Blockchain Papers

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İnci Çağla GÜL ŞENKARDEŞ, Ozan Akadur

Purpose-Cryptocurrency, which is one of the first products of blockchain technology, is preferred by more and more actors in addition to traditional investment tools. One of the factors over demographic and psychological factors that affect the financial investment decisions of individuals is gender. Although there are many studies in the academic literature on gender-related financial investment decisions, there is no research and data on cryptocurrencies. In this study, the factors affecting cryptocurrency investments are examined within the context of gender. Methodology-Survey model was used as a quantitative research method. With the computer aided survey research conductd in Turkey, gender-related behavioral and psychological differences in cryptocurrency investments were revealed and the survey findings were discussed over the information obtained from the literature review. Findings-With this research, it was seen that the gender factor was associated with both psychological and demographic factors. Cryptocurrencies are in the top 5 in men's financial investment instruments portfolio while 32.6 percent of women invest in cryptocurrencies. The level of knowledge about cryptocurrencies, which is effective in investment preferences, is at medium and high level at the rate of 64 percent for men however 60 percent of women have very limited or no knowledge about this investment tool. The first two of the factors that affect cryptocurrency investment decisions which are confidence and volatility also differ in terms of rank and proportion. Age-related cryptocurrency investment preferences do not differ by gender. This study shows that men follow their investments more frequently than women and do not avoid taking risks. Conclusion-With this research, gender-based main preference differences in cryptocurrency investments are revealed and an important resource is provided in this field, which has limited research, and contributes to the literature. It has been observed that women prefer different investment tools primarily due to lower income and lower level of knowledge about cryptocurrencies. Factors showing similarity based on gender were also found by this research.

Sasho Guergov, Neyara Radwan

The purpose of this study is to appraise the integration or convergence issues influencing the mutual functioning of blockchain, AI, and IoT. The study argued that the recent developments in the field of IoT and blockchain prediction have involved the integration of innumerable classification schemes to establish a hybrid model. The introduction of the hybrid technique relies on the prediction performance that strives to override the limitations of any available architectural scheme. This study offers a comprehensive exploratory appraisal of the issues influencing the successful integration of IoT and blockchain in regards to functionality and effectiveness of security, trust, and flawless communication issues. The exploratory research methodology was used in analyzing the issues affecting the integration of blockchain, artificial intelligence (AI), and the internet of things (IoT). The findings indicated that the integration challenges influencing the effective operations of blockchain, AI, and IoT as a single system involve security, scalability, accountability, and trust of communications. The study recommends that successful and effective integration will enhance the development of new business models as well as the digital transformation of market corporations. Accordingly, new approaches to convergence should ensure that executives address the new technology demands to obtain significant gains in efficiency.

Tatiana Garanina, Mikko Ranta, John Dumay

Purpose This paper provides a structured literature review of blockchain in accounting. The authors identify current trends, analyse and critique the key topics of research and discuss the future of this nascent field of inquiry. Design/methodology/approach This study’s analysis combined a structured literature review with citation analysis, topic modelling using a machine learning approach and a manual review of selected articles. The corpus comprised 153 academic papers from two ranked journal lists, the Association of Business Schools (ABS) and the Australian Business Deans Council (ABDC), and from the Social Science Research Network (SSRN). From this, the authors analysed and critiqued the current and future research trends in the four most predominant topics of research in blockchain for accounting. Findings Blockchain is not yet a mainstream accounting topic, and most of the current literature is normative. The four most commonly discussed areas of blockchain include the changing role of accountants; new challenges for auditors; opportunities and challenges of blockchain technology application; and the regulation of cryptoassets. While blockchain will likely be disruptive to accounting and auditing, there will still be a need for these roles. With the sheer volume of information that blockchain records, both professions may shift out of the back-office toward higher-profile advisory roles where accountants try to align competitive intelligence with business strategy, and auditors are called on ex ante to verify transactions and even whole ecosystems. Research limitations/implications The authors identify several challenges that will need to be examined in future research. Challenges include skilling up for a new paradigm, the logistical issues associated with managing and monitoring multiple parties all contributing to various public and private blockchains, and the pressing need for legal frameworks to regulate cryptoassets. Practical implications The possibilities that blockchain brings to information disclosure, fraud detection and overcoming the threat of shadow dealings in developing countries all contribute to the importance of further investigation into blockchain in accounting. Originality/value The authors’ structured literature review uniquely identifies critical research topics for developing future research directions related to blockchain in accounting.

