Blockchain Papers

Senthil Kumar Arumugam, Chavan Rajkumar Dhaku, Biju Toms

No abstract is available for this record.

Juan M. Román-Belmonte, Hortensia De la Corte‐Rodríguez, E. Carlos Rodríguez‐Merchán

No abstract is available for this record.

Arzu Alvan, Şükrü Umarbeyli

No abstract is available for this record.

Inviia Givargizov

The article explores the impact of unstable financial and economic factors on the development of blockchain technologies. In recent years, blockchain has emerged as a disruptive innovation with the potential to transform various sectors, including finance, supply chain management, and healthcare. This article sheds light on the interplay between the volatile financial and economic landscape and the evolution of blockchain technologies. The author emphasizes that unstable financial and economic conditions have significantly influenced the trajectory of blockchain development. The article argues that during periods of economic uncertainty, blockchain technology gains traction as a trusted and transparent alternative to traditional financial systems. Blockchain's decentralized nature, cryptographic security, and immutable recordkeeping capabilities make it an attractive solution for addressing issues such as fraud, corruption, and lack of transparency. Furthermore, the article delves into specific instances where blockchain adoption has been fueled by unstable financial and economic factors. For instance, in countries facing hyperinflation or economic crises, blockchain-based cryptocurrencies have provided individuals with a means to protect their wealth and conduct secure transactions. Similarly, in supply chain management, blockchain's ability to enhance transparency and traceability has gained momentum in the wake of widespread disruptions caused by global events such as the COVID-19 pandemic. The article also explores the potential challenges and limitations that arise from the relationship between unstable financial and economic factors and blockchain technologies. It acknowledges that while blockchain holds promise, regulatory uncertainties, scalability issues, and interoperability concerns can hinder its widespread adoption. In conclusion, this article highlights the intricate relationship between unstable financial and economic factors and the development of blockchain technologies. It provides valuable insights into the growing relevance of blockchain in addressing the shortcomings of traditional financial systems during times of economic instability. However, it also underscores the need for continued research, collaboration, and regulatory clarity to harness the full potential of blockchain technology in a rapidly evolving financial landscape. Overall, this article serves as a thoughtprovoking resource for researchers, policymakers, and industry professionals seeking to understand the dynamic interplay between unstable financial and economic factors and the development of blockchain technologies.

B. Umamaheswari, Priyanka Mitra, Somya Agrawal, Vijeta Kumawat

No abstract is available for this record.

Akaninyene Udo Udom, S. C. Nnamani

This paper tests the safe-haven property of Bitcoin for South African stocks using Full and Diagonal BEKK-GARCH models. The study uses the Johannesburg stock exchange Top40 index, and bitcoin returns data before COVID-19 (August 2018 to December 2019) and during COVID-19 (January 2020 to June 2021). The results show that bitcoin cannot be considered as safe-haven for stocks in South Africa since it is weakly correlated with stock and had a high volatility during the Pandemic. Therefore, the safe-haven hypothesis of bitcoin on South African stocks is not true for the period under study. The policy implication is that bitcoin is not an appropriate safe-haven asset on South African stocks because it lacks store of value properties.

Andrea VADKERTIOVÁ, Jaroslava Gburová, Daniela Matušíková, Lenka MIKLE

Technological progress is the driving force behind significant changes in the world economy. Even money, monetary aggregates, payment systems and the exchange of goods and services did not avoid these changes. The rapid expansion of internet commerce and mobile technologies, advances in encryption and network computing, and the emergence of new business and communication platforms have also fuelled the emergence and development of digital currencies and cryptocurrencies. Cryptocurrencies, such as Bitcoin, Ethereum and others, have seen an increase in popularity in recent years and have become an important part of the world’s economic system. This “cryptocurrency” trend is not avoided in Slovakia either, and it is becoming part of the financial and investment portfolio of many consumers. From a civic point of view, cryptocurrencies have become interesting not only for investment enthusiasts and technology gurus, but also for ordinary consumers. The aim of the paper is to examine and analyse significant differences in the perception of the level of awareness of cryptocurrencies depending on the age and gender of the surveyed respondents. To achieve this, we conducted a thorough analysis and used a combination of quantitative and qualitative methods. The paper provides a detailed look at the relationships between age, gender and perceptions of cryptocurrencies and assesses how these factors influence individuals’ attitudes towards this new development in finance. The paper seeks to provide a deeper insight into these relationships and assess how these factors influence individuals’ attitudes towards this new form of finance. The results of the presented paper can contribute to a better understanding of the relationship between age, gender and the perception of cryptocurrencies, thereby providing useful insights for further research and practical applications in the field of finance and digital activities.

