Elena Sinelnikova-Muryleva, Maria N. Kuznetsova, Kirill Shilov
More than 12 years have passed since the debut of Bitcoin, the first cryptocurrency, but there is still no clear understanding of the essence of cryptocurrencies. At the same time, in recent years, interest in cryptocurrencies has continued to grow, and this financial instrument is becoming more and more attractive to individuals. Therefore, an issue of essence of cryptocurrencies is relevant. The main subject of the study is the profitability of cryptocurrencies. The main aim of this work is to identify the determinants of cryptocurrency returns. To achieve this goal, such tasks as the creation of factors reflecting the characteristics of the cryptocurrency market and the use of multifactor Fama-French models for the analysis of cryptocurrency returns were performed. Based on the collected daily data on capitalization, trading volumes and the price of more than 5,000 cryptocurrencies for the period from 01.04.2014 to 21.06.2021, standard factors based on capitalization indicators, trading volumes and the third momentum were built. The main estimation method is econometric modeling using the least squares method. The obtained results of an empirical study indicate a positive relationship between the profitability of groups of cryptocurrencies and the difference in the yields of the upper and lower 30% of cryptocurrencies according to the third moment. The difference in the yields of the lower and upper 30% of cryptocurrencies by market capitalization has a negative impact on the profitability of groups of cryptocurrencies. The main conclusion of the study is that before the beginning of high volatility period, cryptocurrencies could be considered as an asset for the diversification of market risk, but subsequently the cryptocurrency market began to move co-directionally to the stock market. The scientific novelty of the work stems from presenting an assessment of the impact of modeled factors on various groups (portfolios) of cryptocurrencies over certain periods of time. The study recommends to conduct further analysis of the profitability factors of cryptocurrencies on more homogeneous samples.
FinTech ecosystem and business model development are extensively discussed in the literature. The adoption of innovative technologies and digital transformation has impacted the approach to carrying on the businesses and channels that offer financial highly reliable and instinctive services and products. This study primarily deals with the identification of data sets. Also, a systematic review protocol was created using the PRISMA method to describe the hypothesis and rational and planned techniques of the study. Blockchain technology has been employed in an assortment of sectors and used by several nations for improving ecological supportability. In fact, blockchain technology has been effective to increase green production, tracking and preserving environmental degradation and pollution-related data, and collecting and analyzing the low carbon or green data in real time for more timely decisions. There is a scarcity of literature on studying the impact of blockchain and cryptocurrency on adopting FinTech and its sustainability. Therefore, the aim of this study is to add to this body of literature an investigation on the impact of Blockchain and Cryptocurrency adoption on FinTech for the environment-friendly nature.
In the present times, the healthcare sector has seen an enormous growth in the usage of technology ranging from EHRs (electronic health records) to personal health trackers. Currently, there is a need for managing EHRs effectively with respect to storage, privacy and security measures. State-of-art technologies such as blockchain and artificial intelligence (AI) are applied in the healthcare domain. Innovation in AI is steadily advancing and is finding its place in different industries. The integration of blockchain and AI looks promising as there are several benefits. Blockchain can make the AI more secure and autonomous whereas AI can drive the blockchain with intelligence. The objective of this article is to explore the uses of blockchain as well as AI technology in the field of healthcare. We aim to survey the advantages, issues and challenges of integrating blockchain with AI technology, including future research directions in the healthcare domain. In this study, Preferred Reporting Items for Systematic Reviews and Meta-Analysis (PRISMA) rules and an efficient searching protocol were used to examine several scientific databases to recognize and investigate every important publication. A solid systematic review was carried out on integration of blockchain and AI in the healthcare domain to identify existing challenges and benefits of integrating these two technologies in healthcare. Our study found that the integration of AI and blockchain technology has a potential to provide several benefits in terms of performance and security which conventional EHRs lack. The inherent benefits of blockchain and AI together are limitless, but the bare outcomes based on blockchain powered by AI technology are yet to be obtained. In addition, the outcome of our detailed study may aid researchers to carry out further research.
