Finance and Financial Management Commons^™

Bitseat: Reimagining The Financing For Airliners Using Nonfungible Tokens (Blockchain Technology), Edwin S. Ongola

Journal of Aviation Technology and Engineering

This essay describes how blockchain technology, particularly nonfungible tokens, can be used to raise funding for airliners. The essay begins with a brief overview on the costs, categories, and acquisition methods of airliners. After that, the essay introduces concepts on blockchain technology, tokens, and smart contracts. The essay then touches on how nonfungible tokens can be used to facilitate fractional ownership of airliners. From there, the essay discusses Bitseat, a conceptual nonfungible token for fractional ownership of airliners, covering its overall design, appeal, marketplace alternatives, and challenges. Finally, in the discussion, the essay summarizes the overall concept and outlines its …

The Impact Of Quantum Computing And Distributed Ledger Technology On Accounting/Auditing/Finance Systems, Ulingeta O. L. Mbamba

Business Management Review

The integration of Quantum Computing (QC) and Distributed Ledger Technology (DLT) is poised to fundamentally reshape modern accounting by transforming how financial data is processed, secured, and verified. QC, utilising qubits, will exponentially enhance data analytics, risk assessment, and real-time financial forecasting, accelerating complex auditing tasks far beyond the capabilities of classical systems. In parallel, DLT, such as blockchain, provides a decentralised, immutable record of transactions, significantly increasing transparency and trust. This synergy may enable real-time analysis, continuous auditing, and intelligent automation, converting traditional static, centralised processes into dynamic, transparent ecosystems. Together, this convergence may redefine accounting, auditing, and finance, …

Essays On Innovation And Financial Markets Cryptoassets And Other Financial Technologies, Zachary Ethan Glatzer

Electronic Theses and Dissertations

In this manuscript, I present essays that examine the role of innovation in financial markets. The first essay introduces a classification framework for cryptoassets. Existing approaches either apply overly broad economic-function criteria or rely on narrow legal definitions, neither of which adequately captures the diversity of digital assets. This essay proposes a two-track framework that integrates both functional roles and technical structure. By bridging the gap between traditional asset categories and emerging digital instruments, this framework offers actionable guidance for policymakers assessing regulatory treatment, practitioners evaluating risk profiles, and academics engaged in research at the intersection of digital finance and …

Effect Of Fintech Adoption On Commercial Banks’ Stability: Evidence From Gcc And North Africa, Ibrahim Ahmed

Theses and Dissertations

This paper looks at how financial technology (FinTech) adoption affects bank stability, measured by distance to default. It uses a unbalanced panel of listed banks from the Gulf Cooperation Council (GCC) and North Africa over the period from 2010 to 2024. To consider differences in bank risk and institutional traits, the study uses random-effects panel regressions along with quantile regression models and interaction specifications. These methods allow the effects of FinTech to change depending on the level of bank risk and the size of the bank. The results indicate that FinTech development does not have the same effect on banks’ …

Can Blockchain-Adoption Announcements Create Market And Operating Value In Banks? Evidence From An Event Study For Global Banks Initiatives, Nourhan Said

Theses and Dissertations

This thesis offers quantitative work in exploring the market value and operation advantages associated with blockchain initiatives in listed banks. We utilized an event study approach to analyze the market value added to banks adopting blockchain technology on a short term. The sample consist of 126 event observations spanning 30 different countries in the period between 2016 and 2024. The study also focuses on the signals and cues that drive the changes in the banks’ abnormal returns and cumulative abnormal returns. Different project attributes like the blockchain type, blockchain application, and objective as well as bank characteristics like the bank …

In Crypto We Trust: A Cross-National Comparison Of Factors Affecting Trust In Cryptocurrencies, Arif Perdana, W. Eric Lee, Chu Yeong Lim, Gary Pan, Poh Sun Seow

Research Collection School Of Accountancy

Background: Trust in cryptocurrencies is a complex and evolving construct influenced by technological, economic, and social factors. Unlike traditional information systems that rely on institutional trust, cryptocurrency users often depend on underlying technology and community insights. Despite growing interest, existing research has primarily focused on narrow aspects of trust, with limited cross-national perspectives and comprehensive models.

Method: This study investigates how geographic differences impact user trust in cryptocurrencies by surveying 644 respondents from China, Germany, and the USA. Drawing on established trust formation theories, it utilizes a comprehensive model encompassing technological, economic, and social factors.

