Blockchain Papers

Erdinç Akyıldırım, Shaen Corbet, Ali Çoşkun, Metin R. Ercan

No abstract is available for this record.

Xiaohang Ren, Wenting Jiang, Kun Duan, Tapas Mishra

As one of the most prominent cryptocurrencies, Bitcoin has been at the forefront of a major revolution in the financial and technological sectors. This study utilizes data from social media to extract the emotional tendencies of investors in the Bitcoin market and analyze differences in investor behavior under various emotional features. We find that when investors exhibit reluctance (such as Sadness and Fear) to buy Bitcoin, it is the opportune moment to invest and achieve returns higher than expected. Conversely, when the emotional tone of investors becomes positive (such as Joy and Love), indicating a tendency to invest, we choose to avoid investing. Our research has also revealed that such emotional cues can assist in better predicting returns in the Bitcoin market. Analyzing market emotions contributes to a deeper understanding of market fluctuations and investor behavior. Our findings help stakeholders recognize the role of subjective emotions in the market and provide them with prudent investment advice: avoid relying excessively on the feelings of others, as this may trigger investment losses.

Taif Al Zamil, Asma Salman

No abstract is available for this record.

Tipon Tanchangya, Naimul Islam, Kamrun Naher, Md Rakib Mia · 7 authors

This study aims to assess how FinTech facilitates sustainable finance (SF) for small- and medium-sized enterprises (SMEs). Therefore, the study identified several FinTech solutions, including blockchain, artificial intelligence (AI), digital banking and payment systems, and crowdfunding and peer-to-peer (P2P) lending, that facilitate SF for SMEs. The research indicates that FinTech helps financial institutions provide SF effectively and efficiently to SMEs. Blockchain technology is effective for transparent and secure transactions because it can narrow credit gaps, lower information asymmetry, increase the availability of funds, improve credit evaluation processes, and promote financial inclusion. AI is applied to identify fraud, anticipate and mitigate environmental, social, and governance (ESG)-related events, and enhance risk management programs through the use of different methods such as behavioral modeling, sequential modeling, and clustering. Crowdfunding connects funders with campaigns. Business owners and start-up founders are able to communicate with investors regarding their companies via the crowdsourcing website, which serves as a place to collect input from other people online. Smart contracts decentralized, verifiable, and auto-enforcing features allow their encoded business rules to be carried out in a P2P network without the assistance of a single server or believed authority. The successful case studies validate our study. Finally, the study provides significant policy and regulatory implications for all stakeholders.

Ashok M. Kanthe, Nishant More, Puja Padiya, Nilesh Marathe · 6 authors

Public Health Ration Distribution systems (PHRDS) are essential for ensuring food security for millions of people around the world. However, these systems are often plagued by challenges such as lack of transparency, corruption, and inefficiencies. These challenges can lead to food insecurity, limited coverage, and a lack of trust in the system. Block chain technology has the potential to address many of the challenges facing public ration distribution systems. Block chain is a distributed ledger technology that allows for the secure and transparent recording of transactions. In the context of the PDS, block chain could be used to create a tamper-proof record of the movement of subsidized commodities from the government to the end beneficiaries. The use of block chain technology would provide a number of benefits for the public ration distribution system. Increased transparency would make it much more difficult for individuals to divert or leak commodities. Enhanced accountability would help to reduce corruption. Improved efficiency would lead to faster distribution of subsidized commodities to beneficiaries. In addition to these benefits, the use of block chain technology could also help to build trust in the public ration distribution system. By providing a transparent and tamper-proof record of all transactions, block chain could help to ensure that subsidized commodities are reaching the people who need them most. The focus is on addressing the challenges faced by farmers in the procurement process of the Public Distribution System (PDS) in India. The proposed solution using block chain technology would involve creating a distributed ledger that would record all transactions related to the public ration distribution system. This ledger would be accessible to all stakeholders in the system, including the government, farmers, millers, transporters, and ration shop owners. This would create a tamper-proof record of the movement of commodities from the government to the end beneficiaries.

