Purpose Blockchain is a distributed ledger technology that uses cryptography to ensure transmission and access security, which provides solutions to numerous challenges to complex supply networks. The purpose of this paper is to empirically test the impact of blockchain implementation on shareholder value varying from internal and external complexity from the complex adaptive systems (CASs) perspective. It further explores how business diversification, supply chain (SC) concentration and environmental complexity affect the relationship between blockchain implementation and shareholder value. Design/methodology/approach Based on 138 blockchain implementation announcements of listed companies on the Chinese A-share stock market, the authors use event study methodology to evaluate the impact of blockchain implementation on shareholder value. Findings The results show that blockchain implementation has a positive impact on shareholder value, and this impact will be moderated by business diversification, SC concentration and environmental complexity. In addition, environmental complexity exerts a moderating effect on SC concentration. In the post hoc analysis, the authors further explore the impact of blockchain implementation on long-term operational performance. Originality/value This is the first research empirically examining the effect of blockchain implementation on shareholder value varying from internal and external complexity from the CASs perspective. This paper provides evidence of the different effects of blockchain implementation on short- and long-term performance. It adds to the interdisciplinary research of information systems (IS) and operations management (OM).
Abstract The transition to a circular supply chain (CSC) is a prerequisite to establish sustainability in the supply chain. Blockchain‐based CSC enables stakeholders to effectively manage their decision‐making processes, increase revenue, reduce time and costs and ensure information synchronisation. Blockchain start‐ups play an essential role in facilitating the transition from a linear to a circular economy while supporting the development of CSCs. This research aims to explore the role of blockchain entrepreneurship in the transition to CSC by evaluating circular blockchain start‐ups. This research contributes to the literature by providing verified roles of blockchain entrepreneurship in the transition to CSC by evaluating the literature and blockchain start‐ups. Another contribution is that the causal relationships between these roles are analysed. In this study, an integrated three‐step methodology including Systematic Literature Review (SLR), Qualitative Comparative Analysis (QCA), and Fuzzy Decision‐Making Trial and Evaluation Laboratory (Fuzzy‐DEMATEL) methods on the base of the theory of change is proposed. An SLR is performed to determine the roles of blockchain entrepreneurship. Then, a QCA is conducted after identifying the roles for verification by evaluations of use cases of blockchain start‐ups. Finally, the causal relationships between these roles are interpreted by using Fuzzy‐DEMATEL. Findings indicate that blockchain entrepreneurship has 12 fundamental roles in facilitating the transition from a linear to a circular economy while supporting the development of CSCs.
Pierluigi Gallo, Eleonora Riva Sanseverino, Giuseppe Sciumè, Gaetano Zizzo
This paper outlines the European perspective on circularity in the energy sector and details how blockchain could support it. Moreover, while the need for raw materials and e-fuels is increasing (due to the economic, industrial, and societal ecological transformation to slow down the pace of climate change), their supply becomes more and more risky. Therefore, technologies to support tracing and certification are in the spotlight. To achieve resilience to new threats, Europe is focusing on circularity in all fields. Circularity requires the tracing of substances and devices, food, and products, to retrieve and recycle as much as possible. Besides the need to limit the exploitation of the planet’s resources and thus stay within the planetary boundaries, circularity is tightly connected to strategic dependencies on highly unstable or politically distant countries. This issue is further aggravated by the Russia-Ukraine crisis. Digital technologies, like Distributed Ledger Technologies, can well support the implementation of circularity in many fields. The paper identifies challenges and proposes potential solutions related to the implementation of circularity. It also explores the application of circularity principles in the energy sector, with a focus on energy communities. Energy communities involve local stakeholders coming together to generate, consume, and manage renewable energy collectively. Overall, the paper provides insights into the European perspective on ecological transition, highlighting the importance of systemic transformation, resilience, and circularity in addressing climate change and achieving sustainability goals. It explores the role of digital technologies, such as Distributed Ledger Technologies (DLTs), in supporting circular practices and discusses specific applications in the energy sector.
