With cutting-edge technologies like Blockchain technology, the Internet of Things (IoT), and Artificial Intelligence, the insurance industry is entering a new era of advancements. Financial innovations are widely affecting economic activities. IoT and blockchain technologies are considerably aiding the expansion of the insurance industry in this new era. This article examines the impact of IoT and blockchain technologies on the insurance industry and describes the phenomena from several angles. Digital insurers are growing more popular now, but it is essential to understand the problems and challenges they face, which result in poor penetration. Although there are many advantages for the insured and insurer, internet insurance providers are subject to operational, regulatory, and company reputation. Customers worry about the safety of their transactions and identity theft. This article aims to illustrate the fundamentals and the significance of IoT and blockchain technologies in the insurance business, looking at the benefits that accrue to the insurance provider and the customer. The findings of the study observed that Blockchain technology helps reduce insurers’ administrative costs of insurers and ensure the insured person’s claim adjustment. On the other hand, the Internet of Things helps to share more information about the clients and mitigate risk.
Blockchain is the driving technology behind the metaverse, which is a new and promising technology. Integration of metaverse with many sectors and implementations is possible. This integration has the potential to increase the efficiency and effectiveness of the implementation due to the provided aspects of blockchain technology such as the ease of trusted data transactions, payment, and data privacy. The aim of this study is to present a framework where blockchain and metaverse co-operate for micromobility applications using one of the fuzzy decision making models. In this study, the aim is to propose three metaverse integration alternatives considering urban mobility and to prioritize these alternatives according to their advantages by using a fuzzy Dombi Bonferroni (DOBI) based multi-critera decision-making (MCDM) model. The alternatives are using blockchain in the metaverse for electric toll collection, using blockchain in the metaverse for public transportation fare collection, and using blockchain for micromobility and car sharing implementation. These alternatives are prioritized based on 9 different criteria, which are categorized under 4 main aspects, namely transportation, user, technology, and regulation.
In the present times, the healthcare sector has seen an enormous growth in the usage of technology ranging from EHRs (electronic health records) to personal health trackers. Currently, there is a need for managing EHRs effectively with respect to storage, privacy and security measures. State-of-art technologies such as blockchain and artificial intelligence (AI) are applied in the healthcare domain. Innovation in AI is steadily advancing and is finding its place in different industries. The integration of blockchain and AI looks promising as there are several benefits. Blockchain can make the AI more secure and autonomous whereas AI can drive the blockchain with intelligence. The objective of this article is to explore the uses of blockchain as well as AI technology in the field of healthcare. We aim to survey the advantages, issues and challenges of integrating blockchain with AI technology, including future research directions in the healthcare domain. In this study, Preferred Reporting Items for Systematic Reviews and Meta-Analysis (PRISMA) rules and an efficient searching protocol were used to examine several scientific databases to recognize and investigate every important publication. A solid systematic review was carried out on integration of blockchain and AI in the healthcare domain to identify existing challenges and benefits of integrating these two technologies in healthcare. Our study found that the integration of AI and blockchain technology has a potential to provide several benefits in terms of performance and security which conventional EHRs lack. The inherent benefits of blockchain and AI together are limitless, but the bare outcomes based on blockchain powered by AI technology are yet to be obtained. In addition, the outcome of our detailed study may aid researchers to carry out further research.
Artificial intelligence and Blockchain are two of the most important forces driving innovation today. At the point when Blockchain and AI join their assets, this gives a more significant investigation of the viability of the details of the agreement, and the work processes it manages. Consequently, the requirement for human investigation, intercession and check, is enormously diminished. Man-made intelligence alludes to the capacity of machines to grasp, think, and learn likewise to people, demonstrating the chance of utilizing PCs to mimic human knowledge. A smart contract is computer code running on a blockchain that contains a set of norms by which the smart contract’s parties’ consent to communication between one another. Examining AI integration with smart contracts that are enabled by blockchain in the enhancing finance system operations is the main objective of this endeavor. AI is added to well-established smart contracts, their efficiency increases exponentially. This article presumes that AI and blockchain enabled smart contract will have an enormous effect in future for Finance industry and Digital trading.
