Carlos Heras Bernardino, Carlos J. Costa, Manuela Aparício
Blockchain is a relatively new technology supported by a decentralized database that received special attention at the research level in the last years due to its fundamental characteristics. Numerous researchers have applied blockchain studies in many fields, but the scope is very large and there is no delimitation of new and emergent trends. The method used to better understand the evolution and impact of blockchain technology was a bibliometric analysis. A search was conducted at digital Elsevier’s database with a single keyword blockchain, and 23383 articles were collected. The study uses cluster analysis method, allowing to construct and visualize bibliometric networks and to build co-occurrences networks. The results indicate that there are positive correlations between countries, that China and the United States are part of the most influential cluster. Indicates also emerging developments in the areas of governance, industry, decision-making processes, management, internet of things, information security, and a new hot topic, energy.
The current COVID-19 pandemic has led to the acceleration of the digitization process and to a shifting to Industry 4.0. Blockchain (BC) is one of the technologies that has been introduced worldwide in recent years. It has been beneficial for the tourism industry, in addition to many other sectors. This article investigates the advantages and disadvantages of BC adoption in the tourism industry, as well as the possible solutions to overcome the challenges. This paper conducts a systematic literature review (SLR) that consists of the operations for detecting, selecting, categorizing, and analyzing relevant articles on a specified subject. It is evident from the results that the majority of the academic works illustrate the benefits of BC implementation and explain its potential by providing diverse models of BC-based systems. However, since BC is a young technology, numerous challenges have appeared on the path to its full adoption in the tourism industry. Possible solutions are the achievement of a collaborative approach among the stakeholders, the deepening of academic research in the field, testing more models of BC-based systems, and the establishment of relevant policies. Consequently, the implications for the theory, practice, policy, and research of this work are significant.
A shift of paradigm is running over online social platforms: the over-centralization of these platforms is leaving room for decentralized solutions based on blockchain technologies, such as blockchain-based online social networks-BOSNs. Among the many unknown aspects of these techno-social systems, the objective of this study is to propose an analytical framework to assess the impact of the cryptocurrencies linked to a BOSN platform on the evolution of its social network and on the behavior of their users, in terms of production of content and/or its promotion through a voting and rewarding system. The framework has been applied to Steemit, one of the most widespread BOSNs, from which we collected three-year-long high-resolution data on its evolution along with the price of its main cryptocurrencies. On users' activities extracted from these longitudinal data, we applied a time-series correlation analysis and a correlation analysis between the action allocation strategies and the obtained rewards, in the case of most central accounts. The analysis has highlighted pieces of evidence of the influence of the cryptocurrency price on users' actions, particularly on actions that shape the structure of the social networks. Second, we also found highly rewarded users prefer actions related to the promotion of content rather than the creation of high-quality content, exploiting the reward distribution mechanisms implemented by the platform. These findings highlight that the shift of paradigm towards blockchain and cryptocurrency technologies might strengthen the influence of financial and economic factors rather than relational/social aspects on the evolution of these new complex techno-social systems.
This paper examines the respondent's purchase intentions appropriate to the advertising variables. It therefore sum ups the consequences and impacts related to respondent's choice of advertising variables and purchase intentions of cryptocurrency. The unexplored market potential of cryptocurrency might be due to ineffective use of advertising to facilitate purchase intention. Interestingly, scanty empirical investigation could be found on the topic of advertising and purchasing intentions of cryptocurrency among developing economies of the world. Accordingly, the need for the research presented here is evident. The main purpose of the study is investigating the effects of advertising on purchase intention of cryptocurrency among young adult in Awka, Nigeria. This necessitated conducting a research for the evaluation of current advertising practices to check their effect on consumer purchase intentions. Data were collected from the sample of 138 individuals selected randomly. Presented questionnaire was used to collect data. Data analysis and interpretations was done through regression model and descriptive statistics. To check the impact of advertising, the advertising related variables were used which includes awareness, interest, desire, action of advertising on the dependent variable of consumer’s purchase intentions of crypto currency. The results declared most advertising related variables have significant impact on purchase intentions.
