness, composable nature, extractable value, and governance capture are not mere flaws in DeFi but inherent aspects of open and highly coupled financial systems [2][4][5]. Third, governance in DeFi is an additional security mechanism, as the governance of protocol control, parameters and responses to emergencies rests on the robustness of token-based decision-making mechanisms [4].

Wurood Razzq Jawad, Raidaa Abdl Muttaleb Mutlag

The aim of this research is to analyze the impact of Decentralized Finance (DeFi) platforms on the competitiveness of Iraqi private banks on the basis of the relationship between DeFi and the dimensions of competitiveness which are represented by operational efficiency, financial innovation and market share. This study used descriptive-analytical approach, and A questionnaire was distributed to employees of Iraqi private banks, who constituted the study sample and The study sample consisted of employees of Iraqi private banks. The data were analysed statistically with the SPSS software by appropriate statistical methods like correlation coefficient and regression analysis. The results of the research showed a positive and significant relationship between decentralized finance and banking competitiveness. In addition, the result of the regression analysis showed that the DeFi platforms had a significant effect on competitiveness, accounting for 59.2% of the variance (R-squared). The findings clearly show that decentralized finance helps to increase the operational efficiency and improve financial innovation, but with a moderate effect on market share. The study calls for Iraqi banks to embrace financial technology (FinTech) and improve their digital framework. Further, they need to be innovative and partner with FinTech firms to strengthen their competitive edge, given the fast pace of digital transformation.

PAUL RICARDO PRUDENCIO GALVEZ

No abstract is available for this record.

Heritage Falodun, Samson Ojo

This technical report provides an empirical evaluation of Bitcoin Layer-2 execution environments (BOB, Bitlayer, Citrea, Stacks, and Rootstock) against a six-layer architectural framework designed for institutional-grade decentralized finance (DeFi). Using Tage_Root — a purpose-built reference implementation operationalizing Bitcoin-native execution (L1) and trust-minimized bridging (L2) — the analysis assesses conditions required for credible BTC-denominated yield markets, including intent-based routing, autonomous capital allocation, zero-knowledge compliance, and accountable governance. The findings reveal that while several systems have substantially solved the bridge problem at the technical level, critical higher-layer infrastructure remains absent or weak. This architectural gap explains the persistent idleness of bridged BTC and the low capital efficiency observed in BTCFi protocols, despite significant growth in bridging capacity. The report offers a code-grounded diagnostic benchmark and lays the empirical foundation for forthcoming theoretical work on the “Bridge Problem” and the pricing of Bitcoin-denominated yield. It argues that trust-minimized execution alone is insufficient for institutional capital formation in Bitcoin DeFi.

R. Darmesh Ram., B. Yasodha Jagadeeswari.

Information and Communication Technologies such as blockchain can significantly contribute to achieving the Sustainable Development Goals (SDGs). Without a doubt, blockchain, as one of the most valuable technological advancements, has been introduced over the past decade and has played a significant role in the industrial revolution. Blockchain technology is progressively taking over the business world. Blockchain as a disruptive technology and a driver for social change has exhibited great potential to promote sustainable practices and help organizations and governments achieve the United Nations’ Sustainable Development Goals (SDGs). The emergence of other technologies derived from blockchain, such as decentralized finance (DeFi) and the Metaverse, has fundamentally transformed people’s daily lives and profoundly impacted future versions of digital businesses. The Blockchain technology revamped several industries, including Real Estate, Healthcare, Education, and Legal industry to name a few. It opened new doors of opportunities and profit for the entrepreneurs and established brands. The paper's main contribution is to advance knowledge about the role of blockchain for economic and sustainable development in countries of the world. Grounded in the innovation forecasting literature, this paper explores blockchain-based innovations and research in the context of economic and sustainable development.

