Transactional Framework Research Articles

CONSUMER PROTECTION IN HIRE PURCHASE TRANSACTIONS: A CASE STUDY OF GHANA’S LEGAL FRAMEWORK

Objective: This study critically examines the effectiveness of Ghana's Hire Purchase Act 1974 in safeguarding consumer interests in modern hire purchase agreements. Theoretical Framework: The focus of analysis is the regulatory framework for hire purchase transactions in Ghana in comparison to UK and Australia. Method: The methodology adopted for this research comprises [concisely describe the study design, including approach, participants, instruments, procedures, etc.]. Data collection was carried out through [explain the specific methods used, such as interviews, questionnaires, observations, among others. Results and Discussion: The Act provides fundamental consumer protections through requirements for written agreements, disclosure of terms, and rights to terminate agreements. However, it faces challenges in addressing contemporary market realities, particularly digital transactions, and in providing accessible dispute resolution mechanisms. The study identifies key areas for improvement, including modernization of the Act, introduction of alternative dispute resolution options, strengthening enforcement capabilities, and enhancing consumer education initiatives. Research Implications: These findings contribute to the ongoing discourse on consumer protection in Ghana and offer valuable insights for policymakers considering reforms to the hire purchase regulatory framework. The research emphasizes the need for a balanced approach that enhances consumer protections while maintaining a vibrant hire purchase market in Ghana. Originality/Value: Overall, the study offers a unique and valuable perspective on the effectiveness of Ghana's Hire Purchase Act and provides actionable recommendations for improvement.

Hybrid local energy markets: Incorporating utility function-based peer risk attributes, renewable energy integration, and grid constraints analysis

This study proposes a novel hybrid Local Energy Market (LEM) trading framework meticulously designed for efficient energy trading among distribution network participants. The proposed LEM hybrid modeling framework aims to maximize social welfare by considering the behavior of market participants and incorporating network constraints into the transactional framework. To address the consumption behavior of market participants, the concept of the utility function with peer risk attributes is employed, differentiating between flexible and inflexible demands. Additionally, it adeptly manages various generation types, including diesel generators, wind and solar generators, and storage, each characterized by a unique cost function. The investigation extends to the analysis of the Japan Electric Power Exchange market (JEPX), taking into account the residential electricity demand in Tokyo, Japan, by comparing with community-based (CB) and peer-to-peer (P2P) markets and scrutinizing market player behavior across multiple scenarios. These scenarios include comparisons of different market structures, variations in prices, considerations of grid constraints, and diverse weather scenarios. The proposed framework undergoes rigorous evaluation utilizing the IEEE 33-bus and 69-bus standard test systems, with results demonstrating its practicality, superiority of the proposed market compared to the CB and P2P markets, and providing valuable insights into the intricate interplay between market players’ behavior and the dynamics of diverse market structures, price fluctuations, grid constraints, and weather scenarios.

A novel central bank digital currency framework design for offline and foreign transactions based on blockchain

Purpose Fiat money production necessitates physical commodities, increasing costs and its flow is challenging to monitor, making it vulnerable to criminal exploitation. Cryptocurrencies offer decentralized solutions, but their decentralization has led to illegal activities. Current cross-border transactions face high costs, resource intensity and lack of instant currency transfers. Offline transactions are essential in unreliable networks. Design/methodology/approach Here, the authors proposed the methodology to perform offline transactions based on card, quick response (QR) code and a foreign transaction framework with universal identification (UID) to perform cross-border transactions using blockchain-dependent central bank digital currencies (CBDCs). Implications for the financial system are also analyzed. Findings The proposed CBDC framework reduces illegal transactions, corruption and the cost of producing fiat money; eases overseas transactions; and eventually increases international tourism, trade and business between countries. It also reduces the processing fees. Offline framework found useful for performing retail-level transactions. Research limitations/implications The research methodology may face limitations due to diplomatic relations, political instability, sanctions and the need for robust offline transaction infrastructure. Practical implications The proposed CBDC framework simplifies debt and insurance management, tax collection, international trade, tourism and global stock market participation. However, implementing CBDCs in low-income countries presents challenges like extensive training, infrastructure and user acceptance issues. Social implications The adoption of CBDCs can enhance financial stability by reducing corruption and illegal transactions through improved traceability and monitoring, thereby curbing activities like terrorism. Originality/value Common framework for foreign transactions is based on the UID, and offline transaction framework is based on the sender’s QR code for multiple user applications.

