Blockchain Papers

Hayet Soltani, Mouna Boujelbène Abbes

No abstract is available for this record.

Ran Wu, Jiale Yan, Cem Işık

No abstract is available for this record.

Naveed Aslam, Wanping Yang, Rabia Saeed

This study applied the Spatial Durbin model (SDM) to examine the regional impact of fiscal federalism on green financing and environmental quality in China between 2000 and 2020. Using principal component analysis (PCA) in STATA, the environmental quality index and green financing (GF) model were created. The fully modified ordinary least squares (FMOLS) and dynamic panel ordinary least squares (DOLS) approaches were used to assess the baseline model’s robustness. The findings indicate that there is a beneficial and noteworthy impact on environmental quality from the decentralization of fiscal expenditure and GF. Moreover GF is positively and significantly correlated with green technological innovation (GTI) and fiscal decentralization (FD), both of which are identified as GF accelerators. The association between the environment and the interaction impact of GF and green technology (GT) is favorable and noteworthy. Based on this study, the Chinese Government should expedite the decentralization process to improve GF and, eventually, environmental quality. Fiscal expenditure decentralization (F.DE) and GT play a significant role in promoting environmentally friendly technologies, optimal energy use, and innovations in the effort to create the least polluting economy.

Yulian Zhang, Shigeyuki Hamori

No abstract is available for this record.

Leila Hedhili Zaier, Syrine Ben Romdhane, Yasmine Jamezi

This article investigates the dynamic connectedness between non-fungible tokens (NFTs), cryptocurrencies and conventional currencies using an innovative approach to R 2 decomposition. We test volatility spillovers and the transmission of shocks across assets by decomposing the connectedness into its contemporaneous and lagged components. The database ranges from March 2020 to December 2023, considering several global situations: the COVID-19 pandemic, the 2021 cryptocurrency bubble, the war in Ukraine and the crash of cryptocurrencies in 2022. Our results suggest that the cryptocurrency and NFTs markets are the primary net volatility emitters, having a significant and immediate impact on the traditional currency market. In contrast, most traditional currencies act as net receivers, primarily adopting a shock-absorbing behaviour rather than shock transmission. The results show that the majority of volatility spillovers are contemporaneous, accompanied by small lagged effects. This research provides important insights into the increasingly essential role of digital assets in the global financial system, particularly regarding their influence on volatility transmission between markets.

Hanen Ben Ameur, Fouad Jamaani, Mohammed N. Abu-Alfoul

This study investigates the co-movements between prominent financial assets-crude oil, natural gas, gold, and Bitcoin-and uncertainty indices, including the Infectious Disease Equity Market Volatility Tracker (IDEMV) and the Geopolitical Risk Index (GPR), from January 2017 to January 2023. By employing advanced wavelet techniques-Wavelet Power Spectrum (WPS), Bi-Wavelet Coherence (WCA), Multiple Wavelet Coherence (MWC), and Partial Wavelet Coherence (PWC)-we analyze their time- and frequency-dependent responses to market shocks. The results reveal that Bitcoin and WTI exhibit time-varying sensitivity to IDEMV, particularly at short- and medium-term frequencies, highlighting their vulnerability to health-related crises like COVID-19. In contrast, gold and natural gas respond more strongly to GPR, with gold demonstrating a long-term leading role during geopolitical uncertainties, while Bitcoin and WTI lead in health-related shocks. The Russia-Ukraine conflict further amplified GPR's impact on Bitcoin and increased natural gas's vulnerability to geopolitical disruptions. These findings underscore the need for tailored strategies to address health and geopolitical risks. Policymakers should enhance crisis-response frameworks for Bitcoin and crude oil, while investors can reduce uncertainty by diversifying portfolios with resilient assets like gold and natural gas.

Sabbor Hussain, Jo-Hui Chen

No abstract is available for this record.

