Blockchain Papers

Elizabeth Nathania Witanto, Christopher Andreas, Rudi Limantara, Luiz Fernando · 6 authors

Event ticketing systems, such as concerts, festivals, and sports matches, face persistent challenges, including ticket forgery, duplication, resale manipulation, and fraud in secondary markets. Centralized electronic ticketing systems, while digitized, remain vulnerable to identity theft, seller unaccountability, and unfair distribution due to their reliance on intermediaries and a single point of failure. To address these issues, this research introduces Ontix, a decentralized blockchain-based e-ticketing platform utilizing Non-Fungible Tokens (NFTs) compliant with the ERC-721 standard. By leveraging blockchain’s immutability, transparency, and decentralization, Ontix ensures verifiable ownership, tamper-proof ticket issuance, and automated transactions through smart contracts. The system enforces anti-scalping measures, including resale time and price limits, while enabling real-time QR-based validation directly linked to smart contracts. Ontix integrates Layer-2 Optimism Sepolia for scalability and lower gas fees, and employs the InterPlanetary File System (IPFS) via Pinata for decentralized metadata storage, alongside Cloudinary for media management. This hybrid architecture guarantees transparency, security, and operational efficiency. By eliminating intermediaries and automating ticket lifecycle management, Ontix provides an accountable, tamper-resistant, and low-cost e-ticketing ecosystem, as well as a user-centric ticketing ecosystem, representing a significant advancement toward the future of decentralized event management.

Md. Abu Issa Gazi, Sofiane Laradi, Amina Elfekair, Afaf Ahmed · 6 authors

Understanding users’ continued usage beyond initial adoption is fundamental to the long-term success of any technology. Notwithstanding the growth of cryptocurrency usage, studies have primarily examined factors explaining use intention (pre-adoption), whereas understanding continued use remains limited (post-adoption). Consequently, this study aims to examine continuance intentions to use cryptocurrency among Malaysians by employing the Unified Theory of Acceptance and Use of Technology (UTAUT), integrating attitudes, trust, and technology readiness. Using a quantitative approach based on self-reported data collected via snowball sampling, structural equation modeling (SEM) analysis reveals that the determinants of UTAUT are positively associated with attitudes toward and trust in cryptocurrency, except for the association between effort expectancy and attitudes. Additionally, trust, attitudes, and technology readiness significantly influence continuance intention, accounting for 61% of its variance. This study makes modest theoretical contributions to the technology adoption literature by shifting the focus to cryptocurrency post-adoption (i.e., why people continue to use cryptocurrency), theorizing mechanisms linking attitude and trust within the UTAUT, and examining the role of technology readiness in predicting cryptocurrency adoption. This study provides actionable recommendations for cryptocurrency providers and policymakers to nurture sustained use of decentralized digital currencies.

Sukontip Wongpun Sukontip Wongpun, Athanasios Podaras Athanasios Podaras, Rungsan Suwannahong Rungsan Suwannahong, Sureerut Inmor Sureerut Inmor

No abstract is available for this record.

Roslan Abdul Wahab, Ummul Hanan Mohamad, Mohammad Nazir Ahmad

Cooperatives continuously faced governance challenges related to transparency, accountability, and member participation as decision-making processes became more complex. Hence, it was proposed that blockchain-based Decentralized Autonomous Organizations (DAOs) could serve as a governance mechanism. Despite this potential, DAO governance systems remained difficult for many cooperative members to trust, adopt, and interpret. This is even more so when the governance processes involve technically complex blockchain information. Therefore, this study aims to develop a set of conceptual design principles to explain how visualization can support trustworthy DAO governance in a cooperative. This study adopted a design-oriented conceptual approach. Focusing on Cognitive Fit Theory and Trust Theory, and current research on blockchain governance and cooperative decision-making, this paper depicts how visualization functions as a cognitive mechanism that drives members’ understanding of governance processes and outcomes. The analysis identified six key principles, which included emphasized interpretability over technical completeness, cognitive load reduction, process visibility, inclusivity, and trust support in visualization-based DAO governance. These principles highlighted that transparency in blockchain was not achieved only through data availability, but via visual presentation of governance information in forms that align with users’ cognitive processing capabilities. This paper contributed to the body of knowledge involving digital governance and blockchain adoption by offering theory-informed design knowledge that extends beyond the technology acceptance model. The proposed design principles provide a foundation for future research and offer practical guidance for organizations and system developers in supporting inclusive, understandable, and trustworthy DAO-based governance in cooperatives.

