Blockchain is a transformative technology with the potential to metamorphose industries, including supply chains and logistics, owing to its promise of efficiency, transparency and traceability. However, many blockchain projects have failed, requiring an analysis of the underlying reasons. This research focuses on the failure factors by studying the case of TradeLens, a supply chain platform using Blockchain to improve the visibility and coordination of international shipments. Applying Elinor Ostrom’s theory of the commons, we explored challenges related to governance, participation, interoperability, technological evolution and security. The study reveals that a lack of stakeholder engagement, unclear governance, and confidentiality concerns are major obstacles. Ostrom highlights the importance of participatory governance and a clear definition of boundaries and communities in the management of shared resources. To be successful, blockchain projects must adopt a holistic approach, with transparent governance, encourage collaboration, guarantee interoperability and invest in data security. By incorporating these recommendations and the lessons learned from past failures, future blockchain projects can improve their chances of success and make a positive contribution to the transformation of industries.
Abstract Pricing dynamics and volatility are accelerating the adoption of global cryptocurrency. Despite challenges, cryptocurrencies such as Bitcoin are gaining widespread acceptance, particularly in countries with unbanked populations, the lack of bank controls, and inflation. This study investigates the global patterns of cryptocurrency adoption using Generalized Linear Models and Spatial Autoregressive Models. This research introduces a novel perspective on global cryptocurrency adoption using spatial models. Our findings reveal that cryptocurrency adoption is significantly influenced by economic instability, infrastructure availability, and spatial dynamics, with higher adoption rates in countries with limited access to traditional financial systems.
Programmable money and smart contracts represent the next frontier in Central Bank Digital Currency (CBDC) design. Unlike traditional fiat or even basic digital currencies, programmable CBDCs embed logic directly into transactions, enabling conditional payments, automated compliance, and integration with decentralized applications. This chapter explores the architecture, policy implications, and operational use cases of programmable CBDCs, focusing on how smart contracts can transform financial integrity, efficiency, and innovation. It integrates global pilot evidence, regulatory perspectives, and technical literature to provide a holistic view of programmable money in the CBDC ecosystem.
While traditional behavioral finance theories such as the TRA, TPB, and TAM have provided substantial insights, their application to the rapidly evolving digital finance sector, particularly cryptocurrency markets , has been limited. Addressing this gap, our study integrates Digital Trust Theory (DTT) with these frameworks to examine the role of government support in Crypto Adoption (CA) within Vietnam's dynamic but unregulated market, a prominent emerging market in global crypto trading. Utilizing Structural Equation Modeling , we processed data collected from 255 participants using SmartPLS 4.0 to explore complex relationships among User Characteristics (UC), Technology Characteristics (TC), External Environment (EX), and their impacts on Crypto Trust (CT) and Crypto Adoption CA. This dataset, comprising responses from a diverse array of participants including tech-savvy youths, business professionals, and financial experts across various regions of Vietnam, provides a robust basis for understanding the nuanced influences on cryptocurrency behaviors. Our findings underscore the significant mediating roles of Crypto Trust and governmental regulation, highlighting the crucial influence of External Environment factors on trust dynamics. These insights not only contribute to academic discourse by refining traditional behavioral finance theories for the digital era but also offer practical guidance for fostering a sustainable cryptocurrency market, thereby supporting economic development and financial security in Vietnam.
Abstract Decentralized Autonomous Organizations (DAOs) are attracting interest from various disciplines, particularly business and economics, and computer science. However, much like the parable of the blind men and the elephant, where each observer sees only part of the phenomenon, DAO research has largely remained fragmented across disciplines, limiting a comprehensive understanding of the potential of DAOs. This paper investigates to which extent DAO scholarship has achieved meaningful interdisciplinary integration. We address this question through an analysis of knowledge flows between Business and Economics and Computer Science, using citation network analysis, topic modelling, and outlet analysis. We find that while DAOs generate vibrant interdisciplinary discourse, the interactions remain predominantly applied and case-driven, with limited theoretical integration. By mapping interdisciplinary exchanges, we highlight key gaps and opportunities for greater synthesis across fields. We argue that strengthening the alignment between organizational and technical insights is crucial for advancing DAO research and fostering a more cohesive interdisciplinary framework.
Priyanka Kaushik, Faris Thazhethoolayil Abdul Kadar, Rachna Rathore, Saurabh Pratap Singh Rathore · 6 authors
The rise of Non-Fungible Tokens (NFTs) has transformed the landscape of digital asset ownership, introducing new platforms for content creation and consumption. This research delves into the changing content dynamics within NFT marketplaces, focusing on the evolution of digital asset characteristics and consumer behavior. By studying established categories such as visual arts, music, and collectibles, we analyze shifts in demand patterns over time. Furthermore, we explore the significant impact of celebrities and social media influencers on specific NFT projects and broader market trends. While their involvement can generate interest, we critically assess potential drawbacks, including the susceptibility of hype-driven markets to fraudulent activities. Through data analysis, our goal is to shed light on the dynamic nature of NFT content, offering insights into its status and future direction.
