This study evaluates the impact of financial technology usage, social media influencer presence, and investment experience on cryptocurrency investment decisions, considering financial literacy as a moderating factor. Financial technology refers to using technology in financial systems to create new service products, technologies, and business models. Social media influencers have gained fame and exert significant influence over their followers on social media platforms. Meanwhile, investment experience encompasses the duration of an investor's experience in trading transactions. Data for the study were obtained through a Google Form questionnaire distributed via social media to cryptocurrency investors aged 20 to 30 in the Jabodetabek area. Convenience sampling technique was employed to obtain a sample of 192 respondents. Data analysis was conducted using the SEM-PLS method with SmartPLS software. The results indicate that using financial technology and social media influencers positively influences cryptocurrency investment decisions, while investment experience does not significantly impact. However, financial literacy does not strengthen the influence of financial technology usage, social media influencers, and investment experience on cryptocurrency investment decisions. The research findings indicate that enhancing financial literacy among young investors should be prioritized. This can be achieved through formal education programs and financial literacy campaigns. Practitioners in the financial industry also need to provide financial education to their clients and offer educational content on cryptocurrency. These measures can help mitigate uncontrolled investment risks and promote informed investment decisions, thereby contributing to the stability of the financial market and the financial protection of the wider community.
Abstract: The advancement of Web3 and blockchain is happening rapidly in various fields, including healthcare, social services, and electronic voting. Blockchain technology is being used by crowdfunding platforms to combine its benefits of speed and low fees with traditional finance, creating a new way of raising money. By integrating Reacts user-friendly interface, Solidity smart contracts, Meta-Mask wallet integration and Hardhat development and testing capabilities, it forms a versatile and secure platform. This project aims to find out how much money is missing in the current crowdfunding market and offer them smart contracts and tools that use Ethereum to create their own application businesses. Hybrid Model Platform is a ThirdWeb tool that allows for easy and flexible scaling and visibility. this new crowdfunding app is a major leap in fundraising, fulfilling numerous customer requirements and poised to revolutionize crowdfunding with its fresh and inventive strategy.
Nik Safiah Nik Abdullah, SITI KHALILAH BASARUD-DIN, Nurul Khofifah Abdullah
Incidents where external auditors do not issue a going concern audit opinion (GC opinion) to companies having severe financial problems have been reported globally. This issue motivated this study – (i) to investigate the effect of selected auditor characteristics in terms of specialization, tenure, and fee on GC opinion issuance and (ii) to examine the moderating effect of management’s, family’s, and institution’s influence on the relationship between auditor characteristics and GC opinion issuance. The study involves 644 Malaysian financially distressed listed companies in the period 2006 to 2012. The results of a panel logistic regression analysis show that auditor characteristics have no relationship with GC opinion issuance. Influential management - measured as the level of their ownership - can dampen the positive relationship between auditor specialization and auditor tenure with GC opinion issuance. The presence of an influential family, on the other hand, can strengthen the positive relationship between auditor tenure and GC opinion. No evidence about an influential institution’s impact on the GC opinion process could be found. In conclusion, while auditor characteristics do not affect the possibility of a GC opinion issuance, pressure imposed by influential management and family on the auditor during the audit opinion decision process does have an impact
Blockchain has revolutionized the field of supply chain management, allowing firms to optimize their operations and achieve enhanced levels of efficiency and environmental responsibility. This study investigates the relationships between the functionalities of the blockchain-enabled Internet of Things (IoT) and many aspects of the supply chain, namely, supplier integration, internal integration, customer integration, and sustainable logistic capabilities. It also analyses the impact of these correlations on the supply chain performance and sustainability of firms. This study is grounded in an empirical inquiry carried out using a questionnaire survey of the retail industry in Pakistan. Partial Least Squares Structural Equation Modelling (PLS-SEM) was employed to analyze the data. The findings indicate a direct correlation between the use of BC-enabled Internet of Things (IoT) capabilities and the integration of the supply chain, as well as logistic capabilities. Furthermore, there is a strong and meaningful correlation between blockchain-enabled supply chain integration and sustainable logistic capabilities and firm performance. The research findings indicate that the combined impact of digital innovations results in higher levels of corporate performance and sustainability. By embracing digitization through blockchain technology, business organizations can attain supply chain excellence. This integration enhances the adoption of environmentally beneficial actions, minimizes waste, and decreases carbon emissions across supply chains, thus reinforcing the connection between sustainable firm performance and environmental sustainability. As a result, the enterprises may execute sustainably through improved logistical capabilities and effective integration. The results hold great theoretical and practical significance for improving supply chain management efficacy and accomplishing multiple SDGs, including SDG-8, SDG-9, SDG-11, and SDG-12.
