The convergence of blockchain and metaverse technologies is poised to redefine how Global Value Chains (GVCs) create, capture, and distribute value, yet scholarly insight into their joint impact remains scattered. Addressing this gap, the present study aims to clarify where, how, and under what conditions blockchain-enabled transparency and metaverse-enabled immersion enhance GVC performance. A systematic literature review (SLR), conducted according to PRISMA 2020 guidelines, screened 300 articles from ABI Global, Business Source Premier, and Web of Science records, yielding 65 peer-reviewed articles for in-depth analysis. The corpus was coded thematically and mapped against three theoretical lenses: transaction cost theory, resource-based view, and network/ecosystem perspectives. Key findings reveal the following: 1. digital twins anchored in immersive platforms reduce planning cycles by up to 30% and enable real-time, cross-border supply chain reconfiguration; 2. tokenized assets, micro-transactions, and decentralized finance (DeFi) are spawning new revenue models but simultaneously shift tax triggers and compliance burdens; 3. cross-chain protocols are critical for scalable trust, yet regulatory fragmentationâexemplified by divergent EU, U.S., and APAC rulesâcreates non-trivial coordination costs; and 4. traditional IB theories require extension to account for digital-capability orchestration, emerging cost centers (licensing, reserve backing, data audits), and metaverse-driven network effects. Based on these insights, this study recommends that managers adopt phased licensing and geo-aware tax engines, embed region-specific compliance flags in smart-contract metadata, and pilot digital-twin initiatives in sandbox-friendly jurisdictions. Policymakers are urged to accelerate work on interoperability and reporting standards to prevent systemic bottlenecks. Finally, researchers should pursue multi-case and longitudinal studies measuring the financial and ESG outcomes of integrated blockchainâmetaverse deployments. By synthesizing disparate streams and articulating a forward agenda, this review provides a conceptual bridge for international business scholarship and a practical roadmap for firms navigating the next wave of digital GVC transformation.
Our study analyzes the combined impact of geopolitical risks and investor sentiment on the major cryptocurrencies, Bitcoin and Ethereum, using monthly data from December 1, 2020, to the end of April 2025. Through a rigorous econometric approach-including unit root tests (Dickey-Fuller (1979-1981) and Perron (1998)), cointegration techniques (Engle and Granger (1987) and Johansen (1990)), and error correction models (ECM and VECM)-we examined the long- and short-term dynamics between cryptocurrencies and three indices: investor sentiment, crypto market sentiment, and the composite geopolitical risk index. Our results confirm the existence of cointegration relationships between these crypto-assets and the indices, indicating structural interdependence during periods of global uncertainty. In the short term, fluctuations in investor sentiment and geopolitical risks significantly affect the returns of Bitcoin and Ethereum, with a rapid adjustment toward long-term equilibrium. Moreover, Ethereum appears to be slightly more sensitive to emotional and geopolitical shocks than Bitcoin. However, our study has certain limitations, notably the use of composite indices that may not capture all the qualitative nuances of the phenomena studied and the assumption of linearity in the modeled relationships. For future research, we suggest integrating nonlinear models and leveraging real-time sentiment data derived from artificial intelligence, as well as expanding the analysis to other segments of the crypto-asset market. Ultimately, our study enhances the understanding of exogenous factors influencing cryptocurrencies in an unstable global environment.
The development of the cryptocurrency segment within the global financial market has emerged as one of the most transformative phenomena of the digital economy over the past decade. The present study aims to analyse the global imperatives driving this development, focusing on the key trends, challenges, and opportunities shaping the cryptocurrency market. Methodology. This study uses a combination of analytical and comparative methodologies to examine the cryptocurrency segment within the global financial market. The analytical approach is used to assess the structural dynamics, market trends and capitalisation growth of cryptocurrencies, while the comparative method facilitates the assessment of differences and similarities in the adoption of cryptocurrencies across different countries and financial systems. Data was collected by reviewing publicly available financial reports, cryptocurrency market data and institutional studies. Quantitative analysis was performed to evaluate numerical trends in market capitalisation, transaction volumes, and cryptocurrency usage in payment systems. Furthermore, a qualitative analysis was conducted to elucidate the regulatory challenges and their ramifications for financial stability. Results. The findings indicate the preeminence of Bitcoin, its evolution into a global asset, and the expanding role of altcoins, utility tokens and stablecoins. The analysis reveals the rising use of cryptocurrencies in commercial payments, the issuance of national digital currencies, and the substantial adoption of blockchain technologies by global corporations. However, the study also identifies critical challenges, including regulatory ambiguities, security vulnerabilities, and systemic risks associated with financial stability. The value and originality of this research lie in its comprehensive approach to assessing the multifaceted nature of the cryptocurrency market. The integration of quantitative insights with policy implications has resulted in the formulation of a novel framework for comprehending the strategic role of cryptocurrencies in the evolving global financial landscape. The study's findings offer actionable recommendations for policymakers, investors, and financial institutions seeking to navigate the intricacies of the cryptocurrency ecosystem.
