Blockchain Papers

W.D.G.G. Abhayagunarathna, L D C K Gunawardana

Cryptocurrencies have sparked debates globally, leading to diverse reactions from countries regarding their regulation. Sri Lanka remains cautious, as evidenced by its absence in the 2021 Chainalysis Adoption Index and its 58th ranking in 2022, indicating growing user numbers despite warnings from the Central Bank of Sri Lanka. This study uses the Theory of Planned Behavior (TPB) to assess Sri Lankan university students’ intentions to invest in cryptocurrencies, exploring financial risk tolerance as a moderating variable. TPB suggests that attitudes, subjective norms, and perceived behavioral control predict intentions, with financial risk tolerance potentially influencing these intentions. The research collected data from students at top state and private universities in Sri Lanka through structured questionnaires, employing descriptive statistics and structural equation modeling (SEM) for analysis. Results showed that attitudes, subjective norms, and perceived behavioral control significantly influence investment intentions in cryptocurrencies. However, financial risk tolerance did not significantly modify these effects, suggesting that the volatile nature of cryptocurrencies attracts those with higher risk tolerances, rendering the moderating effect of financial risk tolerance negligible. This study offers insights for practitioners and policymakers, highlighting factors influencing cryptocurrency investments among university students and emphasizing the need for informed investment strategies suitable for varying risk tolerances. These findings enhance understanding of investment behavior in emerging markets like Sri Lanka.

Ylva Baeckström, Akanksha Jalan, Roman Matkovskyy

We investigate cryptocurrency participation within the context of Regulatory Focus Theory (RFT) among 1,519 individuals in Denmark, Finland and Sweden. Analysis of survey responses identifies the tendency for promotion-focused investors to gravitate towards the high-risk, high-reward potential of cryptocurrencies, while prevention-focused investors adopt a more cautious approach that prioritizes safer assets. Our results which demonstrate that RFT can be used to predict current and future cryptocurrency participation contribute to understanding the profile of participants in the rapidly growing cryptocurrency market.

Sophie Berghueser, Martin Spann

Marketers across industries appeal to consumers’ need for uniqueness in their marketing and product strategies. While there is an understanding of the many benefits of such a strategy and its underlying mechanisms, the effects are often linked to product scarcity, leaving a product’s distinctiveness compared to similar products unexplored. In this study, we examine the effect of product attribute distinctiveness using transaction data of a large non-fungible token (NFT) collection. Despite identical initial launch prices for all products in the collection, secondary sale prices vary substantially. Using a selection model, our results show that a unique product is less likely to be resold. We also find a positive relationship between attribute distinctiveness and transaction value. This indicates the importance of such product information to consumers. The implications of our empirical study add to the literature on uniqueness, NFTs, and crypto marketing.

Xiaowen Long, Wei‐Qiang Chen

In the era of sharing economy, the tourism market is increasingly characterized by personalized demand, mobile consumption and product segmentation. This paper aims to apply big data mining technology in the field of smart tourism. Firstly, it focuses on image summary selection and collaborative filtering technology based on big data mining. It then demonstrates the integration of blockchain in smart tourism, emphasizing the use of decentralized structures and smart contracts to achieve data security and transparency, and describes the testing process of smart tourism platforms, including data preparation and platform operational efficiency testing. Finally, the research results of this paper are summarized, and the development potential and practical application value of smart tourism are demonstrated. The results show that in the smart tourism big data mining model, the minimum support for the data set is 10 % and 20 %, respectively. Moreover, with the increase of the number of nodes in the same data set, the running time decreases gradually. It can be seen that smart tourism big data mining has strong scalability.

Mykola Malenko, Yevheniia Shabala

This article explores affiliate marketing integration with AI and Web3 technologies, providing a comprehensive analysis of their individual and combined potential to revolutionize the digital marketing landscape. Starting with defining the core components, the article sets a foundation for understanding how AI and Web3 can synergistically enhance affiliate marketing strategies. The paper proceeds with a detailed overview of traditional affiliate marketing models, highlighting their evolution in response to technological advances and changing market dynamics. The article further examines the global landscape of affiliate marketing, presenting current statistics and trends that underscore its economic significance. A focused discussion on AI technologies pertinent to affiliate marketing reveals how machine learning, natural language processing, and predictive analytics can optimize performance and decision-making processes. The role of Web3 is examined by its ability to introduce decentralized, transparent, and secure elements into affiliate marketing, suggesting a shift towards more user-centric models. Finally, the potential of combining AI with Web3 is discussed, illustrating how this convergence can lead to innovative marketing strategies that are more effective and uphold higher standards of integrity. This synthesis aims to illuminate how modern technologies can be harnessed to foster a new digital marketing era.