Legal frameworks for digital transactions: Analyzing the impact of Blockchain technology

This study explores the legal frameworks governing digital transactions, with a specific focus on the transformative impact of blockchain technology. The primary aim is to elucidate the complexities and challenges posed by blockchain while examining the diverse regulatory approaches adopted internationally. Through a comprehensive literature review and comparative analysis, the research addresses key aspects such as the conceptual framework of digital transactions, the unique characteristics of blockchain, and the regulatory strategies implemented across different jurisdictions. The findings reveal that blockchain technology, characterized by its decentralized, immutable, and transparent nature, significantly disrupts traditional regulatory models. Identified challenges include jurisdictional ambiguities, enforcement difficulties, and privacy concerns. The comparative analysis shows divergent regulatory approaches: supportive frameworks in Japan and Switzerland contrast sharply with restrictive measures in China, highlighting the necessity for international cooperation and harmonization of regulations. The study concludes that effective regulation of blockchain technology requires innovative and flexible legal frameworks capable of adapting to rapid technological advancements. Policymakers must balance fostering innovation and protecting public interests, emphasizing the need for privacy-preserving technologies and international standards. Recommendations include developing global regulatory standards, enhancing privacy measures, and creating legal frameworks that accommodate the decentralized nature of blockchain systems. This research provides valuable insights for regulators, policymakers, and stakeholders, offering a pathway towards a secure, transparent, and innovative digital economy. Continuous adaptation and international collaboration are imperative to address emerging challenges and fully harness the potential of blockchain technology. The study advocates for proactive engagement and cooperation among nations to create a cohesive regulatory environment that promotes innovation while safeguarding public interests, enabling the global community to navigate the complexities of blockchain technology and unlock its full potential for economic and social advancement. Keywords: Blockchain Technology, Digital Transactions, Legal Frameworks, Regulatory Challenges, International Cooperation, Privacy Concerns.

Legal frameworks for digital transactions: Analyzing the impact of Blockchain technology

This study explores the legal frameworks governing digital transactions, with a specific focus on the transformative impact of blockchain technology. The primary aim is to elucidate the complexities and challenges posed by blockchain while examining the diverse regulatory approaches adopted internationally. Through a comprehensive literature review and comparative analysis, the research addresses key aspects such as the conceptual framework of digital transactions, the unique characteristics of blockchain, and the regulatory strategies implemented across different jurisdictions. The findings reveal that blockchain technology, characterized by its decentralized, immutable, and transparent nature, significantly disrupts traditional regulatory models. Identified challenges include jurisdictional ambiguities, enforcement difficulties, and privacy concerns. The comparative analysis shows divergent regulatory approaches: supportive frameworks in Japan and Switzerland contrast sharply with restrictive measures in China, highlighting the necessity for international cooperation and harmonization of regulations. The study concludes that effective regulation of blockchain technology requires innovative and flexible legal frameworks capable of adapting to rapid technological advancements. Policymakers must balance fostering innovation and protecting public interests, emphasizing the need for privacy-preserving technologies and international standards. Recommendations include developing global regulatory standards, enhancing privacy measures, and creating legal frameworks that accommodate the decentralized nature of blockchain systems. This research provides valuable insights for regulators, policymakers, and stakeholders, offering a pathway towards a secure, transparent, and innovative digital economy. Continuous adaptation and international collaboration are imperative to address emerging challenges and fully harness the potential of blockchain technology. The study advocates for proactive engagement and cooperation among nations to create a cohesive regulatory environment that promotes innovation while safeguarding public interests, enabling the global community to navigate the complexities of blockchain technology and unlock its full potential for economic and social advancement. Keywords: Blockchain Technology, Digital Transactions, Legal Frameworks, Regulatory Challenges, International Cooperation, Privacy Concerns.

