Abstract Distributed Ledger Technology (DLT) faces increasing environmental scrutiny, particularly concerning the energy consumption of the Proof of Work (PoW) consensus mechanism and broader Environmental, Social, and Governance (ESG) issues. However, existing systematic literature reviews of DLT rely on limited analyses of citations, abstracts, and keywords, failing to fully capture the fieldâs complexity and ESG concerns. We address these challenges by analyzing the full text of 24,539 publications using Natural Language Processing (NLP) with our manually labeled Named Entity Recognition (NER) data set of 39,427 entities for DLT. This methodology identified 505 key publications at the DLT/ESG intersection, enabling comprehensive domain analysis. Our combined NLP and temporal graph analysis reveals critical trends in DLT evolution and ESG impacts, including cryptography and peer-to-peer networks researchâs foundational influence, Bitcoinâs persistent impact on research and environmental concerns (a âLindy effectâ), Ethereumâs catalytic role on Proof of Stake (PoS) and smart contract adoption, and the industryâs progressive shift toward energy-efficient consensus mechanisms. Our contributions include the first DLT-specific NER data set addressing the scarcity of high-quality labeled NLP data in blockchain research, a methodology integrating NLP and temporal graph analysis for large-scale interdisciplinary literature reviews, and the first NLP-driven literature review focusing on DLTâs ESG aspects.
Abstract Cryptocurrency has become a hot area of global investment. Despite the increasing regulation of cryptocurrencies, some investors are still obsessed with investing in cryptocurrencies, and the reasons behind this are worth exploring. Emerging studies from a cryptocurrency behavioural perspective demonstrate that investments in cryptocurrency are influenced by a variety of factors, but ignore the objective factor of the political environment. Based on social norms theory, this article explores the impact of group norms and policy norms on Chinese investorsâ autonomous motivation to invest in cryptocurrencies. This article adopts a questionnaire and investigates 727 Chinese investors. Research has found that: (1) Cryptocurrency investment is influenced by group norms and policy norms, and autonomous motivation serves as a mediator in the process. Group norms promote autonomous motivation among investors, thereby increasing cryptocurrency investment. Conversely, policy norms inhibit investorsâ autonomous motivation and reduce cryptocurrency investment. (2) Cryptocurrency knowledge plays a moderating role between social norms and autonomous motivation. The moderating effects of investorsâ subjective and objective knowledge of cryptocurrency in the model have no significant differences, showing a consistent suppressing effect on autonomous motivation. The findings suggest governments should focus on both regulations and public opinion. On the one hand, the government needs to strengthen and improve the laws and regulations related to cryptocurrencies. On the other hand, the government also needs to strengthen social supervision and exercise necessary control in the dissemination of cryptocurrency information.
Despite many efforts to increase access to financial services, 1,4 billion people still are unbanked. One significant barrier to decreasing this number is the lack of official personal documents (e.g., government-issued identification or utility bills) to comply with the necessary KYC/AML regulation. Innovative schemes can recognize one by using inputs like the personal trail generated when one uses the phone or engages in some digital activity. This paper proposes a formal language-based approach for modeling financial inclusion services and for representing in a structured way the existing KYC/AML compliance rules from different countries. Currently, those rules are written in an unstructured format using natural language and spread in regulatory documents from these jurisdictions. Our proposed language is a core building block of a computational trust and risk engine model, also discussed in this paper. Our approach supports the use of traditional and innovative recognition schemes, helping to overcome the barrier for those who cannot comply with conventional KYC/AML requirements. Moreover, it can also be used to power the risk calculation of computational trust and risk engines. Finally, the proposal is generic enough to be applied to both traditional and decentralized finance.
