Blockchain Papers

Mohd. Nishat Faisal, Lamay Bin Sabir, Maryam Saad Al-Naimi, Khurrum J. Sharif · 5 authors

Abstract The major purpose of this study is to investigate the role of coopetition among supply chains in blockchain adoption leading to sustainability in supply chains. This research uses a three-step process. First, a review of reviews is conducted to search the variables that would positively influence adoption of blockchain in supply chain. In the second step, total interpretive structural modeling (TISM) was utilized to understand the relationships among the enablers. Following the qualitative phase, an empirical study was conducted to test the hypotheses related to the mediating role of coopetition. Review of reviews identified 17 variables that can positively influence blockchain adoption in supply chain. The findings of TISM model revealed the hierarchical relationship among the enablers of blockchain adoption for supply chain management based on their relative importance. The results of the SEM-based study indicated that ‘coopetition’ plays a mediating role between the driver and dependent variables leading to sustainable supply chain. The research offers practical insights to integrate blockchain application in the supply chains leading to better supply chain transparency and ultimately sustainability. The research would support managers to develop suitable strategies to strengthen mechanism to enhance coopetition among competing supply chain to realize the benefits of emerging technologies. The originality of the study lies in the study of variables that influence blockchain adoption in supply chain using a mixed-method approach. Further, the research establishes the critical role of coopetition in achieving the benefits of blockchain adoption.

Haifeng Wu

No abstract is available for this record.

Ben Van Vliet

No abstract is available for this record.

Avani Jain

No abstract is available for this record.

Nargess Tahmasbi, Alexander Fuchsberger

Non-fungible Tokens (NFT) have received increased attention since 2021. The availability of the vast amount of public sales transaction data has created an unprecedented opportunity that calls for research to uncover the underlying mechanism in which NFT networks evolve. Our main goal is to understand the new space of NFT-based crypto art exchange and the structure of the trading network. We use data from the Crypto Punks collection and perform a data-driven quantitative study based on real-time trading and sales data to carry out a two-folded methodological approach that is first applied to this domain. We borrow the citation analysis and social network analysis from bibliometrics and the social network domain and apply them to the NFT space to explore the trading network structure. We found that despite being based on unique and non-interchangeable tokens, the NFT-based CryptoPunks transactions network follows the scale-free network structure, the similar pattern that is observed in Web 2.0 social networks and cryptocurrency transaction networks, where a few actors have dominant centrality. Our study demonstrates the applicability of the two approaches from bibliometrics and social network analysis to the context of unique digital assets trading.

Douglas J. Cumming, Johannes Fuchs, Paul P. Momtaz

Abstract We explore the risk–return trade‐off in international regulation of cryptocurrency markets using a unique sample of regulations implemented between July 2018 and April 2023. Various regulation types have reduced risk in cryptocurrency markets while having differential impacts on raw and risk‐adjusted returns. Given the legal challenges for national jurisdictions in regulating international markets, we develop a digital asset regulatory strength index (DARSI) and study the impacts of national regulatory enforcement quality on the risk and return effects of cryptocurrency regulations. We find that strong enforcement quality, measured based on the strength of formal institutions, amplified the regulations' intended effects. The amplification effect is more pronounced for regulations announced by a financial regulator and for more liquid tokens. Consistent with the view that normative compliance‐seeking facilitates the adoption of norms, we also find that cultural uncertainty avoidance amplifies regulations' intended effects.

Michal Jirásek, E Švandová

No abstract is available for this record.

Francesco Santoro

This article explores the concept of autopoiesis and its application to Decentralized Autonomous Organizations (DAOs). Autopoiesis describes the self-producing and self-maintaining characteristics of living systems, a concept that has been applied in various fields beyond biology. DAOs, operating on blockchain technology, exhibit a level of autonomy, transparency, and democratic governance. They are self-governing and self-sustaining systems that operate based on coded rules and protocols. The article suggests that DAOs align with the concept of autopoiesis, making them a specific type of complex system. Diverse case studies demonstrate the resilience and autopoietic features of these organizations. All things considered, the concept of autopoiesis could provide a valuable lens for understanding DAOs.