The articles and opinions of GRUR International have frequently engaged with some of the leading issues that our legal systems are grappling with, two of which I want to explore in this short editorial focusing on the path travelled and the challenges ahead from an IP and competition law perspective. These are (possibly unsurprisingly) sustainability â including climate change â and digital and AI developments. The first part will briefly review how the two areas of law have interacted with these issues. The second part will focus on how the new era of polarisation, de-globalisation, protectionism, and nationalism, which has now been firmly ushered in with the re-election of Donald Trump in the US, will affect law and policy in these fields. It seems beyond doubt that sustainability and climate change, along with the developments around digitalisation and algorithms/AI, are among the most critical issues of our time. When exploring the issue of sustainability and especially climate, we can focus in particular on IP laws and competition laws, as each of these areas has started to grapple with specific challenges and made some progress. In the field of IP law, the role of IP and how it can foster sustainable technologies and other green innovation has become a focus of the debate. With its traditional focus, IP law has been designed with innovation incentives in mind by providing innovators with exclusive rights to their creations. This function is crucial in the green transition. The IP law framework can effectively be used in more or less unadulterated form to foster green innovation. However, given the need to rapidly scale and diffuse green technologies, a close eye needs to be kept on dissemination and in particular incentives for and costs of the dissemination of green technologies. For instance, patents related to renewable energy technologies, such as wind, solar, and bioenergy, have substantially increased over the last decade. Yet, the roll-out of these technologies on a global scale is something that deserves attention so as to ensure that they are accessible in developing nations. We have seen work in this area that has led to new proposals and the adoption of mechanisms for compulsory licensing, patent pools, and technology transfer, with WIPOâs âGreen Platformâ being just one example in the area. Competition laws have also started to play a role in this area. Some EU Member States (and the EU itself), but equally other jurisdictions from Singapore to New Zealand, have been at the forefront, aiming to provide businesses with individual guidance and publishing general guidelines on how business activities fostering sustainability interact with competition laws. Similarly, we have seen first cases in Europe in which competition agencies pursued companies that have been restricting competition, thereby harming sustainability. For example, the European Commission pursued car makers in the AdBlue case for restricting innovation competition around better emission cleaning technologies. In some jurisdictions where there are rules on superior bargaining power, these might equally be used to foster different aspects of sustainability, ensuring that the weakest players in the market are not exploited by, e.g. powerful retailers. Overall, while (too) much still needs to be done in terms of sustainability and the climate, the fields of law covered by GRUR International have developed and adjusted their tools to play a role in addressing these challenges. The digital and AI fields are equally fields of global relevance in which we witness numerous challenges within existing legal frameworks, and GRUR International has featured many of them over the years. The role of IP has already been at the forefront of the digital transformation with questions around protection in the digital world. Yet, new frontiers are already emerging as complex questions around creations by and the creativity of AI become apparent. What protections are afforded where AI systems are trained on human-created material? How should creations made by, through or with the essential help of AI be treated? Questions around creation and inventions and subsequent ownership are crucial. How should the ownership of AI-generated art and inventions by AI be treated in applications for patents? We are seeing first attempts to regulate the space, such as the US Copyright Officeâs decisions on AI-generated works. The blockchain space raises additional questions, particularly regarding digital ownership and copyright in the context of Non-Fungible Tokens (NFTs). Competition law has also seen an evolution, with questions about tech giants and the interaction with data and data protection laws becoming competition concerns. The adoption of the European Unionâs Digital Markets Act (DMA) with the aim of protecting fair and contestable markets is a prime example. Other jurisdictions have also opted for the adoption of new regulatory tools that address digital markets with monopolistic tendencies. The algorithm and AI revolution further challenges the competition law framework. We have already seen a wide ranging discussion about algorithmic and AI collusion, and we are witnessing an emerging debate around abuses, market concentration and its effects in the AI domain and its AI stack, and a focus on the control of the digital value chain. The protection of innovation is a core theme in these debates. Overall, as digital and AI advances continue to transform our world, the legal frameworks have developed and will continue to have to develop to adjust to the emerging challenges, whether or not in the area of IP and competition rules. It might not be surprising that the recent years are described as a decade of increased global polarisation. Deepening social and political divides are visible all over the globe, and social media have certainly not been a moderating influence. The latest sign is the re-election of Donald Trump in the US, whose new administration is expected to push further in the direction of de-globalization. It is not farfetched to predict that the coming years will be a time characterized by even more protectionism and nationalism disrupting established global cooperation and trade. In other words, de-globalization will accelerate, thereby possibly increasing economic uncertainty and straining international relations. But what does this spell for the challenges in the sustainability and digital and AI areas discussed above? For sustainability, the new era of protectionism will have familiar consequences. On the one hand we might see a slowing of the pace of green transition and green innovation. While tariffs and other trade barriers could increase the costs for the adoption and development of green technology (e.g. rare earth minerals), the effects on green innovation work in a less direct way. On the one hand, the dissemination of green IP could be restricted due to nationalism in the form of national security restrictions. On the other hand, we might see IP law being used to protect domestic producers while harassing foreign producers and using alleged IP violations in trade disputes. In competition law, we might observe a reversal of the move towards a global consensus that competition and companies can play a role in sustainability matters. In fact, we might see the âanti-wokeâ capitalist backlash building up steam, with antitrust rules used to harass companies that engage in ESG related matters. In other words, we could see more actions like that recently by Republican attorney generals in the US against financial investors and their climate-related actions in the coal industry. Whether such actions will ultimately be successful in court is a different question, but