【Abstract】This study examines how the issuance of a central bank digital currency (CBDC) affects consumers' payment instrument choices, asset allocation decisions, and the profitability of financial intermediaries. Specifically, we advance a theoretical model in which introducing an interest-bearing CBDC expands market participants' payment and investment options but also poses a potential threat to financial intermediaries if it raises their borrowing costs significantly. The existence of a network externality further complicates the analysis by affecting consumers' choice of payment mechanism. Our results suggest that the issuance of a CBDC is a double-edged sword for an economy. Although it provides additional payment and investment options for market participants, it increases competition and weakens financial intermediaries' margins.
【Abstract】Mobility-as-a-Service (MaaS) is an advanced Intelligent Transport System (ITS) that integrates various modes of transportation to meet the demands of travellers. The system relies on frequent communication for data exchange between the MaaS provider and transport service providers. Ideally, such communication would utilize trust technologies between these entities. However, current MaaS systems lack transparency and reliability, and their centralized nature creates a single point of failure for the entire service. To address these issues, this paper proposes a blockchain-based MaaS, which includes an architecture and smart contract functionalities. The solutions are built on permissioned and permissionless Hyperledger Fabric and Ethereum blockchain platforms, respectively, for a realistic deployment of network architecture and proposed smart contracts. Additionally, the paper presents a framework derived from comparing these two blockchain platforms. Finally, the framework is evaluated, and open questions and challenges are analysed. (c) 2023 The Author(s). Published by Elsevier B.V. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).
【Abstract】Innovative companies are experimenting with branded NFTs as part of their marketing strategies to engage consumers who are seeking exclusive content. Young consumers tend to be early adopters of blockchain technologies and are seeking branded NFTs for their own purposes. Using a U.S. sample of Gen-Z and Millennials (n = 1,053), we examined the values (i.e. informative, entertainment, unique, expressive values) consumers are seeking in the acquisition and display of branded NFTs and explored how their tendencies toward status consumption, perceived financial constraint, and dispositional innovativeness influenced their willingness to engage in brand WOM. The analyses confirmed the proposed model and revealed that value perceptions (unique, entertainment, and expressive values) helped elicit an individual's sense of status consumption and dispositional innovativeness. This relationship resulted in positive brand WOM. For the financially constrained, the unique value offered by NFTs was important for positive WOM to manifest. This research helps both marketers and policymakers better understand consumers' psychological responses to branded NFTs.
【Abstract】Condominiums and similar properties use a stratum to manage daily operations, and owners fund it through strata fees. While existing strata fee management systems may be able to handle such funds, such systems could be more inherently transparent. It is possible to leverage the digital ledger from blockchain networks and smart contracts to build a fully transparent strata fee management system. This paper proposes designing a strata fee management system based on a smart contract in the Ethereum network. Both strata corporations and homeowners can interact with the smart contract to execute common procedures such as paying strata fees and handling expenses. Using smart contracts for strata fee management, it is believed that the chance of fraud by strata corporations is lowered compared to other systems.
【Abstract】The study aims to investigate how an individual's technology awareness, subjective financial literacy and personal innovativeness characteristics impact the intention to use blockchain-based digital currencies such as cryptocurrency. The UTAUT 2 (Unified Theory of Acceptance and Use of Technology 2) model is extended with crucial constructs to develop the conceptual model. A total of 312 responses are analysed using Covariance-Based Structural Equation Modelling (CB-SEM). The moderation effects are assessed using multi-group analysis. The findings show a significant moderating effect of technology awareness and subjective financial literacy on the relationship between performance expectancy (PE) and behavioural intention to use cryptocurrency (BI). It further identified that performance expectancy (PE) mediates personal innovativeness (PI) and usage intentions (BI). The study adds to the growing literature of digital currency adoption by focusing on individual innovativeness, technology awareness and financial literacy. It also proposes a research model that can be generalised for new-age consumer-based financial technology adoption.
