Objective: This paper explores the use of blockchain technology in agriculture and agricultural products.Research Design & Methods: The article is based on a critical analysis of the literature with a view to understanding the current state of use of blockchain technology in agriculture. It was assumed that blockchain technology is used in the agricultural sector to promote food security, prevent food fraud and verify the origin and authenticity of agricultural products and agricultural inputs.Findings: Blockchain technology improves traceability and transparency, allowing parties within the agricultural value chain to identify faulty or suboptimal processes as well as bad actors. This ensures that ideal conditions are pursued from farm to market. The ability to trace the origin of food products is essential when food safety breaks down. The early identification of the origin of contamination will enable food companies to swing into action quickly to prevent illness and thus save lives. Such a timely response will also help limit food wastage and will save money by containing financial fallout.Implications / Recommendations: Blockchain technology has strong potential for success within the agricultural sector. It can be used to ensure food safety by enabling the source of agricultural products, as well as the source of their potential contamination, to be traced, and the authenticity of farming inputs to be verified. Blockchain can also be employed in the process of disbursing subsidies to farmers to ensure that they benefit from subsidy programmes. Finally, blockchain technology will offer farmers better prices and better payment methods and solve challenges in land title sales and purchase registration.Contribution: Blockchain is a new technology to the agricultural sector, and enormous challenges remain. There is still no established system to regulate blockchain transactions. Nevertheless, the application of blockchain in agriculture holds promising rewards.
The world is currently witnessing dangerous shifts in the epidemic of emerging SARS-CoV-2, the causative agent of (COVID-19) coronavirus. The infection, and death numbers reported by World Health Organization (WHO) about this epidemic forecasts an increasing threats to the lives of people and the economics of countries. The greatest challenge that most governments are currently suffering from is the lack of a precise mechanism to detect unknown infected cases and predict the infection risk of COVID-19 virus. In response to mitigate this challenge, this study proposes a novel innovative approach for mitigating big challenges of (COVID-19) coronavirus propagation and contagion. This study propose a blockchain-based framework which investigate the possibility of utilizing peer-to peer, time stamping, and decentralized storage advantages of blockchain to build a new system for verifying and detecting the unknown infected cases of COVID-19 virus. Moreover, the proposed framework will enable the citizens to predict the infection risk of COVID-19 virus within conglomerates of people or within public places through a novel design of P2P-Mobile Application. The proposed approach is forecasted to produce an effective system able to support governments, health authorities, and citizens to take critical decision regarding the infection detection, infection prediction, and infection avoidance. The framework is currently being developed and implemented as a new system consists of four components, Infection Verifier Subsystem, Blockchain platform, P2P-Mobile Application, and Mass-Surveillance System. This four components work together for detecting the unknown infected cases and predicting and estimating the infection Risk of Corona Virus (COVID-19).
In this paper, it has been aimed to reveal the possible effects of Covid-19 Coronavirus epidemic on stock markets. In the analysis using daily data between 23 January 2020 and 13 March 2020, possible effects on stock markets has been investigated with Maki (2012) cointegration test using both Covid-19 daily total death and Covid-19 daily total case. According to the results obtained, all stock markets examined with total death act together in the long run. It has been understood that total cases have cointegration relationship of SSE, KOSPI and IBEX35 and do not have cointegration relationship with FTSE MIB, CAC40, DAX30. In this regard, it is considered as one of the optimal option for investors to avoid investments in stock markets, turn to investment in gold markets, which is the safe investment port of each crisis period in long run. Also, considering the possibility of turning all life into an internet environment, turning to cryptocurrencies is seen as another alternative option for investors. In this direction, it will be the preference of investors to turn to derivative markets and to the stock markets of countries where Covid-19 is relatively rare to avoid risk.
Hang Xiong, Tobias Dalhaus, Puqing Wang, Jiajin Huang
The blockchain is a ledger of accounts and transactions that are written and stored by all participants. It promises a reliable source of truth about the state of farms, inventories and contracts in agriculture, where the collection of such information is often incredibly costly. The blockchain technology can track the provenance of food and thus helps create trustworthy food supply chains and build trust between producers and consumers. As a trusted way of storing data, it facilitates the use of data-driven technologies to make farming smarter. In addition, jointly used with smart contracts, it allows timely payments between stakeholders that can be triggered by data changes appearing in the blockchain This article examines the applications of blockchain technology in food supply chains, agricultural insurance, smart farming, transactions of agricultural products for both theoretical and practical perspectives. We also discuss the challenges of recording transactions made by smallholder farmers and creating the ecosystem for utilizing the blockchain technology in the food and agriculture sector.
