Jinglan Yang, Chaoqun Ma, Dengjia Li, Jianghuai Liu
Blockchain technology is gaining momentum in business and management (B&M) field for its decentralization, automation, unalterability and traceability. Yet, despite such a wide range of applications, there is little literature that integrates the history and evolution of blockchain. To this end, this study combines science mapping and bibliometric analysis of 696 articles published between 2015 and 2021 obtained from the Web of Science Core Collection database. By drawing the reference co-citation map, bibliographic coupling map and co-word map with CiteSpace and VOSviewer tools, we identify the foundational themes, current status, and future research directions of blockchain literature in B&M. The results indicate that the blockchain research evolves from decentralized transaction and smart contract, and future research is focusing on the role of blockchain in financial risk management, organizational structure and the digital transformation of society.
The emergence of Bitcoin and the underlying blockchain technology have enabled novel solutions for creating, transacting, and validating digital assets. In this vein, inspired by Bitcoin, a variety of projects has been building blockchain-based “decentralized” business models (BDBM), market places, and organizations. However, there has been ambiguity and confusion around the meaning of “decentralized” in the context of blockchain technology-based business models in both research and practice. Moreover, the implications for mainstream adoption of BDBM from a mass customers’ perspective are insufficiently understood. This article discusses the notion of decentralization in BDBM and develops a two-dimensional framework explaining the decentralization focus of BDBM. Based on this typology, the article analyzes the implications, prerequisites, and desirability of decentralization for BDBMs’ mainstream adoption.
Cryptocurrencies, albeit non-physical currency, are now globally accepted mediums of exchange, with Nigeria inclusive. However, in Nigeria for a long period, this means of exchange assumed a legal status. This is because of the absence of a regulatory framework governing its usage and exchange; hence, a cloud of uncertainty and ambiguity hovering over its legality in Nigeria. Regulatory bodies in Nigeria even issued warning against its use and exchange. A glimmer of hope came when the Securities and Exchange Commission (SEC) of Nigeria, classified cryptocurrencies as securities, hence, suggestive of the end of a somewhat long-awaited likely regulatory system. Then the wind was seemingly knocked out of the sail of the exchange of cryptocurrency when the Central Bank of Nigeria(CBN), addressed a letter recently to banks and other financial institutions, stating that dealing in cryptocurrencies and facilitating payment for exchanges are prohibited.
Abstract The core objective of the concept of International Data Spaces (IDS) is to enable controlled exchange and sharing of data between organizations, regardless of the type of data. Sharing of data will generate services that become an asset while data providers maintain their sovereignty. IDS furnish a technology enabler for implementing data economies to exchange data and knowledge, which are according to usage policies. Thus, data turns into an economic asset. However, once data have been provided toward IDS, sovereignty of data owners is of pivotal importance, as well as the question of its use and the transfer of incentives to providers. At this point, blockchain technology enters the ballpark. It is instrumental for the implementation and operation of clearing houses as trading platform for data provision and knowledge utilization. The aim of this chapter is to examine and discuss the role of blockchain for IDS. Next to general blockchain foundations and potentials, blockchain’s specific potential for IDS is discussed and its application is demonstrated by four compelling use cases.
Blockchain technology, smart contracts, and asset tokenization have relevant implications for the auditing environment. This paper evaluates the current stage of blockchain application in auditing, analyzing scientific publications and identifying the impact of what is already a reality and the potential effects of its improvements in audit professionals’ activities performance. The article considers the proposals and suggestions on the leading research indexed by the Scopus and Web of Science databases. We analyzed 374 papers on the topic of blockchain and provide a summary and analysis of the current state of auditing research. The bibliometric analysis was performed using the Bibliometrix R Package and the VOSviewer software. After a systematic study of abstracts and a general review of the papers to only include those directly related to our work’s objectives, we found 78 papers. The work results in a framework of potential and effective implications of blockchain technology for auditing, pointing out several new challenges in terms of skills and knowledge needed in this new reality of audit professionals.
