The token economy promises to enable entirely new business models that will likely disrupt many market leaders. The seeds for disruption are already upon us, powered by technical innovations such as blockchains, fungible tokens, non-fungible tokens, metaverses, and decentralised autonomous organisations. How seriously are corporations taking these emerging token economy technologies? How many corporations envision these technologies to be materially significant to their business today? We answered these questions for United States (US) corporations by analysing the five most recent annual 10-K reports, a report required by the US Securities and Exchange Commission (SEC). Of the 39,522 10-K reports examined, only five percent of corporations recognise token economy technologies as materially significant. We focus upon the top 21 corporations with the most mentions of these technologies and discuss the results through the lens of the Theory of Disruptive Innovation.
The article studies formation trends and innovative features of digital assets and cryptocurrencies in economic processes in the context of building an information society. The relevance of formation and regulation of new directions of effective development of the economic environment with the widespread use of digital technologies is justified. Possibilities of formation and application of cryptocurrencies in economic processes are studied, their formation factors, essence, content and innovative features were included in the research process. The scientific-methodological bases of studying the impact of the application of electronic money on the economy and business process are explored. Operation characteristics of currencies and digital assets in the virtual economic environment are explained. Formation and development stages of digital currencies according to the market value are analyzed, the main features are mentioned. The process of conducting transactions using them is presented schematically. The operation mechanism of the utilization process of blockchain technology was created. The main elements of trading with cryptocurrency market are identified based on its structural scheme. Alongside Bitcoin, the features of other alternative cryptocurrencies are analyzed. Their comparative advantages, similarities and differences, application aspects are studied. The market capitalization of cryptocurrencies is demonstrated schematically. Proposals and recommendations are developed for consideration of trends and innovative features of cryptocurrencies in new economic platforms.
Purpose. To analyze the basic principles of blockchain technology implementation, highlighting the algorithms for reaching consensus in the blockchain network to ensure its reliability; to identify key problems in the implementation of such technology and suggest ways to overcome them; to perform a systematic analysis of the blockchain technology contradictions and suggest ways to eliminate them. Methodology. The research used the basics of economic analysis of economic entities to compare their managements centralized and decentralized models. This approach showed that another wave of transformation of business and social models has unfolded in recent years, caused by the next-generation digital technologies involving the economys transition to the digital area. Revealing the blockchain technology mechanisms is based on modern databases and peer-to-peer computer networks, covering in detail the main means of contradictions, application, and implementation of blockchain technology. Findings. The main results of these studies are obtained in the digital economy. The paper shows that digital technologies open up a wide range of opportunities for different sectors of the economy. The research highlights the features and principles of distributed registry technology (Blockchain) applications. It is shown that as a decentralized data registry, blockchain technology is the most discussed and relevant topic in the digital economy. Originality. The paper further developed the main component of the digital economy, which is progressing most intensively, the distributed ledger technology (Blockchain). The paper analyzed its strengths, such as cost reduction, increased security, and transparency of transactions that attracted the attention of various sectors of the economy. The authors approach for eliminating the revealed mechanisms of contradictions, application, and implementation of blockchain technology is presented. The definition of the digital economy, digital technologies in the economy, and end-to-end digital technologies have been improved to clarify the understanding of the economic management decentralization problems. That showed that the digital economy has several subtleties associated with insufficient research and comprehension of technical implementation and flexibility. Practical value. The research results will be useful for expanding ideas about the blockchain technology implementation in different sectors of the economy, accompanied by lower costs, increased security and transparency of economic entities, and improving their economic efficiency and development in digital technologies application. The blockchain technologies implantation at the enterprises of the mining and metallurgical industry allows making the production and sales of products more efficient and transparent, and at the same time significantly reduces the human factor.
It is well known that the introduction of Blockchain in the agri-food sector represents a digital innovation aimed at increasing business income through the reduction of production inputs (and therefore of production costs expressed at constant prices) and/or the increase of output (increase in the quantity produced and therefore in revenues expressed at constant prices). According to Schumpeter, innovation and entrepreneurship mainly depend on innovative people, their skills and knowledge. In fact, digital innovation is always aimed at increasing the competitiveness of the company and can concern an improvement in technical and economic efficiency. On an existing company structure, efficiency concerns an optimization of the variable production factors to be used in the production process (reduction of variable costs: example quantity of water used; quantity of fertilizers to be used according to seasonal trends; quantity of pesticides to be used) which have repercussions on the structure of the cost of production and therefore positive effects on the net income of the entrepreneur. In the present study after examining the economic theory of innovation, through the theory of value examined why agri-food companies should adopt innovations such as the Blockchain. The study highlights that digital innovations can be implemented by entrepreneurs according to company size and with a view to increasing the value of production and that the affirmation of innovation requires long periods of time.
