Pub Date : 2026-10-01Epub Date: 2025-09-08DOI: 10.1016/j.bcra.2025.100380
Aoxuan Li, Gabriele D'Angelo, Su-Kit Tang, Frank Fang, Baron Gong
Blockchain technology inherently exposes user payment details, including account balances, asset holdings, and transaction histories, posing significant security and privacy risks. Moreover, no existing cross-chain bridges support private transactions that protect users' trading histories. This paper introduces a novel confidentiality protocol that conceals user payments while ensuring auditability. The protocol employs a privacy committee, where encrypted secret shares of transaction data are distributed among committee members. Auditors can access private transaction data only with majority approval from the committee. Additionally, the protocol utilizes a zero-knowledge rollup scheme, batching multiple transactions to reduce private transaction costs by 90% compared to non-batched approaches. Implemented using ZoKrates and Solidity, the proposed scheme has been evaluated on the Ethereum test network, demonstrating a one-to-one private transaction latency of approximately 5 s. The protocol's security is rigorously analyzed using the standard real/ideal world paradigm.
{"title":"An auditable confidentiality protocol for blockchain transactions","authors":"Aoxuan Li, Gabriele D'Angelo, Su-Kit Tang, Frank Fang, Baron Gong","doi":"10.1016/j.bcra.2025.100380","DOIUrl":"10.1016/j.bcra.2025.100380","url":null,"abstract":"<div><div>Blockchain technology inherently exposes user payment details, including account balances, asset holdings, and transaction histories, posing significant security and privacy risks. Moreover, no existing cross-chain bridges support private transactions that protect users' trading histories. This paper introduces a novel confidentiality protocol that conceals user payments while ensuring auditability. The protocol employs a privacy committee, where encrypted secret shares of transaction data are distributed among committee members. Auditors can access private transaction data only with majority approval from the committee. Additionally, the protocol utilizes a zero-knowledge rollup scheme, batching multiple transactions to reduce private transaction costs by 90% compared to non-batched approaches. Implemented using ZoKrates and Solidity, the proposed scheme has been evaluated on the Ethereum test network, demonstrating a one-to-one private transaction latency of approximately 5 s. The protocol's security is rigorously analyzed using the standard real/ideal world paradigm.</div></div>","PeriodicalId":53141,"journal":{"name":"Blockchain-Research and Applications","volume":"7 5","pages":"Article 100380"},"PeriodicalIF":6.5,"publicationDate":"2026-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149211213","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"计算机科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-10-01Epub Date: 2025-09-08DOI: 10.1016/j.bcra.2025.100381
Yi Guo, Yuying Wang, Jinyue Huang, Tiantian Duan, Linpeng Jia, Hanwen Zhang, Yi Sun
The data silos between heterogeneous blockchain platforms have given rise to cross-chain protocols. These cross-chain protocols enable secure interoperability between multiple distinct blockchains. Security requires that the target chain has the ability to verify whether cross-chain messages have been finalized on the source chain. Existing cross-chain protocols first synchronize source chain block headers to the target chain and validate them, then verify cross-chain messages included in the header's commitment value using native accumulators, like a Merkle tree. Cross-chain verification incurs significant on-chain overhead. Existing solutions primarily focus on optimizing header verification, while neglecting verification overhead for messages. It is worth noting that as the number of on-chain states increases, the number of elements in the accumulator multiplies, leading to a larger proof size that escalates message verification overhead on the target chain. To reduce message verification overhead on the target chain, we present CAVer. It removes non-cross-chain states from accumulators to minimize message proof size. CAVer incorporates three schemes: Fill-Weak, Fill-Mid, and Fill-Pro. Fill-Weak abandons blockchain's native accumulators by creating a new contract-based compacting accumulator exclusively for cross-chain messages on the source chain. Based on Fill-Weak, Fill-Mid, and Fill-Pro employ block-isolation and target-isolation, respectively, to further reduce verification overhead. Additionally, we design the algorithm AppendAndTailor to reduce storage cost on the source chain. It aims at trimming historical states when accumulating cross-chain messages. Evaluations on Ethereum-like blockchains demonstrate that CAVer reduces message verification overhead on the target chain by 76% compared to the existing state-of-the-art scheme.
