Blockchain Papers

Yingwei Han, Jie Li

No abstract is available for this record.

Xinlai Liu, Yang Yu, Yishuo Jiang, Yelin Fu · 7 authors

No abstract is available for this record.

Huanan Sun, Lianmei Zhu, Anqi Wang, Shali Wang · 5 authors

At present, social capital is considered to be one of the important reasons for promoting economic development and causing regional economic differences, but in the existing research, there is little literature on the impact of regional social capital on enterprises’ green innovation behavior and green total factor productivity (GTFP), so this paper aims to enrich the research in this area. This paper builds a regional social capital evaluation index system and uses the super-SBM model to measure the enterprise GTFP. Then, this paper brings regional social capital, enterprise green innovation and GTFP into a unified framework for the first time and further reveals the quantitative relationship between the three by using OLS and Tobit two-step methods based on the panel data of 30 provinces from 2011 to 2019. The results show that regional social capital has a positive effect on enterprise GTFP and green innovation (except for strategic green innovation output), enterprise green innovation output has a positive role in promoting GTFP, and enterprise green innovation capital investment has a masking effect between regional social capital and GTFP. Furthermore, the expansive study finds that there are differences in the impact of regional social capital on green innovation and the GTFP of heterogeneous enterprises, and financing constraints have a positive regulatory effect on the relationship between regional social capital and the GTFP of state-owned enterprises, while having an inhibitory effect on the GTFP of private enterprises. Fiscal decentralization has a partial mediating effect between regional social capital and enterprise GTFP, while urbanization and CO2 emissions have a masking effect. Additionally, this paper aims to provide a reference for the improvement of regional social capital theory, the strategic choice of green innovation of enterprises, and the high-quality development of the economy.

Tolgahan Tuglu, Canan Dağıdır Çakan, Mehmet Hanifi Ateş, Aleyna Uca

Cryptocurrencies have been attracting a significant amount of attention in the world since they were first launched in 2009. Pretending to be a decentralized finance solution, it brought out a new era in technology called blockchain. Even though the benefits did not come into action in daily routines for many to be aware of, the market and its variety kept growing. On the other hand, there are also a lot of concerns and unpredictability about the future of this technology. Especially the high energy consumption while generating blocks for mining cryptocurrencies and completing transactions is commonly being criticised. In this study, blockchain technology and the basics of mining and validation procedures such as proof of work (PoW) and proof of stake (PoS) processes will be explained, and the environmental effects of bitcoin mining will be investigated. In the perspective of environmental sustainability of cryptocurrencies, the improvement in usage of renewable energy and its side benefits will be overviewed for a better prediction on the blockchain technology future.

Inzamam Ul Haq

Abstract The high energy consumption and carbon footprints have raised environmental and sustainable concerns of green investors and policymakers. This study explores comovements between three green and socially responsible financial assets, S&P global clean energy index (GCEI), S&P green bonds index (GB), DJ sustainability world index (DJSWI) and four cryptocurrency uncertainty/attention indices cryptocurrency policy uncertainty index, Central Bank Digital Currencies Uncertainty Index, Central Bank Digital Currencies Attentions Index and Index of Cryptocurrency Environmental Attention using the bivariate wavelet coherence approach. The findings show that GCEI, GB, DJSWI returns have consistent positive comovement with all cryptocurrency uncertainty/attention indices in the medium‐term, suggesting their time‐varying leading role. Evidence of negative coherences shows that higher cryptocurrency uncertainties/attentions lead to lower green financial asset returns, reflecting the adverse impact of higher uncertainties/attention on the trust of green and sustainable investors. The above empirical findings offer up‐to‐date insights for guiding policymakers, and regulators, enabling them in environmental policy development. Furthermore, socially responsible investors can make better investment judgments by considering the environmental concerns in the cryptocurrency marketplaces.

Imran Yousaf, Afsheen Abrar, John W. Goodell

No abstract is available for this record.

