Blockchain Papers

Rohini Pise, Sonali Patil

No abstract is available for this record.

Mathuri Gurunathan, Moamin A. Mahmoud, Ihab L. Hussein Alsammak, Saraswathy Shamini Gunasekaran

No abstract is available for this record.

Amanda Awyong

No abstract is available for this record.

Jungwon Seo, Juhui Lee, Yunjae Joo, K.-H. Lee · 6 authors

Blockchain-based E-participation systems significantly enhance transparency, data integrity, and security compared to traditional E-participation methods. However, existing systems often face challenges, such as inefficient attribute sampling in Zero-Knowledge Proof (ZKP)-based systems and the absence of effective differential reward mechanisms to distinguish between sincere and insincere participants. This paper introduces a blockchain-based E-participation framework designed to address these challenges. The proposed approach improves attribute sampling in ZKP-based systems by incorporating attribute keys, enabling efficient and secure sampling of participants without compromising privacy. This ensures that only eligible participants are selected while maintaining the integrity of the sampling process. Furthermore, the framework uses Shapley Values to implement a robust differential reward system that fairly compensates participants based on their sincerity, encouraging genuine contributions while penalizing insincere behavior. The security of the proposed framework is rigorously validated through a comprehensive security analysis, and its performance is thoroughly evaluated to demonstrate its effectiveness. Additionally, the feasibility of this approach is demonstrated through a prototype with real-world participants, highlighting its practicality and potential for deployment in E-participation systems.

charan Goud, G. Anjan Babu, K. S. Reddy, Geeta Yadav · 5 authors

No abstract is available for this record.

Mark Esposito, Terence Tse, Danny Goh

This paper explores the intersection of decentralized governance, blockchain technology, and the digital commons through the lens of Elinor Ostrom’s principles. It examines how Decentralized Autonomous Organizations (DAOs) and tokenization models present both opportunities and risks for managing digital resources in transparent, community‐driven ways. The authors assess how token‐based, reputation‐based, and hybrid governance mechanisms—ranging from quadratic voting to Soulbound Tokens—can enhance democratic participation and accountability within blockchain ecosystems, while also recognizing their susceptibility to plutocracy, voter apathy, and collusion. Drawing on case studies such as MakerDAO, MolochDAO, Commons Stack, and Aragon, the paper critically analyzes real‐world implementations of decentralized governance and the extent to which they adhere to—or deviate from—Ostrom’s design principles for common‐pool resource management. It highlights structural limitations in governance design, especially in the presence of unequal voting power and centralized control disguised as decentralization. The paper also critiques the socio-economic implications of blockchain’s global expansion, noting how digital governance can replicate neo-colonial dynamics in the Global South and amplify state surveillance in authoritarian contexts. Further, it underscores the environmental costs of blockchain infrastructure and introduces DAOs like KlimaDAO and Regen Network as emerging experiments to align decentralized finance with sustainability goals. Ultimately, the authors propose a “dual imperative”: to develop context‐sensitive, inclusive governance architectures within DAOs, while pursuing international legal recognition and standards. The conclusion calls for communitarian models that fuse algorithmic rule enforcement with human-centered deliberation to protect the emancipatory potential of blockchain governance. Whether blockchain becomes a force for democratization or digital enclosure, the authors argue, will depend on how its governing architectures are designed, contested, and evolved by the communities that steward them.

Óscar De los Reyes-Marín, Iria Paz Gil, José Torres-Pruñonosa, Raúl Gómez-Martínez