{"title":"CAVer: Compacting accumulation to reduce cross-chain verification overhead","authors":"Yi Guo, Yuying Wang, Jinyue Huang, Tiantian Duan, Linpeng Jia, Hanwen Zhang, Yi Sun","doi":"10.1016/j.bcra.2025.100381","DOIUrl":"10.1016/j.bcra.2025.100381","url":null,"abstract":"<div><div>The data silos between heterogeneous blockchain platforms have given rise to cross-chain protocols. These cross-chain protocols enable secure interoperability between multiple distinct blockchains. Security requires that the target chain has the ability to verify whether cross-chain messages have been finalized on the source chain. Existing cross-chain protocols first synchronize source chain block headers to the target chain and validate them, then verify cross-chain messages included in the header's commitment value using native accumulators, like a Merkle tree. Cross-chain verification incurs significant on-chain overhead. Existing solutions primarily focus on optimizing header verification, while neglecting verification overhead for messages. It is worth noting that as the number of on-chain states increases, the number of elements in the accumulator multiplies, leading to a larger proof size that escalates message verification overhead on the target chain. To reduce message verification overhead on the target chain, we present CAVer. It removes non-cross-chain states from accumulators to minimize message proof size. CAVer incorporates three schemes: Fill-Weak, Fill-Mid, and Fill-Pro. Fill-Weak abandons blockchain's native accumulators by creating a new contract-based compacting accumulator exclusively for cross-chain messages on the source chain. Based on Fill-Weak, Fill-Mid, and Fill-Pro employ block-isolation and target-isolation, respectively, to further reduce verification overhead. Additionally, we design the algorithm <span>AppendAndTailor</span> to reduce storage cost on the source chain. It aims at trimming historical states when accumulating cross-chain messages. Evaluations on Ethereum-like blockchains demonstrate that CAVer reduces message verification overhead on the target chain by 76% compared to the existing state-of-the-art scheme.</div></div>","PeriodicalId":53141,"journal":{"name":"Blockchain-Research and Applications","volume":"7 5","pages":"Article 100381"},"PeriodicalIF":6.5,"publicationDate":"2026-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149211224","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"计算机科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-10-01Epub Date: 2025-08-27DOI: 10.1016/j.bcra.2025.100373
Fausto Neri da Silva Vanin, Blanda Helena de Mello, Rodrigo da Rosa Righi, Cristiano André da Costa, Rodolfo Stoffel Antunes
The integration of blockchain technology in healthcare has gained significant attention due to its potential to address critical challenges such as data privacy, interoperability, and health record integrity. Although electronic health record (EHR) standards such as health level 7 fast healthcare interoperability resources (HL7 FHIR) and OpenEHR provide frameworks for data consistency and interoperability, concerns persist regarding the privacy and security of sensitive patient information, particularly in compliance with regulations. Existing solutions often store only hashed representations of data on blockchain nodes, making direct on-chain validation impossible and increasing the risk of invalid or malicious data entering the system. This paper introduces maximize, encrypt, prove, comply and adapt (MEPCA), a novel blockchain-based framework designed to enhance on-chain EHR data processing using cryptographic techniques. The model incorporates an innovative method to generate cryptographic proofs of data validity, enabling direct on-chain verification of hash digests. We present practical use case implementations and perform a technical evaluation of a fully on-chain MEPCA approach within the HL7 FHIR ecosystem. Our analysis examines the processing time of the hash proof algorithm, comparing it with existing methods based on transactions per second (TPS), latency, and computational efficiency in a multi-host network environment. The experimental results show that the MEPCA framework achieves a maximum of 83.2 TPS, with a latency below 1.5 s and the hash-proof computation taking 1.6 ms. Our primary contribution is to demonstrate viable healthcare scenarios for a fully on-chain approach, providing strategic guidance for the adoption of decentralized solutions in healthcare through technical evaluation and real-world applications.