Sumita J Shroff, Nidhi Agrawal, Udai Lal Paliwal, Miklesh Prasad Yadav

No abstract is available for this record.

Dhanraj Sharma, Ruchita Verma, Murad Baqis Hasan Al-Bukari, Mohammed A. K. Zaid · 5 authors

This study explores herding behavior in the cryptocurrency market during three major international crises: the COVID-19 pandemic, the Russia–Ukraine war, and the Palestine–Israel conflict. The study uses daily closing prices of five major cryptocurrencies (Bitcoin, Ethereum, Tether, BNB, and Solana) and the CRYPTO20 index data from December 31 2019 to May 20, 2024. The research employs the cross-sectional absolute deviation (CSAD) and cross-sectional standard deviation (CSSD) methods to identify herding behavior in the cryptocurrency market. The Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model is used for the robustness check. Stationarity of the data is verified using the Augmented Dickey-Fuller (ADF) test. The empirical findings reveal the anti-herding behavior in the cryptocurrency market during the three sub-periods. The study’s findings have important implications for investors, policymakers, and market regulators. Understanding the dynamics of herding behavior in the cryptocurrency market during global crises can help in developing strategies to mitigate the adverse effects of herding, such as inefficient asset pricing and increased market volatility.

Sajid Safeer, Giuseppe De Mastro, Cataldo Pulvento

Modern-day agriculture is vital for sustainable production, ensuring a consistent supply of food and fiber for humanity. The data proving its quality is economically significant, encompassing farm conditions, irrigation practices, inventories, contracts, and deals within the agro-food supply sector. To ensure transparent and secure data transfer and storage, a trustworthy interconnected databank is essential for all concerned authorities and contributors. The integration of Internet of Things (IoT) in agriculture with blockchain technology offers an unparalleled solution. This combination serves as a distributed ledger, ensuring transparent and secure management of critical environmental and supply chain data. The IoT-based blockchain infrastructure enhances agricultural sustainability and environmental monitoring. It is anticipated that this technology will become increasingly accurate and effective in addressing persistent challenges in the agro-food sector. This bibliometric analysis reviews and synthesizes relevant literature from the Scopus database, highlighting the growth and trends in IoT and blockchain research applied to precision agriculture. The study reveals a remarkable 47.58% annual growth rate in research within this field, starting with only three published documents in 2019 and peaking at 21 in 2022 and 20 in 2024. Globally, China and India lead in publication output, collectively accounting for 62% of the articles. In terms of citations, India ranks highest with 550 total citations, followed by Italy with 431 citations during 2019–2024. This comprehensive study serves as a valuable reference for understanding the research trends and growth in IoT and blockchain applications in agriculture, providing critical insights for future developments in this rapidly evolving field.

Zefeng Bai

Purpose Rainy-day savings have been an effective measure for maintaining financial stability in times of emergency. Motivated by the rapid expansion of cryptocurrencies, the present study examines how crypto investments could moderate the beneficial outcomes of rainy-day savings for alleviating financial anxiety during the most recent economic turbulence caused by the COVID-19 pandemic. Design/methodology/approach The present study carries out multivariate logistic regression with interaction effects on the most recent 2021 cohort data from the National Financial Capability Study (NFCS). Findings While rainy-day savings relate to less financial anxiety, the effect varies depending on whether an individual has invested in cryptocurrencies. Specifically, this paper finds that crypto investors experience less relief in financial anxiety from rainy-day savings than non-crypto investors. Additionally, crypto investors are more susceptible to financial stressors like job loss and financial fragility, likely due to the financial loss from investing in cryptocurrencies. Practical implications The findings highlight the necessity of implementing policies and regulations, such as the newly approved Markets in Crypto-Assets (MiCA) regulation, that could raise people’s awareness of the high-risk nature of cryptocurrencies as well as offering targeted financial education for crypto investors, especially during times of market downturn. Originality/value This is the first attempt to study how crypto investments may weaken the benefits of rainy-day savings in reducing financial anxiety. The findings offer new insights into the beneficial outcomes of rainy-day savings for emergencies in light of individual crypto investment backgrounds. Additionally, findings from the present study also contain important implications given the rapid expansion of the cryptocurrency market as well as future economic turbulence.