Cryptocurrency as a novel concept in finance, has lately attracted wide attention in the financial market. However, there is a divided opinion when it comes to embracing or ignoring them. Some are optimistic about their future, and others believe that the skepticism that surrounds them will strongly contribute to their disappearance from the market. The first part of the paper will give a brief background about cryptocurrencies and their associated advantages and disadvantages. The second part of the paper will focus on providing an overview of the cryptocurrency situation in North Macedonia, where they are currently unregulated. Since no legislation would protect consumers in case of fraud, the proper regulatory framework in this sphere is an urgent problem that requires immediate attention. Additionally, this paper will offer a small insight into other Western Balkan countries in this regard, where the situation is like in North Macedonia.
Using existing resources to create teaching materials can save effort and achieve the desired quality easily. Yet while some resources can be used freely for educational purposes, others such as textbooks or online course materials cannot. This is a particular problem during a pandemic when much teaching has gone online and the risk of teachers violating copyright is even higher. Therefore, a solution that facilitates the usage of copyright-restricted resources for generating teaching materials with royalty sharing is needed. Our work exploits the advantage of blockchain technology and proposes a system to bond participants with a smart contract; it securely registers records of multiple authorships and contribution distribution of a teaching material that reuses in part, existing resources. Such records can be used as authorship evidence to claim economic benefits when a material is used. We implement TMchain on Ethereum-Remix IDE with a core smart contract. To lower the cost of using blockchain, the material files are stored off-chain and tied to the word processing system for the final authorship and contribution share determination when a material is completed. Furthermore, we test TMchain with teaching material creation scenarios to demonstrate its effective and practical potential.
Abstract Trust is a key resource in financial transactions. Traditional financial institutions, and novel blockchain‐based decentralized financial (DeFi) services rely on fundamentally different sources of trust and confidence. The former relies on heavy regulation, trusted intermediaries, clear rules (and restrictions) on market competition, and long‐standing informal expectations on what banks and other financial intermediaries are supposed to do or not to do. The latter rely on blockchain technology to provide confidence in the outcome of rules encoded in protocols and smart contracts. Their main promise is to create confidence in the way the blockchain architecture enforces rules, rather than to trust banks, regulators, and markets. In this article, we compare the trust architectures surrounding these two financial systems. We provide a deeper analysis of how proposed regulation in the blockchain space affects the code‐ and confidence‐based architectures which so far have underwrote DeFi. We argue that despite the solid safeguards and guarantees which code can offer, the confidence in DeFi is still very much dependent on more traditional trust‐enhancing mechanisms, such as code governance, and antifraud regulation to address some of the issues which currently plague this domain, and which have no immediate, purely software‐based solutions. What is more, given the risks of bugs or scams in the DeFi space, regulation and trusted intermediaries may need to play a more active role, in order for DeFi to gain the trust of the next generation of users.
Blockchain is a distributed ledger technology that has had a significant impact on various industries in the accounting field. Through the retrieval of keywords and abstracts of 862 accounting journals on CNKI, and the statistics of relevant reports on the technical services launched by accounting firms for blockchain, with the help of Echart visualization software, the hot topics of research on the impact of blockchain technology on the accounting field are determined as follows: The problems of decentralization in blockchain system, real-time audit supported by blockchain, application of smart contracts, and role change of accountants and auditors are four aspects. Based on the research on the hot topics, the paper sorts out the current problems, and puts forward relevant suggestions such as strengthening the supervision system, advocating the flat management mode, promoting the construction of continuous audit activities, and strengthening the professional talent reserve. It provides reference for accountants and auditors to study blockchain technology in the future.