The digital transformation of core marketing activities substantially impacts relations between consumers and companies. Novel technologies are usually complex, making their underlying functionality as well as the desirable and undesirable implications hard to grasp for ordinary consumers. Cryptocurrencies are a prominent yet controversial and poorly understood example of an innovation that may transform companies’ future marketing activities. In this study, we investigate how easily consumers’ attitudes toward cryptocurrencies can be shaped by splitting a convenience sample of 100 consumers into two equal groups and exposing them to true, but biased, information about cryptocurrencies (including market forecasts), respectively, highlighting either the advantages or disadvantages of the technology. We subsequently found a significant difference in the trust, security and risk perceptions between the two groups; specifically, more positive attitudes pertaining to trust, security, risk and financial gains prevailed in the group exposed to positively-skewed information, while perceptions regarding trust, risk and the sustainability of cryptocurrencies were weaker among the group exposed to negatively-skewed information. These findings reveal some important insights into how easily consumer attitudes toward new technologies can be shaped through the presentation of lopsided information and call for further in-depth research in this important yet under-researched field.
Open access
Digital Marketing and Social Media
Consumer Behavior in Brand Consumption and Identification
This study aims to identify the application of Theory of Planned Behavior to predict people's intentions to invest in cryptocurrencies. Theory of Planned Behavior remains the most prominent theory in behavioral research to predict one’s intention or behavior. This research selected and reviewed articles related to the application of Theory of Planned Behavior. Data was collected from journals, papers, books, and websites related to the theory of planned behavior (TPB) and cryptocurrency. This study revealed that Theory of Planned Behavior is valid and reliable to measure cryptocurrency investment intention. Self-efficacy was used to as a proxy for perceived of behavioral control. This study can be used to develop responsive strategies.
The era of mobile information has arrived, and people’s lifestyles have undergone tremendous changes. Ordering takeaways through takeout apps on smartphones is one of them. However, most existing takeaway platforms charge high commissions in the middle. There are many fake reviews in restaurants, the authenticity of restaurant ratings is low, and the recommended dishes have low customer satisfaction. This paper aims to solve this problem by introducing a peer-to-peer architecture based on blockchain smart contracts. The proposed architecture leverages the automation of smart contracts to provide autonomous, commission-free food ordering and delivery services. In addition, the smart contract reward mechanism is used to collect order information and rating information, and a deep learning recommendation model is introduced to analyze the data to recommend restaurants and menus to the client accurately. To demonstrate the usability and efficiency of the proposed method, we conducted a case study using public chain-based technologies. At the same time, comprehensive evaluation experiments are carried out, and the results show the importance of the proposed food delivery system.
Cryptocurrency has revolutionized the economic system of the world. It provides a new and innovative means of exchange that has speedily invaded the financial market trends and changed the traditional cash world. However, consumers have low acceptability for blockchain-based cryptocurrency due to increasing online scams and the absence of a regulatory framework. There is also a misconception about its usage on many platforms, which has created a clear gap in the literature to address this issue. Therefore, the current study intends to investigate the effect of technology awareness on the behavioral intention of crypto users through perceived factors (usefulness, ease of use, risk). It also empirically examines the moderating role of government support on these indirect paths. The underlying framework is investigated by surveying 333 respondents from the Z generation. Results revealed that perceived factors (usefulness, ease of use, risk) mediate the relationship between technology awareness and behavioral intention. Furthermore, government support strengthens the indirect relationship of technology awareness on behavioral intention through technology acceptance determinants, such that the effect of technology awareness on behavioral intention through perceived factors (usefulness, ease of use, risk) is more assertive when government support is high. The findings will provide a new dimension to different financial bodies implementing monetary policy and highlight the need to adopt innovative digital technologies in Pakistan.