Miklesh Prasad Yadav, Priyanka Tandon, Anurag Bhadur Singh, Adam Shore · 5 authors

This paper examines the dynamic linkages of green bond with the energy and crypto market. The S&P green bond index (RSPGB) is used as a proxy for the green bond market; S&P global clean energy index and ISE global wind energy (RIGW) are used as proxies for the renewable energy market, and; Bitcoin and Ethereum (RETHER) are used as the proxies of the crypto market. The daily prices of these constituent series are collected using Bloomberg from October 3, 2016 to February 23, 2021. We undertake an empirical analysis through the application of three key tests, namely: dynamic conditional correlation (DCC), Diebold and Yilmaz (Int J Forecast 28(1):57-66, 2012. 10.1016/j.ijforecast.2011.02.006), Baruník and Křehlík (J Financ Econom 16(2):271-296, 2018. 10.1093/jjfinec/nby001) model. The DCC reveals no dynamic linkages of volatility from the green bond to the energy and crypto market in the short run. Referring to Diebold and Yilmaz (2012), it dictates that the green bond (RSPGB) is a net receiver while the energy market (RIGW) and cryptocurrency (RETHER) are the largest and least contributors to the transmission of the volatility. Additionally, the Baruník and Křehlík (2018) model confirmed that the magnitude of the total spillover is high in more prolonged than shorter periods, suggesting reduced diversification opportunities. Overall, the present study exemplifies the significance of the green bond market as protection against risk.

Mohammad Al‐Shboul, Ata Assaf, Khaled Mokni

No abstract is available for this record.

Niyati Bhanja, Adil Ahmad Shah, Arif Billah Dar

No abstract is available for this record.

Gagan Deep Sharma, Muhammad Shahbaz, Sanjeet Singh, Ritika Chopra · 5 authors

No abstract is available for this record.

Lê Thanh Hà

No abstract is available for this record.

Z.N. Adjani, Z.A. Husodo

The development of hedging strategies using commodity and cryptocurrency has been a topic of academic and practical interest. An optimal strategy increases the efficiency of risk management and minimizes the costs of hedging. This paper examines time-varying optimal hedging ratios for the ASEAN-5 stock market, hedged with gold and bitcoin. The best hedging instrument was determined using regression and DCC-GARCH model. The analyses resulted in hedge effectiveness criteria. The daily data covered the period from January 1, 2019 to December 31, 2021. The findings were robust to the distribution assumption and to the use of DCC-GARCH model in examining different refit. Finally, this study provides an invaluable starting point to examine the dynamic hedging.

Mustafa Kevser

The aim of this research is to investigate the causality between Global Economic Political Uncertainty (GEPU) and Geopolitical Risk (GPRT) and Bitcoin Energy Consumption (BTCE). In order to test the stationarity of the variables, the Lee-Strazich unit root test, which takes into account the structural breaks, was used, and the causality relationship between the variables was analyzed with the Hatemi-J (2012) causality test. Monthly data between May 2011 and February 2022 were used in the research. According to the results obtained from the research, geopolitical risk and global economic policy uncertainity are effective on bitcoin energy consumption. In addition, it has been determined that the negative effects of geopolitical risk and global uncertainties are more dominant. The results show that the demand for bitcoin, which is considered an alternative financial asset class, and accordingly bitcoin energy consumption, increases in case of global risks and economic uncertainties.

Jihed Ben Nouir, Hayet Ben Haj Hamida

No abstract is available for this record.

Khreshna Syuhada, Arief Rachman Hakim, Djoko Suprijanto, Intan Muchtadi-Alamsyah · 5 authors

No abstract is available for this record.

Fangzheng Zhu, Yuexiang Lu

Due to a lack of focus on China’s financial decentralization system, the existing research does not pay attention to the beneficial contribution of Chinese local governments to carbon emission reduction through their actions in the financial field. In this study, we collected 16 years of data from 30 provinces in China and utilized a two-way fixed-effects model to empirically test the impact of China’s financial decentralization on carbon emission reduction. The regression results show that China’s financial decentralization system has a significant carbon-emission reduction effect. A heterogeneity analysis shows that this effect is common in different regions of China and that fiscal decentralization will negatively moderate it. A mechanism analysis shows that under China’s financial decentralization system, the active intervention of local governments in local finance will significantly upgrade the energy consumption structure and ease the financing constraints of enterprises. The regression results of the spatial econometric model show that the carbon emission reduction effect of China’s financial decentralization still has a spatial spillover effect. Finally, we put forward corresponding policy recommendations.

