Blockchain Papers

Ayşenur Budak, Veysel Çoban

No abstract is available for this record.

İlker İbrahim Avşar, Zehra Vildan Serin

There has been a remarkable increase in the number of publications on international trade and cryptocurrency in recent years. This paper aims to analyze the literature on international trade and cryptocurrency in the Web of Science database. This study uses the bibliometric method and mapping analysis. The cluster analysis is conducted based on the keyword analysis. These publications are reviewed from different aspects such as type of publication, language, and book title. This study found that 767 articles which are related to cryptocurrency and international trade. Among the countries in which these studies are conducted, China ranks the first, followed by the USA and UK, respectively. Various organizations in different countries support studies on this topic. In conclusion, cryptocurrency technologies draw the attention of academia, and the use of cryptocurrency in international trade will determine the future trade structure. The innovative features of cryptocurrency can develop new business models, which may be the reason for the academic interest in this matter. It will be useful for businesses and governments to follow this potential carefully to benefit from the advantages of innovative business models.

Gianluca Zanella, Charles Zhechao Liu, Kim‐Kwang Raymond Choo

Patent analysis is crucial for technology monitoring, forecasting, and assessment, and facilitates entrepreneurs and different stakeholder groups to develop forward-looking technologies and business strategies. However, the speed and scale in the development of disruptive technologies, such as blockchain, present a challenge for analysts and experts. In this article, we propose an unsupervised systematic patent analysis framework that applies a mixture of cosine-based and density-based outlier analysis to the patent space. A sample of 13 393 blockchain-related patents published between January 2014 and June 2020 is used to test the proposed framework. Specifically, this framework merges cosine and density-based outlier detection methodologies to improve the identification of outliers within clusters of patents. The identified outliers are visualized through an age-outlier technology-opportunity analysis map that represents the different levels of novelty existing in each cluster of the patent sample. The map facilitates companies to better target their R&D efforts and maximize the return of technology investments. Benchmark results show that the proposed outlier detection method improves recall, precision, and f1 score. In addition, the results show that the cluster with a higher percentage of outliers represents the Internet of Things applications of blockchain technology.

Hao Zhang, Tuğrul Daim, Yunqiu Zhang

No abstract is available for this record.

Necip İhsan Arıkan

Technically cryptocurrencies often have Distributed Ledger Technology (DLT) and encryption based on infrastructure called blockchain that allows all nodes to verify the validity of a transaction. In terms of monetary theory, cryptocurrencies are currently the most developed virtual currencies that cannot perform all the basic functions of money such as the account, exchange and capital accumulation.The price of cryptocurrency is based on supply and demand, without an intervention of a central authority. Dynamics that affect the value of cryptocurrencies can be classified as internal and external variables. The internal dynamics of cryptocurrencies have been examined under the headings of economic infrastructure and technological infrastructure. External factors that are effective in determining the value are observed as popularity, security, volume, inflation, tax, crypto exchange accidents, perception, speculations / manipulations and news.

Horst Treiblmaier, Melanie Swan, Primavera De Filippi, Mary C. Lacity · 6 authors

Distributed ledger technology, frequently designated as 'blockchain,' is evolving from its hype phase toward greater maturity and long-term value creation. Although many academic communities were initially slow to grasp the technology's numerous potential implications, meanwhile a substantial amount of research is dedicated to investigating the development and impact of blockchain and related technologies. As undertaken, most research projects take a specific homogenous perspective, such as a technical or business viewpoint. To date, blockchain research studies are largely missing a bridge between and across academic disciplines. Given the manifold implications of blockchain technology, a fruitful crossdisciplinary exchange is therefore needed. In this paper, we bring together researchers with varying expertise to provide a vision into what may be next in terms of concepts, applications, and research agendas. We consider business, economic, societal, legal, technical, and philosophical viewpoints and propose multiple research questions as well as hypotheses arising from these diverse viewpoints. Simultaneously, we challenge various academic communities to tackle some of the most crucial issues of current blockchain research and to develop a solid foundation for future exploration.

