Blockchain Papers

Linh Pham, Sitara Karim, Muhammad Abubakr Naeem, Suwan Long

No abstract is available for this record.

Mohammed Hammam Mohammed Al-Madani, Yudi Fernando, Pua Wee Sin

This study aims to investigate literature findings on the current blockchain technology requirement. The obtained findings on blockchain technology requirements and limitations, helps to draw conclusions on the adoption of blockchain technology in energy consumption reporting. Blockchain technology offers transparency of energy consumption reports. Blockchain keeps all the transactional records and guarantees security, and decentralization between the blockchain network. Blockchain technology integration for energy consumption can promote transparency and integrity of energy management reporting. Among the reasons for companies’ reluctance to report energy consumption is non-transparency, the unnecessary cost for the report, and lack of regulation to release an energy consumption report or it is voluntary in best cases. This paper reviewed 121 papers related to the topic and conclusions drawn based on findings of previous literature. Blockchain can help to alleviate the issues of transparency and cost related to energy reporting. Decision and policymakers should offer incentives and include regulations on energy reporting requirements. The reporting should be requested through a blockchain network to guarantee transparency and integrity.

Shuai Jin, He Chang

No abstract is available for this record.

Mohammad Rashed Hasan Polas, Ahmed Imran Kabir, Abu Saleh Md. Sohel‐Uz‐Zaman, Ridoan Karim · 5 authors

Blockchain technology has been heralded as a game changer for addressing severe environmental and economic sustainability challenges. In response to rising environmental concerns, blockchain technology (BCT) is transforming green innovation, culminating in green economic practices and well-established business models. Recognizing this, we investigated the role of blockchain technology in green innovation practices and its impact on green economic sustainability, which has an impact on green environmental sustainability. Moreover, 184 small- and medium-sized enterprises (SMEs) were surveyed in Lima, Peru. Data for this cross-sectional study were gathered using stratified random sampling. The positivist approach was implemented using a statistical induction method. Prior studies’ research constructs were measured using validated measurement scales. For quantitative data analysis, using the partial least squares structural equation modeling (PLS-SEM) framework, this study provided two key findings. First, sustainability orientation and sustainability attitude have a positive and significant effect on the adoption of green innovation that employs green energy (solar) technology towards a sustainable green economy. Second, the intention to use blockchain technology mediates the relationship between sustainability orientation and social perception with the adoption of green innovation that employs green energy (solar) technology towards a sustainable green economy. We recommend that small- and medium-sized enterprises embrace green innovation and blockchain technology to protect the environment and boost community cohesiveness.

Fenghua Wen, Xi Tong, Xiaohang Ren

No abstract is available for this record.

Alireza Abdollahi, Faraz Sadeghvaziri, Abderahman Rejeb

No abstract is available for this record.

Lê Thanh Hà

Purpose The purpose of this paper is to study the interlinkages between the cryptocurrency and stock market by characterizing their connectedness starting from January 1, 2018 to December 31, 2021. Design/methodology/approach The author employs a time-varying parameter vector autoregression (TVP-VAR) in combination with an extended joint connectedness approach. Findings The pandemic shocks appear to have influences on the system-wide dynamic connectedness, which reaches a peak during the COVID-19 pandemic. Net total directional connectedness suggests that each cryptocurrency and stock have a heterogeneous role, conditional on their internal characteristics and external shocks. In particular, Bitcoin and Binance Coin are reported as the net receiver of shocks, while the role of Ethereum shifts from receivers to transmitters. As for the stock market, the US stock market stays persistent as net transmitters of shocks, while the Asian stock market (including Hong Kong and Shanghai) are the two consistent net receivers. During the COVID-19 pandemic shock, pairwise connectedness reveals that cryptocurrencies can explain the volatility of the stock markets with the impact most severe at the beginning of 2020. Practical implications Insightful knowledge about key antecedents of contagion among these markets also help policymakers design adequate policies to reduce these markets' vulnerabilities and minimize the spread of risk or uncertainty across these markets. Originality/value The author is the first to investigate the interlinkages between the cryptocurrency and the stock market and assess the influences of uncertain events like the COVID-19 health crisis on the dynamic interlinkages among these two markets. The author employs the TVP-VAR combined with an extended joint connectedness approach.