As an important part of blockchain technology, smart contracts are widely used in various fields through decentralized applications written by smart contracts, providing important technical support for the development and application of blockchain. However, the development has brought security problems at the same time, and a large number of vulnerability attacks against smart contracts have made researchers pay more attention to the security vulnerabilities of smart contracts. How to quickly and accurately perform vulnerability detection has become an urgent problem to be solved. Firstly, through the analysis of common vulnerabilities such as reentrancy attack vulnerabilities, integer overflow and access control vulnerabilities, researchers can fully understand the common vulnerabilities. Secondly, by investigating the current status of vulnerability detection methods such as formal verification, symbolic execution, machine learning and their corresponding tools at home and abroad, analyzing and discussing the advantages and disadvantages of the tools, at the same time, replicating some tools for experiments, the performance of the vulnerability detection tools is demonstrated based on the detection speed, accuracy, and the number of vulnerabilities that support detection. Finally, suggestions for future research directions are given based on the analysis results of smart contract vulnerability detection tools.
In this study, the future of the insurance industry and legal tasks related to digitalization and artificial intelligence were examined. What is artificial intelligence technology? Among them, we reviewed what the insurance industry can do and what it is doing, and looked at legal issues and what to change in the future. First of all, the development status of digitalization and artificial intelligence was investigated, and the impact on the insurance industry and the opportunities and risks brought by digitalization and artificial intelligence were examined. Second, if digitalization and the development of artificial intelligence replace existing human tasks, it should be considered whether to treat such artificial intelligence robots or tools as simple tools or give legal effects by giving similar status to humans. Third, the emergence of digitalization and artificial intelligence is expected to have an impact on various areas of insurance work, especially focusing on insurance recruitment work, and legal discussions related to it were attempted. The introduction of digitalization and artificial intelligence is expected to have an impact on the overall financial transaction or insurance transaction. The emergence of new technologies implies new opportunities and risks at the same time. It will also lead to changes in the existing socio-economic and cultural institutions. Legal significance in changes in the insurance environment is related to which process digitalization and artificial intelligence play a role in which of the conventional insurance tasks, and that is the problem caused. It is necessary to guarantee the right to access various channels centered on consumers by drastic deregulation to promote digitalization. Accordingly, insurance companies need to develop a model that allows consumers to actively select suitable, convenient means, and methods for themselves at each stage of insurance subscription. With the rise of the platform as a new business model, it will affect product counseling and recommendation, product description, subscription receipt, notification receipt, premium receipt, and insurance policy issuance, so in-depth discussions are needed on whether to accept the platform as a new recruitment channel or as a simple information provider or advisory business. In seeking legal changes through the introduction of digitalization and artificial intelligence, whether or not to grant a legal personality to tools or platforms equipped with artificial intelligence, which is the starting point of the most basic discussion, needs to be carefully introduced in consideration of future technological developments and social needs. As a legal discussion due to the advent of digitalization and artificial intelligence, the legal effects of AI intervention and operation were examined. At each transaction stage, various notifications and explanations that insurance recruiters must perform before signing insurance contracts, automation of subscription receipt and approval, and legal improvement should be promoted. Meanwhile, with the development of artificial intelligence technology, unmanned transportation such as robot dogs, robot disabled assistants, drones, trucks, aircraft, ships, etc., virtual assets, digital currency, metaverse, and NFT (non-fungible token) will be developed and utilized. It is necessary to solve the legal problems that these various artificial intelligence tools can create and guarantee measures through the development of new insurance products. Dr Stephen Hawking said, “The advent of powerful artificial intelligence will be the best or the worst. What could happen to mankind. We don’t know which one.” However, the reality is that artificial intelligence technology has been developed and used for each task. With history evolving in time, society is causing significant changes.
