Transaction Mechanism Research Articles

Analisis Kontrak Syariah Dalam E-Commerce: Studi Terhadap Akad Murabahah dan Salam di Era Digital

The development of e-commerce presents significant opportunities for Muslims to engage in digital transactions that align with Islamic legal principles. This study aims to analyse the application of Shariah-compliant contracts, specifically murabahah and salam, in digital transactions and identify the challenges faced in their implementation. Using a descriptive-analytical approach, this research examines the validity of these contracts in e-commerce based on fiqh al-muamalat, DSN-MUI fatwas, and maqasid al-shariah. The findings reveal that murabahah and salam contracts are highly adaptable to e-commerce due to their emphasis on transparency and fairness. However, several key challenges were identified, including the potential for gharar caused by inaccurate product descriptions, the contentious validity of digital ijab and qabul, and the risk of riba in instalment-based payment systems. Proposed solutions include strengthening regulations tailored to Shariah-compliant e-commerce platforms, educating consumers and business actors on Shariah-compliant contracts, and providing more transparent transaction mechanisms to minimise gharar. This study concludes that implementing Shariah-compliant contracts in e-commerce aligns strongly with maqasid al-shariah, particularly in safeguarding wealth and ensuring justice for all parties involved.

Optimizing Battery Storage for Sustainable Energy Communities: A Multi-Scenario Analysis

The Energy Community (EC) is expanding worldwide, with Solar Photovoltaic (PV) systems as the primary Renewable Energy Source (RES). However, "solar curtailment" challenges the European Union's 2030 Target of achieving 45% renewables in final energy consumption. Peer-to-peer (P2P) energy sharing and Battery Energy Storage Systems (BESS) sharing can improve the RES share more effectively, but they face obstacles like high costs and low utilisation rates. This research develops a hybrid model that combines P2P energy sharing with BESS, optimised using Mixed Integer Linear Programming (MILP). A new pricing mechanism for P2P transactions and refined Shapley value calculations are introduced. Simulations conducted over 672 hours across four seasons and 21,147 scenarios demonstrate that all proposed models effectively increase the renewable energy share. SBES-S and OCBES-S models are the most economical in spring and summer, with EC costs of €-13.028 and €-55.578. The OCBES-S model is the most cost-effective for autumn and the year, costing €92.998 and €174.101, respectively. Compared to the scenario without BESS and P2P sharing, it reduces annual electricity costs by 16.34%. This study provides all EC stakeholders with a tool for option comparison and economic analysis, supporting the sustainable development of EC and renewable energy.

Two-Stage, Three-Layer Stochastic Robust Model and Solution for Multi-Energy Access System Based on Hybrid Game Theory

This paper proposes a two-stage, three-layer stochastic robust model and its solution method for a multi-energy access system (MEAS) considering different weather scenarios which are described through scenario probabilities and output uncertainties. In the first stage, based on the principle of the master–slave game, the master–slave relationship between the grid dispatch department (GDD) and the MEAS is constructed and the master–slave game transaction mechanism is analyzed. The GDD establishes a stochastic pricing model that takes into account the uncertainty of wind power scenario probabilities. In the second stage, considering the impacts of wind power and photovoltaic scenario probability uncertainties and output uncertainties, a max–max–min three-layer structured stochastic robust model for the MEAS is established and its cooperation model is constructed based on the Nash bargaining principle. A variable alternating iteration algorithm combining Karush–Kuhn–Tucker conditions (KKT) is proposed to solve the stochastic robust model of the MEAS. The alternating direction method of multipliers (ADMM) is used to solve the cooperation model of the MEAS and a particle swarm algorithm (PSO) is employed to solve the non-convex two-stage model. Finally, the effectiveness of the proposed model and method is verified through case studies.