Pedro Henrique F. S. Oliveira, Daniel Muller Rezende, Heder S. Bernardino, Saulo Moraes Villela · 6 authors
Um dos principais eventos que envolve a economia mundial em 2022 ÃĐ o conflito entre RÚssia e UcrÃĒnia. Esse evento oferece uma oportunidade Ãmpar para analisar como acontecimentos dessa magnitude podem refletir no uso de criptomoedas. Este trabalho busca investigar o comportamento de contas e suas transaçÃĩes na rede de criptoativos Ethereum durante esse evento. Para tal fim, coletamos todas as transaçÃĩes realizadas duas semanas antes e duas semanas apÃģs o inÃcio do conflito, organizadas em dois grupos: o conjunto das contas envolvidas nessas transaçÃĩes e o subconjunto dessas contas que interagiram com um serviço dentro do Ethereum, chamado Flashbots Auction. EntÃĢo, modelamos grafos temporais em que cada vÃĐrtice representa uma conta e cada aresta representa uma transaçÃĢo realizada entre duas contas. Analisamos o comportamento dessas contas via mÃĐtricas de grafos para ambos os grupos durante cada semana observada. Os resultados mostram mudanças no comportamento e atividade de contas, bem como variaçÃĩes no volume diÃĄrio de transaçÃĩes.
Currency dominance has been the symbol of national power, influence, and dominance. After the Second World War, the Dollar has maintained its unrivaled influence as a currency reserve by central banks and as a global transaction currency. Recently, cryptocurrency and the distributed ledger system were seen as a challenge. However, due to the challenge it poses to the sovereignty of nation-states, central banks have resorted to developing the central bank digital currencies (CBDCs). China is the only major economy to have tested a CBDC, a symbol of its increasing economic power and innovation. Contrary to Mearsheimerâs theory of offensive realism, developments show that China can use its offensive economic capabilities to build a regional order through the belt and road initiative (BRI). With the recent release of its Central Bank Electronic Payment and the Blockchain-based Network System, China can seek to regionalize the use of its renminbi (RMB) and rival the power of the Dollar.
Purpose â the main aim of this article is to identify cryptocurrencies suitable for investment and portfolio diversification. Research methodology â the methodology of empirical research includes methods of scientific literature analysis, statistical data analysis, multicriteria evaluation, correlation analysis. Findings â Bitcoin is the leading cryptocurrency, but this result could have been due to an exceptionally high market capitalization. Based on the results of the analysis, the inclusion of Bitcoin, Etherium and Dogecoin in the investment portfolio of S&P500, Euro Stoxx 50, DAX and CAC 40 indexes could be considered. Terra could be an interesting investment when considering the benefits of diversification. Research limitations â based on the results of the study, the inclusion of all studied cryptocurrencies in the investment portfolio could be considered in order to diversify the portfolio, taking into account their investment attractiveness. Practical implications â Cryptocurrencies attract investors not only because of the returns they receive, but also because of the absence of intermediaries, which allows them to reduce transaction costs. High returns are associated with high risks, so it is necessary to conduct as much research as possible to identify the benefits of cryptocurrencies and to find risk management strategies. One such benefit of cryptocurrencies highlighted in research is diversification. Originality/Value â the novelty of the study lies in evaluation of 10 selected cryptocurrencies according to different criteria using a multi-criteria valuation method to identify cryptocurrencies that are non-correlated or weakly correlated with traditional assets and the most suitable for investment and for portfolio diversification.
YaÅanur KayÄąkÃ§Äą, NazlÄącan GÃķzaçan, Abderahman Rejeb, K. Mathiyazhagan
Abstract The growing importance of the circular economy has emphasised optimal utilisation of resources within the constraints of economic development and protection of the environment. Digital technologies associated with Industry 4.0, such as blockchain, facilitate the implementation of circular economy principles throughout the supply chain. However, because blockchain implementation in the supply chain is still in the early stages, realâworld examples of the blockchainâbased circular supply chains (CSCs) are limited. The principal purpose of the paper is to examine the critical success factors (CSFs) for implementing blockchainâbased CSCs. Following that, 10 CSFs are identified through a short systematic literature review, and then, the integrated fuzzy cognitive mapping and fuzzy bestâworst method (FCMâFBWM) is implemented to examine CSFs for the blockchainâbased CSC. The study's main findings demonstrate that network collaboration is the best CSF, while the shared circular economy toolbox is counted worst of all. This research enriches the literature by identifying the CSFs for implementing blockchainâenabled CSCs to address the lack of a suitable decisionâmaking framework that assists managers in comprehending how blockchain technology can be adopted in the circular economy context. Implications for theory and practice are also discussed, offering new insights into the measures necessary to ensure successful blockchain implementations in CSCs.