The new generation of digital intelligence technology enables knowledge creation, dissemination, and application to undergoing parallel changes. Scientific systems face an increasingly uncertain, diverse, and complex environment, making adopting multidisciplinary, interdisciplinary, and transdisciplinary approaches to research issues inevitable. Existing scientific systems follow linear value streams, leading to problems, such as inefficiency, unfairness, and knowledge monopoly. Decentralized science (DeSci) is a new scientific development paradigm based on Web3, Metaverses, and decentralized autonomous organizations and operations (DAOs) technologies, that can solve organizational and management problems in scientific systems through organizing, coordinating, and executing techniques. However, new economic theories and methods are still needed to effectively solve the problem of linear value flow in scientific systems. Metaeconomics based on the parallel intelligence theory, also known as decentralized economics (DeEco), provides a new approach and idea for redesigning the economic system of scientific markets. Thus, this article proposes a research framework and core mechanisms of DeSci MetaMarkets based on parallel economic theory to provide effective and practical methodologies for scientific system governance.
<strong>Purpose: </strong><em>With the emergence of Online Purchasing, Product Identification is an essential model that allows the seller to add a product to a decentralized platform such as Blockchain and allows buyers to purchase the product from the decentralized platform. Fraud products, counterfeiting, and duplication are the current marketplace's major problems. This aims to develop a system for verifying product identification with their information, ownership, and validity detail.</em> <strong>Design/Methodology/Approach: </strong><em>The proposed system applies Extreme Programming (XP) to reduce the risk caused by the fixed-time project using new technology and thus the final project could be delivered in time. Solidity and metamask being new technologies were unstable and to adopt the changes, the agile development model was the best through ABI and the bytecode are deployed into the Ethereum Blockchain.</em> <strong>Findings/Result: </strong><em>This system maintains the buyers, sellers, and product details in a decentralized blockchain platform. This research details the entire product development process from planning, analysis, design, implementation, and testing for systematic online purchasing. Verifying the product ownership and its information to get the original product is the major difficulty in this space, but this research systematically solves some of those problems. This signifies an improvement in the current centralized way of purchasing goods online, where the information remains as it is entered by the seller while listing the product in Nepal and developing countries context.</em> <strong>Originality/Value: </strong><em>The study has produced a decentralized, reliable, secure, and third-party independent marketplace for buying and selling products for fraud free market.</em> <strong>Paper Type: </strong><em>Research paper</em>
Fernando Henrique Antunes de Araujo, Leonardo H.S. Fernandes, JOSÉ W. L. SILVA, Kleber E. S. Sobrinho · 5 authors
Abstract This paper has investigated the predictability of the top ten cryptocurrencies’ price dynamics, ranked by their daily market capitalization and trade volume, via the information theory quantifiers. Our analysis considers the Complexity-entropy causality plane to study the temporal evolution of the price of these cryptocurrencies and their respective locations along this 2D map, bearing in mind after and during the Russia-Ukraine war. Moreover, we apply the permutation entropy and the Jensen-Shannon statistical complexity measure to rank these cryptocurrencies similarly to a complexity hierarchy. Our findings reflect that the Russian-Ukraine war affects the informational efficiency of cryptocurrency dynamics. Specifically, the cryptocurrencies notably showed a decrease in informational inefficiency (USD-coin, Binance-USD, BNB, Dogecoin, and XRP). At the same time, the cryptocurrencies with more expressiveness for the financial market, considering the volume traded and the capitalized market, were strongly impacted, presenting an increase in informational inefficiency (Tether, Cardano, Ethereum, and Bitcoin). It clarifies the potential of cryptocurrencies to mitigate exogenous shocks and their capability to use with portfolio selection, risk diversification and herding behaviour.
Industry 4.0 is the current and developing environment which has led to the evergrowing use of disruptive technology in all areas of life, including finance and investment.Cryptocurrency appeared on the surface of capital markets in 2008, as one of the greatest innovations of our century.The study shows that cryptocurrencies have their own niche in payment systems; they are highly competitive and dependable financial instruments.The growth dynamics of cryptocurrency market capitalization in the world makes Bitcoin the most successful example of the use of virtual currency in the information economy.Our country's economy should follow the path of innovation in finding solutions to a number of technical, economic and legal issues concerning the development of the cryptocurrency market in India through involving the experience of the leading countries.The study also assesses how the financial industry uses Cryptocurrency to enhance the efficiency and wealth of investors as the alternative for the traditional investment avenues.Cryptocurrency has an enormous propensity to improve an investor's risk-yield profile.The paper substantiates opportunities and perspectives for the development of the future of Indian cryptocurrency market.