Selami Özcan, Maaroof Alazzawi

Blockchain technology, along with cryptocurrencies like Bitcoin, Ethereum, and stablecoin represent potential advancements that could change the financial industry. Stablecoins, have established a presence could change the traditional mechanisms of global economy. Nonetheless, consumer adoption of these technologies has been slightly slow. Many aspects and gaps are still not filled in the literature about these new technologies. In this research, using the technology acceptance model (TAM) to see the factors behind the intention to use cryptocurrencies as a payment method by examining the brand image role in the intention to use cryptocurrencies and blockchain technologies for payment methods. The research has been done through an online survey, distributed between group of people with different backgrounds in Türkiye. The survey was conducted in Turkish, and all scales and measurements have been tested and approved in previous studies. The findings indicate that brand image impacts the intention to use cryptocurrencies and blockchain technology transactions. Also, the strongest relation is between attitude (A) and brand image (BI) these finding highlight the importance of brand image in driving consumer’s attitude and intention to use cryptocurrencies as payment method. Moreover, we discuss in the conclusion.

K. M. Anwarul Islam, Fandi Omeish, Serajul Islam, Adel Sarea · 5 authors

This study aims to investigate the influencing factors of consumers’ willingness to buy cryptocurrency in Malaysia. The targeted population of this study was Malaysian citizens who had knowledge about digital currency such as cryptocurrency. In this study, the data collection process was completed using an online survey questionnaire from several social media groups in Malaysia. They were sent a survey invitation to take part in, and after their approval, their responses were gathered. Five-point Likert scale has been used, where ‘1’ stands for “strongly disagree” and ‘5’ stands for “strongly agree”, to find out the item-wise questionnaire. The final sample size was n = 620. Moreover, 5% significance level and SPSS software were used to analyze the data and evaluate the hypotheses. The outcome of this study exposes that the perception of the price value of the cryptocurrency, perceived trust, and perceived security measure positively and significantly affect consumers’ willingness to buy cryptocurrency. Overall, these variables can explain 49.50% (R2 = 0.495) of the variance in predicting consumers’ willingness to buy cryptocurrency. It is found that among the three determinants, perceived trust (β = 0.569) in cryptocurrency had the highest impact on the intention among Malaysian consumers compared to other variables. This study contributes to the limited existing literature concerning Bitcoin and digital currencies, offering insights that can aid scholars in comprehending the significance of cryptocurrency and delineating its predominant impacts within the Malaysian cryptocurrency space.

Brett Martin, Polymeros Chrysochou, C Strong

Abstract The volatile cryptocurrency market offers investors the chance for substantial capital gains. In this research, we examine the role of dispositional greed and need for cognition (NFC) on judgments about crypto and stocks. Drawing on the dualistic model of passion, we examine two potential mediators of the effects: harmonious passion (HP) and obsessive passion (OP). Journal of Personality and Social Psychology , 85 (4), 756–767. https://doi.org/10.1037/pspp0000031, we examine two potential mediators of the effects: harmonious passion (HP) and obsessive passion (OP). Following a preregistered survey ( N = 258), we found that the effect of greed on crypto judgments was mediated by HP rather than OP. This result was replicated for stocks. The effect of NFC on attitudes was mediated by HP. The findings show that (1) dispositional greed and NFC offer insights into consumer judgments of crypto and stocks, (2) HP rather than OP mediates the effects of greed and NFC on crypto and share judgments, and (3) that the effects of dispositional greed and NFC on judgments is similar for crypto and stocks.