Yutian Cai

Fintech enterprises operate at the intersection of rapid technological innovation and stringent regulatory oversight, creating a complex organizational challenge. This review systematically examines organizational restructuring strategies that enable fintech firms to balance innovation and compliance. Drawing on the concepts of ambidexterity and contingency theory, the paper analyzes functional, divisional, matrix, and networked structures, highlighting their respective advantages and limitations for fostering innovation and ensuring regulatory adherence. Cross-functional teams, hybrid models, and embedded compliance practices emerge as key enablers for achieving dual objectives. The synthesis provides practical guidance for managers seeking to design adaptable organizational architectures, while also offering theoretical contributions to the literature on innovation management and regulatory alignment. Future research directions include cross-country comparisons, longitudinal studies, and exploration of emerging fintech models such as decentralized finance platforms.

Bambang Leo Handoko, Arta Moro Sundjaja, Evelyn Hendriana

The rapid rise in cryptocurrency presents both opportunities and challenges for retail investors due to its volatility and technological complexity. Research on investment decisions has primarily focused on behavioural finance, often overlooking how learning and literacy shape investor actions. This study addresses this gap by examining how herding behaviour, financial literacy, and digital literacy impact cryptocurrency investment decisions. Grounded in Social Learning Theory and supported by UTAUT to operationalise digital literacy, this study examines how herding behaviour, financial literacy, and digital literacy shape cryptocurrency investment decisions. We analyse survey data from 138 Indonesian retail investors through PLS-SEM. Key findings show that financial literacy (β = 0.443, t = 5.041) and digital literacy (β = 0.495, t = 4.246) are primary determinants of investment decisions, while herding behaviour (β = 0.016, t = 0.628) does not directly influence them but does so indirectly by enhancing investor literacy. This demonstrates that social observation and learning can convert herd-driven impulses into rational choices when mediated by literacy. By extending Social Learning Theory into digital investment contexts, this study provides insights for investors and policymakers seeking to enhance financial and digital literacy.

Li Shuqi, Chee Weiming

This paper explored how digital transformation and the use of blockchain technology influenced supply chain transparency in pharmaceutical companies operating in emerging Chinese markets. The study incorporated the Technology Acceptance Model (TAM), which facilitated the identification of key aspects such as perceived usefulness, perceived ease of use, attitude, and behavioral intention, along with the mediating variable of self-efficacy. Based on these elements, a conceptual framework was developed, which further aided understanding of the hypothesised relationships examined in the study. Accordingly, a quantitative research design was implemented using a primary data collection method. In the Shanghai pharmaceutical industry, data were collected from a sample of 400 managerial employees. The outcomes of technology integration and transparency were quantitatively examined in relation to one another. The results indicated that blockchain technology and digital transformation enhanced supply chain performance through improved traceability, trust, and efficiency. The study shed further light on the main obstacles to implementation and provided insights for policymakers and industry leaders on improving transparency through advanced digital technologies in China’s expanding pharmaceutical market. The findings confirmed that respondents perceived the synergistic effects of digital transformation and blockchain implementation as having the greatest potential to improve supply chain transparency. Blockchain technology enabled real-time, secure, and distributed immutable ledgers that supported product tracking, counterfeiting prevention, verification of authenticity, and enhanced transparency.

