Smart Contracts Research Articles

Decentralised Governance in Football: Feasibility of DAO Implementation

Football clubs’ increasing commercialisation and privatisation have created a significant gap between clubs and supporters, necessitating innovative solutions to reconnect clubs with their fans. Thus, this article examines the feasibility and implications of implementing Decentralised Autonomous Organisations (DAOs) in the governance of football clubs. Utilising blockchain technology, DAOs offer a novel governance model that enhances transparency, accountability, and fan engagement. Through a qualitative research design, this study explores the potential benefits and challenges of DAO adoption in football clubs. Key findings highlight the potential for increased financial resources through decentralised fundraising, democratised decision-making, and improved operational efficiency via automated smart contracts. However, significant challenges remain, including legal uncertainties, technical vulnerabilities, financial risks, and governance complexities. To address these challenges, we suggest hybrid governance models that integrate traditional structures with DAO elements, phased implementation through pilot projects, and robust stakeholder engagement strategies. The findings provide valuable implications for football clubs and other organisations contemplating the adoption of decentralised governance models.

IDENTIFICATION AND LOCALIZATION OF VULNERABILITIES IN SMART CONTRACTS USING ATTENTION VECTORS ANALYSIS IN A BERT-BASED MODEL

Context. With the development of blockchain technology and the increasing use of smart contracts, which are automatically executed in blockchain networks, the significance of securing these contracts has become extremely relevant. Traditional code auditing methods often prove ineffective in identifying complex vulnerabilities, which can lead to significant financial losses. For example, the reentrancy vulnerability that led to the DAO attack in 2016 resulted in the loss of 3.6 million ethers and the split of the Ethereum blockchain network. This underscores the necessity for early detection of vulnerabilities. Objective. The objective of this work is to develop and test an innovative approach for identifying and localizing vulnerabilities in smart contracts based on the analysis of attention vectors in a model using BERT architecture. Method. The methodology described includes data preparation and training a transformer-based model for analyzing smart contract code. The proposed attention vector analysis method allows for the precise identification of vulnerable code segments. The use of the CodeBERT model significantly improves the accuracy of vulnerability identification compared to traditional methods. Specifically, three types of vulnerabilities are considered: reentrancy, timestamp dependence, and tx.origin vulnerability. The data is preprocessed, which includes the standardization of variables and the simplification of functions. Results. The developed model demonstrated a high F-score of 95.51%, which significantly exceeds the results of contemporary approaches, such as the BGRU-ATT model with an F-score of 91.41%. The accuracy of the method in the task of localizing reentrancy vulnerabilities was 82%. Conclusions. The experiments conducted confirmed the effectiveness of the proposed solution. Prospects for further research include the integration of more advanced deep learning models, such as GPT-4 or T5, to improve the accuracy and reliability of vulnerability detection, as well as expanding the dataset to cover other smart contract languages, such as Vyper or LLL, to enhance the applicability and efficiency of the model across various blockchain platforms. Thus, the developed CodeBERT-based model demonstrates high results in detecting and localizing vulnerabilities in smart contracts, which opens new opportunities for research in the field of blockchain platform security.

Automatic construction and verification algorithm for smart contracts based on formal verification

As an emerging technology, blockchain demonstrates strong potential for applications in digital finance. As a core component of blockchain, the security and reliability of smart contracts is crucial. To ensure the high reliability of smart contracts, this study employs formal construction and verification techniques based on game theory. Initially, the profit function is defined using distortion techniques, and a game model for supply chain participation is designed. However, the equilibrium solution of the two-party game does not represent the optimal solution for the supply chain system. Therefore, the study introduces third-party participation to optimize the equilibrium solution. Finally, a probability model detection method is used to verify the constructed smart contract model. The results show that the supply chain model, analyzed through formal methods, has attributes consistent with theoretical analysis. Consequently, the research on automatic construction and verification algorithms for smart contracts based on formal verification proves to be effective and feasible in practical applications.