Abstract The integration of Artificial Intelligence (AI) and decentralized economies is redefining wealth distribution by enabling autonomous financial systems, AI-powered smart contracts, and decentralized governance models. AI enhances decentralized finance (DeFi) by optimizing liquidity management, predictive analytics, and risk assessment, making financial services more accessible and inclusive. Through AI-driven tokenized economies, self-sovereign identities (SSIs), and automated economic decision-making, individuals—especially unbanked populations—can participate in global wealth creation without traditional financial barriers. AI-powered Decentralized Autonomous Organizations (DAOs) are further revolutionizing financial governance by ensuring transparent, algorithmic decision-making and equitable wealth allocation. However, challenges such as AI bias, cybersecurity risks, regulatory uncertainties, and scalability limitations must be addressed to build sustainable AI-driven decentralized financial ecosystems. This chapter explores the intersection of AI, blockchain, and decentralized finance, offering insights into how AI is transforming digital trade, financial inclusion, and economic autonomy while shaping a more equitable, decentralized global economy. Keywords AI-driven economies, decentralized finance, DeFi, AI-powered smart contracts, wealth distribution, DAOs, blockchain governance, tokenized economies, financial inclusion, AI in economic decision-making, self-sovereign identities, decentralized marketplaces, economic autonomy, AI-driven wealth redistribution, predictive analytics in finance, AI in decentralized governance.
K. Kajol, Srijanani Devarakonda, Ranjit Singh, H. Kent Baker
Abstract Cryptocurrency has gained popularity as a potential new global payment method. It has the potential to be faster, cheaper, and more secure than existing payment networks, making it a game-changer in the global economy. However, more research is needed to identify the factors driving cryptocurrency adoption and understand its impact. We use social network analysis (SNA) to identify the influencing factors and reveal the impact of each on cryptocurrency adoption. Our analysis initially revealed 44 influential factors, which were later reduced to 25 factors, each exerting a different influence. Based on the SNA, we classify these factors into highly, moderately, and least influential categories. Discomfort and optimism are the most influential determinants of adoption. Moderately influential factors include trust, risk, relative advantage, social influence, and perceived behavioral control. Price/value, facilitating conditions, compatibility, and usefulness are the least influential. The factors affecting cryptocurrency adoption are interdependent. Our findings can help policymakers understand the factors influencing cryptocurrency adoption and aid in developing appropriate legal frameworks for cryptocurrency use.
Decentralized Autonomous Organizations (DAOs) signify a groundbreaking approach to Internet-based management, enabled by blockchain technology and cryptocurrencies, and are viewed as fundamental elements of the Web3 ecosystem. In this study, we delve into the concept of DAOs by thoroughly investigating their underlying structure, ideology, and operational principles. Furthermore, we present a novel DAO framework derived from a technical and organizational assessment and provide an overview of cutting-edge DAO tools currently available. This research enables the swift implementation of DAO creation or transformation customized to an organization’s specific stage. Additionally, we recognize current challenges and shortcomings in existing DAOs and propose areas for future exploration.
Abstract This study examines Pakistani citizens’ behavioral intentions toward the adoption of cryptocurrency as a digital currency. Cryptocurrency refers to a form of currency that exists in digital or virtual form and relies on cryptography to ensure the security of transactions and regulate the generation of additional units. Cryptocurrencies have the potential to disrupt the global financial system. Cryptocurrency is a viable option for decentralized and secure transactions, offering enhanced transparency and lowering dependence on conventional financial institutions. The authors collected data from potential cryptocurrency customers or investors. Data were collected from Karachi (Pakistan). The study was conducted with the help of the diffusion of innovation theory (DOI), employing all its components (relative advantage, compatibility, complexity, trialability, and observability). The DOI model statements were modified and adapted to satisfy the requirements of this study. This empirical research report concludes that relative advantage (financial incentives, technology advancement, global accessibility, privacy and security, and P2P nature), compatibility (User-friendliness, Integration with existing systems, compatibility with digital lifestyles), and complexity (ease of use and mass adoption) contribute to the adoption. Trailability (lack of familiarity and risk aversion) and observability (limited exposure, lack of social proof, and negative stigma) are unrelated to customer behavior toward cryptocurrencies. In all these contexts, cryptocurrency adoption can enhance value co-creation. Finally, this study provides valuable insights for stakeholders.