Nazatul Niesya, Md Shohel Sayeed

The healthcare supply chain encounters difficulties with transparency, efficiency, and security, which have an impact on patient safety and the quality of treatment concerning the items involved. The use of blockchain technology, which has intrinsic characteristics such as confidentiality, transparency, and traceability, offers a possible resolution to tackle these problems. This paper aims to comprehensively review the adoption of blockchain technology in healthcare supply chain management, particularly in response to the challenges posed by the COVID-19 pandemic. It investigates the significance of efficient and transparent healthcare supply chains, focusing on blockchain's application in vaccine distribution, Personal Protective Equipment (PPE), drugs, medical devices and blood products. The analysis critically evaluates research papers proposing innovative blockchain-powered solutions, discussing their benefits, challenges, and the need for further research. Findings highlight blockchain's potential in enhancing vaccine traceability, preventing counterfeit vaccines, and ensuring equitable access to immunization. It also outlines blockchain's role in real-time tracking of PPE shipments, secure distribution of medical devices, managing blood products, and combating counterfeit drugs. The paper also emphasizes the prevalence of consortium-based and public blockchain implementations and the importance of smart contracts while advocating for addressing scalability and technological challenges. This review offers a critical assessment of blockchain's potential in fortifying healthcare supply chains during crises, underscoring the need for ongoing research and development to overcome implementation limitations. Doi: 10.28991/HIJ-2024-05-04-019 Full Text: PDF

Thakur Dev Pandey

The sudden volatility in cryptocurrency prices, especially Dogecoin and Bitcoin, owed to Elon Musk's public statements during COVID-19 has triggered a debate to study the impact of Musk’s endorsement on cryptocurrencies and examine the hedging capabilities and leverage effect on cryptocurrencies during uncertainties. Observation of the market capitalization of Bitcoin and Dogecoin shows that the price of these cryptocurrencies is disturbed due to positive and negative comments by Musk and other public icons. Therefore, these cryptocurrencies are often looked at with suspicion by participants in the cryptocurrency market. This research aims to analyze the impact of favorable and unfavorable Musk’s remarks on Bitcoin and Dogecoin and further examine the hedging capabilities and leverage effect of Dogecoin and Bitcoin against stocks, gold, Treasury yields, the Euro, and the Pound exchange rate, particularly during the COVID-19 pandemic. The research collects daily observations from Jan 2018 to Dec 2022 from Yahoo Finance, yielding 1226 observations, and uses statistical tests to analyze the significance of Musk's tweets on cryptocurrencies. Further, this research applies the GARCH model to understand the impact of Musk's remarks on the hedging capabilities and leverage effect on Dogecoin and Bitcoin during COVID-19. The findings indicate that Musk's comments had no lasting impact on cryptocurrency prices. However, his unfavorable remarks significantly affected Bitcoin's and Dogecoin's hedging capabilities during the pandemic. The study also revealed a pronounced leverage effect in Dogecoin, contrasting with a moderate impact on Bitcoin. Dogecoin strongly responded to positive news or Musk’s favorable tweets, while Musk’s unfavorable tweets influenced Bitcoin's leverage effect. The study suggested the importance of information in the cryptocurrency market. The study also focused on the significance of long-term perspectives and correlations between traditional assets like stocks and cryptocurrency yields, which can be instrumental in guiding investment decisions and aiding in risk management during uncertainties.

