Blockchain Papers

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Yassine Mountije

This chapter examines the adoption of blockchain technology (BCT) in the tourism and hospitality industry (THI). Non-fungible tokens (NFTs) are one of the tools of BCT. NFTs are reshaping THI with innovative ways of ownership and engagement. Focusing on value co-creation (VCC), this chapter evaluates how NFTs enable travellers to participate in the creation, personalisation, and sharing of experiences. Thus, based on the literature, we discuss the use cases of NFTs. Moreover, this chapter benchmarks THI start-ups that incorporate NFTs into their business models. This chapter discusses the benefits and challenges of NFTs in THI, including the co-creation mechanism and the long-term value of NFTs. Additionally, this chapter highlights the gaps that exist between the potential contribution of NFTs to the tourist and tourism ecosystem and their current usage. Researchers and practitioners can gain insights into the changing digital landscape of tourism by combining VCC theory with practical start-up methods.

Yu‐Ming Hsu

ABSTRACT AI‐driven personalization now structures search, recommendation, pricing, and service across the consumer journey, heightening a core dilemma: maximizing relevance and efficiency without compromising autonomy and trust. This article advances a capability‐based account of responsible personalization. I theorize that technology sense‐breaking (challenging legacy assumptions) and sense‐giving (constructing shared meanings) foster strategic flexibility, which, in turn, enables two outcomes: (a) product/process innovation performance and (b) consumer‐facing safeguards that calibrate trust—transparent AI disclosure, adjustable recommendation intensity, and human‐override/redress mechanisms. I further argue that transformational leadership amplifies the translation of sensemaking into flexibility, steering reconfiguration toward “engagement without coercion.” A firm‐level, multi‐respondent survey of Taiwan‐based organizations adopting AI/Web3 in marketing and service contexts is used to test a moderated‐mediation model with validated multi‐item measures and PLS‐SEM, alongside power checks, CMV diagnostics, and robustness analyses. By endogenizing UX governance within organizational capabilities and leadership, the study links internal reconfiguration to external consumer dignity, specifying when firms are most likely to implement autonomy‐preserving designs. The contribution is a precise, operational blueprint for aligning market performance with ethical experience through capability formation and trust calibration

Pooja Raut, Mayuresh Shinde, Simran Tiwari, A. L. Pereira · 5 authors

Most traditional carpooling schemes rely on centralized agents, with potential issues regarding trust, transparency, and additional commission fees. This paper introduces "Smart Contracts for Carpooling: A Blockchain-Based Approach", a decentralized application (dApp) that tackles these limitations. Building on the Ethereum blockchain and using smart contracts implemented in Solidity, our system offers secure, peer-to-peer transactions between drivers and passengers without relying on third-party authority. The platform enables users to sign up, post or request rides, match desired rides, and make payments—under laws by peer-to-peer transparent and tamperevident smart contracts. HTML, CSS, and JavaScript are used for frontend code, while Web3.js serves to integrate dApp with the Ethereum network via MetaMask. Development and testing were performed utilizing Ganache to mimic a local blockchain environment. This implementation demonstrates a functional, trustless carpooling system within a controlled setting, emphasizing block-chain’s potential to improve security, reduce operational costs, and eliminate reliance on intermediaries in the ride-sharing ecosystem. Although not yet deployed on a public network, the prototype showcases the feasibility and advantages of applying decentralized technologies to create efficient, user-centric transportation solutions.

Irem Önder

Blockchain technology has emerged as a transformative model in tourism and hospitality, offering innovative solutions to challenges in transparency, trust, and efficiency. This chapter examines the theoretical foundations and practical applications of blockchain, emphasizing its alignment with frameworks such as social exchange theory, transaction cost economics, and sustainability principles. Key applications include blockchain-based loyalty programs, supply chain management, decentralized booking platforms, and secure payment systems. This chapter also highlights future opportunities, such as decentralized autonomous organizations (DAOs), non-fungible tokens (NFTs), and artificial intelligence (AI) integration, showcasing their potential to redefine the industry. Despite challenges such as scalability and regulatory uncertainties, blockchain offers significant promise for creating a transparent, efficient, and sustainable future in tourism and hospitality. By bridging theoretical constructs with practical insights, this chapter provides a comprehensive guide for researchers and practitioners aiming to harness blockchain’s capabilities.