Zhengchang Jing, Hexiao Kang, Liu Jia, Aiyu Sun

In 2021, the metaverse concept burst out of the ring under the influence of a number of factors. When the metaverse achieved good results in the gaming and social sectors, major companies tried to expand their own sales areas through the metaverse. Based on core technologies such as virtual reality and artificial intelligence, they create their own virtual images and virtual scenarios and issue non-fungible tokens (NFT) in an attempt to carve out a whole new path in the metaverse space. As the metaverse is still in its infancy, its application in various fields is also in the experimental stage. Therefore, based on the metaverse technology and digital marketing theory, this research uses an inductive and deductive approach to illustrate the application of the metaverse in different marketing scenarios and its impact on products. At the same time, it provides feasible marketing suggestions and methods for brand marketing, such as establishing online virtual experience spaces.

Shinta Rahmani, Edita Rachma Kamila, Cynthia Eka Violita

This research explores the integration of Non-Fungible Tokens (NFTs) into branding strategies within PT. BISI International, TBk, focusing on the agricultural sector. Utilizing a quantitative approach with a sample of 80 participants, the study investigates the direct and indirect effects of Social Media Engagement (SME) and Marketing Strategy Adoption on Consumer Perception and Market Understanding of NFTs and Branding. The findings reveal significant direct effects of Social Media Engagement and Marketing Strategy Adoption on Consumer Perception and Market Understanding of NFTs and Branding, highlighting the pivotal role of social media engagement and strategic adoption of NFTs in shaping consumer perception and market understanding. Moreover, the study identifies a significant indirect effect of Social Media Engagement on Market Understanding of NFTs and Branding through Consumer Perception, underscoring the mediating role of consumer perception in driving market understanding. However, the indirect effect of Marketing Strategy Adoption on Market Understanding of NFTs and Branding through Consumer Perception is found to be non-significant, suggesting a nuanced relationship between marketing strategy adoption, consumer perception, and market understanding. These insights provide valuable implications for marketers seeking to leverage NFTs to enhance brand positioning, consumer engagement, and market understanding within the agricultural sector.

Cezara-Georgiana Radu, Elena Roxana Deak

Abstract Cryptocurrencies are a new form of digital assets that have gained increasing popularity in recent years. Investors have a dual objective of maximizing profits while minimizing risks. In today's world, there is an increase in the demand for cryptocurrencies, with focus on the emotional aspects as well as on the underlying technical analysis. This abstract provides a synthesis of recent research and insights into the behavior of consumers engaging with cryptocurrencies. Key determinants such as trust, perceived usefulness, and ease of use play pivotal roles in driving consumer adoption of cryptocurrencies. Furthermore, behavioral uncertainty and risk perception emerge as critical considerations impacting investment decisions within this dynamic ecosystem. The abstract also highlights the significant influence of digital platforms and social media on shaping consumer attitudes and behaviors towards cryptocurrencies, underscoring the importance of online discourse and information dissemination in this context. As the cryptocurrency market develops and grows, understanding consumer behavior becomes increasingly paramount for stakeholders, policymakers, and researchers alike. By unraveling the complexities of consumer preferences, motivations, and perceptions, this abstract offers valuable perspectives to inform strategic decision-making and foster sustainable growth in the cryptocurrency industry. This research was based on scientific articles and carefully selected and studied important data from trusted sources like academic journals, financial databases, and websites focusing on cryptocurrency information.

Erdem Baydeni̇z

This study explores the transformative potential of Blockchain technology within the tourism sector, with a primary focus on its role in promoting sustainability and enhancing stakeholder engagement. Employing a qualitative methodology, this study incorporates interviews with ten industry experts and key stakeholders in tourism. The findings underscore Blockchain’s capacity to bolster sustainability efforts by fostering transparency, traceability, and accountability. This, in turn, enables effective monitoring of supply chains, validates eco-friendly certifications, and verifies adherence to sustainable practices. In addition, Blockchain empowers local communities by offering a decentralized platform for participation and decision-making. This study also identified critical challenges, including the necessity for scalable and energy-efficient Blockchain solutions, along with the imperative to address legal and regulatory impediments. The outcomes not only enrich our understanding of Blockchain’s potential in the tourism sector but also provide valuable recommendations for future research and implementation. Blockchain technology is poised to revolutionize tourism, champion sustainability, and cultivate collaborative stakeholder relationships.