Huy Pham, Trang Ngoc Doan Tran, Ngoc Thi Thanh Nguyen, Khoa Dang Duong

This study delves into the impact of reversals and investor attention on cryptocurrency returns before and during the COVID-19 pandemic. We employ the Two Stages Least Squares to analyze a sample of the top 20 cryptocurrencies from January 2016 to April 2021. Our results reveal that investor attention positively influences bitcoin returns in both periods, with a more pronounced effect during the pandemic. Conversely, reversals demonstrate a positive correlation with cryptocurrency returns before the outbreak but a negative relationship during the pandemic. Our robustness test further indicates that investor attention positively affects the returns of small and medium-cap cryptocurrencies, while reversals only exhibit positive consequences for small-cap cryptocurrencies. Additionally, our findings highlight stablecoins as a safe haven during the epidemic. The results suggest that investor attention has little influence on the returns of stablecoins, indicating that these coins are primarily resistant to market sentiment due to their inherent stability. The negative impact of the pandemic on the crypto market demonstrates a downward trend through each wave. Despite aligning with attention-induced price pressure and behavioral finance hypotheses, our results do not support efficient market theory or the notion of heterogeneity among investors. This research provides valuable insights for investors and policymakers in devising effective strategies for the cryptocurrency market.

Muhammad Abubakr Naeem, Nadia Arfaoui, Larisa Yarovaya

Artificial Intelligence (AI) stands as a transformative force across business, technology, and science, yet its comprehensive impact on innovative industries remains relatively unexplored. This study delves into the interconnectedness between AI and pivotal sectors such as cryptocurrency , blockchain, metaverse, democratized banking, and Cleantech, among others. Employing the conditional autoregressive value-at-risk (CAViaR) and time-varying parameters vector autoregressions (TVP-VAR) methods, we scrutinize daily data spanning from June 1, 2018, to October 11, 2023, encompassing 12 stock indices representing each industry. Our findings unveil a strong contagion effect from AI to other innovative sectors, with the exception of Cleantech, which appears to have decoupled from the AI surge. Notably, democratized banking and the metaverse emerge as key recipients of this contagion. Examination of tail-risk spillovers highlights AI as one of the most influential risk transmitters during market tumult, while cryptocurrency and blockchain consistently function as net risk receivers throughout the sample period. The implications of these findings are multifaceted, offering substantive insights into the risk profiles of these critical innovative sectors. Investors and regulatory bodies stand to benefit significantly from this analysis, as it illuminates potential avenues for portfolio diversification and deepens understanding of contagion mechanisms within these evolving industries.

Amarachi Queen Olufemi-Phillips, Onyeka Chrisanctus Ofodile, Adekunle Stephen Toromade, Abbey Ngochindo Igwe · 5 authors

This study explores the potential of blockchain technology to stabilize food supply chains during periods of economic inflation. Economic inflation poses significant challenges to food security, as rising prices can disrupt supply chain transparency, efficiency, and trust among stakeholders. This research develops a conceptual model demonstrating how blockchain can enhance transparency and stability in food supply chains, ultimately improving resilience against inflationary pressures. By providing a decentralized, immutable ledger, blockchain technology allows for real-time tracking of food products from farm to table, enabling better inventory management and demand forecasting. The proposed model integrates key components, including smart contracts, which automate transactions and ensure compliance with quality and safety standards. This feature not only reduces delays but also fosters trust among supply chain participants, such as farmers, distributors, retailers, and consumers. Additionally, the model emphasizes the role of data analytics in harnessing blockchain data to provide insights into pricing trends and inventory levels, facilitating proactive decision-making in response to inflation. Future research directions are identified, focusing on innovations within blockchain technology that could further mitigate the effects of inflation on food supply chains. Potential areas of exploration include integrating artificial intelligence (AI) for predictive analytics, utilizing Internet of Things (IoT) devices for real-time data collection, and developing decentralized finance (DeFi) solutions to enhance liquidity and investment in the agricultural sector. This study contributes to the growing body of literature on blockchain applications in supply chain management by highlighting its potential as a tool for enhancing food security in inflationary environments. By ensuring transparency, improving stakeholder collaboration, and providing actionable insights, blockchain technology can play a pivotal role in stabilizing food supply chains amidst economic fluctuations. Ultimately, this research advocates for the adoption of blockchain solutions as part of comprehensive strategies to safeguard food systems from the adverse impacts of inflation. Keywords: Blockchain Technology, Food Supply Chains, Economic Inflation, Transparency, Stability, Smart Contracts, Predictive Analytics, Data Analytics, Food Security, Decentralized Finance.

