Secure and transparent attendance management has become increasingly important in educational institutions as conventional attendance systems often face challenges such as proxy attendance, unauthorized record modification, and limited traceability. Most existing solutions rely on centralized databases, making them susceptible to data tampering, accidental loss, and single-point failures. This paper presents a Blockchain-Based Attendance Management System that leverages blockchain technology to provide a decentralized and immutable mechanism for recording and verifying attendance information. The proposed framework integrates a React.js-based user interface with a Node.js and Express.js backend, while Firebase Authentication and Firestore manage user authentication and application data. Attendance records are securely stored through Ethereum smart contracts executed on the Ganache blockchain network, with transaction hashes linked to Firebase for efficient retrieval and verification. This hybrid architecture combines the scalability of cloud-based data management with the integrity and transparency of blockchain technology. Once attendance is recorded, the information cannot be altered without detection, ensuring reliable auditability and improved trust among students, faculty members, and administrators. The implemented system demonstrates secure attendance recording, fast verification, and efficient transaction management while reducing the possibility of record manipulation. The proposed solution offers a practical, scalable, and cost-effective approach for modern attendance management and provides a strong foundation for future enhancements such as biometric authentication, QR code-based attendance, and cloud-enabled blockchain deployment.
The study investigated digital currency and blockchain technology in the 21st century financial ecosystem. The empirical study adopted a descriptive survey design. A questionnaire was used for data collection in a sample size of 121 selected randomly from the staff and students of Abia State Polytechnic, Aba. The data collected from the respondents were analyzed with the frequency distribution table and chi-square (x2 ) statistical technique. The findings revealed the imperativeness of digital currency and blockchain technology in the 21st century financial ecosystem. In other words, digital currency and blockchain technology has significant effect with financial ecosystem. The study, therefore, recommended among others that Central bank of Nigeria, legislators and financial stakeholders should collaborate to establish compliance standards and best practices for digital currency and blockchain integration in financial ecosystem. These standards should ensure that digital currency algorithms and blockchain technology conform with regulatory requirements and ethical principles, while promoting transparency and accountability.
Hadeer Khayoon Ashour, Noor Salah Alramadan, Hamid Mohsin Jadah
There is growing interest in using blockchain technology to overcome the flaws of legacy payment systems and banking operations, few empirical efforts have examined the possible use of blockchain by large institutions. The study examines how blockchain is changing the payment systems and banking services with a focus on Citigroup (Citi) and various Citi blockchain projects, specifically Citi Token Services. The study aims to assess the impact of blockchain’s adoption on efficiency, cost reduction, customer confidence and service accessibility. A quantitative research study was conducted in a longitudinal design, and data were analysed using multiple linear regression in the SPSS program from 2020–2024 to check the relationship between variables. The results indicate that blockchain implementation offers considerable transaction speed, operational and transactional cost reduction (up to 80 percent), increased customer trust and broader service access with 24/7 transactions. The regression model explains 51.9 percent of the variance in performance. Although promising, blockchain for banking is still in its infancy and facing a variety of challenges that need to be solved for wider application, such as scalability, regulatory compliance, and integration with existing systems.
The rapid growth of digital education and online recruitment has significantly increased the demand for reliable academic credential verification. Conventional certificate verification methods are often centralized, time-consuming, and susceptible to document forgery, unauthorized modification, and administrative delays. To address these challenges, this paper presents a Blockchain-Enabled Decentralized Framework for Secure Academic Certificate Issuance and Real-Time Verification. The proposed framework utilizes Ethereum blockchain technology through Solidity smart contracts to establish an immutable and transparent repository of certificate records, ensuring that issued credentials cannot be altered without detection. A SHA-256 cryptographic hashing mechanism is employed to generate unique digital fingerprints for each certificate, while Firebase Authentication and Cloud Firestore provide secure identity management and efficient off-chain metadata storage. The user interface is developed using React.js, enabling educational institutions to issue certificates and allowing employers, universities, and other stakeholders to verify credentials instantly through a simple web-based platform. During verification, the system recomputes the certificate hash and compares it with the blockchain record to detect tampering and validate authenticity in real time. Experimental evaluation on a local Ethereum network demonstrates reliable certificate issuance, rapid verification with sub-second response times, secure transaction handling, and effective resistance against certificate forgery. The proposed framework enhances transparency, trust, and operational efficiency while minimizing manual verification efforts. Furthermore, its modular architecture facilitates future migration to public blockchain networks and decentralized storage platforms, making it suitable for scalable deployment across educational institutions and digital credential ecosystems.
