## 2 Related Works and Background  
The genesis of blockchain technology can be traced back to 2008, when [PERSON] introduced a distributed ledger system that became the foundation for Bitcoin. This revolutionary system championed the principles of decentralisation, transparency, and integrity. Each transaction within this system is validated using digital signatures, ensuring legitimacy and trust [11; 21]. To illustrate the unique nature of blockchain, we can contrast it with conventional digital sharing methods. For instance, when a Microsoft Word document is shared online using Office 365, it is distributed to all users simultaneously, allowing real-time modifications. However, blockchain technology operates on a fundamentally different principle. It functions as a decentralised and distributed ledger where, once data are stored in the blockchain network, they become immutable, preventing any unauthorised alterations and thereby ensuring the integrity of the information. The process of adding a transaction to the blockchain involves several steps. Initially, a transaction is established and included in a block, which is then broadcast to all participating nodes on the network for verification. The nodes validate the block by verifying transactions, checking cryptographic signatures, and ensuring adherence to consensus rules. Once verified, the block is added to the blockchain. The immutable and tamper-proof nature of the blockchain ensures data security and integrity, completing the transaction process [22]. Blockchain technology manifests in three primary types: permissioned blockchain (private blockchain), permissionless blockchain (public blockchain), and federated blockchain. Permissioned blockchains operate in a closed environment requiring authorisation, with a central authority controlling permission, making it suitable for organisations that need to maintain control over data access [23]. In contrast, permissionless blockchains, widely applied in digital currencies, are accessible to anyone at any time, embodying complete decentralisation and allowing for maximum transparency and participation [24]. Federatedblockchains, a hybrid approach, involve a coalition of individuals or entities having the authority to grant permissions, balancing the openness of public blockchains with the control of private ones. Examples of federated blockchains include platforms like Quorum and Corda (2018). One of the most transformative applications of blockchain technology is smart contracts. These are automated programs written in specific programming languages, such as Solidity for Ethereum or C/C++ for EOS, that codify the terms and conditions of an agreement ([PERSON], 2016; [PERSON], 2017; [PERSON], 2018). Smart contracts offer several advantages, including the elimination of intermediaries, reduction in transaction expenses, enhanced efficiency and transparency, and improved security and integrity of transactions. Currently, we are in Generation 2.0 of smart contracts, with Generation 3.0 on the horizon, promising to expand smart contract applications beyond their current scope ([PERSON], 2018). The most prominent application of blockchain technology remains in the finance sector, with Bitcoin serving as the flagship example. Bitcoin implements a proof-of-work (PoW) consensus mechanism to validate which blocks are added to the blockchain network ([PERSON], 2018). In this system, a block must solve a complex mathematical problem defined by the network to be added. Once the problem is solved, the block joins the network, and the participant who adds the block (known as a \"miner\") is rewarded with cryptocurrency. This mining process serves dual purposes: it ensures the security of the network and facilitates the processing of transactions. However, PoW has faced criticism for its high energy consumption, leading to the development of alternative consensus mechanisms like Proof of Stake (PoS) in newer blockchain implementations.