Urban inequality and the financialization of housing call for a reconsideration of centralized municipal finance. This study introduces Decentralized Behavioral Finance (DBF), a framework integrating behavioral economics, blockchain infrastructures, and participatory governance to realign individual incentives with collective urban outcomes. Grounded in Sen's capability approach, Nash equilibrium theory, and libertarian paternalism, DBF links tokenization and behavioral design to accessibility, capital efficiency, and cooperative stability. Using longitudinal data for Spain (2000–2024) and evidence from tokenized housing initiatives, the analysis shows that citizen participation and technological adoption are positively associated with governance stability and social housing outcomes, while capital concentration exhibits a negative relationship with stability. The paper advances a formal Cooperative Stability Condition, expressed as a structural inequality, under which decentralized governance remains stable when participation amplified by technological enforcement outweighs concentration pressures. By introducing a testable equilibrium condition rather than a descriptive governance model, the study offers an internationally transferable framework for participatory urban finance focused on transparency, inclusion, and institutional resilience. • Introduces a formal Cooperative Stability Condition for urban governance • Integrates behavioral economics and blockchain in municipal finance • Shows participation × technology offsets capital concentration • Provides longitudinal evidence (Spain, 2000–2024) • Proposes a transferable equilibrium framework for cities

Oleksandr Manoylenko, S.S. Kuznetsova, Anton O. Pysakovskyi

The article explores the conception of decentralized finance (DeFi) as one of the key innovations of the modern digital economy, which has the potential to fundamentally change traditional approaches to providing financial services. An analysis of the main characteristics of DeFi protocols, their functional capabilities, and differences from centralized financial institutions has been conducted. Particular attention is paid to the analysis of such advantages of DeFi as open access to financial products, transaction transparency, process automation based on smart contracts, and the reduction of dependence on centralized intermediaries. At the same time, key issues in the development of DeFi have been outlined, including high technological complexity, regulatory uncertainty, financial volatility of assets, and risks associated with the vulnerability of smart contracts. The article emphasizes the need to create tools for a comprehensive assessment of the investment potential of DeFi protocols, as traditional analysis methods, which are primarily based on profitability or liquidity indicators, do not fully reflect the specifics of decentralized systems. In response to this issue, the conception of a multifactor indicator DIAD (DeFi Investment Attractiveness Dashboard) has been proposed, which allows for the integration of the assessment of financial parameters (return, volatility, liquidity), institutional characteristics (level of governance decentralization), and behavioral variables (user activity) into a single model. The developed methodology enables objective cross-platform comparison of various DeFi protocols, which is crucial for making informed investment decisions in the high-risk environment of digital assets. The article forms the theoretical basis for further empirical research on the efficiency of decentralized platforms, the development of risk management strategies in the DeFi sector, as well as the advancement of regulatory initiatives aimed at ensuring the resilience of the new financial ecosystem in the Web3 environment. The obtained results are of practical significance for investors, developers of decentralized applications, and regulatory bodies working on the integration of innovative financial technologies into the global economy.

İnci Toral, Selcen Öztürkcan

This article examines how “brandless by design” strategies in Web3, particularly among digital nomads and creators of non-fungible tokens (NFTs), reshape consumer behavior, market intermediation, and governance. Using a structured thematic synthesis of interdisciplinary academic and gray literature, we integrate five analytical lenses: affordances (provenance, programmability, composability, and token-gated access), signaling (credibility through on-chain histories and disclosures), consumer identity (the extended self in digital ownership and display), parasocial interaction (attachment without human embodiment), and governance (smart contract terms, platform policies, and community charters). Three primary themes emerge. First, creative autonomy and disintermediation, as NFTs enable direct creator-to-consumer exchange and programmable provenance. Second, engagement and authenticity, as communities cohere around transparent access and shared utility rather than traditional brand logos. Third, sustainability and decentralization, which highlight tensions around environmental impact, intellectual property, cultural legitimacy, and consumer protection. Cross-cutting subthemes, including parasocial credibility, accessibility and cultural sensitivity, and brand control versus co-creation, explain why brandlessness can appear simultaneously intimate and precarious. We propose a conceptual framework that links brandlessness to decentralized identity and on-chain governance, clarifying when provenance signals, token-bound permissions, and community norms substitute effectively for legacy brand cues. The review concludes with implications for practice and policy, such as standardized licenses, clear disclosures, participatory design, on-chain royalty registries, and interoperable memberships that balance value capture with oversight. Future research should prioritize cross-cultural adoption, sustainability auditing that incorporates off-chain infrastructure, and mixed-methods designs combining on-chain telemetry with ethnography and experiments to assess trust, authenticity, and wellbeing.