Transforming agri-food value chains in Bangladesh: A practical application of blockchain for traceability and fair pricing

The agricultural sector is a vital component of Bangladesh's economy, but its agri-food supply chain faces signifi-cant inefficiencies primarily due to the involvement of numerous intermediaries. This complexity not only reduces the profits for farmers but also affects the overall transparency and efficiency of the supply chain. This study aims to em-ploy blockchain technology to transform the traditional agri-food supply chain in Bangladesh, focusing on increasing transparency, enhancing efficiency, and improving profitability for farmers, thus potentially bolstering the entire agri-food ecosystem in the country. The research involves setting up a blockchain-based smart contract on the Ethereum Blockchain network. This approach guarantees that all transactions within the agri-food supply chain are transparent, traceable, and accountable. Additionally, the study develops a web application to facilitate user interaction with the smart contract, enhancing accessibility and usability. Performance analysis and testing of the implemented smart con-tract demonstrate its capability to handle a significant volume of transactions without compromising on performance. The solution effectively reduces the dependency on intermediaries, thereby increasing the profit margins for the farm-ers involved. The integration of blockchain technology in the agri-food supply chain has shown promising results in enhancing transparency and efficiency. It lays a solid foundation for future improvements and suggests a scalable model that could be applied to other sectors within the country to further enhance agricultural practices and economic growth.

International Journal of Scientific Research in Computer Science, Engineering and Information Technology

This paper explores decentralized finance (DeFi), a fast-growing area powered by blockchain technology that offers a new alternative to traditional financial systems. DeFi removes the need for intermediaries like banks, making transactions more transparent, accessible, and often cheaper. This shift not only reduces costs but also helps improve financial access, particularly for people who are underserved by traditional banking systems. Key elements of DeFi, such as smart contracts and oracles, play a central role in automating processes and enabling peer-to-peer exchanges without needing middlemen. Despite its advantages, DeFi faces several challenges. Smart contracts can have security vulnerabilities, oracles may not always provide accurate data, and there is little consumer protection in place, which raises risks for users. Furthermore, DeFi’s decentralized and often anonymous structure creates regulatory difficulties, especially when it comes to complying with anti-money laundering (AML) and know-your-customer (KYC) standards, which are crucial for ensuring financial safety and preventing illegal activities. This paper examines these issues and proposes potential solutions, such as decentralized oracle networks, regulatory tools embedded within DeFi platforms, and improved scalability techniques. These solutions aim to enhance DeFi’s security while maintaining its core decentralized benefits. The paper concludes by discussing the future of DeFi, stressing the importance of balanced regulations that protect users without stifling innovation. Ultimately, DeFi holds the potential to reshape global finance, making it more inclusive, efficient, and accessible.

BCAS: Blockchain-based secure access and sharing scheme for EHR data

Sharing Electronic Health Record (EHR) data is critical for improving medical decision-making and emergency care. However, EHRs contain sensitive patient information, making data breaches and misuse a significant concern during sharing. To tackle this challenge, we propose the Blockchain-Based Secure Access and Sharing (BCAS) scheme, a patient-centered, secure, and efficient solution for large-scale EHR access and sharing that intelligently combines blockchain with proxy re-encryption. Four smart contracts are designed for the BCAS to achieve effective user identity registration, precise virtual identity verification, strict access control, and secure data management. The adoption of hybrid on-chain and off-chain storage structures, coupled with the four smart contracts, effectively optimizes the efficiency of the blockchain in BCAS. Proxy re-encryption further enhances data confidentiality and streamlines EHR sharing among authorized users. The security analysis indicates that BCAS can resist DDoS, spoofing, and man-in-the-middle attacks, ensuring the privacy and security of patient EHR data. The performance evaluation demonstrates that the CPU usage of smart contracts does not exceed 15%. The on-chain and off-chain storage structures require less than 30s for uploading and downloading an 800MB file. Additionally, the proxy re-encryption scheme can process a 10MB file in less than 43ms. These results indicate that BCAS offers efficient performance without compromising data security and privacy. Compared with existing blockchain-based EHR sharing systems, BCAS offers superior performance, a more comprehensive solution, and increased resistance to attacks.

