Multi-Agent AI Systems (MAS) rely on the cooperative actions of autonomous agents to meet difficult and rapidly changing issues in analysis and business strategy. In contrast to single-agent models, MAS includes different agents that team up, change as needed and function in real time. Thanks to its decentralized and modular design, businesses can scale their activities, maintain good stability and flex their operations as market situations change. With the help of advanced AI like Generative AI, MAS can examine huge datasets, perform market simulations and support smart decisions from leaders. Such algorithms are applied to everything from setting creative prices to improving supply chains, assessing risks and detecting fraud in the financial industry. The use of MAS makes it possible for tasks to be split and completed by multiple processors, which helps reduce workflow trouble spots. Additionally, its ability to respond to uncertainty and make quick, real-world decisions makes MAS a vital instrument for industries needing both agility and innovation. With MAS, organizations become stronger competitors by streamlining their work processes, encouraging innovation and solving problems on many scales. The future success of MAS comes from its power to change how businesses run smoothly by working with present technology and developing together with the company's needs.
Over 1.7 billion people lack basic sanitation, and 2 billion rely on contaminated drinking water, predominantly in low- and middle-income countries. Decentralized solutions offer a viable alternative to centralized systems but face barriers in governance, finance, and the Product Development Process (PDP). This paper examines challenges across seven PDP stages—Function, Assembly, Deployment, Maintenance, Upscaling, Disassembly, and Transfer—through a two-step qualitative sequential design approach. Findings reveal critical gaps, including insufficient funding for maintenance, fragmented regulatory frameworks, and neglect of end-of-life management. Humanitarian markets prioritize speed over sustainability, poor markets demand low-cost designs but lack institutional support, and emerging markets face regulatory complexity and uneven scalability. Practical recommendations include simplifying funding, adopting user-centered modular designs, and strengthening local capacity through partnerships. Future research should focus on governance reforms, sustainable maintenance, and scaling pathways to ensure innovations address the urgent needs of underserved populations. Theoretically, this paper advances understanding of how PDP challenges intersect with market typologies in resource-constrained contexts, offering a framework to analyze and address systemic barriers to innovation. This study contributes to the field of innovation for resource-constrained markets by providing actionable insights for technology providers, financers, and local implementers to address systemic governance, financial, and operational gaps in the PDP.
This paper explores the causal relationship between the U.S. trade policy uncertainty and cryptocurrency returns using the quantile Granger causality test. Unlike traditional approaches that focus on average effects, this method captures asymmetric causal dynamics across the entire conditional distribution. The analysis employs two established indices of trade policy uncertainty developed by Caldara et al. (2020) and by Baker et al. (2016), ensuring robustness and mitigating potential biases from relying on a single measure. The empirical results indicate that changes in cryptocurrency prices consistently Granger cause movements in trade policy uncertainty across most quantiles, suggesting that cryptocurrencies may serve as early indicators of shifts in economic policy sentiment. In contrast, the effect of trade policy uncertainty on cryptocurrency returns is most pronounced in the tails of the distribution, highlighting a stronger influence during periods of extreme market conditions. These findings highlight the importance of accounting for nonlinear and asymmetric effects in assessing the interaction between economic policy uncertainty and cryptocurrency markets.
The social need to transform the global monetary and financial system, which is at the stage of rapid self-destruction against the background of growing economic and digital inequality, global challenges, structural shifts and polycrisis revealed the stability of the cryptocurrency industry, which manifested itself in the public acceptance of cryptocurrency assets both as a financial product and as a new ideological doctrine, in accordance with the theory of diffusion of innovation. The impact of the cryptocurrency ecosystem modification on the configuration of the global monetary and financial system has become the subject of this study. The authors analyzed panel data, which is based on 79 socio-cultural, political, demographic and economic indicators in dynamics for 2014—2024. As a result, individual factors have been identified that stimulate the smart society to recognize cryptocurrency realities not from a technological basis, but from the perspective of unique consumer and functional properties. Emphasis is placed on the specificity of the formation of the cryptocurrency landscape: the bidirectional world movement “retail users ↔ institutional players”; the paradoxical effect of tight regulation; conflict between economic reality and “beliefs”, etc. It has been established that the speed and depth of the cryptocurrency assets adoption by society is variable to a greater extent not from objective factors, but from subjective characteristics that affect decision-making and express the need for a new configuration of the global monetary and financial system. A breakthrough direction of socio-economic development is the ideology and design adaptation of the cryptocurrency channel of cross-border money transfers, which ensures the transition to a human-centered ecosystem of a multipolar order with a unique currency transfer standard.