Lukas Weidener, Konrad Greilich, Mark Melnykowycz

To solve some of the challenges of traditional science, such as restricted access to funding, centralized governance, and siloed knowledge dissemination, decentralized science (DeSci) has emerged as a transformative approach facilitated by blockchain technology, Decentralized Autonomous Organizations (DAOs), and Web3. However, the emerging field of DeSci, faces several challenges, such as the absence of an organizational framework to describe its inherent complexities. This study introduces the Decentralized Science Pyramid Framework (DSPF), an innovative adaptation of Mintzberg’s organizational structure, adapted to the unique demands and properties of DeSci. The DSPF delineates a structured model for DeSci projects that integrates technology, governance, community engagement, and application within a decentralized context. Through the introduction of the DSPF, this research highlights the operational dynamics of DeSci, focusing on the practical application of Mintzberg’s theories to address real-world scientific challenges. The case study of VitaDAO, a decentralized autonomous organization exemplifying the core principles of DeSci, demonstrates the practical applicability of the DSPF. This study not only advances the academic discourse on DeSci but also offers practical insights for practitioners, innovators, and policymakers, marking a substantial step toward realizing the full potential of decentralized science.

Ted Ladd, Robert S. Barlow, Beau Giannini, Annette Pflaum

Multi-sided platform marketplaces like Alibaba, Alphabet, Amazon, and the Apple App Store (to name only those beginning with “A”) dominate many industries already, generating growth and profits that make them among the most valuable companies in the world. Yet a new suite of technologies collectively known as Web3, including blockchain and smart contracts, enable a new type of organization labeled a decentralized autonomous organization (DAO) that could perform many of the same functions as centralized platform companies, perhaps with an even stronger value proposition for the buyers and sellers in a DAO marketplace. This article uses and expands theories of substitutive competition and disintermediation to explain if and how DAOs might displace centralized platforms.

Michael Lustenberger, Florian Spychiger, Lukas Küng, Pedro Cuadra

This guidebook summarizes the insights and outcomes from the Innosuisse Project 103.141 IP-ICT Designing and Implementing a Decentralized Autonomous Organization. Running from November 2022 to May 2024, the project was conducted as a collaborative effort between the ZHAW Institute for Organizational Viability and DecentAge AG with support from Innosuisse and Infinity Economics, Stefan Kneller. The project’s primary objective was to develop a robust DAO Design Framework and deploy it on the Infinity Economics Platform (IEP). DecentAge AG successfully executed this model on the IEP, giving users an easy way to create and manage DAOs directly on the blockchain. This implementation allows organizations to operate without centralized management, streamlining governance and enhancing accessibility. This guide will provide you with the essential practical and scientific understanding of DAOs and how to effectively structure the initiation process in accordance with a DAO Design Canvas.

Gülcihan Aydaner, H. Aydın Okuyan

Abstract DeFi blockchain technology, known as decentralized finance today, separates from the traditional financial ecosystem and ushers the new financial landscape onto digital platforms. In decentralized financial applications, all digital assets are safeguarded by blockchain technology. Thanks to this technology, investors can transfer their financial assets without being dependent on banking authorities. Despite the numerous advantages they bring, financial assets based on the decentralized finance ecosystem come with certain disadvantages. These assets are difficult to control, easily manipulated, and are at risk due to their vulnerability to cyberattacks. This study conducted bibliometric analyses on a total of 930 publications registered in the Web of Science (WoS) and Scopus databases using the VOSviewer program. In both databases, “all fields” were filtered and scanned with the keyword “decentralized finance.” According to the results, the Scopus database has much richer content compared to the WoS database. The most cited author in the Scopus database was Chen Y, while in the WoS database, it was Nakomoto S. There has been a significant increase in the number of publications in both databases since 2020. Additionally, it was detected that the most cited countries in both databases were the USA, China and England, respectively. It has been observed that computer science comes to the fore in the publication rankings. Decentralized finance is an interdisciplinary field of study. Therefore, many more qualified hybrid studies are needed. More studies are needed, especially examining investor behavior. The analyses presented in this article will enable researchers to grasp the bigger picture from a holistic perspective.

Muzzamil Rehman, Babli Dhiman, Gagandeep Singh Cheema, Ubaid Ahmad Peer · 5 authors

<strong>Abstract: </strong>This paper aims to map the existing literature on risk and return management, in the crypto-currency portfolio to understand various strategies and methods investors use. This paper conducts a systematic review of the research done between 2012 and 2022 in the area of risk and return management in cryptocurrencies. In this paper PRISMA framework for the systematic literature review was used; 257 research articles specific to crypto-currency and risk and return were identified through a structured keyword search on the Scopus Database. It was observed that most of the authors had preferred the Markov-switching regime and support vector machines (SVM) for better risk management in crypto-currency. It was observed that the risk associated with one crypto is not the same as other currencies, and the magnitude of return also varies. So, most of the authors have favoured the mixed model of cryptocurrency to mitigate the risk and multiply the profits. Volatility in the cryptocurrency market is very high as compared to other financial markets but has improved due to leverage effects and volatility persistence. The additional impression of this article is that it has made a collective and comparative analysis of risk and return in cryptocurrency. However, the research was limited to only a few factors, databases, and timeframe, and many other factors may be the avenues for the upcoming studies. <strong>Keywords</strong>: Cryptocurrency, Portfolio, VOSviewer, Bitcoin, Risk and Return