Sreejith Balasubramanian, Jaspreet Singh Sethi, Shalini Ajayan, Cody Morris Paris
Abstract This viewpoint article proposes an enabling framework that identifies the use of various blockchain technologies in tourism and their applications (digitalization, automation, disintermediation, and intelligent environment) across the different stages of travel (pre-trip, during the trip, and post-trip). As we know, the tourism sector contributes immensely to world GDP and job creation. However, the COVID-19 pandemic, even after two years since it first appeared, continues to adversely impact the tourism prospects of countries across the world due to nationwide lockdowns and travel restrictions. As the world tries to adapt to the “new normal,“ the tourism sector is forced to re-think its ways of doing business and bring about innovations to facilitate the new norms of contactless and safe transactions. Also, the sector, more than ever, need to effectively deal with its inherent challenges such as transparency and credibility of information, fraudulent practices, opportunistic behavior of intermediaries, and foreign currency risks. Blockchain technology can transform the tourism sector by offering innovative solutions that address its pressing issues. However, our current understanding of blockchain application in tourism is quite limited, with previous work being largely fragmented and narrow in terms of both scope and application. We foresee that the insights offered in this viewpoint, including the framework, will advance both theory and practice and facilitate the implementation of blockchain-enabled solutions across different travel stages.
Matteo Cristofaro, Pier Luigi Giardino, Sanjay Misra, Quốc Trung Phạm · 5 authors
Purpose This paper claims to identify the behavioral and cultural features that push to use, or not, cryptocurrencies for electronic commerce. Indeed, despite the use of cryptocurrencies for electronic commerce spreading worldwide at a fast and growing pace, there are supporters and detractors among their users. The analysis of what distinguish these two groups of users is fundamental for understanding their different intention to use cryptocurrencies for electronic commerce. Design/methodology/approach A survey has been administered to 2,532 cryptocurrencies’ users across the USA and China, collecting data on their behavioral predispositions and cultural features. Results were then analyzed through structured equation modeling. Findings Results showed that while attitude, subjective norms, perceived behavioral control and herding behavior have a positive impact on the intention to use cryptocurrencies for electronic commerce, financial literacy has no influence. Cultural dimensions amplified or reduced the discovered relationships and caused different effects: positive for the USA and negative for China when considering illegal attitude and perceived risk. Originality/value Theory of planned behavior, financial behavior and cultural factors can, all together, represent a useful framework for envisioning the behavior of users in adopting cryptocurrencies for electronic commerce purposes through a test of all its elements. To the best of the authors’ knowledge, this is the first study considering behavior and cultural variables on the intention to use cryptocurrencies for electronic commerce as well as being the largest carried out, in terms of sample, on the cryptocurrency topic.
Purpose Large attention surrounds identifying the meaningful blockchain business model on financial services, while a little focus about non-financial organizations and solutions in terms of how the blockchain business model can affect the organization and bring more value. To address the complex structure of businesses that have public goods, it is important to develop sustainable blockchain-based business models. Design/methodology/approach This study offers the first qualitative research that uses an integrated technological, environmental and organizational (TOE) framework with technology acceptance theory (TAM) to study the adoption of blockchain technology by Spanish firms. Findings The results of the paper discuss how that competitive pressure, competence, top management support and relative advantage have a positive impact on intention to adopt blockchain technology while complexity affects the intention to adopt the technology negatively. Contrary to many adoption studies, the findings show that intention to adopt negatively impacts adoption and outline the effect of blockchain on business model elements on the macroeconomic level. Originality/value The key contribution of this study lies in providing a comprehensive understanding of the environmental, technological and organizational factors that impact the intention to adopt blockchain that eventually affects adoption.