Blockchain technology has been around for more than ten years, nevertheless, the knowledge about its economic and business implications is still fragmented and heterogeneous. The present article intends to tackle this issue with a twofold contribution. The first is an analysis of the shift from economics to tokenomics highlighting the central role played by tokens within blockchain-based ecosystems. The second is a framework for tokens design leveraging a morphological analysis deeply grounded in the literature. As blockchain becomes a mainstream phenomenon, the value of the work proposed lies in lowering the cognitive barriers and in clarifying the space of available options for private and public actors willing to leverage tokenization in their daily operations.
In the past few years, along with the crypto assets market, a new term has appeared: stablecoins. Unlike cryptocurrencies, however, not so much research has been devoted to this topic. The emergence of global stablecoin projects, a significant increase in the volume of investment initiatives, and growth in the number of transactions have forced central banks to seriously pay attention to these in order to ensure financial stability as one of their functions. This topic is undoubtedly relevant due to the novelty of the concept which has appeared. The purpose of this article is to study the economic essence of stablecoins, their types, and the current state of this market. The methods of comparative analysis as well as critical and systematic approach to the study of information are used in the work. Existing ways to define the concept of stablecoins are investigated. The classifications of stablecoins and the main types of the most reliable coins on the market are examined. The current state of the stablecoin market is analyzed. As a result of the study, a number of conclusions have been made. Despite the lack of a legally fixed and generally accepted definition of stablecoins, in general, stablecoins are tokens secured by different types of assets. The economic essence of stablecoins is revealed through the goals of their creation, types of security and stabilization mechanisms, as well as the nature of the relationship between the issuer and the owner of the stablecoin. Over the past three years, the stablecoin market has grown almost fivefold. Such growth means significant penetration into the payment system, and then into the global financial system, which requires the development of international regulatory standards to minimize possible risks and preserve financial stability. The prospects for the development of stablecoins are associated with the creation and promotion of digital currencies of central banks (central securities) and cross-border payments in one or more central securities.
Alberto Partida, Saki Gerassis, Regino Criado, Miguel Romance · 6 authors
In this article, we model the two most market-capitalised public, open and permissionless blockchain implementations, Bitcoin (BTC) and Ethereum (ETH), as a System of Systems (SoS) of public blockchains. We study the concepts of blockchain, BTC, ETH, complex networks, SoS Engineering and intentional risk. We analyse BTC and ETH from an open SoS perspective through the main properties that seminal System of Systems Engineering (SoSE) references propose. This article demonstrates that these public blockchain implementations create networks that grow in complexity and connect with each other. We propose a methodology based on a complexity management lever such as SoSE to better understand public blockchains such as BTC and ETH and manage their evolution. Our ultimate objective is to improve the resilience of public blockchains against intentional risk: a key requirement for their mass adoption. We conclude with specific measures, based on this novel systems engineering approach, to effectively improve the resilience against intentional risk of the open SoS of public blockchains, composed of a non-inflationary money system, âsound moneyâ, such as BTC, and of a world financial computer system, âa financial conduitâ, such as ETH. The goal of this paper is to formulate a SoS that transfers digital value and aspires to position itself as a distributed alternative to the fiat currency-based financial system.
The supply network becomes more fragile as it becomes more complex, affecting the core firmâs performance. While previous research on supply network complexity existence paradox. Therefore, to study the nature of supply network complexity, this paper divides the supply chain complexity utility into positive and negative valences based on the valence framework and divides supply chain complexity into supply base complexity, customer base complexity, and logistics base complexity. Based on the trustworthiness and transparency characteristics of blockchain technology, this paper investigates how to use blockchain technology to reduce the negative valence of supply chain complexity while adapting to or improving the positive valence to improve enterprise competitiveness and supply chain sustainability. As a result, the focus of this paper is on how to better manage supply chain complexity using blockchain technologies to increase supply chain sustainability and viability.
