Purpose The purpose of this study synthesises the body of research revolving around blockchain technology (BCT) whilst drawing on the technology-organization-environment framework, resource-based theory and theory of constraints, to conceptualize capabilities (enablers) and constraints (barriers) of BCT in the hospitality and tourism (H&T) industry. Design/methodology/approach A systematic literature review of BCT in the hotel and tourism industry has been achieved through two databases, i.e. Scopus and Web of Science. From 544 articles selected between the years 2008 and 2023 (first quarter), a sample of 49 articles was used to structure existing research on this subject. Findings The findings of this systematic literature review of BCT in the H&T literature establish a solid groundwork for assessing the evolution of this research area over time. Findings are classified into two groups: capabilities (enablers) and constraints (barriers) of BCT based on publication year, different research methods, theoretical underpinnings and applicable contexts. Originality/value To the best of the authors’ knowledge, this is one of the first attempts to synthesize studies related to BCT in H&T research by combining three theoretical approaches. It serves as a foundation to evaluate the development of BCT studies in this field.
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.
Christopher Großmann, Katrin Merfeld, Jan F. Klein, Franziska Föller · 5 authors
While the sharing economy has promised to solve a range of problems associated with traditional consumption, the reality is more akin to its inability or even exacerbation of economic and societal issues. We propose that blockchain technology could address these issues. To this end, we explain its potential by elaborating on how blockchain-based sharing services can help solve exploitation, data abuse, financial and legal risks, and the limited accessibility of current sharing practices. Moreover, we conduct a means–end chain analysis to provide a customer’s perspective on the motivations and fears related to blockchain-based sharing solutions. We find four motives (trust, self-determination, quality of life, and security) and two fears (mistrust and economic interest) related to blockchain-based sharing. By juxtaposing the potential benefits of blockchain-based shared services with customer insights, we provide an outline of research avenues for promoting blockchain-based sharing to overcome the current dark side of sharing practices.
Abstract Technologies of self-sovereign identity (SSI) and Web3 tools that strongly protect individual autonomy, combined with the ethics of Asian altruism, can effectively guide the governance of the emerging cyber civilization. In contrast, governance in Western industrial civilization stresses the pursuit of individual self-interest and struggles to balance the benefits of big tech with the protection of individual dignity and the preservation of the common good. We demonstrate, with reference to a local community in Japan, that SSI is successful in encouraging communal collaboration and well-being while providing individuals with greater control over their personal data. We also show that Web3 tools provide incentives for altruistic behaviors while safeguarding SSI. Integration of SSI and social protection demonstrates the potential for building an information society grounded in altruistic values, honoring individual dignity, and recognizing the government’s role in protecting social welfare. Ultimately, this research unveils how altruistic values can be fostered through SSI and Web3.
Anjar Sri Ciptorukmi Nugraheni, Adalia Safira Rahma
Purpose: The development of digital finance is leading to the increasing use of Smart Contracts because of their simple and self-executing characteristics. However, there exists the potential for legal loopholes, including protection of the included parties aside from the simplicity and convenience. Methods: A normative method using primary, secondary, and non-legal materials was adopted. Meanwhile, legal materials were collected through literature review and analytical methods based on deductive syllogism. Results and Conclusion: The results showed that the synchronization of regulations supported the development, certainty, and stability of the Indonesian economy. The application of contracts law, technological neutrality, and privacy principles in Indonesian regulations related to the proliferation of technology-based contracts was adequate. Research implications: Therefore, this research analyzed the extent to which the Indonesian legal system afforded adequate protection to parties and identified the improvements necessary for the future development of Smart Contracts. Originality/value: It analyzes the importance of existing regulations with the social demands of the community to ensure the prompt establishment of economic certainty and stability.
Miguel Cárdenas, Carlos Madeira, Raúl Morales-Reséndiz, Miguel Musa · 6 authors
Distributed ledger technologies (DLT) are increasingly considered to enhance payment systems’ and market infrastructures’ functionalities like their accessibility and interoperability. We explore DLT architecture options to enable a new tiered access in the RTGS system of Chile for new payment service providers (PSP). We find that by introducing decentralized apps (DApps) the RTGS system would become more accessible and interoperable by enabling a tiered access to new participants. Our work also suggests that central banks exploring design alternatives for retail Central Bank Digital Currencies (CBDC) could find relevant our approach as a pivot to build a far-reaching PSP network.