VAT on Imported Services in Africa – Why Consumption and Reverse Charge Concepts Remain Crucial

As exports and imports of services continue to grow globally, Value Added Tax (VAT) on imported services has also taken a centre stage in most countries. Unlike goods, determining the place of consumption for services is often a contentious issue and a source of VAT controversy in many countries. In resolving these controversies, African courts, with a few exceptions, have established a visible criterion for determining the place of consumption of cross-border service transactions that aligns with the OECD International VAT/GST Guidelines. Where consumption is not at issue, most African countries have opted to deploy a reverse charge mechanism blended with a “register and comply” requirement for the foreign supplier in order to administer and collect VAT on the foreign supply (imported service). In this article, the author argues that African countries should deploy a reverse charge mechanism for B2B transactions and only use a “register and comply” requirement by non-residents for B2C services.

Social Penetration Analysis in Self-Disclosure of Online Loan Application Users to Their Partners

Abstract: This study aims to analyze the disclosure of online loan users to their partners through social penetration theory. Information technology-based money lending services are one of the innovations in the financial sector, utilizing technology to facilitate lending transactions without meeting in person. This transaction mechanism is carried out through a system provided by the Fintech Lending Organizer, either through an application or a website. Several problems arise because of the characteristics of online loans that often terrorize and intimidate people close to them without asking permission. This study is descriptive, using data collection techniques on ten pairs of online loan informants with their partners. Data analysis was carried out using interactive techniques involving interactions between data collection, data reduction, data presentation, and conclusions. Based on the social penetration analysis, five pairs of informants decided to separate/divorce, while five pairs did not divorce. The five pairs of informants who did not divorce were at stages 3 (affective exchange) and 4 (stable exchange). The five pairs who divorced were at stage 2 (exploration of affective exchange), which decreased the development of their relationship to deterioration. Couples who eventually divorce receive negative Feedback from their partners in the form of anger, annoyance, and regret. The perpetrators decide to get involved in online loans without discussing it with their partners but also have no desire to discuss it. The perpetrators' mindset, household economic problems, characteristics of online loans, and skills in communicating issues to their partners color the couple's interactions towards the end of the relationship. On the other hand, supportive Feedback, personality, and gender of the partner are factors that influence self-disclosure.

An online auction-based mechanism for pricing and allocation of instant delivery services

Recently, instant delivery has been growing rapidly, with numerous platforms emerging to offer such services. Requestors dynamically arrive at the platform to place delivery service requests that detail their pickup locations, recipient locations, package weights, departure times, and willingness-to-pay (WTP). The platform then uses its dedicated riders, scattered in different places, to fulfill these requests. Given the dynamic and fluctuating characteristics of the demand, coupled with limited rider resources and heterogenous pickup costs, the platform faces the critical problem of dynamically pricing the requests and assigning the riders to maximize social welfare. To address this problem, we propose an online auction-based transaction mechanism. Specifically, we first propose a scoring function to evaluate the values of the requests over multi-period operations taking into account the requests’ attributes, riders’ delivery costs, and resource availability. Based on the scoring function, we design a time-varying Vickrey–Clarke–Groves (VCG)-like payment rule that can reflect the impacts of fluctuating supply-demand imbalances. Under this rule, a requestor will pay more during undersupply periods than during oversupply periods. To carve out the different impact degrees of the supply-demand imbalances, we further consider the linear, quadratic, and exponential time-varying resource parameters to construct the payment rule. In addition, we develop an online instant delivery resource allocation model to efficiently assign the riders to fulfill the accepted requests. We show that the proposed mechanism has desirable properties (individual rationality, budget balance, and incentive compatibility) and is computationally efficient. Furthermore, we give a lower bound for the mechanism efficiency. To validate the practicality of our mechanism and get some managerial insights into the operations of the instant delivery platform, we conduct numerical studies to compare the performance of our mechanism to the First-in, first-out (FIFO) allocation mechanism and to investigate the impacts of pricing functions, rolling horizon configurations, and rider numbers on the mechanism's performance.

