<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>
Weitao Tan, Lei Li, Ziqiang Zhou, Yong Yan · 8 authors
The market-oriented transaction of distributed energy resources is regarded as an important way to solve the problem of local distributed energy consumption and improve the operation economy and security of the distribution network. However, the market for distributed power transactions in China is still in the early stage, and there is a lack of effective and reliable transaction mechanisms for standardizing usersâ credit behaviors. Therefore, a blockchain-based distributed power transaction mechanism considering credit management is proposed. First, the framework of the distributed power transaction based on blockchain is constructed. On this basis, the process of distributed power transaction considering credit management is designed, which can manage usersâ credit behaviors comprehensively from the aspects of market access, bidding mechanism, and trading settlement. Then, the smart contract of distributed power transactions is customized. The effectiveness of the proposed mechanism is illustrated by the simulation results on the platform of Remix IDE.
Cruz E. Borges, Evgenia Kapassa, Marios Touloupou, Jon Legarda · 5 authors
Flexible and distributed energy markets are a reality that is progressively reaching many regions. Despite their clear benefits, they should be accepted by the prosumers. Additionally, blockchain technology and smart contracts have been characterised as a technological enabler for the energy sector and P2P Energy Markets (PEM). However, little research has been done to explore blockchain's user-centred perspective. Therefore, this paper analyses the reluctance and/or concerns of prosumers regarding smart contracts, and investigates their perception on blockchain within PEMs. The authors present the results of a survey conducted across several European countries addressing the implementation of automated trading systems and analysing the adoption of smart contracts. Considering that the main survey outcomes are related to the regulation and legislation uncertainty around blockchain usage, this paper explores also the fit of smart contracts from a legal perspective. Additionally, a set of recommendations to be used as the basis for the design and development of PEMs is delivered, aiming to adopt blockchain and smart contracts. As a key take-away, the authors confirm the crucial role that blockchain will play in the deployment of fair, secure, flexible and distributed energy markets by ensuring transparency in the exchange of information between prosumers and energy stakeholders.
Dipak D. Gaikwad, Akshay N. Hambir, hantanu S. Chavan, Gayatri K. Khedkar · 5 authors
Abstract: Real Estate Management in India as well as in many parts of the world is a very inefficient and insecure process. Developing a secure system that not only accelerates the process of land registration but also makes it efficient and secure will be effective. Blockchain technology is one of the latest and secured technologies on the horizon and has evolved over the last 9-11 years. There is tremendous potential for usage of Blockchain technology in the land industry. This paper presents a blockchainpowered real estate management system that will impart transparency, efficiency, and security in Real Estate Management. The decentralized data storage application and its interactions with Ethereum Virtual Machine (EVM) are presented to point out the event of a sensible contract which will be used for blockchain smart contracts in real estate management. Further, a detailed design and interaction mechanism are highlighted for the estate owners and users as parties to a sensible contract. It will store all the transactions on a distributed blockchain which will be very secure and will not be prone to hacking. A list of functions for initiating, creating, modifying, or terminating a sensible contract is presented and this will help the user enjoy a more immersive, user-friendly, and visualized contracting process, whereas the owners and real estate agents can enjoy more business and sales. It is a practical solution to the real estate management problem in the real world. Keywords: Blockchain, Smart Contracts, Real Estate Management, Ethereum Virtual Machine, Transparent Contracting Process
Blockchain networks have increasingly turned to proof-of-stake (âPoSâ) protocols as a mechanism for discouraging bad behavior and securing participantsâ data. In doing so, they have not only improved their energy consumption but also increased their accessibility. Still, the technological proficiency required of participants in PoS networks presents certain barriers to inclusivity. Third-party services known as staking-as-a-service (âStaaSâ) providers have emerged as a popular solution to participants personally securing the network. The nature of this sub-contractual relationship has raised questions regarding the need for their regulation. In response to regulatory concerns, some practitioners have suggested that StaaS arrangements should qualify as âinvestment contractsâ per SEC v. Howey and thus âsecuritiesâ under the Securities Act of 1933. While much litigation has surrounded the question of whether cryptocurrencies vis-Ă -vis initial coin offerings (âICOsâ) constitute securities, none has yet addressed the question on StaaS providers within these networks. Accordingly, this Note explores the potential arguments in favor and against regulating StaaS providers as issuers of securities under Howey. It argues that the uniqueness of and variations among StaaS contracts make these arrangements unsuitable for regulation as securities. Instead, both StaaS users and PoS networks at large can benefit from a regulatory framework tailored to this innovative and nuanced technology.