Dodi Setiawan, Sri Sutjiningtyas, A. Eka Hermia Fitrianingsy, Ronald Naibaho · 5 authors
Blockchain consensus mechanisms are critical for ensuring security, efficiency, and scalability in decentralized networks. This study qualitatively examines ten widely used consensus algorithms—Proof of Work (PoW), Proof of Stake (PoS), Delegated PoS (DPoS), PBFT, Raft, Proof of Authority (PoA), Hybrid PoW/PoS, DAG/IOTA, Hashgraph, and Tendermint—within the research context of Bintan, Riau Islands, Indonesia. Performance was evaluated through literature review and simulated network observations, focusing on transaction throughput (TPS), latency, energy consumption, and network stability. Results indicate that DAG/IOTA and Hashgraph achieve the highest throughput with minimal latency, making them suitable for IoT and enterprise-scale applications. PoS and PoA offer energy-efficient alternatives, while PoW provides high security at the cost of high energy usage. Hybrid PoW/PoS demonstrates balanced performance across multiple metrics. Qualitative analysis highlights trade-offs among energy efficiency, throughput, latency, and decentralization. These findings provide practical guidance for selecting consensus mechanisms according to network requirements, operational constraints, and sustainability considerations, contributing a consolidated perspective on blockchain efficiency and scalability.
Economic Guarantees of Security (EGS), Internal Resistance Series, Working Paper No. 4 Work in Progress —August, 2026 Affiliation: International Institute of Political Philosophy (Kyiv, Ukraine) Author: Prof. Aleksandr Rozenfeld Contact: aleksrozenfeld2021@gmail.com Abstract This paper is part of the research series Internal Economic Resistance within the broader research program Economic Guarantees of Security (EGS). It develops the concept of business economic resistance as an endogenous constraint on military aggression and examines its role within a two-loop model of deterrence. Unlike conventional approaches that regard business primarily as a passive object of wartime mobilization, this study conceptualizes business as a decentralized network of autonomous economic agents possessing independent objectives, assets, contractual obligations, and decision-making authority. The paper argues that the principal source of business resistance lies not merely in expected financial losses but in the anticipated erosion of entrepreneurial freedom, property rights, contractual stability, market access, and institutional predictability. These institutional threats generate rational behavioral responses, including reduced investment, capital flight, production adjustment, contract restructuring, market reallocation, informal economic activity, and business exit. Although these responses rarely take the form of organized political protest, their diffusion through production, financial, contractual, and logistical networks gradually reduces the fiscal, technological, and organizational capacity of the state. The paper introduces the concept of an economic mobilization limit, defined as the point beyond which additional state pressure no longer increases, but instead diminishes, the effective resources available for military mobilization. Particular attention is devoted to the anticipatory nature of business behavior. Economic resistance frequently begins before the outbreak of war, as firms respond to expected sanctions, mobilization measures, regulatory restrictions, and institutional uncertainty. Consequently, well-designed systems of Economic Guarantees of Security can influence expectations at the decision-making stage, activating endogenous economic constraints before military aggression occurs. The proposed framework extends traditional deterrence theory by integrating external economic measures with internally generated behavioral responses of business. It demonstrates how decentralized economic decisions can complement international sanctions and other preventive mechanisms, thereby strengthening both the prevention of aggression and the conditions for its termination. One of the key conclusions of this work is that military aggression can be not only prevented but even stopped not only by external pressure measures but also by the economic behavior of businesses. The work presents and expands on a two-loop deterrence model that links international pressure measures with the internal disobedience of economic agents.
Open access
2 source records
Infrastructure Resilience and Vulnerability Analysis
Wang Lei, Jasni Mohamad Zain, Nur Atiqah Sia Abdullah, Marina Yusoff · 7 authors
The proliferation of Internet of Medical Things devices within the predictive healthcare paradigm necessitates robust, privacy-centric collaborative learning frameworks to detect and mitigate rapid clinical deterioration. Traditional federated learning methodologies, while attempting to preserve patient data locality, are fundamentally constrained by multi-round gradient synchronization protocols, imposing prohibitive communication latency and remaining susceptible to false negatives under extreme non-independent and identically distributed conditions. To address these challenges, this study introduces the Feature-Augmented Analytic Federated (FaFL) Architecture, which fundamentally replaces iterative gradient synchronization with a single-round closed-form computational paradigm. By instituting a proactive feature mixing mechanism via a decoupled zero-knowledge proof global buffer, the proposed framework empowers local grassroots nodes to neutralize extreme clinical heterogeneity in a single phase. The architecture employs a closed-form analytic solution combined with a trace-weighted absolute aggregation protocol to rigorously guarantee stochastic convergence and absolute cryptographic resilience without requiring recursive parameter exchanges. Extensive empirical evaluations against existing baselines under severe Dirichlet non-independent and identically distributed conditions and Byzantine poisoning attacks demonstrate that the framework fundamentally eradicates high false-negative rates in resource-constrained clinics. Consequently, the proposed architecture robustly guarantees generalization stability, substantially outperforms existing paradigms in predictive fidelity and computational efficiency, and establishes a new operational standard for mission-critical clinical networks.