{"title":"Enhancing health data integrity through on-chain verification and cryptographic proofs","authors":"Fausto Neri da Silva Vanin, Blanda Helena de Mello, Rodrigo da Rosa Righi, Cristiano André da Costa, Rodolfo Stoffel Antunes","doi":"10.1016/j.bcra.2025.100373","DOIUrl":"10.1016/j.bcra.2025.100373","url":null,"abstract":"<div><div>The integration of blockchain technology in healthcare has gained significant attention due to its potential to address critical challenges such as data privacy, interoperability, and health record integrity. Although electronic health record (EHR) standards such as health level 7 fast healthcare interoperability resources (HL7 FHIR) and OpenEHR provide frameworks for data consistency and interoperability, concerns persist regarding the privacy and security of sensitive patient information, particularly in compliance with regulations. Existing solutions often store only hashed representations of data on blockchain nodes, making direct on-chain validation impossible and increasing the risk of invalid or malicious data entering the system. This paper introduces maximize, encrypt, prove, comply and adapt (MEPCA), a novel blockchain-based framework designed to enhance on-chain EHR data processing using cryptographic techniques. The model incorporates an innovative method to generate cryptographic proofs of data validity, enabling direct on-chain verification of hash digests. We present practical use case implementations and perform a technical evaluation of a fully on-chain MEPCA approach within the HL7 FHIR ecosystem. Our analysis examines the processing time of the hash proof algorithm, comparing it with existing methods based on transactions per second (TPS), latency, and computational efficiency in a multi-host network environment. The experimental results show that the MEPCA framework achieves a maximum of 83.2 TPS, with a latency below 1.5 s and the hash-proof computation taking 1.6 ms. Our primary contribution is to demonstrate viable healthcare scenarios for a fully on-chain approach, providing strategic guidance for the adoption of decentralized solutions in healthcare through technical evaluation and real-world applications.</div></div>","PeriodicalId":53141,"journal":{"name":"Blockchain-Research and Applications","volume":"7 5","pages":"Article 100373"},"PeriodicalIF":6.5,"publicationDate":"2026-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149211212","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"计算机科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-10-01Epub Date: 2025-08-23DOI: 10.1016/j.bcra.2025.100375
Iheb Ghazouani, Ines Ghazouani, Abdelwahed Omri
This research investigates the effect of social media sentiment on the cryptocurrency market, particularly focusing on Bitcoin and Ethereum. Using TensorFlow as a machine learning tool, we developed a sentiment index from 66,582 Reddit posts about Bitcoin and 23,231 about Ethereum, collected in 2022. The sentiment scores, ranging from −1 (negative) to 1 (positive), were categorized into positive, neutral, and negative classes and analyzed alongside daily return and volatility metrics for both cryptocurrencies using a Vector Autoregression (VAR) model. Our study identifies significant impacts of social media sentiment on cryptocurrency markets. Specifically, Bitcoin’s returns show a heightened sensitivity to negative sentiment, whereas Ethereum’s returns remain unaffected by any sentiment type. However, the volatility of both cryptocurrencies is affected by neutral sentiment. These findings highlight distinct behavioral patterns across cryptocurrencies and uncover a bidirectional relationship between market dynamics and social media sentiment. This study offers novel insights into how public perception influences digital asset markets, thereby contributing to the behavioral finance literature and providing practical implications for investors and policymakers.