Considering the emotional behavior of investors in the cryptocurrency market, this paper comprehensively explores the sophisticated relationship between Bitcoin investor sentiment and gold price movements. The purpose of this study is to examine the impact of the gold price on investor sentiment of Bitcoin market traders and investors using monthly data from August 2020 to August 2022. The impact of oil prices on investor sentiment was examined using the Pooled Mean Group (PMG) method. The PMG approach considers short-term and long-term relationships between series and provides reliable results in the context of dynamic heterogeneous panel models. PMG implementations in all models show the short-term and long-term impact of the gold price on investor sentiment. The results also suggest that gold prices are positive and significant in the long run across all models, and that behavioral factors such as consumer sentiment and global economic stability are important in controlling gold prices at shorter time resolutions. Precious metals have had a positive impact on the Bitcoin market,
Uma N. Dulhare, Shaik Rasool, Mohammad Naseer Khan, Bhasker Pant · 6 authors
As the number of people infected with COVID-19 continues to rise, a number of nations have implemented state wide quarantines. This has resulted in a global financial crisis that is having severe impacts on countries all around the world. As a direct consequence of the epidemic, unemployment rates have increased in a number of different regions, which has a substantial and detrimental effect on trade across the globe. In light of the current state of the economy, Artificial Intelligence (AI) is causing a shift in the manner in which businesses evaluate their bitcoin holdings. The application of AI in a commercial setting has the potential to produce a wide range of beneficial results. We are spared from completing as much manual labour as a direct result of the favourable effects that AI has had on technology. These consequences can be noticed in our day-to-day lives. In the event that there is a pandemic, having knowledge of AI and the various strategies it employs, such as the classifier model, could be beneficial. Humans will be better suited to make decisions if they have rapid access to the analyses and projections that are created by AI and big data. In order to be prepared for the arrival of the new world, the company is putting in more effort, in collaboration with small and medium-sized enterprises (SMEs) and start-ups, to improve the administration of virtual enterprises by having a presence on a variety of different e-trade systems. Artificial intelligence (AI) is currently being utilised in a variety of settings to assist with the process of identifying and implementing workable solutions to a variety of problems that can develop in the workplace. AI is being used to improve business operations in a wide variety of spheres, including marketing, fraud detection, algorithmic trading, customer assistance, portfolio management, and product recommendations based on customer preferences. These are just few of the sectors. These are just a few examples of the kinds of problems that artificial intelligence might be able to solve in the future. Given the present worth of cryptocurrencies, technological developments may also be made in order to improve the performance of the rules that have been provided and produce the most accurate conclusion that is possible.
The Metaverse will have a variety of effects on marketing. Businesses need to maintain their identities in the Metaverse realm. Generation Z and Generation alpha will have an easier time adjusting to virtual realms. The augmented reality environment allows buyers to interact with products without leaving the comfort of their own homes. Realization of in-store experiences is possible in the universe of the Metaverse. In addition, there will be an increase in the number of options for branding in the Metaverse. Virtual billboards and the virtual clothing consumers choose to wear will also influence brand awareness. Additionally, Non-Fungible Tokens (NFTs) will be used to produce branded virtual content for end users. Examining the influence that technologies powered by artificial intelligence have had on digital marketing and branding will be the primary focus of this research project. In addition, research will be conducted into the applications of the Metaverse, artificial intelligence, and other digital technologies in the marketing field and studies about these subject areas. The research investigated several digital technologies, including the Metaverse, artificial intelligence, blockchain, virtual reality, and augmented reality. It is of the utmost importance for businesses to be able to compete in digital and virtual environments within the context of digital transformation to thrive in an increasingly competitive world. Companies need to invest in the Metaverse, artificial intelligence, and various other forms of digital technology to expand their marketing awareness in virtual environments, expand their customer portfolios, and become brands to take the lead in their respective markets.
This study examines how blockchain-based smart contracts for government financial and nonfinancial events can enable the real-time, continuous auditing of integrated data and provide government auditors with a higher level of transparency. The proposed model uses a combination of blockchain technology and a continuous auditing methodology that may improve the auditing effectiveness and efficiency of governmental agencies. This study’s approach comprises three steps. First, we describe the current governmental auditing practices and the core concepts and features of the blockchain. Second, we discuss the payment process used by government agencies. Third, we examine the implementation of a blockchain-based smart-contracts framework for government auditing using the government procurement process.