they might well sow doubt on the legality of corporate sustainability initiatives. This contrasts sharply with the legal certainty that many competition agencies have tried to provide to companies, and might hamper the latterâs global actions. Another avenue that might affect sustainability is national security concerns, in particular in mergers related to technology crucial for the green transition. For the digital space including algorithms and AI, the new era of protectionism will have some substantial effects. The area of digitalisation and AI is one that seems intrinsically linked to trade and competition between countries. Many countries identify this area as one of national strategic interest. The interaction between national security concerns and IP may become a crucial battleground that allows states to exclude foreign companies from any new and developing technology. Similarly, IP laws could be the tool of choice to pursue foreign companies in the digital and AI area. In the competition-law field, protectionism and nationalism might have two distinct effects. On the one hand, less harsh enforcement against dominant domestic companies, since dominant companies in the digital sphere are seen as a strategic and national security asset. At the same time, any antitrust action or regulatory action (such as e.g. the DMA) by foreign authorities against domestic tech companies will be seen as hostile and might be answered with trade retaliation. On the other hand, foreign tech companies will be seen as suspicious and worthy of antitrust scrutiny. Similarly, any merger of domestic and foreign companies in the tech area will likely face increased scrutiny. Overall, it is not without irony that the issues we are facing are becoming more globalized than ever, while de-globalisation takes hold. We can expect more heterogeneity or often even opposing approaches to the same (global) problems. Problem-solving within established (multilateral and multinational) institutions will become more difficult and possibly less influential. As a reaction, we might see a move away from formal to informal or even private cross-boundary networks for addressing global issues. For example, private standard setting organisations could gain an even greater role in addressing such issues. Yet, where such organisations face challenges, including open hostility, even such avenues for co-operation will become more difficult to maintain. In these situations, the individual legal comparativist will have an increasingly important role to play and, with it, outlets like GRUR International. The study of other systems and their solutions to problems can provide crucial insights and could be the main avenue for more global approaches to the challenges discussed here. In a de-globalized world where foreign and international measures are seen with suspicion, the comparativist has a new role. The internal critique of the existing national approach by the comparativist can be an argument for internally introduced change; the only kind of change perceived as legitimate in a de-globalized, nationalistic world.
In the context of escalating climate change and mounting environmental challenges, green finance has emerged as a crucial mechanism for fostering sustainable development. This paper presents an experimental analysis that illustrates how the integration of blockchain technology into financial technology (fintech) strategies can significantly enhance the efficacy of green investments. Our proposed framework facilitates the optimization of these strategies by improving transparency and fund traceability in environmentally focused projects. Through rigorous testing and data-driven insights, we demonstrate the potential of blockchain to streamline financing processes, mitigate risks associated with fraudulent practices, and promote accountability among stakeholders. By establishing a synergistic relationship between fintech and ecological responsibility, this research provides a novel approach that contributes to both academic discourse and practical applications in green finance. The proposed approach showcases experimental originality by integrating blockchain technology with green finance, setting a precedent for future research in this interdisciplinary field. Our findings reveal that blockchain can significantly enhance the efficiency of financing processes, reducing transactional delays and fostering transparency that mitigates risks related to fraud. Moreover, this study highlights the potential of this synergistic model to cultivate a robust framework for accountability among stakeholders, ultimately guiding investment toward environmentally sustainable initiatives and bolstering the integrity of green financial practices.
Gabriel A. GimĂŠnez Roche, Antoine NoĂŤl, LoĂŻc Sauce
We analyze the determinants of Bitcoin (BTC) trade volume in decentralized exchanges (DEXs) and test the claim that BTC trades on these platforms are censorship-resistant. The study finds that overall economic freedom, particularly monetary freedom, correlates indirectly with BTC trade volumes, while capital restrictions on residents' transactions abroad correlate in two different directions. Purchase transactions inversely correlate with BTC volume in DEXs, while sales transactions correlate directly. These results suggest that BTC can be used to hedge against poor institutional frameworks, particularly against poor monetary governance, and as a vehicle for institutional hedging against repressive capital controls and institutional failures. The study's originality lies in its use of on-chain panel data on the volume of BTC transactions, which are country-specific and allow for comparing the impact of country-specific socio-institutional variables on BTC volumes. ⢠Decentralized exchanges leverage blockchain for innovative financial services. ⢠BTC provides an institutional hedging option against poor governance frameworks. ⢠On-chain data reveal BTC country dynamics and institutional hedging potential.
This study examines the ongoing debate between Decentralized Finance (DeFi) and Centralized Finance (CeFi), analysing their unique advantages and challenges within the rapidly evolving financial landscape. The objective of this research is to argue for the convergence of DeFi and CeFi to create an innovative and secure financial ecosystem that balances accessibility with security, using Kazakhstan as a case study. The study employs comparative analysis and case-study methodology to explore Kazakhstanâs regulatory approach to digital assets. The focus is on understanding how licensing, anti-money laundering (AML) protocols, and consumer protection measures can support the integration of DeFi and CeFi. Primary data includes an analysis of Kazakhstanâs regulatory framework for digital assets, statistical data on AML implementation, and levels of consumer protection within the country. Findings indicate that a hybrid regulatory model effectively bridges the operational differences between DeFi and CeFi, fostering inclusivity and economic growth while safeguarding consumer interests. Kazakhstanâs regulatory focus on licensing and AML protocols illustrates that a balanced regulatory approach can accommodate both technological progress and necessary protections for financial participants. The study concludes that a convergence of DeFi and CeFi through a hybrid regulatory model can lay the foundation for a sustainable digital financial environment that is accessible, innovative, and secure. Future studies are encouraged to explore the role of emerging technologies, such as quantum computing, and examine the socio-economic impacts of DeFiCeFi integration on financial inclusivity for underserved populations.
