https://www.um.edu.mt/library/oar/handle/123456789/71054 2026-04-16T06:30:06Z 2026-04-16T06:30:06Z https://www.um.edu.mt/library/oar/handle/123456789/132494 2025-02-25T09:15:46Z 2025-01-01T00:00:00Z

Title: A conceptual design and costing of a blockchain-based system for fuel purchasing in the airline industry Abstract: The use of Blockchain has been on the rise in the last few years and is expected to continue to increase. Traditionally the aviation industry lags in the adoption of new technologies. In the case of Blockchain, airlines have been hesitant to adopt this technology due to the high costs involved. This study develops the concept and investigates the cost of a Blockchain-based system that would be used to aid in the purchasing and verification of fuel for commercial airlines around the world. The creation and use of such a system aims to improve the purchasing experience, increase transparency and efficiency, and minimize the risks associated with fuel purchasing. In the current system, as can be seen from the research below, airlines pay more than the fuel market price as they adopt hedging strategies. This offers them protection from fuel price movements, allowing them to plan. The known cost of the flight allows them to set the minimum cost for the flight tickets. Their ability to hedge fuel at the right price is reflected in the customer ticket price and may play a significant role in their competitiveness. However, this system of fuel hedging offers its challenges and downsides too. In the study, the fuel costs from four (4) airlines are investigated, in order to establish the impact of fuel hedging costs when compared to fuel purchasing using the market price. This thesis then proposes an alternative Blockchain-based system that gives the airlines freedom to purchase fuel tokens which then can be exchanged for a certain amount of fuel. This digitizes the process and therefore makes it more efficient. The thesis presents a full cost analysis of such a system and the outcome shows that having a Blockchain-based fuel purchasing system, will reap benefits going forward due to less friction within the whole system and more automation resulting in fewer costs, even though there are higher costs to be paid in the beginning. Description: M.Sc.(Melit.)

2025-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/132493 2025-02-25T09:09:53Z 2024-01-01T00:00:00Z

Title: Optimizing portfolio diversification in the cryptocurrency era : a study of American and European markets Abstract: Cryptocurrencies are gaining traction among investors, but their integration into traditional portfolios remains underexplored, especially across different geographic markets. Classical portfolio optimisation models make rigid assumptions about return distributions, market efficiency and investor rationality. This dissertation conducts a comparative analysis between American and European stock portfolios to examine if cryptocurrencies can improve returns and diversification. The study utilises naive diversification and Markowitz's modern portfolio theory to analyse the S&P 500 and the Euro Stoxx 50 indexes’ largest holdings with the top 5 cryptocurrencies by market capitalisation. The empirical findings reveal noticeable differences in how US and European markets respond to cryptocurrencies. Metrics like returns, volatility and Sharpe ratios substantially improve for European markets including cryptocurrencies, although aggressive optimisation overweights cryptocurrencies, increasing concentration risks. American markets demonstrate more conservative improvements, reflecting the inherent quality within US equities providing a strong foundation. Individual US tech stocks generate the highest standalone returns, although Bitcoin and Ethereum offer unrealized growth potential. The results contradict assumptions about international convergence in asset efficiency. Regional discrepancies can inform tailored geo asset allocations policies leveraging local dynamics. As the cryptocurrency ecosystem evolves, continual reevaluation of correlations, volatility and regulations remains imperative. This dissertation provides practical insights but has limitations including restricted samples, simplified trading assumptions and dependence on stringent modern portfolio theory conditions. Further research using multifaceted perspectives is warranted as innovation disrupts concepts of risk and return in global finance. Description: M.Sc.(Melit.)

2024-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/132492 2025-02-25T09:08:50Z 2024-01-01T00:00:00Z

Title: Ensuring fairness and integrity in the crypto asset market : exploring MiCA’s approach to market abuse Abstract: This thesis examines the adequacy of the Markets in Crypto Assets (MiCA) regulation in countering market abuse within the crypto asset sector, amidst its rapid growth and the unique challenges it presents. It scrutinizes the extent to which MiCA's market abuse provisions can effectively safeguard market integrity and investor confidence against the backdrop of decentralized technologies, high volatility, and emerging forms of market manipulation unique to the crypto world. Through a detailed analysis of MiCA's regulatory framework, the study aims to assess whether MiCA strikes an appropriate balance between fostering innovation and ensuring market fairness and transparency. The research methodology employs a black-letter approach, analyzing legal texts and existing literature to evaluate the regulation's potential impact on preventing market abuse in the crypto space. The thesis also explores traditional and novel forms of market manipulation, such as wash trading, pump and dump schemes, and the implications of decentralized trading platforms on regulatory oversight. It concludes with a reflection on the effectiveness of MiCA's provisions and proposes areas for future research, particularly in adapting regulatory mechanisms to keep pace with technological advancements and emerging market abuse tactics in the digital asset landscape. Description: M.Sc.(Melit.)

2024-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/132491 2025-02-25T09:05:42Z 2024-01-01T00:00:00Z

Title: The application of distributed ledger technology in online poker operations Abstract: Distributed Ledger Technology has brought about a change in the way we can transact. The technology provides us with dynamic benefits since it is a powerful encrypted ledger system that has the ability to be applied to any type of transaction. Poker is a card game that originated in the 1820s in the United States. With the establishment of the World Series of Poker in the 1970s, the game gained popularity. It became popular due to the efforts of professional and fortunate players. Online poker is a variation of the poker game that is played over the Internet. It contributed to a massive growth in the number of poker players worldwide. Numerous countries have legalised and regulated online poker. Typically, online poker clubs function via their own piece of software. The research project will focus on how to use distributed ledger technology in online poker operations and an analysis of how this can be implemented as applied by the regulations established by the authorities in Malta. Description: M.Sc.(Melit.)

2024-01-01T00:00:00Z