Ledger System Research Articles

AI and blockchain technology for secure and transparent financial transactions

The integration of Artificial Intelligence (AI) and blockchain technology presents a transformative approach to enhancing the security and transparency of financial transactions. Blockchain’s decentralized and immutable ledger system ensures that transaction records are tamper-proof and transparent, significantly reducing the risk of fraud and errors. AI, with its advanced data analytics and machine learning capabilities, further augments this ecosystem by providing real-time monitoring, predictive analytics, and automated decision-making processes. Together, these technologies enable more efficient and secure financial operations, from cross-border payments to trade finance and asset management. This paper explores the synergistic potential of AI and blockchain in revolutionizing the financial sector, highlighting key applications, benefits, and challenges. By leveraging the strengths of both technologies, financial institutions can achieve unprecedented levels of security, efficiency, and trust in their operations.

Blockchain Technology: Unlocking New Frontiers in Data Management and Transparency

This article explores the transformative potential of blockchain technology in revolutionizing data management and enhancing transparency across various industries. As a decentralized, immutable ledger system, blockchain offers a secure and efficient way to record, share, and verify information, eliminating the need for intermediaries and reducing the risk of fraud. The article reviews the fundamental principles of blockchain, including distributed consensus, cryptographic security, and smart contracts, to highlight how these features improve data integrity and trust in digital transactions. Through case studies in sectors such as finance, supply chain management, healthcare, and government services, the article demonstrates how blockchain can streamline operations, reduce costs, and promote accountability. Particular attention is given to the role of blockchain in improving transparency by providing an auditable and tamper-proof record of transactions, which is especially valuable in industries prone to corruption and data manipulation. The article also addresses the challenges facing blockchain adoption, including scalability issues, regulatory concerns, and the need for standardization. Additionally, the potential of blockchain in emerging applications, such as decentralized finance (DeFi) and non-fungible tokens (NFTs), is discussed, highlighting the technology’s expanding role in reshaping digital economies. The article concludes by emphasizing that while blockchain is still in its developmental stages, its ability to foster greater transparency and more secure data management systems positions it as a key driver of innovation in the digital age. Future research is recommended to explore further integration strategies and address challenges in widespread blockchain adoption.

Use of Blockchain Technology for Management of Guest Room Keys

Purpose of the study: The hospitality industry is undergoing a transformation with the advent of blockchain technology, especially in hotel keys management. This chapter explores the use of blockchain to manage hotel guest room keys, focusing on its applications, benefits, and future ramifications. Methodology: The chapter begins by clarifying the basic concepts of blockchain, outlining its functionality as a decentralized distributed ledger system and then explores the challenges of traditional core system design and introduces blockchain-based key management solutions. This solution uses cryptographic encryption and decentralized access control mechanisms, integrating smart contracts to automate processes. Main Findings: Blockchain-based key management systems generate and distribute secure digital keys to guest smartphones, protecting it from unauthorized access and tampering blockchain’s immutable recordkeeping for a tamper-proof audit trail, enhancing security and accountability. Hotel networks allow guests to use digital keys in multiple ways, and connecting IoT devices allows for remote control and personalized experiences. Applications of the study: Blockchain technology provides a robust alternative to traditional hotel key management systems, improving security, transparency, and operational efficiency. Future trends, including artificial intelligence and machine learning, promise new innovations. A strategic and collaborative approach is recommended to maximize the benefits of blockchain in the hospitality industry. Novelty/Originality of the study: This chapter provides valuable insights for practitioners and researchers aiming to harness the transformative power of blockchain.

