Technology Transactions Research Articles

Blockchain Technology for Cashless Investments and Transactions in Digital Era With SWOT Approach

One of the most visible information technologies in today's digital age is transaction and investment technology, where users or the public are facilitated in transactions by no longer using cash. Users also feel safer because they do not need to carry cash. Moreover, the current digital era makes it easy for users or the public to invest anywhere and anytime without disrupting other businesses. Blockchain technology can be used as an alternative to non-payment transactions or commonly known as cashless transactions. Blockchain technology can also be used as an investment in electronic money. The methodology used to provide an overview and evaluate the benefits of blockchain as an alternative to digital payment and investment activities in the cryptocurrency industry uses a SWOT approach. Based on the SWOT approach that has been taken, it can be concluded that with internationally recognized safeguards of confidentiality and the ease of conducting investment transactions and activities without payment, the Weaknesses and threats can be controlled for more investors to enter the world of electronic money.

Autonomous credit card fraud detection using machine learning approach☆

Credit card fraud has risen in vulnerable effects in recent years as more people use credit cards to pay for products. This is owing to advancements in technology and growths in internet transactions, both of which have resulted in massive financial losses due to fraud. To reduce such losses, an effective fraud detection system must be designed and implemented. Machine learning approaches used to detect credit card fraud automatically and do not take into account deception process or behavioral problem, which might lead to alerts. The goal of this study is to figure out how to spot credit card fraud. To detect the occurrence of fraud, a Long Short-Term Memory-Recurrent Neural Network (LSTM-RNN) is proposed. In addition, an attention mechanism has been included to increase performance even more. In instances like fraud detection, where the information sequence is made up of vectors with complicated interrelated properties, models with this structure have proven to be particularly efficient. LSTM-RNN is compared to other classifiers such as Naive Bayes, Support Vector Machine (SVM), and Artificial Neural Network (ANN). Experiments reveal that our proposed model produces powerful results and has a high level of accuracy.

ANALYSIS OF CONSUMER BEHAVIOR IN ONLINE SHOPPING ISLAMIC PERSPECTIVE

The development of the digital era has triggered changes in consumer behavior in using technology for transactions. The emergence of online shops and marketplaces or online shopping sites has become one of the lifestyle choices of today's people to shop more practically and efficiently. However, in making purchases, a Muslim must remain obedient to the corridors and values of sharia. The purpose of this study is to investigate how consumer moslem behavior in online shopping obedient to guiding consumption principle in Islam. The method used in this research is a literature study which uses secondary data obtained from existing research and references. This study concludes that many previous study findings in majority moslems country such as Saudi Arabia, and Malaysia consumer moslem behaviour not obedient to the corridors and values of sharia as cited in Al-Quran dan As-Sunnah especially for avoiding israf (one of guiding consumption principle in Islam for not to consume excessively/hedonism). There is no difference found regarding the method of the buying (online/conventional). Both methods online and conventional buying behavior have a positive significant relationship in consuming with hedonism style. Muslim consumers must behave moderately where they do not act excessive consumption which leads to tabdhir (wastefullness) and also israf (excesiveness) or deficiency to lead to bukhl (miserliness) as Al-Quran and As-Sunnah cited.

Continue or cease? A method to identify credit constraints under policy intervention and an implication for policy efficiency

ABSTRACT In this study, we consider the problem whereby policy intervention in the financial market might hide the existence of credit constraints. We develop a theoretical model of the representative borrower utilizing credit from private banks and a governmental financial institution. Using the exogenous change in the transaction technology for borrowing from the governmental institution, we can identify the existence of credit constraints even if the policy remains in the market. Additionally, our model shows that the inefficiency of policy intervention is larger when we consider the borrower’s choice of optimal effort.

Impact of Perceived Benefits, Security, and Privacy on Interest in Using E-Wallet in Millennial Generation

This study examines and analyze the effect of perceived usefulness, security, and privacy on interest in using EWallet. Benefits can be interpreted as the extent to which someone in using financial technology in transactions will improve performance. Perceived security and privacy reflect how users feel when their data is disclosed. A total of 116 millennial generations who live in Surabaya were used as samples. To analyze the data used variance-based SEM analysis technique, namely SEM-PLS. The findings of this study are that the perceived benefits, privacy and security have will increase interest in using ewallet. Interest in using e-wallet also contributes to e-wallet usage behavior. This study provides better evidence of the usefulness of e-wallet in electronic transactions.