Cryptocurrencies like Bitcoin have attracted billions in investment in a short period of time. Currently, there is a move to introduce regulations for crypto trading. The purpose of the current research was to study the effect of trait reactance and messages about freedom-protecting (vs. freedom-restricting) crypto regulations on an individual's attitude toward cryptocurrency and buying intention. The following mediators were examined: (1) positive affect and (2) negative affect (i.e., anger). A total of 566 people took part in a 2 (regulation content: freedom-protecting vs. freedom-restricting) × trait reactance (continuous) between-participants design. The freedom message emphasized that regulations would support an individual investor's right to invest in crypto. The restriction message stated that crypto trading would be restricted to professional investors. Trait reactance was measured with Hong and Page's (1989) Psychological Reactance scale. Results indicated that trait reactance had a positive effect on state reactance and positive affect. The effect of trait reactance on crypto buying intention was mediated by positive affect and anger. Freedom (vs. restriction) messages were associated with an increase in positive affect and decrease in anger. Freedom messages about crypto investing generate a more positive response than messages outlining restrictions to crypto investing.
Catarina Lemos, Ricardo F. Ramos, Sérgio Moro, Pedro Miguel Oliveira
The adoption of blockchain technology by companies can change the way they interact with stakeholders, redefining communication strategies and other marketing processes. In this study, we investigated the relevance of blockchain applications for marketing management from the perspective of marketing-related professionals. Answers about blockchain technology application in the marketing arena were collected from the social platform Quora. The data were analyzed through text mining and Spearman’s correlation coefficient to assess the degree of association, inherent intensity, and the association significance between the variables payments, supply chain, loyalty programs, digital marketing, credential management, and marketing management, using Quora-specific metrics, namely, upvotes, shares, and views. The results posit blockchain technology as being an asset for marketing, with greater relevance in supply chain and internal management among marketing operations. Professionals will be able to potentially improve internal management systems and marketing campaigns, which will enhance companies’ competitive advantage.
Open access
Blockchain Technology Applications and Security
Digital Marketing and Social Media
Consumer Behavior in Brand Consumption and Identification
Dewi Prihatini, Danang Sudarso Widya Prakoso Joyo Widakdo
The study determines the relationship between demographic factors and personality traits with the performance of cryptocurrency traders. The research data is obtained from 100 cryptocurrency traders using the quota sampling method, correlational, with a quantitative approach. This study applies the Chi-square test to examine the relationship of demographic factors with performance and the Rank-Spearman test for the relationship of personality traits with performance. The results found that demographic characteristics (gender, age, length of trading) were positively associated with performance. Furthermore, personality traits (extraversion, agreeableness, conscientiousness, neuroticism, openness to experience) have negative and insignificant influences on the performance of cryptocurrency traders.
<strong>Purpose: </strong><em>The current study investigates the behavioral intention to use cryptocurrencies. The study's major goal is to prioritize the key motivations behind it mainly Investment in cryptocurrency and to learn the investors behavioral intentions.</em> <strong>Design/Methodology: </strong><em>This study examines whether different factors determine the investors towards cryptocurrency usage like Ease of use, Social Impact, Convenience, Trust, Price volatility, Individual believes, Privacy, Risk and Decision making.</em> <strong>Findings: </strong><em>This research's findings</em> <em>are intended to provide useful information on behavioral intentions of cryptocurrency users and merchants will be able to construct a viable business strategy to stay competitive.</em> <strong>Originality: </strong><em>A literature review is conducted to examine the cryptocurrency usage behavior of Investors. The goal is to review the existing cryptocurrency behavior & try classifying and provide an exhaustive analysis of the determinants influencing the cryptocurrency behavioral intention of its users. Academic references, as well as essential facts and data taken from websites, scholarly articles were used in the study.</em> <strong>Paper Type: </strong><em>Review Paper</em>
In today's world, huge amounts of information affect all aspects of our lives and play an important role in our decisions. The importance of big data in business, like other key processes in the organization, has not hidden from experts. Access to big data can play an important role in understanding audience behavior, planning advertising campaigns, deciding on a marketing mix such as changing a product and selecting its distribution channels, implementing e-marketing strategies, content production strategies, and many other micro and macro decisions. The Internet of Things as a transformative technology is one of the most important sources of big data production. The use of social networks and online platforms in marketing, allows companies to interact with consumers in a targeted manner and provide the required information as soon as possible. In addition to high volume, IoT data also has high accuracy and purity, based on performance. Despite all the positive features of IoT-based smart marketing and the presence of big data, the disclosure of private information is the main problem. Therefore, it is necessary to pay attention to methods, approaches and technologies that can help eliminate this complication. It seems that blockchain technology with features such as tracking, transparency and security enhancement, can help to eliminate this problem and improve the performance of the digital marketing industry. For this reason, this chapter of the book provides a conceptual framework for demonstrating the causal relationships of the elements that make up an intelligent marketing system based on these evolving technologies. Understanding this framework will help implement a smart and capable marketing system.
