Deep research
This section houses our peer-reviewed research papers, methodological frameworks, and empirical analyses that underpin our work. Each publication has undergone rigorous scientific scrutiny and represents original contributions to the field. Our research spans theoretical foundations, quantitative methodologies, and applied case studies, offering both academic insights and practical implications for practitioners and policymakers.
This article examines the issue of disintermediation through the example of real estate investing with tokens. The aim is to determine whether, and to what extent, intermediaries can be removed in blockchain-based property investments. The analysis is based on secondary data from fields such as token economics, management, legal science, and sociology. An analytical and deductive approach was used, drawing on interdisciplinary literature reviews and data from selected company websites involved in real estate tokenisation.
It was found that the idea of fully removing the intermediation of public and private institutions (agencies, notaries, courts) in real estate tokenisation remains a proposal. The extent of disintermediation varies and depends on numerous factors: legal, organisational, political, and technological. Simultaneously, reintermediation and the evolution of the roles of transaction intermediaries are observed. Intermediary functions are still carried out traditionally (by notaries, land and mortgage register courts, and law firms), as well as by new entities such as tokenisation platforms, issuers, and token operators. The system is supported by a new ecosystem of digital intermediaries who ensure the security, legal compliance, and functionality of investments.
The phenomenon is still in its early stages; many issues require further investigation, and the practical outcomes of tokenisation for various specific properties remain unclear. The work does not include detailed case studies or analyses of token trading on exchanges.
More: https://press.wz.uw.edu.pl/cgi/viewcontent.cgi?article=1445&context=sim
Disintermediation from the Perspective of Real Estate Token Economics
This research establishes that the use of emerging decentralised public blockchain networks results in a shift in the approach to trust in transactions, with the following factors shaping trust in blockchain transactions identified and analysed: (a) technological, (b) economic, (c) political, (d) legal, and (e) socio-psychological. It was determined that the sources of trust in blockchain transactions have transformed, with new elements emerging: trust in technology, social trust, self-trust, and trust in ‘hidden’ intermediaries. These non-technological factors, analysed in more detail, can be both catalysts for trust in blockchain transactions, as well as barriers.
The final conclusions include a catalogue of political, legal and social actions that should be taken to increase trust in decentralised blockchaintransactions.
More: https://www.e-mentor.edu.pl/_magazine/_pdf/110/73-86_Bonca_Ementor_3_110_2025.pdf
Will Tokenisation of the Economy Change the Foundations of Trust in Transactions
A regulatory sandbox is a legal institution that enables business entities to operate in a safe laboratory legal environment to experiment with innovative technologies, products, services or approaches for a specified period of time in a designated part of a sector or area under regulatory supervision.
This papers looks at the problem of sandboxes from two perspectives: that of an economist and that of a legal theorist. The authors aim to analyse the overt and covert functions that sandboxes (are to?) actually serve in a pluralistic regulatory system and in the economy. They seek answers to the question of whether regulatory sandboxes are a viable opportunity to support economic innovation and a chance for better quality regulation in the age of the Fourth Industrial Revolution.
Regulatory Sandboxes – Two Perspectives
The research focuses on on-chain governance on blockchains and the problems arising from this technology and its unique mode of operation. A case study approach was applied. An example of an analytical generalization is the decentralized protocol running on the Ethereum blockchain – the cryptocurrency mixer Tornado Cash. The analysis covers the years 2019–2025. Ten key events during this period are presented, highlighting significant facts that unveiled subsequent layers of complex chain governance issues.
The concept of managing a blockchain community without central governance, building trust through technology, emerging in both doctrine and practice, is ambiguously assessed by government authorities. It is also uncertain whether developers will be held liable for criminal activities of third parties on the platform, as the decisive factor in this matter is demonstrating the developers’ direct or potential intent and establishing whether they had a financial interest in illegal transactions. Further, it remains unclear whether this method of governance, due to the community’s ability to vote on protocol changes using tokens, is classified by authorities as decentralized. These answers remain tentative, though the regulatory landscape is crystallizing rapidly.
The adoption of Markets in Crypto-Assets Regulation (MiCA) in the European Union, the enforcement action brought by the U.S. Commodity Futures Trading Commission (CFTC) against Ooki DAO (2022), and the emerging doctrine of the U.S. Securities and Exchange Commission (SEC) that token concentration among founders may negate claims of decentralization all indicate that legal systems are moving beyond preliminary responses.
More: https://czasopisma.kul.pl/index.php/ppe/article/view/19293/17553
On-Chain Governance and Economic Sanctions Against Privacy-Preserving Software Code: The Tornado Cash Case
The financial sector is undergoing a qualitative change, moving away from management and work systems based on rigid rules towards advanced machine and deep learning models. The aim of this text is to analyse the significant advantages and threats posed by generative and agent-based AI. It will also test the hypothesis that a paradigm shift in thinking about economic security, as well as risk management and mitigation practices, is needed due to the rapid development of AI-based tools.
The significant advantages and threats posed by generative and agent-based AI are analysed. Examples include selected automated tools used in the financial sector and simultaneously exploited by criminals. These are dual-use tools. The author analyses threats to financial security and considers the limited capacity to mitigate the adverse effects of AI's increasing dominance.
More: Państwo, prawo i gospodarka w epoce transformacji technologicznej.
The dual nature of generative AI and agentic AI tools in the financial sector
The research raises several key questions: Can the economic influence of blockchain networks surpass the age-old tradition of state control over real estate transactions, rendering such control obsolete, or will legal oversight of real estate persist?
Alternatively, might we witness a hybridization of economic structures, where traditional real estate purchasing rules are enhanced with new network-based practices (such as blockchain and smart contracts)? Consequently, might traditional real estate institutions (like land and mortgage registers, notarial deeds) and new digital systems simply redistribute their roles in a novel manner?
In examining this issue, the author draws on token economics and sources from economic and legal history. To identify the values significant in real estate trading from ancient times to the present, he uses examples from economic history and compares them with blockchain and tokens. He suggests that it remains uncertain whether real estate tokenization will be a fleeting trend or dominate the market.
More: http://e-transformations.com/archiwum_transformacje/2024/12/20241230140113994.pdf
From Kudurru to Token. The Real Estate Market's Path to Tokenization
Regulatory sandboxes are assessed to uncover implementation issues of economic innovations, particularly blockchain, and their relevance to economics and management beyond legal perspectives. This analysis focuses on innovation projects from the Best Practice Report (I cohort) of the European Blockchain Regulatory Sandbox (2023/2024). It employs qualitative analysis using secondary data, including company websites and desk research.
The evaluation of 20 projects from cohort I indicates that monitoring blockchain innovations in regulatory sandboxes is crucial for economists and management specialists, not just legal experts. Key challenges identified include difficulties in fostering collaboration between public and private entities during project phases, communication barriers and trust issues due to diverse stakeholder teams, resistance to changes in innovation management practices among stakeholders, high implementation costs hindering progress, and challenges at the intersection of cyberspace and reality.
The analysis of the European Blockchain Regulatory Sandbox's initial findings provides valuable insights for future research on distributed ledger technology in business. Given the recent establishment of regulatory sandboxes globally, there is a need for comprehensive studies on their functions. Blockchain represents one of the most significant innovations of the 21st century, necessitating ongoing analysis.
More: https://czasopismanaukowe.mazowiecka.edu.pl/index.php/ne/article/view/581/1039