Curtis Goldsby, Marvin Hanisch

Firms are increasingly adopting blockchains as a form of knowledge engineering to align their internal processes, share information, and improve oversight. We study intraorganizational blockchains from an agency perspective to understand how the distributed, sequenced, and consensus-based nature of blockchains mitigates information asymmetries and affects organizational structures. First, we explain how blockchains differ from conventional relational, contractual, and system-based mechanisms to address three pertinent information challenges—concentration, continuity, and conflict. Subsequently, we address the consequences of introducing such blockchains, arguing that they create both direct and sequenced information channels among principals and agents, which elicit an organizational reconfiguration via vertical disintermediation and lateral reintermediation. Finally, we theorize the implications of blockchain-based organizing for agency theory regarding the chain of command, the unity of direction, and the span of control. Overall, we show how blockchains for intraorganizational governance can mitigate principal-agent problems and impact organizational design in profound ways.

Régis Barondeau, Axel Guitton, Shima Masoumi, Pablo Campos

This article examines the discourses surrounding non-fungible tokens (NFTs) in gaming and identifies companies involved in NFTs in the Quebec gaming scene. NFTs boomed in the gaming industry in 2021 and continued to grow in 2022, even as the value of gaming coins plummeted. If successful, some believe they could bring new opportunities to the gaming landscape. We conducted an online ethnography in early 2022 through an innovative web-scanning approach and curation process powered by a professional market intelligence platform. Data was collected from various sources and analyzed via statistical analysis software to understand the discourses of companies, gamers, researchers, and insiders. Findings show that the technical and economic discourse is at least ambivalent if not negative, while the gamer discourse is mostly negative. The burgeoning Quebec scene is currently very limited and divided into two groups: large gaming companies and startups. Despite the crypto-enthusiast craze, our analysis shows that early projects were often criticized by traditional gamers and that professionals in the sector remain skeptical.

Ethereum Trader

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Authors unavailable

The rising popularity of e-commerce has led to the widespread adoption of electronic coupons (e-coupons) due to their convenience and portability. However, traditional e-coupon services that rely on centralized servers often face security concerns. Centralization can result in issues like counterfeit e-coupons, difficulties in proving ownership, and the possibility of double-spending on expired e-coupons. In order to address these challenges, we have developed an innovative e-coupon service that harnesses the power of blockchain technology to enhance security. Our approach involves the creation of a dedicated server that facilitates the e-coupon service and interacts seamlessly with the blockchain system. To ensure the integrity of the e-coupon business logic and implementation information, we have developed a smart contract on an Ethereum-based blockchain system. By leveraging this blockchain infrastructure, we can establish a trustable and transparent environment for e-coupon transactions. Through rigorous experimentation and analysis , we have demonstrated that our proposed service significantly bolsters security while incurring only minimal performance impact when compared to existing e-coupon services. By integrating blockchain technology, we provide a robust solution that effectively addresses the concerns surrounding e-coupon security, paving the way for a more reliable and trustworthy e-commerce experience.

Δαμιανός Π. Σακάς, Nikolaos T. Giannakopoulos, Dimitrios Κ. Nasiopoulos, Νίκος Κανέλλος · 5 authors

Recent developments in blockchain technology have enabled the development of wallet applications for storing peoples’ cryptocurrency reserves. Cryptocurrency wallet applications could deploy affiliate marketing processes to increase the visibility of their products. From these affiliate marketing processes, supply chain firms in the air forwarding sector that seek to advertise their services to a larger audience could be benefited. This research examines whether affiliate marketing initials of cryptocurrency wallet applications affect their digital marketing efficiency, as well as whether air forwarding firms’ website visibility could be benefited from them. After collecting the required Web Analytic data, the authors performed statistical analysis (correlations and linear regressions), followed by Fuzzy Cognitive Mapping (FCM) macroanalysis and Hybrid Modeling (HM) microanalysis to assess the outcomes of cryptocurrency wallet applications’ affiliate marketing programs. Hence, from the deployed methodology, valuable insights arose. The first part of the produced outcomes concerns the effect of cryptocurrency wallet application affiliate marketing metrics on their digital marketing results. The increased implications of affiliate marketing metrics (referring domains, backlinks, etc.) decrease the number of pages their visitors see. Regarding the air forwarder firms’ website visibility, specific metrics (branded and referral traffic) were increased and others (social traffic) were decreased from the increment of cryptocurrency wallet application affiliate marketing metrics (backlinks, internal links, etc.). Supply chain firms, in the air forwarding sector, could have increased website visibility by deploying advertisements and affiliate marketing initiatives with cryptocurrency wallet organizations. Summing up, specific affiliate marketing metrics of cryptocurrency wallet applications are capable of significantly impacting their digital marketing performance and also constitute determinant factors of supply chain firms’ website visibility.