Framework design of distributed P2P2G energy transaction considering photovoltaic power and dispatch of manufacturing facilities

In this paper, a distributed peer-to-peer-to-grid (P2P2G) energy transaction framework considering photovoltaic generation and dispatch of manufacturing facilities is designed to increase the penetration of renewable energy resource. The factory with typical manufacturing assembly production task, photovoltaic panels and battery is regarded as a micro-grid (MG) to participate in the energy transaction market. The designed framework contains two levels. In the upper level, each MG determines the scheduling of manufacturing facilities and battery and the quantities of P2P2G energy transactions based on the given P2P energy transaction price and distribution locational marginal price (DLMP), in which the complex typical manufacturing assembly process is formulated as a kind of deferable load and the DLMP is updated according to the optimal power flow (OPF) of the network. In the lower level, peer-to-peer (P2P) energy transaction prices are updated by non-cooperative games and the homologous Rosen-Nash equilibrium points are obtained by using Nikaido-Isoda relaxation and alternating direction method of multipliers (ADMM) algorithm. The efficacy of the designed framework is demonstrated by a case study, and the results indicate the designed framework can improve the utilisation rate of renewable energy.

Decentralized energy trading framework with personalized pricing for energy community embedded with shared energy storage

Decentralized energy trading techniques are promising to become the next-generation scheme for energy management with the transformation of energy systems. Influenced by the sharing economy principle, the deployment of shared energy storage (SES) can mitigate the investment of storage devices and facilitate the construction of decentralized energy trading. Under such circumstances, this paper proposes a comprehensive energy trading framework for the energy community constituted of SES, prosumers, and retail energy providers. A Stackelberg game method is utilized to depict the interactions between prosumers and SES, where SES is performed as a leader and prosumers are followers. Besides, prosumers participate in the market to optimize social welfare via peer-to-peer (P2P) energy sharing with other prosumers or energy trading with SES and the main grid. We prove the existence and the uniqueness of the Stackelberg equilibrium (SE). Considering the supply and demand ratio and market contribution, a personalized pricing approach is presented for prosumers and SES to promote market competitiveness. We leverage the fully decentralized algorithm based on the fast alternating direction method of multiplier (ADMM) to solve the model of prosumers. Finally, numerical simulation demonstrates that the proposed transactive framework is economically beneficial for all participants, including SES and prosumers.

Service and Technology Transaction Framework and Confidentially Mechanism Based on Blockchain

Service and Technology Transaction Framework and Confidentially Mechanism Based on Blockchain

Akuntansi Murabahah pada Pembiayaan Modal Usaha pada Bank Syariah Indonesia (BSI) Kantor Cabang Pembantu (KCP) Lumajang

In the financial sphere that applies the Sharia accounting system, namely Sharia Banks. The existence of Sharia Banks is followed by Islamic Sharia guidelines in their operations, in response to the need for a strong and stable financial transaction framework, with supervision of financial transactions in accordance with Sharia principles. This research aims to identify the implementation of murabahah accounting in the costs of administering business capital at Bank Syariah Indonesia (BSI) KCP Lumajang and also to evaluate the extent to which murabahah accounting is implemented in business capital financing at Bank Syariah Indonesia (BSI) KCP Lumajang according to PSAK No. 102. This research adopts a qualitative strategy and focuses on analyzing the implementation of murabahah accounting in the business capital financing of Sharia Bank (BSI) KCP Lumajang. Sharia Bank (BSI) KCP Lumajang is the subject and location of the research. The materials used are primary and secondary data. The qualitative descriptive analysis method was used to answer the research questions, with the researcher providing a detailed description of the implementation of murabahah accounting in business capital financing at Bank Syariah (BSI) KCP Lumajang. The data obtained proves that the application of murabahah accounting in business capital financing at Bank Syariah Indonesia (BSI) KCP Lumajang involves aspects of recognition, measurement, presentation and disclosure in financial reports. The conclusion is that overall, the implementation of murabahah accounting in business capital financing at Bank Syariah Indonesia (BSI) KCP Lumajang complies with the rules of PSAK No.102. Keywords: Murabahah Accounting, Business Capital Financing, and PSAK No. 102.