The proliferation of cryptocurrencies and the remarkable expansion of novel economic practices associated with them pose an unprecedented challenge to established norms of taxation and market regulation. Drawing on two years of fieldwork, surveys, as well as big data analysis of the most valuable 100 cryptocurrenciesâ white papers and the terms of service agreements of all cryptocurrency exchange platforms, this paper proposes an evidence-based framework to design a novel regulation and taxation approach to cryptocurrencies and their markets by using the US as case study. This new framework calls for approaching cryptocurrencies as data money. Drawing on the material political economy of new digital financial practices, the paper locates the universe of taxable events and invisible/vague regulation areas by approaching exchange platforms as stacked economization processes. We need to make sense of these new economic spaces in order to imagine more effective regulative instruments addressing questions of economic actor protection and efficiency. The paper concludes by proposing a new instrument of taxation (Data Money Tax) and a dynamic regulative approach to cryptocurrency exchange platforms (Stack Regulation).
Abstract Blockchain technology enables new kinds of decentralized systems. Thus, it has often been advocated as a âdisruptiveâ technology that could have the potentiality of reshaping political, economic, and social relations, âsolvingâ problems like corruption, power centralization, and distrust toward political institutions. Blockchain has been gradually gaining attention beyond finance and is thus applied by a range of different actors. This includes local, regional, and national governments interested in the potentiality of experimenting with blockchain-supported governance. This article contributes to identifying blockchain as a contested socio-political object prone to contradictory political imaginaries regarding its potentialities, particularly when applied to policy. The article explores some of the most praised of blockchainâs affordances (e.g., decentralization and transparency) in the context of Estonia, one of the most cited examples of blockchain governmental applications. Estonia has received international attention as the alleged first national infrastructure integrating blockchain. However, so far, few have asked: what kind of blockchain-based tools have been built by the Estonian government in practice and why? And to what extent do blockchain-based governmental applications reflect the original promises of disruption of the crypto-community? This article draws on a qualitative approach to explore several blockchain-based socio-technical objects to identify the narratives that have emerged in Estonia. The research shows clear contrasting views between stakeholders and technical experts from inside and outside the institutional sphere. The conflict revolves around two different social imaginaries associated with permissioned vs. public blockchains. The paper concludes with an analysis of the profound political implications of each vision.
In todayâs scenario, it is essential for the healthcare sector to focus on balancing patient care records with information relevant to completeness, accessibility, and privacy concerns. Advancements in information technology and health infrastructure exponentially bolster transformative changes in the healthcare industry. Incorporation of blockchain along with distributed ledger technology (DLT) owes the potentiality to cater to the interoperability restraints in health IT systems and enables medical researchers, healthcare entities, and healthcare providers to share electronic health data in a secured and well-mannered system. In addition to these, such technologies also propose and offer latest models for health statistics exchange by making the records more secure and efficient. However, successful implementation of blockchain technology and DLT necessitates efficient infrastructure, connectivity, and other factors. Hence, there poses to be several challenges restraining the mainstream usage of blockchain technology in the healthcare sector. The article illustrates different generations of blockchain, issues in healthcare data, and network structures as well as the solutions offered by the sector to cater to such problems. In addition to these, the article also emphasizes on the different application areas of blockchain and DLT in healthcare infrastructure. This article further discusses latest trends and factors driving the need for the incorporation of blockchain and distributed ledger technology in the healthcare sector and the future scenario for the same.