This article explores the potential of integrating blockchain technologies into public management of Ukraine's agricultural sector for post-war recovery through the lens of ESG principles. The authors analyze limitations of traditional regulatory models, particularly information asymmetry, lack of transparency in state support distribution, and limited access to financing for small and medium agricultural producers. The proposed concept envisions transforming state institutions from monopolistic regulators into infrastructural participants of network partnerships. The research reveals significant shortcomings in existing financing mechanisms, where approximately 75% of small agricultural enterprises face loan rejections, while traditional international payment instruments are characterized by high costs and low efficiency. The authors propose implementing agricultural asset tokenization mechanisms based on distributed ledger technology, enabling transparent, automated, and inclusive mechanisms for state support and private financing. A comparative analysis of traditional and innovative blockchain-based public management models is developed according to criteria of transparency, trust-building mechanisms, operational efficiency, and adaptability to ESG requirements. The study examines mechanisms for tokenizing agricultural assets with integrated ESG parameters, ensuring programmable responsibility of producers for compliance with environmental, social, and governance standards. Methods for implementing ESG standards are presented through: tokenization of ESG obligations, decentralized ESG certification, and programmed ESG regulation. Practical implementation of the proposed instruments is illustrated using examples of a decentralized blockchain platform for pre-ordering food poppy products and carp farming. The authors demonstrate that integrating distributed ledger technology creates conditions for democratizing market access, supply chain transparency, and automated verification of ESG criteria compliance, transforming them from regulatory requirements into competitive advantages. Implementing the proposed model requires not only technological modernization but also institutional transformation of regulatory bodies and development of specialized digital inclusion programs to bridge the digital divide in rural areas.
This article substantiates a new paradigm for managing state target programs based on distributed logic implemented through blockchain technologies and artificial intelligence (AI). The theoretical section analyzes the limitations of the centralized model for implementing state target programs, particularly high transaction costs, corruption risks, and management inefficiencies inherent in hierarchical systems. The research demonstrates that a distributed approach based on blockchain ensures data immutability and implementation transparency (through smart contracts and decentralized autonomous organizations), while AI application enables predictive analytics and dynamic resource planning, enhancing program adaptability. The authors propose a conceptual model of a «Distributed Target-Program» (DTP), which combines decentralized autonomous organizations (DAOs) for program management, smart contracts with KPIs for automatic performance control, a network of AI agents for monitoring and forecasting, and funding mechanisms through digital funds The methodological section provides a systematic analysis of experiences implementing distributed logic elements in Ukraine and worldwide. Examples examined include Estonia’s blockchain-based integrity of state registries, UN/World Food Programme (WFP) projects using blockchain for humanitarian assistance, digitalization of public services in Ukraine (the «Diia» mobile application), and blockchain solution experiments in the public sector. The research includes comparative case analyses of Ukrainian examples, such as blockchain implementation in social assistance provision (WFP Building Blocks project in Ukraine), the scale of digital aid payments through «Diia» (eSupport program), and DAO technology application in public administration. Special attention is given to assessing the regulatory compliance of the proposed solutions. The analysis covers current Ukrainian legislation in digital governance and public finance, as well as AI regulatory requirements according to the EU AI Act 2024/1689. The research demonstrates that implementing the DTP model requires legal framework adaptation (particularly defining DAO status and ensuring transparency and oversight of AI algorithms). This work is valuable for researchers and practitioners in public administration as it combines an interdisciplinary approach (public administration, information technology, legal aspects) and offers an innovative vision for the digital transformation of state programs.
