Blockchain Papers

Shaista Peerzada, Sangeeta Verma

No abstract is available for this record.

Stefania Masè, Elena Cedrola

No abstract is available for this record.

S. Balakrishnan, Manoj Govindaraj, A. Amala Suzana, L. Jothibasu · 6 authors

No abstract is available for this record.

Angham Ben Brayek, Hanen Ben Ameur, Farea Alharbi

The study aims to critically assess the safe-haven properties of Bitcoin and a diverse set of commodities in mitigating stock market risks during periods of extreme financial turbulence. Specifically, this research seeks to evaluate the effectiveness of these assets as hedging tools or diversifiers in the portfolios of both OPEC and non-OPEC countries, focusing on their behavior during the COVID-19 pandemic. We employ a wavelet coherence approach to analyze the dynamic relationships between the variables. Portfolio optimization is conducted using CVaR to assess the effectiveness of these assets as safe havens, hedges, or diversification tools in mitigating financial risks during periods of heightened market volatility. The diversification benefits of commodities and Bitcoin in OPEC and non-OPEC stock portfolios decrease over time as their co-movement with stock markets increases. During the COVID-19 period, BTC did not act as a safe haven. However, gold served as a hedge for non-OPEC countries. Using CVaR, we found that BTC provides stronger diversification benefits than commodities, followed by gold. We examine the safe-haven role of Bitcoin and various commodities, specifically within the context of both OPEC and non-OPEC countries. Our study offers a more comprehensive analysis of how BTC and commodities function as portfolio assets during financial stress, providing valuable insights for investors and policymakers.

Yelizaveta Vitulyova, Inabat Moldakhan, P. E. Grigoriev, Ibragim Suleimenov

It is shown that the statistics of transactions of the Ethereum cryptocurrency obeys well-defined patterns. Log dependency <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML" id="m1"><mml:mrow><mml:mi>ln</mml:mi><mml:mo>⁡</mml:mo><mml:mi>N</mml:mi></mml:mrow></mml:math> of the number of users <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML" id="m2"><mml:mrow><mml:mi>N</mml:mi></mml:mrow></mml:math> who carried out <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML" id="m3"><mml:mrow><mml:mi>n</mml:mi></mml:mrow></mml:math> transactions with the use of Ethereum cryptocurrency during a specific month on <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML" id="m4"><mml:mrow><mml:mi>ln</mml:mi><mml:mo>⁡</mml:mo><mml:mi>n</mml:mi></mml:mrow></mml:math> is a linear one with high accuracy: <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML" id="m5"><mml:mrow><mml:mi>ln</mml:mi><mml:mo>⁡</mml:mo><mml:mi>N</mml:mi><mml:mo>=</mml:mo><mml:mi>b</mml:mi><mml:mrow><mml:mfenced open="(" close=")" separators="|"><mml:mrow><mml:mi>t</mml:mi></mml:mrow></mml:mfenced></mml:mrow><mml:mi>ln</mml:mi><mml:mo>⁡</mml:mo><mml:mi>n</mml:mi><mml:mo>+</mml:mo><mml:mi>a</mml:mi><mml:mrow><mml:mfenced open="(" close=")" separators="|"><mml:mrow><mml:mi>t</mml:mi></mml:mrow></mml:mfenced></mml:mrow></mml:mrow></mml:math> . Similar statistical patterns are obtained for bitcoin transactions. It has also been established that the behavior of the coefficient <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML" id="m6"><mml:mrow><mml:mi>b</mml:mi></mml:mrow></mml:math> appearing in this dependence corresponds with high accuracy to the Bass diffusion model, which describes the dynamics of innovation implementation. It is shown that after the completion of the initial stage of the implementation of the Ethereum and bitcoin cryptocurrencies (since the beginning of 2018), the values of the coefficients a and b are approaching constants. On this basis, a method is proposed for identifying space weather factors on the economic behavior of the human population. In particular, it is shown that the analysis of the cross-correlation between the ratio <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML" id="m7"><mml:mrow><mml:mfrac><mml:mrow><mml:mi>a</mml:mi></mml:mrow><mml:mrow><mml:mi>b</mml:mi></mml:mrow></mml:mfrac></mml:mrow></mml:math> for the Ethereum cryptocurrency and the Ap-index of geomagnetic activity gives an example of additional tools allowing to reveal the influence of space weather factors on the economic behavior of people on a global scale.

