Ethereum Blockchain Research Articles

The microvelocity of money in Ethereum

Abstract The transfer velocity of money is a macroeconomic quantity that measures the frequency of exchanges in an economy. For cryptoassets it can be exactly measured adopting a new approach, MicroVelocity. In this study we apply the framework to Ether, the native cryptocurrency of the Ethereum blockchain, to investigate velocity and its top contributors and how they can be characterised in the Ethereum ecosystem. While the inequalities and heterogeneity in wealth are well known, we here find that the same inequalities occur as well for MicroVelocity distribution and that this inequality is not explained just by wealth, but rather by the behaviour and economic activity of each individual agent.

Inherent Insights using Systematic Analytics of Developments Tools in Ethereum Blockchain Smart Contract

Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system that allows the development and execution of distributed applications without the risk of downtime, fraud, control, or intervention from a third party. Along with serving as a platform, Ethereum also offers a Turing-complete Blockchain programming language that aids in the publication of distributed applications. One of the major Ethereum projects is Microsoft's collaboration with Consensus, which provides Ethereum Blockchain as a Service (EBaaS) on Microsoft Azure to give enterprise clients and developers access to a cloud-based blockchain development environment with a single click. Only the implementation determines the size of the Ethereum blockchain. Geth's Ethereum blockchain is around 11 GB in size, compared to Parity's 6 GB. Although the total size of the Ethereum blockchain, in its entirety, may reach 60GB+. Even though the toolset you require may vary depending on the specific blockchain, the majority of tools are compatible with Ethereum, therefore here we highlighted the various enhancement tools that we use for implementing blockchain applications on the Ethereum platform.

Protection of Electronic Health Records (EHRs) on the Ethereum Blockchain: Identifying and Preventing Active Threats to Smart Contracts

Protection of Electronic Health Records (EHRs) on the Ethereum Blockchain: Identifying and Preventing Active Threats to Smart Contracts

Designing the future of bond markets: Reducing transaction costs through tokenization

Corporate bonds are an attractive option for corporate financing. However, current bond markets face many challenges and inefficiencies, resulting in high transaction costs (TAC). In recent years, technological advancements like blockchain technology have enabled the possibility of reducing TAC in bond markets. Even though practice experiments with such solutions, academic literature lacks generic design knowledge under the TAC lens to design blockchain-based bonds. Thus, our research follows the design science research (DSR) paradigm to design and develop a bond prototype using the Ethereum blockchain protocol. Our results highlight the capability of blockchain-based bond markets to reduce TAC in the three dimensions of asset specificity, uncertainty, and transaction frequency. Further, our research provides design principles to contribute to both practice and the academic discourse on developing blockchain-based bond markets with reduced TAC.

Ethereum Proof-of-Stake and the Probabilistic Bouncing Attack

Ethereum has undergone a recent change called the Merge , which made Ethereum a Proof-of-Stake blockchain shifting closer to BFT consensus. Ethereum, which wishes to keep the best of the two protocol designs (BFT and Nakomoto-style), now has a convoluted consensus protocol as its core. The result is a blockchain possibly being produced in a tree-like form while participants try to finalize blocks. We categorize different attacks jeopardizing the liveness of the protocol. The Ethereum community has responded by creating patches against some of them. We discovered a new attack on the patched protocol. To support our analysis, we propose a new high-level formalization of the properties of liveness and availability of the Ethereum blockchain, and we provide pseudo-code. We believe this formalization to be useful for other analyses as well. Our results yield that the Ethereum Proof-of-Stake has safety but only probabilistic liveness. The probability of the liveness is influenced by the parameter describing the time frame allowed for validators to change their mind about the current main chain.

Secure IoT data dissemination with blockchain and transfer learning techniques

In smart applications, streaming IoT data is essential to building trust in sustainable IoT solutions. However, most existing systems for storing and disseminating IoT data streams lack reliability, security, and transparency, primarily due to centralized architectures that create single points of failure. To address these limitations, this research introduces TraVel, a blockchain and transfer learning-based framework for secure IoT data management. TraVel leverages decentralized IPFS storage to handle large data volumes effectively, integrating with a private Ethereum blockchain to enhance data integrity and accessibility. In the proposed scheme, the smart home () data is collected securely and accessed over the BC with a unique hash key generated on the IPFS for all the files. Self-executing Ethereum smart contracts enforce access control and verify data integrity, allowing only validated, non-malicious data to be stored. An adversarial domain adaptation (DA) learning model is employed to detect and filter malicious data before it enters the blockchain. TraVel’s performance is evaluated on blockchain parameters, with simulations conducted on REMIX IDE and InterPlanetary File System (IPFS), demonstrating its reliability and scalability for secure IoT data dissemination.

