Underlying Blockchain Technology Research Articles

Validation of Value-Driven Token Economy: Focus on Blockchain Content Platform

This study explores the architectural framework of a value-driven token economy on a blockchain content platform and critically evaluates the relationship between blockchain’s decentralization and sustainable economic practices. The existing literature often glorifies the rapid market expansion of cryptocurrencies but overlooks how underlying blockchain technology can fundamentally enhance content platforms through a more structured user engagement and equitable reward system. This study proposes a new token economy architecture by adopting the triple-bottom -line (TBL) framework and validates its practicality and effectiveness through an analytic-hierarchy-process (AHP) survey of industry experts. The study shows that the most influential factor in a successful token economy is not profit maximization but fostering a user-centric community where engagement and empowerment are prioritized. This shift can be expected to combine blockchain technology with meaningful economic innovation by challenging traditional profit-driven business models and refocusing on sustainability and user value.

Review Article] Impact of Cryptocurrency on Global Economy in the Twenty-First Century: A Comprehensive Review

Cryptocurrency has become a disruptive force in the twenty-first century's quickly changing world, completely changing how we view and interact with conventional financial institutions. This in-depth analysis intends to give insight on the underlying technology, economic ramifications, and legal difficulties that have formed this digital phenomena in order to examine the origins, development, and effect of cryptocurrencies over the past two decades. This article begins by exploring the history of cryptocurrencies, tracing its origins back to the mysterious Satoshi Nakamoto and the invention of Bitcoin in 2009. It analyses the underlying blockchain technology that underpins cryptocurrencies, giving readers a thorough understanding of its decentralised nature and the potential it has to revolutionise a number of industries outside of banking. The study also looks at the wide variety of cryptocurrencies that have appeared since the popularity of Bitcoin, including Litecoin, Ethereum, and Ripple, among countless others. It explores their distinctive characteristics, use cases, and market dynamics, stressing their potential for financial inclusion, international trade, and smart contract applications. The economic effects of cryptocurrencies are also examined in this paper, along with how they affect decentralised finance (DeFi), traditional banking systems, and financial innovation. It also looks at the difficulties presented by cryptocurrencies, including their volatility, scalability, and security issues, as well as the ongoing discussions surrounding their regulation and widespread use

The interaction of actor-independent and actor-dependent factors in new venture formation: The case of blockchain-enabled entrepreneurial firms

AbstractThe study seeks to explore how blockchain technology enables the creation of new ideas for ventures and to examine the activities of founders and entrepreneurial teams in shaping those ideas. We adopted several theoretical frameworks – external enablers theory, dynamic capabilities (DCs), and dynamic managerial capabilities (DMCs) – to explain the interaction of the actor-independent and actor-dependent factors in the process of new firm formation. We analysed four Hungarian blockchain start-ups that operate across financial services, cryptocurrency trading, crypto asset management, energy, information technology, and identity industries and create high value-added and cross-industrial offerings for Hungarian and foreign markets. Using qualitative study research results, the study develops the model of external enablers, founders' and firm capabilities and new venture creation. We identify three interconnected external enablers – namely, market volatility associated with the growing popularity of cryptocurrencies and the underlying blockchain technology, the properties of blockchain, and the ideology behind the technology – and discuss the role of entrepreneurs' DMCs and sensing and seizing activities in discovering and shaping these enablers into profitable business ideas.

A STUDY ON THE APPLICATION OF BLOCKCHAIN TECHNOLOGY SUPPORTS CRYPTOCURRENCY

A Blockchain is essentially a distributed database of records, or public ledger, of all completed and shared transactions or digital events. Each transaction in the public ledger is validated by a majority of the system's members. Information can never be deleted after it has been submitted. The Blockchain includes a precise and verifiable record of every single transaction that has ever occurred. The most well-known application of Blockchain technology is Bitcoin, a decentralized peer-to-peer digital money. Although the digital currency bit coin is very contentious, the underlying Blockchain technology has performed perfectly and has found a wide range of uses in both the financial and non- financial worlds. The basic idea is that the Blockchain creates a means for achieving distributed consensus in the digital online world. By producing an unquestionable record in a public ledger, involved entities may be assured that a digital event occurred. It paves the way for the transition from a centralized to a democratic, open, and scalable digital economy. This innovative technology offers huge possibilities, and the change in this field has just begun. This research paper describes Blockchain technology supports crypto currency and some specific applications in both the financial and non- financial sector and also this research paper will examine the difficulties that lie ahead and the business opportunities for this fundamental technology that is going to transform our digital world. Keywords: Blockchain, Bitcoin, Financial and non-financial sector, Technology