Yannick Eckhardt, Johannes Glückler

In this paper, we analyze the global controversy surrounding the innovation of cryptocurrencies, developing an analytical framework to assess the empirical structure of arguments. By unpacking an argumentation analysis of a comprehensive set of scholarly, media, and industry publications, we identify six key dimensions of disagreement, comprising 42 distinct arguments. These dimensions include the raison d’être, environmental impact, social inclusion, susceptibility to illegal activities, economic impact, and potential for decentralization and democratization. Our findings reveal entrenched positions supported by robust scholarly research and empirical evidence. Cryptocurrencies represent a controversial innovation, for which global resolution remains elusive. While the controversy may appear unbounded, we plead for a geographical approach, emphasizing that localized institutional contexts are crucial for exploring potential trajectories of the controversy. Finally, our analysis illustrates the potential of argumentation analysis to properly disentangle complex societal disagreements, and it therefore promises to enrich the methodological pluralism in economic geography.

Mohammad Hossein Ronaghi, Azade Fallahi

In nations facing international pressures, such as sanctions, leaders should attempt to utilize advanced technologies more effectively, while fostering the skills and intelligence of the human resources, and enhancing public confidence in the use of emerging technologies in Industry 5.0. In this article our goal is to investigate the effect of acceptance and use of cryptocurrencies on the circular economy. The theoretical contribution of this research is to enrich the literature related to the factors affecting the adoption of digital currencies and its impact on the circular economy. Also, due to the importance of technology awareness in Industry 5, its effect on the adoption of digital currencies was evaluated. For several decades, Iran has been exposed to political and economic sanctions by the United Nations Security Council, the US, and the European Union (EU). Given the importance of natural resources in Iran's economy, and the presence of barriers regarding financial transactions, all manufacturing companies working in Iran were selected as the statistical population of the current study. The findings showed that variables like the realized ease of use, the realized efficiency, trust, technological intelligence and social influence have been effective on the acceptance and use of cryptocurrencies. Also, use of cryptocurrencies in manufacturing companies has had effect on the circular economy activities. The other research results revealed that the factor of economic sanction in the studied society might have effect on the use of cryptocurrencies and consequently companies’ circular economy. The policy-makers active in the field of the environment, and also managers of manufacturing companies by creating an infrastructure for financial exchange based on digital currency can provide the needed ground for production in line with the environment and sustainable resource management.

Woon Leong Lin, Nelvin Xe Chung Leow, Wai Mun Lim, Ming Kang Ho · 6 authors

Abstract This investigation explores the integration of blockchain technology (BCT) with circular economy (CE) principles within the automotive sector, leveraging a dataset from the years 2011 to 2019. Employing advanced analytical techniques, including machine learning models and the system generalized method of moments (GMM), the study meticulously assesses BCT's impact on CE practices over the specified period. The dataset, curated from esteemed sources such as CSRHub, Thomson Reuters, and Bloomberg, enhances the reliability and validity of our analysis. Results indicate a positive influence of BCT on the adoption and effectiveness of CE practices in the automotive industry, suggesting that CE practices can bolster firm performance. Notably, the analysis reveals that support vector machines (SVM) and neural networks (NNs) exhibit superior efficacy over the random forest (RF) model in capturing the nuances of the BCT‐CE interplay. This is evidenced by their lower root‐mean‐square error (RMSE) and mean absolute error (MAE), signifying greater predictive accuracy. The findings illuminate BCT's potential to revolutionize CE practices, optimize resource use, and foster sustainability in the automotive field.

Mariem Bouzguenda, Anis Jarboui

No abstract is available for this record.

Murali Krishna Pasupuleti

Abstract: This chapter explores the transformative role of artificial intelligence (AI) in driving economic growth and innovation across critical sectors, including cryptocurrency, circular economy, manufacturing, small and medium-sized enterprises (SMEs), and infrastructure development. AI is revolutionizing cryptocurrency systems by enhancing security, optimizing mining processes, and supporting decentralized finance (DeFi). In the circular economy, AI enables resource optimization, waste reduction, and sustainable supply chain practices. In manufacturing, AI improves automation, predictive maintenance, and quality control, leading to more efficient and sustainable production processes. For SMEs, AI democratizes access to advanced tools, enhancing competitiveness, operational efficiency, and financial management. Additionally, AI is shaping the future of infrastructure development by promoting smart cities, sustainable urban planning, and resilient infrastructure. The chapter discusses the challenges and opportunities AI presents for global economic transformation, highlighting the need for collaboration, innovation, and sustainability. Keywords: AI, economic transformation, cryptocurrency, blockchain, circular economy, manufacturing, SMEs, infrastructure development, decentralized finance, resource optimization, sustainability, smart cities, automation, financial management, predictive maintenance.

