Blockchain Papers

Pei-Hsuan Tsai, Silvana Trimi, Jia-Wei Tang

No abstract is available for this record.

Rangin Lahiri, Subrata Saha, Saikat Chakrabarti

We examined seven factors that shape buyers’ trust in non-fungible tokens (NFTs): authenticity, cost, operational transparency, community behaviour, security, utility and credibility. Through exploratory factor analysis and structural equation modelling, we explore the influence of the factors and subfactors on trust perceptions and levels of confidence of NFT buyers. The results suggest that transparency, cost, community engagement and security measures increase the trust of users, while credibility and utility have little impact. Key point to note, authenticity showed less significant influence on trust, which may be due to the reason of imprecise understanding of the subfactors. The study provides practical recommendations to promote user engagement and loyalty among NFT platforms, focusing on transparency, thorough security audits and active community governance. Ultimately, this research contributes to a deeper understanding of trust dynamics within the rapidly evolving NFT ecosystem.

Bambang Leo Handoko, Arta Moro Sundjaja, Evelyn Hendriana

The rapid rise in cryptocurrency presents both opportunities and challenges for retail investors due to its volatility and technological complexity. Research on investment decisions has primarily focused on behavioural finance, often overlooking how learning and literacy shape investor actions. This study addresses this gap by examining how herding behaviour, financial literacy, and digital literacy impact cryptocurrency investment decisions. Grounded in Social Learning Theory and supported by UTAUT to operationalise digital literacy, this study examines how herding behaviour, financial literacy, and digital literacy shape cryptocurrency investment decisions. We analyse survey data from 138 Indonesian retail investors through PLS-SEM. Key findings show that financial literacy (β = 0.443, t = 5.041) and digital literacy (β = 0.495, t = 4.246) are primary determinants of investment decisions, while herding behaviour (β = 0.016, t = 0.628) does not directly influence them but does so indirectly by enhancing investor literacy. This demonstrates that social observation and learning can convert herd-driven impulses into rational choices when mediated by literacy. By extending Social Learning Theory into digital investment contexts, this study provides insights for investors and policymakers seeking to enhance financial and digital literacy.

Li Shuqi, Chee Weiming

This paper explored how digital transformation and the use of blockchain technology influenced supply chain transparency in pharmaceutical companies operating in emerging Chinese markets. The study incorporated the Technology Acceptance Model (TAM), which facilitated the identification of key aspects such as perceived usefulness, perceived ease of use, attitude, and behavioral intention, along with the mediating variable of self-efficacy. Based on these elements, a conceptual framework was developed, which further aided understanding of the hypothesised relationships examined in the study. Accordingly, a quantitative research design was implemented using a primary data collection method. In the Shanghai pharmaceutical industry, data were collected from a sample of 400 managerial employees. The outcomes of technology integration and transparency were quantitatively examined in relation to one another. The results indicated that blockchain technology and digital transformation enhanced supply chain performance through improved traceability, trust, and efficiency. The study shed further light on the main obstacles to implementation and provided insights for policymakers and industry leaders on improving transparency through advanced digital technologies in China’s expanding pharmaceutical market. The findings confirmed that respondents perceived the synergistic effects of digital transformation and blockchain implementation as having the greatest potential to improve supply chain transparency. Blockchain technology enabled real-time, secure, and distributed immutable ledgers that supported product tracking, counterfeiting prevention, verification of authenticity, and enhanced transparency.

Hazlaili Hashim, Md Shukor Masuod, Marcus Kan Hoe Yin, Khairol Nizat Lajis

No abstract is available for this record.

Priyanga K. K, Josheena Jose

No abstract is available for this record.

Yuyang Zhao, Fernando Bacao, YanLing Li, Ping Dong · 6 authors

Real-World Asset Farm (RWAF) games are an emerging class of blockchain-based applications that tokenize real-world agricultural assets — including land, crops, livestock, and produce — as non-fungible tokens (NFTs), enabling players to engage in both virtual gameplay and tangible financial investment. Despite their growing commercial and academic prominence, the psychological mechanisms underlying individual adoption of RWAF games remain poorly understood. This study develops and empirically tests an integrated adoption model that bridges the Unified Theory of Acceptance and Use of Technology (UTAUT), the Uses and Gratifications Theory (UGT), and a revised Awareness–Interest–Desire–Action (AIDA) framework, reconceptualized as a three-stage cognition–affection–conation process. The model captures users' financial investment perceptions (performance expectancy, effort expectancy, social influence, facilitating conditions, and perceived risks) and gamification perceptions (hedonic, utilitarian, and content gratification) as dual affective pathways that mediate the relationship between technology awareness and behavioral intention. Covariance-based structural equation modeling was applied to survey data collected from 362 respondents in China. Results indicate that awareness is the most influential determinant of adoption intention, operating both directly and indirectly through all affective mediators except social influence. Among the affective constructs, facilitating conditions, content gratification, and utilitarian gratification exert the strongest effects on behavioral intention. Importantly, financial investment perceptions produce stronger mediating effects than gamification perceptions, suggesting that instrumental motivations dominate the adoption calculus for this dual-purpose technology. These findings advance theoretical understanding of adoption processes in technologies that integrate financial and entertainment functionalities and offer actionable guidance for RWAF game developers, marketers, and policymakers seeking to expand user engagement in blockchain-based gaming ecosystems.