Soraya González-Mendes, Fernando E. García‐Muiña, Rocío González Sánchez

This paper investigates the application of blockchain technology in the tourism industry, reviews its evolution and develops a future research agenda. A semi-systematic literature review was conducted of 98 publications from 2017 to the first quarter of 2023, indexed in the Web of Science database. This is followed by an in-depth analysis of the most recent papers (2022 to March 2023). The research focuses on the improvement of processes, their interaction with other technologies and adaptation to the environment. However, the studies show the need for further study on social and legal aspects. In addition, blockchain technology could be an enabling tool in the face of new sustainability paradigms or crisis environments. Finally, considering new lines of research, five dimensions were identified (social, organisational, technological, sustainable and economic) as well as the need to develop a regulatory framework and interaction with other technologies.

Le Van Huy, Hanh T.H. Truong, Tan Vo‐Thanh, Hien Nguyen · 6 authors

This study examines the determinants of blockchain technology adoption in small and medium hospitality and tourism enterprises. This study also investigates the moderating effect of technology optimism. Results from a sample of 550 enterprises indicate that technological factors (i.e., relative advantage and compatibility), organizational factors (i.e., top management support, organizational readiness, and employee blockchain technology knowledge), and environmental factors (i.e., competitive pressure, customer pressure, and government support) positively affect intention to adopt blockchain technology. These relationships are moderated by technology optimism. Interestingly, perceived complexity and adoption cost are insignificant determinants of blockchain technology adoption. This study contributes to the literature by explaining the underlying mechanism and boundary conditions (i.e., managers’ technology optimism) under which technological, organizational, and environmental factors predict the adoption of blockchain technology among small and medium hospitality and tourism enterprises. Moreover, the findings provide implications for hospitality and tourism managers in adopting and implementing blockchain technologies.

Mark P. Doblas, Jishanis Mae G. Becaro, Jayendira P. Sankar, V. Natarajan · 6 authors

This study explores the adoption of cryptocurrency, specifically Bitcoin, in the Philippines. The authors argue that current behavioral prediction models, such as TRA, TPB, and TAM, do not adequately account for the affective constructs of decision-making when high monetary stakes are involved. To address this gap, the authors propose an integrative model that accounts for financial decision-making processes, risk constructs, and population-specific behavioral strategies. The study used a quantitative-based research design and involved 684 university students from one of the major state universities in the Philippines. The findings show that perceived usefulness, attitude toward cryptocurrency, self-efficacy, and descriptive norms significantly influenced the intention to adopt cryptocurrency. Overall, the study confirms the direct influence of instrumental attitude, knowledge of cryptocurrency, descriptive norm, risk tolerance, ease and difficulty, and control on an individual’s intention to use cryptocurrency. The study contributes to exploring a less studied Philippine consumer base and provides empirical findings and insights into Bitcoin adoption in developing Asian economies. JEL Classification: G15. G17, G41, P33, G32.

Jun Wang

In the tourism industry, big data has emerged as a revolutionizing the way businesses operate and travelers experience destinations. With the vast amount of data generated from online bookings, social media interactions, and mobile applications, tourism companies can gain valuable insights into traveler preferences, behavior patterns, and market trends. This paper proposes a development strategy for the tourism industry in the post-epidemic situation, leveraging network big data analysis with Multi-Factor Hashing Ethereum Classification (MFH-EC). By harnessing the power of network big data, this strategy aims to provide insights into changing traveler preferences, market dynamics, and risk factors in the wake of the pandemic. The MFH-EC model facilitates the classification and analysis of diverse factors influencing tourism development, including economic indicators, health and safety measures, environmental conditions, and traveler sentiment. Through simulated experiments and empirical validations, the effectiveness of the proposed strategy is assessed, demonstrating significant improvements in predictive accuracy and decision-making capabilities. For instance, the MFH-EC model achieved an 80% accuracy rate in predicting tourism demand shifts and a 30% reduction in forecasting errors compared to traditional methods. These results underscore the potential of network big data analysis with MFH-EC in guiding strategic decision-making and fostering sustainable recovery and growth in the tourism industry post-epidemic.