{"title":"Virtual influence, real impact: Deciphering social media sentiment and its effects on cryptocurrency market dynamics","authors":"Iheb Ghazouani, Ines Ghazouani, Abdelwahed Omri","doi":"10.1016/j.bcra.2025.100375","DOIUrl":"10.1016/j.bcra.2025.100375","url":null,"abstract":"<div><div>This research investigates the effect of social media sentiment on the cryptocurrency market, particularly focusing on Bitcoin and Ethereum. Using TensorFlow as a machine learning tool, we developed a sentiment index from 66,582 Reddit posts about Bitcoin and 23,231 about Ethereum, collected in 2022. The sentiment scores, ranging from −1 (negative) to 1 (positive), were categorized into positive, neutral, and negative classes and analyzed alongside daily return and volatility metrics for both cryptocurrencies using a Vector Autoregression (VAR) model. Our study identifies significant impacts of social media sentiment on cryptocurrency markets. Specifically, Bitcoin’s returns show a heightened sensitivity to negative sentiment, whereas Ethereum’s returns remain unaffected by any sentiment type. However, the volatility of both cryptocurrencies is affected by neutral sentiment. These findings highlight distinct behavioral patterns across cryptocurrencies and uncover a bidirectional relationship between market dynamics and social media sentiment. This study offers novel insights into how public perception influences digital asset markets, thereby contributing to the behavioral finance literature and providing practical implications for investors and policymakers.</div></div>","PeriodicalId":53141,"journal":{"name":"Blockchain-Research and Applications","volume":"7 5","pages":"Article 100375"},"PeriodicalIF":6.5,"publicationDate":"2026-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149159523","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"计算机科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Context: Smart contracts and decentralized applications (DApps) are becoming increasingly important and widespread. DApps are often business-critical, and strong security guarantees must be ensured. However, developing safe and reliable smart contracts remains a challenging task. Despite growing literature, simple and actionable tools to address security issues are still lacking. Objective: This study identifies design patterns and best practices for DApp security. We categorize them into twelve critical areas based on their security goals and map them to the architecture of decentralized applications. For each item, we define concrete actions to support secure implementation. These are further structured into three security assurance checklists. Method: We analyze existing literature and manually review 224 security items, consolidating duplicates and harmonizing terminology. This process results in 84 unique items, divided into 36 design patterns and 48 best practices, further grouped into 12 categories. We also map the items into three checklists based on the development phase of the DApp lifecycle. Finally, for each pattern and practice, we derive 374 actionable security tasks to guide secure development. Results: To the best of our knowledge, this is the most comprehensive and structured collection of DApp security items to date. The proposed framework and checklists help developers ensure the consistent and complete application of secure design principles. Conclusion: Focusing on Ethereum and Solidity, we present a comprehensive framework for improving DApp security. Our work supports ongoing efforts to reduce vulnerabilities in decentralized applications and provides developers with practical tools to build safer, more reliable systems.
{"title":"Security checklists for Ethereum smart contract development: Patterns and best practices","authors":"Lodovica Marchesi, Livio Pompianu, Roberto Tonelli","doi":"10.1016/j.bcra.2025.100367","DOIUrl":"10.1016/j.bcra.2025.100367","url":null,"abstract":"<div><div><strong>Context:</strong> Smart contracts and decentralized applications (DApps) are becoming increasingly important and widespread. DApps are often business-critical, and strong security guarantees must be ensured. However, developing safe and reliable smart contracts remains a challenging task. Despite growing literature, simple and actionable tools to address security issues are still lacking. <strong>Objective:</strong> This study identifies design patterns and best practices for DApp security. We categorize them into twelve critical areas based on their security goals and map them to the architecture of decentralized applications. For each item, we define concrete actions to support secure implementation. These are further structured into three security assurance checklists. <strong>Method:</strong> We analyze existing literature and manually review 224 security items, consolidating duplicates and harmonizing terminology. This process results in 84 unique items, divided into 36 design patterns and 48 best practices, further grouped into 12 categories. We also map the items into three checklists based on the development phase of the DApp lifecycle. Finally, for each pattern and practice, we derive 374 actionable security tasks to guide secure development. <strong>Results:</strong> To the best of our knowledge, this is the most comprehensive and structured collection of DApp security items to date. The proposed framework and checklists help developers ensure the consistent and complete application of secure design principles. <strong>Conclusion:</strong> Focusing on Ethereum and Solidity, we present a comprehensive framework for improving DApp security. Our work supports ongoing efforts to reduce vulnerabilities in decentralized applications and provides developers with practical tools to build safer, more reliable systems.</div></div>","PeriodicalId":53141,"journal":{"name":"Blockchain-Research and Applications","volume":"7 4","pages":"Article 100367"},"PeriodicalIF":6.5,"publicationDate":"2026-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148738727","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"计算机科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-08-01Epub Date: 2025-08-08DOI: 10.1016/j.bcra.2025.100359