Blockchain and NFC for Real Estate Certificate Management: An Albanian Case Study

This paper presents a novel framework designed to enhance the certification of real estate ownership and transactions through the integration of Ethereum blockchain technology, Near Field Communication (NFC), and smart contracts. The proposed architecture establishes a secure, transparent, and efficient digital certificate management system by leveraging immutable blockchain records, decentralized document storage via the InterPlanetary File System (IPFS), and NFC paper tags for effective physical-to-digital integration. The implementation employs encryption keys, Quick Response (QR) codes, and NFC tags to ensure data integrity and accessibility. A user-centric design has been developed to accommodate various stakeholders, including property owners, buyers, notaries, and land registry officials. This solution significantly improves upon traditional real estate transaction methods by facilitating end-to-end digital transactions, enhancing transparency and traceability, and substantially reducing the risk of fraud. By empowering participants to execute transactions and update records on a decentralized platform, this system fosters increased trust and operational efficiency within the Albanian real estate market. Furthermore, the design ensures compatibility with existing tax and payment procedures, providing a seamless transition for all stakeholders involved. The findings of this project aim not only to revolutionize real estate practices in Albania, but also to offer a scalable model for global implementation. By addressing the challenges associated with property certification and transactions, this innovative system contributes to a safer, more transparent, and efficient real estate environment. This framework is characterized by legal compliance, enhanced traceability, and robust fraud prevention mechanisms, ultimately paving the way for a modernized approach to real estate management in Albania and beyond.

Blockchain‐Enabled Car Sharing: Enhancing Reliability and Vehicle History Management

ABSTRACTThe rising expenses associated with car ownership have driven individuals to seek more affordable alternatives, such as car rentals. However, conventional car rental services often come with high costs due to leasing companies' overhead expenses. Consequently, car sharing has emerged as a popular and cost‐effective solution that reduces expenses and promotes eco‐friendliness by reducing the number of vehicles on the roads. Nonetheless, centralization and reliability remain persistent challenges in car‐sharing implementation. To address these issues, we propose a decentralized crowd car sharing and renting platform called CROWDCARLINK, leveraging blockchain technology's power. This innovative platform enables individuals and leasing companies to rent vehicles while securely recording each car's maintenance and lease history on the blockchain. Within CROWDCARLINK, garages are pivotal contributors, adding vehicle information in a reliable and immutable manner. By utilizing blockchain technology, our platform ensures transparency and fosters trust, effectively overcoming the limitations imposed by centralization. Our architectural design incorporates smart contracts, which help streamline processes and facilitate seamless transactions within the platform. To demonstrate the feasibility of our approach, we have developed a prototype utilizing a private Ethereum blockchain with Proof of Authority (PoA) consensus. We believe that the architectural design and the practical solution presented here will play an integral role in shaping the future of smart transportation. Our platform aims to benefit individuals and the environment by offering a cost‐effective and efficient solution, paving the way for a more sustainable and advanced transportation ecosystem.

A Survey on Decentralized Voting System Using Blockchain Technology

Abstract: A decentralized voting system utilizing blockchain technology offers a transformative approach to traditional election processes. This innovative method addresses several challenges, including low voter turnout, security vulnerabilities, lack of transparency, potential vote tampering, and delays in result processing. This paper focuses on the design and development of a smart contract-based online voting system, leveraging the Ethereum blockchain as its foundation. The proposed system eliminates the necessity for intermediaries by utilizing blockchain's immutable and distributed ledger, thereby securing votes and facilitating a fully auditable voting process. Smart contracts are employed to automate voter registration, ballot generation, and vote counting, which helps minimize errors and enhance operational efficiency. Furthermore, the Ethereum network enforces a one-vote-per-voter policy through the Gas token mechanism, effectively preventing duplicate voting and ensuring the integrity of elections. A proof-of-concept application is presented and tested with simulated voting data, demonstrating the system's capability to maintain anonymity while ensuring the integrity of the voting process. This research highlights the potential of blockchain technology to bolster voter confidence, increase participation, and reduce election costs.