Evaluating Trust in Blockchain Technology for Waqf Adoption: Insights from Importance-Performance Map Analysis

Blockchain technology offers transformative benefits for waqf by enhancing transparency, security, and efficiency. Its decentralized ledger system allows for independent transaction verification, reduces central authority risks, and improves accountability. However, while the potential benefits are significant, the success of blockchain-based waqf initiatives hinges on the level of trust that stakeholders place in this technology. Therefore, the study aims to examine the effect of trust in blockchain technology on the intention to adopt waqf blockchain with insight from importance-performance map analysis to better understand the relations between trust and intention. The study adopted a survey research design and data was collected through questionnaires distributed throughout Malaysia. The collected data were then analyzed using Smart-PLS software. The results of the analysis indicate a strong positive relationship between trust in blockchain technology and the intention to adopt waqf blockchain. However, the importance-performance map analysis shows a critical disparity exists between user expectations and actual performance, especially regarding the transaction process, which scored the lowest in performance. This implies a need to focus on improving the transaction process to align with user expectations.

Competitive dynamics between decentralized and centralized finance lending markets

We analyze the competitive dynamics between a decentralized financial system, called a protocol for loanable funds (PLF), and a centralized financial system. A PLF primarily differs from traditional banks in terms of its purpose and its decentralized ledger. While traditional banks pursue profit maximization, the PLF with a decentralized ledger system liquidates borrowing demand in line with the supply of deposits. We provide a theoretical framework that incorporates the differences among the lending markets to outline their competitive dynamics and suggest an optimal design for the PLF's consensus algorithm. The traditional bank incurs a cost to secure market power that depends on its degree of heterogeneity from the PLF. Our results suggest channels through which monetary policy influences the interest rates of PLFs.

Proposing a Model to Enhance Security in Online Blockchain-Based Banking Transactions

In the banking industry, technologies are changing rapidly. The banking industry is the first target to implement the new technology to provide better customer services. In the past, banking systems used the manual ledger system, which has many drawbacks. To overcome this, the banking industry implemented the computerised mechanism to implement the centralised system, in which data is stored in one place, like a data warehouse. However, this centralised, automated system has also led to increased threats and cybercrimes. There are various malicious software (ransomware, phishing) through which hackers can hack customers' private data and use it illegally. The urgency to address these challenges has led to the adoption of blockchain, a leading technology based on decentralised, distributed behaviour and its public ledger system. Implementing blockchain in the banking sector is not just a choice, but a necessity. It can increase security, immutability, faster transactions, a decentralised system, consensus manner, transparency, etc. We will be discussing blockchain and its functionality. Furthermore, we will present a theoretical framework that uses consortium blockchain to reduce security threats in online transactions. Our model, IVSMOT, is a crucial step in this direction, as it divides the private key into two shares, thereby addressing the urgent need to enhance security in online banking transactions.

Revolutionizing the Banking Industry: The Impact of Blockchain Technology on Financial Services

Blockchain technology represents a significant innovation with far-reaching implications across multiple industries, having initially emerged as the backbone of Bitcoin to enable secure, decentralized digital transactions. Its decentralized structure, which replaces centralized databases with multiple shared copies across nodes, enhances security and reduces the risk of data breaches. Despite its growing use in banking, finance, supply chains, and other sectors, a gap exists in fully understanding its transformative potential in improving business processes. This research aims to analyze blockchain’s impact on the security, efficiency, and transparency of digital transactions. By employing a comparative analysis of blockchain applications across industries, we find that its decentralized, encrypted ledger system significantly reduces fraud risk and improves transactional efficiency. These results highlight blockchain’s role as a critical tool for future digital economies, with broader implications for enhancing trust and security in various sectors.