The paper presents the possibilities of applying blockchain technology and smart contracts in the rent-a-car sector of tourism. Special attention is given to the implementation possibilities of smart contracts in the rent-a-car industry. The application of smart contracts in this sector can be a key factor contributing to the sustainable development of tourism by promoting ecological practices and responsible behavior among travelers.
This article explores the potential of Distributed Ledger Technology (DLT), with a focus on blockchain, to address key challenges related to the security, ownership, and management of personal data. We trace the foundational work of Haber and Stornetta, who introduced the core principles of blockchain to secure digital records within the real economy. Building on this, Nakamoto’s innovations in blockchain technology introduced a native crypto-asset, which not only aligns and concentrates the interests of network participants but also resolves the previously unsolved “double-spending problem.” This breakthrough decentralizes the verification and control of recorded information, enhancing security in monetary transactions Migrants often face challenges related to rights protection, identity management, and limited access to financial services. Blockchain applications, with their strengths in secure data storage, transparent transactions, and reliable identity verification, offer promising solutions. In this article, we examine real-world blockchain applications that enhance identity management and foster financial inclusion for migrants. Blockchain provides an infrastructure that empowers individuals with greater control over their financial and personal data, particularly through self-sovereign identity (SSI) and the use of stablecoins as global currencies. These innovations are becoming foundational components of a new digital ecosystem for information and finance.
Michael Lustenberger, Sabrina Wollenschläger, Lukas Küng
This paper explores the promise of decentralized autonomous organizations (DAOs) as a digital governance tool for collaborative housing initiatives. Based on existing literature around the collaborative housing initiative no1s1, we explore the research question: How can DAOs help govern collaborative housing initiatives? To address this, we employ conceptual research methods, synthesizing theories from the field of collaborative housing and DAOs to propose a new framework for the governance of such initiatives. Our analysis identifies five key benefits of DAOs in collaborative housing governance: a transparent crypto-accounting system, scalable decision-making, global jurisdiction and rule enforcement, automated rights and incentives system, and flexible polycentric governance. These benefits align with Elinor Ostrom’s “Governing the Commons” principles and highlight the potential of DAOs to enable scalability and autonomy in geographically dispersed communities. While theoretical, our study provides insights into the transformative potential of blockchain-based DAOs in collaborative housing governance, laying the groundwork for further research and real-world and empirical validation.
Inspired by Sir Mark Walport’s Beyond Blockchain report in 2016 Lord Chris Holmes of Richmond spearheaded a follow up report DLT for Public Good in 2017. Since then, a body of evidence has accumulated – EP DLT sandbox for example – including projects Lord Holmes has been directly involved with such as the Reducing Friction in International Trade (RFIT) programme, a pilot led by HMRC and the FSA exploring cross border compliance with Australian wine imports using DLT and analysed by the FSA and the OECD. Lord Holmes is now working with departments and academic advisers to consider government applications, pilots, potential use cases and ultimately provide an extra layer of challenge and ideas on the future of DLT for public good. He kindly invited me to join a roundtable discussion that will take place tomorrow, Thursday 7th March 2024 in the House of Lords. As in-person participation was impossible for me this time, I was allowed to contribute with some notes in written form, that I am happy to share here. My key recommendations are: (1) Use public procurement to ensure public-good-informed DLTs are adopted. Outsourcing to private commercial providers would be a high risk. (2) When public development of DLTs cannot be achieved, the Government should make sure that (a) the system is customized keeping in mind the specific risks and needs of public services; (b) the T&Cs are negotiated to make sure that data stays in the UK and is not used to benefit private interest and in ways that do not benefit citizens. (3) Avoid technological determinism and only adopt a DLT solution where there is robust evidence of clear benefits for citizens. The risks for fundamental rights are high and unintended consequences have occurred and will continue to do so. (4) Work closely with the Information Commissioner’s Office, the Digital Regulation Cooperation Forum, academics and civil society in order to address the issues related to illegal content present on the DLT, privacy concerns, and any other fundamental rights concerns.