Cryptocurrency is no longer an unfamiliar concept. With the development of the digital economy, cryptocurrencies have gradually replaced some functions of traditional currencies. This research aims to measure and evaluate the impact of cryptocurrencies on financial markets by considering their effects on exchange rates, gold prices, oil prices, and stock indices. Data for the analysis were collected on a weekly basis from 1 January 2014 to 28 February 2021. The multiple linear regression model was used to examine the relationships in the research model using the statistical analysis software SPSS 22. The research results indicate that cryptocurrencies have an impact on the financial market. Specifically, the research also identified the inverse effect of currency pairs on cryptocurrencies and the interaction between different cryptocurrencies. Consequently, financial market regulators, especially the agency responsible for monitoring the volatility of cryptocurrencies, exchange rates, gold prices, oil prices, and stock indices, have a basis for devising appropriate plans. From this research, managers can implement policies that enhance financial education and communication to help individuals understand the nature of virtual assets, especially cryptocurrencies, while creating motivation towards accepting cryptocurrencies in Vietnam.
Electronic Bill (E-Bill) is a rucial negotiable instrument in the form of data messages, relying on the Electronic Bill System (EB System). Blockchain technology offers inherent data sharing capabilities, so it is increasingly being adopted by small and medium-sized enterprises (SMEs) in the supply chain to build EB systems. However, the blockchain-based E-Bill still face significant challenges: the E-Bill is difficult to split, like non-fungible tokens (NFTs), and sensitive information such as amounts always be exposed on the blockchain. Therefore, to address these issues, we propose a novel data structure called Reverse-HashTree for Re-storing transactions in blockchain. In addition, we employ a variant of the Paillier public-key cryptosystem to ensure transaction validity without decryption, thus preserving privacy. Building upon these innovations, we designed BillChain, an EB system that enhances supply chain finance by providing privacy-preserving and splitting-enabled E-Bills on the blockchain. This work offers a comprehensive and innovative solution to the challenges faced by E-Bills applied in blockchain in the context of supply chain finance.
Purpose: This research provides a comprehensive exploration of the intersection between cryptocurrencies and mobile money services, particularly in the Zambian context. The study illuminates both the potential and the challenges of integrating cryptocurrencies with mobile money services, providing a novel contribution to the existing body of knowledge. Methodology: Utilizing descriptive and inferential statistics, the study reveals a moderately strong positive correlation between cryptocurrency usage and both the volume and frequency of mobile money transactions. However, it also identifies significant barriers to adoption, including a lack of user awareness, security concerns, regulatory ambiguity, and the volatility of cryptocurrencies. Findings Through thematic, content, and comparative analysis, the study underscores the regulatory challenges, increased security risks, and the added burdens of compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations associated with the integration of cryptocurrencies. Moreover, the research identifies the potential disruption of existing mobile money systems by blockchain technology and the significant infrastructural investments and regulatory adaptation that it necessitates. Unique contribution to theory, policy and practice: The research proposes two strategies for aligning the regulatory frameworks for mobile money services and cryptocurrencies in Zambia: development of specific regulations or guidelines for cryptocurrencies that align with existing mobile money rules, and establishment of a separate regulatory framework that addresses the unique characteristics of cryptocurrencies. In highlighting the transformative potential of blockchain technology and the importance of user perspectives and regional variables in the integration process, the study offers valuable insights for researchers, policymakers, and practitioners. The research underscores the necessity for a responsive approach, continuous review, and update of regulatory frameworks, emphasizing consumer protection, market stability, and the promotion of innovation. While the research confirms the promising opportunities, cryptocurrencies offer to enhance mobile money services, it also emphasizes the need for careful consideration of potential adverse effects. Future research is encouraged to continue exploring this rapidly evolving field, broadening the geographical scope, and focusing on user education and robust security measures.