Blockchain Technology: A Revolutionary Tool Against Counterfeit Pharmaceuticals

Counterfeit pharmaceuticals pose a significant global health threat, with dire consequences ranging from ineffective treatment to severe health complications and death. This paper explores how blockchain technology (BCT) can revolutionize the fight against counterfeit drugs and enhance healthcare integrity. Counterfeit drugs are defined as medications falsely claiming their source, efficacy, or validity, often containing incorrect amounts of active ingredients or harmful substances, leading to various adverse patient outcomes. Counterfeit drugs remain prevalent, especially in countries labeled as LMICs, with 13.6% an estimate of medications being counterfeit, resulting in financial repercussions exceeding $200 billion. Blockchain technology offers a robust solution to these challenges through its decentralized, tamper-proof digital ledger system. Each transaction recorded on the blockchain is immutable and transparent, ensuring data integrity and preventing unauthorized alterations. This technology can significantly enhance drug traceability, allowing stakeholders to verify the authenticity of medications from manufacture to patient delivery. Blockchain technology's promise to enhance transparency, efficiency, and security in healthcare is compelling. Its adoption can lead to a more resilient, equitable, and patient-centric healthcare ecosystem, reducing counterfeit drugs and improving overall patient care. As blockchain solutions mature and gain acceptance, their impact on the healthcare value chain—from drug discovery to patient care—will become increasingly significant, driving innovation and advancing global health and well-being.

Blockchain Technology as an Approach for Enhancing Communication in the Construction Industry

Abstract The construction industry has long grappled with the challenge of establishing effective communication and collaboration systems among its stakeholders. Consequently, there is a pressing need for a digital platform that can seamlessly connect all relevant parties and enhance communication. One promising solution lies in the adoption of blockchain technology (BCT), which operates as a distributed ledger system supporting triple-entry accounting. The problem that motivated this work is the inefficient communication between multiple parties within a specific part of the chain. This inefficiency results in the exchange of erroneous and outdated documents, including frequent design changes and engineering drawing errors. The research aim is to investigate the role of BCT in enhancing communication within the construction industry. To achieve this aim, a qualitative approach is employed. First, a comprehensive literature review explores the impact of BCT on communication enhancement in construction. Second, a case study is presented, focusing on the implementation of BCT during the construction of a new bridge. The results from both the literature review and the case study underscore the strong correlation between BCT adoption and improved communication and collaboration among diverse stakeholders in the construction industry.

The Influence of Blockchain Technology on Digital Advertising Practices

Blockchain technology, widely recognized for its impact on the financial industry, is now revolutionising digital advertising practices. This paper delves into the ways blockchain technology improves transparency, reduces fraud, and enhances data security in digital advertising. By conducting a thorough analysis of existing research and real-life examples, we evaluate the influence of blockchain technology on different parties involved, such as advertisers, publishers, and consumers. Blockchain technology in advertising and marketing could provide a straightforward solution to the issue of high costs and lack of transparency, thanks to its decentralised ledger system that allows for cost-saving and real-time data aggregation. The results indicate that blockchain has the potential to bring about substantial advantages, but it also encounters obstacles that need to be overcome in order to fully harness its capabilities within the digital advertising landscape.

Enhancing Data Security in Financial Institutions with Blockchain Technology

The rapid digitization of financial institutions has significantly increased the need for robust data security measures. Blockchain technology, with its decentralized and immutable nature, offers a promising solution to enhance data security in this sector. This paper explores how blockchain can address key security challenges faced by financial institutions, such as data breaches, fraud, and unauthorized access. By leveraging cryptographic principles and a distributed ledger system, blockchain ensures data integrity, transparency, and secure authentication. The potential benefits, limitations, and real-world applications of blockchain in financial security are also discussed to provide a comprehensive understanding of its impact on safeguarding sensitive financial data.