MRS‑AUTH is a novel authentication framework that achieves deniability even against an active verifier who may adaptively query candidate credentials both before and after receiving a challenge. Unlike ring signatures or zero‑knowledge proofs – where the prover holds a single secret witness that can be extracted under coercion – MRS‑AUTH exploits the multiplicative structure of linear Diophantine equations. Through recursive decomposition, it generates a Diophantine forest of exponentially many syntactically valid credential chains. The authentic chain is sampled uniformly from this forest and committed together with k‑1 indistinguishable aliases using a fixed‑shape Merkle tree with dummy leaves, eliminating structure‑ and length‑based side‑channel leakage. The Forest Symmetry Theorem proves that all chains are structurally information‑theoretically indistinguishable. However, the full index‑anonymity against an active verifier is computational and bounded in Theorem 6.6 by k · ε_SHA3 + ε_coll + negl(λ). For cryptographic scales N ∼ 10⁴², the Ehrhart‑based continuous‑volume approximation yields an effective entropy exceeding 371 bits, with a statistical distance to the perfect uniform distribution of Δ ≤ 2⁻¹³⁵ – well below the 128‑bit security threshold. Empirical validation via exact enumeration and a chi‑squared test (χ²/dof ≈ 0.985) confirms the uniformity. A constant‑time Rust implementation, leveraging the subtle and zeroize crates, exhibits an execution time of approximately 0.12 ms across four orders of magnitude of N, demonstrating practical deployability. The work also formalises the Active Verifier Game model, a new adversarial definition that quantitatively captures coercion resistance in a post‑quantum setting.
Open access
2 source records
Cryptography and Data Security
Physical Unclonable Functions (PUFs) and Hardware Security
Stateful cryptographic schemes—exemplified by the hash-based signatures XMSS (RFC 8391) and LMS (RFC 8554)—require the signer to advance a local state monotonically; any rollback is catastrophic, yet a verifier has no way to check it. IETF guidance on state and backup management for hash-based signatures states explicitly that the verifier must simply trust the signer not to have reused state. We define verifiable monotone chains (VMC), a primitive that makes such state discipline cryptographically verifiable: state evolves along a finite poset (S, ⪯) under inflationary monotone operators, every transition carries a zero-knowledge proof, and a public commitment to the state provides an audit trail. We formalize two security notions: monotone-unforgeability (MU), which captures that an external adversary cannot certify an illegal or rolled-back transition, and auditability (AUD), which captures that signer rollback cannot be hidden from a public root history. Both notions reduce, with explicit advantage bounds, to position binding of the underlying vector commitment and knowledge soundness of the proof system. We instantiate VMC as RSEP-XMSS, in which each XMSS signature carries a proof that the signed leaf advanced along the chain FRESH ≺ USED ≺ SPENT in a Poseidon-based state Merkle tree, and we give a complete algorithmic specification with a concrete circuit design (~6041 R1CS constraints estimated, Groth16 proving time estimated at 5–15 ms, signature overhead of about 1–3 KB). RSEP-XMSS is one-way compatible with standard XMSS: legacy verifiers verify the core signature, while enhanced verifiers reject unprotected signatures, preventing downgrade attacks.
Web security has become a critical domain as modern applications increasingly rely on dynamic user-generated content, making them highly vulnerable to Cross-Site Scripting (XSS) attacks. Traditional detection systems struggle to cope with evolving payload patterns, limited generalisation across institutions, and strict privacy restrictions that prevent sharing of sensitive request logs. To address these challenges, this work proposes a Zero-Knowledge Federated Sequence Learning (ZK-FSL) framework that enables collaborative XSS detection without exposing raw data or intermediate gradients. The model integrates attention-based deep sequence learning with zero-knowledge proof validation, ensuring both strong predictive capability and verifiable trust among participating clients. Experimental evaluation demonstrates that ZK-FSL achieves superior performance compared to centralised and federated baselines, reaching 96.3% accuracy , 96.7% precision , 95.9% recall , 96.3% F1-score , and an AUC of 0.98 . These results confirm that the proposed framework effectively enhances privacy-preserving threat detection while maintaining high robustness against diverse and sophisticated XSS attack patterns.