The recent advances in AI have enabled novel approaches and remarkable enhancements in the provision of existing services and applications. The metaverse is one of the emerging applications that got the advantages of this technological progression. Due to the cooperation between several cutting-edge technologies including IoT, digital twin (DT), and big data, the metaverse highly relies on the manipulation of an immense amount of gathered data. In this context, security is a major challenge, and as such, blockchain brings several advantages to the metaverse ecosystem as it allows secure and transparent data storage. However, with the dynamic nature of such an ecosystem and the fast variation in its AI-based services, the traditional blockchain features (e.g. smart contracts and consensus protocols) will face big challenges to meet the needed dynamic service requirements and scalability. This positioning paper proposes the concept of using a blockchain governed by AI to leverage the various features and advantages of blockchain services. The paper provides a review of the role of blockchain in the metaverse, challenges that arise, and then the role of AI in building intelligent blockchain features and their impact on the metaverse ecosystem.
Mohammad Rashed Hasan Polas, Asghar Afshar Jahanshahi, Ahmed Imran Kabir, Abu Saleh Md. Sohel‐Uz‐Zaman · 6 authors
This study investigates the variables affecting the adoption of blockchain technology (BT) among small and medium-sized enterprises (SMEs) with the application of artificial intelligence (AI) via the mediating lens of risk-taking behavior. As an initial sample, 150 owners/top managers from 150 SMEs (one informant from each) in Dhaka, Bangladesh, were chosen. A stratified random sample was employed for this cross-sectional study. Applying structural equation modeling, the combined influence of internal and external variables influencing the intention to adopt BT is explored. Results show that: (1) knowledge of artificial intelligence has a positive and significant effect on the adoption of blockchain technology; (2) the relevant advantage of artificial intelligence has a positive and significant effect on the adoption of blockchain technology; (3) perceived ease of use of artificial intelligence has a positive and significant effect on the adoption of blockchain technology; (4) risk-taking behavior mediates the relationship between knowledge of artificial intelligence and adoption of blockchain technology; (5) risk-taking behavior does not mediate the relationship between relevant advantage and perceived ease of use of artificial intelligence with the adoption of blockchain technology. The current study is one of the few empirical investigations relating to SMEs using artificial intelligence and blockchain technologies for business operations. The study’s limitations are the small sample size and use of a single informant. However, the findings on the adoption of blockchain technology have applications for boosting the competitiveness of SMEs. This study’s originality stems from two factors: the novelty of blockchain technology and its potential to upend SMEs’ conventional mode of operation. It highlights the need to consider the key variables affecting SMEs’ adoption of blockchain technology with artificial intelligence.
With the development of the times, the financial industry is constantly changing. Blockchain technology continues to play an important role in supply chain finance. The security of the financial industry is very important. Blockchain technology can better protect the security of the financial industry, but there are also some risks. We have made a detailed investigation and research on the risk assessment and analysis of blockchain technology in supply chain finance. The research is as follows: (1) the risks under blockchain technology are introduced in detail, and the risks in many aspects are detailed. It is convenient for the public to do a good job in risk control in the use of blockchain finance. (2) The algorithm of the blockchain is used for mining. In finance, the security of privacy is the most important. The differential privacy in the algorithm and the Bc-ppkCa algorithm makes the financial privacy under the blockchain better. It is beneficial for the public to use blockchain technology more efficiently and safely. (3) The financial industry under the blockchain is very complex. Let us take the financial situation under industrial enterprises as an example. Investigate the company’s supply chain financial situation data, and compare the advantages of supply chain finance and the company’s financial situation. It also evaluates the risks generated by supply chain finance and makes corresponding analysis.
The electronic and cryptocurrency began to supplant non-cash payment instruments as the internet and blockchain technology advanced. However, these concepts, which we experience every day of our lives, are not yet ready for the legal processes that may arise as a result of their use. Their legal and tax status is still unclear. Bitcoin, which we explored in our paper, will undoubtedly be the subject of lawsuits in a variety of areas of law. Many issues arise when bitcoins are shared through a divorce, particularly when the regime of participation in the acquired property is terminated. The valuation of cryptocurrencies is extremely difficult due to their significant volatility. Also, it is not easy to prove. Based on the qualities of Bitcoin that can be deemed an issue in terms of the liquidation of the acquired property regime, we first discussed the legal position of Bitcoin in our study. Then, in regards to both the problem of proof and the uncertainty in the evaluation, conclusions and solution proposals were given.