The role of blockchain to secure internet of medical things

This study explores integrating blockchain technology into the Internet of Medical Things (IoMT) to address security and privacy challenges. Blockchain’s transparency, confidentiality, and decentralization offer significant potential benefits in the healthcare domain. The research examines various blockchain components, layers, and protocols, highlighting their role in IoMT. It also explores IoMT applications, security challenges, and methods for integrating blockchain to enhance security. Blockchain integration can be vital in securing and managing this data while preserving patient privacy. It also opens up new possibilities in healthcare, medical research, and data management. The results provide a practical approach to handling a large amount of data from IoMT devices. This strategy makes effective use of data resource fragmentation and encryption techniques. It is essential to have well-defined standards and norms, especially in the healthcare sector, where upholding safety and protecting the confidentiality of information are critical. These results illustrate that it is essential to follow standards like HIPAA, and blockchain technology can help ensure these criteria are met. Furthermore, the study explores the potential benefits of blockchain technology for enhancing inter-system communication in the healthcare industry while maintaining patient privacy protection. The results highlight the effectiveness of blockchain’s consistency and cryptographic techniques in combining identity management and healthcare data protection, protecting patient privacy and data integrity. Blockchain is an unchangeable distributed ledger system. In short, the paper provides important insights into how blockchain technology may transform the healthcare industry by effectively addressing significant challenges and generating legal, safe, and interoperable solutions. Researchers, doctors, and graduate students are the audience for our paper.

BLOCKCHAIN TECHNOLOGY'S ROLE IN SECURING DATA AND PREVENTING CYBERATTACKS: A DETAILED REVIEW

This systematic review examines the role of blockchain technology in enhancing data security and preventing cyberattacks across various sectors. Blockchain's decentralized and immutable ledger system, secured through cryptographic mechanisms like cryptographic hashes and asymmetric encryption, offers robust protection against unauthorized access and data tampering. The study highlights blockchain's ability to maintain data integrity and immutability, essential for applications requiring high levels of trust, such as financial transactions and healthcare records. The review also emphasizes the significance of smart contracts, which automate and enforce contract terms, thereby reducing human error and fraud. Sector-specific applications in finance, healthcare, supply chain management, and the Internet of Things demonstrate blockchain's versatility in addressing diverse security challenges. However, significant challenges, including scalability issues, high energy consumption, and regulatory and legal hurdles, impede the widespread adoption of blockchain technology. Addressing these challenges is crucial for realizing blockchain's full potential in cybersecurity. This review underscores the need for continued research and development to overcome these obstacles and fully harness blockchain's capabilities in securing data and preventing cyberattacks.

Impact of Blockchain Technology on Financial Reporting in Small and Medium-Sized Enterprises (SMEs) in Pakistan

Purpose: The aim of the study was to assess the impact of blockchain technology on financial reporting in small and medium-sized enterprises (SMEs) in Pakistan. Methodology: This study adopted a desk methodology. A desk study research design is commonly known as secondary data collection. This is basically collecting data from existing resources preferably because of its low cost advantage as compared to a field research. Our current study looked into already published studies and reports as the data was easily accessed through online journals and libraries. Findings: The study indicated that blockchain's decentralized ledger system enhances transparency and accuracy in financial data recording and reporting. It reduces the risk of fraud and manipulation due to its immutable nature, ensuring that transactions are securely recorded and traceable. This technology streamlines processes, such as auditing and reconciliation, leading to cost savings and increased efficiency for SMEs. Additionally, blockchain's real-time data availability improves decision-making capabilities and enhances trust among stakeholders. However, challenges such as regulatory compliance and implementation costs remain, requiring careful consideration for SMEs looking to adopt blockchain for financial reporting. Implications to Theory, Practice and Policy: Diffusion of innovations theory, agency theory and resource-based view may be used to anchor future studies on assessing the impact of blockchain technology on financial reporting in small and medium-sized enterprises (SMEs) in Pakistan. In practice, SMEs are encouraged to initiate pilot projects that leverage blockchain-based financial reporting solutions. On the policy front, advocating for regulatory clarity and supportive frameworks is essential to promote blockchain adoption among SMEs.