Structural Identity Representation Learning for Blockchain-Enabled Metaverse Based on Complex Network Analysis

The metaverse and its underlying blockchain technology have attracted extensive attention in the past few years. How to mine, process, and analyze the tremendous data generated by the metaverse systems has posed a number of challenges. Aiming to address them, we mainly focus on modeling and understanding the blockchain transaction network from a structural identity perspective, which represents the entire network structure and reveals the relations among multiple entities. In this article, we analyze three metaverse-related systems: non-fungible token (NFT), Ethereum (ETH), and Bitcoin (BTC) from the structural-identity perspective. First, we conduct the complex network analysis of the metaverse network and obtain several new insights (i.e., power-law degree distribution, disconnection, disassortativity, preferential attachment, and non-rich-club effect). Secondly, based on such findings, we propose a novel representation learning method named structure-to-vector with random pace (SVRP) for learning both the latent representation and structural identity of the network. Thirdly, we conduct node classification and link prediction tasks with the integration of graph neural networks (GNNs). Empirical results on three real-world datasets demonstrate that our proposed SVRP outperforms other existing methods in multiple tasks. In particular, our SVRP achieves the highest node classification accuracy (Acc) (99.3 <inline-formula xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink"> <tex-math notation="LaTeX">$\%$</tex-math> </inline-formula> ) and <inline-formula xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink"> <tex-math notation="LaTeX">$F$</tex-math> </inline-formula> 1-score (96.7 <inline-formula xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink"> <tex-math notation="LaTeX">$\%$</tex-math> </inline-formula> ) while only requiring original non-attributed graphs.

The dynamics of market efficiency of major cryptocurrencies

The exponential growth of Fintech innovation has increased the interest in cryptocurrency market informational efficiency given that cryptocurrencies and their underlying blockchain technology represent a profound yet ambiguous facet of Fintech. In this context, this paper examines the dynamic changes in the market efficiency of six major cryptocurrencies using the multifractal detrended fluctuation analysis (MFDFA) approach. The empirical findings confirm a varying degree of multifractal strength in the cryptocurrencies under consideration, which could be related to market inefficiency and fractal market hypothesis verification. Based on the multifractal indices, Bitcoin and Litecoin are the two most inefficient cryptocurrencies, whereas Cardano and Binance Coin exhibit the least inefficiency. Ripple and Ethereum remain in the middle. Overall, the cryptocurrencies exhibit persistence behaviour but show a significant change over time. Finally, we perform a rolling-window analysis and confirm the presence of multifractality, which seems to vary over time, suggesting that market (in)efficiency is an evolving process that can be shaped by market conditions. We argue that these findings could be related to herding behaviour, especially during crisis periods. The findings have policy implications, including the possibility of using active trading for profit-making strategies.

Cryptocurrencies on the Tech Wave The Rise of Another Official Currency or Just a Dystopian Investment

Cryptocurrencies are a new form of currency that have gained widespread attention in today's age of rapid technological advancement. The underlying blockchain technology provides many advantages for cryptocurrency transactions, including decentralization, anonymity, and security. But there are always two sides to a story, and despite the fact that cryptocurrencies have solid technical backing, their development has been severely hampered by issues like the high stability of individual coins and the potential dangers of the technology itself, which have led many nations to pass laws restricting cryptocurrency use. Taking a literature review method, this paper explores the features of cryptocurrencies, their potential for institutionalization as legal tender, and their primary effect on the economy. This paper concludes that the widespread adoption of cryptocurrencies as a viable alternative to fiat currencies is highly improbable in the foreseeable future.

THE IMPACT OF MACROECONOMIC INDICATORS ON BITCOIN: A CASE STUDY ON PAKISTAN

Modern-day revolution is brought on by cryptocurrencies. Both the terms cryptocurrency &amp; currency describe means of exchanging goods &amp; services. In system that uses cryptocurrencies, every transaction is preprogrammed. Underlying blockchain technology governs transactions by using consensus mechanisms, hash algorithms, and public and private key encryption, doing away with the need for user to have faith in the counterparty. In this study, impact of macro-factors on bitcoin in Pakistan was examined. The relevance of this study is that the majority of people are ignorant of bitcoin to spread awareness of bitcoin and how to use them among the general audience. The macroeconomic indicators (GDP, INF, Exchange, &amp; Gold) were monitored on a quarterly basis between JAN 2016 and DEC 2021. The E-view program and numerous tests on secondary data were also used in this inquiry. In Pakistan, there is no long-term link. Bitcoin's short-term relationships with Pakistan's GDP, INF, ER, and gold. In short term, there is a link between bitcoin and the exchange rate.

