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Blockchains, Volume 2, Issue 3 (September 2024) – 7 articles

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32 pages, 2145 KiB  
Review
Blockchain on Sustainable Environmental Measures: A Review
by Maria-Victoria Vladucu, Hailun Wu, Jorge Medina, Khondaker M. Salehin, Ziqian Dong and Roberto Rojas-Cessa
Blockchains 2024, 2(3), 334-365; https://doi.org/10.3390/blockchains2030016 (registering DOI) - 14 Sep 2024
Viewed by 341
Abstract
Blockchain has emerged as a solution for ensuring accurate and truthful environmental variable monitoring needed for the management of pollutants and natural resources. The immutability property of blockchain helps protect the measured data on pollution and natural resources to enable truthful reporting and [...] Read more.
Blockchain has emerged as a solution for ensuring accurate and truthful environmental variable monitoring needed for the management of pollutants and natural resources. The immutability property of blockchain helps protect the measured data on pollution and natural resources to enable truthful reporting and effective management and control of polluting agents. However, specifics on what to measure, how to use blockchain, and highlighting which blockchain frameworks have been adopted need to be explored to fill the research gaps. Therefore, we review existing works on the use of blockchain for monitoring and managing environmental variables in this paper. Specifically, we examine existing blockchain applications on greenhouse gas emissions, solid and plastic waste, food waste, food security, water usage, and the circular economy and identify what motivates the adoption of blockchain, features sought, used blockchain frameworks and consensus algorithms, and the adopted supporting technologies to complement data sensing and reporting. We conclude the review by identifying practical works that provide implementation details for rapid adoption and remaining challenges that merit future research. Full article
(This article belongs to the Special Issue Feature Papers in Blockchains)
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22 pages, 301 KiB  
Review
Blockchain Technology in Financial Accounting: Enhancing Transparency, Security, and ESG Reporting
by Rula Almadadha
Blockchains 2024, 2(3), 312-333; https://doi.org/10.3390/blockchains2030015 - 4 Sep 2024
Viewed by 932
Abstract
Blockchain technology has revolutionized numerous industries, including that of financial accounting. However, its potential to support environmental, social, and corporate governance (ESG) objectives remains underexplored. This paper addresses this gap by investigating how blockchain’s decentralized and tamper-resistant characteristics can enhance green financial instruments, [...] Read more.
Blockchain technology has revolutionized numerous industries, including that of financial accounting. However, its potential to support environmental, social, and corporate governance (ESG) objectives remains underexplored. This paper addresses this gap by investigating how blockchain’s decentralized and tamper-resistant characteristics can enhance green financial instruments, investment strategies, and climate-related financial disclosures. By leveraging these unique features of blockchain and applying knowledge discovery from data (KDD) methods, we uncover patterns and establish rules that highlight blockchain’s role in promoting transparency, accountability, and sustainability within the financial sector. Through a comprehensive analysis of literature, case studies, and real-world examples, this paper not only presents a balanced perspective on the integration of blockchain into financial accounting but also underscores its transformative potential in advancing ESG initiatives. The use of KDD provides novel insights into the effectiveness and implementation strategies of blockchain for ESG, making this study a pioneering resource for academics, professionals, and policymakers seeking to understand and harness blockchain’s impact on ESG in financial accounting. Full article
13 pages, 2325 KiB  
Article
User Acceptance of Blockchain Technology in Financial Applications: Information Security, Technology Awareness and Privacy Aspects
by Woon Kwan Tse, Xuechen Dai, Yat Ming Lee and Danqi Lu
Blockchains 2024, 2(3), 299-311; https://doi.org/10.3390/blockchains2030014 - 20 Aug 2024
Viewed by 509
Abstract
Blockchain technology is now an advanced and innovative database technology and the attributes of blockchains are apparent in a variety of industries, especially in the financial industry. One of the most famous blockchain use cases, cryptocurrencies, has provoked much interest in social network [...] Read more.