Roman-Valentyn Tkachuk, Dragos Ilie, Remi Robert, Victor R. Kebande · 5 authors
Renewable energy sources are becoming increasingly important as a substitute for fossil energy production. However, distributed renewable energy production faces several challenges regarding trading and management, such as inflexible pricing models and inaccurate green consumption information. A decentralized peer-to-peer (P2P) electricity marketplace may address these challenges. It enables prosumers to market their self-produced electricity. However, such a marketplace needs to guarantee that the transactions follow market rules and government regulations, cannot be manipulated, and are consistent with the generated electricity. One of the ways to provide these guarantees is to leverage blockchain technology. This work describes a decentralized blockchain-based P2P energy marketplace addressing privacy, trust, and governance issues. It uses a private permissioned blockchain Hyperledger Fabric (HF) and its smart contracts to perform energy trading settlements. The suggested P2P marketplace includes a particular regulator actor acting as a governmental representative overseeing marketplace operations. In this way, the suggested P2P marketplace can address the governance issues needed in electricity marketplaces. Further, the proposed marketplace ensures actorsâ data privacy by employing HFâs private data collections while preserving the integrity and auditability of all operations. We present an in-depth performance evaluation and provide insights into the security and privacy challenges emerging from such a marketplace. The results demonstrate that partial centralization by the applied regulator does not limit the P2P energy trade settlement execution. Blockchain technology allows for automated marketplace operations enabling better incentives for prosumer electricity production. Finally, the suggested marketplace preserves the userâs privacy when P2P energy trade settlements are conducted.
Is blockchain the technological blueprint of a utopian decentralized future or a dystopian centralized one? In search of an answer to this question, this article juxtaposes blockchain governance and the stateâs utilization of blockchain to govern citizens. This juxtaposition reveals that whilst being a disruptive general-purpose technology emerging from mistrust of centralized institutions, blockchain could also be the vehicle delivering centralized state surveillance and behavioral control. This juxtaposition further reveals that in contrast to the expectations of blockchain enthusiasts, statesâ approach to blockchain does not appear to be entirely antagonistic but it consists of a tripartite strategy of appropriation, regulation and rejection depending on which satisfies the state interests in a given context. As most constructs of governance via blockchain are still at an embryonic stage, it is difficult to reach definitive conclusions about what the future holds for blockchainâs impact on citizenship. Nevertheless, this article argues that it is necessary to follow blockchain-based governance critically to identify whether there will be a further divergence between the two worlds of blockchain.
The rapid and widespread adoption of decentralised autonomous organisations (DAOs) in recent times has propelled this facet of blockchain technology into the mass periphery. DAOs are built on blockchain, an open and distributed ledger that securely records cryptographically linked transactions. While the growing interest in and uptake of blockchain enabled technologies have sparked discussions about the global implications across various disciplines, the majority of the existing academic research primarily focuses on the technical aspects. With the business and technological communities driving blockchainâs rapid development, the literature on the ethics of blockchain is exceptionally deficient. Despite the relative newness of DAOs, expectations of what they can deliver range from extremely high to intensely low, and the questions around development and application bring unprecedented ethical challenges. This research aims to bridge this gap and contribute to the development of a more comprehensive ethical discourse within this rapidly evolving field.
Nuno Baptista, JoĂŁo Fragoso JanuĂĄrio, Carlos Oliveira Cruz
Real estate markets play a crucial role in the economy, providing opportunities for investment and housing. However, there are several challenges in both direct and indirect investment mechanisms affecting its social and financial sustainability. These challenges include high costs, lengthy processes, limited transparency, and restricted investor control. Additionally, the dominance of large investors in the market intensifies these issues, creating barriers to smaller investors. This raises concerns around social inequality and sustainability among small investors, that represent, in number, the largest share of investors. Blockchain technology has emerged as a possible solution to address these issues in the real estate sector, with the potential to improve its long term social and financial sustainability. Features such as smart contracts and tokenization can enhance efficiency, transparency, security, and accessibility in property transactions. In the case of smart contracts, these enable self-executing and automated agreements, and tokenization allows for fractional ownership and increased liquidity. To assess the knowledge and perceptions of professionals in the real estate sector and evaluate the possible impact of the technology in the market, a survey-based methodology was followed. It targeted individuals actively involved in the industry, including professionals from real estate investment companies and real estate agencies. The data revealed that most professionals in the Portuguese real estate market have little to no knowledge about blockchain technology. Yet, those who possess knowledge recognize the potential benefits it can bring to the industry. This lack of awareness can be attributed to the relatively recent emergence of blockchain and its limited discussion within the real estate sector.