León Vollerigh analysiert verschiedene Aspekte von Blockchain Governance im Hinblick auf zentrale Prinzipien des modernen Rechtsstaats und seine Durchsetzungsfähigkeit in digitalen und dezentralen Kontexten. Dabei werden zunächst relevante Prinzipien und Veränderungen moderner Staatlichkeit herausgestellt sowie die Funktion und Entwicklung von Blockchain und Distributed Ledger Technologies (DLT) betrachtet. Diese Grundlagen münden in die Analyse der „On-Chain Governance“ im Hinblick auf Modi der Konsensfindung. Inwieweit moderne Staatlichkeit in einer durch Internationalisierung und Privatisierung geprägten Welt durch autonome und digitale Formen von Governance herausgefordert wird und wie Governance der digitalen und dezentralisierten Welt aussehen kann, wird schließlich untersucht.
León Vollerigh analysiert verschiedene Aspekte von Blockchain Governance im Hinblick auf zentrale Prinzipien des modernen Rechtsstaats und seine Durchsetzungsfähigkeit in digitalen und dezentralen Kontexten. Dabei werden zunächst relevante Prinzipien und Veränderungen moderner Staatlichkeit herausgestellt sowie die Funktion und Entwicklung von Blockchain und Distributed Ledger Technologies (DLT) betrachtet. Diese Grundlagen münden in die Analyse der „On-Chain Governance“ im Hinblick auf Modi der Konsensfindung. Inwieweit moderne Staatlichkeit in einer durch Internationalisierung und Privatisierung geprägten Welt durch autonome und digitale Formen von Governance herausgefordert wird und wie Governance der digitalen und dezentralisierten Welt aussehen kann, wird schließlich untersucht.
Cryptocurrencies have been gaining incredible popularity in recent years.Their number has grown from a single cryptocurrency to several thousand, and the peak was reached in the period between 2021 and 2022 when the number of cryptocurrencies doubled to over 12,000.Many cryptocurrencies exist only to make money for their creators.The emergence of cryptocurrencies has changed the way in which people store money, invest, and pay for products and services.The number of companies that support payments in cryptocurrency is increasing, although there is still resistance from some countries to this method of payment.The paper explains how cryptocurrencies can be used, stored, and what cloud storage methods are currently available.It also provides a brief description of technologies that are used to create cryptocurrencies.The second part provides an overview of the profitability of cryptocurrencies, explains whether it is actually profitable to invest in this form of "digital gold", and presents the best options for mining cryptocurrencies.
A kriptovaluták piacának dinamikus fejlődésével párhuzamosan fontos pénzügyi és közgazdasági kérdések merülnek fel. A jelen kutatás fő fókusza a kriptovaluták árfolyamának alakulására irányul. A szakirodalmi bázis feltárása nyomán kiemelt figyelmet kapott a kriptopiac más eszközosztályok (arany, részvény, deviza) piacával való összehasonlítása, a kapcsolódási pontok azonosítása. Ezt követően a cikk a 2020 utáni időszakra fókuszálva, eseményelemzés (event study) segítségével igyekszik feltárni, hogy a két legnagyobb piaci kapitalizációval rendelkező kriptovaluta (a bitcoin és az ethereum) hogyan reagált néhány választott eseményre. Ez elsősorban a kriptovaluták működésének alapját képező rendszerek elleni hackertámadásokat jelenti, illetve a szabályozásukhoz, az alkalmazásukhoz kapcsolódó egyes lépéseket. Összességében megállapítottuk, hogy a hackertámadások nem hatottak szignifikánsan a két vizsgált kriptovaluta árfolyamára. A szabályozói lépések hatásai az árfolyamokra vegyesek, ám a szignifikáns hatások is rövid lefolyásúnak tekinthetők.