Yuyang Zhao, Fernando Bacao, YanLing Li, Ping Dong · 6 authors

Real-World Asset Farm (RWAF) games are an emerging class of blockchain-based applications that tokenize real-world agricultural assets — including land, crops, livestock, and produce — as non-fungible tokens (NFTs), enabling players to engage in both virtual gameplay and tangible financial investment. Despite their growing commercial and academic prominence, the psychological mechanisms underlying individual adoption of RWAF games remain poorly understood. This study develops and empirically tests an integrated adoption model that bridges the Unified Theory of Acceptance and Use of Technology (UTAUT), the Uses and Gratifications Theory (UGT), and a revised Awareness–Interest–Desire–Action (AIDA) framework, reconceptualized as a three-stage cognition–affection–conation process. The model captures users' financial investment perceptions (performance expectancy, effort expectancy, social influence, facilitating conditions, and perceived risks) and gamification perceptions (hedonic, utilitarian, and content gratification) as dual affective pathways that mediate the relationship between technology awareness and behavioral intention. Covariance-based structural equation modeling was applied to survey data collected from 362 respondents in China. Results indicate that awareness is the most influential determinant of adoption intention, operating both directly and indirectly through all affective mediators except social influence. Among the affective constructs, facilitating conditions, content gratification, and utilitarian gratification exert the strongest effects on behavioral intention. Importantly, financial investment perceptions produce stronger mediating effects than gamification perceptions, suggesting that instrumental motivations dominate the adoption calculus for this dual-purpose technology. These findings advance theoretical understanding of adoption processes in technologies that integrate financial and entertainment functionalities and offer actionable guidance for RWAF game developers, marketers, and policymakers seeking to expand user engagement in blockchain-based gaming ecosystems.

Paul Griffiths, Nuno Fernandes Crespo, Carlos J. Costa

No abstract is available for this record.

Tarig Khidir Eltayeb

Introduction: The study examined how Distributed Ledger Technology (DLT) can play a role in business ethics and how the ethical conduct of business can help consumers have more confidence in the global supply chain. It further explored how the adoption of Ethical Sourcing Practices (ESP) mediates the relationship between DLT adoption and consumer confidence in the Saudi Arabian context. Methods: A purposive sampling approach was followed in accordance with a positivist approach. In order to gather the information among 355 respondents, an online survey was distributed, and the data have been analysed with the help of partial least squares structural equation modelling (PLS-SEM) in SmartPLS 4.0. Results: The findings of the PLS-SEM established that DLT significantly predicted Ethical Sourcing Practices (0.641, p < 0.001) whereas ethical sourcing practices also had significant and positive impact on perceived consumer trust (0.518, p < 0.001). The direct effect of DLT on perceived consumer trust was significantly positive (β = 0.325, p < 0.001). The model explains 41% of ESP and 59% of trust. Additionally, a significant indirect effect of DLT on perceived consumer trust via ethical sourcing practices was confirmed, indicating partial mediation (β = 0.331, p < 0.001). Conclusion: This research combined model that correlates DLT adoption, ethical sourcing practices, and perceived consumer trust using the TOE and signalling theories. It uses data on multi-industry supply chains from multi-industry surveys (Saudi Vision 2030) to illustrate the capacity of blockchain-enabled sourcing capabilities and turn it into a trust gain. The research involves the cross-sectional survey data, which would allow finding statistical correlations but would not allow to establish the causality. Additionally, the results may not apply to all individuals in the industry.

Xinyi Yang, Nannan Xi, Juho Hamari

The rise of Internet 3.0, the metaverse, and virtual realities is accelerating the shift from a physical economy to one that is digital, decentralized, and globally accessible. While the benefits and detriments of virtual assets like non-fungible tokens (NFTs) have received attention, individuals’ opinions about them remain polarized. This study investigates how personality traits shape users’ perceived value of NFTs. Using survey data from 805 respondents, we examine how the Big Five traits (openness, conscientiousness, extraversion, agreeableness, and neuroticism) are associated with 14 value dimensions spanning technology, art, and product aspects. The findings indicate that perceptions of NFTs vary among users. Of note, individuals high in agreeableness and conscientiousness perceive NFTs more favorably across the spectrum of value dimensions, whereas those high in neuroticism exhibit opposite tendencies. Extraverted individuals are drawn to the subjective norms and financial gains related to NFTs, while those high in openness value their information transparency.