“Going once, going twice, sold!”: A new look at the auction tilt in public procurement

The paper examines the auction tilt phenomenon in public procurement in terms of the transaction mechanisms of governance. Arguments to develop the discussion on limits of using auctions expediency and consequences of their forced distribution in public sector procurement are proposed. The reasons for maintaining the auction tilt despite the recognition of this practice as vicious in some jurisdictions and its numerous criticisms in the literature are explained. Transaction cost theory tools helped identify the failures of theoretical ideas about the effectiveness of auctions as attempts to bring the governance mechanism closer to the market one. Using heuristic models within the framework of the theory of transaction costs, a mechanism has been demonstrated that promotes the sustainability of the practice of regulated procurement with an auction bias, which is ineffective for a wide class of goods (works, services).

Regulatory challenges in modernizing toll road transaction systems in Indonesia

The Government of Indonesia has modernized the toll road transaction system by implementing the multi-lane free-flow (MLFF) project, set to operate commercially by the end of 2024. This project leverages Global Navigation Satellite System (GNSS) technology to identify vehicles using toll roads and establish a transaction mechanism that allows the MLFF Project Company to charge road users according to distance, vehicle category, and tariff levels. The project has result in a complex business arrangement between the Indonesia National Toll Road Authority (INTRA), Toll Road Companies (TRCs), and the MLFF Project Company. The aim of this paper is to review the regulatory and institutional framework of the MLFF project and analyze its challenges. The methodology employed is a qualitative framework for legal research, utilizing international literature reviews and current regulatory frameworks. The study assesses the proposed transaction architecture of the project and identifies commercial, political, and other risks associated with its implementation. Based on the analysis, the research identifies opportunities for regulatory improvements and better contracting arrangements. This research provides valuable insights into the regulatory landscape and offers policy recommendations for the Government to mitigate the identified risks. This contribution is significant to the academic field as it enhances understanding regulatory and institutional challenges in implementing advanced toll road systems.

A fair multi-attribute data transaction mechanism supporting cross-chain

Reliable storage and high-speed data networks enable individuals to access high-quality Internet of Things (IoT) data for scientific research through global transactions. Blockchain technology provides transparency for institutions to securely store and manage IoT data, while cross-chain transaction mechanisms facilitate the flow of IoT data. However, fairness issues may arise when it comes to cross-chain transactions of IoT data. This paper proposes a mechanism for multi-attribute data transactions to support cross-chain. The solution utilizes Vickrey–Clarke–Groves (VCG) auction, Paillier, Intel SGX, and other technologies to design a secure and equitable data seller selection scheme. The scheme ensures that the selection process for data sellers is both informed and private. Additionally, we generate a key pair for each attribute in the dataset to produce the corresponding attribute data signature. The dataset’s legitimacy is verified through batch verification to ensure that the data seller’s purchased attributes align with their requirements. The exchange of crypto assets and private keys between data sellers and buyers is designed to achieve fair payment. Our research suggests that the scheme meets the necessary security standards, and simulation results confirm its feasibility and effectiveness.

Applicaition and Evaluation of the Value Investing Approach

In tandem with China's economic expansion, there has been a notable rise in per capita disposable income, fostering an influx of individual investors into the securities market. This surge is underpinned by improved transaction mechanisms, with individuals now comprising the primary market participants. However, challenges persist as investment discipline wanes amidst a backdrop of heightened randomness and exorbitant high-frequency operation fees. Consequently, the development of China's secondary stock market remains nascent, fraught with uncertainties, and prone to frequent instances of frustrated investments. The burgeoning popularity of Warren Buffett's value investment theory signals a paradigm shift, with investors increasingly gravitating towards identifying undervalued stocks for sustained returns. Nonetheless, ordinary retail investors grapple with a dearth of investment knowledge, compounded by the intricacies of different industries, thus impeding their ability to effectively apply professional analysis methods. To bridge this gap, this paper endeavours to synthesize prevailing empirical analysis methods commonly employed across diverse industries. Through a comprehensive literature review and reference analysis, it seeks to provide insights aimed at enriching investors' comprehension and application of value investment principles. By elucidating practical approaches, this research contributes to the broader discourse on investment value, fostering a more nuanced understanding within the context of China's evolving securities market landscape.