The convergence of blockchain and metaverse technologies is poised to redefine how Global Value Chains (GVCs) create, capture, and distribute value, yet scholarly insight into their joint impact remains scattered. Addressing this gap, the present study aims to clarify where, how, and under what conditions blockchain-enabled transparency and metaverse-enabled immersion enhance GVC performance. A systematic literature review (SLR), conducted according to PRISMA 2020 guidelines, screened 300 articles from ABI Global, Business Source Premier, and Web of Science records, yielding 65 peer-reviewed articles for in-depth analysis. The corpus was coded thematically and mapped against three theoretical lenses: transaction cost theory, resource-based view, and network/ecosystem perspectives. Key findings reveal the following: 1. digital twins anchored in immersive platforms reduce planning cycles by up to 30% and enable real-time, cross-border supply chain reconfiguration; 2. tokenized assets, micro-transactions, and decentralized finance (DeFi) are spawning new revenue models but simultaneously shift tax triggers and compliance burdens; 3. cross-chain protocols are critical for scalable trust, yet regulatory fragmentation—exemplified by divergent EU, U.S., and APAC rules—creates non-trivial coordination costs; and 4. traditional IB theories require extension to account for digital-capability orchestration, emerging cost centers (licensing, reserve backing, data audits), and metaverse-driven network effects. Based on these insights, this study recommends that managers adopt phased licensing and geo-aware tax engines, embed region-specific compliance flags in smart-contract metadata, and pilot digital-twin initiatives in sandbox-friendly jurisdictions. Policymakers are urged to accelerate work on interoperability and reporting standards to prevent systemic bottlenecks. Finally, researchers should pursue multi-case and longitudinal studies measuring the financial and ESG outcomes of integrated blockchain–metaverse deployments. By synthesizing disparate streams and articulating a forward agenda, this review provides a conceptual bridge for international business scholarship and a practical roadmap for firms navigating the next wave of digital GVC transformation.
Our study analyzes the combined impact of geopolitical risks and investor sentiment on the major cryptocurrencies, Bitcoin and Ethereum, using monthly data from December 1, 2020, to the end of April 2025. Through a rigorous econometric approach-including unit root tests (Dickey-Fuller (1979-1981) and Perron (1998)), cointegration techniques (Engle and Granger (1987) and Johansen (1990)), and error correction models (ECM and VECM)-we examined the long- and short-term dynamics between cryptocurrencies and three indices: investor sentiment, crypto market sentiment, and the composite geopolitical risk index. Our results confirm the existence of cointegration relationships between these crypto-assets and the indices, indicating structural interdependence during periods of global uncertainty. In the short term, fluctuations in investor sentiment and geopolitical risks significantly affect the returns of Bitcoin and Ethereum, with a rapid adjustment toward long-term equilibrium. Moreover, Ethereum appears to be slightly more sensitive to emotional and geopolitical shocks than Bitcoin. However, our study has certain limitations, notably the use of composite indices that may not capture all the qualitative nuances of the phenomena studied and the assumption of linearity in the modeled relationships. For future research, we suggest integrating nonlinear models and leveraging real-time sentiment data derived from artificial intelligence, as well as expanding the analysis to other segments of the crypto-asset market. Ultimately, our study enhances the understanding of exogenous factors influencing cryptocurrencies in an unstable global environment.
The development of the cryptocurrency segment within the global financial market has emerged as one of the most transformative phenomena of the digital economy over the past decade. The present study aims to analyse the global imperatives driving this development, focusing on the key trends, challenges, and opportunities shaping the cryptocurrency market. Methodology. This study uses a combination of analytical and comparative methodologies to examine the cryptocurrency segment within the global financial market. The analytical approach is used to assess the structural dynamics, market trends and capitalisation growth of cryptocurrencies, while the comparative method facilitates the assessment of differences and similarities in the adoption of cryptocurrencies across different countries and financial systems. Data was collected by reviewing publicly available financial reports, cryptocurrency market data and institutional studies. Quantitative analysis was performed to evaluate numerical trends in market capitalisation, transaction volumes, and cryptocurrency usage in payment systems. Furthermore, a qualitative analysis was conducted to elucidate the regulatory challenges and their ramifications for financial stability. Results. The findings indicate the preeminence of Bitcoin, its evolution into a global asset, and the expanding role of altcoins, utility tokens and stablecoins. The analysis reveals the rising use of cryptocurrencies in commercial payments, the issuance of national digital currencies, and the substantial adoption of blockchain technologies by global corporations. However, the study also identifies critical challenges, including regulatory ambiguities, security vulnerabilities, and systemic risks associated with financial stability. The value and originality of this research lie in its comprehensive approach to assessing the multifaceted nature of the cryptocurrency market. The integration of quantitative insights with policy implications has resulted in the formulation of a novel framework for comprehending the strategic role of cryptocurrencies in the evolving global financial landscape. The study's findings offer actionable recommendations for policymakers, investors, and financial institutions seeking to navigate the intricacies of the cryptocurrency ecosystem.