R. Kaladevi, V. UmaRani, Modafar Ati, Shanmugasundaram Hariharan · 6 authors

Crowdfunding is a revolutionary finance business model and creative initiative in fundraising, but traditional finance models are facing problems such as high intermediary costs, insecurity, lack of transparency, and mishandling of money. This research paper proposes a decentralized crowdfunding mechanism based on blockchain technology, which ensures the fundraising process with automation, trust, and transparency. The self-triggered Ethereum smart contracts written in Solidity object-oriented programming language are used to develop the crowdfunding system, which is deployed and tested in the Remix IDE environment. Remix is linked to the Ganache local blockchain for checking fund transfers. This process automates the main crowdfunding operations like goal verification, fund collection, withdrawal, and donor refunds. The smart contract eliminates the need for middlemen in the centralized system. Also, each transaction is permanently available on the blockchain, guaranteeing traceability, auditability, and guarding against financial fraud via immutability. The results show that a decentralized crowdfunding mechanism with cheap operating costs, transparent execution, and safe fund transfers is feasible. The potential use of decentralized crowdfunding to improve stakeholder trust and operational effectiveness in digital fundraising ecosystems is exhibited in this work. Future research can expand this architecture to public testnets and incorporate sophisticated features like decentralized identity verification and token-based rewards.

Roberto A. Pava-Díaz, Juan Manuel Sánchez Céspedes, Oscar Danilo Montoya

This article presents a comprehensive bibliometric analysis of the indexed academic literature on the application of distributed ledger technology (DLT) and blockchain in the tourism industry. Using the bibliometrix library within the RStudio environment, key bibliometric indicators were examined in order to characterize the evolution, structure, and thematic focus of this emerging field of research. The systematic literature review, which adhered to PRISMA guidelines, involved retrieving publications from the Web of Science and Scopus databases. A curated dataset of 100 relevant documents was identified and analyzed in terms of annual scientific production, leading journals, influential authors, and highly cited publications. The results indicate that blockchain technology dominates the literature, with a strong emphasis on its potential to enhance trust, transparency, and efficiency in tourism-related processes. In particular, identity management, secure transactions, and disintermediation emerge as central research themes, reflecting blockchain’s capacity to support decentralized, immutable, and privacy-preserving interactions between tourists and service providers. Overall, the findings reveal a rapidly growing and increasingly structured body of knowledge, highlighting emerging research directions and technological challenges for future studies on DLT applications in tourism.

Inayatulloh

No abstract is available for this record.

Gauhar Ali, Sajid Hussain Shah, Muhammad Asim, Abdelhamied A. Ateya · 5 authors

The global energy sector is experiencing a significant revolution, propelled by the necessity to address climate change and shift towards sustainable energy sources. Particularly, the extensive implementation of distributed solar photovoltaic generation is converting traditional power grid systems into decentralized, prosumer-oriented energy grids. However, the traditional centralized energy trading frameworks cannot handle the complexity and volatility of a distributed grid, resulting in delay, costly transactions, a single point of failure, and insufficient transparency. Although blockchain (BC)-based peer-to-peer (P2P) energy trading presents an attractive solution, current models frequently neglect to ensure dependable and steady market convergence, instead concentrating mainly on transactional elements. This study proposed an innovative smart contract-based P2P renewable energy trading framework intended for decentralized grids. The proposed two-tiered framework, i.e., intra-microgrid and inter-microgrid layers, expands P2P trading from regional equilibrium to full grid connectivity. It utilizes a game-theoretic, iterative bidding approach, entirely automated by smart contracts. This method is formally proven to attain market convergence to a singular Nash equilibrium, optimizing utility for prosumers and consumers in the energy trading. Moreover, the decentralized ledger, smart contract-based market clearance, and limited disclosure of consumer/prosumer’s private data enhanced its resilience against replay, false data injection, and DoS/DDoS attacks. Additionally, the proposed energy trading market is proved monotonic and convergent formally by implementing a Promela model using the SPIN model checker.

Daria Mamotenko, Svitlana Hres-Yevreinova, О. М. Корнієнко, Sergiy Tsviliy · 5 authors

No abstract is available for this record.

Naveenbalaji Gowthaman, Manoj Shanmugam

No abstract is available for this record.

Rod Franklin

No abstract is available for this record.

Giacomo Vella, Daniel Trabucchi, Valeria Portale, Luca Gastaldi

Digital platforms follow a predictable trajectory: as they mature and accumulate network effects, they progressively centralize control, extract value from ecosystem participants, and constrain complementor autonomy, a pattern this study terms the "platform trap." Yet Ethereum, a blockchain-based platform now in its second decade of operation, has deliberately resisted this trajectory while fostering thousands of decentralized applications and a global developer community. This study investigates how a platform ecosystem can sustain innovation and architectural evolution in the absence of a central orchestrator. Drawing on a longitudinal qualitative case study of Ethereum (2013 to 2025), based on 67 archival sources and 227 first-order codes organized through the Gioia methodology, three governance mechanisms are identified that collectively constitute non-degenerative platform governance: (1) deliberate value capture restraint, through which the platform's steward organization forgoes extractive revenue models; (2) protocol-level rule codification, whereby governance rules are embedded in verifiable code and consensus mechanisms rather than managerial discretion; and (3) continuous stakeholder realignment, achieved through institutionalized multi-venue deliberation and adaptive crisis response. The study challenges the assumption that centralized orchestration is a prerequisite for ecosystem coherence and introduces decentralized platform stewardship as an alternative governance archetype.