BOTP: 이더리움 블록체인의 최신 블록 해시를 활용한 이중-요소 기반의 예측 불가능한 OTP

A service providing server seeks to achieve enhanced security by requesting the user for presenting an OTP value before executing a critical transaction such as money transfer. The OTP method by a separate token-type battery-powered device is not expected to always work due to the limited battery lifetime of the device, and when a problem occurs, it needs to be replaced for a fee. Other method of generating OTP by executing a mobile app is useful because no separate device is required, but it does not provide the security of the level of two-factor authentication. We propose an OTP scheme that uses the latest block of the Ethereum blockchain to generate and verify unpredictable OTPs by referring to a secret value within a mobile app and other secret stored on a separate media such as a paper. The proposed scheme achieves the high security of dual-factor authentication at no additional cost, without expiration of validity, while ensuring the currency and unpredictability of the generated OTP. Therefore, the introduction of the proposed scheme makes it possible to force the use of OTP in more diverse areas, which can add additional security to various authentication such as passwords, smart keys, and biometric recognition. As a result, it is expected that strengthened authentication can be applied without separate equipment, infrastructure, or cost, which will greatly contribute to the revitalization of Internet commerce and the creation of new business models relied on strong security for user authentication.

The real estate tokenized investment system based on ethereum blockchain

The real estate tokenized investment system based on ethereum blockchain

Blockchain and Internet of Things Technologies for Food Traceability in Olive Oil Supply Chains.

This study presents a blockchain-based traceability system designed specifically for the olive oil supply chain, addressing key challenges in transparency, quality assurance, and fraud prevention. The system integrates Internet of Things (IoT) technology with a decentralized blockchain framework to provide real-time monitoring of critical quality metrics. A practical web application, linked to the Ethereum blockchain, enables stakeholders to track each stage of the supply chain via tamper-proof records. Key functionalities include smart contracts that automate quality checks, ensuring data integrity and providing immediate verification of product authenticity. Initial user feedback highlights the system's potential to enhance transparency and reduce fraud risks in the olive oil market, supporting consumer trust and regulatory compliance. This approach offers a scalable solution adaptable to other high-value agricultural products, demonstrating the blockchain's transformative potential for secure and transparent food traceability.

Voucher tokenisation using blockchain and smart contracts to support people in need

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.

Decentralized Payment Framework for Low-Connectivity Areas Using Ethereum Blockchains

This paper presents a pioneering analytical framework for a secure payment system leveraging blockchain technology tailored to regions with suboptimal network connectivity. Contemporary payment mechanisms utilizing Ethereum are predominantly optimized for areas with robust network infrastructure, neglecting regions with less connectivity. To address this gap, the proposed model integrates novel security attributes and employs an analytical method to design a decentralized payment system. The framework facilitates communication between low-connectivity zones and Internet service providers through auxiliary nodes, creating a local blockchain network for residents, merchants, and auditors. A mathematical model quantifies operational costs, transaction processing, and synchronization of auxiliary nodes, ensuring a resilient and secure payment architecture. A unique aspect of the proposed approach is its robustness against auditor outages and network variability, coupled with an empirical analysis of incentive structures for auditors' block validation activities. Moreover, it delineates the minimum requirements for secure transaction completion. Empirical findings showed a significant improvement in system efficiency, including a 79% reduction in block time, a 28% increase in transaction throughput, a 30% decrease in energy consumption, a 68% shorter confirmation time, a 63% reduction in execution time, a 46% increase in block production rate, and 82% reduced network variability. This study's significant contribution lies in introducing a sustainable, cost-effective, and secure payment system for regions with inadequate network services.

Securing Supply Chains: A Blockchain-Based Approach for Authenticity Assurance and Counterfeit Product Detection

In recent years, the proliferation of counterfeit products has posed a significant threat to consumers and legitimate manufacturers worldwide. Traditional methods of product authentication have proven inadequate in addressing this growing concern, necessitating innovative solutions that leverage emerging technologies. This paper presents a comprehensive approach to counterfeit product identification using blockchain technology, leveraging a decentralized and immutable ledger to ensure product authenticity and traceability. The proposed system employs a combination of the Ethereum blockchain, smart contracts, and a user-friendly web interface to facilitate the verification of product authenticity from production to the point of sale. By utilizing Truffle for smart contract development and deployment, Ganache for local blockchain simulation, and Metamask for secure transaction management, the system ensures a robust and scalable solution for counterfeit detection.

Interactive Use of Deep Learning and Ethereum Blockchain for the Security of IIoT Sensor Data

The Industrial Internet of Things (IIoT) refers to a structure where multiple devices and sensors communicate with each other over a network. As the number of internet-connected devices increases, so does the number of attacks on these devices. Therefore, it has become important to secure the data and prevent potential threats to the data in factories or workplaces. In this study, a deep learning-based architecture was used to determine whether the data collected from IIoT sensors was under attack by looking at network traffic. The data that was not exposed to attacks was stored on the Ethereum Blockchain network. The Ethereum blockchain network ensured that sensor data was stored securely without relying on any central authority and prevented data loss in case of any attack. Thanks to the communication process over the blockchain network, updating and sharing data was facilitated. The proposed deep learning-based intrusion detection system separated normal and anomaly data with 100% accuracy. The anomaly data were identified with an average of 95% accuracy for which attack type they belonged to. The data that was not exposed to attacks was processed on the blockchain network, and an alert system was implemented for the detected attack data. This study presents a method that companies can use to secure IIoT sensor data.