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.
This paper studies the adoption of blockchain technology under the scope of the Unified Theory of Acceptance and Use of Technology (UTAUT). Previous results on Management Information Systems (MIS) research are divergent about the significance of UTAUT variables in explaining the adoption behaviour of blockchain technology. The paper focuses on this specific concern and tries to contribute to existing studies by testing the model in a specific context (Tunisia) and by considering the individual variable “trust in technology” as a mediating one. For this aim, a structural equation approach is adopted among 95 Tunisian professional respondents operating in technology-based sectors. The findings stipulate the importance of facilitating conditions and performance expectancy as drivers of the adoption intention. Additionally, the study reveals that trust in technology is significant in its mediating role in influencing the intention of adoption with the facilitating conditions and the social influence constructs. Moreover, the paper uncovers a direct relationship with the same variable. These findings provide valuable insights for both researchers and practitioners in understanding the factors that influence blockchain technology adoption in the Tunisian context and stress the indirect role of trust in technology with which decision-makers should be concerned.
Yi‐Shun Wang, Nam Tien Duong, Chia-Hsuan Ying, Yun-Chi Chang
By integrating the Self-Determination Theory and individual difference perspectives, this study examines how individual differences (i.e.locus of control, self-efficacy, and risk preference) influence behavioral intention to invest cryptocurrency through the mediation of the intrinsic and extrinsic motivations.Data collected from a sample of 305 valid responses are used to examine the research model and test the hypotheses with the employment of partial least squares structural equation modeling.The findings reveal that locus of control and self-efficacy significantly influence both intrinsic and extrinsic motivations to invest in cryptocurrencies.However, risk preference significantly impacts only extrinsic motivation.Both intrinsic and extrinsic motivations markedly influence the behavioral intention to invest in cryptocurrencies.The findings of this study provide several important theoretical and practical implications for understanding online cryptocurrency investment behaviors.
Tenzin Norbu, Joo Yeon Park, Kok Wai Wong, Hui Cui
Blockchain technology has become significant for financial sectors, especially digital payment systems, offering enhanced security, transparency, and efficiency. However, there is limited research on the factors influencing user trust in and acceptance of blockchain adoption in digital payment systems. This systematic review provides insight into the key factors impacting consumers’ perceptions and behaviours towards embracing blockchain technology. A total of 1859 studies were collected, with 48 meeting the criteria for comprehensive analysis. The results showed that security, privacy, transparency, and regulation are the most significant factors influencing trust for blockchain adoption. The most influential factors identified in the Unified Theory of Acceptance and Use of Technology (UTAUT) model include performance expectancy, effort expectancy, social influence, and facilitating conditions. Incorporating a trust and acceptance model could be a viable approach to tackling obstacles and ensuring the successful integration of blockchain technology into digital payment systems. Understanding these factors is crucial for creating a favourable atmosphere for adopting blockchain technology in digital payments. User-perspective research on blockchain adoption in digital payment systems is still insufficient, and this aspect still requires further investigation. Blockchain adoption in digital payment systems has not been sufficiently conducted from the user’s perspective, and there is a scope for it to be carried out. This review aims to shed light on the factors of trust in and acceptance of blockchain adoption in digital payment systems so that the full potential of blockchain technology can be realised. Understanding these factors and their intricate connections is imperative in fostering a conducive environment for the widespread acceptance of blockchain technology in digital payments.
Blockchain has been hyped and considered a potential game-changer for the recording of accounting transactions as it enables triple-entry accounting and real-time reporting. However, there is very little knowledge of the uptake of blockchain in accounting, and most blockchain accounting research is conceptual, lacking empirical evidence. This study addresses this gap and examines the organisational factors that drive and hinder the adoption of blockchain in accounting, as well as the perceived benefits. Using the technology-organisation-environment (TOE) framework, we analyse interview data collected from blockchain experts and accountants (N = 19). The findings confirm the influence of nine context-specific factors, highlighting the challenges and lack of knowledge in understanding the usage and benefits of blockchain in accounting, its complex integration with existing accounting systems, and the increased costs associated with the adoption intention. This study provides novel empirical evidence of the factors by adequately contextualising an established theoretical framework in the context of accounting. The findings are useful for practitioners and the broader accounting information systems research community as they provide empirical insights into how context-specific factors influence blockchain adoption in accounting.