Cryptocurrency: An Overview of its History, Technology and Future Prospects

Cryptocurrency has emerged as a novel form of digital currency that operates independently of traditional financial institutions. This research paper provides an overview of the history and technology behind cryptocurrencies, including the development of Bitcoin, the first and the most well-known cryptocurrency. We explore the decentralized nature of cryptocurrencies, their advantages and disadvantages, and the underlying blockchain technology that enables their secure operation. Additionally, we examine current and prospects for cryptocurrencies.

An overview of blockchain efficient interaction technologies

The successful operation of Bitcoin has made its underlying blockchain technology receive wide attention. As the application scenarios of blockchain technology are enriched, the requirements for its performance are getting higher. Therefore, it is of utmost importance to effectively solve the problem of high-performance data interaction in the blockchain. In this paper, based on relevant domestic and foreign research literature, we start from the development history of blockchain technology and review the relevant research work on improving the performance of blockchain from three perspectives: on-chain interaction technology, off-chain interaction technology, and cross-chain interaction technology in turn. The on-chain and off-chain interaction technologies improve performance by improving the architecture of the blockchain system. The performance improvement solution of on-chain interaction technology is to modify and optimize the basic protocol and architecture of the blockchain itself to achieve a performance improvement. Still, the impact of this approach is limited in terms of performance improvement. The performance improvement solution of off-chain interaction technology is to transfer part of the data processing to off-chain and only return the final result to on-chain for storage and recording, which reduces the burden of on-chain operation and improves the efficiency of data processing. In terms of cross-chain interaction technology, this paper analyses four mainstream technology, namely, Notary Scheme, Side chain and Chain relay, Hash-Locking, and Distributed Private Key Control, and ultimately concludes through comparative analysis that cross-chain technology has a significant impact on improving blockchain performance. Finally, the paper provides a systematic overview of the above and an outlook on the possible future development of technologies related to enhancing blockchain performance.

The Importance and Use of Blockchain Technology in International Payment Methods

Blockchain technology, which has entered our lives in recent years, constitutes one of the most remarkable issues of the 21st century. According to Merriam Webster, blockchain is defined as; “It is a database with information shared in a digital network that is decentralized and accessible to all stakeholders and can be used at any time”. Looking at this definition, we can clearly understand that blockchain technology is actually a way to store certain information. Today, it can be seen that rapid technological developments in cryptocurrency techniques are an effective measure against security vulnerabilities such as hacking and theft encountered in the realization of fund transfers. The reason behind this is that the underlying blockchain technology of cryptocurrencies filters out duplicate and incorrect transactions. The emergence of cryptocurrencies as a payment system along with these conveniences has brought debates in traditional financial transaction markets. This means that conventional financial institutions face risks and threats from the popularity and effectiveness of cryptocurrencies. Today, when we look at it, we see the state or state structures – such as Central Banks – that guarantee the reliability of currencies in traditional currencies. The most important feature of the digital currency is that it does not have this central structure and does not have any authority to affect the currency.

ЦИФРОВІ ІНСТРУМЕНТИ В БОРОТЬБІ З ВІДМИВАННЯМ КОШТІВ ТА ФІНАНСУВАННЯМ МІЖНАРОДНОГО ТЕРОРИЗМУ: МОЖЛИВОСТІ ТА ЗАГРОЗИ

At the current stage, the consequences of the use of digital technologies cannot be fully predicted. Their role in combating money laundering and terrorist financing is defined in two ways: 1) facilitate the transfer and accumulation of illegally obtained funds in offshore accounts; 2) act as a source of empowerment, can be used in investigations, detection and termination of illegal money transfers. The purpose of the article is a critical analysis of approaches to assessing the relationship between the level of risk of money laundering and terrorist financing and the implementation of digital technologies in countries, as well as the identification of opportunities and threats from their application in the researched field. To achieve the goal, the following methods were used: analysis and synthesis, logical generalization, comparison. The article systematizes the approaches of scientists to establishing the relationship between the level of digital development of the country and the risk of legalization of criminal funds. Based on a critical analysis of scientific works, this connection was confirmed, taking into account the value of the Basel АML Index. The problems of using rating indices of digitization for the quantitative assessment of this connection are identified. The ambiguity of the conclusions and the complexity of the real assessment are related to the different positions of the countries for different indicators. The benefits created by digital technologies in the field of combating money laundering and terrorist financing are systematized, in terms of KYC and TM components. They are used by most banks to assess, analyze and measure the risk of financial crimes. Situations that signal potential suspicious activity and require additional attention from banks are summarized. On the example of cryptocurrency, an assessment of the characteristic features of digital technologies (the underlying blockchain technology; anonymity; regulation and taxation of transactions with cryptocurrency) was carried out regarding the possibility of their use for money laundering and terrorist financing.