Research on key technologies of P2P transaction in virtual power plant based on blockchain

It is a critical part of increasing renewable energy accommodation by using virtual power plant (VPP) to attain carbon neutrality. However, VPP applications primarily consider VPP's participation in power market transactions as a whole and rarely consider the transaction interaction between internal resources. VPP's internal resources complement each other organically, and blockchain technology for distributed transactions has incorporated points. In this article, the authors undertake a study and examine the P2P scenario of VPP internal transactions in light of the issues experienced by DERs transactions. Next, the authors analyse the consensus mechanism, smart contract, inter-blockchain technology, and game theory, and how to apply them in the P2P scenarios of VPP internal transactions. Further, the authors design the function of the DER transaction system, which lays the foundation for the realisation of the system in the future. Finally, the authors conclude that the potential of blockchain technology in P2P transactions between internal entities of the VPP is significant and warrants further investigation.

Understanding the spatial polarization pattern of technology transfer network in the Guangdong–Hong Kong–Macao Greater Bay area

AbstractTechnology transfer is a conscious knowledge transfer and diffusion, which can promote the coordinated configuration and balanced development of technological innovation elements in geographical space. From the perspective of “space of flow”, the technology transfer network is constructed. Utilizing patent technology transaction data from 2018, this study analyzes the agglomeration differentiation and spatial polarization patterns of technology transfer from network nodes, network layers, and network partition in Guangdong–Hong Kong–Macao Greater Bay Area. The conclusions are as follows: (1) The agglomeration of technology transfer is remarkable in the network, showing “two poles and two strong” as well as proximity advantages; Shenzhen and Guangzhou have become spatial poles within the network. (2) The Matthew effect is prominent and technology transfer at the spatial level is largely caused by core node interactions, while core‐edge hierarchical transmission mechanisms and geographical proximity contact characteristics are gradually developing. (3) Differences in roles between the plates are pronounced, and there is an agglomeration effect within a plate and between plates, as well as clear spillover effects.

Digital Assets and Blockchain-Based Multimedia Data Management

With the emergence of blockchain technology, decentralized and trustworthy platforms for data storage and propagation transactions become available, which can improve the security of the digital assets, i.e., data with their right to use (e.g., authority, ownership, fingerprinting, etc.). However, the security mechanism of blockchain suffers more vulnerabilities when it is being attacked and when managing multimedia data. It remains challenging to secure multimedia data and protect data integrity. Meanwhile, multimedia data could contain critical personal information. Research in privacy-preserving multimedia data management needs to be further studied to enable using and analyzing multimedia digital assets in the decentralized system without personal information leakage. This is an important feature to enable applications, such as surveillance and e-health. While blockchain sheds light on the future of multimedia data management, further research on secure and privacy-preserving management for digital assets and multimedia data is needed.

Patent Notice (Failure) in the Era of Patent Monetization

AbstractThe most commonly provided economic rationale underlying the patent system is that it incentivizes inventive effort that may not be carried out in its absence. In addition to this utilitarian rationale, economic and legal scholars frequently refer to a second rationale: the dissemination of technological information to the public. This notice function is thought of as an important mechanism to enable a more efficient investment in innovation by stimulating further (cumulative) innovation, reducing wasteful duplicate innovative efforts, and limiting unnecessary litigation. Courts have placed a great deal of emphasis on the notice function and have described it as the quid pro quo of granting patent owners the right to exclude. Whereas the notice function is traditionally confined to the adequate disclosure of inventions, we propose that in light of the recent trend towards rapidly growing markets for patent monetization it should also encompass the adequate disclosure of holders of patent rights. Specifically, we argue that knowing the identity of rightsholders is a fundamental prerequisite for any patent transaction to occur. Based on a comparative analysis of the provisions of six patent offices, we illustrate that even though current provisions warrant an adequate disclosure of the identity of initial patent applicants, they provide the public with only limited opportunities to track subsequent changes of ownership. Whilst most patent authorities require to file notice when patent rights are assigned, strict enforcement mechanisms are absent. This allows for a lack of transparency of patent ownership, which may hamper rather than facilitate technology transactions.