Tom McDonald

Existing scholarship often employs metaphors that depict platforms as fixed, bounded spaces. This paper introduces the concept of ‘liquid platforms’, inspired by the metaphor of liquidity, to critically examine the fluid, layered and contested nature of contemporary digital economies. Drawing on ethnographic research and interviews with non-fungible token collectors and industry leaders based in Hong Kong, I demonstrate how these actors enact a form of ‘makeshift decentralisation’ through the manipulation of fluid platform boundaries, labour-intensive ‘grinding’ practices and visualisation tools, all aimed at imbuing non-fungible tokens with liquidity. Despite these efforts to manufacture price stability, platforms remain susceptible to structural liquidity corrections. The analysis highlights the increasingly important role that platforms – both as infrastructural and sociotechnical systems – play in generating liquidity. The ‘liquid platform’ metaphor offers a valuable framework for understanding the ever more complex, unstable dynamics that shape modern digital economies.

Vladimir Pavićević, Suzana Balaban, Bojan Stoiljković, Aleksandar Rašović

The Ethereum network, a leading blockchain platform for decentralized applications and smart contracts, has undergone significant transformations, particularly with the transition from Proof of Work (PoW) to Proof of Stake (PoS). This paper examines the sustainability challenges of Ethereum with a focus on its historical and current power consumption, associated carbon emissions, and broader economic implications. By critically analyzing Ethereum’s environmental footprint pre- and post-Merge, we assess whether the network’s shift to Proof of Stake constitutes a sustainable solution. Furthermore, we explore the trade-offs inherent in the decentrali- 498 ”Challenges of Digitalization in the Green Economy” Belgrade, October 30th, 2025 zation-efficiency paradigm and consider Ethereum’s position within the global movement toward greener technologies.

P. Mary Jeyanthi

No abstract is available for this record.

Krrish Dubey, P. Mukherjee, Sayan Chakraborty, Sitanath Biswas · 6 authors

No abstract is available for this record.

Omowonuola Alabi

For most of the last decade, Environmental, Social, and Governance (ESG) principles and the world of Bitcoin and Web3 have existed on opposite sides of the corporate conversation. ESG represented the rise of responsible capitalism — a commitment to sustainability, stakeholder accountability, and ethical governance that traditional institutions were being pressured to adopt. Bitcoin and Web3, meanwhile, were seen by many critics as antithetical to those ideals: energy-hungry, unregulated, ungoverned, and speculative. That characterisation is now rapidly becoming outdated.

Nitu Sharma, S Kushi

In decentralized digital economics era, consumer engagement has transitioned from platform-based loyalty to tokenized participation and co-creation. In Web2 brand communities, gamification often produce short-term loyalty due its reliance on external, platform regulated incentives (Deterding et al., 2011). The development of Web3 technologies has integrated verified ownership, tokenized incentives and decentralized governance, providing fresh pathways for sustained consumer engagement (Tapscott & Tapscott, 2016). This study introduces the Tokenized Co-Creation (TCC) Framework, which combines Self-Determination Theory (SDT) (Ryan & Deci, 2000) and Service-Dominant logic Theory (SDL) (Vargo & Lusch, 2004) to explain how Web3 powered gamification mechanics (NFTs, Token utilities and DAOs), satisfy intrinsic motivational needs and drive brand value co-creation (Hollebeek et al., 2019). This study contributes to the emerging literature of technological possibilities and human motivation under a overarching Tokenized Co-Creation(TCC) Framework, thus providing both theoretical advancement and managerial direction for developing a trust-based, participatory brand communities in decentralized setting.

Sunu Jatmika, Samsul Arifin

Spa services in wellness tourism often face limitations in transparency, service integration, and customer trust in operational flows. This study develops a blockchain-based smart contract model that integrates five key indicators: reservations, cancellations, customer satisfaction, inventory, scheduling, and finance. A literature review of 113 articles yielded 25 key references, with significant trends such as the occurrence of the keyword “customer reservation” 10,100 times (2020–2024). Linear regression, correlation analysis, and ANOVA methods were used to test the research results. Linear regression predicts the relationship between variables, while correlation measures the strength of the relationship. The calculation results show a Pearson correlation coefficient of 0.93 (α = 0.05), indicating a very strong linear relationship. ANOVA shows significant differences between groups. These findings confirm that blockchain-based smart contracts are effective in digitally automating spa service workflows, strengthening transparency, and improving customer satisfaction