Blockchain-Enabled Smart Contracts for Enhancing Seed Certification Transparency: A Design Science Approach

CONTEXTAchieving zero hunger through food security, improved nutrition, and sustainable agriculture is one of the global agendas. Thus, the quality of seeds is important for ensuring sustainable food security, making seed certification critically important. However, classical seed certification systems are predominantly paper-based with limited digitisation. These systems, even digitised, are often centralised, and they face challenges related to transparency, traceability, and integrity. OBJECTIVEThis study aims to investigate the practicality of blockchain technology in revitalising transparency, traceability, and integrity in the seed certification process. METHODSThis study used a Design Science Research (DSR) approach to design and test a blockchain-based smart contract to improve the seed certification process. Within the DSR framework, the study used literature review and evolutionary prototyping to establish the requirements and design the prototype. RESULTS AND CONCLUSIONSThe findings demonstrate the practical application of blockchain technology in improving aspects of transparency and integrity in the seed certification process. The findings further underscore that smart contracts can be leveraged efficiently to automate and enhance the seed certification process. The findings provide evidence-based frameworks for decision-makers and practitioners to justify the prioritisation of blockchain technology in designing future sustainable agricultural systems. Future studies should investigate how blockchain-based systems for seed certification can be scaled and integrated with existing agricultural systems. SIGNIFICANCEThis study provides both theoretical and practical contributions on application of blockchain technology in the domain of seed supply chain. Specifically, it provides a comprehensive account of the design aspects of blockchain system in the seed certification process.

CodeELECTRA: An ELECTRA-based approach for improved vulnerability detection in blockchain smart contracts

CodeELECTRA: An ELECTRA-based approach for improved vulnerability detection in blockchain smart contracts

Smart Contract Generation and Visualization for Construction Business Process Collaboration and Automation: Upgraded Workflow Engine

Smart Contract Generation and Visualization for Construction Business Process Collaboration and Automation: Upgraded Workflow Engine

DSDOS Cloud: A Decentralized Secure Data Outsourcing System With Hybrid Encryption, Blockchain Smart Contract‐Based Access Control, and Hash Authentication Codes for Cloud Security

ABSTRACTWith the increasing trend of outsourcing data to cloud services, ensuring data security and privacy has become crucial. Typically, data are stored on cloud servers in encrypted form to mitigate risks. However, accessing the encrypted data requires an access key distributed by a third party. If this third party is untrustworthy, it poses a significant security threat to the system. To address this challenge, we propose a Decentralized Secure Data Outsourcing System (DSDOS) that uses blockchain technology to ensure data security and privacy. The DSDOS system comprises three modules: data security and privacy, access control and authorization, and data integrity and availability. The data security and privacy module uses a hybrid encryption scheme that combines Advanced Encryption Standard (AES), partially homomorphic encryption (PHE), and Diffie–Hellman (DH) to ensure secure data storage and access. The access control and authorization module uses a blockchain‐based smart contract system to manage access to the encrypted data. The data integrity and availability module uses hash‐based message authentication code (HMAC) to ensure that the data are not tampered with and is always available. We conducted a security and performance analysis of the DSDOS system and found that it outperforms previous schemes in terms of security and performance. The DSDOS system is a secure and privacy‐preserving data outsourcing system that can be used to mitigate the security risks associated with traditional cloud storage systems.

Ứng dụng hợp đồng thông minh trên nền tảng blockchain trong lĩnh vực kinh doanh thương mại: Gợi mở cách thức giao dịch mới cho doanh nghiệp tại Việt Nam

The Industrial Revolution 4.0 and modern technology have had a significant impact on Vietnam’s economy. One of the most notable developments is the emergence of blockchain technology. “Smart contracts” or “virtual contracts” have become an important term on the Blockchain platform, offering many advantages and being widely deployed in areas such as finance, business, trade, and insurance. Although smart contracts have potential benefits, businesses are still hesitant to establish them. The article employs analytical methods and synthesizes data to provide evaluative insights. Additionally, this article analyzes the concept and characteristics of smart contracts, the trend of applying smart contracts in some countries worldwide, and provides suggestions for Vietnamese businesses on how to apply smart contracts, along with notes and recommendations.