Effectiveness of Online Payment System during COVID-19

Digital payment methods are popular now days with the rapid development of computer technology for the banking transactions. This can be used to attract more customers to perform banking transactions digitally. However, the main problem of digital payment methods faced by the providers is that a large number of the banks’ customers are not willing to use the digital payment methods offered. We found that adoption of digital payment methods has increased immediately after demonetization and rapid growth has seen in the COVID-19 period. The purpose of this study is identifying the common methods of digital payments, as it is an efficient and viable tool to create customer value. The main objective of this study is to understand the usage of digital payments method and its impact on cash management. In this study, the data has been collected through questionnaire. Data has been analyzed by applying descriptive and diagrammatic analysis. In this study, we found that there are so many factors which affect the participants for the adoption and usage of digital payments method such as nature and scope of transactions, personal factors such as comfort and familiarity with other digital technologies and transactions. The main finding of the study is rapid growth of the digital payment’s methods in lockdown period in India. The usage of the digital payment method is found high in the age group of 20-40 years. It is reported that above 90% of the respondents are aware about the digital payment’s methods. Ease of accessing, cash back, time saving, convenience, better quality decision making, mobile wallet are the main benefits received by respondents. Respondents agreed that these methods are faster and better than traditional payments method.

Fintech and Financial Health in Vietnam during the COVID-19 Pandemic: In-Depth Descriptive Analysis

The growing popularity of smartphones and the proliferation of technology have accelerated the development of the digital payment industry. Fintech enables customers to access financial services more efficiently and faster than traditional business, especially during the COVID-19 pandemic due to health protocols, including restrictions on physical contact. This study investigates financial literacy, fintech adoption, and the impact of the COVID-19 crisis on the financial health of consumers in Vietnam. The relatively higher level of the unbanked population in Vietnam and the lower level of adult financial literacy compared with the ASEAN region motivated this study. Based on judgment sampling, participants were approached using the mall intercept technique, and those familiar with fintech were selected for the research interview. Thirty participants were interviewed and were given a survey form to be filled online using their mobile phones. Data analysis was conducted using IBM SPSS software version 23. Perceived ease of use, perceived usefulness, trust, brand image, government support, user innovativeness, and attitude are found to be significantly correlated with fintech adoption in Vietnam, while financial literacy was found to be not significantly correlated with fintech adoption. Furthermore, further analysis using multiple linear regression revealed user innovativeness and attitude have a positive impact towards fintech adoption, and in contrast, financial literacy showed significant negative impact on fintech. This inverse relationship could indicate that in Vietnam, fintech may play a role of bringing financial inclusion where people with lower financial literacy are able to use technology for financial transactions, which was previously inaccessible to them. This could also mean that Vietnamese with higher financial literacy do not see fintech as an important tool for their financial transactions, as they may already have strong access to traditional financial facilities. This research contributes to knowledge in the field of Fintech adoption in Vietnam at the time of the COVID-19 outbreak. To foster greater financial inclusivity and access for the Vietnamese consumers, policy makers could promote the development of fintech business infrastructure and regulatory sandboxes to foster fintech startups.

A digital analysis system of patents integrating natural language processing and machine learning

ABSTRACT Technological upgradation is the driving force of social and economic development. Although technological upgradation is extensively needed, it is characterised as high intelligence, high investment, and high risk. In the face of complex market competition patterns, industrial enterprises urgently need to seek external cooperation and achieve sustainable competitive advantage. However, the current digital systems of patents fail to fulfil efficiency improvement from technology transfer to research and development (R&D) cooperation for industrial enterprise. Nor does it provide adequate support for industrial enterprises’ technological upgradation. Therefore, this research proposes a systematic framework that combines nautral language processing (NLP) and machine learning (ML) technologies, including the patent recommendation model, patent transferability evaluation model, and research team detection model. Such a digital system of patents improves the efficiency of technology transactions and R&D cooperation with research institutions for industrial enterprises to identify related authorised patents and locate technology research teams. It is also expected that the developed system will enable research institutions to recommend valuable patents and transfer innovative technologies effectively.

A comprehensive survey on blockchain technology

In recent years of development, the interest in Blockchain technology and the essentials of its application have made it popular. The efficiency and availability of this technology have made it a widely accepted technology. Blockchain technology has completely changed the present-day concept of centralization. Different methodologies are used for the purpose of interfacing and monitoring the transactions in blockchain technology. Decentralization, immutability, transparency, and peer to-peer communication help to address the current trends effectively. This paper presents a comprehensive survey of blockchain technology, describing its features, classification, blockchain wallets, and applications.