【Abstract】Smart contracts have received a lot of attention. A smart contract is a program that runs on a blockchain. Some recent studies reveal that most of the smart contracts on the Ethereum blockchain are highly similar. An inexperienced smart contract developer can refer to some existing smart contracts that is similar to their own contracts to help their development by applying the differentiated code from the existing similar contracts. How to identify similar contracts and extract differentiated code to recommend to the developers as guidance is what we aim for in this work. Differentiated code is defined as the source code excluding the repeated part in two similar smart contracts, which usually illustrates how a software feature is implemented or a programming issue is solved. Thus, differentiated code might be used to guide the update of a smart contract. In this paper, we propose a differentiated code recommendation approach, SmartDiffrec, for supporting smart contract update. Specifically, we apply syntax and semantic similarities to discover the similar contracts for a given target contract, and then recommend the differentiated code to the target contract. Moreover, we investigate three research questions to analyze the effectiveness of our approach from the whole to the specific. The results show that the differentiated codes extracted found by our approach can effectively support smart contract update.
【Abstract】The growing number of exploits and hacks on the Ethereum blockchain has led to the development of powerful smart contract vulnerability detection tools and the frequent patching of the smart contract's programming languages (such as Solidity). At the same time, an ever-increasing number of people are interested in blockchain and smart contractrelated topics and willing to build and deploy their own Decentralized Applications (dApp). However, learning a new programming language and its best practices as long as how to actually deploy a smart contract on the blockchain is a difficult task even for experienced developers. Recently, ChatGPT, a new user-friendly deep learning tool, has been released to improve the ability of non-skilled users to write high-quality code and in general, to boost the performances of developers in key tasks related to code writing (i.e., writing functions, explaining runtime errors, fixing bugs, etc.). This paper aims to measure the capabilities of ChatGPT in fixing vulnerable smart contracts and to assess the effectiveness of this tool, determining whether it can be a valuable aid for those who want to correct their own smart contract or want to reuse existing ones by first checking their status and eventually fix their vulnerability. In particular, we asked ChatGPT to fix 143 smart contracts with well-known labeled vulnerabilities. We considered a vulnerability as "fixed" if the code corrected by ChatGPT no longer contained the vulnerability (for this purpose, we exploited Slither, one of the state-of-the-art tools for smart contracts vulnerability detection to check the status of the original and the corrected smart contracts). As a result we obtained that ChatGPT was able to fix bugs and vulnerable smart contracts on average the 57.1% of the time with an increase of +1.4% when a description of the bug was provided in addition to the smart contract's source code.
【Abstract】Research in Ethereum BlockChain has resulted in the growth of several tools for vulnerability detection. As a typical example, the Vandal tool detects selfdestruct vulnerability.Even though Vandal is a static analysis tool, its approach is also employed by several dynamic analysis tools. There is a need for a different approach for dynamic analysis tools to detect vulnerabilities such as selfdestruct so that dynamic analysis tools can maintain their individuality. This paper uses dynamic analysis to detect the selfdestruct (or self-destructive) vulnerability. Our work balances the developmental pace of the static and dynamic analysis approaches. The novelty of the work presented in this paper is that we use an Ether transfer-based approach and name it as "terminating transfer" to detect the selfdestruct vulnerability using the tool developed by us called "TechyTech".
【Abstract】Programming errors enable security attacks on smart contracts, which are used to manage large sums of financial assets. Automated program repair (APR) techniques aim to reduce developers' burden of manually fixing bugs by automatically generating patches for a given issue. Existing APR tools for smart contracts focus on mitigating typical smart contract vulnerabilities rather than violations of functional specification. However, in decentralized financial (DeFi) smart contracts, the inconsistency between intended behavior and implementation translates into the deviation from the underlying financial model, resulting in monetary losses for the application and its users. In this work, we propose DeFinery-a technique for automated repair of a smart contract that does not satisfy a user-defined correctness property. To explore a larger set of diverse patches while providing formal correctness guarantees w.r.t. the intended behavior, we combine search-based patch generation with semantic analysis of an original program for inferring its specification. Our experiments in repairing 9 real-world and benchmark smart contracts prove that DeFinery efficiently generates high-quality patches that cannot be found by other existing tools.