Analysis and forecasting of the importance of smart contracts and blockchain technology in SCM in Vietnam by using DEA and Grey model

In the context of a complex and demanding business environment, blockchain and smart contracts are becoming increasingly important in supply chain management in Vietnam. The application of these technologies can help to optimize processes, create a reliable platform for tracking, managing, and forecasting supply chains, and enhance transparency and integrity. In the study of supply chain management in Vietnam, the methods applied are DEA (Data Envelopment Analysis) and the Grey forecasting model. These two methods not only focus on optimizing current processes but also create opportunities for analyzing, evaluating, and forecasting the importance of blockchain technology and smart contracts. This research topic not only raises questions about the potential for optimizing current processes, but also proposes innovative solutions to enhance transparency, integrity, and responsiveness to volatile markets. Additionally, the research aims to propose appropriate strategies for applying these new technologies to business practices in Vietnam, creating a flexible, secure, and adaptable supply chain system that is responsive to the changing business environment of the present.

SmartLLMSentry: A Comprehensive LLM Based Smart Contract Vulnerability Detection Framework

Smart contracts are essential for managing digital assets in blockchain networks, highlighting the need for effective security measures. This paper introduces SmartLLMSentry, a novel framework that leverages large language models (LLMs), specifically ChatGPT with in-context training, to advance smart contract vulnerability detection. Traditional rule-based frameworks have limitations in integrating new detection rules efficiently. In contrast, SmartLLMSentry utilizes LLMs to streamline this process. We created a specialized dataset of five randomly selected vulnerabilities for model training and evaluation. Our results show an exact match accuracy of 91.1% with sufficient data, although GPT-4 demonstrated reduced performance compared to GPT-3 in rule generation. This study illustrates that SmartLLMSentry significantly enhances the speed and accuracy of vulnerability detection through LLM-driven rule integration, offering a new approach to improving Blockchain security and addressing previously underexplored vulnerabilities in smart contracts.

Mascot Design of Zara and Vano as a Marketing Strategy for Zabava Labs

The development of online games is in line with advances in computer and network technology, including Web3 which includes the use of Blockchain, smart contracts and decentralization. One company operating in this field is Zabava Labs, located in Singapore, with their flagship product, Sentinel Haven. Although Zabava Labs is active on social media, especially Instagram, the visual image of their feed does not represent the company effectively, which results in low audience engagement and interest. This research aims to design a character mascot that is attractive to young gamers in Indonesia to improve the image and interaction of Zabava Labs on social media. The designed mascot is expected to be able to build the company brand by providing a lasting impression, facilitating effective communication with the audience, and increasing brand recognition in the market. Through a creative and innovative design approach, this mascot will become a visual element that is not only attractive, but also reflects a strong and memorable brand.

Functional Variant of Polynomial Analogue of Gandy’s Fixed Point Theorem

In this work, a functional variant of the polynomial analogue of Gandy’s fixed point theorem is obtained. Sufficient conditions have been found to ensure that the complexity of recursive functions does not exceed polynomial bounds. This opens up opportunities to enhance the expressivity of p-complete languages by incorporating recursively defined constructs. This approach is particularly relevant in the following areas: AI-driven digital twins of smart cities and complex systems, trustworthy AI, blockchains and smart contracts, transportation, logistics, and aerospace. In these domains, ensuring the reliability of inductively definable processes is crucial for maintaining human safety and well-being.