The use of blockchain technology (BT) is transforming consumer behavior and enhancing business values, but its role in the context of mobile food delivery applications (MFDAs) is underexplored. Therefore, this study utilizes stimulus–organism–response theory to determine consumers' willingness to pay more (WPM) and behavioral intention to use BT-enabled MFDAs. The empirical analysis was conducted using the structural equation modeling approach. The findings establish that traceability, transparency, and privacy assurance positively influence consumers' perceived values. Furthermore, IT knowledge positively moderates the relationships between privacy assurance, traceability, and perceived value. Further, perceived value positively impacts WPM and behavioral intention. Finally, consumers' trust in BT moderates the relationships between perceived value, WPM, and behavioral intention to use BT-enabled MFDAs. MFDA platforms should ensure the applicability of BT on a priority basis and operationalize it to meet consumers’ needs and demands.
While the adoption of Internet technology has revolutionized the Malaysian financial industry, the current Malaysia Web 2.0 financial systems lack transparency, security, and accessibility.The shortcomings could be resolved by introducing Web 3.0 to Malaysia's financial industry.This research aimed to explore the factors that influenced the adoption of Web 3.0 financial systems among Malaysian adults.Firstly, a Web 3.0 prototype system was developed with Web 3.0 design features.The web system's interfaces were included in the questionnaire form, where 150 Malaysian adults were prompted to respond with their agreement on whether the factors of decentralization, security, transparency, accessibility, effectiveness, learnability, and ease of use are important and have positive significant relationships with intention to use Web 3.0 financial systems.The findings from hypothesis analysis found that only the factors of transparency, security, and accessibility had positive relationships with the intention to use Web 3.0 financial systems among Malaysian adults.The findings were later proposed as Malaysia Web 3.0 financial systems' design framework, and further analyzed with the K-Means clustering method, for the benefit of Web 3.0 industry players to better understand adult users' preferences.These research findings will support and grow the usage of Malaysia's Web 3.0 finance systems.
Jori Grym, Jaakko Aspara, Monomita Nandy, Suman Lodh
Tax evasion is a major issue for authorities worldwide. Understanding the factors that influence individuals' intrinsic motivation to pay taxes, known as their tax morale, is important for improving tax compliance. This study investigated gender differences in judging tax evasion in the context of cryptocurrency trading. Specifically, a survey study explored whether different moral foundations, financial literacies, and political orientations among females vs. males might explain potential gender differences in judging tax evasion. In an online survey, 243 U.S. adults read a vignette about a friend evading taxes in a cryptocurrency trading context. In a correlational analysis, we found that females judged tax evasion harsher, as being more morally wrong than males. Of the psychographic factors, only individualizing moral foundation values (i.e., fairness and harm avoidance) explained the harsher moral judgment by females. That is, individualizing moral foundation values were at a higher level among females, which further predicted females' harsher judgment of tax evasion. While females also had, on average, lower financial literacy and knowledge of cryptocurrencies than males, these did not predict their harsher judgment of tax evasion. The findings contribute to research on gender differences in moral judgments and highlight that a given transgression, or a specific crime, may violate different moral values in men and women. The results demonstrate to policy makers that it is important to take into account gender differences, in campaigns promoting tax morale and compliance.
In healthcare systems, blockchain technology plays a crucial role in transmitting COVID-19 data among multiple entities.Over time, various blockchain-based medical applications have emerged to handle medical information confidentially.One such system is the Scalable eHealthChain system (SeHealthChain), which utilizes a sharding scheme consisting of transaction chain and reputation chain structures to enhance throughput and security.However, the system employs a modified Raft-based Synchronous Consensus Scheme (RSCS) for generating the transaction blockchain, which can potentially introduce illegitimate transactions to the Hyperledger fabric network if a rogue node transfers them to the orderer.This poses a significant security risk in the worst-case scenarios.Additionally, as the hash rate fluctuates exponentially, the generation period of transaction blocks and computation difficulty increase.To address these issues, this article proposes an Optimized SeHealthChain (OSeHealthChain) system.It integrates a Tuna Swarm Optimization Algorithm (TSOA) with the modified RSCS to dynamically adjust the blockchain parameters in response to significant changes in the hash rate.The TSOA optimizes two variables, namely the Block Interval (BI) and Difficulty Adjustment Interval (DAI) of the Proof-of-Work (PoW) for the transaction blockchain, based on objective functions that consider the Standard Deviations (SD) of the mean BI and difficulty.By selecting appropriate variables, the system generates new transaction blocks with minimal nodes and overhead, effectively validating transactions and blocks to enhance the security level.Extensive simulations show that the OSeHealthChain achieves a throughput of 3918tps and a user-perceived latency of 63.8s for 1000 nodes, outperforming the SeHealthChain, eHealthChain, Permissionless Proof-of-Reputation-X (PL-PoRX), and hybrid Proof of Stake-Practical Byzantine Fault Tolerance (POS-PBFT) algorithms in blockchain systems.It also achieves throughputs of 7051tps, 6418tps, and 6290tps for simple, camouflage, and observe-act attacks, respectively, with 1000 nodes and a shard dimension of 200 during 20 epochs.