Hasan Falah Hasan, Mohd Najwadi Yusoff, Je Sen Teh, Shams Mhmood Abdali
Payment channel networks are cryptocurrency-era scaling solutions designed to function atop the lightning network. They aim to address the blockchain scalability trilemma by offering low transaction fees and nearly instantaneous processing confirmation times. However, security and privacy remain as adoption growth obstacles. The hashed timelock contract is the well-known conditional payment transfer protocol designed for payment channel networks. However, it can disclose identities and exchange histories, making it vulnerable to wormhole attacks. Additionally, current solutions rely either on the ideal anonymous communication channel assumption or fail to provide complete path privacy protection. In this paper, we propose the efficient multi-party conditional payment flow (EMCPF) protocol. It is a lightning network-compatible and privacy-preserving payment protocol designed to protect all user identities, reduce collateral locking time, and resist wormhole attacks. Moreover, it does not rely on ideal routing assumptions and instead employs layered encryption. Security analysis conducted under the universal composability model shows that no information can be disclosed if there is at least one honest user within the payment path. Functional analysis was also provided to support our privacy and security claims. We also performed theoretical analyses that compare EMCPF with other existing payment protocols based on complexity, efficiency, and the phases involved. Our simulations using lightning network snapshots show that EMCPF outperforms the current state-of-the-art solutions in terms of computational time and communication overhead.
{"title":"EMCPF: Efficient multi-party conditional payment flow payment protocol on lightning payment channel network","authors":"Hasan Falah Hasan, Mohd Najwadi Yusoff, Je Sen Teh, Shams Mhmood Abdali","doi":"10.1016/j.bcra.2025.100359","DOIUrl":"10.1016/j.bcra.2025.100359","url":null,"abstract":"<div><div>Payment channel networks are cryptocurrency-era scaling solutions designed to function atop the lightning network. They aim to address the blockchain scalability trilemma by offering low transaction fees and nearly instantaneous processing confirmation times. However, security and privacy remain as adoption growth obstacles. The hashed timelock contract is the well-known conditional payment transfer protocol designed for payment channel networks. However, it can disclose identities and exchange histories, making it vulnerable to wormhole attacks. Additionally, current solutions rely either on the ideal anonymous communication channel assumption or fail to provide complete path privacy protection. In this paper, we propose the efficient multi-party conditional payment flow (EMCPF) protocol. It is a lightning network-compatible and privacy-preserving payment protocol designed to protect all user identities, reduce collateral locking time, and resist wormhole attacks. Moreover, it does not rely on ideal routing assumptions and instead employs layered encryption. Security analysis conducted under the universal composability model shows that no information can be disclosed if there is at least one honest user within the payment path. Functional analysis was also provided to support our privacy and security claims. We also performed theoretical analyses that compare EMCPF with other existing payment protocols based on complexity, efficiency, and the phases involved. Our simulations using lightning network snapshots show that EMCPF outperforms the current state-of-the-art solutions in terms of computational time and communication overhead.</div></div>","PeriodicalId":53141,"journal":{"name":"Blockchain-Research and Applications","volume":"7 4","pages":"Article 100359"},"PeriodicalIF":6.5,"publicationDate":"2026-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148776301","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"计算机科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-08-01Epub Date: 2025-08-12DOI: 10.1016/j.bcra.2025.100357
Michael Blum, Nicola Crimi, Pascal Emmenegger, Florian Spychiger, Claudio J. Tessone
Recent research has introduced a decentralized autonomous organization (DAO) managing a house – No1s1 (no-ones-one). While the concept has been technically implemented, it remains open how to govern and maintain the house in a decentralized manner. In this study, we investigate how a DAO can govern and maintain physical assets. For this, we use a design science research methodology coupled with a requirements-driven approach and demonstrate through an artifact how such a governance and maintenance system can be implemented. The proposed system features two tokens rewarding active interaction with the physical house, leading to a local community. We evaluate the system with a scenario-based study with users, showing how the community can govern and maintain the house. Thus, the paper contributes to a better understanding of how a DAO with physical assets can be governed and interact with these assets, and to a better understanding of blockchain governance in general.