Michael Wustmans, Thomas Haubold, Bennet Bruens

The evaluation of various innovation fields of an emerging technology as well as their potential impact on a certain market, region, industry, or target group is a part of an innovation manager's day-to-day business. Such evaluations are usually based on a combination of information from a variety of data sources, which are used to decide whether to invest in the advancement or adoption of a technology. With the aim of supporting this decision-making process, we combine different data sources to identify and evaluate innovation fields by semantically bridging trend and patent data. We apply our method in the context of blockchain technology, show how trend data can be used and operationalized to identify innovation fields, and illustrate how patent data can be used to evaluate these innovation fields. Our data reveals that trend and patent data complement each other and that hybrid or multihybrid approaches to evaluate a technology's development lead to additional insights for the systemic anticipation of future perspectives as well as research pathways of innovation fields.

Darina Saxunová, Corlise Liesl Le Roux

The boundary between the physical and a virtual world is not clearly visible nowadays, the 4.0 industry utilizes artificial intelligence, distributed ledger technology, quantum computing, advanced visualization and other advanced technologies. The surge of capital flows in financial technology is visible wherever we look. Classical businesses face a challenge to connect and create partners with the companies that are technology savvy because this may impact their future success. The strategy for digital business must be thought over very thoroughly since it represents the success threshold in contemporary digital environment. The classic banking system faces the threat or opportunity of an open banking system and banks are forced to be prepared to offer next generation services benefiting from third party channels. The short history on the banking industry including digital banking along, with fintech as a financial institution showing its power to compete sophistically, will shift the studied digital transformation phenomenon into a dilemma whether we indeed face a cashless society challenge, whether the governments should start to accelerate their decisions on Central Bank Digitalized Currency – CBDC or how far several countries already are to become a cashless society. At last, potential security, trust and fraud issues will close this chapter.

Sohee Kim, Sejun Yoon, Nagarajan Raghavan, Nguyen-Truong Le · 5 authors

The blockchain is a technology with high growth potential that increases social benefits by streamlining procedures, reducing costs, and innovating the way we work. Considering the growth potential of blockchain technologies, countries around the world are attempting to graft into various fields such as finance, logistics, and healthcare, and actively promoting technology development. Tracing and analyzing the developmental trajectories of blockchain technology can give great insight for R&D direction and strategies. We developed an improved knowledge persistence-based main path approach to identify technological trajectories of the blockchain technology. In addition, future technological directions for each sub-technology under blockchain technology were identified by the knowledge unconventionality metric. The results show that the blockchain technology can be divided into five sub-technologies, and each sub-technology has evolved with high technological interactions among other sub-technologies. Based on the last knowledge streams of the main paths, this paper suggests potential future directions for each sub-technology in the blockchain technology.

Vladislav Stanislavskyi

Investing in cryptoassets can be tricky. At the moment, there are many different cryptocurrencies operating on different blockchains with different ecosystems. The use of cryptoassets requires defining a goal in relation to the type of cryptoassets and the degree to which their properties affect their functioning and development. In this article, the author analyzes two of the most popular and significant cryptocurrencies for the cryptoindustry Bitcoin and Ethereum on two different blockchains. The author specifically took two cryptocurrencies that are completely different in their meaning and purpose. In view of the fact that the author does not see an ideal solution to several problems, he described the need for diversification of assets by purpose of use. The author describes each cryptocurrency as a separate ecosystem with its own properties, which requires playing by the rules. The author cites socio-economic factors due to which he chose these two blockchains for analysis, tries to analyze the dependence of the properties of each cryptocurrency on the level of popularization, and gives empirical data stating the consequences in a historical context.The author also considers technical properties as a factor of scalability and attractiveness of each of the blockchains, how cryptocurrencies interact with each other, influencing the financial mood of users. The author of the article also tries to determine the technical and social factors that led to the adaptation of these cryptocurrencies to the traditional financial sector and how they depend on each other. The author describes Bitcoin as a system for saving and multiplying funds, while Ethereum sees it as an ecosystem, an intermediary protocol between already formed market sectors and decentralized applications within the network. After analyzing the results of the study, the author provides general criteria for the formation of a methodology for choosing a cryptocurrency and blockchain for conducting effective operational activities, as well as the formation of its own mechanism for managing the efficiency of cryptocurrency operations.