Optimization Decomposition of Monthly Contracts for Integrated Energy Service Provider Considering Spot Market Bidding Equilibria

Under the current power trading model, especially in the context of the large-scale penetration of renewable energy and the rapid integration of renewable energy into the power system, reasonable medium- and long-term decomposition can reduce the fluctuation in the energy price when the integrated energy service provider (IESP) participates in the spot market. It helps to avoid the price risk of the spot market. Additionally, it promotes the optimization of the operation of the regional energy day-ahead scheduling. At the present stage, most of the medium- and long-term contract decomposition methods focus on the decomposition of a single power and take less consideration of the bidding space in the spot market. This limitation makes it challenging to achieve efficient interaction and interconnection among multi-energy resources and smooth integration between the medium- and long-term market and the spot market. To address these issues, this paper proposes an optimal monthly contract decomposition method for IESPs that takes into account the equilibrium of spot bidding. First, the linking process and rolling framework of multi-energy transactions between the medium- and long-term market and the spot market are designed. Second, an optimal decomposition model for monthly contracts is constructed, and a daily decomposition method for monthly medium- and long-term contracts that accounts for the spot bidding equilibrium is proposed. Then, the daily preliminary decomposition result of medium- and long-term multi-energy contracts is used as the boundary condition of the day-ahead scheduling model, and the coupling characteristics of the multi-energy networks of electricity, gas, and heat are taken into account, as well as the operational characteristics. Then, considering the coupling characteristics and operating characteristics of electricity, gas, and heat networks, the optimal scheduling model of a multi-energy network is constructed to minimize the sum of cumulative daily operating costs, and the monthly final contract decomposition value and daily spot bidding space are derived. Finally, examples are calculated to verify the validity of the decomposition model, and the examples show that the proposed method can reduce the variance in spot energy purchase by about 4.64%, and, at the same time, reduce the cost of contract decomposition by about USD 0.33 million.

An online fuzzy fraud detection framework for credit card transactions

Credit card transaction fraud is one of the challenging security concerns for financial firms globally. The continuously changing environment of fraud characteristics and the class imbalance and complete separation issues in fraud data create difficulties in accurately and efficiently predicting fraudulent transactions and implementing fraud detection systems in real-time. The study aims to develop a new real-time fraud detection framework that can efficiently be implemented online and address the issues caused by non-stationary changes in transaction and fraud characteristics, class imbalance, and complete separation. We propose a new approach to handle the impact of non-stationary changes in fraud transaction patterns. It enables efficiency in model training, given the sheer size of datasets. By implementing a robust fuzzy logistic regression model against class imbalance and separation problems, we address the challenge of having a very low rate of fraudulent transactions in the dataset and having separation issues due to specific characteristics of transactions. The analysis of the performance versus efficiency nexus of the proposed methodology reveals that the proposed framework shows strong performance results with specificity and sensitivity greater than 0.90 and Matthew’s correlation coefficient greater than 0.80 even on small sample sizes and produces highly accurate results in identifying fraudulent and non-fraudulent transactions with an accuracy greater than 0.99. Benchmarking with machine learning and other fraud detection approaches reveals that the proposed framework provides better detection performance while maintaining a higher rate of identifying non-fraudulent transactions than the alternative approaches. Improved classification performance leads to detecting fraudulent transactions with higher precision while avoiding misclassifying legitimate transfers, resulting in lower financial losses and improved customer satisfaction.

Features of criminal characteristics of crimes in the sphere of intellectual property

The article is devoted to the peculiarities of the forensic characteristics of crimes in the field of intellectual property. It is noted that the Constitution of our country guarantees every citizen the right to the results of his intellectual and creative activity; no one can use or distribute them without his consent, with exceptions established by law. However, criminals violate this right and commit corresponding criminal offenses, the responsibility for which is provided for by Articles 176, 177, 203-1, 229 of the Criminal Code of Ukraine. At the same time, the formulation of the forensic characteristics of any criminal offense is an important stage of its proof, as it allows not only to determine the circumstances that need to be established, but also to draw up a further investigation plan and tactics for conducting investigative (search) actions.
 It was concluded that the forensic characteristics of criminal offenses in the field of intellectual property include: the method of committing the crime, the object of the criminal offense, the identity of the criminal and typical traces of the crime.
 The criminal’s choice of the subject of the criminal offense is determined, first of all, by the level of his education, the presence of certain professional skills and knowledge necessary for the implementation of the plan, and the technical side of the issue. All this is especially true for crimes related to copyright infringement in the field of distribution of audio and video products and computer information. Because a person who does not have certain special skills and education is not able to develop a crime plan and implement it. In addition, the criminal must first have access to the object of criminal trespass, and therefore know the technical features of its carrier and the organization of the work of the relevant enterprises, corporations, companies, firms and the like, in whose custody a certain desired work is located.
 It has been established that the typical traces of these crimes are characterized by certain features in the process of trace creation, namely: their commission is mostly disguised as ordinary economic transactions; the tools used to commit them are significantly different from those used to commit other crimes; traces usually remain in various accounting, management or technological documents; the very objects of the criminal offense can be used within the framework of legitimate economic transactions.