A blockchain transaction mechanism in the delay tolerant network

Current blockchain systems have high requirements on network connection and data transmission rate, for example, nodes have to receive the latest blocks in time to update the blockchain, nodes have to immediately broadcast the generated block to other nodes for consensus, which restricts the blockchain to run only on real-time connection networks, but the existence of delay tolerant networks poses a great challenge to the deployment of blockchain systems. To address this challenge, a novel blockchain transaction mechanism is proposed. First, the block structure is modified by adding a flag, and on this basis, the definition of the extrachain is proposed. Secondly, based on the blockchain transaction process, transaction verification and consensus algorithms on the extrachain are presented. Thirdly, both the extrachain selection algorithm and appending algorithm are proposed, so that the extrachain can be appended to the blockchain fairly and safely. Finally, an extrachain transmission scheme is presented to broadcast the blocks generated in the delayed network to the normal network. Theoretical analysis and simulation experiments further illustrate the efficiency of the proposed mechanism.

Cooperative operation for multiple virtual power plants considering energy-carbon trading: A Nash bargaining model

With the development of the energy and carbon markets, it has become a trend for multiple virtual power plants (MVPP) that aggregate distributed resources from different regions to participate in market trading through cooperative operation. In order to study the energy-carbon interactions between VPPs and the supply-demand interactions for MVPP and users, this paper introduces a load aggregator (LA) and establishes a cooperative alliance consisting of MVPP and LA. Firstly, a carbon emission allowance allocation and transaction mechanism for MVPP is proposed based on the modified Shapley value method, which considers the impact of energy interactions within the alliance on the carbon emissions. Then, a cooperation model for the MVPP-LA alliance is established based on Nash bargaining theory, and it is decomposed into two subproblems of the maximal alliance benefits and the optimal benefit distribution. In terms of benefit distribution, this paper modifies the bargaining mechanism based on the contribution of each VPP to the alliance benefit. A dynamic penalty factor-based alternating direction method of multipliers (DP-ADMM) is used to solve the two subproblems in a distributed manner. Finally, the validity of the proposed trading mechanism, allocation method and solution algorithm are verified through several cases.

Strategi Berinvestasi terhadap Keberhasilan Investasi Saham Syariah di Pasar Modal Syariah

Stocks and the Indonesian capital market coexisted in Indonesia in 1912, when the Indonesian capital market was first established. An Islamic regulation master named Abdurrahman Isa contends that stock trading exchanges are permitted in religion, including shares gave by banking organizations, where a portion of the exercises are revenue based credit. This is based on the circumstances of Muslims, who, in his opinion, are in a dhorurat state. This study made use of literature research, which uses information from books and other sources to investigate the method for putting into practice investment in sharia stocks as a tool for economic improvement. The English word investment, which means to plant, was adopted from the British language. According to the Dictionary of Capital Market and Financial Terms, "investment" refers to putting money or capital into a business with the intention of earning a profit. The Capital Market Law regulates the sharia capital market, which is a capital market that does not violate sharia law. In this instance, the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) continues to oversee the sharia capital market. The fundamental difference between the sharia capital market and the conventional capital market is that the sharia capital market must adhere to sharia law in all transaction mechanisms and issuers traded in it. In other words, there is no significant difference between the two markets.

Galaxybase: A High Performance Native Distributed Graph Database for HTAP

We introduce Galaxybase, a native distributed graph database that addresses the increasing demands for processing large volumes of graph data in diverse industries like finance, manufacturing, and government. Designed to handle the requirements of both transactional and analytical workloads, Galaxybase stands out with its novel data storage and transaction mechanisms. At its core, Galaxybase utilizes a Log-Structured Adjacency List coupled with an Edge Page structure, optimizing read-write operations across a spectrum of tasks such as graph traversals and single edge queries. A notable aspect of Galaxybase is its execution of custom distributed transaction modes tailored for HTAP transactions, allowing for the facilitation of bidirectional and interactive transactions. It ensures data integrity and minimal latency while enabling simultaneous processing of OLTP and OLAP workloads without blocking. Experimental results show that Galaxybase achieves high throughput and low latency in both OLTP and OLAP workloads, across various graph query scenarios and resource conditions. Galaxybase has been deployed in leading banks, education, telecommunication and energy sectors in China, consistently maintaining robust performance for HTAP workloads over the years.

