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Blockchain technology is an interlinked systematic chain of blocks that contains transaction history and other user data. It works under the principle of decentralized distributed digital ledger. This technology enables cryptographically secure and anonymous financial transactions among the user nodes of the network enabling the transactions to be...
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Blockchain technology is an interlinked systematic chain of blocks that contains transaction history and other user data. It works under the principle of decentralized distributed digital ledger. This technology enables cryptographically secure and anonymous financial transactions among the user nodes of the network enabling the transactions to be...
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... In the financial domain, this characteristic is especially significant. It not only ensures the security of transaction data but also effectively guards against financial fraud and tampering activities [21]. For instance, in distributed ledger technologies (such as blockchain), Merkle trees are used to ensure the integrity of transaction records in each block. ...
In this paper, the Merkle-Transformer model is introduced as an innovative approach designed for financial data processing, which combines the data integrity verification mechanism of Merkle trees with the data processing capabilities of the Transformer model. A series of experiments on key tasks, such as financial behavior detection and stock price prediction, were conducted to validate the effectiveness of the model. The results demonstrate that the Merkle-Transformer significantly outperforms existing deep learning models (such as RoBERTa and BERT) across performance metrics, including precision, recall, accuracy, and F1 score. In particular, in the task of stock price prediction, the performance is notable, with nearly all evaluation metrics scoring above 0.9. Moreover, the performance of the model across various hardware platforms, as well as the security performance of the proposed method, were investigated. The Merkle-Transformer exhibits exceptional performance and robust data security even in resource-constrained environments across diverse hardware configurations. This research offers a new perspective, underscoring the importance of considering data security in financial data processing and confirming the superiority of integrating data verification mechanisms in deep learning models for handling financial data. The core contribution of this work is the first proposition and empirical demonstration of a financial data analysis model that fuses data integrity verification with efficient data processing, providing a novel solution for the fintech domain. It is believed that the widespread adoption and application of the Merkle-Transformer model will greatly advance innovation in the financial industry and lay a solid foundation for future research on secure financial data processing.
... Another critical aspect of a successful network is maintaining the data integrity of the system. Blockchain achieves this goal through the use of the cryptographic hash function SHA-256 [4]. The blockchain system serves as the lifeblood of the cryptocurrency world, presenting a linked list of blocks containing transactions. ...
In permissionless blockchain systems, Proof of Work (PoW) is utilized to address the issues of double-spending and transaction starvation. When an attacker acquires more than 50% of the hash power of the entire network, they gain the ability to engage in double-spending activities, posing a significant threat to the PoW consensus algorithm. This research focuses on the consensus algorithm employed in the Bitcoin system, explaining how it operates and the security challenges it faces. The proposed modification to the PoW algorithm imposes a restriction on miners: they are not allowed to accept consecutive blocks from the same miner into the final local blockchain to prevent the 51% attack problem. This modification supports transactions that require six confirmations. In the event an attacker attempts a 51% attack with a private chain that consists of fewer than 6 blocks, it becomes easier to detect a double-spending attack before accepting the attacker’s private chain. The modified algorithm introduces a "Safe Mode Detection Algorithm" that scrutinizes incoming blocks for adjustments at the top of the local blockchain. If inconsistencies are identified, the consensus algorithm proceeds cautiously by comparing the UTXO dictionaries from the attacker’s chain with those from the miner’s own blockchain. This meticulous comparison aims to detect instances of double-spending. If such instances are detected, the miner rejects the attacker’s chain, establishing a double-spend-free environment and thwarting 51% attacks.
... As per the research done by (Haque & Rahman, 2020), hybrid blockchains are controlled by a group of users where all the transactions that are made and recorded are kept in private, yet they must be verified whenever needed to increase the creditability of each transaction and information. This is where immutability comes in handy. ...