Say No to Speculation in Crypto market during NFT trades: Technical and Financial Guidelines

Saying no to speculation in the crypto market during NFT trades is a call for prudence, diligence, and a commitment to responsible investing. Embracing these principles will contribute to a more sustainable and credible ecosystem, allowing the underlying blockchain technology to fulfill its potential beyond short-term market fluctuations. Speculation in the cryptocurrency market, particularly during NFT (Non-Fungible Token) trades, demands a cautious and informed approach. The crypto market is renowned for its inherent volatility, a characteristic accentuated by the NFT space. Prices can experience sudden and unpredictable fluctuations, making it imperative for investors to exercise prudence and avoid succumbing to the lure of speculation. NFTs derive their value from factors such as perceived scarcity, demand, and cultural significance rather than traditional fundamentals. This lack of intrinsic value makes it challenging for investors to make well-informed decisions based on solid analysis. Furthermore, the rapid evolution of the crypto space means that NFTs may lack a substantial history of price data, adding an additional layer of complexity to the assessment of their value.

A bibliometric study on blockchain-based supply chain: a theme analysis, adopted methodologies, and future research agenda.

The emergence of the underlying blockchain technology of bitcoin has gained extensive attention from researchers and practitioners. As distributed ledger technology, blockchain widely finds its applications in the supply chain to mitigate issues related to transparency, information sharing, process efficiency, and traceability. This study employed a knowledge-based visualization technique to create a vision beyond other review studies on the blockchain-based supply chain. We used bibliometric and network analysis to synthesize the previous literature. In total, 431 articles in the timespan of 2017 to April 2022 from Scopus and Web of Science (WOS) databases were analyzed after applying search string, inclusion, and exclusion criteria. Basic information was extracted from initial data screening; then, data was analyzed on the grounds of co-occurrence, bibliographic coupling, citation, co-authorship, and co-citation analysis. In addition, thematic analysis was performed to analyze the content of the previous studies, adopted research methods, and dynamic industries in the literature. Besides all these, we identified various research gaps and proposed research directions for future study. We believe that this study provides adequate knowledge to academic scholars and supply chain practitioners to fast-track the current research in the supply chain domain using blockchain technology.

An Entrepreneurial Definition of the Blockchain Technology and a Stacked Layer Model of the ICO Marketplace Using the Text Mining Approach

The landscape of ICOs and its underlying Blockchain technology needs more clarity, given that several overlapping and opposing views exist from governmental institutions, institutional investors, economists, and academia. Those positions stem from confusion, bias, and vested interest. Having consensus from the pioneer entrepreneurs who define Blockchain technology usage, and its marketplace address this need. Furthermore, an agreement on the problems blockchain is solving from the industry perspective would further the understanding of the technology direction and its “raison d’être.” or “reason of existence”. The paper analyzes 4367 businesses that requested funding using ICO whitepapers and raising more than $20 billion US dollars during the most active ICO period. Using Latent Semantic Analyses (LSA), the paper identifies a one-factor solution that explains 98.15% of all ICOs. The paper conducts a second-order analysis that generates an 18-factor solution. Through the empirical analysis, the paper presents its findings as an ICO marketplace stacked layer model. The model is comprised of four layers: (1) Trust; (2) Value exchange; (3) Automation; and (4) Applications to enable value exchange, and an era of new business models. The paper then presents an unbiased, unified entrepreneurial definition of the Blockchain technology usage.

Cryptocurrencies � Hype or Here to Stay?

Cryptocurrencies are an innovative alternative to the traditional banking system. Currently the primary application is the execution and verification of financial transactions. Arguably the most valuable property of cryptocurrencies is the underlying Blockchain technology, a decentralized ledger, which executes and verifies financial transactions without an expensive and slow intermediary. Bitcoin increased from $354 in 2016 to $67,500 in November 2021, so there is definitely a hype. Cryptocurrencies need a big network to fend off criminal 51% network attacks. Therefore, only a few cryptocurrencies will survive, but those will be a disruptive technology, challenging the existing banking system.

