A blockchain is a trustless system in an environment populated by untrusted peers. Code deployed in blockchain as a smart contract should be cautious when invoking contracts of other peers as they might introduce several risks and unexpected issues. This paper presents an information flow-based approach for detecting cross-contract invocations to untrusted contracts, written in general-purpose languages, that could lead to arbitrary code executions and store any results coming from them. The analysis is implemented in GoLiSA, a static analyzer for Go. Our experimental results show that GoLiSA is able to detect all vulnerabilities related to untrusted cross-contract invocations on a significant benchmark suite of smart contracts written in Go for Hyperledger Fabric, an enterprise framework for blockchain solutions.
Blockchain and smart contracts enable the development of Decentralized Autonomous Systems (DASs), such as Decentralized Autonomous Applications (DAAs) and Decentralized Finance (DeFi). This paper addresses the challenge of automating smart contract generation for DASs by leveraging the Code LLaMA โ Instruct model. A dataset of 6,003 human instruction and source code pairs is used for fine-tuning, employing Quantized Low-Rank Adaptation (QLORA) to optimize the modelโs seven billion parameters. The study focuses on generating Solidity-based smart contracts for Ethereum, evaluating the model across four scenarios: cryptocurrency token creation, ownership management, DAO wallet whitelisting, and company information contracts. Results indicate that the fine-tuned model successfully generates functional and efficient smart contracts, demonstrating correctness and optimized gas usage.
Smart Contracts are the central piece of Ethereum and other compatible blockchains.Their role is to build trusted functionality that unknown parties can interact with.However, their value proposition can be undermined by different security exploits.In many cases, vulnerabilities are overlooked not due to neglect but due to a systematic approach in the review process.This paper aims to appeal to existing frameworks for understanding the business context and provide standardized thinking on auditing smart contracts.The power of a framework lies in the fact that it ensures that auditors do not overlook critical aspects of their vulnerability.
The blockchain based smart contracts allow the creation of peer-to-peer lending in a decentralized finance model called DeFi. While Aave, Compound, and MakerDAO make it easier to gain access to capital and do away with middlemen, security breaches are highly likely to occur. This study analyzes the smart contract vulnerabilities such as reentrancy attacks, oracle manipulation, flash loan exploits, are systematically highlighted and their impact on projects in the market. Furthermore, it completes assessment beyond the security focus of liquidity volatility, regulatory uncertainty and fragmented risk management framework. A systematic literature review was adopted in the study with peer reviewed journal, industry report as well as case studies of past DeFi exploits. The key vulnerabilities, risk assessment methods, and mitigation frameworks are dealt as a theme. According to findings, although smart contract security has improved, DeFi is still very prone to exploitation for the lack of centralized oversight and standardised security measures. The study also brings our attention to the fact that risks in smart contract need continuous smart contract audits, formal verification schemes, and decentralized insurance mechanisms as well as regulatory collaboration. For the sustainable growth of DeFi lending platforms, such a balance should be made possible between technological security measures and improved governance and regulatory frameworks. The increased security mechanisms will increase the user trust and make decentralized lending an alternative to traditional financial systems.
This proposal outlines an innovative strategy to integrate Web 3.0 technologies โ specifically Non-Fungible Tokens (NFTs) โ into Clash of Clans. By enabling players to own unique NFT-based avatars with special superpowers, Supercell can tap into the rapidly expanding blockchain gaming economy. This model would not only enhance player engagement and loyalty but also create new and sustainable revenue streams through NFT sales, royalties, and marketplace transactions.
This study examines the adoption and use of blockchain technology as a proactive tool against white-collar crimes in Ghana, using the Technology Acceptance Model (TAM) as a framework. A survey of professionals from regulatory bodies, financial institutions, and anti-corruption agencies was conducted to gather quantitative data. The analysis focused on key TAM constructsโPerceived Usefulness (PU), Perceived Ease of Use (PEOU), Attitude Toward Use (ATU), and Behavioral Intention (BI)โto evaluate their impact on Actual System Use (AU). Findings indicate that PU and PEOU significantly influence BI, while ATU and BI strongly affect AU. External factors, such as regulatory frameworks and technological infrastructure, had limited influence, underlining the importance of perceived utility and ease of use in driving blockchain adoption. This research provides critical insights for policymakers and organizations, highlighting the need to promote positive perceptions of blockchain to encourage its adoption in anti-corruption initiatives. It uniquely assesses Ghanaโs readiness for blockchain integration in combating corruption, addressing gaps in the literature on technology adoption in less regulated environments. The study offers actionable recommendations for enhancing transparency, accountability, and the efficacy of anti-corruption efforts through blockchain technology.