From the introduction of Bitcoin in 2008 by Satoshi Nakamoto, the cryptocurrency ecosystem can be seen as a disintermediating and disruptive technology which has incited huge growth of the fintech space over the last decade with an estimated 12,000 currencies in circulation. The growth of cryptocurrency is unprecedented and there is a world-wide increase in the number of companies that are accepting digital assets such as crypto currencies for transactional as well as other investment purposes. Despite the innovativeness of cryptocurrencies and the use of public, decentralised ledger through the underlying blockchain technology, small and medium businesses have been slow at adopting it. While several studies have looked at uptake of cryptocurrencies by using quantitative methods, there is a lack of studies employing qualitative data for exploring concepts and themes associated with the adoption of cryptocurrencies. The aim of this study is to uncover the qualitative factors that contribute to the adoption of cryptocurrency, e.g. Bitcoin, as a payment. Furthermore, researchers have paid attention to the adoption of this technology globally and very few studies focus specifically on public adoption and not much heed is given on determinants of cryptocurrency adoption especially among Small and Medium Enterprises (SMEs) and Micro SMEs (MSMEs). Using a sample of 75 SMEs/MSMEs in the UK, this study applies Leximancer qualitative tool to analyse the narrative data and identify the pivotal technology adoption factors. The UK has been chosen for this study as the Government has an ambition to make UK the “global hub for cryptoassets”. More specifically, the report by FCA showed that 2.3 million individuals in the UK owned cryptocurrencies in 2021 and this was estimated to grow further. This research has empirical and practical contributions related to the understanding of how users adopt new technologies in their own organizations. The findings show that social influence and benefits of the technology play an important role in adoption of Bitcoin, while regulation and lack of knowledge act as detriments in the adoption decision of business users.
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.
Thabang Excellent Mofokeng, Steven Mbeya, Daniel K. Maduku
Abstract Online retailers in emerging markets like South Africa are adopting Bitcoin payments. This study explores factors driving consumer adoption and word-of-mouth (WOM) recommendations for Bitcoin in online transactions. Using an integrated model combining valency theory, social contagion theory, and the technology acceptance model (TAM), we analyse data from 521 South African online shoppers. Findings reveal that perceived usefulness, ease of use, social pressures, trust, and perceived risk significantly influence both adoption and WOM. Importantly, self-efficacy moderates the relationship between these factors and behaviour. This research contributes to the literature by offering a comprehensive understanding of Bitcoin adoption. For business and policy actors, enhancing consumer self-efficacy can foster trust, ease concerns, and encourage positive WOM, ultimately aiding successful Bitcoin implementation and promotion.
Vaidehi Pandurengan, Badriya Nasser Said Al Shammakhi
Purpose The current research takes a closer look at the investment intention of Generation Z and its relation to investing in a speculative market. The study applies the theory of planned behaviour (TPB) to understand the dominant factors leading to Generation Z investment decisions in speculative markets. The main objective is to identify whether these decisions are learnt decisions or herd behaviours. Design/methodology/approach Structural equation modelling is used to evaluate the research model, and examine the mediation effect of financial literacy using bootstrapping in AMOS software. Information was gathered from 271 students studying at the University of Technology and Applied Sciences. The questionnaire used for the survey was adapted from previous related studies examining the TPB. Findings The findings show financial literacy and behavioural outcome (attitude) are key components associated with investment intention. Motivation to comply (subjective norm) affects the intention to invest if mediated by financial literacy. The subjective norm has no bearing on the intention to invest in a speculative market. This implies social peers have no bearing on their intention to invest unless mediated by financial literacy. Research limitations/implications The main limitation of the study is that the group from which the sample is drawn consists of all students at a state-funded university who receive stipends. This limits the applicability of related findings. Furthermore, the variables have dynamic properties, which implies their impacts may vary over time. Practical implications Generation Z comprises a large number of small investors who can make a significant difference to the overall economic trends of the country. The digital world, which is time- and space-infinite, is shaping the next generation. It is only possible to reach and sway their opinions by conducting extensive behavioural science research. Social implications Academic institutions ought to be viewed as a resource for conducting additional in-depth research on a variety of subjects to assist and shape the current generation for a better future. Originality/value Although the TPB has been used by many researchers to explore the behavioural intention of Generation Z, very few have used financial literacy as a perceived behaviour control to study its direct and indirect effects on behaviour intention.