An efficient and versatile e-voting scheme on blockchain

Voting plays a vital role in democratic societies. Adopting electronic voting can effectively increase voter participation and significantly reduce the financial burden on the organizers. In recent years, with the prevalence of blockchain technology, numerous blockchain-based electronic voting schemes have emerged. Compared with traditional electronic voting schemes, they have more favorable security features. However, existing schemes generally suffer from inefficient voting procedures, limited functionality, and dependence on specific blockchain platforms, making them challenging to deploy in diverse voting scenarios. This paper proposes an efficient and versatile electronic voting scheme on blockchain that addresses these problems using our proposed smart contract-based aggregated blind signature, zero-knowledge proofs, and threshold encryption scheme. In the paper, the scheme’s various features, including security, are analyzed in detail, and the scheme is deployed and tested on the Hyperledger Fabric and Ethereum blockchain platform. The experiment results demonstrate that the voting scheme satisfies the security requirement, and it has outstanding advantages in performance.

Trustless privacy-preserving data aggregation on Ethereum with hypercube network topology

The privacy-preserving data aggregation is a critical problem for many applications where multiple parties need to collaborate with each other privately to arrive at certain results. Blockchain, as a database shared across the network, provides an underlying platform on which such aggregations can be carried out with a decentralized manner. Therefore, in this paper, we have proposed a scalable privacy-preserving data aggregation protocol for summation on the Ethereum blockchain by integrating several cryptographic primitives including commitment scheme, asymmetric encryption and zero-knowledge proof along with the hypercube network topology. The protocol consists of four stages as contract deployment, user registration, private submission and proof verification. The analysis of the protocol is made with respect to two main perspectives as security and scalability including computational, communicational and storage overheads. In the paper, the zero-knowledge proof, smart contract and web user interface models for the protocol are provided. We have performed an experimental study in order to identify the required gas costs per individual and per system. The general formulation is provided to characterize the changes in gas costs for the increasing number of users. The zero-knowledge proof generation and verification times are also measured.

A novel integration of Web 3.0 with hybrid chaotic-hippo-optimized Blockchain framework for healthcare 4.0

HealthCare 4.0 stands as a cutting-edge technology that integrates human-sourced data with communication systems to enable highly accurate clinical diagnostics and treatments. While sensor-based devices have simplified many aspects of daily life, these advancements also face significant security challenges, particularly in safeguarding patient information. In response, this research introduces a novel blockchain-based hybrid chaotic encryption and authentication for maintaining EHR transmissions aimed at robust and secure authentication within HealthCare 4.0. The complete framework incorporates the Infura Web API, using Python 3.19. To strengthen authentication security, modified Hippopotamus-evoked scroll maps are used to generate dynamic hashes in the genesis block formation, securing all EHR data in the proposed architecture. This entire framework was evaluated on the Ethereum Blockchain, leveraging Web 3.0, with Python 3.19 serving as the core programming environment for interface development. Security analysis was performed utilizing Burrows-Abadi-Needham (BAN) logic, while the framework's resilience was rigorously tested against NIST standards. Comparative testing highlights the model's superior defense capabilities against various attacks, surpassing other frameworks in complexity and robustness. The findings ultimately provide a comprehensive view of the optimized encryption scheme on blockchain technology and the future pathways for secure authentication frameworks in HealthCare 4.0.

Comparing Ethereum fungible and non-fungible tokens: an analysis of transfer networks

The increasing adoption of tokens on the Ethereum blockchain has given rise to many distinct economic communities whose activity history is publicly accessible. In this paper we study the communities of Ethereum fungible and non-fungible tokens, regulated, respectively, by the ERC-20 and ERC-721 standards. In particular, we focus on token transfers and consider the top 100 largest ERC-20 and ERC-721 ecosystems by number of transfers, modeling them as networks where nodes correspond to participants and edges represent token transfers. We analyze their main topological properties and conduct a clustering-based study to identify groups of graphs with similar topologies. Subsequently, we classify the networks based on the application domain of their corresponding token and investigate whether graphs with similar topologies correspond to tokens within the same domain. We also conduct a temporal analysis of token popularity based on the historical transfer activity. Our findings highlight the existence of common topological properties (e.g., absence of small world effect) across both types of tokens. In contrast, the clustering analysis indicates no evident connection between the token application domain and the structure of the induced transfer networks, with the exception of non-fungible tokens associated with spamming activities.