Afees A. Salisu, Ahamuefula E. Ogbonna, Tirimisiyu F. Oloko
This study examines the effect of a pandemic-induced uncertainty on cryptocurrencies (specifically, Bitcoin, Ethereum and Ripple). It employs a predictive model by Westerlund and Narayan (2012, 2015) to examine the predictability of a pandemic-induced uncertainty as a predictor, as well as the forecast performance of our predictive model for cryptocurrency returns. We examine the role of asymmetry in uncertainty and the sensitivity of our results to alternative measures of uncertainty due to pandemics, using the recently developed Global Fear Index (GFI) by Salisu and Akanni (2020). Our results indicate that cryptocurrencies could act as hedge against uncertainty due to pandemics, albeit with reduced hedging effectiveness in the COVID-19 period. Accounting for asymmetry is found to improve the predictability and forecast performance of the model, which indicates that failure to account for asymmetry in modeling the effect of a pandemic-induced uncertainty on cryptocurrency may lead to incorrect conclusion. The results seem to be sensitive to the choice of measure of pandemic-induced uncertainty.
Blockchain is disrupting many traditional industries including financial services. In the case of remittance payments, blockchain is seen as a promising technology that can revolutionize the way we send and receive money. Traditional players like Western Union and Moneygram are facing new entrants in this market such as blockchain startups. This paper will analyze the application of blockchain in remittances in order to determine if it has the potential to transform this industry. Through our analysis of the remittance industry and its current competitive landscape, it seems that it is very likely that blockchain will disrupt the space and completely change it in the next few years. Some of blockchain’s benefits in remittances discussed in this paper consist of reduced costs, increased speed, and the possibility to offer remittance services for the unbanked population.
Christian Rainero, Alessandro Migliavacca, Riccardo Coda
During economic crises, sovereign states and central banks support the general economy and firms with a range of emergency measures, such as the allocation of subsidies to enterprises and citizens. The sudden availability of money without the need for any consideration by the recipient leads the way to inappropriate conduct known as moral hazards, such as diversion or improper use of the financial resources received. The moral hazard arises from the individual tendency to rational behavior when in the presence of information asymmetry, inadequate controls, or favorable contractual positions. To reduce moral hazard, and to preserve the intentionality of the states, information asymmetry must be reduced. Avoiding moral hazard is particularly important in cases such as the COVID-19 pandemic, but also during economic crises and other emergency situations. This paper conceptualizes a relevant topic for the economy and accounting fields of study because information tends to be naturally asymmetrical. Traditional accounting is limited by the fact that some accounting practices or techniques can be used to reduce the effect of the pandemics on the economic performance of organizations. In our study we propose a way to reduce the natural subjectivity in accounting and reporting, using blockchain and smart contracts technologies, as a solution to information asymmetry during crises (such as economic ones or pandemics)
Shaen Corbet, Yang Hou, Yang Hu, Charles Larkin · 5 authors
Controlling for the polarity and subjectivity of social media data based on the development of the COVID-19 outbreak, we analyse the relationships between the largest cryptocurrencies and such time-varying realisation as to the scale of the economic shock centralised within the rapidly-escalating pandemic. We find evidence of significant growth in both returns and volumes traded, indicating that large cryptocurrencies acted as a store of value during this period of exceptional financial market stress. Further, cryptocurrency returns are found to be significantly influenced by negative sentiment relating to COVID-19. While not only providing diversification benefits for investors, results suggest that these digital assets acted as a safe-haven similar to that of precious metals during historiccrises.
At the beginning of the 2020 global COVID-2019 pandemic, Chinese financial markets acted as the epicentre of both physical and financial contagion. Our results indicate that a number of characteristics expected during a "flight to safety" were present during the period analysed. The volatility relationship between the main Chinese stock markets and Bitcoin evolved significantly during this period of enormous financial stress. We provide a number of observations as to why this situation occurred. Such dynamic correlations during periods of stress present further evidence to cautiously support the validity of the development of this new financial product within mainstream portfolio design through the diversification benefits provided.
The unprecedented outbreak of the 2019 novel coronavirus, termed as COVID-19 by the World Health Organization (WHO), has placed numerous governments around the world in a precarious position. The impact of the COVID-19 outbreak, earlier witnessed by the citizens of China alone, has now become a matter of grave concern for virtually every country in the world. The scarcity of resources to endure the COVID-19 outbreak combined with the fear of overburdened healthcare systems has forced a majority of these countries into a state of partial or complete lockdown. The number of laboratory-confirmed coronavirus cases has been increasing at an alarming rate throughout the world, with reportedly more than 3 million confirmed cases as of 30 April 2020. Adding to these woes, numerous false reports, misinformation, and unsolicited fears in regards to coronavirus, are being circulated regularly since the outbreak of the COVID-19. In response to such acts, we draw on various reliable sources to present a detailed review of all the major aspects associated with the COVID-19 pandemic. In addition to the direct health implications associated with the outbreak of COVID-19, this study highlights its impact on the global economy. In drawing things to a close, we explore the use of technologies such as the Internet of Things (IoT), Unmanned Aerial Vehicles (UAVs), blockchain, Artificial Intelligence (AI), and 5G, among others, to help mitigate the impact of COVID-19 outbreak.