Payments are increasingly initiated not by humans but by autonomous software agents. This ranges from API services monetizing access per request to machine-operated workflows requiring programmable, real-time settlement. In parallel, public and permissioned blockchains have matured into internet-native settlement layers where digital value, especially stablecoins, can be transferred almost instantly and without intermediaries. Recent developments such as x402, an HTTP-native payment protocol embedding transactions directly into web request/response flows, and Cloudflare's announced NET Dollar infrastructure signal that agentic payments are moving from niche experimentation toward systemic relevance. Yet no single shared standard has emerged: implementations range from direct stablecoin transfers and bespoke billing flows to wallet-layer primitives like account abstraction and paymasters.

This thesis is situated at the intersection of digital finance research and protocol engineering at the IWI-HSG. You will engage with one of the most dynamic segments of the blockchain space, analyzing how on-chain payment architectures can serve as programmable settlement rails for the emerging machine economy. This is a question with direct implications for API monetization, AI-driven service orchestration, and the future of digital commerce.

The goal of this thesis is to develop a structured evaluation framework for agentic payment approaches on blockchains and to apply it to selected protocol designs, including x402, while positioning traditional payment rails (card networks, wire transfers, SWIFT) as a high-level reference. Through a systematic review of academic and practitioner literature, the thesis will examine existing payment flows, protocol architectures, and key adoption factors such as incentive design, latency, identity and permissioning, reputation mechanisms, and cross-chain interoperability. To ground the analysis empirically, the thesis may include a limited showcase implementation or simulation of an agentic payment flow, illustrating protocol behavior under realistic assumptions and generating evidence-based insights for both research and industry practice.

• A strong interest in financial technologies, digital currencies, or blockchain infrastructure. 

• Ideally, prior exposure to cryptocurrency markets or blockchain analytics tools. 

• Strong analytical and quantitative reasoning skills. 

• Familiarity with data collection and visualization tools (e.g., Python, R, Power BI) is beneficial. 

• Ability to work independently and synthesize complex information. 

• Proficiency in English (written and spoken); German skills are a plus but not mandatory. 

• The opportunity to contribute to a timely and high-impact research area with real-world relevance. 

• The chance to engage with one of the most dynamic segments of the digital finance space. 

• In-depth academic supervision, including guidance on quantitative methods and literature integration. 

• The possibility to collaborate with blockchain observatories or analytics providers (optional). 

• Flexible start date; the thesis is expected to be completed within ±6 months. 

• Potential for your findings to be published or presented in academic or industry settings. 

If you are ready to take on this challenging and rewarding project, please apply with: 

• Your CV. 

• Academic transcripts. 

• A proposed timeline for the thesis. 

• A motivation letter (max. 500 words), outlining your interest in blockchain technologies and empirical research.

Contact: Prof. Dr. Ingrid Bauer-Hänsel (ingrid.bauer-haensel@unisg.ch), Assistant Professor for IT Management at the IWI-HSG.