The primary objective of this research is to study the effectiveness of blockchain technology in preventing financial cybercrime. In this research, the researcher intends to know the effectiveness of blockchain technology in preventing financial cybercrime, the white-collar crime which is growing drastically globally. The researcher uses the primary method to collect the data. In this study, four different variables that influence financial cybercrime significantly are immutability, smart contract, distributed ledger technology and consensus algorithm. The data was collected from the targeted respondents which are accountants, IT experts and human resources. Statistical Package of the Social Sciences (SPSS) is being utilized to evaluate the relationship between the four variables which able to influence financial cybercrime. A total of 70 survey questionnaires were delivered to the targeted respondents via a convenience sampling strategy. Responses from 70 participants were entered into SPSS one by one to generate descriptive and inferential statistics. Financial cybercrime is positively correlated with immutability, smart contract, distributed ledger technology and consensus algorithms. As a result, the analysis of the collected data for this research rejects the null hypothesis, while supporting the alternative hypothesis. The conclusion that can derive from this research is that users and organizations should be aware of the financial cybercrime risks that take place around them and the importance to have vital tools that are not vulnerable to malicious attacks. This research creates awareness for users and companies on the usage of blockchain to prevent financial cybercrime.
... In its simplest meaning, BCT is a database that stores transaction-based records, continually recording all completed transactions in a block of data. More importantly, database systems, known as chains within a network of linked peer-to-peer nodes, are usually called digital ledgers in business (Bai and Sarkis 2020;Haque and Rahman, 2020). The digital ledger can be linked to a large, distributed, secure spreadsheet that is tied to many computers on the network. ...
This research explores the role of Blockchain Technology (BCT) integrated with Reverse Supply Chain Networks (RSCN) and evaluates the relationship between BCT and sustainability performance in multi-industries. A qualitative research design was employed to develop a conceptual framework for BCT in RSCN for multi-industries. This research collected and analysed primary and secondary data from four case studies as focal actors. These focal actors are from industries in Jordan, namely food, pharmaceuticals, electronics, and toys. These actors are lead firms in their RSCNs and have experience working with RSCNs and technology applications such as BCT. Primary data were acquired from interviews with managers working in various industries. Analysis of secondary data has identified two types of the key BCT-influencing themes: internally focused and externally focused BCT-integrated drivers of RSCNs. The analysis also identified how they leverage sustainability performance improvements, including their use of RSCN approaches and features. This research is one of the few attempts to explore BCT integrated into RSCN for better sustainability performance through understanding the implementation and evaluation that contributes to the theoretical and practical knowledge of supply chains within emerging economies. All types of actors-as-stakeholders involved with national programs and projects can adopt the new framework that provides the changes required for RSCN. The key findings contribute to the field of RSCN where the adoption of BCT as a broad-based strategy to attain sustainability goals and reverse chain activities along the supply chain is a goal.
... Smart contracts are computer programs that are stored on the Blockchain and executed by Ethereum's peer-to-peer network. This concept was first envisioned by Szabo back in 1994, and he provided the following definition [8]: "A smart contract is a computerized transaction protocol that executes the terms of a contract" [11][12][13]. ...
... The in-depth knowledge of blockchain fundamentals, applications, and future scope has been provided in article [12]. The authors in [13] have conducted a detailed study of blockchain technology, securing and vulnerability issues, consensus methodology, and its application and use-cases. The detailed difference between blockchain and Bitcoin, important points for considering the smart contract, encryption method, benefits, future, and distributed ledger technology have been discussed in [14]. ...
The Coronavirus Disease i.e. (COVID-19) pandemic is a major health crisis affecting several nations, with new cases being confirmed every day. Such widespread and frequent outbreaks will inevitably lead to a corresponding movement restrictive measure by the members of both central and state government leadership. The current limitation of healthcare systems cannot predict the COVID-19 outbreaks and vaccination drive. The need of the hour is to use Blockchain Technology for the construction of immutable ledger that can share the vaccination details of each individual in a secured manner. In this paper a Blockchain and Artificial Intelligence (AI) enabled COVID-19 vaccine tracking system has been proposed. The proposed system is designed using Ethereum Virtual Machine (EVM), decentralized storage by Inter Planetary File System (IPFS) and implemented using Truffle and Ganache Tool. The smart contract interaction among the entities is developed with Drizzle and the front-end using ReactJS. The performance of the proposed framework has been presented with Keccack 256 transaction hash, the total number of transactions, gas consumed by each contract. Additionally the performance parameters such as latency, throughput, traffic in, out, CPU and memory utilization of the blockchain framework is also calculated. The Artificial Neural Network (ANN) has been used to classify the vaccination group. Such an attempt is a worthwhile addition to state of the art as evident from the results presented herein. The proposed framework provides a way for vaccinated members of the community to be tracked and indexed so as to avail the benefits, for example, less restrictive movements nationally, internationally or simply in their own respective communities. This paper leverages the advantages of Blockchain Technology to obtain a reliable and accurate way to facilitate the entire tracking process.