A New Signature-Based Blockchain Paradigm: Foreseeable Impact on Healthcare Applications

Blockchain is a promising technology that has the potential to revolutionize the healthcare sector's conventional IT infrastructure from centralized, isolated, and small-scale systems to decentralized, distributed, and highly scalable systems, resulting in a remarkable improvement in the quality of service, thereby eliminating expensive administrative inefficiencies. One of the most important challenges of the healthcare system is to maintain consistent patient data as well as unified files amongst numerous applications and programs. So, any attack or loss of data integrity and repudiation can lead to a wide range of potentially catastrophic repercussions, including inappropriate treatment, data theft, etc. As a result, a model is required that not only allows convenient data storage, access, and retrieval but also enables a transparent and traceable environment for verifying the integrity and authenticity of patient data. The work presented in this article is an integration of digital signature and blockchain technology. Here, a digital signature technique based on Hash-based Message Authentication Code (HMAC) is used which is an efficient method to achieve non-repudiation and mitigate Sybil attack. Furthermore, the integrity of data is ensured by the underlying blockchain technology. This advancement will enable the healthcare sector to achieve scalable improvement over the present system.

A Loyalty System Incorporated with Blockchain and Call Auction

A loyalty program is a type of incentive to reward customers’ perceived value and enhance their purchasing behavior. The key to the success of a loyalty program is to allow customers to more actively participate in the program. One possible solution is to allow customers to sell out idle loyalty points and buy in the points that they need. On the basis of a call auction, this study designs a peer-to-peer exchange mechanism for customers to realize the above trade. In addition, a blockchain-based system is developed to support the issuance, redemption, and exchange of loyalty points. In this study, Hyperledger Fabric is adopted as the underlying blockchain technology because it has some features that are beneficial to a cross-organizational coalition loyalty program. This study also proposes a feasible multi-host deployment scheme for the Hyperledger Fabric blockchain network that is suitable for our application scenario. Finally, some implementation results are given to demonstrate the system process from the perspective of the application layer. The mechanism proposed in this study is helpful to improve the likelihood of successfully exchanging points, thus accelerating the circulation and use of loyalty points.

Assessment of Usefulness of Block Chain Technology for Agriculture Application

Abstract: Agriculture is one of the most important sectors in any country. Increase in population all around the world has led to the need to increase the agricultural produce in the farms. To keep up with the growing demands, the agricultural sector is using IT based solutions like softwares, IOT etc. This technology shift has led to many problems as the farmers and the consumers are not aware of the technologies used and there is a possibility of mishandling of data by major stakeholders. Does there is lack of transparency and reliability on the systems used. This has led to financial Exploitation and adulteration in the agricultural industry. New technologies like blockchain can be used efficiently to prohibit such financial exploitation and adulteration. This project uses blockchain Technology the two track all the transactions that take place in the food chain from farmer to the end consumer. The system is made reliable due to the fact that underlying blockchain technology is very secure and hack proof. The data is stored very reliably on each participant's computers so that the data is available with transparency to each user. The underline blockchain Technology makes it possible to add new data into the blockchain and update the participants with the latest data as soon as possible. The project intends to raise alerts whenever any participant is found exploiting the system with higher margins than the threshold. The end consumer can trace back the food chain and hence any possibilities of adulteration or frauds can be traced back into the entire system. Keywords: Blockchain, Foodchain, Agriculture, Application, Tracking, Transparency,

Understanding the Determinants of Blockchain Adoption in the Engineering-Construction Industry: Multi-Stakeholders’ Analyses

Blockchain technology is promising toward transforming conventional construction practices to improve collaboration and integration management in engineering-construction projects. The factors affecting the adoption of blockchain technology from the different stakeholder perspectives, however, have not been thoroughly investigated. Following the theory of planned behavior (TPB) and regulatory focus theory (RFT), this study explores the formation mechanisms underlying blockchain technology adoption from a multi-stakeholder perspective. The model was tested through partial least squares-structural equation modeling (PLS-SEM) and the fuzzy-set qualitative comparative analysis (fsQCA) method using data collected from Chinese construction practitioners. PLS-SEM results indicate that institutional pressures, perceived functional benefits, and behavioral control can directly drive blockchain adoption. Although perceived symbolic benefits do not directly affect blockchain adoption, their indirect effects on adoption are fully mediated by adoption intention. The PLS multi-group analysis found multiple path differences among stakeholders. The fsQCA results show that no single factor or its negation is the necessary condition to trigger blockchain technology adoption. The configuration analysis results show four new configurations that trigger the adoption of blockchain technology by owners, contractors, and consultants. This study not only enriches the related research on TPB and blockchains but also helps technology promoters to use strategies tailored to different stakeholders in theory and practice to improve blockchain technology adoption.