Blockchain technology is now an advanced and innovative database technology and the attributes of blockchains are apparent in a variety of industries, especially in the financial industry. One of the most famous blockchain use cases, cryptocurrencies, has provoked much interest in social network users and customers. According to CoinMarketCap’s information, the global crypto market capitalization has reached around USD 2.37 T and there are around 9975 different cryptocurrencies available in the market. Despite the fact that academia and industry have paid much attention towards the blockchain direction, there is not much research on the factors that influence customer acceptability. This paper studies blockchains from a different angle, probing the factors prompting customers to use financial applications that utilize blockchain technology. We established the model and sorted the individual factors of perceived information security, technology awareness and privacy and found that users’ acceptance is significantly affected by information security and technology awareness, while privacy does not significantly influence users. According to the findings, we provide useful insights for application developers, conclude by presenting the limitations of the research and provide guidelines for future research. Full article
(This article belongs to the Special Issue Key Technologies for Security and Privacy in Web 3.0)
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34 pages, 359 KiB  
Article
Navigating Blockchain’s Twin Challenges: Scalability and Regulatory Compliance
by Shezon Saleem Mohammed Abdul
Blockchains 2024, 2(3), 265-298; https://doi.org/10.3390/blockchains2030013 - 21 Jul 2024
Cited by 1 | Viewed by 1246
Abstract
Blockchain technology promises transformative potential across diverse sectors, facilitating innovations in areas ranging from finance to healthcare. Despite its many promising applications, several barriers—including scalability challenges, regulatory complexities, and technical hurdles—limit its widespread adoption. This systematic literature review delves into scalability enhancements and [...] Read more.
Blockchain technology promises transformative potential across diverse sectors, facilitating innovations in areas ranging from finance to healthcare. Despite its many promising applications, several barriers—including scalability challenges, regulatory complexities, and technical hurdles—limit its widespread adoption. This systematic literature review delves into scalability enhancements and explores the legal and regulatory landscapes impacting blockchain deployment in ten key sectors: IoT, healthcare, finance, education, social media, genomics, supply chain, vehicular networks, e-voting, and tourism. These sectors were selected based on their significant engagement with blockchain technology and their prominence in the analyzed literature. We examine key technological advancements such as Layer-2 techniques, sharding, consensus algorithm optimization, and rollups, and discuss their implications for throughput, latency, and compliance with regulatory standards such as the General Data Protection Regulation (GDPR). The review details these technological and regulatory developments and discusses their broader implications for industry and academia, emphasizing the need for interdisciplinary research and innovation. By identifying gaps in current research and suggesting future directions, this study serves as a roadmap for researchers, practitioners, and policymakers to develop secure, scalable, and compliant blockchain systems. Our comprehensive examination provides valuable insights into enhancing the efficiency, security, and regulatory compliance of blockchain technology. Full article
31 pages, 4756 KiB  
Article
Blockchain Technology Application Domains along the E-Commerce Value Chain—A Qualitative Content Analysis of News Articles
by Josepha Witt and Mareike Schoop
Blockchains 2024, 2(3), 234-264; https://doi.org/10.3390/blockchains2030012 - 12 Jul 2024
Viewed by 937
Abstract
Blockchain Technology (BCT) offers several possible applications in the field of electronic commerce (e-commerce), such as decentralised marketplaces or payments in cryptocurrencies. Even though these applications of BCT have already been explored in the academic literature, a comprehensive collection along the whole e-commerce [...] Read more.