NEW ECONOMIC CHALLENGES TO INTERNATIONAL BUSINESS DURING THE COVID-19 PANDEMIC

The COVID-19 pandemic is currently engulfing the world, including Indonesia, causing various impacts including the economic sector, one of which has a major impact on the international business world. This study aims to determine the impact of the Covid-19 international economic and business challenges in Indonesia today. This type of research is a research with data analysis using qualitative methods. The results of the study show the impact of the Covid-19 pandemic on the global economy, including the international business economy. From the impact of this pandemic, the decline in demand for international products and the inhibition of production and export imports because the raw materials come from outside countries, the impact of this pandemic affects the realization of investment realization is hampered. No exception, investors who plan to invest in Islamic businesses. The increasing risk of Islamic financial institutions from this challenge international economic and business strategies can overcome the impact of the Covid-19 pandemic, it is hoped that international economic and business actors will show empathy and solidarity with stakeholders. international business people develop more profitable business strategies. International business players take advantage of and support the government's stimulus program. Banking and other financial institutions must start revising their growth targets, implementing digital transaction technology in one solution. The international economy and business can play a role in recovering from economic shocks by prioritizing the achievement of the objectives of the international business strategyImpact of Covid-19Impact of Covid-19Impact of Covid-19

Effect of Cryptocurrency Trading and Monetary Corrupt Practices on Nigerian Economic Performance

Digital financial trading has brought a new dimension of financial technology transactions to the globe. Cryptocurrency trading is one of the new dimensions. However, cryptocurrency trading is plagued with unlawful and monetary corrupt practices, unregulated foreign currency markets, and unknown party participants. Thus, it creates the unpredicted challenge of instigating fear in the investors’ minds and scaring away economic agents, and in turn, it adversely affects economic activities. The research investigated the effects of cryptocurrency on the performance of the Nigerian economy. The specific objective was to examine the effect of cryptocurrency trading and monetary and monetary corrupt practices on Nigerian economic performance. The research used primary data through 98 copies of the questionnaire. Tobit regression method of analysis was applied to analyze the data. The finding reveals that cryptocurrency and monetary and monetary corrupt practices have a negative but significant effect on Nigerian economic performance with marginal effects of -0,172 and -0,734 with P < 0,05 as the significance level. The research concludes that cryptocurrency and monetary corrupt practices affect Nigerian economic performance. The research recommends that the government, through the Central Bank of Nigeria (CBN), should regulate and control cryptocurrency trading by using global digital financing system software. The software will monitor and control cryptocurrency trading in Nigeria to enhance cryptocurrency trading to contribute to and increase Nigerian economic activities.

Currency Internationalization and Reforms in the Architecture of the Monetary System: the case of Digital Yuan

In the paper, the authors prove that the application of the Chinese currency in the less developed regions reveals that the Chinese Yuan, despite its limited turnover, can replace the national currency. The following positive and negative results on the global financial system are highlighted promoting the internationalization of the digital Yuan: ensuring and unlimited transparency of the government and visibility of internal financial transactions; transparency of all offshore financial transactions within a country as well as of non-resident users; providing a framework for the global financial system and controlling the monetary policies of regional economies that have actively adopted the Yuan. The paper analyses that the strategy of the Yuan internationalization was implemented through the mechanism of the currency swap agreements with central banks of different countries, respectively, the growing international application of the Yuan gradually stimulated the creation of the „Yuan zone". It is proved that the Yuan internationalization has become a part of the state strategy of the Chinese government in transition to a new type of economic growth, so the digital Yuan should eventually replace cash and will become the main innovation in the global financial system since the appearance of digital currency. According to the conducted research, it is shown that the main technology of the state digital currency of China accommodates security technology, transaction technology, and reliable guarantee technology. The system of Digital Currency, Electronic Payment - DCEP includes a digital currency tracking method system and a digital currency management system based on certain conditions. Launch conditions include terms of economic conditions, interest rate terms of the loan, the terms of the subject flow, and time conditions.