Saher Zeast Hasan, Huma Ayub, Abida Ellahi, Mahnoor Saleem
The goal of this study is to find out what people think about cryptocurrencies and how they feel about it. The study used a questionnaire to assess the factors that influence people’s willingness to accept cryptocurrency. The study used a pretest, posttest quantitative analysis to determine the level of awareness among users in the first phase. In the second step, information regarding the conceptual framework was gathered using a survey approach. For the study, 350 university students were chosen as the sample size. Hypotheses about the significant effects of perceived benefits, perceived risks, perceived value, and structural provisions on behavioral intention to adopt cryptocurrency were accepted, while hypotheses about social effects, moderating effect of self-efficacy and personal innovativeness as well as the mediator attitudes towards using cryptocurrency, were not statistically proven. The tested model and resultant findings have brought many managerial and theoretical implications for enhancing the intention to adopt cryptocurrency.
Cryptocurrency could redefine the interplay of Internet-connected world markets by eliminating constraints set by traditional local currencies and exchange rates. It has the potential to revolutionise digital markets through the use of duty-free trading. This study investigates the factors which influence the behavioural intention to use cryptocurrency based on the Technology Acceptance Model 3 (TAM 3) during the COVID-19 (SARS-COV-2) pandemic. Data were collected through a cross-sectional questionnaire from 357 Pakistani business-educated adults, including investors who had a rudimentary understanding of the technology and financial instruments. Partial least square (PLS)-based structural equation modeling (SEM) was used to test the developed theoretical framework based on the Technology acceptance model 3. The PLS model has explained 72.1% of what constitutes the behavioural intention to use cryptocurrency. Surprisingly, risk was not a major consideration. This might be due to the fact that the majority of respondents thought working with cryptocurrency was hazardous. Willingness to handle cryptocurrency risk, on the other hand, might be a stumbling block to acceptance. The most essential aspect of a cryptocurrency's success was the perceived usefulness. Moreover, the moderating role of experience was not substantiated in this study. However, perceived usefulness was identified as a partial mediator of subjective norm and the perceived ease to use. This study contributed to the literature through the application of TAM 3 (an extension of the technology acceptance models) to investigate the fundamental qualities a cryptocurrency should have in order to influence investor's behavioural intention to use it. These findings provide revolutionary insights for the present and future market players for investment planning and for improved cryptocurrencies development.
Digitalization plays an integral role in the transformation of the Omni structure. This study aims to investigate the effect of digital marketing capabilities (DMCs) and blockchain technology on customer-linking capabilities (CLCs), market-sensing capabilities (MSCs), consumer-brand engagement (CBE), and firm performance in China. The study was quantitative, and a simple random sampling technique was adopted for data collection. Data were collected using a structured questionnaire, 311 questionnaires were distributed, and a 5-point Likert scale was used to collect the data from the respondents who were employed in the Omni structure industries. The research hypothesis was tested using the structural equation modeling (SEM) technique. The results have identified a significant correlation and direct effect between DMCs, CLCs, MSCs, and firm performance. Remarkably, the effect of DMCs on CBE is significant. The mediating effect of MSCs and CLCs is significant between the relationship of DMCs and firm performance. The organization performance in the Omni structure depends on how well the DMCs have been employed. The DMCs influence MSCs, CLCs, and CBE. Henceforth, this study contributes by analyzing the role of DMCs in blockchain technology.