Vishalkumar Langaliya, Jaypalsinh A. Gohil

Blockchain is a disruptive innovation that is already reshaping corporate, social, and political connections, as well as any other form of value exchange. Again, this isn't simply a shift; it's a fast-moving phenomenon that has already begun. Top financial institutions and a large number of businesses have begun to investigate blockchain in order to cut transaction costs, speed up transaction times, reduce fraud risk, and eliminate the need for middlemen or intermediate services. Blockchain is believed to be the component that completes the Internet puzzle and makes it more open, more accessible, and more reliable. In this article, we first introduced the blockchain technology and smart contracts and their merits and demerits. Second, we present a comparative and comprehensive analysis of smart contract-enabled blockchain applications. Toward the end, we discussed the future development trends of smart contract enabled blockchain applications. This document is intended to serve as a guide and resource for future research initiatives.

Debi Eka Putri, Rico Nur Ilham, Mangasi Sinurat, Lilinesia Lilinesia · 5 authors

Cryptocurrency or virtual currency is a form of investment that has developed since 2010. Today, there are more than 2,000 types of crypto currencies worldwide. Cryptocurrency research in Indonesia is still focused on the legal status and legal status of cryptocurrency investments. This quantitative descriptive study aims to describe the returns and risks of investing in crypto currencies. Descriptive analysis by calculating risk measures and using the heteroscedastic model GARCH (1,1) was carried out on the return data of 15 crypto currencies that had the greatest value. Information was obtained that investing in most crypto currencies resulted in higher returns than investing in foreign currencies or the stock market. On the other hand, Crypto currencies have a higher risk of loss and volatility clustering or heteroscedasticity. Further research is needed to uncover the characteristics of Crypto currency returns and their performance in the form of a portfolio.

Naveed Ahsan

No abstract is available for this record.

Hyun‐Joo Jeon, Ho-chang Youn, Sang-mi Ko, Taeheon Kim

With new technologies related to the development of computers, graphics, and hardware, the virtual world has become a reality. As COVID-19 spreads around the world, the demand for virtual reality increases, and the industry represented by the Metaverse is developing. In the Metaverse, a virtual world that transcends reality, artificial intelligence and blockchain technology are being combined. This chapter explains how artificial intelligence and blockchain can affect the Metaverse.

Zdeněk Smutný, Zdeněk Šulc, Jan Lánský

The cryptocurrency market is very young, volatile, and highly risky. By the end of 2020, a new bull run started, and the prices of several cryptocurrencies reached record-breaking highs. The factors affecting this rise of cryptocurrencies include the impacts of the COVID-19 pandemic, the economic crisis and the global increase in the inflation rate, as well as the gradual acceptance and adoption of cryptocurrencies by people worldwide. This exploratory research is focused on this last factor, i.e., using cryptocurrency and with it, the associated support of its ecosystem (e.g., mining, staking). A survey was carried out investigating the motivational factors and barriers to investment in cryptocurrency for Czech representatives of Generations Y and Z (18–42 years; n = 468). The geographic scope was nationwide, and quota sampling was used. Notably, this survey was carried out prior to the global COVID-19 pandemic outbreak, and it is thus not affected by the pandemic and its related economic impacts. The article investigates the dependency between the individual motivational factors and barriers from the perspective of the tendency to take risks (using the risk propensity scale), according to gender and representation of Generations Y and Z. The lack of information on this form of investment is considered as the main barrier to investment in cryptocurrency, with respect to sex and generations. Compared to that, a negative experience with investment in cryptocurrency constitutes the most minor barrier. Respondents that have a tendency to take risks are mostly put off by their lack of experience with investment in general. The main motivational factor for investment in cryptocurrency, with respect to sex and generations, is considered to be the speed of increase in cryptocurrency value. On the other hand, the least encouraging factor is the opportunity to use the high volatility of cryptocurrency for speculative trading. Interestingly, this factor mostly encourages respondents that do not have a tendency to take risks. The findings are discussed, along with the presentation of their implications for practice and the directions of further explanatory research.