Ahmad Alsuwaidi, Irénée Dondjio

No abstract is available for this record.

Michaella Neirou

No abstract is available for this record.

Paul Griffiths, Nuno Fernandes Crespo, Carlos J. Costa

No abstract is available for this record.

D. Susana, V. Srividya, S. Abirami

No abstract is available for this record.

Tarig Khidir Eltayeb

Introduction: The study examined how Distributed Ledger Technology (DLT) can play a role in business ethics and how the ethical conduct of business can help consumers have more confidence in the global supply chain. It further explored how the adoption of Ethical Sourcing Practices (ESP) mediates the relationship between DLT adoption and consumer confidence in the Saudi Arabian context. Methods: A purposive sampling approach was followed in accordance with a positivist approach. In order to gather the information among 355 respondents, an online survey was distributed, and the data have been analysed with the help of partial least squares structural equation modelling (PLS-SEM) in SmartPLS 4.0. Results: The findings of the PLS-SEM established that DLT significantly predicted Ethical Sourcing Practices (0.641, p < 0.001) whereas ethical sourcing practices also had significant and positive impact on perceived consumer trust (0.518, p < 0.001). The direct effect of DLT on perceived consumer trust was significantly positive (β = 0.325, p < 0.001). The model explains 41% of ESP and 59% of trust. Additionally, a significant indirect effect of DLT on perceived consumer trust via ethical sourcing practices was confirmed, indicating partial mediation (β = 0.331, p < 0.001). Conclusion: This research combined model that correlates DLT adoption, ethical sourcing practices, and perceived consumer trust using the TOE and signalling theories. It uses data on multi-industry supply chains from multi-industry surveys (Saudi Vision 2030) to illustrate the capacity of blockchain-enabled sourcing capabilities and turn it into a trust gain. The research involves the cross-sectional survey data, which would allow finding statistical correlations but would not allow to establish the causality. Additionally, the results may not apply to all individuals in the industry.

Xinyi Yang, Nannan Xi, Juho Hamari

The rise of Internet 3.0, the metaverse, and virtual realities is accelerating the shift from a physical economy to one that is digital, decentralized, and globally accessible. While the benefits and detriments of virtual assets like non-fungible tokens (NFTs) have received attention, individuals’ opinions about them remain polarized. This study investigates how personality traits shape users’ perceived value of NFTs. Using survey data from 805 respondents, we examine how the Big Five traits (openness, conscientiousness, extraversion, agreeableness, and neuroticism) are associated with 14 value dimensions spanning technology, art, and product aspects. The findings indicate that perceptions of NFTs vary among users. Of note, individuals high in agreeableness and conscientiousness perceive NFTs more favorably across the spectrum of value dimensions, whereas those high in neuroticism exhibit opposite tendencies. Extraverted individuals are drawn to the subjective norms and financial gains related to NFTs, while those high in openness value their information transparency.

Madhuri Latha Gondi

The growing use of digital payments still depends on centralized intermediaries which raises issues of trust, transaction costs, delays, and vulnerability of the system as a whole. This paper describes the development of a mobile app to implement decentralized payments through blockchain. The proposed system uses a permissioned distributed ledger and smart contracts to facilitate secure, peer-to-peer, and highly independent transactions. This work explain the system's architecture and design reasoning as well as assess the focus on security and performance with respect to transaction latency, scalability, and costs. Data from prototype implementation demonstrates mobile app payments with the proposed solution and a considerable reduction in costs in comparison to traditional payments. This mobile payment solution demonstrated the system to meet transaction latency of mobile payments within the targeted range. This paper identifies issues and obstacles within the domain of decentralized mobile payments such as scalability, regulation, and user acceptance and proposes possible refinements and research opportunities in DeFi. This work enhances the set of blockchain-powered mobile payment systems, adding to the knowledge on the possible use of decentralized systems in the finances of the economy.

Aleksi Heikkilä

The aim of this bachelor’s thesis is to clarify the key similarities and differences between physical and virtual real estate markets, focusing on marketplaces, transaction processes, market participants and value formation. The study is conducted as a literature review comparing the established, nationally regulated practices of traditional real estate markets with the global and still developing structure of blockchain-based metaverse markets. The findings show that although both markets share fundamental value drivers such as location, scarcity and income potential, the mechanisms behind these factors differ significantly. Institutional investors play a stabilizing role in physical markets, whereas metaverse markets remain fragmented and speculative. The results complement existing research and provide practical insights for professionals in both real estate and Web3 environments.