Timothy King Avordeh

Purpose This study aims to examine disruptive decentralized energy models, such as pay-as-you-go (PAYG) solar home systems, mini-grids and community-owned renewables, from a strategic management viewpoint. It assesses their potential to simultaneously alleviate energy poverty and accelerate the transition to renewable energy in emerging economies in the Global South. Design/methodology/approach The study synthesizes evidence from 120 publications (2015–2025) via a systematic literature review guided by preferred reporting items for systematic reviews and meta-analyses (PRISMA) 2020 protocols, drawing from Scopus, web of science and gray literature. This is complemented by purposive case study analysis of the Kenya PAYG ecosystem, Nigeria’s mini-grid scale-up and community models in Nepal and Bangladesh, leading to the synthesis of an integrative and diagnostic managerial framework. Findings The analysis reveals that the transformative potential of decentralized models hinges on managing disruption as an integrated phenomenon across three interdependent pillars: technological, financial and socio-institutional. Success requires moving beyond isolated innovations to develop hybrid governance structures that proactively integrate these assets into national energy planning. Key to this is adaptive regulation, strategic utility adaptation and inclusive design that addresses equity gaps. Practical implications Actionable recommendations are provided for core stakeholders: policymakers should design technology-neutral rules and interconnection standards; utilities should evolve toward platform orchestration; investors should build robust local partnerships and risk-sharing models; and donors should prioritize capacity building and performance-based support. These strategies collectively enable emerging economies to leapfrog centralized limitations and transition to resilient, inclusive energy systems. Originality/value The paper’s primary contribution is the synthesis of the hybrid energy ecosystem management framework, a layered diagnostic tool that consolidates existing concepts of assets, finance, regulation and governance into a coherent strategic architecture. It equips sector leaders with a practical lens to identify systemic bottlenecks, manage tradeoffs and scale disruption equitably, moving beyond technical or siloed case analyzes.

The Korean Society For The Economics And Finance Of Education, Hongju Yun, Sookyong Nam, Ki Chang Song

This study aims to analyze the major issues and tasks surrounding the reform of the Local Education Finance Grant(LEFG) system in response to changes in the educational environment, including the restructuring of local government systems. To this end, the study examines the current state of revenues and expenditures in local education finance, and reviews the impacts and issues that administrative integration poses for local education finance. The findings reveal that the current LEFG system is highly vulnerable to tax revenue volatility, thereby limiting the stable operation of education finance. Furthermore, a reduction in local education finance is anticipated due to the strengthening of fiscal decentralization. The major issues identified in the reform debate include: the transition to a grant calculation method that reflects the declining number of students; the removal of fiscal barriers; the compensation for grant revenue losses; and legislative gaps in statutory transfer provisions. In response to these issues, first, mechanisms to ensure the stability of education finance operations must be established. Second, given the inevitability of resource sharing with higher education, rational approaches to resource management warrant serious consideration, including the conversion to an integrated education grant, the transformation of statutory transfers into discretionary transfers, and the establishment of a local government-centered governance framework for higher education finance. Third, fiscal neutrality in education finance must be preserved in the course of advancing fiscal decentralization, and appropriate measures must be taken to prevent inequities between integrated special metropolitan cities and other city and provincial offices of education. This is because the essence of LEFG reform lies not in reducing financial resources, but in ensuring stable support for educational activities and preparing for the future of education.

Mark Gerald Ruiz, Ramona Maria Miral, John Paolo Rivera

This paper examines the fiscal impacts of climate-related events in the Philippines and proposes policy measures to build a climate-resilient economy. Through cross-sectional analysis, it finds that the fiscal resilience of local government units (LGUs) is influenced by their dependence on external revenues, the availability of preallocated funds, and the severity of disasters. The results underscore the need for region-specific fiscal strategies that diverge from conventional frameworks, given the country’s decentralized disaster management system and the pivotal role of local institutions. The study recommends establishing a dedicated climate resilience fund, adopting climate-responsive budgeting, strengthening risk transfer mechanisms, incentivizing green investments, and enhancing LGU capacity to manage adaptation financing. Additionally, investments in climate research, data-driven governance, and public awareness are essential. Aligning climate finance with long-term development goals and the 2030 Agenda for Sustainable Development would integrate resilience into national planning, enabling the Philippines to better withstand climate risk while promoting sustainable growth and fiscal stability.