The disclosure duty of arbitrators does not carry a big stick: the consequence attached to its breach is near to none. The duty is carried out through a black-box judgment call; no reasoning for how the arbitrators weed out what not to disclose is made available to the parties. There may be circumstances falling under a grey area but have ended up undisclosed due to, for instance, confidentiality obligations. Exhaustive disclosure and minimum revelation of sensitive information would serve the greatest benefit of all stakeholders. Zero-knowledge proofs (ZKP) – a class of cryptographic protocols – may make this possible.
Sibelle Torres Vilaça, Alexandre Aleixo, Juliana A. Vianna
The biodiversity crisis is accelerating, with recent IUCN Red List confirming multiple recent species extinctions (IUCN, 2025). Of the 17 megadiverse countries, which account for ~70% of Earth's biodiversity, 15 are part of the Global South. Most of the habitat and biodiversity loss is concentrated in nine of the megadiverse countries. Generating knowledge for all life on Earth is fundamental for bending the curve of biodiversity loss, and genomics has recently emerged as an important component in conservation biology. Mapping and understanding genome-wide variation can help estimate important biological variables essential for species conservation, understanding adaptation to climate change, and predicting populations' long-term resilience (Vilaça et al., 2024).Genome sequencing has ramped up in the last decade as the costs drop and technology advances (Wetterstrand et al, 2025). The Earth BioGenome Project (EBP) is capitalizing on this in its aim to sequencing the genomes of all known eukaryotic species. The lead article by Blaxter et al., (2025) paves the way for Phase II of the EBP, which aims to sequence reference genomes for 150,000 species throughout the tree of life. With an estimated cost of US$ 1.1 billion (US$4.42 billion for all 3 phases) Phase II will bring important developments in technology for data production and processing, while establishing sequencing centers worldwide. Although these accomplishments are set to change the way we do biodiversity genomics research globally, we believe that major challenges need to be overcome for the project to accomplish its goals and truly reach equitable partnerships and effective engagement with the Global South. Bringing our significant experience as researchers involved in EBP-affiliated initiatives based in South America, we address potential blockers for Phase II in the Global South in sequencing infrastructure and technology, funding sources, enabling equitable global participation, and engaging government and policy makers.Sequencing life on Earth requires global participation, especially in biodiversity-rich regions. A solution proposed by Blaxter et al., (2025) involves the creation of decentralized laboratories (gBox) established at 25 regional nodes. This model is based on the approach used in outbreak response for pathogen detection like COVID-19. While laboratories for rapid response to disease outbreaks require a Biosecurity Level 3/4, the general infrastructure (Affara et al., 2021) is typically simpler in terms of equipment than the laboratories required for sequencing reference genomes. In our experience, maintaining sequencers in countries where few or no other similar equipment is available is challenging due to the lack of specialized and timely maintenance. The reliance on imported reagents from the Global North can further undermine efforts because of common cold-chain failures that often lead to reagents not arriving at their destination with the required integrity for optimal use (Vilaça et al., 2024). The current limitations in technology, maintenance, importing reagents, and keeping sample integrity are important obstacles that need to be overcome for the gBox model to work in countries without a tradition in genomic sequencing.Securing adequate funding remains a key issue. During the SARS-CoV-2 pandemic, rapid funding availability by governments and the private sector allowed investments of USD$9.2 billion in vaccine development (Tortorice et al., 2024) generating trillions in social, health, economic revenue. The same model is needed for biodiversity. With an estimated global cost of €14 trillion in ecosystem services associated with biodiversity loss until 2050 (ten Brink et al., 2009), this loss will bring severe impacts on health, economy and social well-being. Unfortunately, this sense of urgency is not yet instilled in funding priorities and financial investments. In our experience, this is a general pattern of biodiversity-related science funding, as both the Chilean and Brazilian governments have invested in large facilities for astronomy and physics (Catanzaro et al., 2014;Angelo, 2017). Environmental expenditures by governments decrease in times of recession with some countries failing to include biodiversity agendas in their post-COVID economy recovery packages (McElwee et al., 2020). Because reference genomic libraries are key for supporting the monitoring of endangered species and developing local bioeconomy initiatives, wider investments focused on biodiversity knowledge are necessary for its conservation and recovery. The creation of a global public-private co-funding mechanism similar to the recently established Tropical Forests Forever Facility (TFFF) -aimed at compensating financially countries that commit to preserving their tropical forests (https://www.wri.org/insights/financing-nature-conservation-tropical-forest-forever-facility) -could be explored as an alternative to support sequencing efforts in megadiverse countries. Under such a co-funding mechanism, Global South countries would find mechanisms for matching at least some percentage of the external funding that is brought into the country for biodiversity genomics in several alternative ways.We view this as