Results: Our analysis reveals multiple …

From Cypherpunks To Decentralized Finance: How Crypto-Anarchy Is Redefining Legal And Economic Systems, Alesia Zhuk

Markets, Globalization & Development Review

This article explores the evolution of crypto-anarchy, tracing its origins from the cypherpunk movement to the rise of decentralized finance (DeFi) and its transformative effects on legal and economic systems. Central to crypto-anarchy is the belief in individual empowerment through privacy, financial autonomy, and decentralization, which allows users to bypass traditional intermediaries like banks. While these technologies offer increased freedom and financial inclusion, they also introduce significant risks such as money laundering, tax evasion, and the facilitation of illegal activities, posing challenges to current regulatory frameworks. The article examines the socio-economic implications of decentralization, including both the democratization of finance …

Proof Of Reserves: A Double-Helix Framework, Maksym Lazirko, Deniz Appelbaum, Miklos Vasarhelyi

Department of Accounting and Finance Faculty Scholarship and Creative Works

Cryptocurrency exchanges face increasing pressure to demonstrate reserve adequacy following platform failures, yet current Proof of Reserves (PoR) systems suffer from incomplete verification approaches that examine either on-chain or off-chain assets separately. This study introduces the Double-Helix Framework, a verification methodology that integrates on-chain blockchain analysis with off-chain consensus algorithms to provide complete assessment of exchange financial positions. The framework employs parallel verification strands that simultaneously validate blockchain-recorded transactions and off-chain financial information, creating a unified assessment mechanism that addresses the verification gaps in existing PoR systems. The framework's integration of traditional auditing principles with distributed ledger verification creates new …

Do Investors Value Firm's Application Of Cryptocurrency And Blockchain Technology?, Shensi Wang

Open Access Theses & Dissertations

This paper examines how investors view a firm's involvement with cryptocurrency or blockchain technology, measured by 10-K disclosures containing the related keywords. I find that investors negatively react to the information related to cryptocurrency or blockchain in the three-day window, but the negative trend is reversed after day four. Surprisingly, the topic analysis indicates that the market reacts positively to all topics related to cryptocurrency and blockchain, except for the "competition environment," suggesting that factors outside adopting cryptocurrency or blockchain affect the negative correlations observed before.

Robust Permissioned Blockchain Consensus For Unstable Communication In Fanet, Zihao Wang, Hang Wang, Zhuowen Li, Xinghua Li, Yinbin Miao, Yanbing Ren, Yunwei Wang, Zhe Ren, Deng, Robert H.

Research Collection School Of Computing and Information Systems

The utilization of blockchain technology as a distributed information sharing system has gained widespread adoption across various domains. However, its application to Flying Ad-Hoc Network (FANET), characterized by severe packet loss, poses significant challenges. The high packet loss rates in FANETs can result in decreased consensus success rates and negatively impact information sharing consistency and efficiency. In this paper, we proposed RoUBC, a novel consensus scheme for Flying Ad-Hoc Networks (FANET), which is based on the Raft protocol and is designed to address the challenges posed by the severe packet loss network in FANET. The proposed scheme consists of two …

The Future Of Cryptocurrency And Blockchain Technology In Finance, Wanyi Wong, Alan @ Ali Madjelisi Megargel

Research Collection School Of Computing and Information Systems

Cryptocurrencies have been all the rage in recent years, with many being drawn to their appeal as speculative investment assets. Its proponents also champion the secure and decentralised nature of the technology it is based on, called the blockchain. Given the secure nature of blockchain technology, the idea of adopting cryptocurrencies as legal tender currency has also been mooted and experimented with – with the most famous example being the Central American nation of El Salvador’s bold move to adopting the cryptocurrency Bitcoin as legal tender in September 2021. In theory, this would provide a solution to the high transaction …

The Administrative, Financial, And Technological Requirements For The Success Of The Financial Technology Industry In The Arab Countries, Yusuf Abu Fara, Sharif Abukarsh

Journal of the Arab American University مجلة الجامعة العربية الامريكية للبحوث

This study aimed at identifying the requirements of the success of financial technology industry in the Arab countries. The use of technology in financial transactions began a long time ago; for example, the ATM technology has been in services since 1967. Recently, the use of technology has expanded significantly in many financial areas. In recent years (especially since 2014), the term financial technology has spread as a new term in the world of finance and business. The financial technology has significant and clear effects on the methods of providing financial services and payment processes, virtual currencies and others. It also …

The Dao Of Real Estate, Joseph Bizub, David Reiss

Cornell Law Faculty Working Papers

Real Estate Investment Trusts (REITs) have long proven their worth as liquid securities that give investors access to many real estate asset classes. Decentralized Autonomous Organizations (“DAOs”) are one of several blockchain real estate innovations seeking to provide a new path to those searching to invest in real estate. While the success of the DAO model of real estate investment is far from assured, these new investment options could offer real competition to REITs one day.