The articles and opinions of GRUR International have frequently engaged with some of the leading issues that our legal systems are grappling with, two of which I want to explore in this short editorial focusing on the path travelled and the challenges ahead from an IP and competition law perspective. These are (possibly unsurprisingly) sustainability – including climate change – and digital and AI developments. The first part will briefly review how the two areas of law have interacted with these issues. The second part will focus on how the new era of polarisation, de-globalisation, protectionism, and nationalism, which has now been firmly ushered in with the re-election of Donald Trump in the US, will affect law and policy in these fields. It seems beyond doubt that sustainability and climate change, along with the developments around digitalisation and algorithms/AI, are among the most critical issues of our time. When exploring the issue of sustainability and especially climate, we can focus in particular on IP laws and competition laws, as each of these areas has started to grapple with specific challenges and made some progress. In the field of IP law, the role of IP and how it can foster sustainable technologies and other green innovation has become a focus of the debate. With its traditional focus, IP law has been designed with innovation incentives in mind by providing innovators with exclusive rights to their creations. This function is crucial in the green transition. The IP law framework can effectively be used in more or less unadulterated form to foster green innovation. However, given the need to rapidly scale and diffuse green technologies, a close eye needs to be kept on dissemination and in particular incentives for and costs of the dissemination of green technologies. For instance, patents related to renewable energy technologies, such as wind, solar, and bioenergy, have substantially increased over the last decade. Yet, the roll-out of these technologies on a global scale is something that deserves attention so as to ensure that they are accessible in developing nations. We have seen work in this area that has led to new proposals and the adoption of mechanisms for compulsory licensing, patent pools, and technology transfer, with WIPO’s ‘Green Platform’ being just one example in the area. Competition laws have also started to play a role in this area. Some EU Member States (and the EU itself), but equally other jurisdictions from Singapore to New Zealand, have been at the forefront, aiming to provide businesses with individual guidance and publishing general guidelines on how business activities fostering sustainability interact with competition laws. Similarly, we have seen first cases in Europe in which competition agencies pursued companies that have been restricting competition, thereby harming sustainability. For example, the European Commission pursued car makers in the AdBlue case for restricting innovation competition around better emission cleaning technologies. In some jurisdictions where there are rules on superior bargaining power, these might equally be used to foster different aspects of sustainability, ensuring that the weakest players in the market are not exploited by, e.g. powerful retailers. Overall, while (too) much still needs to be done in terms of sustainability and the climate, the fields of law covered by GRUR International have developed and adjusted their tools to play a role in addressing these challenges. The digital and AI fields are equally fields of global relevance in which we witness numerous challenges within existing legal frameworks, and GRUR International has featured many of them over the years. The role of IP has already been at the forefront of the digital transformation with questions around protection in the digital world. Yet, new frontiers are already emerging as complex questions around creations by and the creativity of AI become apparent. What protections are afforded where AI systems are trained on human-created material? How should creations made by, through or with the essential help of AI be treated? Questions around creation and inventions and subsequent ownership are crucial. How should the ownership of AI-generated art and inventions by AI be treated in applications for patents? We are seeing first attempts to regulate the space, such as the US Copyright Office’s decisions on AI-generated works. The blockchain space raises additional questions, particularly regarding digital ownership and copyright in the context of Non-Fungible Tokens (NFTs). Competition law has also seen an evolution, with questions about tech giants and the interaction with data and data protection laws becoming competition concerns. The adoption of the European Union’s Digital Markets Act (DMA) with the aim of protecting fair and contestable markets is a prime example. Other jurisdictions have also opted for the adoption of new regulatory tools that address digital markets with monopolistic tendencies. The algorithm and AI revolution further challenges the competition law framework. We have already seen a wide ranging discussion about algorithmic and AI collusion, and we are witnessing an emerging debate around abuses, market concentration and its effects in the AI domain and its AI stack, and a focus on the control of the digital value chain. The protection of innovation is a core theme in these debates. Overall, as digital and AI advances continue to transform our world, the legal frameworks have developed and will continue to have to develop to adjust to the emerging challenges, whether or not in the area of IP and competition rules. It might not be surprising that the recent years are described as a decade of increased global polarisation. Deepening social and political divides are visible all over the globe, and social media have certainly not been a moderating influence. The latest sign is the re-election of Donald Trump in the US, whose new administration is expected to push further in the direction of de-globalization. It is not farfetched to predict that the coming years will be a time characterized by even more protectionism and nationalism disrupting established global cooperation and trade. In other