Kate Bennett

‘ReFi’ is a rapidly emerging movement in the web3 space that seeks to leverage blockchain technology and decentralized finance (DeFi) protocols to deliver positive real-world impact. While ReFi is short for regenerative finance, regenerative practitioners query the regenerative claims of the movement. This perspective article explains why the regenerative claims of the ReFi movement are under scrutiny and highlights the implications for the Global Commons if the movement does not adhere to regenerative principles. Given that ReFi is a blockchain-enabled movement, the impact of ReFi on the Global Commons is implicitly a blockchain-related concern. This article provides a regenerative practitioner’s perspective on the ReFi movement as a point of reference for blockchain practitioners in the ReFi movement seeking to be a force for good. Long-standing research in ecological economics highlights the negative impacts of over-financialization and commoditization on the natural world. Given that blockchain technology enables more of the world’s natural assets to become commoditized, securitized, and collateralized than ever before, the article asserts that DeFi’s drive to financialize everything could make the Global Commons the next, and final, commodity frontier. It also asserts that the ReFi movement has the potential to reverse this trend if it can genuinely adhere to the regenerative paradigm.

Junghwan KIM

Blockchain-based smart contracts have received a lot of attention recently. Smart contracts are increasingly being used in a variety of fields, and are touted for their ability to reduce costs, ensure contract fulfillment, and provide high security. This has led to the view that smart contracts can replace existing contracts. However, there is also a negative view that smart contracts are unlikely to replace existing contracts and will only be used in limited areas, citing the limitations of the code itself, the existence of bugs, and the possibility of hacking. These conflicting views reflect the fact that the smart contract debate is far from settled and many issues, such as the legal nature of smart contracts and the legal issues that have arisen or may arise from smart contracts, are still unclear. In this article, we will discuss the legal regulation of smart contracts, among other issues related to smart contracts. Recently, several countries, including some states in the U.S., have moved to incorporate smart contracts into their legal systems, which seems to be a way to provide a legal basis for the future use of smart contracts and the development of related technologies, as well as to regulate them through legislation. The need for legal regulation of smart contracts can be seen in the need to introduce the concept of cryptocurrencies or smart contracts, and to prepare for the possibility that transactions using smart contracts will be activated in the near future. The direction of legal regulation can be broadly categorized into enacting a basic law on smart contracts in the form of a single law, and amending individual laws related to smart contracts. This article opts for the enactment of a basic law on smart contracts in the form of a single law, and discusses factors to be considered when enacting a so-called basic law on smart contracts, as well as what a specific law should look like.

Lu Wencong, Wenxin Qian, Junru Chen

The current economic organizational forms are increasingly inadequate for humanity's long-term development. Blockchain technology, much like the advent of steam engines and power systems, is transforming national governance and market operations. A substantial body of literature has explored Decentralized Autonomous Organizations (DAOs) built on blockchain technology. This paper builds upon existing literature to introduce the concept of a Decentralized Autonomous Community (DAC), delineate its legal framework, and propose a technical model based on the Consortium Blockchain. DACs not only address internal and external decision-making and governance within community systems but also ensure appropriate national supervision. By leveraging the innovative potential of blockchain, DACs promise a more efficient and equitable economic structure that aligns with contemporary societal needs.

João Santos

This chapter explores the transformative potential of disruptive innovations in non-profit governance. As technology and societal changes advance, non-profits must adapt to remain relevant and efficient. The discourse examines blockchain technology, artificial intelligence (AI), decentralized autonomous organizations (DAOs), gamification, and advanced financial models. Blockchain enhances financial transparency with an immutable ledger, boosting donor confidence. AI offers superior data analytics to understand donor behavior, optimize resources, and predict fundraising trends. DAOs use blockchain-based smart contracts for participative governance, empowering stakeholders. Gamification engages stakeholders by incorporating game elements, appealing to a tech-savvy audience. Advanced financial models like impact investing and social finance attract capital seeking both financial returns and social impact. Integrating these trends can improve transparency, stakeholder engagement, and financial robustness, ensuring sustainability and promoting societal progress.