Vahid J. Sadeghi, Alexeis García-Pérez, Demetris Vrontis, Denise Bedford

The transition from an industrial to a knowledge-based economy, accelerated by the fourth industrial revolution (Industry 4.0), has fundamentally transformed the business landscape (Ardito et al., 2021). This shift has brought unprecedented challenges and opportunities for organizations, particularly small and medium-sized enterprises (SMEs), as they navigate the complexities of digital transformation and international expansion (Denicolai et al., 2021; Jafari-Sadeghi et al., 2021). In this context, the concept of digital resilience has emerged as a critical capability for firms to not only survive but thrive in an increasingly volatile, uncertain, complex and ambiguous (VUCA) business environment (Annarelli et al., 2020).This special issue of the Journal of Enterprise Information Management focuses on the intersections of digital resilience, new business models and international entrepreneurship, particularly emphasizing the importance of digital resilience for SMEs, the adaptation of business models in the digital age and the specific challenges SMEs face in international markets. By exploring these themes, the issue aims to provide valuable insights into how SMEs can leverage digital technologies to enhance their resilience, innovate their business models and successfully pursue international opportunities.The landscape of international business has undergone a profound transformation in recent decades, driven by the rise of the knowledge economy and the rapid advancement of digital technologies (Hanelt et al., 2020; Vaio et al., 2021). This evolution has given birth to new forms of international entrepreneurship and necessitated the development of novel capabilities, particularly digital resilience, for firms operating in the global marketplace (Dillon et al., 2020). As Oviatt and McDougall (2005) presciently observed, the intersection of international business, entrepreneurship and technological advancement has created a new paradigm for how firms operate across borders.International entrepreneurship, once characterized primarily by the gradual expansion of firms into foreign markets as described in traditional internationalization theories (Johanson and Vahlne, 1977), has been revolutionized by digital technologies. Today’s international entrepreneurs can leverage digital platforms and ecosystems to engage with global markets from inception, often without significant physical presence abroad (Elia et al., 2020). This phenomenon, termed “born-global” firms by Rennie (1993) and further developed by Knight and Cavusgil (2004), has fundamentally changed our understanding of how firms internationalize.The digital landscape has redefined how opportunities are discovered, evaluated and exploited across national borders (Cenamor et al., 2019). Zahra et al. (2005) highlight how digital technologies have enhanced entrepreneurs' ability to recognize international opportunities, while Autio et al. (2018) demonstrate how digital affordances enable new forms of value creation in international markets. International entrepreneurs now have unprecedented access to global customer bases, can tap into international talent pools through virtual collaboration and can participate in global value chains with greater ease than ever before (Coviello et al., 2017).However, this digital transformation also brings new challenges. As Reuber and Fischer (2011) point out, the increased accessibility of international markets has led to heightened competition, with firms facing rivals not just from their home country but from around the globe. Additionally, the rapid pace of technological change means that consumer preferences and market conditions can shift swiftly, requiring entrepreneurs to be ever vigilant and adaptable (Nambisan, 2017). Moreover, navigating diverse digital ecosystems and regulatory environments across different countries adds layers of complexity to international operations (Banalieva and Dhanaraj, 2019).In this context, digital resilience has emerged as a critical capability for international entrepreneurs. Building on the concept of organizational resilience (Linnenluecke, 2017), digital resilience extends beyond mere technological robustness; it encompasses an organization’s ability to adapt, innovate and thrive in the face of digital disruptions and opportunities. For international entrepreneurs, digital resilience is multifaceted, involving technological adaptability, organizational flexibility and strategic agility (Garousi Mokhtarzadeh et al., 2020; Warner and Wäger, 2019).Technologically, digital resilience requires the ability to integrate, update and secure digital systems in a rapidly evolving technological landscape. This includes maintaining robust cybersecurity measures, ensuring data protection across international operations and swiftly adopting new technologies (Annarelli et al., 2020; Wylde et al., 2022) that can provide competitive advantages in global markets. As Kshetri (2014) emphasizes, the increasing prevalence of cyber threats makes this aspect of digital resilience particularly crucial for firms operating across borders.Organizationally, digital resilience demands the cultivation of a digitally savvy workforce and an innovative culture that can quickly respond to international market shifts (He et al., 2022; Wang and Chen, 2022). It involves developing digital competencies across the organization, fostering a mindset of continuous learning and adaptation and creating structures that allow for rapid decision-making in response to global digital trends. Fitzgerald et al. (2014) highlight how this organizational dimension of digital resilience often requires significant cultural and structural changes within firms.Strategically, digital resilience for international entrepreneurs means the capacity to sense and seize opportunities arising from digital