words, de-globalization will accelerate, thereby possibly increasing economic uncertainty and straining international relations. But what does this spell for the challenges in the sustainability and digital and AI areas discussed above? For sustainability, the new era of protectionism will have familiar consequences. On the one hand we might see a slowing of the pace of green transition and green innovation. While tariffs and other trade barriers could increase the costs for the adoption and development of green technology (e.g. rare earth minerals), the effects on green innovation work in a less direct way. On the one hand, the dissemination of green IP could be restricted due to nationalism in the form of national security restrictions. On the other hand, we might see IP law being used to protect domestic producers while harassing foreign producers and using alleged IP violations in trade disputes. In competition law, we might observe a reversal of the move towards a global consensus that competition and companies can play a role in sustainability matters. In fact, we might see the ‘anti-woke’ capitalist backlash building up steam, with antitrust rules used to harass companies that engage in ESG related matters. In other words, we could see more actions like that recently by Republican attorney generals in the US against financial investors and their climate-related actions in the coal industry. Whether such actions will ultimately be successful in court is a different question, but they might well sow doubt on the legality of corporate sustainability initiatives. This contrasts sharply with the legal certainty that many competition agencies have tried to provide to companies, and might hamper the latter’s global actions. Another avenue that might affect sustainability is national security concerns, in particular in mergers related to technology crucial for the green transition. For the digital space including algorithms and AI, the new era of protectionism will have some substantial effects. The area of digitalisation and AI is one that seems intrinsically linked to trade and competition between countries. Many countries identify this area as one of national strategic interest. The interaction between national security concerns and IP may become a crucial battleground that allows states to exclude foreign companies from any new and developing technology. Similarly, IP laws could be the tool of choice to pursue foreign companies in the digital and AI area. In the competition-law field, protectionism and nationalism might have two distinct effects. On the one hand, less harsh enforcement against dominant domestic companies, since dominant companies in the digital sphere are seen as a strategic and national security asset. At the same time, any antitrust action or regulatory action (such as e.g. the DMA) by foreign authorities against domestic tech companies will be seen as hostile and might be answered with trade retaliation. On the other hand, foreign tech companies will be seen as suspicious and worthy of antitrust scrutiny. Similarly, any merger of domestic and foreign companies in the tech area will likely face increased scrutiny. Overall, it is not without irony that the issues we are facing are becoming more globalized than ever, while de-globalisation takes hold. We can expect more heterogeneity or often even opposing approaches to the same (global) problems. Problem-solving within established (multilateral and multinational) institutions will become more difficult and possibly less influential. As a reaction, we might see a move away from formal to informal or even private cross-boundary networks for addressing global issues. For example, private standard setting organisations could gain an even greater role in addressing such issues. Yet, where such organisations face challenges, including open hostility, even such avenues for co-operation will become more difficult to maintain. In these situations, the individual legal comparativist will have an increasingly important role to play and, with it, outlets like GRUR International. The study of other systems and their solutions to problems can provide crucial insights and could be the main avenue for more global approaches to the challenges discussed here. In a de-globalized world where foreign and international measures are seen with suspicion, the comparativist has a new role. The internal critique of the existing national approach by the comparativist can be an argument for internally introduced change; the only kind of change perceived as legitimate in a de-globalized, nationalistic world.
In the context of escalating climate change and mounting environmental challenges, green finance has emerged as a crucial mechanism for fostering sustainable development. This paper presents an experimental analysis that illustrates how the integration of blockchain technology into financial technology (fintech) strategies can significantly enhance the efficacy of green investments. Our proposed framework facilitates the optimization of these strategies by improving transparency and fund traceability in environmentally focused projects. Through rigorous testing and data-driven insights, we demonstrate the potential of blockchain to streamline financing processes, mitigate risks associated with fraudulent practices, and promote accountability among stakeholders. By establishing a synergistic relationship between fintech and ecological responsibility, this research provides a novel approach that contributes to both academic discourse and practical applications in green finance. The proposed approach showcases experimental originality by integrating blockchain technology with green finance, setting a precedent for future research in this interdisciplinary field. Our findings reveal that blockchain can significantly enhance the efficiency of financing processes, reducing transactional delays and fostering transparency that mitigates risks related to fraud. Moreover, this study highlights the potential of this synergistic model to cultivate a robust framework for accountability among stakeholders, ultimately guiding investment toward environmentally sustainable initiatives and bolstering the integrity of green financial practices.