Daniel Pinto Lopes, Paulo Rita, Horst Treiblmaier

No abstract is available for this record.

Steven A Harrast, Debra A McGilsky, Yan Sun

SUMMARY Cryptocurrencies pose several risks that impact the inherent risk assessments of auditors. The SEC has issued warnings about the risks (Clayton 2017), and the PCAOB lists virtual assets as a key focus area in future inspections (Vincent and Wilkins 2020). This study examines how accounting professionals perceive the inherent risks associated with cryptocurrency based on their likelihood of occurrence and expected impact on financial statements. We find the risk of determining cryptocurrency value is perceived as having the highest likelihood of occurrence, and unauthorized private key access has the highest impact. Combining the evaluations of likelihood and impact, we rank the risk of ineffective exchange-level controls as having the highest inherent risk. We also find that inherent risk judgments are negatively correlated with cryptocurrency experience. Professionals with prior cryptocurrency experience, or who work for a company planning to process cryptocurrency transactions, rate inherent risk lower than those with less experience.

Zahra Moridi, Seyyed Alireza Mousavi, Abbad Toloie, Roya Soltani

A smart contract is a computer protocol for creating or improving a contract which makes it possible to create valid transactions without intermediaries. The most important feature is security and speed, because this technology runs on a blockchain platform and its information will remain confidential. Despite these benefits, unfortunately, companies still use paper contracts. Knowledge-based companies can save time and money by implementing smart contracts with their customers in the form of robotic process automation and process management, and by reducing errors and risks in processes. Increase productivity in business. The purpose of this study was to present a smart contract model in knowledge-based companies based on Grounded Theory by Focusing on the robotic process automation strategies and process management using qualitative and quantitative paradigms. The analysis approach in this research is quantitative-qualitative. To collect data in the qualitative part, semi-structured interviews were used. In the quantitative part, the structural equation method was used. The sample size was calculated according to confirmatory factor analysis of 110 experts. Based on the data analysis, due to the abnormality of the data distribution, the partial least squares method was used with the help of Smart PLS software version 2.

Alexander Fleiss, Gihyen Eom, Daria Tikhonova, Eric Tu

We compare the explainability of cryptocurrency returns from macro and microeconomic risk factors during stressed and normal market environments, in particular, analyzing the effects of the Covid-19 pandemic to cryptocurrency return explainability. We find that risk-premiums are encapsulated within cryptocurrency-specific market factors in both stressed and normal market conditions. Furthermore, cryptocurrency factors, particularly relating to liquidity, momentum, and counterparty risk, showed evidence of providing stronger predictability of cryptocurrency returns during the Covid-19 pandemic compared to pre-pandemic levels. We find that during the stressed market environment, Fama-French 5 factors continue to provide low explainability to cryptocurrency returns.

Karma Sherif, Hania Mohsin

The accounting field has come under scrutiny after a number of high-profile ethical scandals dealing with organizational fraud has been tied to the profession. While several accounting standards have been established to ensure the integrity, objectivity, and professional competency of accountants; the power of the situation and individual motivations are challenges that may ethically blind accountants and result in fraud. In this paper, we explore the combinative effect of three emergent technologies: Blockchain-based, IoT-enabled and AI-empowered distributed ledger on reducing the risk of accounting ethical blindness. We examine how technical features of emergent technologies present both gains and challenges to ethical decision-making for the accounting profession. While some of these challenges can be overcome by adopting all three emerging technologies, others require social and legal interference to avoid the challenges of these technologies. Keywords: Emergent technology, accounting ethical blindness, blockchain, artificial intelligence, internet of things.