This research paper explores the relationship between the global economic policy uncertainty index (GEPU) and Ethereum price.By employing the Hodrick-Prescott Filter Decomposition, the price of Ethereum is decomposed into a trend component, which reflects the increasingly wide usage, and the cyclical component, which shows its character as a safe haven asset and a speculative financial asset.By examining the relationship between the GEPU and the cyclical component of Ethereum, I find that GEPU Granger causes cyclical Ethereum, and they have a cointegration relationship.Their error correction models also demonstrate that cyclical Ethereum responds in the short-run to changes in GEPU and deviations from long-run equilibrium.The dynamics make the cyclical Ethereum converge towards their long-run equilibrium relationship.
Fernando Henrique Antunes de Araujo, Leonardo H.S. Fernandes, JOSÉ W. L. SILVA, Kleber E. S. Sobrinho · 5 authors
This paper has investigated the predictability of the top 10 cryptocurrencies’ price dynamics, ranked by their daily market capitalization and trade volume, via the information theory quantifiers. Our analysis considers the Complexity-entropy causality plane to study the temporal evolution of the price of these cryptocurrencies and their respective locations along this 2D map, bearing in mind after and during the Russia–Ukraine war. Moreover, we apply the permutation entropy and the Jensen–Shannon statistical complexity measure to rank these cryptocurrencies similarly to a complexity hierarchy. Our findings reflect that the Russian–Ukraine war affects the informational efficiency of cryptocurrency dynamics. Specifically, the cryptocurrencies notably showed a decrease in informational inefficiency (USD-coin, Binance-USD, BNB, Dogecoin, and XRP). At the same time, the cryptocurrencies with more expressiveness for the financial market, considering the volume traded and the capitalized market, were strongly impacted, presenting an increase in informational inefficiency (Tether, Cardano, Ethereum, and Bitcoin). It clarifies the potential of cryptocurrencies to mitigate exogenous shocks and their capability to use with portfolio selection, risk diversification and herding behavior.
This study examines dynamic connectedness linkages between precious metals, manufacturing metals, oil, natural gas, and Bitcoin. The Quantile-VAR methodology is utilised to identify causal spillovers from 2015 through 2022, where results demonstrate significantly stronger pairwise connectedness at extreme quantiles, where the gold-silver and copper-oil pairs exhibit the strongest linkages. Additionally, the overall dynamic connectedness is higher at the lowest and highest quantiles, particularly reinforced during inflationary periods. Copper is identified as the strongest generator of spillovers, followed by silver, nickel, and zinc. There are mixed findings when analysing gold and aluminium, whereas oil, natural gas, and Bitcoin are identified as net receivers. This study provides insight into commodities and cryptocurrency markets’ diversifying and hedging abilities during alternative economic and financial conditions.
Economic systems play pivotal roles in the metaverse. However, we have not yet found an overview that systematically introduces economic systems for the metaverse. Therefore, we review the state-of-the-art solutions, architectures, and systems related to economic systems. When investigating those state-of-the-art studies, we keep two questions in our mind: (1) what is the framework of economic systems in the context of the metaverse, and (2) what activities would economic systems engage in the metaverse? This article aims to disclose insights into the economic systems that work for both the current and the future metaverse. To have a clear overview of the economic-system framework, we mainly discuss the connections among three fundamental elements in the metaverse, i.e., digital creation, digital assets, and the digital trading market. After that, we elaborate on each topic of the proposed economic-system framework. Those topics include incentive mechanisms, monetary systems, digital wallets, decentralized finance (DeFi) activities, and cross-platform interoperability for the metaverse. For each topic, we mainly discuss three questions: a) the rationale of this topic, b) why the metaverse needs this topic, and c) how this topic will evolve in the metaverse. Through this overview, we wish readers can better understand what economic systems the metaverse needs, and the insights behind the economic activities in the metaverse.