an important step to root perennial biodiversity initiatives in their Global South countries' own territories. These mechanisms could include institutional commitments (e.g., integration into national biodiversity and bioeconomy agendas) and recurrent budget lines supporting the development of local biological collections, biobanks, and molecular biology laboratories, in addition to genomics expertise.Achieving the goals of Phase II of the EBP will require more than advances in sequencing technologies and expanded reference databases; it will require structural changes that enable equitable global participation and governance. Researchers based in megadiverse countries cannot be relegated to sample providers (Vilaça et al., 2024), but need to be embedded in decision-making, generate data locally, and contribute as skilled personnel.Therefore, it is important that EBP-Phase II -in addition to direct efforts to reference genome sequencing proper -also include the training of local researchers in genome sequencing, assembly, curation, and annotation to overcome the capacitation gap in genomics found nowadays in Global South countries.First, the involvement of Global South scientists within the EBP must extend to decision-making and leadership roles that reflect the contribution of the communities within megadiverse countries. Other critical roles include setting local priorities in terms of species to be sequenced and linking locally generated genomes with national research, development, and innovation agendas, as done in the Genomics of Brazilian Biodiversity (GBB) consortium (Vilaça et al., 2024;Povill et al., 2025). Recently, Latin American countries started organizing an EBP node (Red de Genomas Neotropicales -BioGenomas) with country representatives sharing experiences, realities and local models for sequencing projects with reduced financing support. Brazil and Chile began coordinating meetings with scientists from Argentina, Colombia, and Mexico. Since then, Argentina has set the first framework for a national biodiversity genomics consortium. In our model, organizing under nationwide initiatives, followed by a larger network is the first step to ensure that regional and local realities are represented and considered. Other approaches can also be used as models, like the African BioGenome Project, which started as a continent-wide initiative.Second, the feasibility of decentralized sequencing infrastructure-such as the proposed gBox-must be carefully evaluated within the context of countries facing recurrent challenges in importing reagents, maintaining equipment, and ensuring reliable cold-chain delivery. These barriers remain major bottlenecks that cannot be overlooked when deploying high-throughput sequencing technology globally. The establishment of the proposed US$0.5 billion Foundational Impact Fund (FIF) in Phase II is therefore essential. By focusing support on capacity development and long-term infrastructure in the Global South, the FIF could catalyze sustainable growth in biodiversity genomics rather than short-term or project-bound grants. Decentralized funding models, unconstrained from politically-bound research agendas are crucial for the EBP hubs to dictate research direction considering local aspects. In this way, we can focus on local solutions to solve global problems.In many Global South countries, the acquisition of reagents is hindered by persistent failures in maintaining the required cold chain during importation, customs delays, and the lack of reliable distributor networks. These issues lead to frequent reagent degradation and increased costs that slow down or halt genomic workflows. There is a pressing need for supply chains that support room temperature reagents to preserve, high-quality samples.Legal uncertainties, the absence of standardized national frameworks, and administrative bottlenecks further constrain access and sharing of biological samples. Creating and supporting existing local biodiversity biobanks, possibly associated with natural history collections, is also important for access to high-quality well-documented samples for genome sequencing. Addressing these challenges requires coordinated technological advances, policy development and long-term engagement with keystone local institutions.Third, a critical step toward enabling equitable participation in EBP's Phase II is transforming how political leaders and policymakers engage with biodiversity science. They must recognize that the biodiversity crisis is as urgent as climate change or future pandemics, and that delaying action will have profound consequences. The ongoing discussions in international policy like the Convention for Biological Diversity highlight a timely opportunity: biodiversity genomics must be integrated into global and national environmental agendas as a strategic tool for conservation, climate adaptation, and sustainable development.Genomic resources are not only essential for monitoring and protecting biodiversity, they also underpin emerging bioeconomy value chains, biotechnological innovation, and preparedness for future biological emergencies.Importantly, national public policies for genetic-resource protection-including implementation of the Nagoya Protocol and emerging approaches to Digital Sequence Information (DSI) benefit sharing-are key to enabling local sequencing and ensuring that local researchers remain central. Countries need legislation that not only regulates the use of genetic resources but also actively encourages and funds local sequencing, capacity development, and equitable scientific leadership. This will enable Global South researchers and governments to play active roles in international agreements, boosting their confidence in becoming equitable partners in biodiversity genomics initiatives, rather than adopting a defensive attitude to avoid any undue use of the countries' genomic resources.As