A secure and privacy preserving model for healthcare applications based on blockchain-layered architecture

Blockchain is one of the emerging technologies that are applied in various fields and its application in Healthcare 4.0 is crucial to handle the vast amount of health records that are growing continuously everyday. This paper explores the application of blockchain technology-based layered architecture integrated with Interplanetary File System (IPFS) storage to provide a secure and robust sharing platform for healthcare system. A multilayer security is provided in the proposed system including a 128-bit Random Deoxyribonucleic Acid (DNA) encoding sequence with a modified version of the 128-bit Advanced Encryption Standard (AES) key expansion symmetric key technique is being used before storing the records in the IPFS storage, Rivest–Shamir–Adleman (RSA) 2048 digital envelope is used for secure transmission of symmetric keys, RSA 1024 is used for digital signature, and Secure Hash Algorithm 256-bit (SHA-256) is used for hashing the record files. Comparative analysis with existing state-of-the-art in blockchain-based E-healthcare system is discussed. The performance of various assessment metrics is evaluated, including encryption and decryption time for EHR records, mining time, record retrieval time, smart contract execution time and network latency. Additionally, a reputation-based filtering mechanism specifically designed in the proposed model to detect and mitigate the various attacks.

Technological transformation of transactions with the rise of FINTECH

In recent years, the entire financial landscape has experienced a significant transformation due to the rise of financial technology simply called Fintech, which has redefined the transaction processes and democratized the access to financial services. This review focuses on how fintech is transforming transactions by enhancing efficiency, increasing security, providing transparency, and creating accessibility for consumers and businesses alike. Key technologies such as blockchain, artificial intelligence, smart contracts, digital wallets, and mobile applications are transforming transactions, reducing costs, and improving user experiences. The integration of fintech solutions with the above mentioned key technologies is creating a more secure and interconnected ecosystem, reshaping and transforming the transactions. This article examines the impact of fintech on customer experiences through digital platforms and real-time transactions, as well as its potential to drive innovation and promote sustainability in payment services. It explores benefits, challenges. It also discusses regulatory considerations, collaboration opportunities between traditional banks and fintech startups, and emerging banking models. Overall, the review highlights fintech's transformative potential in revolutionizing energy payments and shaping the future of transactions.

Exploring theoretical constructs of blockchain technology in banking: Applications in African and U. S. financial institutions

This review paper explores the theoretical underpinnings and practical applications of blockchain technology within the banking sectors of African and U.S. financial institutions. It delves into key theoretical constructs such as Distributed Ledger Technology (DLT), smart contracts, and cryptographic security, examining their potential to revolutionize banking operations through enhanced efficiency, security, and transparency. The paper contrasts the applications and challenges faced by banks in Africa and the U.S., highlighting the unique opportunities and hurdles in each region. Regulatory environments, technological barriers, and market potential are critically analyzed to understand the landscape of blockchain adoption in banking. The review underscores the transformative potential of blockchain in banking while suggesting areas for future research aimed at overcoming challenges and harnessing emerging opportunities for innovation and growth in the sector.

The rise of digitalization in international trade: Blockchain technology and smart contracts

The rise of digitalization in international trade: Blockchain technology and smart contracts

Liability Mechanisms and Dispute Resolution in Crypto Exchange Contracts: Balancing Code-Based Execution and Legal Enforceability

This paper examines the tension between code-based execution and legal enforceability in smart contracts used by cryptocurrency exchanges. As decentralized finance grows in prominence, there is an increasing need to balance the immutability and automation of blockchain-based agreements with traditional legal protections and dispute resolution mechanisms. We analyze current approaches to liability allocation and conflict resolution in major crypto exchanges, identifying key challenges in harmonizing algorithmic governance with existing contract law. Case studies of recent exchange hacks and failures are used to illustrate the limitations of purely code-based systems. We then propose a hybrid model that preserves the efficiency of automated execution while incorporating safeguards for human intervention in exceptional circumstances. This framework aims to enhance user protections, regulatory compliance, and overall trust in decentralized financial infrastructure. Our findings have implications for exchange operators, regulators, and contract law as it evolves to address blockchain-enabled agreements.