Rommel Velastegui, RaĂşl Poler, Manuel DĂazâMadroĂąero
⢠Exploration the role of MARS and BCT in reshaping industrial operations. ⢠Proposal of a taxonomy for MARS, BCT and OPC principles. ⢠Discussion of benefits and current limitations for MARS, BCT and OPC integration. This article presents a meticulous literature review that focuses on the integration of blockchain technology (BCT) into multiagent robotic systems (MARS) for operations planning and control (OPC) in industrial settings. By employing a systematic approach involving research question formulation, document exploration, article screening and data analysis, we rigorously examined 276 articles from scientific databases, including WOS, IEEEXplore, and Scopus. By the PRISMA, CIMO, and Cochrane methodologies, we developed a refined selection process and established a clear taxonomy that elucidates the intricate relations among MARS, BCT and OPC based on their objectives, findings, solution methodologies, industry sectors, limitations and benefits. We additionally conducted an in-depth analysis of the current state of the art, by critically evaluating existing research. With this comprehensive review, we answered pertinent research questions by unveiling the profound benefits of applying BCT to MARS in production planning and operations. Notably, this integration enhances data security, ensures the traceability of MARS activities, and significantly improves transparency, efficiency and overall operational robustness in OPC in industrial contexts to provide valuable insights for companies to consider adopting this technology in their industrial operations.
Di Perna, Vincenzo Paolo, Foderaro, Michele, Fabris, Francesco, Bernardo, Marco
Blockchain technology is set to transform economics and finance by enabling secure, transparent, and decentralized transactions. Some significant examples in this sense are cryptocurrencies and decentralized finance, which leverage blockchain technology to provide fast, low-cost financial services without a central authority, as well as the tokenization of finance, already forecast by Larry Fink, CEO of BlackRock. As crypto economies and blockchain applications gain global relevance, the need to measure and assess their efficiency is becoming increasingly important. While blockchain efficiency is often evaluated in terms of transactions per second or energy consumption, cryptocurrency efficiency is implicitly assessed through various indexes, such as capitalization, price trends, average transaction value, mining profitability, and others. What is lacking is an index capable of comprehensively and coherently describing the actual functioning of a crypto economic system, accounting for its key economic characteristics â such as supplymechanisms and token distribution â and the level of user participation within the specific crypto economy. In this study, we introduce a new theoretical framework based on Shannon entropy to assess the economic efficiency of a cryptocurrency through the Entropy Balance index (EB-index). Our approach integrates on-chain parameters â sourced from Coin MetricsÂŽ â by mapping them to economic quality attributes. To illustrate how our entropy-based approach works, we apply it to two distinct sets of attributes across six leading cryptocurrencies by market capitalization and use-case diversity: Bitcoin, Ethereum, Ripple, USD Coin, Dogecoin, and Cardano. For either set of attributes, the six EB-index values provide us with a comprehensive way of comparing the considered cryptocurrencies from an economic efficiency viewpoint. Our approach is fully customizable with respect to the selection of attributes as well as their weights.
The study aims to critically assess the safe-haven properties of Bitcoin and a diverse set of commodities in mitigating stock market risks during periods of extreme financial turbulence. Specifically, this research seeks to evaluate the effectiveness of these assets as hedging tools or diversifiers in the portfolios of both OPEC and non-OPEC countries, focusing on their behavior during the COVID-19 pandemic. We employ a wavelet coherence approach to analyze the dynamic relationships between the variables. Portfolio optimization is conducted using CVaR to assess the effectiveness of these assets as safe havens, hedges, or diversification tools in mitigating financial risks during periods of heightened market volatility. The diversification benefits of commodities and Bitcoin in OPEC and non-OPEC stock portfolios decrease over time as their co-movement with stock markets increases. During the COVID-19 period, BTC did not act as a safe haven. However, gold served as a hedge for non-OPEC countries. Using CVaR, we found that BTC provides stronger diversification benefits than commodities, followed by gold. We examine the safe-haven role of Bitcoin and various commodities, specifically within the context of both OPEC and non-OPEC countries. Our study offers a more comprehensive analysis of how BTC and commodities function as portfolio assets during financial stress, providing valuable insights for investors and policymakers.