biodiversity loss accelerates, investments in biodiversity genomics should not depend solely on academic enthusiasm; they must be recognized as essential national and global priorities, with clear economic, health, and societal implications. To realize this vision, policymakers should no longer be considered as "stakeholders". They must become active partners in the co-creation of genomic initiatives (see Vilaça et al. 2024). Co-designing strategies with governments ensures that genomic data are incorporated into national priorities, that legal frameworks evolve in tandem with scientific advances, and that investments in infrastructure and capacity remain stable across political cycles. This shift is especially critical for megadiverse countries, where genomic knowledge can directly inform sustainable resource management, climate resilience, and health surveillance systems. By integrating scientific, political, and community perspectives, the EBP Phase II can become not only a global sequencing effort but a transformative movement toward a more inclusive, resilient, and strategically valuable model of biodiversity science.Author contribution
Local government institutions (LGIs) are widely recognized as the cornerstone of democratic governance and sustainable local development. In Bangladesh, Union Parishads, Municipalities (Pourashavas), Upazila Parishads, Zila Parishads, and City Corporations play a vital role in delivering public services, promoting participatory governance, and fostering socio-economic development. Despite significant progress in decentralization, the financial autonomy of local governments remains limited due to excessive dependence on central government transfers and grants. The inadequate mobilization of own-source revenue (OSR) restricts the capacity of LGIs to finance infrastructure, maintain essential public services, and respond effectively to local development needs. This conceptual paper examines the relationship between strengthening local government institutions and improving own-source revenue mobilization in Bangladesh. Drawing upon theories of fiscal decentralization, public financial management, and good governance, the paper argues that sustainable local development requires financially autonomous local governments capable of generating, managing, and utilizing local revenues efficiently and transparently. The study identifies key institutional, legal, administrative, technological, and political constraints affecting local revenue collection while proposing policy options to enhance fiscal capacity. The paper further emphasizes that digital transformation, improved tax administration, citizen participation, institutional accountability, and fiscal transparency can significantly strengthen local revenue systems. Effective utilization of locally generated revenue not only improves service delivery but also reinforces public trust and democratic accountability. The findings contribute to the growing literature on decentralization and local public finance by providing a conceptual framework for strengthening local government finance in Bangladesh.
This paper introduces Automated Institutional Discovery (AID), a novel computational framework that conceptualizes economic institutional design as a high-dimensional combinatorial search problem. Traditional institutional design relies heavily on human intuition, historical evolution, or analytically constrained mechanism design, which often fails in complex, adaptive multi-agent environments. AID transcends these limitations by framing institutions as tuples i = (r_1, r_2, ..., r_K) within an expansive institutional space and utilizing advanced search and optimization algorithms to discover configurations that maximize global objective functions F(i). By combining multi-agent simulation modeling with metaheuristic search strategies, AID evaluates allocative efficiency, incentive compatibility, resilience, and distributional equity without requiring empirical laboratory experiments. The framework establishes a paradigm shift from manual rule-making to automated machine discovery, offering robust applications for digital economies, decentralized finance, and economic governance.
Pipelines that pair a large language model with a static analyzer, feeding findings back as repair instructions, appear throughout recent smart contract repair research. They rest on a rarely examined assumption: that the analyzer output serving as the oracle faithfully records what the analyzer found. I report three ways that assumption fails, identified during a four-contract instrument-validation exercise preceding a planned repair study. First, Mythril v0.24.8 can exit without reaching the analysis phase while returning exit status zero, empty standard error, and a findings array byte-identical to that of a genuinely clean scan; the failure is reported in a sibling JSON field that finding-extraction code has no reason to read. Second, 12 of 23 Slither findings in my validation set fell outside the high, medium, and low impact bands, so an unfiltered count measures a composite whose components may not behave alike under repair. Third, keying finding identity on source location breaks across repair rounds. On the one contract carried through three rounds, location-based keying inflated resolved findings from 7 to 12 and introduced findings from 2 to 7. The underlying instability is established in the warning-tracking literature; my contribution is its consequence for repair metrics, where it biases both transition counts upward and can confound comparison between methods producing differently sized .patches. I separately report an executed exploit showing a specification-level authorization defect that produced no high or medium impact finding. I propose calibration procedures for each hazard and release the harness, contracts, and raw analyzer output at doi:10.5281/zenodo.21586404.