Financial innovation has given great importance to sustainability. The Sustainable Finance Strategy represents one of the central points of the European agenda, and Fintech offers important opportunities in this field. However, some âvaluableâ Fintech instruments seem to not have been adequately considered. The reference is to Bitcoin and to the âcrypto-industryâ. The most common public belief about Bitcoin and sustainability is that Bitcoin is polluting the ecosystem. Immediately, the concept is extended to Distributed Ledger Technologies (DLTs), to blockchain and to all related innovations. Notwithstanding this, some research shows that there is still some uncertainty on the precise amount of energy used by Bitcoin-related activities and on how to calculate it. The scope of this paper is to make give some clarity on this uncertainly in order to show, on the one hand that DLT is not âpollutingâ, but that pollutions come from the way each miner decides to conduct their businesses. On the other hand, a DLT system can be considered sustainable thanks to its capacity to solve a various number of environmental problems ârelatedâ to how businesses are conducted.
Digital transformation is emerging as a cornerstone of strategies aimed at addressing pressing global sustainability challenges, from climate change to resource scarcity and social inequality. By leveraging technologies such as artificial intelligence (AI), blockchain, the Internet of Things (IoT), and cloud computing, societies are beginning to unlock new pathways for decarbonization, efficiency, and inclusive growth. AI and advanced analytics provide predictive insights for optimizing energy use, climate modeling, and resource management, while blockchain ensures supply-chain transparency and facilitates the verification of carbon credits. IoT-enabled systems and smart infrastructure enhance efficiency in energy distribution, agriculture, transportation, and manufacturing, contributing to circular economy practices and reduced environmental footprints. At the same time, cloud platforms and digital finance solutions democratize access to green technologies and sustainable investment opportunities. The transformative potential of these technologies extends across multiple sectors. In the energy domain, smart grids and decentralized renewables supported by digital integration are reshaping power systems. In agriculture, precision farming and digital supply chains reduce waste and improve productivity. Financial innovations, such as fintech-enabled green finance, are mobilizing capital toward sustainable projects, while e-governance platforms enhance transparency and data-driven policymaking for climate action. However, significant challenges remain. The digital divide threatens equitable access, while the energy demands of data centers and blockchain raise concerns about the carbon footprint of digital infrastructures. Cybersecurity, privacy, and governance gaps also pose risks that could undermine trust and resilience. Addressing these issues requires robust policy frameworks, publicâprivate partnerships, and capacity building to ensure responsible, inclusive, and ethical innovation. Ultimately, digital transformation represents not only a technological shift but also a socio-economic opportunity to build resilient, net-zero, and equitable futures. Unlocking its full potential requires aligning digital innovation with global sustainability imperatives.
Francisco JareÃąo, MarÃa de la O GonzÃĄlez, Pascual Belmonte
<abstract><p>Using NARDL methodology, this research investigates some asymmetric and non-linear interconnections between leading cryptocurrency and commodity returns. Thus, this study explores potential interconnections between these cryptocurrencies and commodity markets in the period between March 07, 2018, and March 26, 2021. This paper splits the entire sample period into two independent sub-periods in order to enhance robustness: pre-COVID and COVID, to examine the impact of the pandemic on these markets. Our results confirm that the most relevant interconnection (in terms of cointegration, short- and long- asymmetry, and the persistence of the lags) between cryptos and commodities is focused on COVID-19, the pandemic sub-period, in line with previous literature. Finally, the study reveals that some cryptocurrencies such as Tether could serve as a diversifying asset or even a safe haven, in certain scenarios, in investment strategies.</p></abstract>
There is a lot of hope that blockchain technology may be used to standardize money transactions and increase access to banking. It is believed that regulators and industry professionals have looked into the possibility of using blockchain technology to modernize and even replace the infrastructure that currently supports international payments and remittances, such as correspondent banking, in order to ensure that transactions can be verified and recorded using blockchain technology in a distributed ledger. The purpose of this study was to analyze how blockchain technology has helped to include previously underserved populations in the mainstream financial system, and to remark on the best practices and lessons learned from sustainable development. Using a systematic literature review, the study discovered the many ways in which blockchain technology can facilitate digital financial inclusion, including its application in financial transactions, its utility as a tool for increasing financial savings, its use in the provision of credit, and its application in the provision of insurance. According to the findings, even though the global goals do not specifically target financial inclusion, providing access to financial services for the majority of the population is a critical enabler for several of the global goals. Therefore, the study concluded that sustainable development can be ensured on many fronts if the technology behind blockchains can be successfully used to improve financial inclusion. If governments, especially in developing countries, are serious about increasing citizensâ access to financial services, they must prioritize blockchain investment.