The study focuses on identifying the driving forces behind the digital transformation of the economy in the financial sector and the development of the digital financial assets (DFA) market. The subject of the research is the factors of digital transformation and the DFA market. The relevance is due to the transformation of the world economy, associated, among other things, with the active development of the DFA market, the expansion of the possibilities of using distributed ledger technologies (DLT) and blockchain against the background of high growth rates of the cryptoasset market. The aim of the paper is to summarize the main trends in the development of the global cryptoasset market, determine the main factors of investment attractiveness of cryptocurrencies and explore the conditions for the successful implementation of various models of digital currencies of central banks (CBDC). In the course of the work, the method s of systematization and classification of information, multivariate statistical analysis were used. As a result of the study, 5 clusters of cryptocurrencies were identified, depending on the dominance in the market and the dynamics of price changes. The resulting functions can be used to predict the attribution of cryptocurrencies to the corresponding clusters. Among the factors that have a significant impact on the development of CBDC projects in general and with the wholesale model in particular, one can single out “capital”. At the same time, CBDC projects with a retail model are actively and successfully implemented in countries with a high level of technical knowledge and entrepreneurial talent, ahead of the capital factor in their importance. Taking into account the review of global trends, the development of fintech technologies, it was concluded that the processes of digitalization of financial assets are inevitable, the emergence of new forms of digital assets that dictate the need for the advanced development of their legal regulation.
Vlăduț Faraonel, Alexandra Raluca Jelea, Mara Mațcu-Zaharia
This paper aims to find out about the perception Romanian students have concerning cryptocurrencies. Our main focus was on students from faculties of economics, but we have also gathered responses from students enrolled in other faculties, given the fact that this research is an empirical one. The method used in this research is qualitative. We have conducted semi-structured interviews which included the top of mind and Chinese Portrait method techniques. Thus, we have collected information about how students perceive cryptocurrencies (and with what they associate them), the most well-known cryptocurrencies among students, how much students are willing to invest in cryptocurrencies and from where they get their information on this topic. Our results align with results from past research, showing that attitudes concerning cryptocurrencies are in extremes, with some people being optimistic due to the facilities blockchain brings, but with others still being suspicious because of this new phenomenon.
Fatih Ecer, Adem Böyükaslan, Sarfaraz Hashemkhani Zolfani
Blockchain technologies, which form the basis of Industry 4.0, paved the way for cryptocurrencies to emerge as technological innovation in the technology age. Recently, investors worldwide have been interested in cryptocurrencies with increasing acceleration due to high earning expectations though they have no backing and intrinsic value. As such, this paper seeks to identify the most proper cryptocurrencies from an investment standpoint in our technological era. Fifteen well-known cryptocurrencies with the highest market capitalization are evaluated as per sixteen factors. An intuitionistic fuzzy set-driven methodology incorporating Evaluation Based on Distance from Average Solution (EDAS), Multi-Attributive Ideal Real Comparative Analysis (MAIRCA, and Measurement of Alternatives and Ranking according to COmpromise Solution (MARCOS), which is the study’s prominent novelty, has been applied to provide a strong group decision vehicle for cryptocurrency selection. Notwithstanding, although the results obtained with the three approaches are highly consistent, investors would not like to doubt the instrument they will invest in. The Borda count is then applied to obtain a compromise for the rankings obtained from each approach. As per our findings, Ethereum, Tether, and Bitcoin are the most suitable cryptocurrencies, whereas reliable software, ease of inclusion in the wallet, and stability are the foremost factors to consider when investing in cryptocurrencies. The findings are further discussed in detail from a financial perspective. The proposed approach could be employed to select different investment instruments in future studies.
Syed Wasiul Hasan Rizvi, Saurabh Agrawal, Qasim Murtaza
The integration of circular economy and Industry 4.0 components like blockchain technology results in a faster induction of ‘circularity’ and leads to new strategies on resource utilization, making the world more sustainable. It is a ‘key-enabler’ in meeting tomorrow’s circularity challenges. Literature revealed research gaps in a yet unexplored area of how ‘circularity’ building gets impacted by blockchain, especially in the Indian auto sector. Moreover, the nonavailability of its evaluation tool also necessitated present research. The main objective was to explore, from the auto stakeholders’ perception viewpoints, the potential of the application of blockchain technology with special reference to the issue of ‘sustainability and circularity’ in the Indian context. The study involved a literature search, building a new circular economy-based blockchain model for the auto industry, and, finally, a case study in which the hypotheses about circularity and blockchain technology nexus impacts on the Indian auto industry were structured and tested through a research instrument, designed and sent to 45 auto stakeholders for evaluation of the said nexus. The data analyzed through the Best-Worst method revealed the ‘potential’ (weight: 0.393) and ‘application’ (weight: 0.262) impacts on CE are the most important yardsticks. The proposed model appears to be more reliable and secure and might help the managers of auto firms in forging new circularity-based strategies to exploit I4.0 efficiently.