Philippos Gorgoris

Kurz nach der Veröffentlichung des White Papers zu Bitcoin im Jahr 2008 wurde Blockchain zu einer der am meisten diskutierten und gehypten Technologien der letzten zwei Jahrzehnte. Bitcoin führte eine kryptografisch gesicherte dezentrale Plattform für die Übertragung digitaler Vermögenswerte (die Kryptowährung Bitcoin) mit freiem Zugriff für alle ein. Einige Jahre später ging ein neuer „Player“ einen Schritt weiter: Ethereum führte die Idee eines Blockchain-basierten globalen, dezentralen Computers ein, auf dem jeder Programme auf beobachtbare und transparente Weise bereitstellen und ausführen kann. Diese als Smart Contracts (SCs) bezeichneten Programme sind zwar in der Lage, jedes entscheidbare Problem zu berechnen, sie ermöglichen jedoch in erster Linie Parteien, ein Rahmenwerk für Verträge einzurichten, ohne dass ein vertrauenswürdiger Vermittler erforderlich ist. Tatsächlich verlagert sich das Vertrauen dadurch zu den transparenten Mechanismen der Blockchain. In dieser Arbeit untersuchen wir das Ökosystem von Ethereum hinsichtlich der auf der Mainchain bereitgestellten SCs und legen einen Fokus auf die in den SCs verwendeten Authentifizierungsmuster. Diese Muster beschränken einige Funktionen der SCs, indem sie nur bestimmten Adressen erlauben, den abgesicherten Teil der Funktion auszuführen. Als Methoden für unsere Analyse führen wir die symbolische Ausführung und die Taint-Analyse ein, welche Werkzeuge sind, mit denen der Bytecode eines Programms semantisch analysiert wird. Basierend auf diesen Tools schlagen wir heuristische Erkennungsstrategien vor, um automatisch vier Authentifizierungsmuster zu erkennen, die wir im Ethereum-Bytecode von SCs finden. Darüber hinaus bewerten wir die Erkennungsstrategien anhand eines Testsatzes manuell klassifizierter SCs.

Yuxue Chen, Zihong Chen, Die Hu

Abstract In recent years, the trust relationship of financial reports in the capital market has been severely challenged. The reliability, relevance and timeliness of the accounting information provided by the company’s financial reports are obviously insufficient, and the efficiency of capital market accounting supervision has been greatly reduced. In the digital economy era, traditional double-entry accounting and financial accounting reports are no longer sufficient to serve the new economy, and it is imperative to reconstruct the accounting information disclosure system. This article attempts to implement the nine-character policy of capital market reform. Firstly, to reconstruct the accounting information disclosure system based on blockchain technology; and under the background of the system with less government intervention, various entities Automatically realize the maintenance of distributed ledger and the disclosure of financial accounting information, based on the principle of self-interest. Finally, in addition to legal restrictions, it is more difficult for untrustworthy persons to participate in the maintenance of distributed ledger, in order to increase their economic costs and achieve zero tolerance for them.