JOSIP HORVAT, ELVIS MUJAČEVIĆ

Purpose – The purpose of this research is to explore the opportunities and barriers related to the use of cryptocurrencies in tourism from the local community’s perspective. Cryptocurrencies are increasingly accepted worldwide, yet their use in tourism consumption remains limited. Evaluating the attitudes and readiness of residents in urban areas, particularly in Zagreb, is essential for assessing the sustainability of digital payment technologies in tourism. Methodology – The research was conducted in Zagreb and its surroundings, with a sample of 484 respondents. A structured questionnaire was used to assess knowledge, perceived security, intention to use, and perceived barriers and incentives regarding cryptocurrency usage in tourism. Data analysis involved descriptive statistics and Pearson’s Chi-square test to examine relationships between key variables and sociodemographic factors. Findings – The results indicate limited awareness about cryptocurrencies, with more than 75% of respondents being completely unfamiliar or only superficially familiar with the topic. A small percentage currently uses cryptocurrencies, but there is substantial conditional willingness for future usage, particularly if regulatory, educational, and security issues are addressed. Statistically significant gender differences were observed in perceived awareness and trust in Bitcoin systems, with men exhibiting higher levels of awareness and trust compared to women. Contribution – This study provides valuable insights into local community readiness for cryptocurrency usage in tourism, highlighting the significance of education, trust, and regulatory frameworks. The findings can serve as a foundation for policymakers, tourism stakeholders, and digital innovators to develop strategies for the effective integration of cryptocurrencies into tourism economies.

Ho Yeol Yu, Kyu-soo Chung, Anthony D. Pizzo, Sangwon Na · 5 authors

Digital assets have garnered widespread attention for their potential to generate revenues. Grounded in innovation diffusion theory, this study investigated the adoption behavior of esports consumers as it pertains to the application of digital assets, especially non-fungible tokens (NFT) in-game items (i.e., virtual skins and items). The purpose of this study was to explore the relationships among innovation adoption, esports identification, and purchase intentions. With a sample of 309 esports gamers, confirmatory factor analysis and structural equation modeling were performed to test the measurement and hypothesized paths using R-Studio. The results revealed that the innovation adoption of digital assets had a significant impact on purchase intentions. In addition, esports identification was positively associated with purchase intentions, and the moderating effect of esports identification was identified. This novelty of digital assets such as NFTs and their increasing popularity in digital culture will continue to shift public perceptions of digital assets in esports industries. This study has originality and value in that it sheds light on the impact of the adoption behavior of esports consumers in relation to NFT-based in-game items.

Deepak Gupta, Rambhateri, Tulsi Rani

No abstract is available for this record.

Perboli Guido, Simionato Nadia, Vandoni Chiara

This paper investigates how Web3 technologies, such as blockchain, NFTs, and the metaverse, can drive Business Model Innovation (BMI) by enabling new forms of value creation, delivery, and capture. While the strategic potential of Web3 has been widely discussed, there remains a lack of operational tools to guide its implementation in real-world business contexts. To address this gap, we introduce the Web3 Value Exploitation De sign Model (Web3 VEDM), a step-by-step framework grounded in the GUEST methodology. The model is designed to support engineering managers in assessing Web3 readiness, aligning stakeholders, and developing decentralized business models. The framework is empirically validated through a real-world case study in the agri-food sector, offering actionable insights into how organizations can leverage Web3 to transition from centralized to decentralized, participatory ecosystems. The study contributes both theoretically and practically by bridging the gap between conceptual exploration and structured application of Web3 in business transformation.

Hsi‐Peng Lu, Ya-Yuan Ku, Kuo‐Lun Hsiao, Wadee Alhalabi

With the rise of blockchain and decentralized technologies, doubts about traditional financial institutions' efficiency have increased. Meanwhile, Web3 offers transparency, security, and autonomy. However, the existing literature overlooks role the role of doubt as a push factor while focusing on the positive effects of trust. Moreover, the role of crypto wallets as a mooring factor remains underexplored. This study applies push-pull-mooring theory to examine Web3 literacy, trust in machines, doubt in institutions, and switching costs. Data were collected from 165 survey respondents. The results indicate that Web3 literacy increases doubt in traditional institutions but does not significantly affect trust in Web3. Additionally, switching costs moderate the relationship between Web3 literacy and doubt. When switching costs are low, doubt rises significantly. This study provides a new perspective on Web3 adoption, showing doubt's push effect and the role of push-pull mooring in migration, thus addressing gaps in the literature. Furthermore, the findings highlight how decentralized finance's trust mechanism is evolving, offering insights for Web3 adoption.