Kai‐Hua Wang, Xin-Yu Jiang, Xin Li

Research background: In today’s digital age, traditional environmental, social, and governance (ESG) development paths are gradually facing challenges, including from digital technologies. In particular, the potential roles of artificial intelligence (AI), cloud computing (CC), and blockchain (BC) in the ESG market have not been fully explored. Purpose of the article: This study explores the deep integration of digital technology and ESG by evaluating the correlation and spillover effects among AI, CC, BC, and eight global ESG indices. Methods: This study explores the spillovers between AI, CC, BC, and eight global ESG indices by cross-quantilogram and quantile time-frequency connectedness approaches. Findings & value addition: The lower quantile of ESG returns has a weak positive (strong negative) correlation with the lower (upper) quantile of digital technology. Next, the spillover effects vary with time, frequency, and quantile levels. Meanwhile, the North America and Asia-Pacific developed ESG indices serve as the transmitter and receiver of spillover effects, respectively. Furthermore, the dependence between digital technology and ESG returns is insignificant before the COVID-19 crisis but increases after it. This quantile-dependent asymmetry fundamentally challenges linear assumptions prevalent in current ESG-technology integration theories. Overall, this study contributes by integrating AI, CC, BC, and ESG into a unified framework, and analyzing their interaction mechanisms. Furthermore, it dynamically analyzes the asymmetry over long and short-term horizons, and highlights the hedging role of digital technology in stabilizing ESG markets. Moreover, we provide novel insights about the interconnectedness between these markets, offering valuable guidance on risk management. Consequently, regulators should urgently explore the development of digital asset-based ESG derivatives as targeted risk mitigation tools. Positioned at the cutting-edge, this work sets a methodological benchmark for analyzing non-linear, frequency-sensitive interdependencies within the rapidly evolving ESG-digital nexus, transforming the theoretical framework from static linearities to dynamic non-linearities. Finally, this study proposes some reasonable suggestions, including raising risk awareness, promoting digital transformation, building integration and innovation platforms, and leveraging ESG’s diffusion role.

Xiaoli Gong, Xueting Wang

As the relationship between cryptocurrency mining activities and electricity consumption becomes increasingly close, the risk spillover effect is steadily drawing a lot of attention to the energy and cryptocurrency markets. For the purpose of studying the risk contagion between the cryptocurrency and energy market, this paper constructs a risk contagion network between cryptocurrency and China's energy market using complex network methods. The tail risk spillover effects under various time and frequency domains were captured by the spillover index, which was assessed by the leptokurtic quantile vector autoregression (QVAR) model. Considering the spatial heterogeneity of energy companies, the spatial Durbin model was used to explore the impact mechanism of risk spillovers. The research showed that the framework of this paper more accurately reflects the tail risk spillover effect between China's energy market and cryptocurrency market under various shock scales, with the extreme state experiencing a much higher spillover effect than the normal state. Furthermore, this study found that the tail risk contagion between cryptocurrency and China's energy market exhibits notable dynamic variation and cyclical features, and the long-term risk spillover effect is primarily responsible for the total spillover. At the same time, the study found that the company with the most significant spillover effect does not necessarily have the largest company size, and other factors, such as geographical location and business composition, need to be considered. Moreover, there are spatial spillover effects among listed energy companies, and the connectedness between cryptocurrency and the energy market network generates an obvious impact on risk spillover effects. The research conclusions have an important role in preventing cross-contagion of risks between cryptocurrency and the energy market.

Cui-Ping Wen, Kai‐Hua Wang, Chi‐Wei Su, Xin Li · 5 authors

This study examines the impacts of bitcoin price (BTP), crude oil price (COP), and economic policy uncertainty (EPU) on China’s green bonds (GBs) in a period from 2014: M10 to 2024: M04 using the quantile autoregressive distributed lag model. Results demonstrate that BTP and EPU positively and negatively affect GBs in the long-term across all quartiles, respectively, while COP enhibits insignificance. In the short-term, all variables positively affect GBs and are concentrated in the low quantiles. This study constructs a multivariate framework to explore financial linkages across markets and examines variable interactions, enriching the theoretical framework of the GB market.

Shafique Ur Rehman, Desheng Wu

No abstract is available for this record.

Mahsa Bashari, Saleh Ghavidel, Mehdi Fathabadi, Masoud Soufimajidpour

This study examines the environmental impact of cryptocurrency mining, specifically its contribution to CO2 emissions , in nine countries that account for 90% of global mining: the United States, China, Russia, Canada, Germany , Malaysia, Kazakhstan, Ireland, and Iran. Utilizing monthly panel data from 2019 to 2022 across nine countries and applying both pooled and fixed effects econometric techniques, the analysis reveals that ”energy intensity” (the amount of energy used to produce a unit of GDP), as a moderator variable, influences the effect of cryptocurrency mining on CO2 emissions. Specifically, in countries where the annual energy intensity growth rate is greater than − 6 % , cryptocurrency mining tends to result in higher CO 2 emissions. Conversely, in countries with a growth rate of energy intensity below -6%, cryptocurrency mining results in lower CO2 emissions. The findings indicate that all nine countries experience a positive impact on CO2 emissions, albeit to varying degrees. The countries are categorized into three groups based on their performance: underperformers (Russia, the United States, Canada), neutral-effect countries (Iran, Kazakhstan, China), and positive performers (Ireland, Germany, Malaysia). This research underscores the urgent need for sustainable practices in cryptocurrency mining to mitigate its environmental effects.