Yelizaveta Vitulyova, Inabat Moldakhan, P. E. Grigoriev, Ibragim Suleimenov
It is shown that the statistics of transactions of the Ethereum cryptocurrency obeys well-defined patterns. Log dependency <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML" id="m1"><mml:mrow><mml:mi>ln</mml:mi><mml:mo>âĄ</mml:mo><mml:mi>N</mml:mi></mml:mrow></mml:math> of the number of users <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML" id="m2"><mml:mrow><mml:mi>N</mml:mi></mml:mrow></mml:math> who carried out <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML" id="m3"><mml:mrow><mml:mi>n</mml:mi></mml:mrow></mml:math> transactions with the use of Ethereum cryptocurrency during a specific month on <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML" id="m4"><mml:mrow><mml:mi>ln</mml:mi><mml:mo>âĄ</mml:mo><mml:mi>n</mml:mi></mml:mrow></mml:math> is a linear one with high accuracy: <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML" id="m5"><mml:mrow><mml:mi>ln</mml:mi><mml:mo>âĄ</mml:mo><mml:mi>N</mml:mi><mml:mo>=</mml:mo><mml:mi>b</mml:mi><mml:mrow><mml:mfenced open="(" close=")" separators="|"><mml:mrow><mml:mi>t</mml:mi></mml:mrow></mml:mfenced></mml:mrow><mml:mi>ln</mml:mi><mml:mo>âĄ</mml:mo><mml:mi>n</mml:mi><mml:mo>+</mml:mo><mml:mi>a</mml:mi><mml:mrow><mml:mfenced open="(" close=")" separators="|"><mml:mrow><mml:mi>t</mml:mi></mml:mrow></mml:mfenced></mml:mrow></mml:mrow></mml:math> . Similar statistical patterns are obtained for bitcoin transactions. It has also been established that the behavior of the coefficient <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML" id="m6"><mml:mrow><mml:mi>b</mml:mi></mml:mrow></mml:math> appearing in this dependence corresponds with high accuracy to the Bass diffusion model, which describes the dynamics of innovation implementation. It is shown that after the completion of the initial stage of the implementation of the Ethereum and bitcoin cryptocurrencies (since the beginning of 2018), the values of the coefficients a and b are approaching constants. On this basis, a method is proposed for identifying space weather factors on the economic behavior of the human population. In particular, it is shown that the analysis of the cross-correlation between the ratio <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML" id="m7"><mml:mrow><mml:mfrac><mml:mrow><mml:mi>a</mml:mi></mml:mrow><mml:mrow><mml:mi>b</mml:mi></mml:mrow></mml:mfrac></mml:mrow></mml:math> for the Ethereum cryptocurrency and the Ap-index of geomagnetic activity gives an example of additional tools allowing to reveal the influence of space weather factors on the economic behavior of people on a global scale.
In this paper, we analyze the global controversy surrounding the innovation of cryptocurrencies, developing an analytical framework to assess the empirical structure of arguments. By unpacking an argumentation analysis of a comprehensive set of scholarly, media, and industry publications, we identify six key dimensions of disagreement, comprising 42 distinct arguments. These dimensions include the raison dâĂŞtre, environmental impact, social inclusion, susceptibility to illegal activities, economic impact, and potential for decentralization and democratization. Our findings reveal entrenched positions supported by robust scholarly research and empirical evidence. Cryptocurrencies represent a controversial innovation, for which global resolution remains elusive. While the controversy may appear unbounded, we plead for a geographical approach, emphasizing that localized institutional contexts are crucial for exploring potential trajectories of the controversy. Finally, our analysis illustrates the potential of argumentation analysis to properly disentangle complex societal disagreements, and it therefore promises to enrich the methodological pluralism in economic geography.
In nations facing international pressures, such as sanctions, leaders should attempt to utilize advanced technologies more effectively, while fostering the skills and intelligence of the human resources, and enhancing public confidence in the use of emerging technologies in Industry 5.0. In this article our goal is to investigate the effect of acceptance and use of cryptocurrencies on the circular economy. The theoretical contribution of this research is to enrich the literature related to the factors affecting the adoption of digital currencies and its impact on the circular economy. Also, due to the importance of technology awareness in Industry 5, its effect on the adoption of digital currencies was evaluated. For several decades, Iran has been exposed to political and economic sanctions by the United Nations Security Council, the US, and the European Union (EU). Given the importance of natural resources in Iran's economy, and the presence of barriers regarding financial transactions, all manufacturing companies working in Iran were selected as the statistical population of the current study. The findings showed that variables like the realized ease of use, the realized efficiency, trust, technological intelligence and social influence have been effective on the acceptance and use of cryptocurrencies. Also, use of cryptocurrencies in manufacturing companies has had effect on the circular economy activities. The other research results revealed that the factor of economic sanction in the studied society might have effect on the use of cryptocurrencies and consequently companiesâ circular economy. The policy-makers active in the field of the environment, and also managers of manufacturing companies by creating an infrastructure for financial exchange based on digital currency can provide the needed ground for production in line with the environment and sustainable resource management.
Abstract: This chapter explores the transformative role of artificial intelligence (AI) in driving economic growth and innovation across critical sectors, including cryptocurrency, circular economy, manufacturing, small and medium-sized enterprises (SMEs), and infrastructure development. AI is revolutionizing cryptocurrency systems by enhancing security, optimizing mining processes, and supporting decentralized finance (DeFi). In the circular economy, AI enables resource optimization, waste reduction, and sustainable supply chain practices. In manufacturing, AI improves automation, predictive maintenance, and quality control, leading to more efficient and sustainable production processes. For SMEs, AI democratizes access to advanced tools, enhancing competitiveness, operational efficiency, and financial management. Additionally, AI is shaping the future of infrastructure development by promoting smart cities, sustainable urban planning, and resilient infrastructure. The chapter discusses the challenges and opportunities AI presents for global economic transformation, highlighting the need for collaboration, innovation, and sustainability. Keywords: AI, economic transformation, cryptocurrency, blockchain, circular economy, manufacturing, SMEs, infrastructure development, decentralized finance, resource optimization, sustainability, smart cities, automation, financial management, predictive maintenance.