W. Keener Hughen, Michael Gorman

No abstract is available for this record.

Marwa Ben Salem, Mohamed Fakhfekh, Ahmed Jeribi

The objective of this paper is to select the appropriate GARCH model fit for analysing the volatility dynamics of the Tunisian sectoral stock market indices and Bitcoin during the COVID-19 outbreak period as well as to examine the Bitcoin diversification benefits. On using four models (EGARCH, FIGARCH, FIEGARCH, and TGARCH) and mean-variance spanning test, our findings prove that following the COVID-19 outbreak, the consumer service, financial and distribution, industrial, basic materials and banking sectors' return volatilities tend to have a relatively high positive and significant asymmetric effect, as compared to the pre-COVID period. Similarly, the results reveal that the Bitcoin proves to bring about significant diversification benefits once incorporated into a well-diversified benchmark portfolio, predominantly throughout the COVID-19 outbreak. Overall, our results could be of great benefit to investors seeking to account for any future volatility and implement special hedging strategies under COVID-19 crisis.

Balinda, Hamza

Bitcoin and Ethereum are the top two cryptocurrencies in the first and the second places respectively. This study looks to examine the inter and intra dynamics and relationship between Bitcoin price (BTCP), Ethereum price (ETHP), Bitcoin volume (BTCV) and Ethereum volume (ETHV). This study utilizes the Johansen Cointegration Test as well as the Vector Error Correction Model (VECM) to determine the long-run relationship between Bitcoin price (BTCP), Ethereum price (ETHP), Bitcoin volume (BTCV) and Ethereum volume (ETHV) before and during the COVID-19 pandemic and to determine whether the pandemic has any effect on the changes in prices and volumes of these cryptocurrencies. The study also utilizes daily data extracted from coinmarketcap.com for Bitcoin price and volume as well as for Ethereum price and volume from August 8, 2015 up to February 28, 2021 extracted on March 1, 2021. We find that the COVID-19 pandemic has no effect on the long run relationship between Bitcoin price (BTCP), Ethereum price (ETHP), Bitcoin volume (BTCV) and Ethereum volume (ETHV) for all the specifications. We also find that the pandemic has no effect on the prices of Bitcoin and Ethereum but has an effect on their trading volumes in the short run. We find that the price of Bitcoin is positively related with the Bitcoin trading volume and positively related with the trading volume of Ethereum whereas the Ethereum price is negatively related with the Bitcoin trading volume and positively related with the trading volume of Ethereum. We also find that the price of Bitcoin is positively related with the trading volume of Bitcoin and negatively related with the trading volume of Ethereum. On the other hand, the price of Ethereum is positively related with trading volume of Bitcoin and positively related with the trading volume of Ethereum.

Ibrahim Mohammed

The study investigated performance of the stock market, foreign exchange market and the cryptocurrencies market as a result of COVID-19 outbreak. Event studies methodology was employed to determine the abnormal return (AR) and corresponding cumulative abnormal return (CAR) following the first confirmed case of the pandemic and the first recorded case of fatality, after controlling for the concurrent effect of crude price fluctuations. Consistent with previous studies, the paper documented evidence of negative reaction of -0.34% and -1.01% for the Nigerian stock market and the cryptocurrency market respectively at the announcement of first case of the pandemic's outbreak. The study also documented negative and statistically significant effects of -1.71% and -0.78% for Nigerian stock market and the cryptocurrency market respectively when the first case of death was announced. Adverse effect of the pandemic was found to be stronger when the first case of death was announced compared to first reported case of the outbreak. However, negative but insignificant effect was recorded for the foreign exchange market. The paper concluded that negative reaction for the stock market is consistent with market panic and policy uncertainty during the pandemic. Furthermore, adverse effect of the pandemic on the cryptocurrency market was due to increased co-movement of the market with regulated financial markets such as the stock market as well as correlation of returns between the markets.