As an important part of blockchain technology, smart contracts are widely used in various fields through decentralized applications written by smart contracts, providing important technical support for the development and application of blockchain. However, the development has brought security problems at the same time, and a large number of vulnerability attacks against smart contracts have made researchers pay more attention to the security vulnerabilities of smart contracts. How to quickly and accurately perform vulnerability detection has become an urgent problem to be solved. Firstly, through the analysis of common vulnerabilities such as reentrancy attack vulnerabilities, integer overflow and access control vulnerabilities, researchers can fully understand the common vulnerabilities. Secondly, by investigating the current status of vulnerability detection methods such as formal verification, symbolic execution, machine learning and their corresponding tools at home and abroad, analyzing and discussing the advantages and disadvantages of the tools, at the same time, replicating some tools for experiments, the performance of the vulnerability detection tools is demonstrated based on the detection speed, accuracy, and the number of vulnerabilities that support detection. Finally, suggestions for future research directions are given based on the analysis results of smart contract vulnerability detection tools.
Considering the emotional behavior of investors in the cryptocurrency market, this paper comprehensively explores the sophisticated relationship between Bitcoin investor sentiment and gold price movements. The purpose of this study is to examine the impact of the gold price on investor sentiment of Bitcoin market traders and investors using monthly data from August 2020 to August 2022. The impact of oil prices on investor sentiment was examined using the Pooled Mean Group (PMG) method. The PMG approach considers short-term and long-term relationships between series and provides reliable results in the context of dynamic heterogeneous panel models. PMG implementations in all models show the short-term and long-term impact of the gold price on investor sentiment. The results also suggest that gold prices are positive and significant in the long run across all models, and that behavioral factors such as consumer sentiment and global economic stability are important in controlling gold prices at shorter time resolutions. Precious metals have had a positive impact on the Bitcoin market,
The Metaverse will have a variety of effects on marketing. Businesses need to maintain their identities in the Metaverse realm. Generation Z and Generation alpha will have an easier time adjusting to virtual realms. The augmented reality environment allows buyers to interact with products without leaving the comfort of their own homes. Realization of in-store experiences is possible in the universe of the Metaverse. In addition, there will be an increase in the number of options for branding in the Metaverse. Virtual billboards and the virtual clothing consumers choose to wear will also influence brand awareness. Additionally, Non-Fungible Tokens (NFTs) will be used to produce branded virtual content for end users. Examining the influence that technologies powered by artificial intelligence have had on digital marketing and branding will be the primary focus of this research project. In addition, research will be conducted into the applications of the Metaverse, artificial intelligence, and other digital technologies in the marketing field and studies about these subject areas. The research investigated several digital technologies, including the Metaverse, artificial intelligence, blockchain, virtual reality, and augmented reality. It is of the utmost importance for businesses to be able to compete in digital and virtual environments within the context of digital transformation to thrive in an increasingly competitive world. Companies need to invest in the Metaverse, artificial intelligence, and various other forms of digital technology to expand their marketing awareness in virtual environments, expand their customer portfolios, and become brands to take the lead in their respective markets.
This study examines how blockchain-based smart contracts for government financial and nonfinancial events can enable the real-time, continuous auditing of integrated data and provide government auditors with a higher level of transparency. The proposed model uses a combination of blockchain technology and a continuous auditing methodology that may improve the auditing effectiveness and efficiency of governmental agencies. This study’s approach comprises three steps. First, we describe the current governmental auditing practices and the core concepts and features of the blockchain. Second, we discuss the payment process used by government agencies. Third, we examine the implementation of a blockchain-based smart-contracts framework for government auditing using the government procurement process.
Mohammad Rashed Hasan Polas, Asghar Afshar Jahanshahi, Ahmed Imran Kabir, Abu Saleh Md. Sohel‐Uz‐Zaman · 6 authors
This study investigates the variables affecting the adoption of blockchain technology (BT) among small and medium-sized enterprises (SMEs) with the application of artificial intelligence (AI) via the mediating lens of risk-taking behavior. As an initial sample, 150 owners/top managers from 150 SMEs (one informant from each) in Dhaka, Bangladesh, were chosen. A stratified random sample was employed for this cross-sectional study. Applying structural equation modeling, the combined influence of internal and external variables influencing the intention to adopt BT is explored. Results show that: (1) knowledge of artificial intelligence has a positive and significant effect on the adoption of blockchain technology; (2) the relevant advantage of artificial intelligence has a positive and significant effect on the adoption of blockchain technology; (3) perceived ease of use of artificial intelligence has a positive and significant effect on the adoption of blockchain technology; (4) risk-taking behavior mediates the relationship between knowledge of artificial intelligence and adoption of blockchain technology; (5) risk-taking behavior does not mediate the relationship between relevant advantage and perceived ease of use of artificial intelligence with the adoption of blockchain technology. The current study is one of the few empirical investigations relating to SMEs using artificial intelligence and blockchain technologies for business operations. The study’s limitations are the small sample size and use of a single informant. However, the findings on the adoption of blockchain technology have applications for boosting the competitiveness of SMEs. This study’s originality stems from two factors: the novelty of blockchain technology and its potential to upend SMEs’ conventional mode of operation. It highlights the need to consider the key variables affecting SMEs’ adoption of blockchain technology with artificial intelligence.