Pearl Seyram Kumah, Joseph Antwi Baafi

Purpose This study investigates the time-varying volatility spillover connectedness among seven major cryptocurrencies before and during the COVID-19 pandemic. It aims to understand contagion risk and its implications for diversification and financial stability, especially during periods of extreme price volatility. Design/methodology/approach Using the frequency-domain spillover index, the study analyzes the interconnectedness of cryptocurrency markets with daily data from 10 August 2015 to 10 December 2021. This method allows for examining volatility spillovers across different time frequencies. Findings The study finds that cryptocurrencies are highly interconnected at higher frequencies, indicating significant contagion risk and limited short-term diversification opportunities. The spillover effects are frequency-dependent, varying across different time horizons. Practical implications The findings suggest the need for targeted regulatory policies focused on short-term cryptocurrency behavior to maintain financial stability. Investors should exercise caution when using cryptocurrencies for portfolio diversification, given the high interconnectedness and contagion risk. Originality/value This study uniquely contributes to the literature by applying a frequency-domain approach to analyze volatility spillovers across multiple cryptocurrencies, particularly in the context of the COVID-19 pandemic. It provides novel insights into the frequency-dependent nature of spillover effects, offering a deeper understanding of the contagion risk in cryptocurrency markets.

Suryari Purnama, Bayu Laksma Pradana, Gautam Khanna, Suhandi Suhandi · 7 authors

Armed conflicts and wars are increasingly shaping the global economic landscape, impacting both traditional markets and the burgeoning cryptocurrency economy. Cryptocurrencies, underpinned by blockchain technology, hold revolutionary potential for transactions, investments, and trading. However, their decentralized and global nature leaves them vulnerable to external shifts, particularly geopolitical events like war. This research explores the influence of war on cryptocurrency from a management perspective, analyzing how conflict impacts regulation, investment patterns, and technology adoption within the cryptocurrency ecosystem. By employing a literature based approach, this study aims to elucidate how global political and security shifts affect the cryptocurrency market. The findings indicate high reliability in the observed variables Investor, Crypto Market, and War with Cronbach alpha values ranging from 0.832 to 0.878, and rhoA values between 0.860 and 0.881. Additionally, composite reliability scores are robust, ranging from 0.860 to 0.882, demonstrating strong measurement reliability. The Average Variance Extracted (AVE) values, between 0.603 and 0.673, confirm that these measurement variables significantly explain the variance of the latent constructs. These results underscore the efficacy of the developed model in analyzing the interplay between war and cryptocurrency markets, contributing valuable insights into the sector resilience and adaptability amid geopolitical conflicts.

Nidhal Mgadmi, Wajdi Moussa, Walid Mohammedi, Ameni Abidi · 5 authors

No abstract is available for this record.

Shiwam Sehgal, Jaspal Singh

This study employs the Maximal Overlap Discrete Wavelet Transform technique to analyze the wavelet-based correlations between Bitcoin, bond markets, and thirteen sectoral stock indices in India over the period from 2017 to 2023, focusing on the comparison of pre-and post-COVID-19 pandemic effects. The aim is to investigate the dynamic interrelationships and to understand the impact of the COVID-19 pandemic on these financial assets. The study period is divided into preCOVID-19 and post-COVID-19. Findings from the study reveal a minimal negative correlation between Bitcoin, bond markets, and the sectoral stock indices in the pre-COVID era, indicating a lack of significant interdependence among these assets. However, the scenario changes markedly in the post-COVID period, shifting towards a positive correlation. This shift suggests that the COVID-19 pandemic has altered the relationship dynamics, leading to a more interconnected financial environment where movements in Bitcoin have begun to show a significant positive correlation with the movements in bond and sectoral stock indices in India. The study contributes to the existing literature by providing empirical evidence of how external shocks, such as the COVID-19 pandemic, can influence the correlation patterns among different financial assets. It highlights the importance of considering the changing dynamics in financial market correlations for investors, policymakers, and researchers in portfolio diversification, risk management, and financial stability analysis. Further, it underscores the role of alternative investments like Bitcoin in the evolving market landscape, particularly in response to global crises.