Zhan Shu, Wenhao Liu, Bailu Fu, Zheng Li · 5 authors

No abstract is available for this record.

Vincent Tawiah, Abdulrasheed Zakari, Guo Li, Anthony Kyiu

Abstract This study examines the relationship between the adoption of blockchain technology and environmental efficiency by using a sample of US firms over the 2015–2019 period. Our results indicate that the adoption of blockchain technology is positively and significantly associated with environmental efficiency, suggesting that blockchain improves environmental sustainability. In further analyses, we determine that the relationship between blockchain and environmental efficiency is more pronounced for firms in financial and technological industries than for those in other industries. Our findings are also robust to other methods that control for endogeneity, including difference in difference regressions and propensity score matching. Overall, we provide empirical evidence to incentivize business leaders and policymakers to adopt innovative technologies, such as blockchain.

Eyup Dogan, Muhammad Tariq Majeed, Tania Luni

No abstract is available for this record.

Fathi Jouini, Ahlem Selma Messai, Abdelkader Derbali

The purpose of this paper is to study the relationship between bitcoin and energy commodities through the period of study from August 11, 2015 to March 31, 2018. For the econometric methodology, we utilize ARDL model, the cointegration relationship and the Granger Causality. From the empirical findings, we can observe that the presence of a short-term relationship between the variables with respect to the long-term relationship is significant and low. This result indicates the excessive volatility of bitcoin. The Granger causality test demonstrates the presence of unidirectional relationship between bitcoin and the variables representing energy and commodity products. Our paper contributes to the literature by applying for the first time many approaches together such as ARDL model, Granger Causality, Causality of Tada and Yamamoto, Cointegration relationship in short term and long term.

Felix Thalhammer, Pascal Schöttle, Matthias Janetschek, Christian Ploder

Based on the current measures, it is unlikely that the targets of the Paris Agreement on climate change are to be achieved within the given time. Therefore, new solutions are needed to get climate change under control. Emerging technologies like blockchain allow for new ways to approach climate change. The blockchain serves only as an enabling technology for cryptocurrencies but is a stand-alone tool applicable for various purposes. This paper aims to shed light on the overlap between the areas of blockchain and climate change. Research in this area was examined for potential blockchain use cases to support climate action using a systematic literature review. The found applications can be grouped into the main categories of Emissions Trading and Green Certificates, Sustainable Energy, Sustainable Mobility, and Green Financing. Within these applications, blockchains are being used as supporting technology. Especially transparency, traceability, and immutability are particularly beneficial in blockchain-based applications against climate change. As a downside of the technology, controversial aspects of the blockchain are considered as the energy consumption of the technology.

David E. Allen

This paper features an analysis of cryptocurrencies and the impact of the COVID-19 pandemic on their effectiveness as a portfolio diversification tool and explores the correlations between the continuously compounded returns on Bitcoin, Ethereum and the S&P500 Index using a variety of parametric and non-parametric techniques. These methods include linear standard metrics such as the application of ordinary least squares regression (OLS) and the Pearson, Spearman and Kendall’s tau measures of association. In addition, non-linear, non-parametric measures such as the Generalised Measure of Correlation (GMC) and non-parametric copula estimates are applied. The results across this range of measures are consistent. The metrics suggest that, whilst the shock of the COVID-19 pandemic does not appear to have increased the correlations between the cryptocurrency series, it appears to have increased the correlations between the returns on cryptocurrencies and those on the S&P500 Index. This suggests that investments in cryptocurrencies are not likely to offer key diversification strategies in times of crisis, on the basis of evidence provided by this crisis.