Blockchain technology has been used to build next-generation applications taking advantage of its decentralised nature. Nevertheless, there are some serious concerns about the trustworthiness of blockchain due to the vulnerabilities in on-chain algorithmic mechanisms, and tedious disputes and debates in off-chain communities. Accordingly, blockchain governance has received great attention for improving the trustworthiness of all decisions that direct a blockchain platform. However, there is a lack of systematic knowledge to guide practitioners to perform blockchain governance. We have performed a systematic literature review to understand the state-of-the-art of blockchain governance. We identify the lifecycle stages of a blockchain platform, and present 14 architectural patterns for blockchain governance in this study. This pattern language can provide guidance for the effective use of patterns for blockchain governance in practice, and support the architecture design of governance-driven blockchain systems.
The advancement of information technologies in recent decades has resulted in significant changes all across the globe. Even small businesses have been greatly impacted by the digital environment, which has necessitated changes in order to adapt to the current investment market dynamics. The rapid growth and increasing applications of Information and Communications Technology (ICT) is the main factor that drives cryptocurrency to be considered as a potential asset in investment portfolios. The purpose of the paper is to explain the meaning of cryptocurrency with rules and regulations as well as how blockchain works. Recent developments of cryptocurrency from Google trends, prices and market capitalization are presented. Authors also strive to filter the benefits, downsides, and SWOT analysis from previous studies and various web sources. The paper concludes that despite the challenges, cryptocurrency can be used for revolutionary financial transactions.
Nusi Drljevic, Daniel Arias Aranda, Vladimir Stantchev
Blockchain technology has the potential to drive innovations across various industries, businesses, and use cases. It is broadly recognized that innovation is a vital source of competitive advantage in a rapidly changing environment. High expectations surround blockchainâs potential for contributing to sustainable economic and social development. However, current blockchain projects still show high failure rates. The associated side effects of such failure rates generate a negative impact on economic and social sustainability performances such as corporate governance, risk management, finance management, human resources and culture management, and competitiveness. This paper assesses adoption models and their risk and success factors. Building on a novel, integrated adoption model to operationalize, measure and manage blockchain-driven business innovation in a sustainable way, we assessed its applicability with an empirical study across 20 industry sectors and 125 business leaders. The results reveal that the developed adoption model holds the potential to support the sustainable usage of blockchain technology for business innovations, not limited to a specific industry or use case. Further case studies and industry activities can be carried out to continue its validation in future works.
Abstract Blockchain technology is generating interest in novel applicative fields such as co-production of public services. Our CommonsHood project is a âwallet appâ that uses the Blockchain as a tool to support sustainability of the local economy. Its tokenization mechanism allows everyone to create new types of cryptographic tokens on the Blockchain in order to digitalize assets, augment the availability of local liquidity, and incentivize cooperative socio-economic interactions. This article analyzes a concrete application of CommonsHood for innovating local development policies and service co-production in the tourism sector. We examine this application using Lindersâs analytical framework for information and communications technology (ICT)-enabled co-production of services (2012). We show the advantages our project brings for local policies on tourism development, and we discuss the benefits and costs of using the Blockchain in that context. We argue that the observed case study covers different types of digitally enabled co-production of services, and that it can be defined as a case of Governance as a Platform. We also argue that well-established analytical frameworks for ICT-enabled co-production of services need to be expanded in order to account for the new affordances enabled by the Blockchain technology, namely the creation and transaction of digital values, which represent a paradigm change in how we understand the Internet and digital co-production.