Decentralized autonomous organizations (DAOs) are not a novel social phenomenon; rather, they draw inspiration from self-organizing systems and are often regarded as digital counterparts of cooperatives (Co-ops), wherein members fully own and govern the organization. The advancement of digital solutions for decentralization, such as Distributed Ledger Technology (DLT), along with the emergence of the third generation of websites (Web3) and platforms, has propelled DAOs to a new echelon. As such, DAOs represent the next generation of organizations, aptly referred to as Organization 5.0 in the context of Society 5.0. The objective of this paper is to provide a comprehensive overview of the evolutionary trajectory of decentralized autonomous organizations and their classification. The advent of Ethereum in 2015 enabled the realization of DAOs, with "The DAO" being the first large-scale example established in 2016 as a decentralized venture fund within the Ethereum ecosystem. Over time, DAOs have expanded their scope beyond fundraising and have evolved to serve various purposes. To provide a comprehensive context, the paper presents background information on the evolution of blockchain applications and discusses ethical considerations related to DAOs. In order to identify the most common categories of DAOs, this paper consults various DAO explorers and include, for each identified category, a descriptive example of a DAO. Finally, the paper concludes by offering an outlook on the future of DAOs.
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.
Mostafa Harakeh, Malek El Diri, Costas Lambrinoudakis, Nikolaos Tsileponis
This study investigates the impact of blockchain technology adoption on corporate investment efficiency. Utilizing a difference-in-differences methodology on an international sample of Forbes Global 2000 companies between 2012 and 2021, we find that firms implementing blockchain exhibit significantly higher investment efficiency post-adoption compared to non-adopters. This effect is more pronounced among ex ante informationally opaque firms. Our results suggest that blockchain adoption reduces overinvesting activities by restricting avenues for managerial discretion through enhanced transparency. Our findings contribute to the growing literature on blockchain's real economic impacts and inform blockchain adoption decisions by demonstrating investment efficiency benefits.
Purpose- The purpose of this study is to examine the long and short-term relationship between Bitcoin and altcoins selected based on their market capitalization through an empirical analysis. For this purpose, the daily data of Bitcoin and nine altcoins consisting of Ether, Ripple, Tether, Litecoin, Monero, Stellar, Dash, Nem, Dogecoin for the period 07/08/2015-08/01/2020 were used. Methodology- The long-run relationship between Bitcoin and altcoins is first analyzed by Vector Autoregression (VAR) analysis. Granger causality test was utilized to determine the short-run causality relationship between the variables. The tests were conducted with the Eviews program. Findings- According to the results of the VAR analysis conducted to investigate the long-run relationship, there is a long-run relationship between Dogecoin, Dash, Litecoin, Nem, Stellar and Ripple and Bitcoin. After determining the long-run relationship between the variables, the relationships between the variables were analyzed with the help of impulse response functions. Impulse response function shows the effect of a one-unit shock to one variable on the other variable. Accordingly, when the results of impulse response functions are analyzed; it is seen that a one-unit random shock in Bitcoin has a negative effect on Ripple, Nem, Litecoin, Dash, Litecoin, Dogecoin in the first two periods, the effect decreases in the second period, and this effect disappears in the third period. A random shock to Bitcoin causes a positive effect on Stellar that lasts for two periods. This positive effect ends in the third period. After analyzing the relationship between Bitcoin and altcoins with impulse response functions, the source of the changes in the variance of the variables is analyzed through variance decomposition. According to the variance decomposition results, the effect of Bitcoin on Dogecoin is 25% in the first period and 22% in the other periods. The variance decomposition of Dash shows that approximately 18% of the change in standard deviation was caused by Bitcoin in the first period and this percentage increased to 25.5% in the following periods. Litecoin's variance decomposition results show that 33% of the change in standard deviation from the first period to the last period was caused by Bitcoin. It is observed that approximately 8% of the change in Nem's standard deviation in the first period was caused by Bitcoin, while this rate increased to 21.5% in the last period. From the first period to the last