Zekai ŞENOL, Bahri Fatih Tekin

This study examines the dynamic connectedness between Bitcoin and various financial assets, including the stock market, gold, oil, bonds, and exchange rates, as well as explores portfolio strategies involving these assets. The study covers the period from January 2, 2015, to March 1, 2024. The quantile connectedness approach and portfolio strategies are utilized in the analysis. The findings are as follows: Intermarket volatility spillover significantly increases under extreme conditions. Bitcoin emerges as a transmitter during bullish markets and acts as a receiver in bearish and normal market conditions. Gold serves as a receiver in extreme conditions and a transmitter in normal conditions. Unlike gold, oil acts as a transmitter under extreme conditions and functions as a receiver under normal conditions. Among the fundamental markets, the stock market is the most significant shock transmitter. In risk-mitigating portfolios, the proportion of Bitcoin is low, while the proportions of gold and the dollar index are high. Bitcoin has been found to have low hedging properties. <br />Implications for Central European Audience: Since the emergence of Bitcoin in 2008, the cryptocurrency market has developed rapidly. Bitcoin and cryptocurrencies have come to occupy an important place in financial markets in terms of value and volume. Bitcoin can affect portfolio management in the financial system in terms of diversification, hedging, risk management, portfolio strategies, and linkages between financial assets. This study investigates the linkages, hedging and portfolio strategies between Bitcoin and the stock market, gold, oil, bond and exchange rate markets. The results of the study are important for portfolio managers, risk managers, financial analysts and economic managers.

Xiaoguang Zhou, Xueyao Guo, Yanan Chen

No abstract is available for this record.

Ngô Thái Hưng

No abstract is available for this record.

Sami Mejri, Francisco Jareño, Nasir Khan, Arturo Leccadito

This study examines the impact of geopolitical risk (GPR) on black and green cryptocurrencies during crisis times, focusing on their potential as hedging instruments and safe havens. Using daily data on nine cryptocurrencies (Bitcoin, Ethereum, Binance, Litecoin, Ripple, EOS, IOTA, Stellar and Tezos) and the Geopolitical Risk Index from January 3rd, 2019, to January 20th, 2025, the research employs a Regime-Switching Global Vector Autoregressive (RSGVARX) model and a quantile-on-quantile (QQ) approach to capture heterogeneous responses across market states and quantiles. In addition, the Dynamic Conditional Correlation (DCC) GARCH copula and Dynamic Gerber Correlation (DGC) models assess the hedging effectiveness and optimal portfolio weights of various cryptocurrency pairs. The study uniquely combines the RSGVARX and QQ methods to provide a comprehensive understanding of the dynamic interactions between GPR and cryptocurrency returns and introduces robust portfolio optimisation analysis using advanced econometric models. The results show that the impact of GPR on black cryptocurrencies is generally negative and statistically insignificant in Regime 1, with mixed effects in Regime 2, while green cryptocurrencies show similar heterogeneous responses. Several cryptocurrencies show resilience to GPR shocks in certain scenarios, highlighting their potential as reliable assets in times of geopolitical instability. The portfolio optimisation analysis identifies Bitcoin paired with Ethereum, Binance and Litecoin as the most effective combination for hedging throughout the sample period and during the stressful Russia-Ukraine war and Israeli-Palestinian conflict. These results suggest that investors should consider market states and transition probabilities when developing portfolio strategies involving cryptocurrencies, providing valuable insights for managing risk and ensuring financial stability during geopolitical crises.

Cengizhan Karaca

The aim of this study is to reveal the dynamics between climate policy uncertainty (CPU) and S&amp;P Global Carbon Credit Index (CARBON), S&amp;P Cryptocurrency DeFi Index (DeFi), and WilderHill New Energy Global Innovation Index (NEX) using data from December 2017 to March 2024 in the US. Fourier Bootstrap ARDL, Fourier Bootstrap quantile causality, and KRLS methods are used in the study. The findings reveal that there is a negative relationship between the CARBON and the CPU index in the long term. Although the DeFi does not have a statistically significant effect in the long term, it reveals that it has a negative effect on the CPU index in the short term. In contrast, the NEX has a positive relationship with the CPU index in both the short and long term. Moreover, there is a U-shaped non-linear relationship between the NEX and the CPU index, which weakens in moderate climate uncertainties and strengthens again in high uncertainty. Considering the causality results, there exists a causality from CARBON to CPU in the 2nd, 3rd, and 4th quantiles, and from CPU to CARBON in the 2nd and 3rd quantiles. Additionally, there is a causality from DeFi to CPU in the 8th quantile and from CPU to DeFi in the 1st quantile. Finally, there is a causal relationship from NEX to CPU in the 2nd, 3rd, 4th, and 5th quantiles and from CPU to NEX in the 9th quantile.

Halilibrahim Gökgöz, Rihab Belguith, Azza Béjaoui, Ahmed Jeribi

No abstract is available for this record.

Walid Mensi, Houssem Eddine Belghouthi, Sami Al Kharusi, Sang Hoon Kang

No abstract is available for this record.