Kei Nakagawa, Ryuta Sakemoto

Both cryptocurrencies and gold are scarce, expensive for extraction, and less affected by money supply. We focus on these similarities and investigate whether cryptocurrency network affects impact on expected return on gold. Our results show that the number of cryptocurrency wallet users is positively related to the expected return on gold. Moreover, we employed a machine-learning approach and considered the interactions among predictors. We reveal that network factors have a greater impact on gold than returns on Bitcoin and other macroeconomic and financial variables.

Oksana G. Sorokina, Egor Dudukalov, Liudmila Guzikova, Denis Ushakov

Research develops the modern theory and methodology of cryptocurrency functioning as an integral part of modern money circulation, and the main directions of cryptocurrency progress as means of legal payment in the Republic of Indonesia. Based on the econometric model of the cryptocurrency main indicators influence the relationship between “bitcoin” attributes was assessed; the probable scenarios for the financial regulation system of the Republic of Indonesia (RI) effectivization based on the National Bank or special financial institutions competences were highlighted; the practical recommendations aimed at combating money laundering in cryptocurrency-based transactions have been developed from the position of priority for Indonesian payment system modernization.

Ahmet Faruk Aysan, Behar Sadriu, Humeyra Topuz

The study explores whether blockchain technology can change the paradigm of the current financial structure and the balance of power in the international financial system. Accordingly, this study reviews the development of blockchain technology by analyzing China and Venezuela, both of which struggle to harness their technological advancement and to enhance their power in the international realm. We found that Venezuela invests in blockchain technology to create an alternative payment structure for survivability, while China’s desire is to become a global leader in global blockchain technology.

Alexey Mikhaylov

The paper focuses on the analysis of the cryptocurrency open innovation market to predict sustainable growth in the future. The nature of cryptocurrencies ‘development leads to the rapid increase in their popularity and spread of trading at this new market. The high volatility of these assets is encouraging to understand and predict their price in ever changing market environment. The paper proposed the pool complexity approach to choose optimal technology using social activity in the internet, trading parameters, technical indicators and other cryptocurrency data. According to the results of the analysis, the most effective and promising cryptocurrency is EOS cryptocurrency, which has the lowest complexity and commission level among the analyzed digital currencies and allows you to implement third-party applications in the system.

Philipp Sandner, Jonas Groß, R. Richter

Blockchain, IoT, and AI are key technologies driving the next wave of the digital transformation. We argue that these technologies will converge and will allow for new business models: Autonomous agents (i.e., sensors, cars, machines, trucks, cameras, and other IoT devices) will in the future act as own profit centers that (1) have a digital twin leveraging IoT, (2) send and receive money leveraging blockchain technology on their own and (3) autonomously make decisions as independent economic agents leveraging AI and data analytics. We further argue that this convergence will drive the development of such autonomous business models and, with it, the digital transformation of industrial corporations.

Marco L. Bianchini, Insung Kwon

This report investigates the development of the blockchain ecosystem in Italy, against the background of the SME and entrepreneurship structure and trends in the country. The report analyses in particular the characteristics and trends of companies introducing blockchain-based services in the Italian market, opportunities and challenges to their business development, sectors and firms being targeted, and relevance for enhancing digitalisation and productivity in the SME population at large. The report also illustrates recent trends in regulation and policy, and provides policy recommendations.

Darío Alatorre, Carlos Gershenson, José L. Mateos

In contrast with robust systems that resist noise or fragile systems that break with noise, antifragility is defined as a property of complex systems that benefit from noise or disorder. Here we define and test a simple measure of antifragility for complex dynamical systems. In this work we use our antifragility measure to analyze real data from return prices in the stock and cryptocurrency markets. Our definition of antifragility is the product of the return price and a perturbation. We explore different types of perturbations that typically arise from within the system. Our results suggest that for both the stock market and the cryptocurrency market, the tendency among the 'top performers' is to be robust rather than antifragile. It would be important to explore other possible definitions of antifragility to understand its role in financial markets and in complex dynamical systems in general.