Enhancing Administrative Penalty Enforcement in Market Supervision through Block chain-based Control and Timeliness Assurance

Abstract: This study delves into the complexities of market supervision in China, aiming to explore the integration of blockchain technology into this regulatory landscape. It primarily focuses on tackling challenges related to data access control and timely enforcement of administrative penalties using blockchain. Leveraging its decentralized and immutable ledger system, blockchain offers a promising solution to enhance security and transparency across sectors. By applying blockchain to market supervision, the objective is to establish a robust platform for managing administrative penalties efficiently and accountably. To assess its viability, sophisticated software simulation techniques are employed. Rigorous analysis evaluates security protocols, data availability, and overall system performance. This assessment is vital for identifying vulnerabilities and ensuring compliance with China's regulatory standards. Additionally, the study recognizes the importance of advancing blockchain technology continually. Staying updated on emerging trends is crucial for optimizing system performance, bolstering data privacy, and ensuring legal compliance. By addressing these areas, the study aims to provide actionable insights for designing and implementing blockchain solutions in China's market supervision. Through collaborative efforts and knowledge sharing, it seeks to drive innovation and enhance transparency, efficiency, and accountability in the market environment

Evolution of blockchain accounting literature from the perspective of CiteSpace (2013–2023)

Against the backdrop of the Industrial Revolution 4.0, the advantages of blockchain technology in traceability, transparency, safety improvement, and efficiency improvement have made it possible to reduce the work of accounting personnel by 50 %, thus saving billions of dollars for global companies by combining this technology with accounting. However, the blockchain technology associated with accounting is in the experimental stage and has several problems to be solved including limited data processing capacity, information confidentiality, and regulatory difficulties. This innovation and progress in science and technology has provided more abundant, efficient, and professional technical support for the research of blockchain accounting documents. Among these advances, CiteSpace software has promoted the development of blockchain and accounting in the direction of visualization, comprehensiveness, security, and relevance. In this study, we used the knowledge map drawn by CiteSpace to search the core Blockchain Accounting database from 2013 to 2023 on the Web of Science (WoS). We obtained 1414 documents measured according to co-citation analysis, log-likelihood ratio (LLR) network clustering, co-occurrence keywords, and emergent time zone diagram method. We analyzed and summarized the important documents, research keywords, key research fields, and knowledge evolution related to "blockchain accounting" by network, literature integration, and popular research topics. We found that adopting blockchain technology in accounting information systems is expected to improve recordkeeping and reporting. Blockchain, as an innovative technology, provides a tamper-proof, traceable, and shareable platform for accounting information by using a distributed ledger system. By implementing blockchain, artificial intelligence can improve safety, transparency, and accuracy, and also may completely change the way we manage financial records. With its ability to improve overall efficiency and reduce errors, blockchain technology may change our familiar accounting methods. In addition, blockchain technology, intelligent contract, artificial intelligence, the Internet, information systems, and supply chain are the most important keywords, while blockchain technology, intelligent contract, and artificial intelligence are important components of blockchain accounting knowledge system. This research provided an important opportunity to advance the understanding of the crucial contribution of blockchain to the accounting field.

BLOCKCHAIN TECHNOLOGY IN SUPPLY CHAIN MANAGEMENT

This paper aims to fill the gap in existing research by examining the impact of blockchain technology on supply chain management, particularly its ability to retrospectively trace events in the chain. For example, in pharmaceuticals, blockchain automatically records information like expiration dates, reducing the need for human involvement. By implementing this backward technology, we've simplified processes for suppliers and manufacturers, allowing the system to identify defective or expired items autonomously, saving time and costs. Previously, the supply chain operated as a one-way system without return options, but now, with blockchain integration, relevant parties are informed about necessary replacements from the manufacturer's end. Blockchain's integration into supply chain management is a significant advancement, offering unparalleled transparency, traceability, and security in logistics and distribution. This article explores how blockchain can revolutionize established supply chain practices, delving into applications like tracing goods from origin to destination, using smart contracts for automated agreements, and secure data exchange while protecting privacy. Case studies highlight advantages such as reduced expenses, risks, and improved compliance. Blockchain, as a decentralized ledger system, provides instant, unchangeable record-keeping and cryptographic validation, instilling confidence among stakeholders. In supply chain management, this means identifiable product origins, better tracking, less fraud, and quicker dispute resolution. However, challenges like scalability, energy use, and network interoperability exist, underscoring the need for industry collaboration and standardization efforts