Cloud Actor-Oriented Database Transactions in Orleans

Microsoft Orleans is a popular open source distributed programming framework and platform which invented the virtual actor model, and has since evolved into an actor-oriented database system with the addition of database abstractions such as ACID transactions. Properties of Orleans' virtual actor model imply that any ACID transaction mechanism for operations spanning multiple actors must support distributed transactions on top of pluggable cloud storage drivers. Unfortunately, distributed transactions usually perform poorly in this environment, partly because of the high performance and contention overhead of performing two-phase commit (2PC) on slow cloud storage systems. In this paper we describe the design and implementation of ACID transactions in Orleans. The system uses two primary techniques to mask the high latency of cloud storage and enable high transaction throughput. First, Orleans pioneered the use of a distributed form of early lock release by releasing all of a transaction's locks during phase one of 2PC, and by tracking commit dependencies to implement cascading abort. This avoids blocking transactions while running 2PC and enables a distributed form of group commit. Second, Orleans leverages reconnaissance queries to prefetch the state of all actors involved in a transaction from cloud storage prior to running the transaction and acquiring any locks, thus ensuring no locks are held while blocking on high latency cloud storage in most cases.

Incentivizing energy and carbon rights transactions among network-constrained energy hubs: Cooperative game with externalities

Joint energy and carbon rights transactions for multiple energy hubs could boost the utilization of renewable distributed energy resources and reduce carbon emissions in energy sectors. The joint transaction mechanism based on the cooperative game is proposed, in which cooperative energy hubs form a grand coalition to share diverse forms of energy and carbon rights in order to maximize their total benefit. Furthermore, the grand coalition-based transaction mechanism is augmented with network constraints to account for the influence of network constraints on the trading behaviors of energy hubs, which is mathematically represented as a cooperative game with externalities. In addition, mathematical proof is provided to demonstrate the stability of the formed network-constrained grand coalition. To determine the trading behaviors and allocate payoff among energy hubs while satisfying both network constraints and coalition stability, a scalable two-stage optimization structure is provided, with the first stage ensuring coalition stability and the second preventing network constraint violations. A solution technique combined with Karush-Kuhn-Tucker conditions and Benders decomposition is proposed to solve the two-stage optimization problem. The effectiveness and scalability of the proposed joint transaction mechanism and the solution technique are supported by numerical results for the 4-EH and 33-EH systems. The introduction of the carbon market leads to a 20.6 % reduction in carbon emissions and a 10.5 % increase in total payoff by facilitating peer-to-peer trading of both energy and carbon rights.

Efektivitas Pengawasan Syariah Dalam Menjamin Kepatuhan bank Syariah

Islamic banking in Indonesia has experienced significant growth in recent years, driven by the increasing demand for financial services that comply with Sharia principles and laws. The role of the Sharia Supervisory Board (SSB) is crucial in monitoring and evaluating the compliance of Islamic banks with Sharia principles. This study aims to analyze the effectiveness of Sharia supervision by the SSB in ensuring the operational compliance of Islamic banks with Sharia principles. The research method used is a literature study, collecting and analyzing data from various written sources such as books, journals, and related documents. The findings of the study indicate that the effectiveness of SSB supervision is influenced by the qualifications and understanding of SSB members on fiqh muamalat and modern Islamic finance. Additionally, the SSB plays a role in ensuring that the products and services offered by Islamic banks adhere to Sharia principles through the evaluation of contract structures, transaction mechanisms, fund usage, and profit distribution mechanisms. With effective supervision from the SSB, it is expected that Islamic banking can continue to grow and gain public trust. This research contributes to the development of knowledge and practice in the field of Islamic banking.