Code Will Tell: Visual Identification Of Ponzi Schemes On Ethereum, Xiaolin Wen, Kim Siang Yeo, Yong Wang, Ling Cheng, Feida Zhu, Min Zhu

Research Collection School Of Computing and Information Systems

Ethereum has become a popular blockchain with smart contracts for investors nowadays. Due to the decentralization and anonymity of Ethereum, Ponzi schemes have been easily deployed and caused significant losses to investors. However, there are still no explainable and effective methods to help investors easily identify Ponzi schemes and validate whether a smart contract is actually a Ponzi scheme. To fill the research gap, we propose PonziLens, a novel visualization approach to help investors achieve early identification of Ponzi schemes by investigating the operation codes of smart contracts. Specifically, we conduct symbolic execution of opcode and extract the control flow …

Blockchain In Supply Chain Management: A Feature-Function Framework For Future Research, James C. Brau, John Gardner, Hugo A. Decampos, Krista Gardner

Faculty Publications

Purpose – Blockchain technology offers numerous venues for supply chain applications and research. However, the connections between specific blockchain features and future applications have been unclear to date in its evolution. The purpose of this study is to fill this void.

Design/methodology/approach – The authors advance the understanding of blockchain in supply chain management by providing a new research framework built on unique blockchain features as applied across core supply chain functions.

Findings – This study’s framework is a feature-function matrix that integrates four overarching supply chain functions (i.e. supplier management, logistics, production processes and customer management) with nine blockchain …

Using Blockchain To Track Dod Funding And Auditing, Prithvi Prasanna

Theses and Dissertations

The Department of Defense (DoD) currently faces a significant problem when it comes to auditing and tracking financial transactions. The DoD has failed every audit since 2017 although it is gradually improving its auditable rating year after year. Concurrently, Blockchain is an emerging technology that has typically been used for cryptocurrencies but has slowly been adapted by private enterprises for their auditing and invoicing problems. This study investigates the value proposition of blockchain technology to improve DoD financial tracking and auditing. To test the hypothesis that blockchain is the optimal option for the DoD, this paper employs an industry blockchain …

Uncovering The Value Of Blockchain Applications In The World Of Finance, Qiang Cheng

Research Collection School Of Accountancy

This article discusses the benefits of using blockchain in the context of asset-backed security (ABS) issuance: reducing information asymmetry between issuers and investors, reducing yield spread of ABS, disciplining credit rating agencies, increasing the quality of underlying assets, and reducing issuers’ risk exposure. Such benefits should apply to other blockchain applications in the world of finance.

Secure Hierarchical Deterministic Wallet Supporting Stealth Address, Xin Yin, Zhen Liu, Guomin Yang, Guoxing Chen, Haojin Zhu

Research Collection School Of Computing and Information Systems

Over the past decade, cryptocurrency has been undergoing a rapid development. Digital wallet, as the tool to store and manage the cryptographic keys, is the primary entrance for the public to access cryptocurrency assets. Hierarchical Deterministic Wallet (HDW), proposed in Bitcoin Improvement Proposal 32 (BIP32), has attracted much attention and been widely used in the community, due to its virtues such as easy backup/recovery, convenient cold-address management, and supporting trust-less audits and applications in hierarchical organizations. While HDW allows the wallet owner to generate and manage his keys conveniently, Stealth Address (SA) allows a payer to generate fresh address (i.e., …

When Will Cryptocurrency’S Winter Come To An End?, Singapore Management University

Perspectives@SMU

With the price of Bitcoin and other cryptocurrencies dropping dramatically, what is in store for the digital asset market?

Exploring The Assetisation And Financialisation Of Non-Fungible Tokens: Opportunities And Regulatory Implications, Iris H. Y. Chiu, J.G. Allen

Research Collection Yong Pung How School Of Law

This article explores the emerging phenomenon of use cases for Non-fungible Tokens (NFTs) in novel forms of crypto-finance, a stage we call “NFT financialisation”, that can be developed from stages of consumption and commoditisation of NFTs, which are increasingly observed. Despite the emerging contests regarding property rights conferred by NFTs, the needs for commoditisation and financialisation in NFT markets would likely shape the delineation and framing of such rights in order for users to exploit the asset potential of NFTs. We argue that an institutional response is timely and beneficial for NFT financialisation. Financial regulatory governance can provide the institutions …

Cryptocurrencies: Now What?, Wei Zhou, Fathurraman

Perspectives@SMU

New use cases could lead to wider adoption, but regulation and the transition to Web3 must be handled first

Regulating The Fintech Space, Jing Yang, Patrick Thng, Zhu Juntao, Kell Jay Lim

Perspectives@SMU

China gets to grips with fintech but still frowns upon cryptocurrencies. Regulation, blockchain technology, and central bank digital currencies will be under the spotlight amidst the crypto crash