Sustainability of cryptocurrency in blockchain technology for business development in African Countries

The aim of the paper is to analyze the sustainability of cryptocurrency in blockchain technology in African countries for securing financial business transactions. Following the subprime crisis that shook the world economy, a new perception of money has emerged. It is a fully digital currency whose transactions are made through a distributed network. This algorithm-encrypted currency, reputed to be tamper-proof, transparent and inclusive, relies on a distributed network called the Blockchain. By comparison with traditional registers in which operations are paginated and successively recorded, transactions in blockchain technology are aggregated within the chain of blocks. It is decentralized since it is replicated on several geographic sites around the world. It enables peer-to-peer transactions, automated in real-time, reliable, secure, without intermediaries and non-repudiable. To ensure maximum security during financial transactions, blockchain miners use cryptography. This distributed system is, therefore, a major technological innovation capable of securing the financial infrastructure and mitigating failures by reducing operational risks. According to our analysis based on the Merkle tree model and blockchain energy consumption, the sustainability of cryptocurrency is a major issue for developing countries. Especially in Africa, its practicality poses a number of constraints.

The M. Powell Lawton Award Lecture: The Person-Environment Fit Framework, Older Adults and Technology Interactions

M. Powell Lawton made significant contributions throughout his illustrious career to improve the quality of life of older adults. His landmark theory of person-environment fit (P-E Fit) recognized the importance of understanding the dynamic interactions between older adults and their physical and social environments and the subsequent impact of these interactions on independent living. In today’s living environments, technology is ubiquitous and can serve as both a barrier and facilitator to the ability of older people to live independently. This presentation will discuss how the P-F Fit Model can be used to clarify potential mismatches between technology systems and the characteristics, abilities, and preferences of older adult and how it can be used to guide design and training interventions to maximize the ability of aging adults to interact successfully with technology systems. Examples will be drawn from the Center for Research and Education on Aging and Technology Enhancement (CREATE) in the domains of social engagement, work, and health from technology design and intervention perspectives. The CREATE conceptual framework, consistent with the P-E Fit Model posits that users have varying needs, abilities, and attitudes; technology systems and tasks vary in demands; social, physical, and policy environments influence a person’s access to and support for technology transactions; and human-technology interactions are dynamic. A focus of the presentation will be on how a user-centered design approach is compatible with the P-E Fit model and can optimize the fit between older adults and technology systems.

Bank's credit and investment portfolio structure optimization

Methods. To solve the tasks identified in the work the following methods were used: historical and logical methods – to study the existing interpretations of the «payment system» concept, and critical analysis to formulate our own interpretation taking into account the features of digital economic transformation; systematization methods – to form and justify the approach to building the author's vision of the payment system development processes as a basic element of the digital economy. The study also used the basic concepts of behavioral finance, which allowed to establish the motivational features of FinTech and TechFin companies’ formation in the financial market. Results. The article formulates a new interpretation of «payment system» concept in order to update it to further identify economic entities interaction patterns in the mechanism of digital economy. The study of payment instrument development theories allowed the authors to characterize the role of the payment system in the economy. Based on a retrospective analysis of the development process of the payment system using an evolutionary approach, the stage of emergence of FinTech and TechFin companies was singled out. In order to identify the degree of penetration of new types of companies into the traditional financial market, there were studied the dynamics of payments of TechFin (PayPal) and the dynamics of growth of FinTech's customer base (monobank), which are examples of transformed successful digital instruments. Novelty. The proposed interpretation of «payment system» concept allows to comprehensively cover all economic entities involved in the process of exchanging payment instruments, and effectively analyze the interaction of both classical and emerging economic institutions in the digital transformation of society. Practical value. The formulated difference between the concepts of TechFin companies and FinTech implementations allows to differentiate their activities, prepare companies legally and technologically, and choose the appropriate way to implement new technology for financial transactions.

Valuation of University-Originated Technologies: A Predictive Analytics Approach

Experts have difficulty assessing the economic value of university-originated technologies due to the high level of uncertainty associated with the commercialization of early stage and basic technologies. This article proposes a random forest approach to the valuation of university-originated technologies that integrates monetary value and patent value models for technology valuation. First, a technological characteristics-value matrix was constructed after defining a total of 23 indicators from the U.S. Patent and Trademark and Scopus databases and extracting the value of university-originated technologies from technology transaction databases. Second, a random forest model, an ensemble machine learning model based on a multitude of decision trees, was employed to assess the economic value of university-originated technologies. Finally, the performance of our approach was assessed using quantitative metrics. A case study of the technologies registered in the Office of Technology Licensing of Stanford University confirms, with statistically significant outcomes, that our method is valuable as a complementary tool for the valuation of university-originated technologies.