... Lightning network, where transactions are held off-chain by positioning channels and permitting transactions, helps to reduce energy consumption [20]. Another consensus algorithm, Delegated Proof of Stake, DPoS, is also a less energyconsuming algorithm as it requires less participation and is faster than PoS and PoW [21,22]. ...
Blockchain for smart cities is a growing prospect and gaining attention from academic and industrical standpoint. The increased population of the world has become a challenge to provide state-of-the-art living standards and resources. Smart cities promote innovative healthcare, transportation, education, security, etc. Blockchain is characterized by facilitating transparency, reliability, data integrity, user access control, immutability, decentralization, audibility. Integrating Blockchain in smart cities has its challenges that require extensive research and development. Smart cities hve been in in motion for last few years in different parts of the world. Still, it has created data security, authentication, sustainability, and vulnerability issues, especially when smart cities are not adequately planned. The application of Blockchain has put forward a lot of improvements in the quality and sustainability of smart cities. In this paper, we have discussed the application of Blockchain across various innovative smart city application domains. Blockchain fundamentals have been discussed before to help the reader gain ideas about Blockchain. This paper also provides future research agendas for blockchain integration in smart cities. The agendas will provide the researchers with helpful research directions.KeywordsBlockchainSmart citiesConsensus algorithmScalabilityDecentralization
... Among these three, security, privacy, and trust management none offers a complete model for content access. But this work particularly focuses on addressing authentication and trust management issues [2,3]. ...
The bonding and swapping of data within the smart artifices are done by the internet of things (IoT) nowadays. It is assumed that many dangers and attacks on WSN infrastructures are done by the increasing and fast-growing IoT’s. As far as the WSN systems are concerned, their most important necessities are observation, reliability, and liability. If such situations have not prevailed, the so-called WSN system could be used by malevolent and hostile users. In the case of the centralized WSN system, when data is conveyed between devices to be shared, problems and risks are quite common. The recent availability of the blockchain and cryptographic tools supports shielding data integrity. This work is mainly framed for studying the temperature and the humidity and various changes seen in the warehousing locations provided for the storage of crops. The data is collected by means of Iot sensor having a wireless sensor network. The blockchain mechanism is employed for the data got from the sensor. We have analysed existing algorithms and its performance. Among the algorithms taught, we have considered the AES to be better performance. So, we have transformed the AES to be a Tuned AES and we have employed it to study the performace in better manner.KeywordsInternet of thingsWireless sensor networksBlockchainEncryption algorithms
... By assessing features of blockchain platforms Etherium and Cardano have selected for this proposed framework. As per the studies by (Nanayakkara, et al., 2021;Bahalul Haque & Rahman, 2020) lucrative features of these blockchain platforms were gathered in table 3. Evidence-based and peer-reviewed ...
... In blockchain development, every function or task that is made through the network is recognized as a transaction ( Bahalul Haque & Rahman, 2020). The occurrence of all the transactions will be notified between the peers. ...
... Sender's public key and private key are essential to exchange information among peers, and blocks are using to store all types of data. Apart from main data, blocks have timestamps of the transaction, block hash, and market root hash values (Bahalul Haque & Rahman, 2020), as in figure. In this proposed system, the main content will include quality-related data such as quantity, quality certifications of suppliers, and manufacturers' detail. ...