Richard Adjei Dwumfour, Lei Pan, Dennis Nsafoah

This paper examines spillover dynamics, hedging effectiveness, and portfolio optimisation across tourism, cryptocurrency, and Fintech markets within a time-varying connectedness framework that incorporates traditional financial markets. We document pronounced time-varying spillovers, peaking during the COVID-19 pandemic, with traditional finance emerging as the dominant shock transmitter and the tourism sector as a key net receiver. Transmission-channel evidence suggests that total connectedness increases with credit stress and is positively correlated with market uncertainty and tourism mobility, with these effects intensifying during the COVID-19 pandemic. Cryptocurrencies offer the least costly but weakest hedges, while tourism assets hedge crypto exposure more effectively, albeit with greater downside risk. Dynamic portfolio weight strategies outperform hedge-ratio strategies, and the minimum connectedness portfolio (MCoP) delivers the highest risk-adjusted returns. Diebold–Mariano tests indicate no significant differences in return predictability, whereas Jobson–Korkie results show that minimum correlation portfolio (MCP) and MCoP significantly outperform the minimum-variance portfolio (MVP). Downside risk measures highlight the superior performance of MCoP at the cost of deeper drawdowns. These findings underscore the value of connectedness-based strategies for portfolio design in increasingly integrated markets.

Matan Shapiro

No abstract is available for this record.

A Sowmiya, Kavitha Muthukumaran, V Jhansi, Jesus Milton Rousseau S. · 6 authors

Decentralized Finance (DeFi) represents a transformative shift in the financial landscape by using blockchain technology to enable peer-to-peer services without traditional intermediaries. This study adopts a socio-cultural lens to examine the key factors that influence individuals’ intentions to adopt DeFi technologies. In particular, we explore how performance expectancy (perceived usefulness), effort expectancy (perceived ease of use), social influence, and innovativeness drive user adoption, and how these relationships are moderated by demographic factors such as age, gender, education, and income. Drawing on survey data (N = 425) collected in India (an emerging market context), the research employs Structural Equation Modeling (SEM) to test the proposed framework. Results indicate that perceived usefulness and ease of use are significant positive predictors of DeFi adoption. Social influence and individual innovativeness also encourage adoption, especially among younger and more educated users. Moreover, demographic characteristics shape the strength of these effects: for instance, younger users find DeFi more useful and easier to use, women are more impacted by social recommendations, and higher-income individuals are more inclined to adopt innovative financial solutions. These findings underscore that DeFi adoption is not just a technical or economic process, but a culturally situated phenomenon influenced by social dynamics and user diversity. The paper discusses implications for improving digital financial inclusion and strategies for stakeholders to foster broader DeFi acceptance across different social groups

Mohammad Alvian Dharma Nararya, Shuri Mariasih Gietty, Himawan Aditya Pratama

Tulisan ini mengkaji secara kritis kemunculan gim Play-to-Earn (P2E) dalam kerangka teknologi Web3, dengan berargumen bahwa janji desentralisasi yang dibawa oleh blockchain dan Non-Fungible Token (NFT) justru mereproduksi, bahkan memperkuat, pola-pola eksploitasi kapitalisme tradisional. Model P2E merujuk pada sistem permainan digital yang memungkinkan pemain memperoleh keuntungan finansial dari aktivitas bermain melalui mekanisme ekonomi berbasis token kripto, di mana aset dalam gim memiliki nilai tukar di pasar digital. Sementara itu, blockchain merupakan teknologi pencatatan terdistribusi yang menyimpan data transaksi di banyak komputer (nodes) dan sering diklaim sebagai fondasi desentralisasi digital karena tidak bergantung pada otoritas tunggal. Melalui analisis terhadap infrastruktur Web3 dan studi kasus gim Axie Infinity (2018), tulisan ini menunjukkan bahwa sistem digital yang diklaim membebaskan pengguna dari kontrol terpusat justru memusatkan kekuasaan ekonomi dalam bentuk yang lebih terselubung. Dengan kerangka teori kapitalisme digital dan konsep false needs dari Herbert Marcuse, penelitian ini memperlihatkan bahwa ekonomi P2E mengubah aktivitas bermain menjadi bentuk kerja (playbor) dan menundukkan pemain pada pasar spekulatif yang menguntungkan pengembang dan pemilik modal. Di Asia Tenggara, tempat basis pemain P2E tetap besar meskipun gelembung pasarnya telah pecah, sistem ini mengeksploitasi kondisi sosial-ekonomi yang rentan dengan membingkai ketidakstabilan finansial sebagai peluang. Tulisan ini berargumen bahwa “desentralisasi” dalam Web3 merupakan bentuk sentralisasi terselubung melalui kontrol algoritmik, opasitas infrastruktur, dan privatisasi platform, menunjukkan bahwa Web3 dan gim P2E bukanlah alternatif pasca-kapitalis, melainkan fase baru dari kapitalisme digital yang mengomodifikasi permainan dan mendistribusikan risiko ke bawah sambil mengonsolidasikan keuntungan di atas.