innovations on a global scale. Teece (2007) describes these as dynamic capabilities, which are particularly crucial in fast-moving international digital markets. It requires the ability to reconfigure business models in response to international market demands, leverage data for cross-border decision-making and navigate the complexities of global digital ecosystems. As Autio and Zander (2016) note, this often involves creating and managing platform-based business models that can scale rapidly across international markets.The importance of digital resilience for international entrepreneurship is particularly pronounced in the era of the knowledge economy. In this economic paradigm, as articulated by Powell and Snellman (2004), value creation is increasingly driven by intellectual capital, innovation and the application of knowledge to solve complex problems. For international entrepreneurs, success in the knowledge economy requires not just the ability to create and leverage knowledge, but to do so across national boundaries and diverse cultural contexts (Mudambi et al., 2018).Digital resilience enables international entrepreneurs to effectively manage knowledge flows across borders, facilitating learning and innovation in international contexts (Arfi and Hikkerova, 2019; Shen et al., 2018). It allows firms to tap into global knowledge networks, collaborate with international partners and rapidly disseminate innovations across markets. Kogut and Zander’s (1993) seminal work on the evolutionary theory of the multinational corporation underscores the importance of this knowledge transfer capability, which has only been amplified in the digital age.Moreover, digital resilience enhances an organization’s ability to gather, analyze and act upon data from diverse international sources, improving strategic decision-making in global operations. As George et al. (2014) demonstrate, the ability to leverage big data analytics can provide significant competitive advantages in international markets. This data-driven approach allows firms to personalize offerings for different markets, optimize global supply chains and identify emerging trends across borders.The convergence of international entrepreneurship and digital resilience in the knowledge economy has given rise to new forms of value creation and capture. Digitally resilient international entrepreneurs can create platform-based business models that scale rapidly across borders, offer knowledge-intensive services to global markets and participate in international innovation ecosystems (Nambisan et al., 2019; Sukumar et al., 2020). They can also more effectively navigate global crises, as demonstrated during the COVID-19 pandemic, by quickly pivoting to digital operations and identifying new opportunities amidst disruption (Soto-Acosta, 2020).Furthermore, digital resilience is crucial for addressing the sustainability challenges that are increasingly central to international business (Miceli et al., 2021). It enables entrepreneurs to leverage technologies for sustainable innovation, meet evolving global standards and contribute to solving global challenges through their international operations. As emphasized by George et al. (2016), digital technologies offer unprecedented opportunities for firms to contribute to sustainable development goals while pursuing international growth.The interplay between digital resilience and international entrepreneurship also has significant implications for how firms overcome the liabilities of foreignness and newness in international markets. As Zaheer (1995) originally conceptualized, the liability of foreignness refers to the additional costs and challenges a firm faces when operating in a foreign market. Digital resilience can help mitigate these liabilities by enabling firms to gather market intelligence more effectively, adapt their offerings quickly to local preferences and build virtual networks that bridge cultural and institutional distances (Brouthers et al., 2016).As we move further into the 21st century, the ability of firms to build and maintain digital resilience while pursuing international opportunities will likely become a key determinant of success in the global marketplace. This special issue represents an important step in developing our understanding of this critical intersection between digital technologies, international entrepreneurship and the knowledge economy.In this special issue, we received a total number of 43 original submissions of which 12 were accepted (rejection rate 72%). Each paper makes unique additions to our theoretical and empirical understanding of digital resilience in the international entrepreneurship domain. In total, this special issue found interest from different locations on the planet as the diversity of submissions spread from 19 countries on diverse continents. Among accepted papers (corresponding) authors from seven different countries have contributed to this special issue. Table 1 highlights the country of origin for the submissions in this special issue.Several common themes emerged from the submissions, reflecting the current priorities and challenges faced by SMEs in the context of digital transformation and international entrepreneurship. This included:Digital transformation and resilience: Many papers emphasized the critical role of digital transformation in building resilience. This included discussions on how SMEs can leverage digital technologies to enhance their operational efficiency, innovate business models and improve their competitive edge in international markets.Innovative business models: A significant number of submissions explored innovative business models that SMEs are adopting to thrive in the digital economy. These models often integrate digital platforms, data analytics and new value creation mechanisms that support international expansion.Cybersecurity and risk management: Given the increasing