The token economy promises to enable entirely new business models that will likely disrupt many market leaders. The seeds for disruption are already upon us, powered by technical innovations such as blockchains, fungible tokens, non-fungible tokens, metaverses, and decentralised autonomous organisations. How seriously are corporations taking these emerging token economy technologies? How many corporations envision these technologies to be materially significant to their business today? We answered these questions for United States (US) corporations by analysing the five most recent annual 10-K reports, a report required by the US Securities and Exchange Commission (SEC). Of the 39,522 10-K reports examined, only five percent of corporations recognise token economy technologies as materially significant. We focus upon the top 21 corporations with the most mentions of these technologies and discuss the results through the lens of the Theory of Disruptive Innovation.
The article studies formation trends and innovative features of digital assets and cryptocurrencies in economic processes in the context of building an information society. The relevance of formation and regulation of new directions of effective development of the economic environment with the widespread use of digital technologies is justified. Possibilities of formation and application of cryptocurrencies in economic processes are studied, their formation factors, essence, content and innovative features were included in the research process. The scientific-methodological bases of studying the impact of the application of electronic money on the economy and business process are explored. Operation characteristics of currencies and digital assets in the virtual economic environment are explained. Formation and development stages of digital currencies according to the market value are analyzed, the main features are mentioned. The process of conducting transactions using them is presented schematically. The operation mechanism of the utilization process of blockchain technology was created. The main elements of trading with cryptocurrency market are identified based on its structural scheme. Alongside Bitcoin, the features of other alternative cryptocurrencies are analyzed. Their comparative advantages, similarities and differences, application aspects are studied. The market capitalization of cryptocurrencies is demonstrated schematically. Proposals and recommendations are developed for consideration of trends and innovative features of cryptocurrencies in new economic platforms.
Gennady Shvachych, Borys Moroz, І. А Pobochii, О. P Timchenko · 6 authors
Purpose. To analyze the basic principles of blockchain technology implementation, highlighting the algorithms for reaching consensus in the blockchain network to ensure its reliability; to identify key problems in the implementation of such technology and suggest ways to overcome them; to perform a systematic analysis of the blockchain technology contradictions and suggest ways to eliminate them. Methodology. The research used the basics of economic analysis of economic entities to compare their managements centralized and decentralized models. This approach showed that another wave of transformation of business and social models has unfolded in recent years, caused by the next-generation digital technologies involving the economys transition to the digital area. Revealing the blockchain technology mechanisms is based on modern databases and peer-to-peer computer networks, covering in detail the main means of contradictions, application, and implementation of blockchain technology. Findings. The main results of these studies are obtained in the digital economy. The paper shows that digital technologies open up a wide range of opportunities for different sectors of the economy. The research highlights the features and principles of distributed registry technology (Blockchain) applications. It is shown that as a decentralized data registry, blockchain technology is the most discussed and relevant topic in the digital economy. Originality. The paper further developed the main component of the digital economy, which is progressing most intensively, the distributed ledger technology (Blockchain). The paper analyzed its strengths, such as cost reduction, increased security, and transparency of transactions that attracted the attention of various sectors of the economy. The authors approach for eliminating the revealed mechanisms of contradictions, application, and implementation of blockchain technology is presented. The definition of the digital economy, digital technologies in the economy, and end-to-end digital technologies have been improved to clarify the understanding of the economic management decentralization problems. That showed that the digital economy has several subtleties associated with insufficient research and comprehension of technical implementation and flexibility. Practical value. The research results will be useful for expanding ideas about the blockchain technology implementation in different sectors of the economy, accompanied by lower costs, increased security and transparency of economic entities, and improving their economic efficiency and development in digital technologies application. The blockchain technologies implantation at the enterprises of the mining and metallurgical industry allows making the production and sales of products more efficient and transparent, and at the same time significantly reduces the human factor.