With the development of the times, the financial industry is constantly changing. Blockchain technology continues to play an important role in supply chain finance. The security of the financial industry is very important. Blockchain technology can better protect the security of the financial industry, but there are also some risks. We have made a detailed investigation and research on the risk assessment and analysis of blockchain technology in supply chain finance. The research is as follows: (1) the risks under blockchain technology are introduced in detail, and the risks in many aspects are detailed. It is convenient for the public to do a good job in risk control in the use of blockchain finance. (2) The algorithm of the blockchain is used for mining. In finance, the security of privacy is the most important. The differential privacy in the algorithm and the Bc-ppkCa algorithm makes the financial privacy under the blockchain better. It is beneficial for the public to use blockchain technology more efficiently and safely. (3) The financial industry under the blockchain is very complex. Let us take the financial situation under industrial enterprises as an example. Investigate the company’s supply chain financial situation data, and compare the advantages of supply chain finance and the company’s financial situation. It also evaluates the risks generated by supply chain finance and makes corresponding analysis.
The electronic and cryptocurrency began to supplant non-cash payment instruments as the internet and blockchain technology advanced. However, these concepts, which we experience every day of our lives, are not yet ready for the legal processes that may arise as a result of their use. Their legal and tax status is still unclear. Bitcoin, which we explored in our paper, will undoubtedly be the subject of lawsuits in a variety of areas of law. Many issues arise when bitcoins are shared through a divorce, particularly when the regime of participation in the acquired property is terminated. The valuation of cryptocurrencies is extremely difficult due to their significant volatility. Also, it is not easy to prove. Based on the qualities of Bitcoin that can be deemed an issue in terms of the liquidation of the acquired property regime, we first discussed the legal position of Bitcoin in our study. Then, in regards to both the problem of proof and the uncertainty in the evaluation, conclusions and solution proposals were given.
Adam P. Balcerzak, Elvira Nica, Elżbieta Rogalska, Miloš Poliak · 6 authors
The aim of our systematic review was to inspect the recently published literature on decentralized governance systems and integrate the insights it articulates on blockchain technology and smart contracts by employing Preferred Reporting Items for Systematic Reviews and Meta-analysis (PRISMA) guidelines. Throughout January and May 2022, a quantitative literature review of ProQuest, Scopus, and the Web of Science databases was carried out, with search terms including “city” + “blockchain technology”, “smart contracts”, and “decentralized governance systems”. As the analyzed research studies were published between 2016 and 2022, only 371 sources satisfied the eligibility criteria. A Shiny app was harnessed for the PRISMA flow diagram to include evidence-based acquired and handled data. Analyzing the most recent and relevant sources and leveraging screening and quality assessment tools such as AMSTAR, Dedoose, Distiller SR, ROBIS, and SRDR, we integrated the core outcomes and robust correlations related to smart urban governance. As data visualization tools, for initial bibliometric mapping dimensions were harnessed, together with layout algorithms provided by VOSviewer. Future research should investigate smart contract governance of blockchain applications and infrastructure using decision-making tools and spatial cognition algorithms.