Sugandh Arora, Sumit Oberoi, Tawheed Nabi, Balraj Verma

• We assessed the intellectual structure that enhanced the cognizance of blockchain in food security. • Emergent keywords (Q4) remain imperative, even in the early stages of blockchain advancement. • We employed the “Multiple Correspondence Analysis” approach to identify future research areas. • We developed a conceptual framework focusing on key indicators, stakeholders and adoption drivers. • The study discerns AI, Big Data and Data Analytics as novel research areas in food security. Blockchain technology can enhance sustainable food security because of its distinct characteristics such as traceability, decentralized and unchangeable databases, and smart contract protocols. Nevertheless, blockchain technology in agricultural applications is still in the early stages of development. Therefore, this study aims to ascertain the efficiency and cognitive framework of blockchain technology for attaining long-term food security. This study used a review-based approach to ascertain the intellectual framework. A literature search was conducted using the "Scopus" database to locate research articles published between 2017 and 2023. A “systematic literature review” was performed using the PRISMA framework on the 52 eligible publications. The study results indicated that traceability, real-time information availability, and immutably distributed databases were the most influential factors. The results showed that blockchain technology has benefits beyond facilitating reliable data dissemination and establishing intimate bonds between manufacturers and clients. Furthermore, blockchain technology may pave the way for less food waste, improved supply chains and agricultural working environments, and more environmentally responsible eating practices. This study is the first of its kind to assess the intellectual structure of food security and augment the cognition of the in-depth examination of the benefits of blockchain technology that might ultimately provide a way to achieve zero-hunger goals.

Qiuying Cheng, Xinyu Wang, Zhuqing Wang, Song Shi

The COVID-19 outbreak triggered an unparalleled health crisis and financial shock. We re-examine whether gold and Bitcoin can function as hedges and safe havens for U.S. financial assets before and after the COVID-19 outbreak. This study employs the quantile-on-quantile and causality-in-quantiles methods to detect the nonlinear and asymmetric relationship of gold and Bitcoin with U.S. financial assets. The results reveal negative dependence of the U.S. dollar, real estate, crude oil, and natural gas on gold and Bitcoin in some quantiles during both periods, indicating that gold and Bitcoin are hedges for these four assets. Following the COVID-19 outbreak, the negative correlations that exist for stock and clean energy with Bitcoin almost all turn positive, gold and Bitcoin lose their ability to hedge stocks and clean energy. Bitcoin can still hedge bonds in middle and high quantiles, whereas gold does not possess this capability against the bond. Additionally, there is an asymmetric causality in the mean and variance from U.S. financial assets to gold and Bitcoin, which generally exists in the middle quantiles but not in the extreme (high and low) quantiles. Our findings provide clear guidelines to market participants on risk management and policy decisions according to market conditions.

Marcell Kupi

This study examined the role of cryptocurrencies in tourism and their acceptance across EU regions, with particular attention to the digital transformation precipitated by the COVID-19 pandemic. The analysis focuses on the relationship between cryptocurrency acceptance points and the intensity of tourism, highlighting that the acceptance of cryptocurrencies is significantly correlated with tourism services. The literature review highlighted that Web 3.0, especially blockchain technology and decentralized applications, opens new possibilities in tourism, including secure and transparent transactions, and more personalized travel experiences. The research investigated cryptocurrency acceptance points and the intensity of tourism within the EU. The study illuminates that the acceptance of cryptocurrencies significantly correlates with tourism services. The data and methodology demonstrated the analysis methods for examining the relationship between cryptocurrency acceptance points and tourism intensity, including the use of clustering neural networks and Eurostat data utilization. The results showed a positive correlation between the number of cryptocurrency acceptance points and tourism intensity in the EU, affirming the research hypothesis. According to the regression analysis results, each additional cryptocurrency acceptance point is associated with an increase in tourism intensity. The significance of the research lies in highlighting the growing role of digital payment solutions, especially cryptocurrencies, in tourism, and their potential impacts on the EU economy. The analysis supports that the intertwining of tourism and digital financial technologies opens new opportunities in the sector for both providers and tourists.