digitalization, several papers addressed the importance of cybersecurity and effective risk management strategies. These studies highlight the need for robust digital infrastructures and practices to protect against cyber threats and ensure business continuity.The submissions also showcased a variety of innovative approaches, offering fresh perspectives and practical insights, including:Use of advanced technologies: Many authors investigated the application of advanced technologies such as artificial intelligence, blockchain and the Internet of Things (IoT). These technologies are seen as pivotal in driving digital resilience and enabling SMEs to tap into global markets with greater agility.Case studies and empirical research: A notable trend was the use of detailed case studies and empirical research to illustrate successful digital transformation strategies. These provide valuable and insights for SMEs to enhance their digital papers approaches, insights from business systems and entrepreneurship. 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It highlights the importance of digital resilience and innovation in driving international and a for SMEs to in an increasingly digital and competitive global key emerging from this special issue is the of digital technologies on the internationalization enabling rapid and often virtual expansion into global markets. research how this digital transformation to on the role of emerging technologies such as artificial intelligence and blockchain in international entrepreneurship. how these technologies enable new forms of market customer and value creation across Additionally, research how the increasing of international business traditional theories of to new theoretical that the of the digital papers in this issue the importance of developing dynamic that allow firms to sense and seize opportunities in digital across research in this into how these are and in the context of international digital entrepreneurship. the specific and that contribute to digital dynamic capabilities, as as how these across cultural and institutional studies how dynamic in digital contexts contribute to international and resilience provide valuable insights for theory and significant is the role of digital resilience in the liabilities of foreignness and newness in international markets. research further this phenomenon, how digital technologies and resilience can help overcome traditional to the specific mechanisms through which digital resilience to these as as new forms of liability that in international markets. studies across different of international traditional digital on how the between digital resilience and liability across different internationalization of digitally resilient firms to contribute to sustainable development goals while pursuing international is a for how digital technologies enable international entrepreneurs to global create sustainable business models and contribute to and goals across on the development of new that the economic and sustainability of digitally resilient international Additionally, how can be to sustainable international international business increasingly within complex digital research on how entrepreneurs can build resilience not just within their but across their digital ecosystems is studies the of these international digital the different within and how resilience the to the success of international also how resilience across international contexts and how entrepreneurs can effectively manage their within global digital recent global has the importance of digital resilience in navigating international research build on this to how digital resilience enables international entrepreneurs to manage of global the specific digital and that contribute to resilience in international as as how these can be developed and research across different of and their on international digital entrepreneurship provide valuable insights for theory and of key insights and research is in special issue on and International in the of a of the intersection between digital technologies, international entrepreneurship and organizational resilience. The papers offer valuable insights into how particularly SMEs, can leverage digital to enhance their resilience, innovate their business models and successfully navigate the complexities of international markets in the digital research in this special issue is to have a significant on the and practical of digital resilience and international entrepreneurship. it our theoretical understanding of how digital technologies and resilience can international business it insights for entrepreneurs, and on how to effectively integrate digital to overcome challenges and seize opportunities in the global of this special issue to engage with the in this special issue. The insights and discussions are just the of a on the critical role of digital resilience and international entrepreneurship in the knowledge further this we and we move further into the 21st century, the ability of firms to build and maintain digital resilience while pursuing international opportunities will likely become a key determinant of success in the global marketplace. This special issue represents an important step in developing our understanding of this critical intersection between digital technologies, international entrepreneurship and the knowledge that this special issue will as a for further research in this to into the complexities of building digitally resilient international and valuable to In an era change is the only digital resilience not just as a capability but as a of innovation, and competitive in international It has to the of the that the and Digital resilience, new business models and international entrepreneurship in the era of in Journal of Enterprise Information was with for The is of of of Management of The was in the and has now been in the The for these and for

