A smart contract can be defined as a computer program, stored on a blockchain, which allows a transaction or an agreement-defined ex-ante-to be self-executed when some conditions are met, and without the need for a central authority to enforce it. Even if this new technology is very promising,...

We propose a taxonomy of cybercrime on the Ethereum blockchain and examine how cybercrime impacts victims' risk-taking and returns. Our difference-in-differences analysis of a sample of victims and matched non-victims suggests that victims increase their long-term total risk-taking and earn...

Financial services built on blockchains are often called decentralized finance (DeFi) protocols. Blockchain banks are important players in the DeFi ecosystem and can pose systemic risks just like their traditional counterparts. In this paper, we develop a systemic risk measure based on the...

In the modern era like today where technological developments are becoming more rapid, many people have used technology in their daily activities. Etymologically, technology comes from the word technologia (Greek), "techno", which means expertise and "logia", which means knowledge. While in...

The core premise of permissionless blockchains is their reliable and secure operation without the need to trust any individual agent. At the heart of blockchain consensus mechanisms is an explicit cost (whether work or stake) for participation in the network and the opportunity to add blocks to...

Many new blockchain applications (e.g., layer-2 scaling solutions, proof-of-stake layer-1 chains, and cross-chain bridges, etc.) adopt an “optimistic” design, that is, the system proceeds as if all participants are well-behaving, presumably sustained by some “stake-and-slash” mechanisms....

In this chapter, we investigate and review how sustainable development can be facilitated and accelerated by blockchain technology through the adoption of renewable and clean energy and reduction of greenhouse gas emissions. We first review the fundamentals and unique features of blockchain...