Myriam Brouard

Imagine if owning a specific baseball card gave you the privilege of attending their home games. Or that having attended previous Taylor Swift tours entitled you to purchase tickets for her next tour. What would that be worth, and how would that change the way in which you relate to the brand or to the artist? This article examines the case of the Bored Ape Yacht Club (BAYC), a prominent Non-Fungible Token (NFT) community. The investigation reveals the multifaceted nature of NFTs, which can act as keys to access exclusive clubs and privileges, and as independent products whose value is inherently linked to market dynamics. By doing a deep dive into one of the most prominent NFT communities, BAYC, this work underscores the potentially transformative effects of NFTs on consumer experience, providing a deeper understanding of value co-creation in the rapidly evolving decentralized landscape.

Xian Zhuo, Felix Irresberger, Denefa Bostandzic

Abstract This paper provides a systematic literature review of text analysis methodologies used in blockchain-related research to comprehend and synthesize existing studies across disciplines and define future research directions. We summarize the research scope, text data, and methodologies of 124 papers and identify the two most common combinations of these dimensions: (1) papers that focus on specific cryptocurrencies tend to apply sentiment analysis to instant user-generated content or news articles to discover the correlations between public opinion and market behavior, and (2) studies that examine the broad concept of blockchain with text data from documents published by companies tend to apply topic modeling techniques to explore classifications and trends in blockchain development. We discover five major research topics in the academic literature: relationship discovery, cryptocurrency performance prediction, classification and trend, crime and regulation, and perception of blockchain. Based on these findings, we highlight three potential research directions for researchers to select topics and implement suitable methodologies for text analysis.

Hafize Nurgül Durmuş Şenyapar

This study delves into the dynamic landscape of public sentiment surrounding cryptocurrency through a comprehensive social media discourse analysis. Employing the Python Selenium library, data from 1000 public profiles across major platforms—X, Facebook, Instagram, and LinkedIn—were systematically collected. Using advanced text-mining techniques in R Studio, sentiment analysis was conducted with the ‘Syuzhet’ package and word frequency analysis via the ‘tm’ package. The results unveiled a nuanced emotional landscape characterized by dominant sentiments of anticipation and positivity, interwoven with expressions of negativity, notably anger, and loss. Word frequency analysis highlighted vital themes such as established cryptocurrencies (e.g., Bitcoin, Ethereum), blockchain technology, and practical and financial aspects of cryptocurrency usage. The study illuminated technical interest, financial speculation, and reactions to regulatory and economic developments. Offering insights crucial for stakeholders, including investors and policymakers, this research contributes to the academic understanding of public sentiment, emphasizing the volatile nature of crypto-currency markets and the transformative potential of blockchain technology and calls for ongoing monitoring of public sentiment to inform policy, investment, and technological innovation in the ever-evolving cryptocurrency ecosystem.

José Campino, Shiwen Yang

In recent years, new payment methods have emerged, aimed at improving convenience for users. Cryptocurrencies, in principle, are no different. In this study, we seek to analyze the general population's attitudes towards the adoption of cryptocurrencies as a payment method. To achieve this, we have developed a descriptive survey that targets both current cryptocurrency users and non-users, recognizing that differences in perception may exist. Additionally, we have conducted a sentiment analysis of open-ended questions to understand respondents' views on the future of the cryptocurrency market and its potential as a payment tool, utilizing different lexicons in the English language. Our findings indicate that most cryptocurrency users prefer to invest in these digital assets, often choosing coins based on their popularity rather than other intrinsic features. E-commerce payments are the most attractive activity, followed by international transactions when using cryptocurrencies as a payment method. However, high volatility and a lack of ease of use are the most common difficulties reported by users. Our study also highlights the importance of regulation in a time when users are increasingly demanding higher levels of oversight, in contrast to the past. While users are concerned about the instability and volatility of cryptocurrencies, they also value the anonymity these transactions offer. Our analysis showcases an innovative approach to analyzing interviews and qualitative questionnaires that can be applied in other research fields.