M. Mohanapriya, S. Eswarapasadh, Dinu Karthik P., Franklin Jack R.
The evolution of digital transactions has revolutionized financial systems, leading to more secure and efficient payment methods. Blockchain technology ensures decentralized, immutable, and transparent transactions, eliminating the need for intermediaries. This study explores a Python-based implementation of digital money transactions using blockchain, demonstrating the efficiency, security, and reliability of the system. The proposed model is implemented using Flask, Hashlib, and JSON for transaction validation and block verification. The experimental results highlight the effectiveness of blockchain in preventing double-spending and fraud. The project "Digital Money Transaction Using Blockchain" aims to develop a secure, transparent, and decentralized system for digital financial transactions using blockchain technology. The solution leverages Python's versatility to implement a blockchain that ensures immutability, transparency, and real-time verification of transactions. This project highlights the potential of blockchain to revolutionize digital finance by providing a secure and reliable infrastructure for transactions, minimizing intermediary costs, and fostering trust in financial systems.
The modern global financial environment faces a complex combination of requirements associated with ensuring systemic solvency while preventing the use of banks as conduits for illegal financial transactions. The current paper focuses on evaluating the capacity of modern regulatory standards for addressing these interconnected challenges. While modern legislation and regulatory approaches have reached a new level of sophistication and standardization, the dynamic nature of innovations in the field of decentralized finance integrate specific examples of Explainable AI (XAI) tools like SHAP values or Grad-CAM that regulators are currently using to improve transparency in decentralized finance. A qualitative-comparative methodology is employed for exploring the impact of strict enforcement of financial standards on the sustainability of the banking sector. Using case studies drawn from some of the world's largest economies, such as the EU, the US, and India, the study finds that despite the positive impact of regulations on the core of the global economy (e.g., through enhancing the financial cushioning of banks), there is evidence that the displacement effect has occurred, which means that risks and illegal activities continue to be relocated to the shadow economy. From the policy implications, a shift from a response-oriented and rule-based approach to one that is proactive and intelligence-based, emphasizing globalization and integration, becomes evident. For future regulation, there is a need for the coverage to be extended to non-bank financial institutions as well as dealing with the paradox of compliance whereby escalating costs have not yet translated into less global money laundering.
The rapid growth of Fintech has driven the adoption of blockchain technology for secure, efficient, and tamper-proof digital transactions. However, existing blockchain systems face challenges such as doublespending attacks, inefficient consensus mechanisms, and limited trust management, which hinder their scalability and security. To overcome these issues, this research proposes the Fin Trust Blockchain Framework (FTBF), a multi-layered architecture designed to provide secure, scalable, and transparent solutions for Fintech applications. FTBF integrates Zero Trust Architecture (ZTA) at its core to ensure continuous user, node, and transaction validation. To prevent double-spending attacks, the Dynamic Coin Flow Output Model (DCFOM) tracks unspent transaction outputs, ensuring the uniqueness of digital tokens. The framework also introduces a novel consensus mechanism, the Time Elapsed Stake Secure Algorithm (TESSA), which enhances scalability and energy efficiency. Additionally, the Fair Trust Rating Server (FTRS) dynamically calculates and updates trust scores for network participants, storing them on a trust score ledger for transparency and accountability. FTBF addresses key blockchainsecurity, efficiency, and trust management limitations, paving the way for next-generation Fintech solutions with enhanced scalability, resilience, and transparency.
Blockchain technology affords the secure and effective means for addressing the spiking cases of financial frauds and inefficiencies. Using the immutable and distributed nature, blockchain provides robust transaction security. However, NFTs have significant limitations in the financial use scenario due to the non-fungible characteristics that discourage the consistent valuation and exchangeability. To overcome these challenges, the proposed system integrates NFTs into banking operations and enhances their utility in secure financial transactions. The system uses the Proof of Stake algorithm to record transactions on the blockchain, offering energy efficiency and scalability compared to traditional Proof of Work. This method ensures secure and reliable transaction processes while addressing the high demands of financial systems. The framework thereby extends the utility of NFTs beyond digital collectibles, redefining the concept of asset management in banking and creating innovative opportunities for financial applications. The results show that the incorporation of NFTs into blockchain technology improves transaction security and efficiency, thus establishing the potential for financial innovation. This approach not only minimizes risks associated with traditional systems but also introduces a transformational model for managing digital assets in banking. By utilizing NFTs in secure blockchain frameworks, the system opens avenues for scalable and innovative financial practices.