Cloud in Blockchain Technologies

Cloud computing and blockchain technology have become essential ideas in the field of IT, providing new ways to handle data. Cloud computing offers internet-based access to computing resources like servers and storage, while blockchain guarantees the accountability and immutability of data transactions with its distributed ledger system. Combining these technologies can enhance organizations' capabilities in data security and management. Businesses can utilize scalable infrastructure on cloud platforms by implementing blockchain technology, eliminating the need for large investments in physical resources. This integration improves the ability to access blockchain networks, making interactions easier across different locations and devices. Additionally, it enhances data security and privacy measures by enabling encrypted connections and strong authentication methods in cloud-based blockchain systems. Yet, obstacles remain in guaranteeing the authenticity and protection of information kept in multi-cloud settings, requiring effective authentication measures. To tackle these difficulties, this article presents a method for verifying data integrity in multi-cloud storage using blockchain technology, utilizing the decentralized aspect of blockchain to improve transparency and security. The plan automates verification procedures through smart contracts and cryptographic hashing, allowing for integrity checks at both a general and specific level across multiple Cloud Service Providers (CSPs). The proposed scheme has its effectiveness and reliability validated through theoretical analysis and experimental results, highlighting its potential to improve the security and efficiency of multi-cloud storage systems. INDEX TERMS: Cloud Computing, Blockchain Technology, Data Integrity Verification, Multi-Cloud Storage, Smart Contracts, Cryptographic Hashing, Security, Transparency.

OPTIMAL CENTRAL BANK DIGITAL CURRENCY DESIGN FOR EMERGING ECONOMIES

The growth of digitalisation presents the possibility for Central Bank Digital Currency (CBDC) to emerge as a secure and efficient payment method. However, despite the benefits, CBDC implementation needs to be adapted to the capabilities and needs of each country. This study uses meta-strength, weakness, opportunity, and threat (meta-SWOT) analysis to assess the internal strengths and weaknesses, as well as the external opportunities and threats, to determine the most optimal CBDC design for emerging economies. In analysing internal aspects, CBDC allows for an efficient payment system, followed by a more effective monetary policy. Furthermore, the technology creates the possibility to boost financial inclusion and trace many illicit activities. However, to achieve that, high investment costs and privacy issues must be accommodated, followed by technological risks such as the digital divide and electrical outages. Turning to external aspects, growing technology, the network effect, enthusiasm for CBDC, and the impracticality of cash usage have become catalysts for CBDC development. Despite these opportunities, central banks should be wary of the threat of cyberattacks, quickening bank disintermediation, legal issues within their respective countries, and competition with private crypto companies. Altogether, the most optimal CBDC design in emerging economies is retail and wholesale coverage, interest-bearing (wholesale) and noninterest-bearing (retail) remuneration, account-based and token-based paymentsystems, a traceable degree of anonymity, hybrid architecture, a Decentralised Ledger Technology (DLT) ledger system, and domestic and cross-border scope. These results are supported by rigorous examination of global CBDC research and development.

Security Enhancement of Forensic Evidences Using Blockchain

Abstract: The traditional methods of handling forensic evidence are susceptible to manipulation and tampering, raising concerns about their integrity andadmissibility in court. This project explores the potential of blockchain technology to enhance the security of forensic evidence. Blockchain, a decentralized and tamper-proof ledger system, offers several key advantages for forensic evidence management: Immutability: Once data is recorded on the blockchain, it becomes virtually impossible to alter or delete, ensuring the authenticity and integrityof the evidence. Transparency: Every transaction involving the evidence, from collection to analysis, is securely recorded on the blockchain, promoting transparency and accountability throughout the chain of custody. Traceability: The complete history of the evidence can be easily traced on the blockchain, allowing for verification of its origin and handling at every stage. This project proposes a system that utilizes blockchain technology to manage and secure forensic evidence. The system offers a secure andtransparent platform for handling evidence, potentially improving the reliability and effectiveness of the legal process.