PRIBANI: a privacy-ensured framework for blockchain transactions with information retrieval

PRIBANI: a privacy-ensured framework for blockchain transactions with information retrieval

From securities to currencies: the regulatory consequences of adopting cryptocurrencies as legal tender

ABSTRACT In 2021, El Salvador designated Bitcoin as legal tender within that country, payable for all debts, public and private. The move is novel in the realm of cryptocurrency regulation, but fits within a time-honoured battle over monetary policy with which every country engages. This piece examines the impacts of legal tender designations in these various areas and maps the current regulatory framework of cryptocurrency transactions, to argue that cryptocurrency’s practical uses are decoupling states from monetary control and developing a transnational legal theory agnostic to concerns such as the legal tender question. It shows how the El Salvador regulation threatens to shift the dominant global economic regime towards a world wherein money may not be governed by states at all. The paper develops this transnational legal theory through mapping the US regulatory framework regarding cryptocurrency and examining the impact of the El Salvador regulation from a US point of view.

Enhancing secure financial transactions through the synergy of blockchain and artificial intelligence

Blockchain and artificial intelligence are innovative technologies that can securely process and share data across unreliable networks. Due to data leakage from user information, it is critical to keep the data confidential and completely protected because criminals are looking for this information to attack the system or steal information in the banking sector. To address this issue, this paper suggests an Integrated Blockchain and Artificial intelligence (IBAI) Framework for secure financial transactions. A blockchain can store every customer's data in one place, while AI-driven algorithms can speedily examine that data and make an unbiased decision. The rising blockchain technology provides a decentralized architecture that enables the secure sharing of data and resources to the different networks and is promoted for removing centralized control and resolving the problems of AI. When suspicious behaviour happens, alerts can be triggered to avert theft. Furthermore, registration protocols based on AI are utilized to keep this data in comprehensive security. The numerical results show that the suggested IBAI model enhances the suspicious behaviour detection ratio and increases accuracy up to 98% compared to other models.

Security rights in crypto-assets: an opportunity for uniform law?

Abstract As the market of crypto-assets grows, so does the demand for their use as collateral in cross-border lending transactions. Such a development, though, may pose significant challenges to the main pillars of security rights due to the distinctive features and the nature of crypto-assets. Accordingly, this article identifies and explores the core legal issues, offers guidance in the crypto-collateral area, and assesses the role of uniform law. In the absence of specific legislation, the analysis is conducted under the prism of the international secured transactions framework, as shaped by the International Institute for the Unification of Private Law (Unidroit) and the United Nations Commission on International Trade Law (UNCITRAL) legislative instruments. As such, the article examines whether the current framework suffices to address emerging challenges or contains gaps and limitations that require legislative intervention. The article argues that the increasing use of crypto-assets as collateral may constitute both an opportunity for uniform law to have a leading role in addressing the arising issues and shaping the field, and an opportunity to put new uniform rules in place. This would require both updating the existing legal instruments in line with new technological needs and creating new instruments where necessary. International fora like Unidroit and UNCITRAL would ideally offer the desirable degree of harmonization, or uniformization, in the area of security rights over crypto-assets. Rather than subjecting them to diverging legal rules, developing more uniform approaches would offer consistency, thus increasing legal certainty and supporting technological innovation.

Design of Multi-Time Scale Power Trading Platform in Regional Spot Market

In order to improve the reliability of power trading under the background of regional power spot market, a multi-time scale power trading platform is designed. The transaction status of foreign power spot markets, the general situation of China's power market construction and the particularity of China's market transactions are analyzed. A multi-time-scale trading platform in the spot market is constructed, the overall structure and technical architecture of the platform are established, the multi-time-scale transaction process is analyzed, and a clearing mechanism framework for cross-regional transactions is proposed. According to the needs of market connection, the basic plan for cross-regional transactions is proposed. Finally, the application effect analysis of the platform proposed in this paper is carried out, which shows the validity of the platform design.