Vahid J. Sadeghi, Alexeis GarcĂa-PĂŠrez, Demetris Vrontis, Denise Bedford
The transition from an industrial to a knowledge-based economy, accelerated by the fourth industrial revolution (Industry 4.0), has fundamentally transformed the business landscape (Ardito et al., 2021). This shift has brought unprecedented challenges and opportunities for organizations, particularly small and medium-sized enterprises (SMEs), as they navigate the complexities of digital transformation and international expansion (Denicolai et al., 2021; Jafari-Sadeghi et al., 2021). In this context, the concept of digital resilience has emerged as a critical capability for firms to not only survive but thrive in an increasingly volatile, uncertain, complex and ambiguous (VUCA) business environment (Annarelli et al., 2020).This special issue of the Journal of Enterprise Information Management focuses on the intersections of digital resilience, new business models and international entrepreneurship, particularly emphasizing the importance of digital resilience for SMEs, the adaptation of business models in the digital age and the specific challenges SMEs face in international markets. By exploring these themes, the issue aims to provide valuable insights into how SMEs can leverage digital technologies to enhance their resilience, innovate their business models and successfully pursue international opportunities.The landscape of international business has undergone a profound transformation in recent decades, driven by the rise of the knowledge economy and the rapid advancement of digital technologies (Hanelt et al., 2020; Vaio et al., 2021). This evolution has given birth to new forms of international entrepreneurship and necessitated the development of novel capabilities, particularly digital resilience, for firms operating in the global marketplace (Dillon et al., 2020). As Oviatt and McDougall (2005) presciently observed, the intersection of international business, entrepreneurship and technological advancement has created a new paradigm for how firms operate across borders.International entrepreneurship, once characterized primarily by the gradual expansion of firms into foreign markets as described in traditional internationalization theories (Johanson and Vahlne, 1977), has been revolutionized by digital technologies. Todayâs international entrepreneurs can leverage digital platforms and ecosystems to engage with global markets from inception, often without significant physical presence abroad (Elia et al., 2020). This phenomenon, termed âborn-globalâ firms by Rennie (1993) and further developed by Knight and Cavusgil (2004), has fundamentally changed our understanding of how firms internationalize.The digital landscape has redefined how opportunities are discovered, evaluated and exploited across national borders (Cenamor et al., 2019). Zahra et al. (2005) highlight how digital technologies have enhanced entrepreneurs' ability to recognize international opportunities, while Autio et al. (2018) demonstrate how digital affordances enable new forms of value creation in international markets. International entrepreneurs now have unprecedented access to global customer bases, can tap into international talent pools through virtual collaboration and can participate in global value chains with greater ease than ever before (Coviello et al., 2017).However, this digital transformation also brings new challenges. As Reuber and Fischer (2011) point out, the increased accessibility of international markets has led to heightened competition, with firms facing rivals not just from their home country but from around the globe. Additionally, the rapid pace of technological change means that consumer preferences and market conditions can shift swiftly, requiring entrepreneurs to be ever vigilant and adaptable (Nambisan, 2017). Moreover, navigating diverse digital ecosystems and regulatory environments across different countries adds layers of complexity to international operations (Banalieva and Dhanaraj, 2019).In this context, digital resilience has emerged as a critical capability for international entrepreneurs. Building on the concept of organizational resilience (Linnenluecke, 2017), digital resilience extends beyond mere technological robustness; it encompasses an organizationâs ability to adapt, innovate and thrive in the face of digital disruptions and opportunities. For international entrepreneurs, digital resilience is multifaceted, involving technological adaptability, organizational flexibility and strategic agility (Garousi Mokhtarzadeh et al., 2020; Warner and Wäger, 2019).Technologically, digital resilience requires the ability to integrate, update and secure digital systems in a rapidly evolving technological landscape. This includes maintaining robust cybersecurity measures, ensuring data protection across international operations and swiftly adopting new technologies (Annarelli et al., 2020; Wylde et al., 2022) that can provide competitive advantages in global markets. As Kshetri (2014) emphasizes, the increasing prevalence of cyber threats makes this aspect of digital resilience particularly crucial for firms operating across borders.Organizationally, digital resilience demands the cultivation of a digitally savvy workforce and an innovative culture that can quickly respond to international market shifts (He et al., 2022; Wang and Chen, 2022). It involves developing digital competencies across the organization, fostering a mindset of continuous learning and adaptation and creating structures that allow for rapid decision-making in response to global digital trends. Fitzgerald et al. (2014) highlight how this organizational dimension of digital resilience often requires significant cultural and structural changes within firms.Strategically, digital resilience for international entrepreneurs means the capacity to sense and seize opportunities arising from digital innovations on a global scale. Teece (2007) describes these as dynamic capabilities, which are particularly crucial in fast-moving international digital markets. It requires the ability to reconfigure business models in response to international market demands, leverage data for cross-border decision-making and navigate the complexities of global digital ecosystems. As Autio and Zander (2016) note, this often involves creating and managing platform-based business models that can scale rapidly across international markets.The importance of digital resilience for international entrepreneurship is particularly pronounced in the era of the knowledge economy. In this economic paradigm, as articulated by Powell and Snellman (2004), value creation is increasingly driven by intellectual capital, innovation and the application of knowledge to solve complex problems. For international entrepreneurs, success in the knowledge economy requires not just the ability to create and leverage knowledge, but to do so across national boundaries and diverse cultural contexts (Mudambi et al., 