Large Language Models (LLMs) empowered agents are effective across various tasks and demonstrate outstanding performance, which can be further enhanced through collaboration with multiple LLM agents. The current approaches for collaboration with multiple LLM agents are static approaches, which adopt a fixed set of agents to interact with each other. However, these approaches suffer from a significant limitation: multi-agent collaboration depends on the assumption that all participants know each other in a local closed environment, can find each other and direct communication, and will act with integrity. To address these challenges, this paper proposes DeCoAgent, a novel framework for decentralized autonomous collaboration between LLMs empowered agents based on smart contracts. This framework enables decentralized autonomous collaboration between LLM agents, allowing them to register themselves, discover the capabilities of other agents, and assign tasks on the platform. LLMs can convert natural language descriptions from human and LLM agent users into smart contract calls, enabling agents to interact with humans, the blockchain, and other agents to achieve automation. This paper implements the platform based on OpenAI and Ethereum, demonstrating the practical feasibility of this approach. The proposed framework has broader applications, including supply chain management, manufacturing, crowdsourcing, and complementing other existing multi-agent collaborations. This framework is open source on GitHub. Please visit the repository athttps://github.com/AnanKing/DeCoAgent.
Douglas Wegner, Rovian Dill Zuquetto, Fernando Correa Grisi
Objective: this study aims to review the literature on DAOs in business administration and propose a framework for DAOs compared to the key features of market, hierarchy, and network governance forms and avenues for future research. Methods: we performed a systematic literature review in Scopus and Web of Science databases and identified 69 articles on DAOs published in or before March 2024 in the field of business and management. Results: we describe the main characteristics, opportunities, and challenges for DAOs. Our study also discusses how DAOs can be further explored and how they may or may not fit in different governance and organizational forms. Conclusions: we conclude by offering several guidelines to researchers who want to comprehend the phenomena of DAOs and contribute to theory and practice in business administration.
The present study aims to map the existing intellectual structure on Decentralized Finance (DeFi) risks.The study utilizes the systematic literature review (SLR) method to identify DeFi risks and the Scopus database to retrieve the pertinent literature.Further, authors select 50 research articles through abstract and title scanning, complete text analysis, and citation chaining to perform content analysis.Using content analysis, the present study identifies 21 DeFi risks segregated into four categories, namely technical, macro-economic, legal and regulatory, and user-centric risks.Additionally, the study provides unique research directions for the future.Hence, the present study contributes to the DeFi literature and has practical implications for DeFi entrepreneurs, individuals, developers, programmers, and policymakers.The study is the first of its kind that consolidates pertinent risks related to DeFi using the SLR method and broadens the knowledge of stakeholders in the DeFi ecosystem.
Abstract: In our thorough exploration of the intricate relationship between blockchain technology and the legal landscape, we uncover three key intersections: legality, law-like characteristics, and legal applications. Delving into the realm of legality, we analyze the profound impact of jurisdiction-specific regulations governing cryptocurrencies, intellectual property, and taxation. This includes considerations such as identity verification, exchange regulation, securities laws, bankruptcy regulations, and anti-money laundering enforcement, shaping the multifaceted legal terrain. Shifting focus to the law-like characteristics inherent in permissionless blockchains, our examination reveals decentralized governance facilitated through consensus mechanisms. The blockchain protocol operates as a dynamic "constitution," actively shaping the behavior and incentives of network participants, with forking introducing a distinctive form of institutional innovation during disagreements over protocol changes. Expanding our exploration to the transformative legal applications of blockchain, we emphasize smart contracts and decentralized autonomous organizations. Despite remarkable advancements, challenges persist in automating intricate contractual arrangements and organizational functions, particularly within the context of multi-stage interactions embedded in broader legal and social frameworks. In conclusion, our comprehensive findings highlight that blockchain's unique capacity for direct economic value exchange requires innovative legal treatment. It not only influences user incentives through its rule-based structure but also catalyzes transformative changes across legal and contractual domains. However, as the blockchain landscape evolves, persistent limitations become apparent, particularly in addressing relational agreements and ensuring constitutional resilience. The evolving nature of this technology continues to shape and redefine the intersection between blockchain and the law
The gig economy, which is defined as transient and adaptable work arrangements facilitated by digital platforms, has experienced unprecedented growth in recent years, profoundly altering labor market dynamics. This profound transformation has introduced a multitude of repercussions for workers, simultaneously offering both opportunities and challenges. In one aspect, it entails providing individuals with heightened autonomy, the opportunity to cultivate multiple income streams, and an improved balance between work and personal life, thereby enabling them to autonomously shape their career paths. Conversely, increasing concerns on job security, workers’ rights and protection, and employment benefits arouse discussions of economic welfare of gig workers. For businesses, the gig economy represents a transformative force, promoting cost-effective, on-demand labor while necessitating responsive strategies to manage a decentralized and flexible workforce. As a signal of a new era in labour market dynamics, gig economy has significant impacts on the broader labour force and traditional employment patterns. Grappling with of crucial task, policymakers are in urgent need of finding a balance that preserves the rights and finance security of the labour force without mitigating enthusiasm of development and economic prosperity. Comprehending the multifaceted influences of the gig economy is paramount in formulating policies, thereby building a labor market that embraces opportunities and challenges arising from this transformative change and ultimately facilitating a future work of greater equity and adaptability.