Cryptocurrencies have seen a meteoric rise in their adoption and value over the past decade. For instance, the most widely-traded cryptocurrency, Bitcoin, which started at only a few cents per token in 2009 when it was first mined [1], crossed an all-time high price of more than USD68,000 in November 2021 Largely made possible with the rise of blockchain technology, a cryptocurrency is essentially a digital form of money that allows the transfer of value directly between users, without requiring an intervening financial institution A blockchain is a system where records of transactions are distributed across multiple users in a network as encrypted 'blocks ' [1,3,4]. The users in a blockchain network participate in both the creation of new tokens (equivalent to 'minting' new money), as well as the authentication of these records through complex mathematical operations on their computers, which is referred to as 'mining ' [1]. This decentralized 'distributed ledger' prevents the false modification of records [3] and allows for a more secure, trustworthy and scalable way to make financial transactions These advantages have led to significant growth in this sector.
This work explores the recent rise of non-fungible tokens - and blockchain technology in general - which has brought into question traditional perceptions on property rights and decentralized organization in the digital age, with significant implications for the future of Internet Governance. To this end, the article starts with the story and evolution of non-fungible tokens within the context of blockchain technology. Particular attention is given to some of the events that happened in the year 2021 that triggered the surge of public interest in these tokens. Afterward, we touch upon current issues of digital ownership and non-fungible tokens, as well as the potential solution offered by distributed ledger technologies such as blockchain. Then, we comment on the main characteristics of blockchain regulation (primarily in Europe) and decentralized governance. Finally, we inquire into the current efforts and possible effects related to Internet Governance in terms of decentralization, taking into account all of the previous aspects.
Purpose. Significant capital inflows in the cryptocurrency market and record-breaking prices on cryptocurrency assets have led to the creation of alternative investment options on cryptocurrency markets, including a new field of decentralized investing, known as decentralized finance, operating on smart contracts. The objective of this study is to review investment options in the industry sector available to investors on cryptocurrency markets and decentralized protocols. Methodology. The model of decentralized cryptocurrency exchanges was used in the article. It is based on providing liquidity into the liquidity pool. Findings. The results of this study demonstrate that new industrial cryptocurrency investors have a wide range of investment options that can outperform strategies like passive holding of cryptocurrency or investing in the stock. Given the liquidity mining model attracts early investors, they need to look at assets such as governance tokens of different platforms. The Sharpe ratio of COMP and UNI tokens is higher than S&P500. In addition, these tokens are mined via a liquidity mining model. Originality. The crypto market has been growing rapidly since the beginning of the pandemic. The calculations for crypto assets might be influenced by the bull run on the crypto market because the last time such high Sharpe ratio for BTC and ETH was observed during the 20172018 cryptocurrency bubble. Investing in the crypto market is riskier than investing in the stock market due to high operational risks. Crypto market investors might prefer to mine or buy UNI or COMP tokens to diversify their portfolios. Practical value. According to the analysis results of the received information, a Sharpe ratio of investments in protocols for loanable funds is lower compared to investment options on the stock market or CeFi lending. It is also potentially riskier due to volatile interest rates and high operational risks.
Abstract : Peopleâs lives have been profoundly impacted by the headway of innovation which has worked on their lives from each viewpoint. Clearly, innovation assumes a significant part in each circle of life and information stockpiling and sharing is a significant part of it. Current information sharing and storage devices depend on trusted third parties (TTP) and because of the contribution of third parties, such frameworks need straightforwardness, security, trust and strength. To solve these issues, this paper proposes a blockchain-based secure information sharing application by consolidating the highlights of IPFS and Ethereum. In this proposed scheme ethereum blockchain, decentralized storage, encryption and IPFS are combined to build an application that maximizes the tech<em>nological resources and provide</em> with an effective storage website ,Ethereum blockchain, decentralized capacity, encryption, and InterPlanetary File System are consolidated to assemble an application that boosts the innovative assets and gives a viable storage site. To carry out the proposed situation, smart contracts are written in solidity and sent on the nearby Ethereum test network. The proposed plot accomplishes security, transparency, legitimacy of owner, access control and nature of information.