Saeed Alzahrani, Tuğrul Daim, Kim‐Kwang Raymond Choo

Blockchain is an emerging technology that holds great promises in healthcare despite slow adoption and previous unsuccessful implementation projects. Blockchain adoption in healthcare has been slow, partly because healthcare is a heavily regulated and complex industry. Blockchain applications span various areas of healthcare such as patient data management, health information exchange, health supply chain management, financial and insurance claims, clinical trial, biomedical devices tracking, and pharmaceutical counterfeit. The main challenges with blockchain technology in healthcare are: scarcity of real applications, the high level of failing projects, and the need for various parties to function together. There is, however, a lack of research on how to assess the adoption and help healthcare organizations use blockchain for the management of the electronic healthcare records (EHR) systems in a comprehensive way incorporating multiple perspectives. The objective of this research is to develop a scoring model to evaluate healthcare organization's readiness to adopt blockchain for the management of the EHR systems. In this research, a literature review and expert feedback were used to identify the most important factors influencing blockchain adoption. The focus is on the application of the blockchain technology adoption for the management of the EHR systems. The Hierarchical Decision Modeling (HDM) methodology was used to elicit multiple expert's judgment to identify the relative importance of those factors influencing blockchain adoption. In addition, experts' feedback was used to identify the possible statuses an organization might have regarding each factor and the dynamic aspects of these factors was analyzed. Finally, two case studies of the blockchain adoption, Oregon Health and Science University (OHSU) hospital and a Medical City in Saudi Arabia, were conducted to demonstrate the practicality and value the research model brings to the research objective. The outcomes of the research present an identification of blockchain adoption impacting factors and their resultant rankings. The research identifies 17 factors as the most important factors influencing blockchain adoption and a healthcare organization's readiness for adoption. The factors are grouped into five perspective: financial, social, technical, organizational, and regulations & legal. The case studies are used to demonstrate how the model could be used to identify areas of deficiencies and propose corrective actions in the healthcare organization's capabilities. The goal is to prevent any possible issues, before the project starts, in order to increase chances of a successful blockchain adoption.

Necip İhsan Arıkan

Technically cryptocurrencies often have Distributed Ledger Technology (DLT) and encryption based on infrastructure called blockchain that allows all nodes to verify the validity of a transaction. In terms of monetary theory, cryptocurrencies are currently the most developed virtual currencies that cannot perform all the basic functions of money such as the account, exchange and capital accumulation.The price of cryptocurrency is based on supply and demand, without an intervention of a central authority. Dynamics that affect the value of cryptocurrencies can be classified as internal and external variables. The internal dynamics of cryptocurrencies have been examined under the headings of economic infrastructure and technological infrastructure. External factors that are effective in determining the value are observed as popularity, security, volume, inflation, tax, crypto exchange accidents, perception, speculations / manipulations and news.

Tianyu Li, Wanying Li, Siyi Li

Bitcoin started out as a cryptology group, and gradually gained the attention of an elite group of economists, programmers, and math enthusiasts outside of cryptography, eventually rising and falling as the price of Bitcoin skyrocketed, after the fermentation of the media has received widespread attention around the world. Therefore, this paper wants to conduct an overview about Bitcoin. Stages of mining, begins with an initial profit that was small and easy to come by, after decades of development, to a mine that cost more than $50,000 a piece and required a specific CPU, huge profits drove people to go crazy. In 2020, Bitcoin has increased by 300%, and as more and more economic entities accept Bitcoin as a means of payment in the future, the role and value of the virtual currency will increase, and the long-term upward trend in Bitcoin can be expected. However, the value of Bitcoin can not be determined. The value depends entirely on the trust of the market, while the vast majority of Bitcoin is in the hands of a very small number of people. And because of its scarcity, its value is extremely volatile. Moreover, Bitcoin regulation varies from country to country, from optimism to caution. China and some countries have banned the exchange of digital currency, especially legal tender and digital currency, the future of Bitcoin remains problematic.

E. V. Chaykina, E. A. Posnaya, B. A. Bukach

No abstract is available for this record.