With technological advances and the establishment of e-commerce models, business challenges have shifted to online platforms. The promise of embedding self-executing and autonomous programs into blockchain technologies has attracted increased interest and its use in niche solutions. Using qualitative interviews, this paper sought the opinions of the eleven industry leaders regarding smart contracts. Findings reveal that the technology is gaining momentum in e-commerce, particularly in financial transfer, record-keeping, real estate, and property management, insurance, mortgage, supply chain management, data storage, authorization of credit, denaturalized intelligence, aviation sector, shipping of products, invoice financing and other domains. The significant benefits of widespread adoption and deployment of smart contracts include their capability to deliver decentralization, efficacy, cost-effectiveness, transparency, speed, autonomy, transparency, privacy, and security, encouraging the emergence of novel business models. Albeit these benefits that revolutionize online transactions, the technology faced multifaceted challenges. Smart technologies are only a decade old and are not advanced in security, transparency, cost-effectiveness, and regulatory framework. Furthermore, organizational, and technical challenges limit their deployment: incompatibility with legacy systems, scalability, bugs, speed, and lack of talent and understanding regarding smart contracts. Consequently, policymakers, developers, researchers, practitioners, and other stakeholders need to invest effort and time to foster the technologies and address pertinent issues to enable the global adoption of smart contracts by small and big businesses.
This paper aims to identify the factors affecting the investment decision of retail investors to add crypto assets to their portfolios. The personality theory and the innovation diffusion theory are used in this study to understand the characteristics that influence investors' buying intentions. The study results show that the retail investors' purchase intentions are influenced by familiarity with the asset, trust, risk and return profile of the asset class, and the perceived security of the investor. The study also examines the role of innovativeness as a moderating variable in the relationship between purchase intentions and the primary variables. The study confirms that innovativeness has a significant mediating role in the relationship between purchase intentions and trust and also in the relationship between purchase intentions and perceived security. The results indicate that innovativeness has no significant moderating impact on the relationship between purchase intentions and familiarity and also on the relationship between purchase intentions and risk and return consciousness.
Arjan Frederiks, Sílvia Fernandes Costa, Boudewijn Hulst, Arend J. Groen
Regulatory uncertainty about a technology confronts new technology-based firms (NTBFs) with questions of whether or not to adopt this technology. Following institutional theory, NTBFs are expected not to adopt a technology until regulatory uncertainty has been reduced. However, following the resource-based view, NTBFs are expected to adopt the technology under regulatory uncertainty due to limited or no regulation, as this provides them with an opportunity to secure competitive resources. We investigate whether regulatory uncertainty enabled or inhibited 108 fintech ventures in adopting blockchain’s core application, cryptocurrency, in a time when governments were still considering potential regulation. Our findings indicate that regulatory uncertainty has a positive effect on NTBFs’ adoption of technology. We extend our knowledge on the role of regulatory uncertainty in technology adoption and we shed light on the boundary conditions of both the resource-based view and institutional theory. Further, we reflect on regulating the “winds of change.”
Abstract: This study examines the risk and return characteristics of the NFT-based startups listed on the cryptocurrency exchange. Our investigation is motivated by the recent surge in the NFT activity on the part of creators, investors, and traders. We begin by proposing novel classification ofthe existing NFTs that range from NFT blockchains through NFT metaverse to NFT DeFi. Next, we establishthat NFTs: 1) earn 130% on the first-listing-day; 2) yield an average investment multiple of 40 (roughly 4,000%) over long-term, which is four times higher than bitcoin during the same period; 3) deliver positive and significantalpha and exhibit above-average beta. We also show thatthe NFT segment of the cryptocurrency market leads market recovery following the mid-2021 crash and generate a return of close to 350%.
Cryptocurrency has become an issue that have attracted the attention of individuals, investors and government taking into play that the rate at which it is been patronized online and the media hype its getting. This paper tends to examine cryptocurrency as an investment tool and its missing link. However, the paper identifies the major types of cryptocurrencies, how is it exchanged and measured. It further revealed the benefits of the digital currency as it is secured; transfers are made easier, less processing charges, removing the bottle necks when using banks and other financial institution as intermediary, etc. Despite these benefits, there tend to be a missing links which could affect its operations. Amongst which are lack of government support, transparency issues, subject to loss, theft and fraud, lack of central repository and investors protection clause, etc. The paper concludes that cryptocurrency as an economic innovation is disruptive the way it’s currently managed and if this vacuum is not adequately addressed, it will not survive in the future. The study further recommends that there is need to create a legal & regulatory framework guiding its operations, ensure full disclosure on its transactions, need to be centralized in nature and investors protection clause should be incorporated, etc.”