Dominic Chalmers, Christian Fisch, Russell Matthews, William Quinn · 5 authors
Non-fungible Tokens (NFTs) are blockchain-enabled cryptographic assets that represent proof-of-ownership for digital objects. The use of NFTs has been pioneered by creative industry entrepreneurs who have sought to generate new revenue streams and modes of stakeholder engagement. Despite rapid growth in popularity, concerns have been raised around the legal ownership of NFT assets and the prevalence of speculation and fraud associated with NFT trading. In this rapid response article, we explore the value of NFTs for creative industry entrepreneurs. First, we examine the novel digital affordances of the technology; second, we analyse NFTs through the prism of the recent Initial Coin Offering (ICO) boom and bust; and finally, we take a longer-term historical perspective to consider how past speculative waves inform the present NFT economy. While we identify some potentially valuable artistic and financial opportunities for creative industry entrepreneurs, we conclude that NFTs should be approached with caution.
Cryptocurrencies are emerging as a prominent investment avenue among investors, they have been in the limelight in recent times due to ongoing debate on the regulation of these assets. Governing bodies across the world are facing the dilemma of acknowledging and regulating these instruments. This paper traces the current regulatory framework across the world and identifies the India specific challenges in regulating cryptocurrency. Some of the key challenges that the regulatory authorities face concerning crypto assets are: classifying cryptos as a mere asset class due to their complex features and intended purpose of creating an alternate means for barter, financial transactions and investments; decentralised nature of the assets which complicates levying of laws; money laundering, terrorist financing is rampant with digital currencies; cryptocurrency has been able to radically democratize the ability of start-ups to raise funds, regulation should continue to empower small businesses to borrow from a wide variety of funding community but monitor and curb activities which are not conducive for the business ecosystem. This paper ascertains the key challenges in regulating cryptocurrency by studying various documents, reports, journals across nations, aligning the challenges with an Indian context and tracing the changes in regulatory norms concerning crypto assets over the past decade, to assess the future of cryptocurrencies in India. This study is particularly important due to the lower rate of financial literacy, the constraints within which regulatory authorities continue to operate and the unique financial ecosystem of India. This birdâs eye view of regulatory norms and the existing challenges will enable regulators to build a framework that is conducive for growth and aligns with the existing financial ecosystem.
Purpose: The fourth industrial revolution (4IR) enables firms to leverage various emerging technologies to reduce operating costs, improve business efficiencies and gain competitive advantage. This article uncovers the determinants influencing emerging technology adoption, particularly artificial intelligence (AI), cloud computing and distributed ledger technologies (DLT), in South African (SA) financial services firms.Design/methodology/approach: Seventeen technology experts from the SA banking, insurance, financial technology and financial regulation and compliance sectors were interviewed. A semi-structured interview was used to conduct one-on-one interviews, followed by a focus group interview. Qualitative data were analysed using a thematic network analysis.Findings/results: The results revealed that the determinants â adopter traits, technology usability, industry characteristics, organisational leadership and organisational characteristics â were influential towards technology adoption. It is suggested that the new model could be strengthened further by incorporating a new construct, leadership diversity, which had not been previously proposed in the literature.Practical implications: By understanding the influential adoption determinants, leaders can take bold, calculated risks in adopting AI, cloud computing and DLT. However, the importance, prior to adopting these technologies, of clearly understanding the need for them, and their business benefits is also emphasised.Originality/value: Research on the adoption of AI, cloud computing and DLT in the SA financial sector is limited. This article leverages the models of the diffusion of innovations (DOI), the technologyâorganisationâenvironment (TOE) and the technology readiness index (TRI) to propose a new model that illustrates technology adoption in the SA financial sector at individual and firm levels.