Hansheng Yu, Jianing Zhang

No abstract is available for this record.

Elvis Mujačević

Purpose - The paper summarizes the theoretical and empirical knowledge on the use and transactions of cryptocurrencies in tourism and examines the use of cryptocurrencies as a means of payment in Croatian tourism. Methodology/Design/Approach – The empirical research examines the attitudes and opinions of tourists in Croatian tourism regarding their willingness to pay with cryptocurrencies while travelling. Findings - The research results show a low level of payment for tourism services with cryptocurrencies in the Republic of Croatia, but a fairly open acceptance of cryptocurrencies as a means of payment for tourism services. The study found no correlation between the profile of respondents and the motivation to pay with cryptocurrencies. However, a correlation was found between the age of the respondents and the intention to pay, but there were no statistically significant differences in the intention to pay according to the age group of the respondents. No correlation was also found between motivation and intention to pay with cryptocurrencies. Originality of the research – The study can serve as a basis for further research on the use of cryptocurrencies in tourism. It helps to expand knowledge about the motivation and intention to use cryptocurrencies on a tourism trip and to understand tourists’ behavior.

N.A. Tiffani, Ingrid Claudia Calvilus, Shinta Amalina Hazrati Havidz

In this study, we focus on a prominent feature in Bitcoin: its volatility. This paper aims to examine the volatility action of Bitcoin's price during the COVID-19 pandemic through various angles: COVID-19 fear sentiments, investor fear sentiments, macro-financial factors, and crypto market factors. The study utilises daily data from 11 March 2020 to 31 May 2021. We implemented an ARDL bound testing approach to find cointegration, and the Toda-Yamamoto approach to further examine any existing causal relationships between the variables. The empirical results show that COVID-19 fear increased Bitcoin volatility and a unidirectional causal relation was found between them. Investor fear sentiments revealed that US dollar volatility moved in the same direction as Bitcoin volatility, while VIX was found to be insignificant. Gold, crude oil, and the stock market did not influence the volatility of Bitcoin. Overall, only crypto market factors were cointegrated with Bitcoin volatility in the long run.

David Mhlanga

No abstract is available for this record.

Tamonwan Sitthipon, Pichart Kaewpuang, Pichakoon Auttawechasakoon

Purpose -Cryptocurrency in the digital economy plays a vital role and is growing exponentially.This article aims to review cryptocurrency in the digital economy.Method -A narrative synthesis was employed.Moreover, the researchers conducted a systematic documentary review and used content analysis to analyse the data.The literature was reviewed systematically to describe cryptocurrency in the digital economy.The literature and information were obtained from various books and research articles on EBSCO, Google Scholar, Scopus, Web of Science, and ScienceDirect.The inclusion criteriaResearch Implications -This review article contributed to the existing literature on cryptocurrency in the digital economy.Hence, it could guide future research on cryptocurrency in the digital economy.Moreover, the implications could be applied to any sector to better understand and implement appropriate strategies regarding cryptocurrency in the digital economy.

Ujkan Q. Bajra, Florin Aliu

No abstract is available for this record.

Zewen Wu

No abstract is available for this record.

Yuxi Tang

With the continuous improvement of productivity, people's living standards have continued to rise, but the problem of income disparity has become increasingly serious. This article focuses on the income disparities in China's industry and study the impact of digital financial inclusion on the it. The income disparities between employees in 29 provinces in the China Statistical Yearbook was used for analysis, and the parameters were estimated by benchmark regression analysis. Based on the results of the study, it was found that digital financial inclusion had a large impact on the five decentralized industries selected. In view of these results, this paper analyzes the reasons and draws the reasons why digital finance has contributed to the reduction of the income gap in the industry.