Yusuke Kaneko

Public blockchains are increasing proof-of-work (PoW) workloads and consume more electricity because of the growing use of products, such as cryptocurrencies, security tokens, and non-fungible tokens (NFTs). Companies are increasingly required to visualize the electricity consumption of the products and services they use to plan and promote measures to reduce Scope 3 emissions to achieve green transformation. However, the electricity consumption of public blockchain-based products and services is not well known to practitioners, and progress in this area has been slow. This study elucidates the electricity consumption of major public blockchains and the share of renewable energy they consumed. In addition, it describes the problems inherent in the blockchain mining process, which is the main cause of this problem, and how to address them. This study also examines possible methods that could be adopted to reduce the environmental impact from the perspective of the public blockchain, miners, and users.

Moritz Wendl, My Hanh Doan, Remmer Sassen

No abstract is available for this record.

He Chang, Huimin Liu, Shuai Jin

Abstract Information asymmetry caused by centralized databases is the main factor hindering the improved performance of river chief governance, and blockchain can solve this dilemma. In view of the mismatch between traceable feature of blockchain and the heavy punishment mechanism, a model of river governance was constructed based on principal–agent theory, and an incentive mechanism of river chiefs in the context of blockchain was designed. The results we conducted will enable the real river management information to be stored permanently in the distributed ledger. These measures are conducive to long‐term river management and improve the overall environmental and social benefits.

Xingyi Li, Kai Gan, Qi Zhou

No abstract is available for this record.

Tsan‐Ming Choi

Today, high-tech industries such as consumer electronics commonly face government rules on carbon emissions. Among the rules, carbon emission tax as well as extended producer responsibility (EPR) tax are two important measures. Using blockchain, the policy makers can better determine the carbon target environmental taxation (CTET) policy with accurate information. In this paper, based on the mean-variance framework, we study the values of blockchain for risk-averse high-tech manufacturers who are under the government's CTET policy. To be specific, the government first determines the optimal CTET policy. The high-tech manufacturer then reacts and determines its optimal production quantity. We analytically prove that the CTET policy simply relies on the setting of the optimal EPR tax. Then, in the absence of blockchain, we consider the case in which the government does not know the manufacturer's degree of risk aversion for sure and then derive the expected value of using blockchain for the high-tech manufacturers. We study when it is wise for the high-tech manufacturer and the government to implement blockchain. To check for robustness, we consider in two extended models respectively the situations in which blockchain incurs non-trivial costs as well as having an alternative risk measure. We analytically show that most of the qualitative findings remain valid.

Munir Ahmad, Elma Šatrović

No abstract is available for this record.

Mehmet Levent Erdaş, Gamze GÖÇMEN YAĞCILAR

The concept of blockchain and cryptocurrencies is one of the most popular concepts of recent years. Cryptocurrencies were first introduces with Bitcoin in 2008 and now they have an increasing variety and popularity. Recent developments in technology firms have brought into question whether there is a relationship between Bitcoin and technology indexes. To this end, this study investigates the causality relationship between Bitcoin and technology indexes using monthly data between the years 2016 and 2021 in G7 and E7 countries. To test the causality relationship between the variables, the Hatemi-J (2012) asymmetric causality test was used. Hatemi-J (2012) test reveals that the relationship between bitcoin and technology indexes becomes different for G7 and E7 countries. The results suggest that developed countries affect bitcoin prices while developing countries are affected by Bitcoin prices. The conclusion is that findings point out the existence of an asymmetric relationship between the series for G7 and E7 countries.

Syed Kumail Abbas Rizvi, Bushra Naqvi, Nawazish Mirza, Muhammad Umar

No abstract is available for this record.