EXPLORING BLOCKCHAIN TECHNOLOGY AND ITS IMPACT IN E-COMMERCE

Blockchain technology has fundamentally transformed the landscape of digital transactions and data management, deeply influencing the domain of e-commerce. Its integration across various sectors has revolutionized the access to secure, transparent, and efficient transaction mechanisms, thereby promoting financial inclusivity and advancing contemporary business practices. Moreover, blockchain enables enhanced supply chain management, robust data protection, and the decentralization of marketplaces. The purpose of this article is to examine the multi-faceted impacts of blockchain technology on e-commerce effectiveness and to assess its potential as a cornerstone for digital transformation in commercial operations. Utilizing a case study methodology, the research explores practical applications of blockchain in e-commerce, particularly focusing on systems like the IBM Food Trust for improving supply chain transparency and consumer trust. The study employs a comparative analysis to delineate the effects of blockchain on operational efficiency and consumer satisfaction. While the findings acknowledge the profound short-term benefits of blockchain implementation, they also highlight significant challenges related to scalability and regulatory frameworks that could affect long-term integration. The article concludes that continued innovation and regulatory evolution are essential for blockchain to become a major driver of economic competitiveness and digital transformation in the global market.

Improvement of PBFT Consensus Algorithm Based on Affinity Propagation Clustering in Intellectual Property Transaction Scenarios

In response to the problems of random selection of primary nodes, high communication complexity, and low consensus efficiency in the current consensus mechanism for intellectual property transactions, a Practical Byzantine Fault Tolerance (PBFT) consensus algorithm based on the Affinity-Propagation (AP) clustering algorithm, termed AP-PBFT, is proposed. Firstly, the election strategy of the leader node is constructed based on the reputation mechanism; the reward and punishment mechanism is designed to achieve the dynamic adjustment of the reputation value of the nodes in the PBFT consensus process, and the number of votes among the nodes is introduced to determine the node’s reputation value in collaboration with the reward and punishment mechanism to guarantee the precise ordering of the nodes. Secondly, nodes with high reputation values are selected as cluster centers to run the AP clustering algorithm, and clustering groups of knowledge property transaction nodes are constructed based on responsibility and availability. Finally, the three-stage consensus process of the PBFT consensus algorithm is optimized, and the consensus task is decomposed into two layers: the intra-consensus group and the inter-leader node group, reducing the communication complexity of transaction data in the blockchain. Experimental findings indicate a significant performance improvement of the algorithm over the PBFT consensus algorithm in communication complexity, throughput, and consensus efficiency in the simulation environment of multiple types of transactions in intellectual property transactions, including different types of large-scale transaction scenarios, such as purchases, sales, licenses, and transfers.

T ransforming A utomatically B PMN Models to S mart Contracts with Nested Trade Transactions (TABS+)

Development of blockchain smart contracts is more difficult than mainstream software development because the underlying blockchain infrastructure poses additional complexity. To ease the developer's task of writing smart contract, we use Business Process Model and Notation (BPMN) modeling to describe application requirements for trade of goods and services and then transform automatically the BPMN model into the methods of a smart contract. In our previous research we described our approach and a tool to T ransform A utomatically B PMN models into S mart contracts ( TABS ). In this paper, we describe how the TABS approach is augmented with the support for a BPMN trade transaction that is a collaboration by several actors. Our approach analyzes the BPMN model to determine which patterns in the BPMN model are suitable for use as trade transactions and show those patterns to the developer who decides which ones should be deployed as trade transactions. We describe how our approach automatically transforms the BPMN model into a smart contract that provides a transaction mechanism to enforce the transactional properties of the nested transactions. Our approach greatly reduces the developer's task as synchronization of collaborative activities is provided by our approach, so that the developer needs to code only isolated tasks with well-defined inputs and outputs. We also overview the TABS+ tool we built as a proof of concept to show that our approach is feasible, and we provide estimates on the cost of supporting the nested trade transactions.