Zdravka Aljinović, Tea Šestanović, Blanka Škrabić Perić

No abstract is available for this record.

Mustafa Özer, Serap Kamışlı, Fatih Temi̇zel, Melik Kamışlı

The aim of this study was to investigate the causal relations between COVID-19 economic supports and Bitcoin markets. For this purpose, we first determined the degree of the integration of variables by implementing Fourier Augmented Dickey–Fuller unit root tests. Then, we carried out both linear (Bootstrap Toda–Yamamoto) and non-linear (Fractional Frequency Flexible Fourier form Toda–Yamamoto) causality tests to consider the nonlinearities in variables, to determine if the effects of multiple structural breaks were temporary or permanent, and to evaluate the unidirectional causality running from COVID-19-related economic supports and the price, volatility, and trading volume of Bitcoin. Our study included 158 countries, and we used daily data over the period from 1 January 2020 and 10 March 2022. The findings of this study provide evidence of unidirectional causalities running from COVID-19-related economic supports to the price, volatility, and trading volume of Bitcoin in most of the countries in the sample. The application of non-linear causality tests helped us obtain more evidence about these causalities. Some of these causalities were found to be permanent, and some of them were found to be temporary. The results of the study indicate that COVID-19-related economic supports can be considered a major driver of the surge in the Bitcoin market during the pandemic.

Hassan Obeid, Aymen TURKI, Ahmed Jeribi, Sahar Loukil

This study examines information dissemination across G7 markets for Bitcoin, stocks, and oil before and during the COVID-19 pandemic. We used a vector autoregressive model and impulse response function to analyze data. Our findings suggest that the pandemic has had a considerable effect on increasing the directional causalities and time-varying connectedness between Bitcoin, oil, and G7 stock indices during the crisis. Bitcoin significantly influences oil and stock returns during the pandemic. Moreover, the response of Bitcoin to shocks in stocks returns is more pronounced for France, Germany, Italy, and the United Kingdom than Japan, the United States, and Canada. The results could aid investors with portfolio diversification and hedging strategy in different G7 stock markets.

Emmanuel Joel Aikins Abakah, Guglielmo Maria Caporale, Luis A. Gil‐Alana

This paper assesses the impact of US policy responses to the Covid-19 pandemic on various technology-related assets such as cryptocurrencies, financial technology, and artificial intelligence stocks using fractional integration techniques. More precisely, it analyzes the behavior of the percentage returns in the case of nine major coins (Bitcoin—BITC, Stella—STEL, Litecoin—LITE, Ethereum—ETHE, XRP (Ripple), Dash, Monero—MONE, NEM, Tether—TETH) and two technology-related stock market indices (the KBW NASDAQ Technology Index—KFTX, and the NASDAQ Artificial Intelligence index—AI) over the period 1 January 2020–5 March 2021. The results suggest that fiscal measures such as debt relief and fiscal policy announcements had positive effects on the series examined during the pandemic, when an increased mortality rate tended instead to drive them down; by contrast, monetary measures and announcements appear to have had very little impact and the Covid-19 containment measures none at all.

Ahmed Bouteska, Petr Hájek, Mohammad Zoynul Abedin, Yizhe Dong

This study aims to examine whether the prices and returns of two cryptocurrencies, Dogecoin and Ethereum, are affected by Twitter engagement following the COVID-19 pandemic. We use the autoregressive integrated moving average with explanatory variables model to integrate the effects of investor attention and engagement on Dogecoin and Ethereum returns using data from December 31, 2020, to May 12, 2021. The results provide evidence supporting the hypothesis of a strong effect of Twitter investor engagement on Dogecoin returns; however, no potential impact is identified for Ethereum. These findings add to the growing evidence regarding the effect of social media on the cryptocurrency market and have useful implications for investors and corporate investment managers concerning investment decisions and trading strategies.