Rafael Belchior, Thomas Hardjono, Alex Chiriac, Venkatraman Ranakrishna
It is time for the legacy financial infrastructure to seamlessly connect with modern, decentralized infrastructure. Although it is increasingly evident that decentralized infrastructure for finance (namely distributed ledgers) will coexist with and complement legacy infrastructure, it is also clear that such interoperability efforts carry new risks and concerns. In particular, managing the range of heterogeneous (and not well-established) infrastructure brings security, privacy, and regulatory issues. The first step to overcome some of these challenges is to recognize that in many deployment instances using distributed ledgers, the purpose of the ledger is to share resources among the community members. The second step after recognizing that borders exist is to understand that interoperability across systems can be best achieved through the use of standardized service interfaces (or application programming interfaces (API)). In this paper we use the term ledger gateways (or simply gateways) to denote the computer and software systems that implement the standardized service interfaces into a distributed ledger. The main purpose of a gateway is to communicate with other peer gateways that implement the same standardized service interface. Among others, peer gateways perform the transfer of data and value across borders (legal or national borders). Gateways also become a mechanism to manage a permissioned environment, where abiding by laws and regulations is crucial for business compliance (e.g., EU General Data Protection Regulations (GDPR), EU MiCa regulation on digital assets, FAFT Recommendation 15, ISO 27001.
Decentralized physical infrastructure networks (DePINs) are an emerging vertical within "Web3" replacing the traditional method that physical infrastructures are constructed. Yet, the boundaries between DePIN and traditional method of building crowd-sourced infrastructures such as citizen science initiatives or other Web3 verticals are not always so clear cut. In this work, we systematically analyze the differences between DePIN and other Web2 and Web3 verticals. For this, the study proposes a novel decision tree for classifying systems as DePIN. This tree is informed by prior studies and differentiates DePIN from related concepts using criteria such as the presence of a three-sided market, token-based incentives for supply, and the requirement for physical asset placement in those systems. The paper demonstrates the application of the decision tree to various blockchain systems, including Helium and Bitcoin, showcasing its practical utility in differentiating DePIN systems. This research offers significant contributions towards establishing a more objective and systematic approach to identifying and categorizing DePIN systems. It lays the groundwork for creating a comprehensive and unbiased database of DePIN systems, which will inform future research and development within this emerging sector.
Financial technologies and payment applications have revolutionized money flow recently, with cryptocurrencies offering decentralization, though still limited in transactional use. This study investigates the factors influencing the use of cryptocurrencies for business transactions in North Carolina (NC). This exploratory research utilizes an extended technology acceptance model (TAM) using survey data collected from 228 North Carolina residents and applying Partial Least Squares Structural Equation Modeling (PLS-SEM) to find the relationship between the independent and dependent variables. Our results indicate that perceived usefulness, social influence, and personal innovativeness significantly impact users’ intentions to adopt cryptocurrencies as a medium of exchange. A surprising finding is that ownership has a negative effect on the intention to use cryptos for business transactions. The findings imply that regulators and cryptocurrency issuers should make the system more useful, take full advantage of social media to promote cryptos, and encourage crypto holders to use cryptos for their intended utility rather than just as speculative instruments.
Abstract Decentralized finance (DeFi) is gaining momentum in the world of banking, finance, and beyond. Yet, there remains a notable lack of scholarly research addressing the foundational principles and concepts underlying DeFi. In response to this gap, this study undertakes an extensive investigation into DeFi, drawing upon existing academic literature and insights from industry experts to develop a taxonomy of DeFi's attributes, operational models, and associated risks. This classification sharpens the definition of DeFi and yields critical insights for scholars and industry professionals keen on advancing DeFi's technological applications. By pinpointing essential characteristics of DeFi, mapping out its diverse business models, and highlighting the risks for DeFi users, this research contributes to the academic dialogue. It lays down a comprehensive framework for understanding DeFi, paving the way for subsequent studies and practical implementations in this dynamic area.
The banking and financial sectors are transforming through the integration of blockchain and automated machine learning (ML). This chapter explores their combined potential to revolutionize traditional financial processes, enhancing efficiencies, transparency, and risk management. Blockchain's decentralized, secure nature ensures tamper-proof record-keeping and reduces fraud, while automated ML enables real-time data analysis, predictive modeling, personalized customer experiences, and efficient decision-making. This synergy streamlines operations, optimizes risk assessment, and offers tailored financial solutions. The chapter also addresses the impact on regulatory compliance, cross-border transactions, identity verification, and lending, while discussing challenges related to scalability, data privacy, and integration, providing a comprehensive understanding of the evolving financial landscape.
Digital banking and financial services are rapidly evolving, driven by advancements in technology. The advent of blockchain technology is among the most noteworthy changes that have taken place in the past few years. Secure and transparent transaction recording is made possible via blockchain technology, which is a distributed ledger. It has the potential to revolutionize digital banking and financial services by providing a more secure and efficient way to manage financial transactions.
Abstract In this contribution to the Organization Zoo series, we examine Buurtzorg, a highly successful Dutch home care organization with over 14 thousand employees that operates without any supervisors or middle management. Given its size, it is a rare example of a self-managing organization that has radically decentralized decision-making to empower autonomous teams to operate highly independently while growing to thousands of employees. Buurtzorg’s case sheds light on the role of supportive structures, including purpose-built information and communication technology and a small team of internal coaches, that the firm uses to scale up a self-managing organization of over 900 independent teams.