M Dhinesh, A. Karthik, Abdur Rahim M, S. AARYA · 6 authors

The rapid expansion of India's e-commerce ecosystem has led to a corresponding rise in consumer grievances, data privacy violations, and non-compliance with statutory norms. Although the Consumer Protection Act, 2019 and the Consumer Protection (E-Commerce) Rules, 2020 mandate transparent disclosures, grievance redressal mechanisms, and seller accountability, enforcement remains inconsistent due to the centralized nature of compliance systems. This paper outlines a proposal of a Blockchain-Driven Compliance Model (BDCM) based on permissioned blockchain infrastructure, smart contracts, and zero-knowledge proofs to guarantee automated, auditable, and enforceable legal compliance. The architecture has the main legal points in smart contracts, including Rule$4(4)$on product disclosure, Rule 5(3) on record retention, and Rule 6(3) on seller liability, and a compliance scoring/alerts system to dynamically monitor the trust is provided. The outputs of simulations on Hyperledger Fabric show that the compliance will be substantially enforced. Most legal clauses had a success rate of$\geqslant 97.5$and grievance redressal time was also lowered by 75 and consumer satisfaction increased to 94.7. The over-95% privacy index trust index guaranteed privacy of the model through the use of the zero-knowledge consent verification algorithm to guarantee privacy of the model among the users who had tested the model. Moreover, the compliance scores successfully ranked sellers according to their legal conduct allowing a proactive suspension and warning of the potential high risk entities. To sum up, the BDCM framework provides a legal-tech interface between legal requirements and technical implementation, which can be transparent, auditable, and trusted.

Christian Zeiß, Lisa Straub, Maximilian Greiner, Marcel Neis · 7 authors

Purpose To promote acceptance of blockchain-based investment options and enhance confidence for new investors, the market must become more comprehensible and accessible to the broad masses. This requires transparency to build trust in web-based intermediaries, particularly given the multitude of websites that often advertise unrealistic returns in the crypto sector. Consequently, intermediaries within the decentralized finance ecosystem need to be clearly identified and categorized to facilitate mass-market adoption. Design/methodology/approach We employ a six-iteration taxonomy approach, establishing a data foundation through literature reviews, expert interviews and document analysis of 50 intermediaries. Archetypes are derived using a hierarchical clustering algorithm. Finally, a survey is conducted to evaluate the taxonomy and the archetypes. Findings The taxonomy encompasses three meta-characteristics (functionality, architecture, security) and 63 characteristics. Furthermore, the research findings reveal six archetypes of blockchain-based investment intermediaries, demonstrating significant discrepancies between them, particularly in terms of financial features and governance structures. Given the complexity of crypto intermediary platforms for novice users, the findings underscore the need to implement technology-based and institutional-based trust mechanisms, improve risk assessment and enable informed decision-making. Originality/value By increasing market transparency and fostering trust, this study contributes to the acceptance and adoption of blockchain-based financial intermediaries, drawing on the diffusion of innovation theory. The proposed taxonomy, particularly its dimensions, specifically addresses the requirements of both technology-based and institution-based trust, which are critical for crypto investments. Moreover, the findings emphasize the importance of educational resources and communicated trust features in strengthening user confidence and facilitating broader market participation.

Mihai Alexandru Firu, Marius Dalian Doran, Sorana Vătavu, Nicoleta Mihaela Doran

No abstract is available for this record.

Bambang Leo Handoko, Arta Moro Sundjaja, Dezie Leonarda Warganegara

The phenomenon of resistance to blockchain technology adoption as an underlying distributed ledger technology independent of cryptocurrency has been widely studied in institutional and auditing contexts, but relatively little attention has been given to its rejection among retail investors. While blockchain is the foundation of cryptocurrencies, paradoxically, some investors exhibit hesitation or resistance toward its broader applications due to perceived risks, uncertainty, and psychological barriers. This paper adapts Innovation Resistance Theory (IRT) to investigate resistance to blockchain among cryptocurrency investors. The research employed a descriptive quantitative approach using primary data collected through questionnaires distributed to auditors working in various public accounting firms. The data were analyzed using the Structural Equation Modeling technique with the Partial Least Squares (SEM-PLS) method to test the hypothesized relationships. The findings highlight that inertia, perceived susceptibility to threats, and threat severity significantly influence resistance. In contrast, threat of data ownership and switching costs appear to have weaker effects. Understanding these barriers is essential for designing better adoption strategies and building investor trust in blockchain ecosystems. Beyond its empirical findings, this study extends IRT by contextualizing psychological and functional barriers within cryptocurrency investment behavior, integrating behavioral finance and technology resistance perspectives.