Open access
Digital Marketing and Social Media
Consumer Retail Behavior Studies
Consumer Behavior in Brand Consumption and Identification
Blockchain technology is considered one of the most revolutionary innovations that has much to offer the tourism industry, having a positive impact among consumers with the help of interactive applications but also easy to use. Tourist services must constantly evolve in a society where the consumer has everything a click away and his requirements are demanding when it comes to quality leisure. Blockchain technology has the power to change the course of the travel experience, offering the customer more autonomy, but the applications developed by the providers can offer transparency and trust to the customers from the moment T0, when the desire to go on a trip is born, until the end at which it should provide feedback. So far, digital and tourism specialists have not agreed on the development of blockchain-based applications, although the benefits are great for both consumers and tourism service providers, as in this publication we can see a series of advantages that blockchain technology can offer the tourism field. This paper also investigates the satisfaction that the Romanian consumer has after purchasing tourist services through e-commerce applications, a satisfaction that can be an additional motivation for specialists to implement blockchain technology. Following the research in this paper, it can be seen how important it is to develop a series of easy-to-use applications, because if the consumer does not manage to use the applications, this affects the degree of satisfaction and the intention to continue using the online applications for the purchase of tourism services.
Blockchain has evolved as one of the disruptive technologies in the landscape of business. The study aims to investigate drivers of consumer adoption of blockchain for product origin and track to trace history before making a purchase. An extended technology adoption model (TAM) has been proposed to examine the consumer perspective for blockchain adoption in the food supply chain. Based on the survey of 208 retail consumers the proposed model was validated using variance-based structure equation modeling. Findings of the study emphasize the significant role of perceived security and privacy in developing trust, ease of use, and usefulness of blockchain-enabled systems. The relationship between perceived ease of use and attitude is mediated through perceived usefulness. The strong influence of attitude on adoption intention represents the consumer interest for blockchain to understand the product provenance. Study provides vital insights for successful blockchain implementation to enhance supply chain effectiveness.
Purpose Given the increasing industry interest in blockchain technologies for supply chain management and product traceability, this paper aims to investigate consumer purchasing intentions for blockchain traceable coffee and their psychosocial antecedents, utilising an extended model of the theory of planned behaviour (TPB). Design/methodology/approach An online questionnaire study of 123 participants was deployed, using two traceability systems (one based on blockchain and one on a more established traceability certification) for organic coffee. Findings Adding variables such as environmental protections, trust and habits significantly increased the predictive power of TPB. The results suggest that attitude, perceived behavioural control and environmental protections drive intentions to purchase blockchain traceable coffee. Research limitations/implications Apart from establishing the factors affecting consumer intentions for blockchain traceable coffee, this study validates the TPB as a model of explaining coffee purchasing intentions and provides evidence of new variables that can significantly increase the model's predictive power. Practical implications The proposed format of presenting traceability information along with the significant variables revealed in our study can function as a guide for designing product features and marketing strategies for blockchain traceable organic coffee. Increasing consumer awareness on product traceability will also play a crucial role in the success of these products. Originality/value This study is the first to explore consumer purchasing intentions for blockchain traceable coffee and establish the psychosocial variables behind them contributing, in that way, to an understudied area in academic literature as well as providing insights for a more consumer-centric design of such products.
Open access
Environmental Sustainability in Business
Consumer Behavior in Brand Consumption and Identification
Abstract Technological innovation generates products, services, and processes that can disrupt existing industries and lead to the emergence of new fields. Distributed ledger technology, or blockchain, offers novel transparency, security, and anonymity characteristics in transaction data that may disrupt existing industries. However, research attention has largely examined its application to finance. Less is known of any broader applications, particularly in Industry 4.0. This study investigates academic research publications on blockchain and predicts emerging industries using academia‐industry dynamics. This study adopts latent Dirichlet allocation and dynamic topic models to analyze large text data with a high capacity for dimensionality reduction. Prior studies confirm that research contributes to technological innovation through spillover, including products, processes, and services. This study predicts emerging industries that will likely incorporate blockchain technology using insights from the knowledge structure of publications.