J. Wessly, R. Durga

Carpooling involves sharing a car for a journey, typically with two or more individuals. Car-sharing systems play a crucial role in addressing urban challenges by providing shared vehicles and decreasing the dependence on private cars. Car-sharing systems present security concerns due to transmitting sensitive information through a shared centralized network, including identity, location, and access codes. It is crucial to develop secure authentication methods to prevent unauthorized access and use of this information for illegitimate purposes. To address the problem, this research presents a Blockchain Ethereum-based Decentralized Secure Ride-sharing Framework (BEDSRF) for carpooling systems. The study introduces a Role-based Access Control (RBAC) method to determine user roles for accessing their information. Then, based on these roles, the data is encrypted using the Elliptic Curve Cryptography (ECC) method. The BEDSRF approach verifies each node and transmits the information within the decentralized network. Additionally, the Key Policy Authentication Scheme (KPAS) is utilized to authenticate the user's key and enable role-based decryption for the end user. Furthermore, experiments were carried out to confirm the efficiency and resilience of the proposed approach. The findings indicate that the proposed method outperforms existing carpooling schemes in terms of both security and authentication performance.

Benedikt Veith, Christoph Fischer, F. Herrmann, Hans D. Schotten

In contemporary settings of industry and smart communities, the integration of wireless networks and collaborative manufacturing has become ubiquitous. This integration, however, poses significant challenges to the management of SLA’s describing the interactions between processes, particularly in ensuring scalability and reliability. This paper addresses these challenges by investigating an approach, where each process is represented by a Smart Contract. Specifically, we highlight the increasing importance of DLT and SDN for agile QoS management in service chains and propose an architectural concept. To validate the approach, we implement a basic PoC and apply it to a relevant use case scenario. The findings underscore the effectiveness of the proposed framework in meeting the demands of modern service environments.

Gaurav Bathla, Ashish Raina, Varinder Singh Rana, S. Mishra

The integration of blockchain technology into the hospitality industry represents a significant opportunity to enhance operational efficiency and improve guest experiences. Blockchain, a decentralized digital ledger offers transparency in security and immutability of data making it well-suited for applications in hospitality. The chapter explores various applications of blockchain technology in hospitality including booking and reservation systems, payment solutions, identity verification, supply chain management, loyalty programs and guest reviews. By leveraging blockchain hospitality businesses can streamline processes, reduce costs and provide more personalized services to guests. However, the adoption of blockchain in hospitality also presents challenge including technical scalability issues, regulatory uncertainties and integration complexities. Collaborative efforts between industry stakeholders, technology providers and regulatory bodies will be essential in overcoming these challenges and unlocking the transformative power of blockchain in hospitality.

Tricia Harraway, James Bekker

In South Africa, many people are homeless or doing informal work for which they receive small amounts of cash from caring individuals. The world is moving towards cashless transactions, but devices are needed to support that move. Many people in need cannot afford such devices and usually receive cash, but fewer donors carry cash. Consequently, people in need receive less informal financial support. We propose a system that allows donors to give digital vouchers that can be redeemed at participating stores and institutions of care. This study aimed to investigate the use of blockchain technology in digital voucher management and to demonstrate the application of smart contracts to disintermediate the value transfer process specific to the donation process. A demonstrator was built to include a front end for the user to interact with and a back end containing the application logic, which was built on the Polygon blockchain, a second-layer solution for the Ethereum blockchain. The model included tokenising vouchers as non-fungible tokens, and the smart contracts governed their logic and the conditions to be met. The demonstrator was validated using smart contract and unit tests to evaluate the security and functionality. While the model was not implemented in reality, a fully functioning demonstrator was developed. The platform achieved the aim of disintermediating the voucher management process. A real-world implementation could help many in need to receive tokens for food, shelter and clothing from direct, individual donors.