Blockchain Technology (BCT) offers several possible applications in the field of electronic commerce (e-commerce), such as decentralised marketplaces or payments in cryptocurrencies. Even though these applications of BCT have already been explored in the academic literature, a comprehensive collection along the whole e-commerce value chain is still missing. Furthermore, the existing comprehensive reviews are based on the academic literature whilst the evolution and further development of BCT is highly driven by practitioners. Therefore, we aim to understand how and why BCT is used in e-commerce based on a qualitative content analysis of news articles, i.e., we apply scientific methods to content which reports the latest developments in the field. As a result, we describe the multiple application domains of BCT along the e-commerce value chain. Subsequently, we discuss the main underlying principles of BCT usage across all the value chain steps. Full article
(This article belongs to the Special Issue Feature Papers in Blockchains)
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17 pages, 9327 KiB  
Article
Supply-Blockchain Functional Prototype for Optimizing Port Operations Using Hyperledger Fabric
by Bidah Alkhaldi and Alauddin Al-Omary
Blockchains 2024, 2(3), 217-233; https://doi.org/10.3390/blockchains2030011 - 11 Jul 2024
Viewed by 633
Abstract
Supply chain bottlenecks in port operations lead to significant delays and inefficiencies. Blockchain technology emerges as a viable solution, offering tamper-resistant ledgers, secure transactions, and automation capabilities. While considerable research on developing blockchain-based solutions currently exist, there is a lack of studies that [...] Read more.
Supply chain bottlenecks in port operations lead to significant delays and inefficiencies. Blockchain technology emerges as a viable solution, offering tamper-resistant ledgers, secure transactions, and automation capabilities. While considerable research on developing blockchain-based solutions currently exist, there is a lack of studies that specifically focus on optimizing port document management to speed up supply chain operations. In this paper, a supply-blockchain functional prototype for optimizing port operations using Hyperledger Fabric is introduced. In terms of core functionality, the prototype allows initiation of smart contract corresponding to functions such as creating and editing port-related documents, minimizing manual interventions and enhancing efficiency to reduce port congestion. Furthermore, it provides live tracking of completed events and transactions, facilitating transparency and streamlined oversight. The permissioned nature of Hyperledger Fabric ensures security and robust access controls, aligning well with sensitive port operations. Hyperledger Firefly and its connector framework was used as the middleware to facilitate blockchain integration and various functions of the prototype, while chaincode developed using Go language was used to package and deploy smart contracts. The supply-blockchain framework was used as the theoretical framework for prototype development, and agile project management was adopted to ensure timely completion. The results based on functional and performance testing demonstrate the prototype’s potential in alleviating port documentation bottlenecks and quickly delivering benefits to key stakeholders. Full article
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22 pages, 817 KiB  
Article
A Survey of Bug Bounty Programs in Strengthening Cybersecurity and Privacy in the Blockchain Industry
by Junaid Arshad, Muhammad Talha, Bilal Saleem, Zoha Shah, Huzaifa Zaman and Zia Muhammad
Blockchains 2024, 2(3), 195-216; https://doi.org/10.3390/blockchains2030010 - 8 Jul 2024
Viewed by 943
Abstract
The increasing reliance on computer networks and blockchain technology has led to a growing concern for cybersecurity and privacy. The emergence of zero-day vulnerabilities and unexpected exploits has highlighted the need for innovative solutions to combat these threats. Bug bounty programs have gained [...] Read more.
The increasing reliance on computer networks and blockchain technology has led to a growing concern for cybersecurity and privacy. The emergence of zero-day vulnerabilities and unexpected exploits has highlighted the need for innovative solutions to combat these threats. Bug bounty programs have gained popularity as a cost-effective way to crowdsource the task of identifying vulnerabilities, providing a secure and efficient means of enhancing cybersecurity. This paper provides a comprehensive survey of various free and paid bug bounty programs in the computer networks and blockchain industry, evaluating their effectiveness, impact, and credibility. The study explores the structure, incentives, and nature of vulnerabilities uncovered by these programs, as well as their unique value proposition. A comparative analysis is conducted to identify advantages and disadvantages, highlighting the strengths and weaknesses of each program. The paper also examines the role of ethical hackers in bug bounty programs and their contributions to strengthening cybersecurity and privacy. Finally, the study concludes with recommendations for addressing the challenges faced by bug bounty programs and suggests potential future directions to enhance their impact on computer networks and blockchain security. Full article
(This article belongs to the Special Issue Key Technologies for Security and Privacy in Web 3.0)
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