Optimized shared energy storage in a peer-to-peer energy trading market: Two-stage strategic model regards bargaining and evolutionary game theory

With the increasing demand of users for distributed energy storage (ES) resources and the emerging development of peer to peer (P2P) transaction technology, shared energy storage (SES) has great potential to contribute into new business models of demand-side ES. In order to compromise essential elements like safety, stability and efficiency of P2P trading, as well as to improve the utilization rate of demand-side ES, this paper devotes to construct a P2P transaction framework based on a partially decentralized topology and proposes a two-stage trading optimization strategy of SES in a P2P market, considering the equilibrium state of supply and demand flow. In the first stage, this paper simultaneously balances the interests of buyers and sellers and brings the carbon trading mechanism into the transaction process. The interaction of interests of bilateral parties with consideration of carbon trading mechanism has been investigated, and a SES capacity sharing model is, then, established based on the bargaining game theory. In the second stage, a unique pricing mechanism for SES leasing fee is designed based on a multi-strategy evolutionary game model, considering bounded rational decision-making for SES operators and communities. Finally, numerical simulation verified the feasibility and superiority of the proposed P2P trading strategy of SES.

One-to-one coaching and coachee personality trait change

Purpose A specific area of interest in the coaching literature is focused on exploring the intersection of personality and coaching; however, research has yet to explore whether coaching exerts reciprocal effects on personality traits (i.e. if personality trait change can accompany coaching). Utilizing the explanatory theoretical framing of the Demands-Affordances TrAnsactional framework (Woods et al., 2019), we propose that coaching may indirectly facilitate personality trait change by firstly enabling the coachee to reflect on their behaviors, second, implement desired behavioral changes which consequently facilitate personality trait change.Design/methodology/approachA quasi-experiment was conducted to explore coaching and personality trait change. Students participating in a demanding, work-based team simulation (N = 258), were assigned to either an intervention group (and received one-to-one coaching) or a control group (who received no intervention). Personality traits were measured before and after coaching and positioned as the dependent variable.FindingsResults indicate that participants in the coaching group exhibited significant changes in self-reported agreeableness, conscientiousness, extraversion and core self-evaluations, which all significantly decreased after coaching; however, no change was observed for the control group.Originality/valueWe provide the first exploration of coaching and personality trait change, contributing to both the coaching literature, by providing evidence regarding the efficacy of coaching to facilitate personality trait change in coachees, and the personality literature, by highlighting coaching as an important tool for those interested in personality trait change. Our research also has implications for other interventions such as mentoring, as we provide support for the notion that interventions can support personality trait change.

Moving Towards Digital Trade Transformation in Bangladesh Prospects and Challenges for Implementing Digital Trade

Bangladesh is currently making preparations to transform its entire trade onto a digital platform. Bangladesh is prepared to initiate this transformation through the implementation of logistics, legal, technological, and knowledge-based support mechanisms. This study examines the ways by which the implementation of these supports can be compelled within the structure of international frameworks. To find that possible ways the article seeks to evaluate the evidence that supports including updated laws and regulation, customs house etc., the notion that digital trade is predominantly a tradeable and compatible platform, aligning with the established framework of traditional paper-based transactions. This study employs digital technology to investigate the transformative impact it has had on international trade procedures. This research also investigates the effects of digitization in trade transactions on the global competitiveness of Bangladesh. This research also identifies and analyze the challenges and opportunities associated with the implementation of digital trade in comparison to traditional trade operations, which is associated with the implementation of the Bangladesh Single Window (BSW) system within the entire transformation of trade in ASYCODA (The Automated System for Customs Data) World Systems. The BSW & ASYCODA systems are designed to enhance the interchange of information and promote connectivity between public and commercial trade-related bodies in Bangladesh. To understand the perceptions of the stakeholders’ primary data has collected through a descriptive research where a survey questionnaire has used for this purpose, along with that secondary data sources are also used to achieve the desired outcome. This study finding will enhance our comprehension of the effects of digitization on global trade and offer vital insights that will assist stakeholders in attaining sustainable growth and fostering innovation. The digital trade transition represents a new and promising possibility in the context of Bangladesh in the area of trade transactions. This study identified how a nation undergoes a steady transition from traditional trade practices to digital transformation.