Adam P. Balcerzak, Elvira Nica, Elżbieta Rogalska, Miloš Poliak · 6 authors
The aim of our systematic review was to inspect the recently published literature on decentralized governance systems and integrate the insights it articulates on blockchain technology and smart contracts by employing Preferred Reporting Items for Systematic Reviews and Meta-analysis (PRISMA) guidelines. Throughout January and May 2022, a quantitative literature review of ProQuest, Scopus, and the Web of Science databases was carried out, with search terms including “city” + “blockchain technology”, “smart contracts”, and “decentralized governance systems”. As the analyzed research studies were published between 2016 and 2022, only 371 sources satisfied the eligibility criteria. A Shiny app was harnessed for the PRISMA flow diagram to include evidence-based acquired and handled data. Analyzing the most recent and relevant sources and leveraging screening and quality assessment tools such as AMSTAR, Dedoose, Distiller SR, ROBIS, and SRDR, we integrated the core outcomes and robust correlations related to smart urban governance. As data visualization tools, for initial bibliometric mapping dimensions were harnessed, together with layout algorithms provided by VOSviewer. Future research should investigate smart contract governance of blockchain applications and infrastructure using decision-making tools and spatial cognition algorithms.
With technological advances and the establishment of e-commerce models, business challenges have shifted to online platforms. The promise of embedding self-executing and autonomous programs into blockchain technologies has attracted increased interest and its use in niche solutions. Using qualitative interviews, this paper sought the opinions of the eleven industry leaders regarding smart contracts. Findings reveal that the technology is gaining momentum in e-commerce, particularly in financial transfer, record-keeping, real estate, and property management, insurance, mortgage, supply chain management, data storage, authorization of credit, denaturalized intelligence, aviation sector, shipping of products, invoice financing and other domains. The significant benefits of widespread adoption and deployment of smart contracts include their capability to deliver decentralization, efficacy, cost-effectiveness, transparency, speed, autonomy, transparency, privacy, and security, encouraging the emergence of novel business models. Albeit these benefits that revolutionize online transactions, the technology faced multifaceted challenges. Smart technologies are only a decade old and are not advanced in security, transparency, cost-effectiveness, and regulatory framework. Furthermore, organizational, and technical challenges limit their deployment: incompatibility with legacy systems, scalability, bugs, speed, and lack of talent and understanding regarding smart contracts. Consequently, policymakers, developers, researchers, practitioners, and other stakeholders need to invest effort and time to foster the technologies and address pertinent issues to enable the global adoption of smart contracts by small and big businesses.
NFT or non-fungible token is a blockchain-based unique digital asset. This systematic review paper gathered research papers and organized them into NFT implementations and NFT discussions. The researcher conducted a survey to assess the current perspective of people towards NFTs. The result suggests that most of them believe that NFTs can be helpful for e-commerce. Some of the concepts provided by the respondents as to why NFTs will be beneficial for e-commerce are authentication, trust, giving value to customers, commodity, security, proof of ownership, and a lot more. This paper then proposed a simple framework for adopting NFTs in e-commerce.
This paper aims to identify the factors affecting the investment decision of retail investors to add crypto assets to their portfolios. The personality theory and the innovation diffusion theory are used in this study to understand the characteristics that influence investors' buying intentions. The study results show that the retail investors' purchase intentions are influenced by familiarity with the asset, trust, risk and return profile of the asset class, and the perceived security of the investor. The study also examines the role of innovativeness as a moderating variable in the relationship between purchase intentions and the primary variables. The study confirms that innovativeness has a significant mediating role in the relationship between purchase intentions and trust and also in the relationship between purchase intentions and perceived security. The results indicate that innovativeness has no significant moderating impact on the relationship between purchase intentions and familiarity and also on the relationship between purchase intentions and risk and return consciousness.