period, 13.5% of the change in Stellar's standard deviation was caused by Bitcoin. When the variance decomposition of Ripple is analyzed, it is observed that 10% of the difference in the standard deviation is due to Bitcoin. This situation continued similarly from the first period to the last period. Following the VAR analysis, Granger causality test was conducted to explain the short-term relationship between the variables. According to the test results, there is a bidirectional Granger causality between Bitcoin and all altcoins. Accordingly, when Bitcoin is taken as the dependent variable, it is the Granger cause of Ether, Ripple, Tether, Litecoin, Monero, Stellar, Dash, Nem, Dogecoin. When the Granger causality relationship between altcoins is analyzed, a causality relationship was observed from Tether to Stellar, while no causality was found from Stellar to Tether. Similarly, while Granger causality is observed from Tether to Ripple, there is no causality from Ripple to Tether. The variance decomposition of Stellar and Ripple shows that Tether does not contribute to the change in standard deviation. The variance decomposition test supports the Granger test results. All altcoin variables except these are Granger causes of each other. Conclusion- At the end of the study, according to the results of the VAR analysis to determine the long-run relationship, there is a long-run relationship between Dogecoin, Dash, Litecoin, Nem, Stellar and Ripple and Bitcoin. There is no long-run relationship between Tether, Monero, Ether and Bitcoin. According to the Granger causality analysis test results conducted to observe the short-term relationship, there is a bidirectional Granger causality between Bitcoin and all altcoins. Accordingly, when Bitcoin is taken as the dependent variable, it is the Granger cause of Ether, Ripple, Tether, Litecoin, Monero, Stellar, Dash, Nem, Dogecoin. As a result, it is observed that Bitcoin has a short-term relationship with all 9 altcoins subject to the study, and a long-term relationship with Dogecoin, Dash, Litecoin, Nem, Stellar and Ripple. These results show that the price movements in Bitcoin have an impact on altcoins. Keywords: Bitcoin, altcoin, cryptocurrency, causality analysis, VAR analysis. JEL Codes: G17, G10, C58
Zainab Amin Al-Sulami, Nor’ashikin Ali, Rohaini Ramli, Songfeng Lu
The fast growth and wide range of applications of blockchain (BC) technology in various industries is irrefutable. Generally, BC technology is still in at an infant stage but it has generated significant interests in many sectors and industries. Nonetheless, despite an uptake of interest on the application of BC technology, the extent of its adoption in various industries in many countries remains partially understood. This paper aims to assess the current status of research on adoption of BC technology in various industries, particularly in developing and emerging economies. This study systematically reviewed the applied theories and models, adoption factors considered in each study, benefits, barriers and challenges of BC adoption intention in different industries from 86 articles published in the past five years from 2019 to end of June 2023. Findings showed several popular adoption models such as the Technology Acceptance Model, Unified Theory of Acceptance and Use of Technology and Task Technology Fit in the reviewed articles. Benefits, barriers and challenges were evident from each of the industries, implying the need to further understand BC adoption and application in these industries. This review also identifies a few research gaps and provides recommendations for future researches.
Abstract As an emerging technology, blockchain has recently gained attention in both academic and economic fields, but its adoption is not yet widespread in the banking sector in Taiwan. As academics have paid scant attention to this topic, this study determines the critical factors affecting blockchain adoption from the organizational perspective in the banking industry. We propose hybrid methods to fill the gap in the literature. First, we apply the technology-organization-environment framework as the basis and combine relevant factors as a framework to identify the relevant evaluation factors. Second, we propose a hybrid method that integrates the decision-making trial and evaluation laboratory (DEMATEL) with the evaluation based on distance from average solution (EDAS) approach and employs DEMATEL to measure the importance of the factors and alternatives to blockchain as ranked by the EDAS method. According to the ranking results, we identify the best preference among alternatives to blockchain. The results suggest that organizational and technological aspects are the main considerations to enhance and promote the effectiveness of blockchain adoption. This study suggests valuable strategies for stimulating blockchain adoption in the banking sector in Taiwan.