{"title":"Governance and maintenance for DAOs with physical assets – The case of No1s1","authors":"Michael Blum, Nicola Crimi, Pascal Emmenegger, Florian Spychiger, Claudio J. Tessone","doi":"10.1016/j.bcra.2025.100357","DOIUrl":"10.1016/j.bcra.2025.100357","url":null,"abstract":"<div><div>Recent research has introduced a decentralized autonomous organization (DAO) managing a house – No1s1 (no-ones-one). While the concept has been technically implemented, it remains open how to govern and maintain the house in a decentralized manner. In this study, we investigate how a DAO can govern and maintain physical assets. For this, we use a design science research methodology coupled with a requirements-driven approach and demonstrate through an artifact how such a governance and maintenance system can be implemented. The proposed system features two tokens rewarding active interaction with the physical house, leading to a local community. We evaluate the system with a scenario-based study with users, showing how the community can govern and maintain the house. Thus, the paper contributes to a better understanding of how a DAO with physical assets can be governed and interact with these assets, and to a better understanding of blockchain governance in general.</div></div>","PeriodicalId":53141,"journal":{"name":"Blockchain-Research and Applications","volume":"7 4","pages":"Article 100357"},"PeriodicalIF":6.5,"publicationDate":"2026-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148844015","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"计算机科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-08-01Epub Date: 2025-08-18DOI: 10.1016/j.bcra.2025.100360
Ignacio Ariel Del Monte, Juan Jose de Lucio, Miguel Angel Sicilia Urban
This systematic review examines the risk of impermanent loss (IL) in automated market makers within the decentralized finance (DeFi) ecosystem, employing the preferred reporting items for systematic reviews and meta-analyses for searching (PRISMA-S) methodology. Our comprehensive search across the Web of Science (WoS) and Scopus databases identified 38 relevant studies published between January 2020 and September 2024. The review reveals a predominant focus on constant product market makers, which comprise 56.4% of all mentions, underscoring their central role in DeFi markets. There are nine underlying causes affecting IL risk, and the most important ones are price volatility, asset imbalance, and risk/return management. According to our categorization, the most commonly used mitigation strategies are investment strategies, decentralized tools and technologies, and design and management of liquidity pools, hedging strategies and context strategies. IL risk research is calculated equally theoretically and empirically (nine references for each), and there are six research papers that calculate in a mixed way. Only 13 research papers employ market data in their reviews, and three of all papers measure IL risk quantitatively. We seek to focus our studies on a more detailed treatment of the risk of IL that will result in improvements to liquidity providers in DeFi.
本系统综述考察了分散金融（DeFi）生态系统中自动做市商的临时损失（IL）风险，采用首选报告项目进行系统综述和搜索元分析（PRISMA-S）方法。我们对Web of Science （WoS）和Scopus数据库进行了全面搜索，确定了2020年1月至2024年9月期间发表的38项相关研究。该审查显示，主要关注恒定产品做市商，占所有提及的56.4%，强调了他们在DeFi市场中的核心作用。影响投资风险的基本原因有九个，其中最重要的是价格波动、资产失衡和风险/回报管理。根据我们的分类，最常用的缓解策略是投资策略、分散的工具和技术、流动性池的设计和管理、对冲策略和背景策略。IL风险研究的理论计算和经验计算是平等的（各有九篇参考文献），有六篇研究论文以混合的方式计算。只有13篇研究论文在评论中使用了市场数据，其中3篇论文对IL风险进行了定量测量。我们试图将研究重点放在更详细地处理IL风险上，这将改善DeFi中的流动性提供者。
{"title":"Current understanding of impermanent loss risk in AMMs","authors":"Ignacio Ariel Del Monte, Juan Jose de Lucio, Miguel Angel Sicilia Urban","doi":"10.1016/j.bcra.2025.100360","DOIUrl":"10.1016/j.bcra.2025.100360","url":null,"abstract":"<div><div>This systematic review examines the risk of impermanent loss (IL) in automated market makers within the decentralized finance (DeFi) ecosystem, employing the preferred reporting items for systematic reviews and meta-analyses for searching (PRISMA-S) methodology. Our comprehensive search across the Web of Science (WoS) and Scopus databases identified 38 relevant studies published between January 2020 and September 2024. The review reveals a predominant focus on constant product market makers, which comprise 56.4% of all mentions, underscoring their central role in DeFi markets. There are nine underlying causes affecting IL risk, and the most important ones are price volatility, asset imbalance, and risk/return management. According to our categorization, the most commonly used mitigation strategies are investment strategies, decentralized tools and technologies, and design and management of liquidity pools, hedging strategies and context strategies. IL risk research is calculated equally theoretically and empirically (nine references for each), and there are six research papers that calculate in a mixed way. Only 13 research papers employ market data in their reviews, and three of all papers measure IL risk quantitatively. We seek to focus our studies on a more detailed treatment of the risk of IL that will result in improvements to liquidity providers in DeFi.