During the 1990s Morocco implemented a series of major institutional and economic reforms that made the country politically stable and helped it to withstand the destabilizing effects of the Arab Spring. Political reforms resulted in the adoption of a new constitution in 2011, was followed by initiatives to improve justice, public administration, the fight against corruption, and to strengthen governance, transparency, and ethics in public life. The country also embarked on a regionalization of public policies and decentralization of administration to ensure an integrated and durable regional development. This reform momentum was further emphasized by the King of Morocco when in his 2019 throne speech he stressed that &ldquo;&hellip; the stake is thus to rebuild a strong and competitive economy, by encouraging the private initiative, while launching new productive investment plans and by creating new job opportunities&hellip;&rdquo; During two last decades Morocco recorded relatively solid economic and social results due to significant public investments and structural reforms aiming to: (i) stabilize the macroeconomic framework by reducing domestic and external vulnerabilities, in particular through the gradual suppression of subsidies for energy products and some foodstuffs; (ii) improve the framework of management of public finance through the adoption of a new Organic Law of Finance in 2015; and (iii) support the diversification and the competitiveness of the national economy. Morocco also reinforced its sectorial policies through plans for sector development aiming at enhancing the economic growth potential and the creation of jobs, including in the manufacturing sectors with significant added value in sectors such as the automotive, aeronautics and pharmaceutical products. The Moroccan economy has demonstrated an appreciable resilience in the face of an international context characterized by a succession of crises. The rate of growth of real GDP improved on average annually from 3.1% during the 1990s to nearly 4.2% on average annually between 2007 and 2018, sustained by the tertiary sector&rsquo;s dynamism which posted an increase in its value added of 4.2%, contributing of 2.1 points in the GDP (Figure 1). The secondary sector also showed a similar tendency with a 3.3% increase in added value, carrying with it 0.9 percentage points contribution in economic growth, while the primary sector added value grew by 4.4% for a contribution to the growth of the GDP of 0.6 point (DEPF, 2019).
There has been a remarkable increase in the number of publications on international trade and cryptocurrency in recent years. This paper aims to analyze the literature on international trade and cryptocurrency in the Web of Science database. This study uses the bibliometric method and mapping analysis. The cluster analysis is conducted based on the keyword analysis. These publications are reviewed from different aspects such as type of publication, language, and book title. This study found that 767 articles which are related to cryptocurrency and international trade. Among the countries in which these studies are conducted, China ranks the first, followed by the USA and UK, respectively. Various organizations in different countries support studies on this topic. In conclusion, cryptocurrency technologies draw the attention of academia, and the use of cryptocurrency in international trade will determine the future trade structure. The innovative features of cryptocurrency can develop new business models, which may be the reason for the academic interest in this matter. It will be useful for businesses and governments to follow this potential carefully to benefit from the advantages of innovative business models.
Technically cryptocurrencies often have Distributed Ledger Technology (DLT) and encryption based on infrastructure called blockchain that allows all nodes to verify the validity of a transaction. In terms of monetary theory, cryptocurrencies are currently the most developed virtual currencies that cannot perform all the basic functions of money such as the account, exchange and capital accumulation.The price of cryptocurrency is based on supply and demand, without an intervention of a central authority. Dynamics that affect the value of cryptocurrencies can be classified as internal and external variables. The internal dynamics of cryptocurrencies have been examined under the headings of economic infrastructure and technological infrastructure. External factors that are effective in determining the value are observed as popularity, security, volume, inflation, tax, crypto exchange accidents, perception, speculations / manipulations and news.
The boundary between the physical and a virtual world is not clearly visible nowadays, the 4.0 industry utilizes artificial intelligence, distributed ledger technology, quantum computing, advanced visualization and other advanced technologies. The surge of capital flows in financial technology is visible wherever we look. Classical businesses face a challenge to connect and create partners with the companies that are technology savvy because this may impact their future success. The strategy for digital business must be thought over very thoroughly since it represents the success threshold in contemporary digital environment. The classic banking system faces the threat or opportunity of an open banking system and banks are forced to be prepared to offer next generation services benefiting from third party channels. The short history on the banking industry including digital banking along, with fintech as a financial institution showing its power to compete sophistically, will shift the studied digital transformation phenomenon into a dilemma whether we indeed face a cashless society challenge, whether the governments should start to accelerate their decisions on Central Bank Digitalized Currency â CBDC or how far several countries already are to become a cashless society. At last, potential security, trust and fraud issues will close this chapter.