Williams Kwasi Peprah, Reynaldo P. Abas, Akwasi Ampofo
Blockchain technologyis a distributed, unchangeable ledger that makes recording transactions and managing assets in a business network much easier and nowa type of accountingsoftwareconcernedwith the transfer of assetownership and the maintenanceof anaccuratefinancial ledger. Despitethenumerousbenefits ofblockchaintechnology,there is no study on theapplicability of blockchain technologytothenormalaccountingcycle in emerging economies in Africa.Thus,thispaperprovidesgeneralinsightsonhowblockchaintechnologymaybeusedinthenormalaccountingcycle in West Africa.Thestudyadoptedaqualitativeresearchmethodandcontentanalysisresearchdesigntounderstand the extent to which business leaders in West Africa are aware, understand, and utilize blockchain technology in the processing of accounting transactions to the preparation of financial statements.Results indicatethat West African business leaders are well aware, understand and applyblockchaintechnologyapplicationsinthenormalaccountingcycle,anditprovidescostsavings,digitalidentity,andsecurity.Thestudyrecommendsfurtherinvestigationsintohowtoaddressscalabilitywhen dealingwith recurrent and large transactions.
Hyoung Joong Kim, Soohyuk Choi, Yong Tae Yoon, Shiyong Yoo
Smart contract is an important building block of blockchain. Automated market makers are working without an order book, and they determine the price of assets automatically. It is reported that he automated market makers have the impermanent loss, which causes financial damage to liquidity providers. Impermanent loss makes the liquidity providers hesitant to deposit assets in the liquidity pool. Therefore, their participation incentive from liquidity provision should be anticipated by automatic market makers inherently. However, the existence of impermanent gain has never been reported. Impermanent gain is important to attract liquidity providers without giving compensation incentives. This study shows that for some automated market makers, impermanent gain coexists with impermanent loss. Examples showing the coexistence and conditions are provided.
Purpose Considering the growing interests in managerial and accounting issues related to blockchain technology (BT), the study aims at identifying the main research venues in this specific field. In particular, the purpose is to understand the spatial and temporal production and distribution of research documents, highlighting the most relevant topics, the most influential authors and research. Design/methodology/approach This research carries out a bibliometric analysis of 189 research documents in the business, management and accounting areas. Data collection and refining is carried out from the Scopus database. The data analysis is based on a hybrid literature review approach using a descriptive bibliometric method, data analysis visualization (through VOSViewer software) and thematic analysis. Findings Results indicate that research studies focused on BT and accounting have been growing exponentially over the last three years, with authors who previously focused on generalist themes, and are now facing more specific issues. Through cluster analysis, the authors propose the framework of accounting domain and blockchain technology (ADOB) to systematize and visualize the map of current studies about the BT in the accounting domain. Research limitations/implications The analysis highlights some aspects less investigated at the first research stage in the field of BT and accounting, such as the growing need of new accounting and control processes to address the practical issues of BT implementation and the need for education and training to stimulate a proper use of BT by accountants and practitioners. Originality/value This study is the first to adopt a bibliometric and thematic analysis to investigate BT in the accounting domain. The authors provide significant insights that could guide and foster the use of BT for accountants and practitioners, defining future research lines and a research agenda for academic researchers.
Virtual money is a product of specific cryptocurrency algorithms, where no particular institution or authority controls the circulation of this digital money or underlying assets for which there is no basis for pricing and consumer protection. By ceding the money system into the market, Cryptocurrencies require legality considerations. This research aims to explain cryptocurrency as a means of payment from the perspective of Islamic Law. This research uses a literature review or normative approach. The results showed that a Legal Vacuum or the empty laws governing Cryptocurrencies could potentially negatively impact. This is because there is the principle of haram li ghairihi, where something contains an element of uncertainty. In the Indonesian Ulema Council (MUI) perspective through Fatwa No. 116/DSN/-MUI/IX/2017, cryptocurrency is included in the concept of sharia maqashid due to uncertainty of containing element maysir (gambling).