Potentials of 5D BIM with Blockchain-enabled Smart Contracts for Expediting Cash Flow in Construction Projects Jong Han Yoon and Pardis Pishdad-Bozorgi Pages 238-245 (2022 Proceedings of the 39th ISARC, Bogotá, Colombia, ISBN 978-952-69524-2-0, ISSN 2413-5844) Abstract: The low level of digitization in sharing information and the fragmented processes in the construction supply chain negatively affects cash flow across the supply chain, resulting in non- and late-payment issues. Even though a cloud-based 5D BIM platform and Blockchain-enabled smart contracts have the potential to address the issues, their applications for expediting the cash flow are still in their exploration stages in the construction industry. The main objective of this study is to contribute to this transformation by examining one of the most advanced cloud-based 5D BIM platforms, MTWO, to analyze its potential in expediting cash flow when used in conjunction with the blockchain-enabled smart contract. This study contributes to the body of knowledge by proposing an improved way of processing pay applications that leverage blockchain-enabled smart contracts with the 5D BIM platform to expedite the construction projects' cash flow through a semi-automatic payment process. Keywords: 5D BIM; Automation; Blockchain; Smart Contract; Construction Payment DOI: https://doi.org/10.22260/ISARC2022/0034 Download fulltext Download BibTex Download Endnote (RIS) TeX Import to Mendeley
Arjan Frederiks, Sílvia Fernandes Costa, Boudewijn Hulst, Arend J. Groen
Regulatory uncertainty about a technology confronts new technology-based firms (NTBFs) with questions of whether or not to adopt this technology. Following institutional theory, NTBFs are expected not to adopt a technology until regulatory uncertainty has been reduced. However, following the resource-based view, NTBFs are expected to adopt the technology under regulatory uncertainty due to limited or no regulation, as this provides them with an opportunity to secure competitive resources. We investigate whether regulatory uncertainty enabled or inhibited 108 fintech ventures in adopting blockchain’s core application, cryptocurrency, in a time when governments were still considering potential regulation. Our findings indicate that regulatory uncertainty has a positive effect on NTBFs’ adoption of technology. We extend our knowledge on the role of regulatory uncertainty in technology adoption and we shed light on the boundary conditions of both the resource-based view and institutional theory. Further, we reflect on regulating the “winds of change.”
Abstract: This study examines the risk and return characteristics of the NFT-based startups listed on the cryptocurrency exchange. Our investigation is motivated by the recent surge in the NFT activity on the part of creators, investors, and traders. We begin by proposing novel classification ofthe existing NFTs that range from NFT blockchains through NFT metaverse to NFT DeFi. Next, we establishthat NFTs: 1) earn 130% on the first-listing-day; 2) yield an average investment multiple of 40 (roughly 4,000%) over long-term, which is four times higher than bitcoin during the same period; 3) deliver positive and significantalpha and exhibit above-average beta. We also show thatthe NFT segment of the cryptocurrency market leads market recovery following the mid-2021 crash and generate a return of close to 350%.
최근 관심이 증대되고 있는 블록체인에는 참여자들간의 거래를 위한 계약서인 스마트 컨트랙트가 존재한다. 효율적이고 안전한 블록체인 네트워크를 구성하기 위해서는 스마트 컨트랙트 관리가 필요하지만 현재 허가형 블록체인 플랫폼에는 스마트 컨트랙트 관리 매커니즘이 존재하지 않는다. 따라서 본 논문에서는 스마트 컨트랙트 함수의 실행 시간을 기반으로 우선순위를 두어 정렬하는 스마트 컨트랙트 관리 기법을 제시한다. 제시된 기법은 허가형 블록체인의 보증 피어의 트랜잭션 처리와 연동되어 스마트 컨트랙트의 실행에 대한 에러 검출 시간 단축효과를 기대할 수 있다. 실험 방법은 수행 시간이 다른 세가지 함수를 활용하여 에러 발생에 따른 검출 시간을 측정하였다. 가장 긴 수행시간을 갖는 함수는 함수 내적인 에러 위치에 따라서 시간에 변화가 생기므로 이 사항은 실험에서 제외하고 수행하였다. 실행시간을 고려하지 않는 기존 방법은 평균 133초인 것에 비해 제시한 방법은 평균 119초로 에러 검출 시간이 14초 단축되는 효과를 확인하였다. 이 기법은 다수의 스마트 컨트랙트를 관리하기 위한 기반 레퍼런스 모델로 적용 가능할 것이다.