Viacheslav Askerov, Bohdan Tomchyshen, Houda El Bouhissi
In the modern world, blockchain technologies are gaining popularity due to their ability to ensure security, transparency and decentralization of data. One of the most promising platforms is The Open Network (TON), which provides unique opportunities for the development of smart contracts. This article discusses the main features of the TON blockchain and its advantages in the context of educational process automation. Smart contracts implemented on the TON platform can serve as a tool for optimizing educational systems. They allow to automate processes related to knowledge validation, grade management, and even finance in educational institutions. For example, smart contracts can provide automatic scholarships based on students' grades, as well as control over the implementation of curricula. The paper also analyzes the benefits of using smart contracts in the educational process, such as reducing administrative costs, increasing transparency, and reducing fraud risks. In addition, blockchain technologies provide an opportunity to create decentralized platforms for storing and sharing knowledge, which makes learning more accessible and effective. Particular attention is paid to the mathematical aspects that ensure the functioning of TON, as well as sharing mechanisms that allow the platform to process thousands of transactions per second. These technologies can be used to create educational applications requiring high bandwidth and data processing speed. The paper contains formulas that illustrate the technical characteristics of the TON blockchain and provides a detailed analysis of its architecture. The study shows that smart contracts on the TON platform have the potential to revolutionize educational processes by providing new tools for data management and security.
This article explores how blockchain technology fundamentally transforms identity management in payment ecosystems through decentralized identity frameworks. The paper examines how distributed ledger technology addresses traditional challenges including security vulnerabilities, inefficient KYC processes, and privacy concerns. Self-Sovereign Identity principles empower users with control over their personal data through digital wallets and verifiable credentials that enable selective disclosure. The implementation architecture integrates identity registration, digital wallet infrastructure, verification protocols, smart contract governance, and secure transaction finalization. This approach creates significant benefits across the payment ecosystem โ financial institutions experience reduced fraud and streamlined compliance, merchants benefit from higher conversion rates and reduced liability, while consumers gain enhanced privacy and security. Despite these advantages, the paper acknowledges challenges including standardization requirements, regulatory alignment, credential recovery mechanisms, and scalability considerations that must be addressed for widespread adoption of decentralized identity in payment systems.
The era of digital transformation is still active and Blockchain is a disruptive force to realign traditional models of governance of intellectual property. Today, some of the brightest applications emerging in this format relate to literary assets through tokenizationโthat is, creating digital tokens for books, manuscripts, articles, and other types of creative works, which act as a proof of ownership, authenticity, and proper usage rights on an open, decentralized ledger. We will show the promised radical and enhanced transparency, security, and efficiency of the blockchain as a platform for literary IP management in the digital age. Tokenization refers to the creation of a digital token representing rights or ownership of an underlying real-world or crypto asset securely locked in a blockchain. Tokenizing gives authors, publishers, and content creators a uniform way to contain their work immutably on the blockchain โ producing irrefutable proof of creation and date using an owning property like literature. This solution avoids the problems that exist around copyright disputes, plagiarism and even improper reproduction, since every transaction and ownership change is linked to the blockchain and can be time-stamped. Decentralization The decentralization in IP management is one of the main benefits due to by condition. In terms of rights management, traditional systems are managed (e.g. publishing houses, copyright offices, etc.) by third parties, whereas on blockchain, data can be shared directly between the reporting parties (ex: authors, publishers, etc.) to reduce intermediary cost as peer-to-peer transactions take place. Smart contracts โ self-executing agreements encoded on the blockchain โ could also automate licensing agreements, royalty payments and rights transfers. By embedding the contract terms, creators receive the right payment on the right time without third-party verification. Moreover, authors can fraction their tokenized literary assets and sell the share of their writings to investors or fans. This would offer a new avenue for financing creative endeavors, since authors could fund works by selling ownership of a portion of future royalties or resale values. It also allows secondary markets of literary content or the buying, selling or trading of tokens, and it adds liquidity to a usually illiquid space. There are obstacles, however, to the use of blockchain in literary IP management. - Many jurisdictions are still coming to terms with how blockchain-based IP rights will work with existing legal structures, and development of such legal certainty around how new digital tokens iterate on established copyright laws has yet to be seen.