JOSIP HORVAT, ELVIS MUJAČEVIĆ

Purpose – The purpose of this research is to explore the opportunities and barriers related to the use of cryptocurrencies in tourism from the local community’s perspective. Cryptocurrencies are increasingly accepted worldwide, yet their use in tourism consumption remains limited. Evaluating the attitudes and readiness of residents in urban areas, particularly in Zagreb, is essential for assessing the sustainability of digital payment technologies in tourism. Methodology – The research was conducted in Zagreb and its surroundings, with a sample of 484 respondents. A structured questionnaire was used to assess knowledge, perceived security, intention to use, and perceived barriers and incentives regarding cryptocurrency usage in tourism. Data analysis involved descriptive statistics and Pearson’s Chi-square test to examine relationships between key variables and sociodemographic factors. Findings – The results indicate limited awareness about cryptocurrencies, with more than 75% of respondents being completely unfamiliar or only superficially familiar with the topic. A small percentage currently uses cryptocurrencies, but there is substantial conditional willingness for future usage, particularly if regulatory, educational, and security issues are addressed. Statistically significant gender differences were observed in perceived awareness and trust in Bitcoin systems, with men exhibiting higher levels of awareness and trust compared to women. Contribution – This study provides valuable insights into local community readiness for cryptocurrency usage in tourism, highlighting the significance of education, trust, and regulatory frameworks. The findings can serve as a foundation for policymakers, tourism stakeholders, and digital innovators to develop strategies for the effective integration of cryptocurrencies into tourism economies.

Ho Yeol Yu, Kyu-soo Chung, Anthony D. Pizzo, Sangwon Na · 5 authors

Digital assets have garnered widespread attention for their potential to generate revenues. Grounded in innovation diffusion theory, this study investigated the adoption behavior of esports consumers as it pertains to the application of digital assets, especially non-fungible tokens (NFT) in-game items (i.e., virtual skins and items). The purpose of this study was to explore the relationships among innovation adoption, esports identification, and purchase intentions. With a sample of 309 esports gamers, confirmatory factor analysis and structural equation modeling were performed to test the measurement and hypothesized paths using R-Studio. The results revealed that the innovation adoption of digital assets had a significant impact on purchase intentions. In addition, esports identification was positively associated with purchase intentions, and the moderating effect of esports identification was identified. This novelty of digital assets such as NFTs and their increasing popularity in digital culture will continue to shift public perceptions of digital assets in esports industries. This study has originality and value in that it sheds light on the impact of the adoption behavior of esports consumers in relation to NFT-based in-game items.

Perboli Guido, Simionato Nadia, Vandoni Chiara

This paper investigates how Web3 technologies, such as blockchain, NFTs, and the metaverse, can drive Business Model Innovation (BMI) by enabling new forms of value creation, delivery, and capture. While the strategic potential of Web3 has been widely discussed, there remains a lack of operational tools to guide its implementation in real-world business contexts. To address this gap, we introduce the Web3 Value Exploitation De sign Model (Web3 VEDM), a step-by-step framework grounded in the GUEST methodology. The model is designed to support engineering managers in assessing Web3 readiness, aligning stakeholders, and developing decentralized business models. The framework is empirically validated through a real-world case study in the agri-food sector, offering actionable insights into how organizations can leverage Web3 to transition from centralized to decentralized, participatory ecosystems. The study contributes both theoretically and practically by bridging the gap between conceptual exploration and structured application of Web3 in business transformation.

Hsi‐Peng Lu, Ya-Yuan Ku, Kuo‐Lun Hsiao, Wadee Alhalabi

With the rise of blockchain and decentralized technologies, doubts about traditional financial institutions' efficiency have increased. Meanwhile, Web3 offers transparency, security, and autonomy. However, the existing literature overlooks role the role of doubt as a push factor while focusing on the positive effects of trust. Moreover, the role of crypto wallets as a mooring factor remains underexplored. This study applies push-pull-mooring theory to examine Web3 literacy, trust in machines, doubt in institutions, and switching costs. Data were collected from 165 survey respondents. The results indicate that Web3 literacy increases doubt in traditional institutions but does not significantly affect trust in Web3. Additionally, switching costs moderate the relationship between Web3 literacy and doubt. When switching costs are low, doubt rises significantly. This study provides a new perspective on Web3 adoption, showing doubt's push effect and the role of push-pull mooring in migration, thus addressing gaps in the literature. Furthermore, the findings highlight how decentralized finance's trust mechanism is evolving, offering insights for Web3 adoption.