Aamir Aijaz Syed, Farhan Ahmed, Muhammad Abdul Kamal, Assad Ullah · 5 authors

The environmental degradation and the concern for sustainable development have garnered extensive attention from researchers to evaluate the prospects of green bonds over other traditional assets. Against this backdrop, the current study measures the asymmetric relationship between green bonds, U.S. economic policy uncertainty (EPU), and bitcoins by employing the Nonlinear Autoregressive Distribution Lag (NARDL) estimation technique recently developed by Shin et al. The outcome of the empirical analysis confirms an asymmetric cointegration between EPU, bitcoins, the clean energy index, oil prices, and green bonds. The NARDL estimation substantiates that positive shock in EPU exerts a negative impact on green bonds, whereas a negative shock in EPU increases the performance of green bonds. It implies, in the long run, a 1 percent increase (decrease) in EPU decreases (increases) the performance of green bonds by 0.22 percent and 0.11 percent, respectively. Likewise, the study also confirms a bidirectional relationship between bitcoins and green bonds. A positive shock in bitcoin increases the performance of green bonds and vice versa. In addition, our study also reveals a direct co-movement between clean energy, oil prices, and green bonds. This outcome implies that green bonds are not a different asset class, and they mirror the performance of other asset classes, such as clean energy, oil prices, and bitcoins. The findings offer several implications to understand the hedging and diversification properties of bitcoins, and assist in understanding the role of U.S. economic policy uncertainty on green bonds.

Udayan Sharma, Madhusudan Karmakar

Abstract This study investigates whether gold, USD, and Bitcoin are hedge and safe haven assets against stock and if they are useful in diversifying downside risk for international stock markets. We propose a combined GO‐GARCH‐EVT‐copula approach to examine the hedge and safe haven properties of gold, USD, and Bitcoin. We then examine the attractiveness of these assets in reducing stock portfolio risk by using downside risk measures estimated by the proposed approach and other competing models. We also evaluate the relative performance of the proposed model in reducing downside risk with the competing models. The findings of the study indicate that the USD is the most valuable hedge and safe haven asset closely followed by gold, while Bitcoin is the least valuable. It is also observed that the proposed combined approach performs best in reducing the portfolio downside risk. The findings of this study are of significance for portfolio managers and individual investors who wish to protect the portfolio value during market turmoil.

Tayfun YILMAZ

Bu çalışmanın amacı COVID-19 pandemi döneminde kripto para fiyatlarında balon oluşup oluşmadığının araştırılmasıdır. Bu amaçla piyasa değeri en yüksek 3 kripto para olan Bitcoin (BTC), Ethereum (ETH) ve Binance Coin (BNB) fiyatlarına ilişkin, 10/03/2020-06/07/2021 tarihlerini kapsayan veri seti GSADF testiyle analiz edilmiştir. Yapılan analizler sonucunda incelenen her üç kripto paranın da fiyatlarında balon olduğu tespit edilmiştir. Buna ek olarak verileri analiz edilen kripto paralarda tespit edilen fiyat balonlarının dönemlerinin benzer olması, balon tespit edilen dönemlerde piyasanın tamamını etkileyen fiyat hareketleri olduğu yönünde güçlü kanıtlar sunmuştur. Çalışmanın düzenleyici otoriteler ve yatırımcılar açısından önemli sonuçlar ortaya koyduğu düşünülmektedir. COVID-19 pandemisi ya da piyasalar üzerinde benzer etkiler yapabilecek finansal kriz ortamlarında yatırımcılar oluşabilecek fiyat balonlarına dikkat etmeli ve yatırım kararlarında bu durumu göz önünde bulundurmalıdır. Son olarak finansal piyasaları düzenleyici taraflar söz konusu dönemlerde yatırımcıları oluşabilecek olumsuz durumlardan korumak adına gerekli adımları atmalıdırlar.

Suling Feng, Rong Zhang, Guoxiang Li

No abstract is available for this record.