Is The Crypto World Having Its Own 2008 Lehman Brothers Moment?, Eric Lim

Perspectives@SMU

Cryptocurrency markets have tumbled in recent times due to the age-old story of greed, arrogance and disregard for responsibility, writes UNSW Business School’s Eric Lim

Decentralized Finance: Implications Of The So-Called Disintermediation Of Financial Services, Nydia Remolina Leon

Research Collection Yong Pung How School Of Law

Decentralized Finance, known as DeFi, refers to the use of blockchain and digital assets or crypto-assets for the provision of financial services. Under this concept, services such as loans, insurance, crypto-asset exchanges, among others, are offered, are structured based on crypto-assets and through technologically decentralized applications. This chapter discusses the concept of DeFi and how it challenges the traditional market infrastructures of the financial sector, demystifying the idea of absolute decentralization, generally mentioned in the crypto-asset arena, from the perspective of decision-makers and governors of these decentralized applications. Subsequently, the chapter analyses the opportunities and challenges of DeFi for consumers, …

Coinbase Global Inc. Strategic Audit, Decker Bobin

Honors Program: Senior Projects (Public)

Coinbase is a cryptocurrency exchange founded in the U.S during 2012 by Brian Armstrong and Fred Ehrsam. Coinbase’s application allows users to buy, sell, and exchange different cryptocurrencies on the open market. Cryptocurrencies are digital assets used as a medium to quickly transfer value, globally, without any middleman. Some cryptocurrencies have different technology than others, but all are based on blockchain, and cryptography. Blockchain technology allows transactions to be built into a chain that is forever accessible, hence the name “public ledger.” Cryptography is what ensures ultimate ownership, through seed phrases, and security through encryption. Coinbase has several large competitors …

Bitcoin, Blockchain Technology, And Cryptocurrencies, Jeffrey Dodson

Information Systems Undergraduate Honors Theses

The blockchain based cryptocurrency known as Bitcoin was theorized in a whitepaper published October 28, 2008, by Satoshi Nakamoto (pseudonym) (Nakamoto, 2008). The paper, titled, “Bitcoin: A Peer-to-Peer Electronic Cash System,” laid out a digital currency creation/exchange structure that employs a decentralized ledger that would later run on the author’s open-source application (Nakamoto, 2008). The main innovation of this technology is found within the security benefits provided by the proof-of-work consensus mechanism that requires solving a mathematic trap-door compression function to verify transactions/blocks added to the blockchain. On January 3, 2009, the genesis block, a term for the first block …

Decentralizing Money: Bitcoin Prices And Blockchain Security, Emiliano Sebastian Pagnotta

Research Collection Lee Kong Chian School Of Business

We address the determination of bitcoin prices and decentralized security. Users forecast the transactional and resale values of holdings, pricing the risk of systemic attacks. Miners contribute resources to protect against attackers and compete for block rewards. Bitcoin's design leads to multiple equilibria: the same blockchain technology is consistent with sharply different price and security levels. Bitcoin's monetary policy can lead to welfare losses and deviations from quantity theory. Price-security feedback amplifies fundamental shocks' volatility impact and leads to boom and busts unconnected to fundamentals. We characterize how viability versus fiat currency depends on bitcoin's relative acceptability and inflation protection.

De-Fi Protocol Token Valuation By Projecting Token Flows And Estimating An Appropriate Risk Premium, Anders C. Brucker

Honors Theses and Capstones

No abstract provided.

Asia Embraces Digital Currency And Cryptocurrency, David Kuo Chen Lee

Asian Management Insights

A decade ago, everyone was sceptical about cryptocurrency. Today, Asian governments are harnessing its technology to raise payment efficiency and improve financial inclusion. Initially, the technology was advocated and harnessed by ‘cypherpunks’, that is, individuals who advocate the use of cryptography and other strong encryption technologies to promote social and political change. At that time, being a cypherpunk meant standing on the opposite side of the government; today, I see cypherpunks, otherwise more appropriately known as cryptopunks, working closely with governments.

Bitcoin As A Viable Alternative To Legacy Reserve Assets: Reasons, Risks, And Adoption, Jeffry Blake Dunson Ii

Senior Honors Theses

Reserve assets include commodities, currencies, or other capital held by institutions as a hedge against the fluctuations of external factors. While the United States’ rise to power helped establish the US dollar as the most predominant reserve asset of the past fifty years, current events & the fast pace of technological advancement has exposed some limitations in the system. Blockchain technology has allowed for assets with cryptographically verifiable integrity that fundamentally depart from the US dollar standard and has potential to overhaul reserve assets as we know it. The course of this research details the downsides of legacy reserve assets, …