Large Language Models (LLMs) could be a useful tool for lawyers. However, empirical research on their effectiveness in conducting legal tasks is scant. We study securities cases involving cryptocurrencies as one of numerous contexts where AI could support the legal process, studying GPT-3.5's legal reasoning and ChatGPT's legal drafting capabilities. We examine whether a) GPT-3.5 can accurately determine which laws are potentially being violated from a fact pattern, and b) whether there is a difference in juror decision-making based on complaints written by a lawyer compared to ChatGPT. We feed fact patterns from real-life cases to GPT-3.5 and evaluate its ability to determine correct potential violations from the scenario and exclude spurious violations. Second, we had mock jurors assess complaints written by ChatGPT and lawyers. GPT-3.5's legal reasoning skills proved weak, though we expect improvement in future models, particularly given the violations it suggested tended to be correct (it merely missed additional, correct violations). ChatGPT performed better at legal drafting, and jurors' decisions were not statistically significantly associated with the author of the document upon which they based their decisions. Because GPT-3.5 cannot satisfactorily conduct legal reasoning tasks, it would be unlikely to be able to help lawyers in a meaningful way at this stage. However, ChatGPT's drafting skills (though, perhaps, still inferior to lawyers) could assist lawyers in providing legal services. Our research is the first to systematically study an LLM's legal drafting and reasoning capabilities in litigation, as well as in securities law and cryptocurrency-related misconduct.
Abstract Security token offerings (STOs) are a new means for ventures to raise funding, where digital tokens are issued as regulated investment products on the blockchain. We study market outcomes in the primary and secondary markets for security tokens and examine the associated determinants in the context of signaling theory. We analyze success determinants of 138 STOs and find that a pre-sale and the announcement of token transferability are positively related to the funding success and serve as positive quality signals for investors to overcome information asymmetries. We examine 108 security tokens traded on centralized and decentralized exchanges related to the rapidly evolving area of decentralized finance. There is hardly any underpricing in the market, and it is positively associated with the crypto market sentiment as an external signal. When traded on the secondary market, security tokens generate both extremely positive and negative returns for various short-term time horizons. We disentangle the liquidity situation in the market between centralized and decentralized exchanges and find that decentralized marketplaces are less liquid and offer lower barriers to entry, indicating slow market completion.
Javier Arcenegui, Rosario Arjona, Iluminada Baturone
The rental of houses is a common economic activity. However, there are many inconveniences that arise when renting a property. The lack of trust between the landlord and the tenant due to fraud or squatters makes it necessary to involve third parties to minimize risk. A blockchain (such as Ethereum) provides an ideal solution to act as a low-cost intermediary. This paper proposes the use of non-fungible tokens (NFTs) based on ERC-4519 for smart home tokenization. The ERC-4519 is an Ethereum standard for describing NFTs tied to physical assets, allowing smart homes (assets) to be linked to NFTs so that the smart homes can interact with the blockchain and perform transactions, know their landlord (owner) and assigned tenant (user), whether they are authenticated or not, and know their operating mode (NFT state). The payments associated with the rental process are made using the NFT, eliminating the need for additional fungible tokens and simplifying the process. The entire rental process is described and illustrated with a proof of concept using a Pycom Wipy 3.0 as a smart home gateway and a smart contract programmed in Solidity, which is deployed on the Goerli Testnet for Ethereum. Experimental results show that the smart home gateway takes a few tens of milliseconds to complete a transaction, and the transaction costs of the relevant functions of the smart contract are quite affordable.