While the Indian public has grown quite fond of cryptocurrency in recent times, ambiguity still persists; specifically with respect to taxation. The primary reason for the same is unclear regulations. In 2022 India introduced a tax structure for virtual digital assets (VDAs) that included a 30% tax on gains along with a 1% TDS for transactions exceeding specified thresholds. The perplexity emerges primarily from India's ambiguous cryptocurrency tax regulations combined with compliance challenges. The existing framework regrettably fails to achieve both clarity and fairness by indiscriminately categorizing all digital assets as VDAs without distinguishing between cryptocurrencies, utility tokens, and non-fungible tokens (NFTs), which results in additional complications for tax treatment and compliance. This paper suggests reforms such as clearer asset definitions, revised tax rates to promote long-term investment, and simplifying the TDS process. It has called for the establishment of a regulatory authority in order to attain uniformity in taxation and trust of investors, with a view toward bringing alignment between India's cryptocurrency market and the globe.
In today's blockchain landscape, smart contracts are assuming a pivotal role, albeit accompanied by a heightened risk of exploitation by attackers. As smart contracts grow in complexity, vulnerabilities lurking within deeper layers of code become more prevalent. Existing analysis tools primarily focus on data flow and a priori knowledge based on symbolic execution as a test case generation strategy, often falling short in uncovering vulnerabilities nested within intricate conditional statements. To address this challenge, we present ACOFuzz, an advanced fuzzer for Ethereum smart contracts. ACOFuzz employs the ant colony optimization (ACO) algorithm to traverse the control flow graph (CFG) of smart contracts, systematically exploring execution paths and generating test cases. Subsequently, it strategically directs the search towards paths that are more susceptible to vulnerabilities within the CFG, leveraging block coverage data obtained from executing the test cases. In a comprehensive evaluation, we demonstrate that ACOFuzz excels in covering a wider array of paths within a contract while exhibiting enhanced accuracy in pinpointing specific vulnerabilities compared to contemporary fuzzers.
To fully utilize the energy on the user side and establish a new integrated energy trading system to realize energy transactions among users, it is imperative to conduct research on the architecture and pricing models of energy trading systems. Based on the study of the application of blockchain technology in energy trading, this paper constructs a peer-to-peer (P2P) energy trading system using blockchain technology, enabling users to conduct energy transactions without the involvement of a third party. A dynamic energy pricing method based on game theory according to the supplyโdemand ratio (SDR) is proposed in this paper. The pricing model considers user satisfaction and energy supplyโdemand comprehensively, introduces the concept of game theory, and constructs an optimized microgrid trading model under the P2P information interaction state. This paper also discusses the application scenarios and operation processes of the P2P energy system, and carries out relevant tests. The test results show that the system has high performance and efficiency, and can meet the needs of energy trading. Finally, through simulation examples, it is proved that the pricing model proposed in this paper provides users with significant benefits and technical support, and can serve as a reference for the application of blockchain in P2P energy trading.
Yuanzhu Zhan, Andy C.L. Yeung, Kim Hua Tan, Yu Xiong ยท 6 authors
ABSTRACT Despite a growing focus on blockchain adoption within operations and supply chains, these initiatives exhibit an exceedingly high failure rate, with many failing to achieve sustainable success. Why are enterprise blockchain adoptions highly susceptible to failure? In our inductive case study of five technology providers offering blockchain services for operations and supply chains, we examine how founders' power (i.e., expert, prestige, and ownership) shapes management behaviors that build blockchain perceptions and influence stakeholders toward strategic adoption. Our findings reveal that highโperforming cases actively seek inspiration beyond the blockchain ecosystem for service designs and adopt a centralized decisionโmaking approach where key strategic decisions are made internally. In contrast, lowโperforming cases struggle due to withinโblockchain exploration and decentralized decisionโmaking, leading to slower implementation and limited scalability. Furthermore, we find that founders' behaviors in blockchain adoption are embraced by firm members through performance evaluation and interactions, shaping organizational practices and culture, ultimately determining the success or failure of blockchain technology providers. This study extends previous research at the intersection of founders' power and blockchain literature by developing propositions about how different sources of founders' power lead to distinct management behaviors, influencing the success or failure of blockchain adoption outcomes.