Jerzy Kisielnicki, Jan Zadrożny, Sebastian Fabisiak
Purpose: This article aims to present the results of qualitative research on the analysis of the relationship between artificial intelligence (AI) and organizational entrepreneurship. The purpose of this research is to determine, in terms of qualitative analysis, what kind of relationships are taking place. AI is part of a new trend in the development of digital technology, defined by the acronym DARQ. Its elements are the following digital systems: Distributed Ledger, Artificial Intelligence, Extended Reality, Quantum Computing. Methodology: The research procedure consists of the following stages: a literature analysis, qualitative research in the focus group, evaluation by experts, and the presentation of results, conducting three case analyses from various industries during the activity, which present the extent to which AI affects organizational entrepreneurship. Results: The research showed user support for the use of AI technology, especially in the implementation of procedures that support organizational entrepreneurship. The AI applied in the organization enables us to obtain effects on such elements of organizational entrepreneurship as creating new strategic solutions, evaluating these proposals, and monitoring the approach of the organization’s management through the use of tools such as a management cockpit and simulation models. The use of artificial intelligence in a modern organization is necessary to improve multifaceted and interdisciplinary processes that support organizational entrepreneurship. The use of AI shows the usefulness of digital technology in operational and strategic management. Limitations: Due to the lack of empirical, especially quantitative, materials concerning the application of all levels of categorization of the use of artificial intelligence in the discussed cases, supplementary research is required to provide a more comprehensive analysis of its applications. Originality/value: The thesis was justified that IT systems containing AI technology solutions are helpful in the implementation of procedures supporting organizational entrepreneurship. The thesis is complemented by a study consisting of examining the truthfulness of the statement that the consequence of using AI is to obtain in an organization the effects of both generating proposals for new development solutions and verifying the feasibility of the implementation of the procedures proposed by the organization management. The conducted research focuses on the assessment of the relationship between advanced information technologies and organizational entrepreneurship.
Blockchain technology could emerge as a disruptive innovation that streamlines financial transactions and attenuates their cost. Therefore, the financial industry must assess the opportunities and challenges presented by the technology. As a grand breakthrough, it could transform financial transactions and introduce new possibilities for established financial institutions as well as for new entrants. At the same time, incumbents and startups need to overcome technological, regulatory, and adoption challenges before blockchain technology can become a mainstream reality. Despite its potential, the literature on its impact on financial transactions is still fragmented, with weak empirical insights and limited theoretical explanations. Therefore, financial industry managers lack guidance on how to plan and prepare for the impact of blockchain technology on the operation of financial transactions. Against that backdrop, this dissertation explores the asserted and potential impacts on financial transactions with emphasis on asset verification, record keeping, data privacy, and transaction costs. The dissertation adopts a pluralist approach to examine the subject matter based on three approaches: analysis of the extant literature about blockchain technology concerning financial transactions; perception analysis based on interviews with financial executives, subject matter experts, and researchers; and a theoretical interpretation using transaction cost theory. Therefore, the dissertation synthesizes insights from the three approaches to offer managers of financial institutions guidance concerning the opportunities and challenges of blockchain technology.
Mohammad Kabir, Farid Ahammad Sobhani, Norhayati Mohamed, Dewan Mehrab Ashrafi
In today's corporate environment, the success of external auditors for producing quality reports depends on internal audit functions. Hence, ensuring internal audit quality is a must. Auditors' integrity and the presence of a transparent internal auditing process may all help to ensure internal audit quality. In this regard, with its irreversible nature, evolving blockchain technology (BT) is playing a critical role in offering a triple entry accounting system. Thus, the purpose of this article is to describe how integrity (INTI) and internal audit transparency (TRPY) affect internal audit quality (AQLY). It also assesses the potential of blockchain technology as a moderating function in influencing AQLY. The Partial Least Square Structural Equation Model (PLS-SEM) was used to describe the causal connection in this research. A self-administrated questionnaire was used to obtain primary data from Bangladeshi accounts and audit practitioners. According to the results, integrity and internal audit transparency substantially influence AQLY. The potential application of blockchain (APBN) has been discovered to moderate the relation between INTI and AQLY. TRPY and AQLY have a similar relationship, which APBN moderates. Thus, this research established a unique model employing INTI, TRPY, and APBN as the determinants, which provided a novel outlook in explaining the factors that can help in improving audit quality.
<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>