Yuxuan Chen, Junmao Chiu, Huimin Chung, Donald Lien

No abstract is available for this record.

Geronimo Frigerio

This paper explores the potential of Cardano (a proofof- stake blockchain platform) as a Web3 ecosystem (a decentralized internet built on blockchains, which are distributed ledgers controlled communally by participants) that could boost economic development in the Global South (encompassing emerging economies from Africa, Latin America, the Caribbean, Asia and Oceania) by reducing the time, costs and complexities for doing business, therefore facilitating job creation and wealth generation through RealFi (an ecosystem of products integrating digital assets liquidity with real world economic activities) by way of scalable, sustainable, and interoperable digital solutions.

Mahak Joshi, Vijay K. Yadav, Udita Goyal, Ganga Negi · 5 authors

In recent years, block chain technology has become a powerful force for change, upending established markets and altering how data is shared and kept. This review discusses the underlying characteristics and features of block chain technology and looks at some of the potential fields in which it might be used. We highlight the versatility of block chain by analysing its decentralized structure, immutability, transparency, and security features, as well as its applications in finance, supply chains, healthcare, voting systems, and other fields. The assessment comes to a close with some reflections on the block chain technology's bright future and the issues that still need to be solved before it can be widely used.

Mehmet Yuşa Köse, Ahmet Köstekçi

Following the 2008 financial crisis, cryptocurrencies have brought significant innovations to the financial system and created an important test for central banks. Adopted by users in a short period of time and traded in high volumes, cryptocurrencies have a more liberal paradigm than the current financial system. Central banks have initiated studies on CBDCs in order to prevent the risks posed by cryptocurrencies and to take advantage of the opportunities created. Therefore, the development of CBDCs, which are characterized as the turning point of the financial system, is associated with the risks and opportunities created by cryptocurrencies. In this sense, this study aims to evaluate the risks and opportunities in the current situation by first addressing the relationship between the development process of CBDCs and cryptocurrencies. In addition, the study also aims to contribute to the development of CBDCs and literature by theoretically analyzing the possibilities that may occur in the future.

Matteo Vaccargiu, Sabrina Aufiero, Silvia Bartolucci, Rumyana Neykova · 6 authors

Blockchain technology faces significant challenges related to sustainability, including issues with optimisation, as well as high energy and gas consumption—factors that developers may sometimes neglect. We introduce a methodology to analyse the key sustainability topics discussed by Go-Ethereum developers, using thematic analysis of their issues and comments from Github. Our approach uses the BERT model to conduct an in-depth topic analysis, enabling us to study the underlying themes and trends in developer’s conversations regarding energy use and sustainability. We assess the sustainability of the identified topics using the five dimensions outlined in the Sustainability Awareness Framework (SusAF): economic, social, individual, environmental, and technical. Our goal is to shed light on how much attention developers pay to sustainability and energy consumption issues. The findings from this qualitative analysis aim to encourage technologists to incorporate these considerations into their future projects, in order to achieve better outcomes in terms of sustainability and reduced consumption.

Yi Fang, Qirui Tang, Yanru Wang

This paper uses a state-dependent local projection model to empirically test the dynamic risk performance of cryptocurrency assets under geopolitical risk events, and to examine whether they have safe-haven properties in the face of major global external shocks. We demonstrate that the volatility of the cryptocurrency market exhibits a non-linear relationship with geopolitical risk. They are uncorrelated in normal times, but the risk of cryptocurrency market rises significantly under extreme geopolitical risk events. The cumulative impulse response pattern of volatility in the cryptocurrency market is similar to that of volatility in speculative assets such as stocks and bonds, but negatively correlated with that of volatility in safe-haven assets such as gold and the U.S. dollar. Our findings suggest that the volatility of cryptocurrencies should not be underestimated when investors consider hedging strategies under external shocks.

Zhanxue Wang, Lei Yu, Li Zhou

No abstract is available for this record.

Kaoutar Douaioui, Othmane Benmoussa

Blockchain technology is expected to have a radical impact on most industries by boosting security, transparency, and efficiency. This work considers the potential benefits of blockchain-focused applications in industrial process monitoring. The research design facilitates a detailed bibliometric analysis and delivers insights into the intellectual structure of blockchain technology’s application in industry via scientometric approaches. The work also approaches numerous sources in various industrial sectors to identify the transformative role of blockchain in industrial processes. Aspects such as blockchain technology’s impact on industrial processes’ transparency are discussed, while the paper does not ignore that success stories in applying blockchain to industrial sectors are often exaggerated due to a highly competitive environment that the cryptocurrency domain has become. Finally, the work presents major research avenues and decision-making areas that should be tackled to maximize the disruptive potential of blockchain and create a secure, transparent, and inclusive future.