Aleksandar Radić

The purpose of this critical reflection is to investigate blockchain technology and its ability to unleash the Internet of Value (IoV) throughout the hospitality and travel sectors through the five realms of the emerging financial technologies and economies, which are cryptocurrencies, decentralized finance, metaverse, non-fungible token, central bank digital currency. Thus, in evolving electronic markets across the hospitality and tourism industry the blockchain technology could unleash the IoV. Nevertheless, certain challenges of blockchain technology such as its applications, privacy, legal frameworks, and environmental impact have to be discussed as all of these facets are critically important in order to optimize the benefits of cutting-edge technology. With the rising opportunities across the IoV, the hospitality and tourism businesses can improve and advance the hospitality and tourism operations by utilizing blockchain technology.

Rasmita Kumari Mohanty, Talluri Aruna Sri, V. Manjula, Gopisetty Rathnamma

This chapter introduces a Web3 crowdfunding platform with blockchain integration, enabling decentralized fundraising campaigns and offering an intuitive user experience. The platform includes MetaMask for wallet interface, Solidity for creating and deploying smart contracts, and efficient Ethereum transaction network connectivity. The platform uses the transparency, security, and decentralization of blockchain to transform conventional fundraising. With a user-friendly layout and dynamic user interface, users can establish and take part in fundraising campaigns that are driven by smart contracts. Users may securely link their wallets, manage funds, and sign transactions using the platform's seamless integration of the well-known Ethereum wallet extension MetaMask. To manage wallets, the platform also interfaces with MetaMask, enabling a speedy and secure exchange of Ethereum. Solidity-written smart contracts enforce campaign-specific rules and streamline the contribution-handling process.

Mikhail B. Vialtsev, Mikhail Komarov

Purpose This paper aims to explore the potential impact of smart contracts on the sharing economy through the lens of car-sharing company Delimobil. Despite the growing body of literature on smart contracts and the sharing economy, there remains a gap in understanding how these two areas intersect and what implications this could have on sustainability. By reviewing existing literature, analyzing real-world applications of smart contracts within sharing economy platforms and creating a model to quantitatively describe the effect, this study seeks to provide insights into this emerging area of research. Design/methodology/approach This study uses a mixed-methods approach to investigate the impact of smart contracts on the sharing economy through the lens of car-sharing company Delimobil. Initially, a literature review was conducted to conceptualize the sharing economy and smart contract technologies. The proposed generalized business model of a sharing economy company was analyzed to identify attributes amenable to smart contract implementation. Qualitative analysis assessed the effects of smart contracts on these attributes. Subsequently, a quantitative revenue and costs models for the car-sharing company were developed, comparing profit margins before and after smart contract adoption. The costs of maintaining smart contracts in the Delimobil company were also evaluated for a comprehensive cost–benefit analysis. Findings Smart contracts can enhance the efficiency of governance models, mediating interfaces, review systems, revenue streams and pricing mechanisms through automation, security and transparency. This study’s quantitative model, based on Delimobil’s case, shows that smart contracts could increase revenue by 9.7% and reduce costs by 8.13%, while raising IT infrastructure costs from 301m RUB to 484m RUB. Delimobil’s profit could rise from 6,463m RUB to 9,478m RUB. While this demonstrates the potential of smart contracts in car-sharing, the lack of quantitative data and novelty of the technology present challenges for further research. Research limitations/implications This study’s limitations include its focus on a single case study (Delimobil) in the car-sharing industry, which may not be applicable to all sharing economy sectors. Additionally, the static assumption of regulatory and technological environments may not account for future changes that could affect the feasibility of smart contracts. The lack of quantitative research in this field also presents challenges for advancing further studies. Practical implications For practitioners, this research provides a comprehensive view of the pros and cons of implementing smart contracts in car-sharing, based on a detailed revenue and cost model. This analysis, using Delimobil as a case study, shows that smart contracts can increase revenue by 9.7% and reduce costs by 8.13%, although IT infrastructure costs rise from 301m RUB to 484m RUB. This leads to a potential profit increase from 6,463m RUB to 9,478m RUB. Despite the potential benefits, the lack of quantitative data and the novelty of the technology present challenges for further exploration. Originality/value This paper presents an innovative exploration of the intersection between smart contracts and the sharing economy, addressing a significant gap in existing literature. By combining qualitative and quantitative analyses, it offers a comprehensive evaluation of how smart contracts can enhance efficiency, transparency and trust within sharing economy platforms. The study’s mixed-methods approach and detailed cost–benefit analysis of implementing smart contracts in the car-sharing industry provide unique insights and practical recommendations. This research contributes to the growing body of knowledge on blockchain technology’s potential to revolutionize business models in the sharing economy, offering a foundation for future investigations.