2018).Digital resilience enables international entrepreneurs to effectively manage knowledge flows across borders, facilitating learning and innovation in international contexts (Arfi and Hikkerova, 2019; Shen et al., 2018). It allows firms to tap into global knowledge networks, collaborate with international partners and rapidly disseminate innovations across markets. Kogut and Zanderâs (1993) seminal work on the evolutionary theory of the multinational corporation underscores the importance of this knowledge transfer capability, which has only been amplified in the digital age.Moreover, digital resilience enhances an organizationâs ability to gather, analyze and act upon data from diverse international sources, improving strategic decision-making in global operations. As George et al. (2014) demonstrate, the ability to leverage big data analytics can provide significant competitive advantages in international markets. This data-driven approach allows firms to personalize offerings for different markets, optimize global supply chains and identify emerging trends across borders.The convergence of international entrepreneurship and digital resilience in the knowledge economy has given rise to new forms of value creation and capture. Digitally resilient international entrepreneurs can create platform-based business models that scale rapidly across borders, offer knowledge-intensive services to global markets and participate in international innovation ecosystems (Nambisan et al., 2019; Sukumar et al., 2020). They can also more effectively navigate global crises, as demonstrated during the COVID-19 pandemic, by quickly pivoting to digital operations and identifying new opportunities amidst disruption (Soto-Acosta, 2020).Furthermore, digital resilience is crucial for addressing the sustainability challenges that are increasingly central to international business (Miceli et al., 2021). It enables entrepreneurs to leverage technologies for sustainable innovation, meet evolving global standards and contribute to solving global challenges through their international operations. As emphasized by George et al. (2016), digital technologies offer unprecedented opportunities for firms to contribute to sustainable development goals while pursuing international growth.The interplay between digital resilience and international entrepreneurship also has significant implications for how firms overcome the liabilities of foreignness and newness in international markets. As Zaheer (1995) originally conceptualized, the liability of foreignness refers to the additional costs and challenges a firm faces when operating in a foreign market. Digital resilience can help mitigate these liabilities by enabling firms to gather market intelligence more effectively, adapt their offerings quickly to local preferences and build virtual networks that bridge cultural and institutional distances (Brouthers et al., 2016).As we move further into the 21st century, the ability of firms to build and maintain digital resilience while pursuing international opportunities will likely become a key determinant of success in the global marketplace. This special issue represents an important step in developing our understanding of this critical intersection between digital technologies, international entrepreneurship and the knowledge economy.In this special issue, we received a total number of 43 original submissions of which 12 were accepted (rejection rate 72%). Each paper makes unique additions to our theoretical and empirical understanding of digital resilience in the international entrepreneurship domain. In total, this special issue found interest from different locations on the planet as the diversity of submissions spread from 19 countries on diverse continents. Among accepted papers (corresponding) authors from seven different countries have contributed to this special issue. Table 1 highlights the country of origin for the submissions in this special issue.Several common themes emerged from the submissions, reflecting the current priorities and challenges faced by SMEs in the context of digital transformation and international entrepreneurship. This included:Digital transformation and resilience: Many papers emphasized the critical role of digital transformation in building resilience. This included discussions on how SMEs can leverage digital technologies to enhance their operational efficiency, innovate business models and improve their competitive edge in international markets.Innovative business models: A significant number of submissions explored innovative business models that SMEs are adopting to thrive in the digital economy. These models often integrate digital platforms, data analytics and new value creation mechanisms that support international expansion.Cybersecurity and risk management: Given the increasing digitalization, several papers addressed the importance of cybersecurity and effective risk management strategies. These studies highlight the need for robust digital infrastructures and practices to protect against cyber threats and ensure business continuity.The submissions also showcased a variety of innovative approaches, offering fresh perspectives and practical insights, including:Use of advanced technologies: Many authors investigated the application of advanced technologies such as artificial intelligence, blockchain and the Internet of Things (IoT). These technologies are seen as pivotal in driving digital resilience and enabling SMEs to tap into global markets with greater agility.Case studies and empirical research: A notable trend was the use of detailed case studies and empirical research to illustrate successful digital transformation strategies. These provide valuable and insights for SMEs to enhance their digital papers approaches, insights from business systems and entrepreneurship. 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Blockchain technology faces significant challenges related to sustainability, including issues with optimisation, as well as high energy and gas consumptionâfactors that developers may sometimes neglect. We introduce a methodology to analyse the key sustainability topics discussed by Go-Ethereum developers, using thematic analysis of their issues and comments from Github. Our approach uses the BERT model to conduct an in-depth topic analysis, enabling us to study the underlying themes and trends in developerâs conversations regarding energy use and sustainability. We assess the sustainability of the identified topics using the five dimensions outlined in the Sustainability Awareness Framework (SusAF): economic, social, individual, environmental, and technical. Our goal is to shed light on how much attention developers pay to sustainability and energy consumption issues. The findings from this qualitative analysis aim to encourage technologists to incorporate these considerations into their future projects, in order to achieve better outcomes in terms of sustainability and reduced consumption.