【Abstract】Smart contracts are self-executing computer programs deployed on blockchain to enable trustworthy exchange of value without the need of a central authority. With the absence of documentation and specifications, routine tasks such as program understanding, maintenance, verification, and validation, remain challenging for smart contracts. In this paper, we propose a dynamic invariant detection tool, InvCon, for Ethereum smart contracts to mitigate this issue. The detected invariants can be used to not only support the reverse engineering of contract specifications, but also enable standard-compliance checking for contract implementations. InvCon provides a Web-based interface and a demonstration video of it is available at: https://youtu.be/Y1QBHjDSMYk.
【Abstract】Blockchain technology has revolutionized the way transactions are conducted and verified in a decentralized manner. The performance analysis of Ethereum smart contract is crucial in understanding its limitations and potential for various applications. This study aimed to evaluate the gas cost of different sort algorithms and the impact of block size on the throughput of Ethereum network. The results showed that the gas cost of search algorithms such as quick sort and bubble sort varied significantly, with quick sort having a lower cost. Additionally, increasing the block size had a positive impact on the throughput of the Ethereum network, with a higher number of transactions processed per second. These findings provide valuable insights into the performance of Ethereum smart contracts and highlight the importance of considering gas cost and block size in the design and implementation of blockchain-based systems.
【Abstract】This study aims to enhance the traceability, data integrity, and transparency of an aircraft's maintenance records while ensuring the records' privacy using blockchain technologies. In this study, a blockchain-based and decentralized model has been developed that enables the digital distribution of maintenance record reports for air platforms, which can be shared peer-to-peer while ensuring report integrity and content confidentiality upon request. An Ethereum blockchain network with a PoS consensus algorithm is preferred for the application of this study. The proposed secure maintenance record storage system for creating a blockchain network is implemented using Ganache and Truffle. This decentralized model provides a reliable file-sharing process that enhances information visibility and reliability among maintenance, repair, and overhaul (MRO) service providers and other stakeholders.
【Abstract】Over 80% of central banks around the world are investigating central bank digital currency (CBDC), a digital form of central bank money that would be made available to the public for payments. We present Hamilton, a transaction processor for CBDC that provides high throughput, low latency, and fault tolerance, and that minimizes data stored in the transaction processor and provides flexibility for multiple types of programmability and a variety of roles for financial intermediaries. Hamilton does so by decoupling the steps of transaction validation so only the validating layer needs to see the details of a transaction, and by co-designing the transaction format with a simple version of a two-phase-commit protocol, which efficiently applies state updates in parallel. An evaluation shows Hamilton achieves 1.7M transactions per second in a geo-distributed setting.
【Abstract】The ongoing initiatives to offer central bank money to consumers in the form of retail central bank digital currency (CBDC) have triggered discussions on its optimal design. So far, the perspective of potential users has not been considered widely. To strengthen this, we survey 2006 Austrian residents using a tailored questionnaire on attitudes towards a digital euro, selected technical features as well as potential security and privacy concerns. Only about half of the surveyed respondents express at least some interest in a digital euro. This subsample tends to attribute more importance to security aspects than to transaction data privacy. Similarly, offline functionality is preferred over a feature to make direct payments between persons. Our findings suggest central banks to embrace a more user-centric design of CBDC. This effort should include communicating the key concepts and benefits to the potential users.
【Abstract】This article analyses the justifications for the creation of central bank digital currencies - CBDCs - and their anticipated features with the aim of looking at them from two different and somewhat opposing perspectives. These perspectives define the two broad historical and logical currents that emerged in the Banking School versus the Currency School debates. We are going to investigate to which extent can the concept of CBDC be embedded into the Banking School's body of thought and to which extent can it be criticized with the arguments of the Currency School.