The construction industry has a complex supply chain due to its collaborative working nature. Most of the stakeholders of construction companies are involved in every phase of a project life cycle. Lack of trust among the parties and related quality issues have obstructed the development of the construction industry in Sri Lanka. Project tractability systems powered by blockchain technology have addressed these issues successfully. This design framework that involves with consortium blockchain platform facilitates building trust among stakeholders of the construction company through providing a higher level of transparency and visibility of the quality control process. Real-time data capturing and fraud data avoidance were ensured with the integration of IoT modules to blockchain architecture. Cryptocurrency-based transactions were eliminated from the proposed framework, by considering the legal and technical constraints of the country. Apart from that this research introduces a techniques to develop a new blockchain using transaction selection and node validation by Etherium or Cardano based platforms.
... Although using a public blockchain such as Ethereum is more expensive than establishing a private blockchain where less-expensive consensus mechanisms (e.g. Proof-of-Authority) are adopted, it is argued that private blockchains are prone to centralization issues, security breaches, and service discontinuity [34]. Upon purchase and before take-off, a UAV operator is requested to register her drone in the Aviation Authority. ...
Unmanned aerial vehicles (UAVs) are gaining immense attention due to their potential to revolutionize various businesses and industries. However, the adoption of UAV-assisted applications will strongly rely on the provision of reliable systems that allow managing UAV operations at high levels of safety and security. Recently, the concept of UAV traffic management (UTM) has been introduced to support safe, efficient, and fair access to low-altitude airspace for commercial UAVs. A UTM system identifies multiple cooperating parties with different roles and levels of authority to provide real-time services to airspace users. However, current UTM systems are centralized and lack a clear definition of protocols that govern a secure interaction between authorities, service providers, and end-users. The lack of such protocols renders the UTM system unscalable and prone to various cyber attacks. Another limitation of the currently proposed UTM architecture is the absence of an efficient mechanism to enforce airspace rules and regulations. To address this issue, we propose a decentralized UTM protocol that controls access to airspace while ensuring high levels of integrity, availability, and confidentiality of airspace operations. To achieve this, we exploit key features of the blockchain and smart contract technologies. In addition, we employ a mobile crowdsensing (MCS) mechanism to seamlessly enforce airspace rules and regulations that govern the UAV operations. The solution is implemented on top of the Etheruem platform and verified using four different smart contract verification tools. We also provided a security and cost analysis of our solution. For reproducibility, we made our implementation publicly available on Github
... Although using a public blockchain such as Ethereum is more expensive than establishing a private blockchain where less-expensive consensus mechanisms (e.g. Proof-of-Authority) are adopted, it is argued that private blockchains are prone to centralization issues, security breaches, and service discontinuity [34]. Upon purchase and before take-off, a UAV operator is requested to register her drone in the Aviation Authority. ...
Unmanned aerial vehicles (UAVs) are gaining immense attention due to their potential to revolutionize various businesses and industries. However, the adoption of UAV-assisted applications will strongly rely on the provision of reliable systems that allow managing UAV operations at high levels of safety and security. Recently, the concept of UAV traffic management (UTM) has been introduced to support safe, efficient, and fair access to low-altitude airspace for commercial UAVs. A UTM system identifies multiple cooperating parties with different roles and levels of authority to provide real-time services to airspace users. However, current UTM systems are centralized and lack a clear definition of protocols that govern a secure interaction between authorities, service providers, and end-users. The lack of such protocols renders the UTM system unscalable and prone to various cyber attacks. Another limitation of the currently proposed UTM architecture is the absence of an efficient mechanism to enforce airspace rules and regulations. To address this issue, we propose a decentralized UTM protocol that controls access to airspace while ensuring high levels of integrity, availability, and confidentiality of airspace operations. To achieve this, we exploit key features of the blockchain and smart contract technologies. In addition, we employ a mobile crowdsensing (MCS) mechanism to seamlessly enforce airspace rules and regulations that govern the UAV operations. The solution is implemented on top of the Etheruem platform and verified using four different smart contract verification tools. We also provided a security and cost analysis of our solution. For reproducibility, we made our implementation publicly available on Github.