Mustafa AY, Gülçin Adıyaman

Kripto paralar artan dijitalleşme ve merkeziyetsiz finans düşüncesinin bir ürünü olarak ortaya çıkmış ve yeni projelerle birlikte büyümeye devam etmektedir. Kripto paralar, alım veya satım gibi her türlü işlemlerde kullanılmasının yanı sıra değişim aracı ve yatırım aracı olarak da kullanılabilmektedir. Ayrıca madencilik yoluyla söz konusu para birimi üretimi yapılabilmektedir. Kripto para denilince ilk olarak ortaya çıkan ve tüm kripto paraların öncüsü olarak kabul edilen Bitcoin, piyasa hacmi açısından da en yüksek kripto paradır. Bu bağlamda çalışmamızın amacı, piyasanın öncül parası olan Bitcoin ve kısaca “Altcoin” diye ifade ettiğimiz diğer kripto paralar arasındaki ilişkiyi incelemektir. İlişkiyi incelemek için zaman serisi analiz yöntemi kullanılarak 01.01.2018-31.12.2020 dönemi günlük veriler Trandingview ve Coinmarketcup aracılığıyla toplanmış ve Johansen eşbütünleşme testi, Vektör Hata Düzeltme Modeli (VECM) ve Granger nedensellik testi yapılmıştır. Johansen eşbütünleşme sonucuna göre ele alınan dönemlerde kullanılan değişkenler arasında uzun dönemli bir ilişki bulunmaktadır. Granger nedensellik sonucuna göre ise Cardona'dan Bitcoin'e, Bitcoin'den Etheryum'a ve Cardano'dan Binance Coin' doğru tek yönlü nedensellik tespit edilmiştir.

Ferdaws Ezzi, Anis Jarboui, Khaireddine Mouakhar

No abstract is available for this record.

Martin M. Bojaj, Milica Muhadinović, Andrej Bracanović, Andrej Mihailović · 8 authors

No abstract is available for this record.

Shuangyan Li, Dan Wang, Hao Dong, Qiang Fu

This research investigates the short-term and long-term performance and volatility of publicly traded firms engaged in blockchain business. In particular, it examines how ownership structure impacts performance and volatility in such firms. We manually collected the data of Chinese A-listed companies participating in blockchain development during 2013–2018 as samples, and find that both short- and long-term performance and volatility significantly decrease among these firms after involvement in blockchain business. Ownership concentration has a positive correlation with stock returns, return on assets, and volatilities, whereas the state as a controlling shareholder strengthens these positive links.

Joanna Gusc, Peter Bosma, Sławomir Jarka, Agnieszka Biernat-Jarka

The current energy prices do not include the environmental, social, and economic short and long-term external effects. There is a gap in the literature on the decision-making model for the energy transition. True Cost Accounting (TCA) is an accounting management model supporting the decision-making process. This study investigates the challenges and explores how big data, AI, or blockchain could ease the TCA calculation and indirectly contribute to the transition towards more sustainable energy production. The research question addressed is: How can IT help TCA applications in the energy sector in Europe? The study uses qualitative interpretive methodology and is performed in the Netherlands, Germany, and Poland. The findings indicate the technical feasibilities of a big data infrastructure to cope with TCA challenges. The study contributes to the literature by identifying the challenges in TCA application for energy production, showing the readiness potential for big data, AI, and blockchain to tackle them, revealing the need for cooperation between accounting and technical disciplines to enable the energy transition.

Nadia Arfaoui, Imran Yousaf

This study contributes to the COVID-19 related literature in finance by examining asymmetric volatility spillover across stock, Bitcoin, gold and oil markets before and during the COVID-19 pandemic. Based on multivariate VAR asymmetric BEKK GARCH model, findings show that the interdependency across the examined markets intensified during the recent health crisis. Moreover, we find that oil market appears as major receivers of volatility spillovers, particularly from gold and stock market which is mostly the results of dramatic collapse of oil prices during the COVID-19 outbreak. We also document that gold exhibits a strong resilience during COVID-19 crisis, suggesting its potential hedging ability during uncertainty. As for asymmetric volatility spillover, findings show the highest sensitivity of oil and Bitcoin markets to gold and US stock markets. Our findings have important implications for investors, portfolio managers and policymakers.

Anoop Kumar, Steven Raj Padakandla

No abstract is available for this record.