Christian Zeiß, Lisa Straub, Maximilian Greiner, Marcel Neis · 7 authors

Purpose To promote acceptance of blockchain-based investment options and enhance confidence for new investors, the market must become more comprehensible and accessible to the broad masses. This requires transparency to build trust in web-based intermediaries, particularly given the multitude of websites that often advertise unrealistic returns in the crypto sector. Consequently, intermediaries within the decentralized finance ecosystem need to be clearly identified and categorized to facilitate mass-market adoption. Design/methodology/approach We employ a six-iteration taxonomy approach, establishing a data foundation through literature reviews, expert interviews and document analysis of 50 intermediaries. Archetypes are derived using a hierarchical clustering algorithm. Finally, a survey is conducted to evaluate the taxonomy and the archetypes. Findings The taxonomy encompasses three meta-characteristics (functionality, architecture, security) and 63 characteristics. Furthermore, the research findings reveal six archetypes of blockchain-based investment intermediaries, demonstrating significant discrepancies between them, particularly in terms of financial features and governance structures. Given the complexity of crypto intermediary platforms for novice users, the findings underscore the need to implement technology-based and institutional-based trust mechanisms, improve risk assessment and enable informed decision-making. Originality/value By increasing market transparency and fostering trust, this study contributes to the acceptance and adoption of blockchain-based financial intermediaries, drawing on the diffusion of innovation theory. The proposed taxonomy, particularly its dimensions, specifically addresses the requirements of both technology-based and institution-based trust, which are critical for crypto investments. Moreover, the findings emphasize the importance of educational resources and communicated trust features in strengthening user confidence and facilitating broader market participation.

Ylva Baeckström, Akanksha Jalan, Roman Matkovskyy

Abstract While the volatile and unregulated cryptocurrency market is growing rapidly, little is known about what drives individual investor motivation to participate. This study investigates how trust, a proven predictor for stock market participation, is linked to cryptocurrency participation among 1,519 individual investors in Denmark, Finland and Sweden, countries characterised by high levels of digital adoption, trust and stock market participation. Our results show that individuals who trust strangers in relation to financial matters are more prevalent cryptocurrency participants, both in terms of current holdings and intended future holdings, compared to less trusting individuals. Furthermore, trust reduces how risky individuals consider cryptocurrencies to be and cryptocurrency knowledge raises people’s risk tolerance. Both trust and knowledge, therefore, contribute to increased cryptocurrency participation. Our study contributes to the debate about the mitigating role of trust for household investment decision making, extending its scope to the novel cryptocurrency market. This research is relevant for actors in the cryptocurrency market including developers, service providers, investors, and financial market regulators.

Seung‐A Annie Jin

Metaverses have been hailed as the next arena for a wide spectrum of technovation and business opportunities. This research (∑ N = 714) focuses on the three underexplored areas of virtual commerce in AI-enabled metaverses: blockchain-powered cryptocurrencies, non-fungible tokens (NFTs), and AI-powered virtual influencers. Study 1 reports the mediating effects of (dis)trust in AI-enabled blockchain technologies and the moderating effects of consumers’ technopian perspectives in explaining the relationship between blockchain transparency perception and intention to use cryptocurrencies in AI-powered metaverses. Study 1 also reports the mediating effects of Neo-Luddism perspectives regarding metaverses and the moderating effects of consumers’ social phobia in explaining the relationship between AI-algorithm awareness and behavioral intention to engage with AI-powered virtual influencers in metaverses. Study 2 reports the serial mediating effects of general perception of NFT ownership and psychological ownership of NFTs as well as the moderating effects of the investment value of NFTs in explaining the relationship between acknowledgment of the nature of NFTs and intention to use NFTs in AI-enabled metaverses. Theoretical contributions to the literature on digital materiality and psychological ownership of blockchain/cryptocurrency-powered NFTs as emerging forms of digital consumption objects are discussed. Practical implications for NFT-based branding/entrepreneurship and creative industries in blockchain-enabled metaverses are provided.

Abed Alnaser Nazmi N. Daana

This study investigates prospective Arab customers’ intentions to use cryptocurrencies. Using a quantitative approach, cross-sectional data from a purposive sample of 437 respondents were collected. The survey was distributed via 13 well-known social media platforms and Arab-focused social media groups. Direct, mediating, and moderating hypotheses are tested using structural equation modeling (SEM). The findings confirmed that the association between Digital Techno-stress (DTS) and the Intention to Adopt Cryptocurrency (IACR) is moderated by Ethical Issues (EI). Nevertheless, the study found that government regulations (GR) had no moderating effect on Arab cryptocurrency investors. The findings emphasize the necessity of ethical frameworks to increase credibility in Arab cryptocurrency marketplaces by fostering user-centric trading platforms, lowering techno-stress, and fostering trust.