</div></div>","PeriodicalId":53141,"journal":{"name":"Blockchain-Research and Applications","volume":"7 4","pages":"Article 100360"},"PeriodicalIF":6.5,"publicationDate":"2026-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148854174","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"计算机科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The interest in blockchain for Industry 4.0 applications and the integration of the Industrial Internet of Things (IIoT) has grown considerably. This is due to the unique characteristics of blockchain, including the immutability of the distributed ledger, transparency, traceability of transactions, and security based on cryptographic techniques that certify the integrity of the data. So, the integration of blockchain can enhance data integrity, transparency, and security while eliminating trusted third parties. However, these characteristics make blockchains difficult to scale and typically involve high costs for a large number of transactions. It makes it difficult to manage large amounts of data, which are generally produced in IIoT environments. Some recent results have demonstrated how the use of private blockchains can improve the issues of scalability and transaction costs. This paper addresses the following research question: Can blockchain technology, in its current state, be suitable for implementing industrial monitoring applications that use IIoT devices? Our objective is to propose a blockchain-based application integrated with IIoT devices in order to control the air and water pollution produced by industrial activities. The application we propose complies with current European regulations. Finally, we perform an empirical evaluation of the solution's performance to understand its applicability in real-world scenarios.
{"title":"Consortium blockchain integrated with industrial IoT devices to perform a real-time detection of air and water pollution","authors":"Alessandro Bigiotti, Gianmarco Mazzante, Leonardo Mostarda, Alfredo Navarra, Davide Sestili","doi":"10.1016/j.bcra.2025.100353","DOIUrl":"10.1016/j.bcra.2025.100353","url":null,"abstract":"<div><div>The interest in blockchain for Industry 4.0 applications and the integration of the Industrial Internet of Things (IIoT) has grown considerably. This is due to the unique characteristics of blockchain, including the immutability of the distributed ledger, transparency, traceability of transactions, and security based on cryptographic techniques that certify the integrity of the data. So, the integration of blockchain can enhance data integrity, transparency, and security while eliminating trusted third parties. However, these characteristics make blockchains difficult to scale and typically involve high costs for a large number of transactions. It makes it difficult to manage large amounts of data, which are generally produced in IIoT environments. Some recent results have demonstrated how the use of private blockchains can improve the issues of scalability and transaction costs. This paper addresses the following research question: Can blockchain technology, in its current state, be suitable for implementing industrial monitoring applications that use IIoT devices? Our objective is to propose a blockchain-based application integrated with IIoT devices in order to control the air and water pollution produced by industrial activities. The application we propose complies with current European regulations. Finally, we perform an empirical evaluation of the solution's performance to understand its applicability in real-world scenarios.</div></div>","PeriodicalId":53141,"journal":{"name":"Blockchain-Research and Applications","volume":"7 4","pages":"Article 100353"},"PeriodicalIF":6.5,"publicationDate":"2026-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148636830","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"计算机科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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