Research methodology This case was developed using secondary research methods. Information was collected from publicly available sources including company annual reports, investor presentations, regulatory publications, analyst commentary and reputable media outlets such as Bloomberg and the Financial Times. Industry reports from consulting organizations and international institutions were also used to contextualize developments in the global fintech ecosystem. No primary interviews or confidential company data were used in preparing this case. This case contains no disguised information; all organizations, individuals, financial data and events referenced are real and drawn exclusively from publicly available sources. As this case was developed entirely from publicly available secondary sources and involved no human participants, institutional ethics review board approval was not required. This case offers a distinctive contribution to the published teaching case literature on fintech strategy and platform renewal. While existing cases on fintech strategy tend to focus on a single dimension of disruption, such as Stripe’s developer-led payment infrastructure, Apple’s device ecosystem lock-in or the regulatory challenges facing individual cryptocurrency platforms, this case uniquely combines three simultaneous strategic challenges within a single narrative: the deployment of artificial intelligence (AI)-enabled commerce capabilities, the early-stage integration of stablecoin infrastructure through PYUSD and the organizational complexity created by a decade of acquisition-driven expansion across Venmo, Braintree, Honey and Xoom. No published case in the fintech or platform strategy literature, to the author’s knowledge, addresses this particular combination of AI governance, digital asset experimentation and acquisition integration fragmentation within the context of a large, regulated incumbent facing embedded finance disruption. This case therefore provides a pedagogically distinctive vehicle for exploring strategic renewal in digitally regulated industries. Case overview/synopsis This case places students in the position of Alex Chriss, the newly appointed Chief Executive Officer of PayPal, as he prepares for a critical board strategy review in October 2024. Despite leading one of the world’s largest digital payments platforms, processing over $1.5tn in total payment volume annually and serving more than 430 million active accounts globally, Chriss inherited a company under significant strategic pressure. Revenue growth had slowed, share price performance was deteriorating and analysts were increasingly describing PayPal as a mature incumbent rather than a platform innovator. The organizational inflection point is a dilemma with no comfortable resolution. Chriss must choose a strategic direction to present to the board ahead of PayPal’s quarterly earnings announcement, but every available path carries a different form of risk. Moving aggressively into AI and decentralized finance offers innovation momentum but risks operational disruption and regulatory overexposure across dozens of regulated markets. Consolidating the core platform is operationally safer but risks confirming the narrative that PayPal has lost its competitive edge. Pursuing fintech partnerships accelerates capability building but reduces strategic control. Leading on Environmental, Social, and Governance (ESG) and responsible digital finance builds long-term legitimacy but delivers limited near-term growth. Investors want visible transformation. Merchants need stability. Regulators demand discipline. Employees are already stretched from restructuring. No single option satisfies all of these demands simultaneously, and PayPal’s resource constraints mean Chriss cannot pursue all four directions at once. The case draws on dynamic capabilities theory, the resource-based view, platform ecosystem theory, stakeholder theory and embedded finance literature, and requires no prior knowledge of fintech or payment systems. Complexity academic level This case is appropriate for MBA and Executive MBA courses in strategic management, innovation management and financial technology. It may also be used in final-year undergraduate courses addressing platform strategy, digital transformation or fintech ecosystems. The case is suitable for both in-person and online classroom delivery.
FinTech, Crowdfunding, Digital Finance
Innovations and Analysis in Business and Education
This article develops the concept of the “Manufacture of Deviance* 2.0” as an extension of the economic model proposed in The Economic Policy of Online Media: Manufacture of Dissent. It argues that the transition from traditional mass media to decentralised digital platforms has produced not simply a transformation in the distribution of violent imagery, but a new economic relationship between attention, taboo and atrocity. Traditional broadcast media developed institutional and ethical mechanisms intended to restrict representations of real torture, mutilation and death. The online attention economy partially reverses this logic: what is forbidden, disturbing, transgressive or difficult to access can acquire additional informational value precisely because of its exceptional character. As audiences become saturated with conventional news, entertainment and political controversy, increasingly extreme material can compete successfully for the scarce resource of human attention. Violence consequently becomes capable of generating multiple currencies simultaneously: advertising value, subscriptions, donations and cryptocurrency, but also views, followers, notoriety, group membership, prestige and social recognition. The article traces a genealogy from the spectacle of public punishment and execution, through the controversial appearance of uncensored atrocity footage on traditional television, to gore communities, extremist propaganda, cartel execution videos, closed social-media groups and contemporary networks of digitally performed vigilantism. Particular attention is given to the evolution of so-called “pedophile hunter” subcultures associated with Maxim “Tesak” Martsinkevich and Occupy Pedophilia, in which humiliation and violence could be transformed into reproducible performances possessing recognisable scripts, symbols and gestures. Rather than assuming the existence of a single organisation commissioning such violence, the article proposes a more disturbing possibility: networked media can reproduce violent behaviour without central command because attention, imitation, belonging and social currency themselves operate as incentives. Against this background, the article examines the 2026 Youth Hill case in Plovdiv, Bulgaria, involving teenagers accused of participating in the fatal assault and humiliation of a 37-year-old man after he had allegedly been lured to a meeting. The case is treated cautiously, distinguishing established information, prosecutorial allegations and media reporting from the broader theoretical interpretation developed here. It nevertheless provides a disturbing case through which to investigate the migration of violent spectacle from the screen into physical behaviour and its subsequent return to the screen as content. The article argues that this process resembles, in technologically transformed form, the public scaffold: the condemned sinner, the righteous crowd, ritual humiliation and spectacular punishment return within a global digital square in which spectators can simultaneously watch, judge, distribute and reward the spectacle. The Manufacture of Deviance 2.0 therefore describes a potentially advanced stage of the attention economy: not merely the monetisation of disagreement and outrage, but the conversion of transgression, cruelty and ultimately human suffering into communicative value.