Emre Ünal, Nezir Köse

ABSTRACT This research examined the connection between Bitcoin, the prominent and extensively mined cryptocurrency, and CO 2 emissions using the SVAR model. Azerbaijan, Kazakhstan, and Russia, the three main countries in the Caspian Basin that are the centre of cryptocurrency mining, were examined in terms of their primary industries. The variance decomposition analysis indicated that the Bitcoin price had the most significant explanatory role in CO 2 emissions released by Oil and Natural Gas industry in Azerbaijan. When it comes to the CO 2 emissions that were emitted by the Petroleum Refining‐Manufacture of Solid Fuels and Other Energy industry, as well as Manufacturing Industries and Construction, the Bitcoin price had the most important effect in Kazakhstan. There was a significant contribution made by Bitcoin to the CO 2 emissions that were emitted by the Manufacturing Industries and Construction in Russia. The impulse response functions illustrated a strong association between Bitcoin and CO 2 emissions. However, in contrast to existing research, this relationship was found to be negative. The increase in energy usage during Bitcoin price falls can be attributed to the need to compensate for losses, particularly in the mining process. To diminish this connection, the dependence of the cryptocurrency on fossil fuels must be minimised.

Marsela Thanasi-Boçe, Julian Hoxha

Blockchain technology (BT) is increasingly recognized as a transformative digital infrastructure for advancing environmental, economic, and social sustainability. However, academic research on its sustainability potential remains fragmented, with limited integration of theoretical models, sector-specific applications, and system-level impacts. This study addresses these gaps by conducting a systematic literature review of 131 peer-reviewed articles published between 2015 and early 2025, guided by the PRISMA 2020 framework. The analysis is structured around the three pillars of sustainability, exploring the mechanisms through which blockchain enables transparent governance, ethical consumption, resilient infrastructure, and inclusive development. Anchored in Institutional and Stakeholder theories, the review develops an integrative dual-framework that overlays four technical components of BT (data, network, consensus, and application) onto institutional pressures and stakeholder-engagement dynamics. The framework shows how BT enhances resource efficiency, supply-chain traceability, and social inclusion across sectors such as renewable energy, agriculture, healthcare, education, and logistics. The study makes two principal contributions. First, it unifies previously dispersed findings into a holistic model that links BT’s technical capabilities with organizational and societal conditions. Second, it provides actionable guidance: policymakers should harmonize cross-border standards and incentivize energy-efficient consensus protocols, while managers should co-design stakeholder-inclusive pilots to scale sustainable BT solutions. Collectively, these insights map a research and practice agenda for leveraging blockchain to accelerate progress toward the Sustainable Development Goals.

Hung Ngo Thai, An Nguyễn Khánh

Nghiên cứu nhằm mục tiêu phân tích mối liên hệ giữa thị trường Non-Fungible Tokens (NFT-Coin) và thị trường chứng khoán Việt Nam (chỉ số VNI) trong giai đoạn 2019-2024 bằng dữ liệu tỷ suất lợi nhuận theo ngày. Để thực hiện mục tiêu nghiên cứu, nhóm tác giả sử dụng phân tích Wavelet và kiểm định nhân quả để tiếp cận mối liên hệ trên bằng phân tích tương quan - nhân quả trên các miền tần số khác nhau. Kết quả nghiên cứu cho thấy, tồn tại tương quan thấp giữa biến động NFT-Coin và chỉ số VNI với hệ số tương quan chủ yếu dao động trong khoảng từ -0,2 đến 0,2). Trong đó, tồn tại sự gắn kết yếu giữa NFT-Coin và chỉ số VNI trên miền tần số (2-16) ngày và chặt chẽ hơn trên miền tần số (16-32) ngày. Sau đó, kiểm định nhân quả phi tuyến chỉ ra rằng việc dự báo biến động chỉ số VNI bằng biến động của các NFT-Coin là rất hạn chế trên miền tần số (2-8) ngày trong cả giai đoạn và trên tất cả miền tần số trong giai đoạn xung đột Nga - Ukraine.

Furkan Ahmad, Ameni Boumaiza, M. Süha Yazici, Nevin Taşaltın · 5 authors

This paper suggests a blockchain-enabled e-trade platform for renewable energy for encouraging sustainability, equity, and efficiency in the energy market. The platform makes use of smart contracts and distributed ledger technology to ensure transparent, decentralized, and automated transactions. It incorporates IoT devices to support real-time energy measurement, saving administrative costs and improving accessibility. The study is carried out with specific focus on Qatar and Turkey to assess the viability of the platform, reviewing regulatory, scalability, and infrastructure issues. Furthermore, it estimates economic and technical viability under varying green finance mechanisms based on considerations such as carbon credits, incentives to energy trade, and monetary measures such as Net Present Value, Internal Rate of Return, Payback Period, and Levelized Cost of Energy.

Licheng Zhang, Shengtao Luo

No abstract is available for this record.