This study investigates the specific factors affecting the usage intention of distributed ledger technology (DLT), such as 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. Availability and economic value affect performance expectancy, while availability, diversity, and profitability 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 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, financial, medial, and logistics sectors.
Ikram Nur Muharam, Iis Tussyadiah, Albert Nsom Kimbu
This study employs a sequential exploratory mixed-methods approach to investigate users' perspectives and acceptability of blockchain-based sharing economy systems. The suggested model explains how users’ perceptions of specific features of such concepts influence acceptance in ways that existing theories like TPB, TAM, or UTAUT cannot. The results revealed that user empowerment was the most significant factor influencing acceptance. Furthermore, multigroup analysis (MGA) demonstrates how different contexts have distinct acceptance predictors. Depending on the context, perceived lower fees, perceived faster settlement, perceived income distribution, perceived fraudproof, and perceived traceability had varying significance. Meanwhile, perceived immutability, perceived process automation, and perceived transparency, even though considered appealing, were not significant in influencing acceptance. The findings imply that stakeholders should balance technicality and behavioural aspects, and be aware of the context.
This article explores the essence of international experience in digital imaging, the need to regulate different types of assets, approaches to legal regulation, prospects for the legal regulation of assets in the digital economy of the Republic of Uzbekistan. The strategy for this growth must be determined by the private sector, directed by the government, analyzed by civil society and academia through the lens of private international law. The main purpose of the article is to expose the unclear jurisdictions, conflicting laws, and fragmented oversight that create barriers to the accountable management of traditional cross-border finance that are missing in decentralized networks. The authority to regulate stock trading remains contested among national and subnational regulators, resulting in duplicative compliance efforts that are estimated to cost investors large sums of money.
This paper explores the transformative impact of blockchain technology on the European banking sector, with a specific focus on the dynamics of Decentralized Finance (DeFi). Beginning with an overview of the emergence and evolution of blockchain, the study delves into the integration of blockchain in European banking, examining its current landscape, opportunities, and challenges. A comprehensive exploration of DeFi principles, smart contracts, and cryptocurrency significance follows, highlighting European banking initiatives in this realm through case studies. The paper assesses the broader impact of blockchain and DeFi on financial services, emphasizing transparency, security enhancements, cost reduction, and advancements in financial inclusion. The regulatory framework and legal considerations in Europe provide a crucial backdrop, with a detailed analysis of smart contract legality and the delicate balance required for consumer protection and privacy in the DeFi landscape. A case study evaluates the implementation of DeFi in selected European banks, scrutinizing blockchain integration, impact assessment, and strategies to overcome challenges. The journey concludes with a comprehensive examination of the interconnected elements, emphasizing the transformative potential of blockchain and DeFi in reshaping the financial landscape.
Decentralised finance (DeFi) is a decentralised peer-to-peer system based on blockchain technology that facilitates lending and borrowing through smart contract code and lending protocols replacing traditional financial activities that typically require trusted intermediaries such as brokers or banks. In this essay, the four factors of collateral presentation, borrowing rate, lending relationship, and subject of legal connection are compared between decentralized and centralized financial lending models. This paper illustrates the entire DeFi lending model using Compound as a real-world example. The borrowing interest rate is decided in real time by Compound's smart contract according to the supply and demand of funds in the market, so the borrower does not need to bargain with the lender. The smart contract will automatically match the money market. Additionally introduced are the DeFi innovation's concept and features. The paper concludes by discussing the advantages of DeFi lending and borrowing, the hazards associated with doing so, and providing an outlook on the future path of DeFi research.