Open access
4 source records
Populism, Right-Wing Movements
Crime, Deviance, and Social Control
Terrorism, Counterterrorism, and Political Violence
Cheuk Hang Au, Po-Hsu Shieh, Vladimir Nurbaev, Kris M. Y. Law · 5 authors
Digital platforms face a fundamental paradox: while expanding service variety is a dominant competitive strategy, it risks inducing a “paradox of choice” that confuses and deters users. This tension manifests with extreme clarity in the nascent, high-complexity market of cryptocurrency exchanges, creating a pressing empirical puzzle. To resolve this, we adopt the Stimulus-Organism-Response (SOR) perspective in a three-stage mixed-method study to investigate how platforms can strategically manage this trade-off. Our qualitative exploration (Study 1) established a capital flow schema called “inflow, roll, and go” and identified key complexity-reduction mechanisms. A subsequent survey (n = 190, Study 2) validated that perceived innovativeness and scalability are critical stimuli for service variety, which in turn drives user continuance intention. A final survey (n = 140, Study 3) confirmed that users prioritise services that bridge to the traditional financial system, forming a minimal viable structure with a variety of functions. Our meta-inferences make several key contributions, including the resolution of the service variety paradox by introducing a theoretical distinction between value-adding “real-variety” and confusing “pseudo-variety” and the development of a strategic roadmap that guides exchanges in navigating the tension between service expansion and user confusion, offering actionable insights for platform strategy in any high-velocity digital market.
The fluctuation characteristics of financial time series have always been one of the research hotspots in the academic community. Generally speaking, financial return series have the characteristics of volatility clustering, fat tails, conditional heteroskedasticity, asymmetric shocks, etc. The above phenomena can be explained from the perspective of dynamic conditional variance by GARCH models and their extensions. This paper first introduces the basic ideas of ARCH and GARCH models, with a focus on the issue of volatility clustering of financial returns. Then, it reviews the relevant research from three aspects: model evolution, application scenarios, and practical value. It also analyzes the role of GARCH-type models in capturing volatility persistence, asymmetric impact, and risk transmission through applications in cryptocurrencies, energy assets, and high-frequency financial data. The study shows that GARCH-type models capture the volatility clustering feature of financial returns well, but there is still room to improve the modeling of extreme risk, the handling of high-dimensional assets, and model interpretability.
Crypto currency is one of most interesting financial innovation of 21st century. Crypto currency trading not only involve financial literacy while trading but also there are psychological factors affecting the decision of traders. Keeping in view the psychological factors and investors’ decision, this research study is designed to investigate the complex interplay between psychological triggers and market dynamics in the cryptocurrency sector in Pakistan, specifically examining how these elements coalesce to drive investor behavior and market volatility. While traditional financial models often attribute asset fluctuations to technological or fundamental shifts, this study posits that cryptocurrency markets are fundamentally driven by human perception and emotional reactivity. Utilizing a quantitative methodological approach, data was collected from a sample of 175 experienced traders to analyze the impact of emotional states, market sentiment, and behavioral discipline on trading outcomes. The empirical results, derived through multiple linear regression analysis, reveal that the model possesses a high level of explanatory power, accounting for 56% of the variance in emotional trading behavior (R2=0.56R2=0.56). Market sentiment emerged as the primary determinant of impulsive trading (β=0.48β=0.48), demonstrating that external social cues often exert a stronger influence on decision-making than internal emotional states. Among specific psychological variables, Fear, Uncertainty, and Doubt (FUD) were identified as the most significant predictors of rash choices (β=0.34β=0.34), while the Fear of Missing Out (FOMO) also demonstrated a substantial, though secondary, effect (β=0.21β=0.21). Conversely, the study found that trading experience and the application of systematic strategies serve as vital moderating factors that decrease emotional reactivity and enhance behavioral stability (β=−0.19β=−0.19). The findings contribute to the fields of behavioral finance and digital economics by illustrating that the volatility inherent in digital assets is a systemic byproduct of individual psychological biases aggregated through digital narratives. The research concludes that achieving a sustainable financial ecosystem requires moving beyond purely technical regulations. Instead, it advocates for the implementation of behaviorally-informed safeguards, such as algorithmic "cooling-off" periods and sentiment-aware trading tools, to mitigate the risks associated with reactive investing. Ultimately, this work provides a blueprint for a more resilient digital financial future by prioritizing human factors in market governance.