Blockchain has become an epidemic and significant decision that organizations may make in the next few years, enabling institutions to integrate business functions, operations, and processes in a decen- tralized distributed ledger technology. This technology will transform the business world and economy in solving the limitations created by centralization and system inefficiency. Accordingly, with the high demand and complexity of growing economies such as the HHH University countries, the need for a typical solution technology is a game changer. This will lead GCC to a solid economic base. Blockchain technology can be applicable in many different fields such as Banking, education, Health, finance, government and trade. This article will address the literature review and methodology of Blockchain technology and innovation at the GCC, particularly in Saudi Arabia. Also, more research can be conducted in the future as the system may be integrated in these countries.
nalele ÈtiinÈifice ale UniversitÄÅ£ii âAlexandru Ioan Cuzaâ din IaÈi, seria ÅtiinÅ£e Juridice reprezintÄ o publicaÅ£ie de tradiÅ£ie în domeniul dreptului. Paginile revistei cuprind munca de cercetare a cadrelor didactice, profesorilor invitaÅ£i, cercetÄtorilor Åi doctoranzilor din cadrul FacultÄÅ£ii de Drept a UniversitÄÅ£ii âAlexandru Ioan Cuzaâ din IaÅi. Anul 1955 marcheazÄ momentul inaugural al Revistei, numerele ulterioare conservând impulsul imprimat iniÈial în continuitate pânÄ Ã®n contemporaneitate. Analele UniversitÄÅ£ii âAlexandru Ioan Cuzaâ, seria ÅtiinÅ£e Juridice conÈin analiza unor chestiuni punctuale de drept, subscrise celor patru puncte cardinale ale taxonomiei juridice â drept public, drept penal Èi ÈtiinÈe penale, drept privat, drept internaÈional Èi european â dublate de recenzii Èi comentarii de jurisprudenÈÄ.
Cryptocurrencies are deemed to be highly influenced and driven by investors' sentiments flowing across social media platforms. Consequently, researchers are attracted to investigate investors' behavioral biases in investing in cryptocurrencies. The existing related research majorly focuses on the investigation with the implementation of questionnaires and surveys. However, to what extent the feedbacks to these questionnaires or surveys truthfully reflect the investors' actual practices in investing in cryptocurrencies is uncertain and dubious. Therefore, in this study, we inspect and appraise the behavioral biases and portfolio properties of cryptocurrency investors by utilizing the on-blockchain (on-chain) information of wallet records directly from the Ethereum network. By retrieving and analyzing the unique wallet addresses and related transactions, we have obtained three behavioral bias proxies of the investors behind the wallets and five different properties of the wallets. Furthermore, we distinguish and analyze the wallets of human investors and trading bots. The results of statistical tests indicate the significant differences between human investors and trading bots on most behavioral biases and wallet properties.
The document describes what blockchain technology is, how the federal government is exploring its use, and some of the records management implications. This document is a snapshot in time based on research conducted in 2018. It is important to note that blockchain technology is developing and being used in new and interesting ways. Blockchain could eventually transform basic government functions such as information authentication, financial transactions, and citizen identification. Changes in these areas have the potential to fundamentally impact the role of governments as trusted information repositories or record holders. NARA, agency and federal records managers will need to monitor how blockchain technology matures and is implemented over time to ensure records management issues are identified and resolved.
This review explores the transformative impact of Artificial Intelligence (AI) and blockchain technologies on financial operations, with a particular focus on modern payment systems. As the financial sector undergoes rapid digital transformation, AI and blockchain emerge as key drivers reshaping payment processing, fraud detection, transaction security, and operational efficiency. AI enhances payment systems by enabling real-time data analysis, intelligent automation, and adaptive risk management, while blockchain offers decentralized, transparent, and immutable transaction records that increase trust and reduce intermediaries. This examines current advancements in AI-driven payment automation, including machine learning algorithms for fraud detection, natural language processing for customer service, and predictive analytics for transaction risk assessment. It also highlights blockchain’s role in enabling faster cross-border payments, smart contracts for automatic execution of payment terms, and decentralized finance (DeFi) platforms that challenge traditional banking models. The synergy of AI and blockchain technologies is discussed as a powerful combination that addresses limitations inherent in legacy payment infrastructures, such as high costs, slow settlement times, and vulnerability to cyber threats. Through a comprehensive literature review, the study identifies key benefits such as enhanced security, improved transaction transparency, reduced operational costs, and increased accessibility for underbanked populations. However, it also considers challenges including regulatory uncertainty, scalability concerns, data privacy issues, and integration complexities within existing financial systems. The review concludes by emphasizing the need for ongoing innovation, robust regulatory frameworks, and cross-sector collaboration to fully harness the potential of AI and blockchain in payment systems. It calls for further research into scalable solutions and ethical considerations to ensure inclusive, secure, and efficient financial operations worldwide. This thus provides valuable insights for financial institutions, technology developers, and policymakers seeking to navigate and leverage the evolving landscape of AI- and blockchain-enabled payment technologies.