Francisco Elieser Giraldo-Gordillo, Ricardo Bustillo-Mesanza

In the past decade, the emergence of Blockchain has questioned certain financial institutions. Cryptocurrency upsurge was aimed at conducting financial transactions with more efficiency while being safer, easier, faster, and cheaper. Thus, over-intermediation in finance has been highlighted by Blockchain emergence. Here, a SWOT will be carried out to examine Blockchain and cryptocurrencies, their monetary role, their impact on a financial system based on banking intermediation, and their influence on the future of central banking. About the United States, this paper concludes that cryptocurrencies will eventually spread as a method of payment, which could lead them to be the new form of money under some assumptions. The eventual adoption of blockchain technology by central banks through the introduction of official digital currencies could favor the creation of a more inclusive financial system in the future.

Muhammad Mahmudul Karim, Abu Hanifa Md. Noman, M. Kabir Hassan, Asif M. Khan · 5 authors

Purpose This paper aims to investigate the immediate effect of the outbreak of the COVID-19 pandemic by investigating volatility transmission and dynamic correlation between stock (conventional and Islamic) markets, bitcoin and major commodities such as gold, oil and silver at different investment horizons before and after 161 trading days of the outbreak of the COVID-19 pandemic. Design/methodology/approach The MGARCH-DCC and maximum overlap discrete wavelet transform -based cross-correlation were used in the estimation of the volatility spillover and continuous wavelet transform in the estimation of the time-varying volatility and correlation between the assets at different investment horizons. Findings The authors observed a sudden correlation breakdown following the COVID-19 shock. Oil (Bitcoin) was a major volatility transmitter before (during) COVID-19. Digital gold (Bitcoin), gold and silver became highly correlated during COVID-19. The highest co-movement between the assets was observed at medium and long-term investment horizons. Practical implications The study findings have a financial implication for day traders, investors and policymakers in the understanding of volatility transmission and intercorrelation in a bid to actively manage stylized and well-diversified asset portfolios. Originality/value This study is unique for its employment in estimating the time-varying conditional volatility of the investable assets and cross-correlations between them at different investment horizons, particularly before and after COVID-19 outbreak.

Mirta Casati, Claudio Soregaroli, Gregorio Linus Frizzi, Stefanella Stranieri

Purpose Despite the growing interest in blockchain technology (BCT) applications in the agri-food industry, evidence of their economic and strategic implications remains scarce. This study aims to contribute to filling this gap by jointly investigating how BCT adoption affects transactional relationships, and how it contributes to the firm’s strategic resources. Design/methodology/approach An explanatory case study is conducted based on a theoretical framework grounded on transaction cost economics and the resource-based-dynamic capabilities view. Six BCT implementations by agri-food firms are studied. Data were collected through semi-structured interviews and analysed using thematic analysis. Findings Findings reveal that BCT benefits depend on how companies integrate technology across their supply chains. In fact, the results suggest that overall transaction efficiency within the supply chain is enhanced only for those firms prioritising stakeholder engagement during technology implementation and leveraging existing trust relationships with economic agents. Moreover, the results suggest that BCT is not yet perceived as a strategic resource, but rather that it has the potential to enhance firms’ operational-adaptive, absorptive and innovative capabilities. When all supply chain actors clearly understand blockchain’s functionality and value, the development of these capabilities becomes more pronounced. Practical implications The study identifies two BCT adoption configurations. One primarily focuses on enhancing supply chain efficiency and transparency (dynamic BCT), while the other uses BCT mainly for marketing purposes (static BCT). These configurations lead to varied possibilities for leveraging BCT’s potential advantages. Furthermore, they show how a mismatch between a strategic approach and its chosen configuration could work against any positive impact and lead to disillusionment with the BCT. Thus, managers should assess carefully the impact of such different configuration choices on performance. Originality/value To the best of the authors’ knowledge, this is the first study to attempt to analyse the economic implications of adopting BCT in the food sector from both a firm and supply chain perspective. Additionally, it shows how interpreting these impacts is contingent on the diverse modalities for embedding BCT into existing supply chains.