This chapter delves into the transformative impact of artificial intelligence across various global industries, illustrating these changes through specific industry case studies. It begins by exploring the fusion of AI with healthcare, highlighting innovations that are enhancing drug development efficiency, optimizing commercial health insurance, and enabling real-time health management. The chapter then shifts focus to the media industry, where AI and data analytics are reshaping content delivery through mobile, video, and personalized trends. It discusses how these trends enrich user experiences, drive interactive advertising, and pose challenges related to data privacy and the decline of traditional copyright structures. The discussion moves to the automotive sector, examining how electric, autonomous, and connected technologies are disrupting traditional models, with a special emphasis on Tesla’s innovations and the challenges of big data, such as insurance fairness and data authenticity. Finally, the chapter addresses the evolution of finance, with platform technology companies making significant strides and Wall Street embracing large models. It concludes with a look at the decentralization of finance and the potential future of digital currencies.
Gabriel A. Giménez Roche, Antoine Noël, Loïc Sauce
We analyze the determinants of Bitcoin (BTC) trade volume in decentralized exchanges (DEXs) and test the claim that BTC trades on these platforms are censorship-resistant. The study finds that overall economic freedom, particularly monetary freedom, correlates indirectly with BTC trade volumes, while capital restrictions on residents' transactions abroad correlate in two different directions. Purchase transactions inversely correlate with BTC volume in DEXs, while sales transactions correlate directly. These results suggest that BTC can be used to hedge against poor institutional frameworks, particularly against poor monetary governance, and as a vehicle for institutional hedging against repressive capital controls and institutional failures. The study's originality lies in its use of on-chain panel data on the volume of BTC transactions, which are country-specific and allow for comparing the impact of country-specific socio-institutional variables on BTC volumes. • Decentralized exchanges leverage blockchain for innovative financial services. • BTC provides an institutional hedging option against poor governance frameworks. • On-chain data reveal BTC country dynamics and institutional hedging potential.
Mohammad Irfan, S. Parameswaran, Kashish Ajit Singh, Early Ridho Kismawadi
This paper explores the transformative impact of cutting-edge technologies, specifically AI and blockchain, on economic well-being. It begins by examining how AI-driven solutions are revolutionizing industries, enhancing decision-making processes, and improving financial inclusion. Blockchain technology is discussed for its potential to increase transparency, reduce fraud, and streamline financial transactions, thereby fostering trust and efficiency. The synergy between AI and blockchain is highlighted as a powerful driver for economic growth, enabling decentralized finance, secure data management, and scalable innovation. The paper further explores how these technologies are unlocking new opportunities for sustainable development, particularly in emerging markets. It concludes by emphasizing the role of AI and blockchain in shaping a future of economic prosperity, with a focus on inclusivity, sustainability, and long-term well-being.
This study examines the ongoing debate between Decentralized Finance (DeFi) and Centralized Finance (CeFi), analysing their unique advantages and challenges within the rapidly evolving financial landscape. The objective of this research is to argue for the convergence of DeFi and CeFi to create an innovative and secure financial ecosystem that balances accessibility with security, using Kazakhstan as a case study. The study employs comparative analysis and case-study methodology to explore Kazakhstan’s regulatory approach to digital assets. The focus is on understanding how licensing, anti-money laundering (AML) protocols, and consumer protection measures can support the integration of DeFi and CeFi. Primary data includes an analysis of Kazakhstan’s regulatory framework for digital assets, statistical data on AML implementation, and levels of consumer protection within the country. Findings indicate that a hybrid regulatory model effectively bridges the operational differences between DeFi and CeFi, fostering inclusivity and economic growth while safeguarding consumer interests. Kazakhstan’s regulatory focus on licensing and AML protocols illustrates that a balanced regulatory approach can accommodate both technological progress and necessary protections for financial participants. The study concludes that a convergence of DeFi and CeFi through a hybrid regulatory model can lay the foundation for a sustainable digital financial environment that is accessible, innovative, and secure. Future studies are encouraged to explore the role of emerging technologies, such as quantum computing, and examine the socio-economic impacts of DeFiCeFi integration on financial inclusivity for underserved populations.