George Felipe de Magalhaes Silva, Sandro Ronaldo Bezerra Oliveira

During the last 4 years, there has been a lot of talk about cryptocurrencies and non-fungible tokens, better known as NTFs. The gaming market was significantly impacted by this phenomenon, where several products of the most varied genres and proposals were launched, where we have: RPGs, Collectibles, Games based on Battle Royale and turn games. However, it was possible to find a small number of scientific materials about games included in this category, aiming at this problem, the work developed here aims to explore several games included in the cryptocurrency market and catalog their characteristics, aiming to collaborate with a addition to the available works on the topic. Durante os últimos 4 anos, muito falou-se sobre criptomoedas e tokens não fungíveis, mais conhecidos como NTFs. O mercado de jogos foi impactado significativamente por esse fenômeno onde, se deu o lançamento de diversos produtos dos mais variados gêneros e propostas onde temos: RPGs, Colecionáveis, Jogos baseados em Battle Royale e jogos de turno. No entanto, foi possível constatar um pequeno número de materiais de cunho científico acerca de jogos inclusos nessa categoria, visando tal problema, o trabalho aqui desenvolvido tem como objetivo explorar diversos jogos inclusos no mercado de criptomoedas e catalogar as suas características, visando colaborar com uma adição aos trabalhos disponíveis sobre o tema.

Santosh Kumar, Sujit Kumar Patra, Ankit Kumar, Kamred Udham Singh · 5 authors

Cryptocurrencies and their market capitalisation have experienced vibrant growth in the last few years. Their total market cap is more than USD 858 billion as of the date of writing and is growing, with nearly 21,984 tradeable cryptos in 530 exchanges. It is emerging as one of the biggest threats to the traditional fundraising market. The issue of the industry’s long-term viability and steady expansion is of paramount importance. Even though unsustainable and uneven growth could help boost economic activity in the short term, it would be detrimental in the long run because of the risk of extinction. This paper is one of the first attempts to identify the factors contributing to the growth of the cryptocurrency market and their effects. This paper is based on the hybrid MCDM methodology of research and uses fuzzy–ISM (interpretive structural modelling). This method is divided into three phases: identification, expert opinion, and interpretation. Sixteen factors were chosen from the previous literature and suggestions from industry professionals. Seven barriers have been framed based on the fuzzy–ISM analysis to better understand the impacts of and interrelationships among the identified barriers. The factors are further classified using fuzzy MICMAC into four major categories based on the drive power and dependence power extracted from the fuzzy matrix. This paper explains the importance of all identified factors as enablers of the acceptance of cryptocurrencies for investment and fundraising.

Guangye Cao

This dissertation consists of three essays. The first essay provides background on blockchain, cryptocurrency, and venture capital. It will explain the evolution of token distribution models, regulatory concerns, and the industry adoption of the technology. The second essay presents a model of startup financing that reflects regulatory concerns of the first essay. It develops a three-period model that compares token financing with traditional VC equity financing, where the key difference between the two is that tokens can be sold earlier than equity, which allows them to meet the liquidity needs of investors. The third essay combines token financial data and onchain transaction data from the Ethereum blockchain, to study the relationship between token liquidity, returns, and onchain market maker inventory.

Gloria Urrea, Sebastián Villa, Eunae Yoo, Gordon Burtch

No abstract is available for this record.

Fabian E. Eska, Yanghua Shi, Erik Theissen, Marliese Uhrig‐Homburg

Abstract We analyze whether the design of cryptocurrencies helps to explain the Huge cross-sectional variation in the market values of cryptocurrencies. We propose a taxonomy of design features and Hand-collect data on these features for a sample of 79 cryptocurrencies. Using a two-stage regression approach and LASSO regressions, we find, inter alia, that forks and deviations from the design of Bitcoin are associated with lower valuation. In contrast, non-anonymous cryptocurrencies and cryptocurrencies that do not pass on any transaction fees and/or tips to agents who maintain the integrity of the network have, on average, higher market values. These results are robust to variations in the way we measure market valuation.

Enrico Rossi

No abstract is available for this record.