Ebtehal Nassar, Stefan Craß, Chibuzor Udokwu, Vesna Šešum-Čavić · 5 authors

The integration of blockchain technology and the sharing economy within closed community systems, such as Non-Governmental Organizations (NGOs), and universities, can enhance the resource-sharing processes among members. This ensures transparent and equitable usage privileges of shared resources. The introduction of reusable design patterns for such blockchain-based community systems facilitates an efficient development process for new applications. In our research, we develop two design patterns: "Proposal Making/Voting" and "Usage Share". The former facilitates proposing new resources for community members, while the latter manages the equitable sharing of these resources. These patterns leverage blockchain technologies and smart contracts to enable transparent and trustable decision-making associated with resource sharing specifically for Real-World Assets (RWAs). We detail the configuration and combination of these patterns across various scenarios using tree-like schemas. Using a running case of shared 3D printers in educational institutions, we demonstrate the governance and resource management in membership-based communities, contributing to more efficient and fair access to shared assets. To demonstrate the practical feasibility of this research, we have created a proof-of-concept implementation for the Ethereum blockchain that applies some of the design patterns developed in this work to an open-source collaborative platform.

Dušan Morháč, Viktor Valaštín, Kristián Košťál, Ivan Kotuliak

Numerous blockchain networks are inherently closed systems, lacking the ability to communicate with other networks. This inherent design limitation results in restricted interoperability for many blockchain networks. Traditionally, obtaining an asset on a different chain necessitated the sale of an asset on one chain and the acquisition of a corresponding asset on the alternate chain, a process deemed highly impractical. Recognizing the growing issue and the demand for cross-chain asset sharing, a curiosity about potential cross-chain solutions emerged. Cross-chain solutions introduce possibilities for various applications, including asset sharing and governance. Notably, networks like Polkadot and Cosmos have recognized the potency of cross-chain interoperability and have incorporated this capability as a central feature. Consequently, numerous decentralized applications actively explore and leverage these recently developed cross-chain capabilities. This article introduces a comprehensive solution to facilitate cross-chain payments, specifically employed in apartment booking. The deployment occurs on the Moonbeam Parachain, an integral component of the Polkadot ecosystem. This framework represents apartments as non-fungible assets, adaptable for storage on any chain supporting the ERC-721 or ERC-1155 token.

Margherita Renieri, Letterio Galletta

No abstract is available for this record.

Kanchan Yadav, Princy Joseph, G. R. Sakthidharan, Myasar Mundher Adnan · 6 authors

Consequently, evaluating the DeFi sphere, and more specifically DeFi’s tendencies within the sphere of supply chain financing in light of the blockchain setting is pertinent for this paper. The paper assesses the extent to which the decentralised supply chain finance could potentially unseat the conventional supply chain finance tentative models with regards to their architecture and implications. Based on the above-suggested research strategy it is proposed to use the two type of data: Quantitative and Qualitative data, Collected from industries System specify The System maps out the framework of the proposed system and lastly evaluates the System. It shows actual and progressive development of the overall time, cost and security, mainly during the current generations. Thus, the study reveals the benefits in the sector and more conspicuous in the SMEs, upon the integration of the use of the DeFi technological advancement in supply chain financing. Yet there are some things that have to be addressed, as the directions concerning the further detail of the regulation and the one concerning the further perspective of it, as well as the issue of how the model in question could be advanced. This paper develops theoretical and state-of-the-art knowledge regarding the purpose activities that concern blockchain technology and supply chain financing.