Márk Recskó, Márta Aranyossy

Abstract Turbulent market conditions, well-publicized advantages, and potential individual, social, and environmental risks make blockchain-based cryptocurrencies a popular focus of the public and scientific communities. This paper contributes to the literature on the future of crypto markets by analyzing a promising cryptocurrency innovation from a customer-centric point of view; it explores the factors influencing user acceptance of a hypothetical social network-backed cryptocurrency in Central Europe. The research model adapts an internationally comparative framework and extends the well-established unified theory of acceptance and use of the technology model with the concept of perceived risk and trust. We explore user attitudes with a survey on a large Hungarian sample and analyze the database with consistent partial least square structural equation modeling methodology. The results show that users would be primarily influenced by the expected usefulness of the new technology assuming it is easy to use. Furthermore, our analysis also highlights that while social influence does not seem to sway user opinions, consumers are susceptible to technological risks, and trust is an important determinant of their openness toward innovations in financial services. We contribute to the cryptocurrency literature with a future-centric technological focus and provide new evidence from an under-researched geographic region. The results also have practical implications for business decision-makers and policymakers.

Xingqiu Lou, Yingjiao Xu

Consumers’ growing interest in the environmental and social impacts of products has increased demand for sustainable fashion items, particularly denim. Emerging technologies such as blockchain technology and labeling certifications have been developed to address sustainability issues by improving supply chain transparency and efficiency. This research investigates the trade-offs consumers make when purchasing sustainable denim jeans and the impact of sociodemographic factors on their decision-making process. Employing a conjoint analysis approach, four attributes were examined: price, brand name, types of materials, and eco-labeling. The results indicated that price is still the most influential factor, followed by material, brand name, and eco-label. Although eco-labeling is of little importance to consumers, it offers valuable insights for effective communication of sustainable practices. Consumers prefer denim with a blockchain eco-label, followed by a fair-trade certificate. This research enhances the understanding of consumer behavior toward sustainable consumption and offers strategic insights for denim producers and marketers.

Pasquale Sarnacchiaro, Simone Luongo, Fabiana Sepe, Valentina Della Corte

Abstract Blockchain technology (BT) has attracted increasing attention in various research domains in recent years, particularly in the tourism industry where investments in blockchain-based solutions have witnessed remarkable growth. Scholars recognize BT as a disruptive innovation that has the potential to revolutionize the management of tourism processes and enhance traveler experiences. However, despite this growing interest, the literature on BT's application in the tourism sector is still in its early stages compared to other internet-related technologies. This research paper addresses the gap in understanding the challenges and opportunities of implementing and accepting BT within tourism. Specifically, it focuses on the critical aspects of security and trust, as they play pivotal roles in influencing tourists' behavioral intentions towards BT adoption. The study extends the Unified Theory of Acceptance and Use of Technology (UTAUT) model, incorporating security and trust as relevant antecedents, to comprehensively examine the dynamics driving BT adoption within the tourism context. The proposed model and findings contribute to filling the gaps in existing literature and offer valuable information for tourism players and policymakers to formulate strategies promoting BT acceptance in the tourism sector. By advancing understanding of BT adoption factors and end users' perspectives, this research facilitates the industry's transition towards integrated and seamless experiences for travelers, thus shaping the future of tourism through blockchain technology.

Duc Tran, Hans De Steur, Xavier Gellynck, Andreas Papadakis · 5 authors

Purpose This study aims to investigate the impact of consumer ethnocentrism on consumers' evaluation of blockchain-based traceability information. It also examined how the use of quick response (QR) codes for traceability affects consumers' evaluation of traceable food products. Design/methodology/approach An online choice experiment was conducted to determine consumers' evaluation of the blockchain-based traceability of Feta cheese with a quota sample of 715 Greek consumers. Pearson bivariate correlation and mean comparison were used to examine the relationship between consumer ethnocentrism and QR use behaviour. Random parameter logit models were employed to examine consumers’ valuation of the examined attributes and interaction terms. Findings The results show that ethnocentric consumers are willing to pay more for blockchain-based traceability information. Ethnocentric consumers tend to scan QR codes with traceability information. Spending more time reading traceability information embedded in QR codes does not lead to a higher willingness-to-pay (WTP) for traceable food products. Practical implications The findings suggest that patriotic marketing messages can draw consumers' attention to blockchain-based traceability information. The modest WTP for and low familiarity with blockchain-based traceability systems raise the need for educating consumers regarding the benefits of blockchain in traceability systems. Originality/value This is the first study to provide timely empirical evidence of a positive WTP for blockchain-based traceability information for a processed dairy product. This study is the first to attempt to distinguish the effects of the intention to scan QR codes and reading information embedded in QR codes on consumers’ valuation of food attributes.