Ziqi Ai, Zeyu Yao

With the rapid development of contemporary technology, people are not only satisfied with the economic benefits brought by the traditional financial industry. In 2009, a currency incorporating blockchain Bitcoin was born, thus kicking off the cryptocurrency trend. In this paper, the historical development and status of the cryptocurrency market will be discussed first, including an introduction to the cryptocurrency market as a whole and a detailed description of the major currencies. Secondly, it discusses the various cryptocurrency disruptions in the year 2021, with musk as the key opinion leading the cryptocurrency price trends. Then, it analyzes the factors that affect the value of cryptocurrencies, including supply and demand, public perception and relationship with other currencies, and the value of cryptocurrency investments and future price trends. The regulation of cryptocurrencies is also reviewed. Policies from different countries is firstly discussed, and following this article talks about the impact of different regulation policies on the cryptocurrency market. The prediction for the future regulation tendency is also included. In addition, this study focuses on the case of the Republic of El Salvador's adoption of bitcoin as legal tender, feasibility, risks, and advantages and disadvantages of bitcoin as legal tender.

Jingqiao Xu

A blockchain is a distributed ledger in which participants who do not fully trust each other agree on the ledger’s content by running a consensus algorithm. It has been more popular and mature in recent years. Smart contracts on the blockchain system are usually redundantly executed by a large number of nodes for the purpose of verification, which can result in a large waste of computation. The waste is especially significant when the smart contracts are heavy-duty. The problem of reducing the computation has attracted a lot of interest from both the research community and the industry. In this creative component, we present a game theoretic design for efficient execution of heavy-duty smart contracts, and develop a simulator to implement the design and evaluate its performance in a large-scale blockchain system that simulates Ethereum. The simulator is built based on BlockSim, an emerging general-purpose blockchain simulator, but has enhanced it with detailed simulation of the heavy-duty smart contract protocol. The simulation results demonstrate the efficacy and efficiency of our design.

Ivana Kuchařová, Daniela Pfeiferová, Enikő Lőrinczová

Research background: With the advancing entrance of digital technologies into all areas of private and business life in the past 10 years a new digital asset referred to as virtual currency or cryptocurrency had been invented. This virtual currency is not yet regulated in most countries and there is a need to establish a legal framework for accounting, taxation and recording of financial transactions so the treatment of transactions with these digital assets is the same across the globalized environment, as different approaches may affect the decision-making of the management and investors or can alter the tax base for income tax purposes. Purpose of the article: The aim of this paper is to compare and discuss the different possible approaches of recording and reporting of the virtual currencies for accounting and tax purposes and to compare the approaches among the Czech Republic, the Slovak Republic and Germany to point out the need for a harmonized solution in a global environment, as dealing with cryptocurrencies is not included in the accounting and tax legal framework in many other countries. Methods: Methods of description, analysis, comparison and synthesis are used to achieve the set aim of the paper. Different approaches to the topic are demonstrated and compared in illustrative Tables. Findings & Value added: The paper highlights the need for a uniform approach for the accounting and tax treatment of virtual currency by comparing the level of legal definitions and different approaches. The most elaborate legal implementation of this topic is in the Slovak Republic where the treatment of virtual currencies is included in the Accounting Act and the Income Tax Act. The Czech Republic approaches cryptocurrencies only on the basis of recommendations from the Ministry of Finance, which is not legally binding to obey. Germany has included cryptocurrencies in the Banking Act, the accounting definition is missing and the tax solution is in the Income Tax Act.

Sourabh Yadav, Monika Mangla, Nonita Sharma, Asmita Mahajan

In the present era of digitalisation, maintaining tamper-resistant records at centralised nodes is becoming more and more difficult. Blockchain technology, which is considered as the backbone of cryptocurrency, is gaining immense popularity due to its decentralised approach to store and verify the data. Blockchain technology gives the freedom to develop a user-specific validation protocol, which helps to maintain tamper-resistant logs of all the activities, known as transactions, performed on a private/public network of blockchain. Because of blockchain components such as data privacy and security, not only the private sector is shifting its interest towards the technology, the public sector and government authorities are also looking forward to this technology. This manuscript targets to propose the use case model of blockchain technology by developing the smart contract and distributive ledger for entity market place. This framework contains all required processes, functions, and services for making a reliable platform for marketing new and old entities.