Blockchain technology is expected to have a radical impact on most industries by boosting security, transparency, and efficiency. This work considers the potential benefits of blockchain-focused applications in industrial process monitoring. The research design facilitates a detailed bibliometric analysis and delivers insights into the intellectual structure of blockchain technologyâs application in industry via scientometric approaches. The work also approaches numerous sources in various industrial sectors to identify the transformative role of blockchain in industrial processes. Aspects such as blockchain technologyâs impact on industrial processesâ transparency are discussed, while the paper does not ignore that success stories in applying blockchain to industrial sectors are often exaggerated due to a highly competitive environment that the cryptocurrency domain has become. Finally, the work presents major research avenues and decision-making areas that should be tackled to maximize the disruptive potential of blockchain and create a secure, transparent, and inclusive future.
This paper investigates the hedging and safe haven capacity of gold and Bitcoin against the G7 stock market indices during the COVID-19 pandemic, the Russia-Ukraine military conflict, and the Silicon Valley Bank collapse. Using a novel Quantile-VAR connectedness approach, the results show that, at the median quantile, both gold and Bitcoin act as effective hedges during normal market conditions and strong safe-haven assets during the three crises. Gold emerges as the most prominent safe haven asset, outperforming Bitcoin, especially during the war and the SVB collapse. Among the G7 stock market indices, the Japanese and the American stocks may be used as risk diversifiers during crises. As for the rest of the G7 stocks, they are regarded as ârisk-onâ investments. Next, we assessed the robustness of our results at various quantiles. We found them to be generally consistent with the outcomes obtained at the median quantile, with one exception related to the S&P500.The results show that the repercussions of the COVID-19 pandemic and the war are much stronger than the American banking crisis.
Abstract This paper investigates the volatility connectedness and dynamic timeâfrequency relationship between Bitcoin (BTC) and 15 major agricultural commodity markets during the COVIDâ19 and 2022 RussiaâUkraine war periods. We employ the TVPâVARâbased extended joint connectedness method, minimum connectedness investment portfolio, and wavelet coherence (WC) method. The results indicate that the sudden outbreaks of the two crises brought about increased volatility connectedness between BTC and agricultural commodity markets. Throughout the entire sample period, BTC remained a net transmitter of volatility. Moreover, in terms of the total connectedness index (TCI), the overall volatility correlation surged rapidly after the outbreak of COVIDâ19 and the 2022 RussiaâUkraine war. The portfolio results demonstrated that BTC exhibited a low correlation with the agricultural commodity markets, suggesting diversification potential. Additionally, only Feeder Cattle served as an effective hedging asset for BTC throughout all periods. The WC analysis confirmed that during the COVIDâ19 period and the 2022 RussiaâUkraine war, most of the linkages were primarily concentrated at mediumâ to longâterm frequencies. Our analysis will contribute to a deeper understanding of the interconnection between these markets, enabling market participants to consider risk mitigation measures and support portfolio diversification when formulating policies and regulations involving relevant markets in the future.
Elona Marku, Maria Chiara Di Guardo, Gerardo Patriotta, David G. Allen
Drawing on complexity theory, we investigate the structuring processes and underlying mechanisms underpinning the emergence of a new technology. Empirically, we track the emergence of blockchain technology by examining international patents issued between 2009 and 2020. Our results indicate that technology emergence follows an evolutionary trajectory that progresses from disordered to structured interactions among the technological elements, culminating in the formation of a technological core that acts as a pole of attraction for further interactions and delineates boundaries within the technological domain. Technology structuring is fueled by what we term âtechnology fitnessâ and âself-reinforcingâ mechanisms that progressively transform primitive structures into more complex, self-organized configurations. Our study offers a novel framework of technology emergence, highlighting how dispersed bits of technological knowledge gradually aggregate into complex structures that define the specific trajectory of a particular domain.
Blockchain technology (BT) enhances the capacity to monitor products consistently, fostering supply chain responsiveness to a wide range of societal and environmental issues. Although BT is known as an innovative tool, there exist potential operational and organizational challenges affecting BT adoption. This study proposes a decision support approach to leverage risk management to analyze potential barriers associated with BT adoption in sustainable supply chains (SSCs). This approach is developed to model how the economic, social, and environmental-related barriers (e.g., energy consumption) and their corresponding risk factors are interrelated. To model the causal relationships (CRs) among the barriers identified through the literature review, the fuzzy cognitive map advanced by Z-number theory is embedded in the proposed approach. Then, a hybrid learning algorithm is employed to determine the criticality of the barriers. As the reliability of information affects the accuracy of decision-making, the Z-number theory applies uncertainty and reliability simultaneously in specifying the values of risk factors and the weights of the CRs. Taking advantage of the learning algorithm and Z-number theory, the findings show a reliable and unbiased ranking compared to the failure mode and effect analysis. This helps managers develop more efficient mitigation strategies to deal with critical barriers. The results of the study also imply that adoption costs, extra audits, and regulatory uncertainty are the critical barriers affecting SSC readiness.