Purpose The study aims to shed light on the concepts most addressed in scientific research, which blockchain topics are of most interest, how relevant are these tools for academia, and how relevant are they? Design/methodology/approach The authors have developed a bibliometric study of scientific publications on blockchain made since 2016. For the analysis, the VOSViewer software version 1.6.19 has been used, which allows a statistical analysis of scientific publications on the subject. Findings The study manifest the relevance of Initial Coin Offering, growth of research interest in this field and the relevance of blockchain technology in the development of entrepreneurial projects. Originality/value This study provides a complete and updated picture of the scientific research on blockchain for the subsequent transfer of knowledge to the business world.
Erya Jiang, Bo Qin, Qing K. Wang, Zhipeng Wang · 10 authors
Decentralized Finance (DeFi) is a new paradigm in the creation, distribution, and utilization of financial services via the integration of blockchain technology. Our research conducts a comprehensive introduction and meticulous classification of various DeFi applications. Beyond that, we thoroughly analyze these risks from both technical and economic perspectives, spanning multiple layers. We point out research gaps and revenues, covering technical advancements, innovative economics, and sociology and ecology optimization.
Abstract Online presence is becoming an important part of everyday's life and online communities may represent a significant source of engagement for the elderlies. Nevertheless, many may struggle to be online due to a lack of expertise, and a decentralised architecture may provide a solution by removing intermediaries, such as a webmaster, while not requiring expensive cloud solutions. However, issues concerning accessibility, security, and user experience have to be tackled. The paper focuses mainly on three issues: providing a humanâreadable domain, moderating content, and creating a reward system based on user reputation. An architecture is proposed based on Ethereum and Swarm. Smart contracts provide an automated set of rules to handle enterprise registration, content creation, and decisionâmaking process, while Swarm serves both as distributed storage and the web host. Besides, in combination with Ethereum Name Service, Swarm provides a secure, distributed, and humanâreadable point of access to the web interface. The paper also describes an innovative twoâtoken system where one token is meant to be a trustworthy reputation metre and the other is a spendable coin to get rewards. The final result is a fully decentralised, authenticated and moderated platform where users can aggregate and share their content presentations on the Internet.
Purpose This paper aims to examine the role of Blockchain in the accounting and auditing literature and profession. Specifically, the paper investigates auditors' perceptions about the role of blockchain in accounting and auditing and the perceived potential benefits and challenges of blockchain-based accounting systems in Egypt. Moreover, what are the capabilities required for successfully implementing blockchain-based accounting systems? Design/methodology/approach A mixed-method approach was adopted to achieve the research objectives. The qualitative study included 11 in-depth interviews with external auditors, and the results of the interviews and the literature review helped develop a survey collected from 58 auditors. Findings The findings revealed low-to-moderate awareness of Blockchain-based accounting systems. Also, there were significant differences between auditors from large audit firms and small-and-medium audit firms regarding the benefits and challenges associated with Blockchain-based accounting systems. Practical implications The results provide valuable insights for practitioners, researchers and policymakers. Originality/value Understanding blockchain-based accounting systems and the benefits and challenges associated with their application is crucial for developing effective strategies and frameworks to overcome barriers and realize the transformative potential of blockchain in the accounting and audit market.
This study aims to analyze the impact of competence, information technology, risk perception, and financial literacy on interest in investing in cryptocurrency. The method used is quantitative, with data collected from 98 respondents through simple random sampling. The focus of this research is to reveal the relationship between factors that influence the interest of individuals who invest in cryptocurrencies. The results show that competency, information technology, risk perception, and financial literacy simultaneously or partially have a positive and significant effect on interest in cryptocurrency investment. These results suggest that the higher the competence of individuals in the field of financial knowledge and understanding of information technology, the greater their interest in investing in cryptocurrencies. In addition, the perception of low risk and high levels of financial literacy also contribute to increased interest in investing in cryptocurrencies. This research makes an important contribution in understanding the factors that influence the interest of individuals interested in cryptocurrencies. In the era of the rapidly developing digital economy, a deeper understanding of the impact of competency, information technology, risk perception and financial literacy has the potential to assist decision makers in developing more effective investment strategies and reducing risks. These findings also provide deeper insight into the dynamics of the cryptocurrency market and the consequences of growing investment in this sector. This research has actual relevance in the context of cryptocurrency investment, where the influence of factors such as competence, information technology, risk perception, and financial literacy on interest in investing is still not fully revealed. Through the help of the significant relationship between these factors and investment intentions, this research provides valuable insights for practitioners, academics, and decision makers to better understand and manage cryptocurrency investments more effectively. Thus, this research also makes an important contribution in developing knowledge and managing cryptocurrency investments in this increasingly digital era.