The purpose of the study is to offer a scientific vision of the essence of digital goods and recommendations for its reflection in Ukrainian legal regulation based on the study of scientific publications of researchers of digital goods and existing normative acts regulating the processes of their production and circulation. The article brings forward arguments to support the opinion that «virtual assets», «digital assets» and «crypto assets» are not good names for goods operating on the basis of distributed ledger technology, since such a name is not scientifically based and does not reflect the essence of these objects. From the point of view of economic science, it is more expedient to use the name «crypto goods», which reflects both the commodity essence of these objects and their external technological form, formed on the basis of cryptography and a distributed ledger. According to their functional role, among crypto goods can be distinguished articles related to money, investment goods, personal consumption items, and means of production. It is determined that regulators chose such names, guided not by scientific, but political expediency, as they try to prevent competition on the part of monetary crypto goods for the sake of the monopoly of issuing public money by central banks. Simultaneously, the economic essence of crypto goods in general forces the relevant institutions to be appointed directly responsible for the regulation of certain crypto goods. For example, monetary crypto goods are regulated by central banks, and investment crypto goods are regulated by bodies that are usually engaged in the regulation of the securities market. The philosophy of regulation is aimed primarily at legally making all crypto goods either investment or consumer goods. Monetary crypto goods is only viewed as digital currencies of central banks. A promising direction of research in this area may be the analysis of the consequences of the spread of the production of crypto goods, especially in metaverses, for national economies and for business.
Many activities in our daily lives have been merged with the internet and have become more efficient and flexible as a result of the rapid advancement of information and communication technology. The rapid growth of online users has generated new business concepts, such as bitcoin, which have enabled virtual world concepts to thrive. A new business phenomenon has emerged, which is called cryptocurrency. This paper explores the nuances of cryptocurrency including the pros and cons, investment techniques and its usage in the real world. As an eightyear-old technology, cryptocurrency is an encrypted, peer-to-peer network that facilitates digital bartering.With the invention of Bitcoin, the first cryptocurrency, long-standing and unchanged systems of financial payment have been radically transformed. The paper also analyses investment risks in Bitcoin as well as other currencies for describing the impact on Indian citizens.
The current legal uncertainty surrounding blockchain technology can discourage innovators from implementing new blockchain applications. Consequently, it can limitthe development ofthe technology and, ultimately, hinderthe growth ofthis new market. Therefore,this article aims to highlight and address, from a practical standpoint, the prominent legal challenges faced by innovators. The main technical components and applications of blockchain technology – such as crypto-assets, distributed ledgers, and smart contracts – are used as reference points for the analysis. First, the article classifies crypto-assets and specifies (1) when they fall within the scope of banking and finance regulation; and (2) when they fall within the scope ofthe MiCa Regulation proposal (also describing its principles and functioning). Secondly, it investigates the evidential value of distributed ledgers, assesses how they could be exploited in private law matters, and examines the recent proposal of amendment to the eIDAS Regulation. Lastly, it clarifies under which conditions a smart contract can be legally binding and the practical consequences.