Yasmine Snene Manzli, Ahmed Jeribi

This paper investigates the hedging and safe haven capacity of gold and Bitcoin against the G7 stock market indices during the COVID-19 pandemic, the Russia-Ukraine military conflict, and the Silicon Valley Bank collapse. Using a novel Quantile-VAR connectedness approach, the results show that, at the median quantile, both gold and Bitcoin act as effective hedges during normal market conditions and strong safe-haven assets during the three crises. Gold emerges as the most prominent safe haven asset, outperforming Bitcoin, especially during the war and the SVB collapse. Among the G7 stock market indices, the Japanese and the American stocks may be used as risk diversifiers during crises. As for the rest of the G7 stocks, they are regarded as “risk-on” investments. Next, we assessed the robustness of our results at various quantiles. We found them to be generally consistent with the outcomes obtained at the median quantile, with one exception related to the S&amp;P500.The results show that the repercussions of the COVID-19 pandemic and the war are much stronger than the American banking crisis.

Fatma Abdelkaoui, Ali Sidaoui, Feriel Nasser, M. Bouzidi

This research study investigates the impact of cryptocurrency on economic growth in 10 countries across Asia during past period 2013–2020. For this purpose, the sample included a range of economies with the highest number of Bitcoin usages or transactions. For this purpose, the sample included a range of economies with the highest number of Bitcoin usages or transactions, according to recent international rankings. With specific empirical means on panel data modelling, we attempted to show that economic growth, was influenced negatively by the cryptocurrency ‘Bitcoin’, and we concluded that this instrument leads to an increase in the inflation rate in a country according to the quantity theory of money and leads to a disorder in the monetary policy of a country. Our framework shows that the economic growth proxy was substantially influenced positively by economic indicators such as technology, investment and education but negatively by the high rate of participation, which caused an increase in unemployment. Our empirical results offer insights and insist on the importance of the intervention of the authorities to oversee and control the use of the cryptocurrency Bitcoin to avoid its negative effects and implement a strategy that overcomes these effects from a macroeconomic perspective. JEL Classification: E22, E24, E42, F43, E44, E52

Hongjun Zeng, Abdullahi D. Ahmed, Ran Lu

Abstract This paper investigates the volatility connectedness and dynamic time–frequency relationship between Bitcoin (BTC) and 15 major agricultural commodity markets during the COVID‐19 and 2022 Russia–Ukraine war periods. We employ the TVP‐VAR‐based extended joint connectedness method, minimum connectedness investment portfolio, and wavelet coherence (WC) method. The results indicate that the sudden outbreaks of the two crises brought about increased volatility connectedness between BTC and agricultural commodity markets. Throughout the entire sample period, BTC remained a net transmitter of volatility. Moreover, in terms of the total connectedness index (TCI), the overall volatility correlation surged rapidly after the outbreak of COVID‐19 and the 2022 Russia–Ukraine war. The portfolio results demonstrated that BTC exhibited a low correlation with the agricultural commodity markets, suggesting diversification potential. Additionally, only Feeder Cattle served as an effective hedging asset for BTC throughout all periods. The WC analysis confirmed that during the COVID‐19 period and the 2022 Russia–Ukraine war, most of the linkages were primarily concentrated at medium‐ to long‐term frequencies. Our analysis will contribute to a deeper understanding of the interconnection between these markets, enabling market participants to consider risk mitigation measures and support portfolio diversification when formulating policies and regulations involving relevant markets in the future.

Elona Marku, Maria Chiara Di Guardo, Gerardo Patriotta, David G. Allen

Drawing on complexity theory, we investigate the structuring processes and underlying mechanisms underpinning the emergence of a new technology. Empirically, we track the emergence of blockchain technology by examining international patents issued between 2009 and 2020. Our results indicate that technology emergence follows an evolutionary trajectory that progresses from disordered to structured interactions among the technological elements, culminating in the formation of a technological core that acts as a pole of attraction for further interactions and delineates boundaries within the technological domain. Technology structuring is fueled by what we term “technology fitness” and “self-reinforcing” mechanisms that progressively transform primitive structures into more complex, self-organized configurations. Our study offers a novel framework of technology emergence, highlighting how dispersed bits of technological knowledge gradually aggregate into complex structures that define the specific trajectory of a particular domain.

Jichang Dong, Yihan Jing, Zhou He, Ciwei Dong

No abstract is available for this record.