Rommel Velastegui, Raúl Poler, Manuel Díaz‐Madroñero
• Exploration the role of MARS and BCT in reshaping industrial operations. • Proposal of a taxonomy for MARS, BCT and OPC principles. • Discussion of benefits and current limitations for MARS, BCT and OPC integration. This article presents a meticulous literature review that focuses on the integration of blockchain technology (BCT) into multiagent robotic systems (MARS) for operations planning and control (OPC) in industrial settings. By employing a systematic approach involving research question formulation, document exploration, article screening and data analysis, we rigorously examined 276 articles from scientific databases, including WOS, IEEEXplore, and Scopus. By the PRISMA, CIMO, and Cochrane methodologies, we developed a refined selection process and established a clear taxonomy that elucidates the intricate relations among MARS, BCT and OPC based on their objectives, findings, solution methodologies, industry sectors, limitations and benefits. We additionally conducted an in-depth analysis of the current state of the art, by critically evaluating existing research. With this comprehensive review, we answered pertinent research questions by unveiling the profound benefits of applying BCT to MARS in production planning and operations. Notably, this integration enhances data security, ensures the traceability of MARS activities, and significantly improves transparency, efficiency and overall operational robustness in OPC in industrial contexts to provide valuable insights for companies to consider adopting this technology in their industrial operations.
Di Perna, Vincenzo Paolo, Foderaro, Michele, Fabris, Francesco, Bernardo, Marco
Blockchain technology is set to transform economics and finance by enabling secure, transparent, and decentralized transactions. Some significant examples in this sense are cryptocurrencies and decentralized finance, which leverage blockchain technology to provide fast, low-cost financial services without a central authority, as well as the tokenization of finance, already forecast by Larry Fink, CEO of BlackRock. As crypto economies and blockchain applications gain global relevance, the need to measure and assess their efficiency is becoming increasingly important. While blockchain efficiency is often evaluated in terms of transactions per second or energy consumption, cryptocurrency efficiency is implicitly assessed through various indexes, such as capitalization, price trends, average transaction value, mining profitability, and others. What is lacking is an index capable of comprehensively and coherently describing the actual functioning of a crypto economic system, accounting for its key economic characteristics – such as supplymechanisms and token distribution – and the level of user participation within the specific crypto economy. In this study, we introduce a new theoretical framework based on Shannon entropy to assess the economic efficiency of a cryptocurrency through the Entropy Balance index (EB-index). Our approach integrates on-chain parameters – sourced from Coin Metrics® – by mapping them to economic quality attributes. To illustrate how our entropy-based approach works, we apply it to two distinct sets of attributes across six leading cryptocurrencies by market capitalization and use-case diversity: Bitcoin, Ethereum, Ripple, USD Coin, Dogecoin, and Cardano. For either set of attributes, the six EB-index values provide us with a comprehensive way of comparing the considered cryptocurrencies from an economic efficiency viewpoint. Our approach is fully customizable with respect to the selection of attributes as well as their weights.
Rohit Ashok Mohite, Ravi Harendra Chourasiya, Sandeep Sharma
This research investigates the dynamic interplay between innovation, sustainability, and growth in Micro, Small, and Medium Enterprises (MSMEs) within India's textile manufacturing sector an industry that accounts for approximately 45% of national textile exports and employs over 7 million individuals in decentralized units. The primary objective is to evaluate how the strategic integration of digital technologies and sustainable practices influences operational efficiency, global competitiveness, and long-term economic viability of textile MSMEs. Employing a mixed-methods framework, the study synthesizes data from structured surveys across 125 MSMEs and expert interviews with 20 stakeholders, including policymakers and industry consultants. The analysis leverages multi-variable regression models to assess the correlation between innovation inputs (e.g., R&D intensity, automation levels, ERP adoption) and key performance indicators (e.g., productivity growth, export volume, and energy efficiency index). Additionally, sustainability maturity was measured through indices such as compliance with ISO 14001/50001, effluent treatment capabilities, and participation in ZED and TUFS schemes. Findings reveal a statistically significant impact (p < 0.01) of combined innovationsustainability strategies on annual productivity and export growth. However, the results also highlight systemic constraints such as financial inaccessibility, technological inertia, and limited workforce upskilling, which impede scalable transformation. The study proposes a triadic policy model focusing on green financing, digital upskilling, and innovation cluster incubation to accelerate industrial modernization. This research advances scholarly understanding of MSME transformation pathways in emerging economies and provides actionable insights for policy architects aiming to align industrial development with national sustainability targets and global trade integration in the textile domain.