Mayank Raikwar, Nikita Polyanskii, Sebastian MĂŒller
This paper investigates the issue of fairness in Distributed Ledger Technology (DLT), specifically focusing on the shortcomings observed in current blockchain systems due to Miner Extractable Value (MEV) phenomena and systemic centralization. We explore the potential of Directed Acyclic Graphs (DAGs) as a solution to address or mitigate these fairness concerns. Our objective is to gain a comprehensive understanding of fairness in DAG-based DLTs by examining its different aspects and measurement metrics. We aim to establish a shared knowledge base that facilitates accurate fairness assessment and allows for an evaluation of whether DAG-based DLTs offer a more equitable design. We describe the various dimensions of fairness and conduct a comparative analysis to examine how they relate to different components of DLTs. This analysis serves as a catalyst for further research, encouraging the development of cryptographic systems that promote fairness.
The technology of Blockchain may open up new potential for innovation and distinction. It can enable the software sector to develop more safe and transparent systems that can function in an environment without trust. The adoption rate still needs to be higher despite the potential advantages; the relatively low adoption rate may be attributable to issues such as a lack of awareness, the difficulty of adoption, and ambiguity surrounding legal and regulatory frameworks. Considering technical, organizational, and environmental aspects, this study aims to determine the primary factors impacting the readiness of software firms to adopt Blockchain technology. The research on adopting Blockchain technology in the Malaysian software sector is limited. Using a quantitative method, the researchers used structural equation modeling to analyze 251 survey responses from the Malaysian software sector. In light of the findings, eight hypotheses were considered significant, and one hypothesis was rejected. At the same time, the R2 indicated that all these variables explained 71% of the dependent variableâs variance, which is considered substantial. Overall, it makes it easier for firms in the software sector to use Blockchain technology, which would increase the overall competitiveness of Malaysiaâs software sector in the international market.
Social sciences are investigating the societal implications of using blockchains for social collaborative economies and participatory practices. This article contributes by advancing an original approach to blockchain-based applications defined as Civic Blockchain. It is implemented with a wallet app currently experimented upon in local communities. Our approach is informed by an analysis of the critical literature on ethical and design dilemmas concerning blockchain for social impact. The conceptual framework revolves around three principles (Internet of Values 2.0, disintermediation of services, and local adaptation), that are reflected in our technical choices. The approach makes blockchains accessible to local community members, leveraging some of their core affordances and advancing new interpretations with a focus on technical and economic accessibility. Blockchain technology can support new socio-economic practices on a local level when intentional actions are undertaken by developers and users to address the societal challenges.
A web3 crowdfunding dapp is a decentralized application built on blockchain technology that allows individuals or groups to raise funds for a project or venture.Unlike traditional crowdfunding platforms, web3 crowdfunding dapps operate on a decentralized network, where transactions are verified and recorded through a consensus mechanism, ensuring transparency and security.Web3 crowdfunding dapps leverage the power of smart contracts, which are selfexecuting programs that enforce the rules and conditions of the crowdfunding campaign.Smart contracts eliminate the need for intermediaries, reducing costs and increasing efficiency.Participants in a web3 crowdfunding campaign can contribute to the project using cryptocurrencies or tokens, and receive rewards or tokens in return.These rewards can be customized based on the level of contribution, creating a more personalized and engaging experience for participants.Overall, web3 crowdfunding dapps offer a more democratic and accessible way for individuals and groups to raise funds, while also providing greater transparency, security, and efficiency.