Spot Bitcoin Exchange Traded Products (ETPs) are financial instruments enabling Bitcoin to be traded on traditional brokerage platforms, reducing the risks associated with direct Bitcoin exposure while addressing fraud and market manipulation concerns. This study examines the adoption of Spot Bitcoin ETPs, emphasizing the roles of financial and digital literacy, market dynamics, and regulatory frameworks in influencing individual investor behavior. Based on a survey of 428 U.S. respondents, financial literacy and early adopter traits were found to significantly enhance adoption likelihood (ฮฒ = 0.458, p < 0.001). Government factors, such as compliance guidelines and tax policies, improved investor confidence and adoption rates (ฮฒ = 0.409, p < 0.001). Market factors, including volatility and sentiment, played a notable yet secondary role (ฮฒ = 0.34, p < 0.001). Institutional investment mediated the effects of regulatory and market dynamics on individual adoption, legitimizing Spot Bitcoin ETPs and fostering trust (ฮฒ = 0.298, p < 0.001). The findings emphasize the need for clear regulations, robust disclosure requirements, and investor education to enhance adoption. Policymakers should focus on regulatory transparency to build investor confidence, while financial institutions can advance adoption by promoting financial and digital literacy. This study contributes to understanding how individual, market, and regulatory factors collectively drive the integration of regulated cryptocurrency products into mainstream finance.
Digital assets, including cryptocurrencies, non-fungible tokens, and digital tokens, are reshaping global economic systems by promoting financial inclusion, decentralized control, and technological innovation. However, their intangible, decentralized, and cross-border nature presents significant challenges to existing legal frameworks, leading to legal uncertainty, regulatory fragmentation, and enforcement difficulties. This study systematically analyzes the definitions, characteristics, and classifications of digital assets while examining the regulatory approaches of the United States, the European Union, the BRICS nations, and Singapore. By identifying key challenges such as security vulnerabilities, cross-border complexities, and market volatility, this paper proposes solutions including harmonized frameworks, enhanced consumer protections, technological innovations, and international collaboration. The findings emphasize the importance of a balanced regulatory approach that fosters innovation, ensures consumer protection, and supports market stability in the evolving digital asset ecosystem.
Giovanni Rosa, Simone Scalabrino, S. Mastrostefano, Rocco Oliveto
Abstract Smart contracts, i.e., self-executing contracts written in code, have gained popularity in recent years due to the introduction of blockchain technology. These contracts are executed automatically when certain conditions are met, and, once deployed, they can not be modified. This presents issues when errors are found or updates are needed. Previous research has mainly focused on introducing approaches and tools for detecting bugs or vulnerabilities in smart contracts. However, it is unclear if these are the only maintenance-related operations developers perform. In this paper, we aim to understand why and how developers maintain smart contracts. We run a qualitative analysis on 590 commits from 14 open-source smart contract repositories written in Solidity, the most popular programming language for smart contracts. We analyze the commit messages, related issues, and the changes made to understand what triggered changes. Then, we examine how developers changed the source code. As a result, we define two taxonomies: one reporting the reasons for the maintenance and one regarding the patterns of modifications. Our findings suggest that smart contract maintenance is often focused on improving the internal quality of the scripts (40% of the cases), and that many changes aim to fix bugs despite the several approaches available for detecting them beforehand.
Phoebe Wong, Wilson K.S. Leung, Markus Vanharanta, Calvin Wan
Purpose Consumer adoption of decentralized blockchain solutions, such as decentralized finance (DeFi) applications, has demonstrated considerable technological promise. However, to benefit from DeFi applications, consumers must purchase and own cryptocurrencies, which is a potential obstacle to adopting decentralized blockchain technology. This study employed a push-pull-mooring model to examine factors influencing individualsโ willingness to use cryptocurrencies. In particular, how do push (i.e. diminishing value and pricing problems), pull (i.e. relative security and perceived value) and mooring (i.e. switching cost and personal innovativeness) factors shape individualsโ switching intentions. Design/methodology/approach About 300 valid responses were collected via an online survey and analyzed using partial least squares structural equation modeling (PLS-SEM). Findings The results confirm that the factors of push (i.e. pricing problem and low perceived value of traditional fiat money), pull (i.e. relative security and perceived value of cryptocurrency) and mooring (i.e. switching cost and personal innovativeness in technology) significantly impact switching intention to cryptocurrency. These findings offer key insights and implications for consumer adoption of cryptocurrencies as a precursor to participating in decentralized blockchain ecosystems. Originality/value Cryptocurrencies have been associated with numerous risk and security concerns, potentially holding back consumer adoption of DeFi financial solutions. Accordingly, this paper contributes to extending the knowledge of consumer adoption of cryptocurrency, switching from traditional money to using cryptocurrencies based on the push-pull-mooring theory (PPM). This allows for a detailed analysis of the critical factors that hinder or promote consumers' adoption of decentralized blockchain solutions.