Mohamed Torky, Tarek Gaber, Aboul Ella Hassanien

Blockchain technology can play a vital role in the space industry and exploration. This magic technology can provide decentralized and secure techniques for processing and manipulating space resources as space digital tokens. Tokenizing space resources such as orbits, satellites, spacecraft, orbital debris, asteroids, and other space objects in the form of blockchain-based digital tokens will reflect plenty of various applications in the space mining industry. Moreover, Blockchain algorithms based on smart contracts can be utilized for tracking all space transactions and communications in a transparent, verifiable, and secure manner. This paper is one of the first attempts towards conceptually investigating adopting blockchain theory in the space industry based on space digital token concept. A new conceptual blockchain in space industry framework is proposed, and new models are created for introducing proposed solutions for some major challenges in the space industry and exploration. Finally, the paper is ended with discussing SpaceChain, the first open-source blockchain-based satellite network in the world as a case study of applying blockchain theory in designing and implementing satellite systems.

Andrew Robert Klimek

No abstract is available for this record.

Ivan Lyubimov, I.V. Iakubovskii

Crises frequently weaken subnational governments but in some cases they lead to greater decentralization. Does this decentralization, however, support the search for optimal crisis response strategies? Generally speaking there are several arguments, which suggest that decentralized systems will manage crises better than centralized ones. This article, however, considers two scenarios (decentralization of weakness and decentralization of responsibility) where the apparently increasing autonomy of subnational governments leads to important problems. Decentralization of weakness emerges when the central government for certain reasons refuses to actively implement an anti-crisis policy. Under these conditions, regional measures, while to some extent compensating the inactivity of the central government, create a number of other problems -that of external effects, possible ideologization of politics and insufficient use of expert knowledge. Decentralization of responsibility emerges when regions accept responsibility for implementing anti-crisis measures, but the center keeps control over resources -thus, regions have to focus on competing for central financing. For the modern Russia, the risks of these two scenarios are substantial.

Nora Chiriță, Ionuț Nica

The global economy can be regarded as a complex global adaptive system, which adapts and evolves according to the environment and the behavior of the agents existing on the market. A topic that is topical and can even affect the welfare of a country is the field of cryptocurrencies. Today, the most well-known phenomenon by people in this field is the emergence of bitcoin. Cryptocurrencies or virtual currencies are an emanation of the financial crisis that started in 2008, a crisis that had led to a decline in confidence of traditional bank. In this paper, we discussed the creation of possible speculative bubbles, we presented the virtual currencies, we applied techniques of multidimensional analysis of the data for their analysis, and we evaluated the effects that the appearance of the cryptocurrencies had on the cybernetic economic system in Romania. Also, the paper deals with a section on identifying risks in the field of cryptocurrencies. In the last part of this paper, we focus our attention on the viability of these coins and their future prospects.

Vladimir Soloviev, Oleksandr SERDIUK

The possibility of constructing dynamic measures of complexity as quantum econophysical behaving in a proper way during actual pre-crash periods has been shown. This fact is used to build predictors of crashes and critical events phenomena on the examples of all the patterns recorded in the time series of the key cryptocurrency Bitcoin, the effectiveness of the proposed indicatorsprecursors of these falls has been identified. From positions, attained by modern theoretical physics the concept of economic Plank's constant has been proposed.

Hasan Tınmaz

No abstract is available for this record.

Grigory O. Krylov, В. М. Селезнев

The article analyzes the main reasons for the slow adoption of blockchain technology, in particular, in the financial sector. The authors critically analyzed the main declared properties of blockchain technologies: trust, security, decentralization, immutable data storage, lack of intermediaries, hardware protection against attacks, and openness. The aim of the study are to show that these blockchain properties are overestimated, the expectations of its adoption are inflated, and the delays in its adaptation outside of cryptocurrencies, in particular, in the financial sector, are natural. The article is based on a methodology for the qualitative and quantitative analysis of scientific publications and statistical sources on the blockchain adaptation from the perspective of the theory of diffusion of innovations, the conditions and the specifics of economic and sociological approaches for consensus-building. The study resulted in the following new systemic findings. Blockchain and distributed ledgers are not fundamentally new technologies. In general, they do not have the properties of the immutable data storage, trust, anonymity, low transaction and adoption costs. All current consensus technologies have fundamental faults. Cryptocurrency technology is original, but it was a private experimental solution to a specific ideological problem of the libertarian political agenda. Consensus does not provide trust. Delayed blockchain adoption, in particular in traditional financial institutions, is natural, since the technology does not show better results than current digital solutions, and traditional economic institutions have greater public trust. The practical implications of the findings are that they may be used by investors.