Alicia Williams

Cryptocurrency ATMs have become a preferred payment method for scammers because they are a fast, easy, and often hard to trace way to get access to a victim's cash. 2 Yet, a large majority of U.S. adults cannot recognize cryptocurrency ATMs (i.e., they're unable to distinguish them from traditional bank ATMs).This di culty in recognizing cryptocurrency ATMs is especially pronounced among adults ages 50 and older.

Mona Zavichi, Manuela Aparício

Non-fungible tokens (NFTs) have garnered attention because of their potential to disrupt traditional business models in various industries. This study provides insights into the drivers of individuals' intentions to purchase NFTs by investigating the relationship between perceived value (scarcity, uniqueness, verifiability, and royalty), as well as facilitating conditions, social influence, individual differences, and personality traits, and the intention to purchase NFTs. Decision-makers, creators, and investors can benefit from understanding these drivers. The proposed model integrates constructs from multiple adoption frameworks and related NFT literature to analyze the individual determinants of NFT purchase intentions. This study utilized a survey to collect data from participants and employed the partial least squares structural equation modeling (PLS/SEM) technique to validate the proposed model empirically. The findings indicate that perceived value, facilitating conditions, social influence, individual differences, and personality traits significantly shape individuals’ intentions to purchase NFTs. Perceived scarcity, verifiability, and royalty were found to be positively associated with perceived value, whereas perceived uniqueness did not demonstrate a statistically significant relationship. Furthermore, the study suggests that individual differences and personality traits do not moderate the relationship between perceived value and NFT purchase intention. However, individual differences and personality traits are directly associated with NFT purchase intention.

Sangjae Lee, Byung Gon Kim

This study investigates the specific factors affecting blockchain or the usage intention of distributed ledger technology (DLT), specifically availability, diversity, and economic value, from the perspective of a unified theory of technology acceptance. Users of DLT in public and private sectors were surveyed. Using a structural equation model, the results indicate that availability and economic value affect performance expectancy, while availability, diversity, and economic value have an influence on effort expectancy. Performance expectancy and transparency have a positive effect on the intention to use DLT, which in turn exerts a positive effect on usage behavior. This study provides implications for researchers in that it attempts to investigate the factors directly (like performance expectancy and transparency) or indirectly (like availability and economic value) affecting the usage intention of DLT based on the extended unified theory of acceptance and encompassing diverse industries that adopt DLT, such as the public, IT, financial, service medical, and logistics sectors.

Nikolaos Papanikolaou, Paraskevi Boufounou, Nikolaos Eriotis

The rapid evolution of financial technology (fintech), including cryptocurrencies and decentralized finance (DeFi), has transformed how consumers and businesses engage with financial services. This chapter examines the drivers of fintech adoption by extending established technology acceptance models, such as technology acceptance models (TAM), unified theory of acceptance and use of technology (UTAUT), and theory of planned behavior (TPB). A systematic review of 80 articles (2017–2023) identifies key factors influencing adoption, including perceived usefulness, ease of use, social influence, and facilitating conditions. Emerging factors, such as financial literacy, hedonic motivation, and trust, are especially important during crises, such as the COVID-19 pandemic. However, gaps remain in understanding how evolving perceptions of security and trust impact sustained adoption, particularly in decentralized environments, such as blockchain networks and crypto assets, where algorithmic transparency replaces institutional intermediaries. This chapter proposes integrating trust, security, and user perceptions into existing models to create a cohesive framework applicable across fintech services. The findings provide actionable insights for researchers and industry stakeholders to enhance user acceptance and guide future innovation.

Zhiyu Zhou

This study discusses the behavior of decentralized decision-making of investment in Web3 environment, and the primary factors affecting the decision of investors, including governance with transparence and fair process, opinion of the community, fluctuations of markets, and trends of social networks. From DeFi platforms and markets of NFT, this study finds the inclination of investors towards governance with transparence and fair process when selecting projects, and decisive impacts of opinion of the community on decision. This study also finds significant impacts of social network and fluctuations of markets on short-term investment, and greater risk appetite of investors under more fluctuations of markets. This study verifies the impacts of these factors on the Web3 environment of investment with data simulation under a virtual environment, provides in-depth understanding of behavior of investment under decentralized finance and markets of NFT, and provides valuable references for related projects' design and operation.