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19 pages, 1034 KiB  
Review
Blockchain-Enabled Water Quality Monitoring: A Comprehensive Review of Digital Innovations and Challenges
by Trang Le Thuy, Minh-Ky Nguyen, Thuyet D. Bui, Hoang Phan Hai Yen, Nguyen Thi Hoai, Nguyen Vo Chau Ngan, Akhil Pradiprao Khedulkar, Dinh Pham Van, Anthony Halog and Tuan-Dung Hoang
Water 2025, 17(17), 2522; https://doi.org/10.3390/w17172522 - 24 Aug 2025
Abstract
This paper explores how blockchain technology, widely known as the backbone of cryptocurrencies, can be harnessed to address limitations of traditional water quality monitoring (WQM) systems. Blockchain offers a decentralized, tamper-proof ledger that enables secure, transparent, and traceable data management across distributed networks. [...] Read more.
This paper explores how blockchain technology, widely known as the backbone of cryptocurrencies, can be harnessed to address limitations of traditional water quality monitoring (WQM) systems. Blockchain offers a decentralized, tamper-proof ledger that enables secure, transparent, and traceable data management across distributed networks. When applied to water quality monitoring, blockchain facilitates real-time data acquisition, enhances data integrity, and enables smart contracts for automated regulatory compliance and alerts. These features not only improve the accuracy and efficiency of WQM systems but also build public trust in the reported data. Key insights from current research and pilot applications highlight blockchain’s capacity to integrate with IoT devices for real-time sensing, support adaptive water governance, and empower local stakeholders through decentralized control and transparent access to information. The implications for policy and practice are significant: blockchain-based WQM can support stronger regulatory enforcement, encourage cross-sector collaboration, and provide a robust digital foundation for sustainable water management in smart cities and rural areas alike. As such, this review paper positions blockchain as a transformative tool in the digital transition toward more resilient and equitable water management systems. Full article
17 pages, 1363 KiB  
Article
Navigating Risk in Crypto Markets: Connectedness and Strategic Allocation
by Nader Naifar
Risks 2025, 13(8), 141; https://doi.org/10.3390/risks13080141 - 23 Jul 2025
Viewed by 1145
Abstract
This study examined the dynamic interconnectedness and portfolio implications within the cryptocurrency ecosystem, focusing on five representative digital assets across the core functional categories: Layer 1 cryptocurrencies (Bitcoin (BTC) and Ethereum (ETH)), decentralized finance (Uniswap (UNI)), stablecoins (Dai), and crypto infrastructure tokens (Maker [...] Read more.
This study examined the dynamic interconnectedness and portfolio implications within the cryptocurrency ecosystem, focusing on five representative digital assets across the core functional categories: Layer 1 cryptocurrencies (Bitcoin (BTC) and Ethereum (ETH)), decentralized finance (Uniswap (UNI)), stablecoins (Dai), and crypto infrastructure tokens (Maker (MKR)). Using the Extended Joint Connectedness Approach within a Time-Varying Parameter VAR framework, the analysis captured time-varying spillovers of return shocks and revealed a heterogeneous structure of systemic roles. Stablecoins consistently acted as net absorbers of shocks, reinforcing their defensive profile, while governance tokens, such as MKR, emerged as persistent net transmitters of systemic risk. Foundational assets like BTC and ETH predominantly absorbed shocks, contrary to their perceived dominance. These systemic roles were further translated into portfolio design, where connectedness-aware strategies, particularly the Minimum Connectedness Portfolio, demonstrated superior performance relative to traditional variance-based allocations, delivering enhanced risk-adjusted returns and resilience during stress periods. By linking return-based systemic interdependencies with practical asset allocation, the study offers a unified framework for understanding and managing crypto network risk. The findings carry practical relevance for portfolio managers, algorithmic strategy developers, and policymakers concerned with financial stability in digital asset markets. Full article
(This article belongs to the Special Issue Cryptocurrency Pricing and Trading)
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26 pages, 4918 KiB  
Article
Is Bitcoin a Safe-Haven Asset During U.S. Presidential Transitions? A Time-Varying Analysis of Asset Correlations
by Pathairat Pastpipatkul and Htwe Ko
Int. J. Financial Stud. 2025, 13(3), 134; https://doi.org/10.3390/ijfs13030134 - 22 Jul 2025
Cited by 1 | Viewed by 1175
Abstract
Amid the growing debate over how cryptocurrencies are reshaping global finance, this study explores the nexus between Bitcoin, Brent Crude Oil, Gold and the U.S. Dollar Index. We used a time-varying vector autoregressive (tvVAR) model to examine the connection among these four assets [...] Read more.
Amid the growing debate over how cryptocurrencies are reshaping global finance, this study explores the nexus between Bitcoin, Brent Crude Oil, Gold and the U.S. Dollar Index. We used a time-varying vector autoregressive (tvVAR) model to examine the connection among these four assets during the Trump (2017–2020) and Biden (2021–2024) governments. The 48-week return forecast of the Bitcoin–Gold correlation was also conducted by using the Bayesian Structural Time Series (BSTS) model. Results indicate that Bitcoin was the most volatile asset, while the U.S. Dollar remained the least volatile under both regimes. Under Trump, U.S. Dollar significantly influenced Oil and Bitcoin while Bitcoin and Gold were negatively linked to Oil and positively associated with U.S. Dollar. An inverse relationship between Bitcoin and Gold also emerged. Under Biden, Bitcoin, Gold, and U.S. Dollar all significantly affected Oil with Bitcoin showing a positive impact. Bitcoin and Gold remained negatively correlated though not significantly, and the Dollar maintained positive ties with both. Forecasts show a positive link between Bitcoin and Gold in the coming year. However, Bitcoin does not exhibit consistent characteristics of a safe-haven asset during the U.S. presidential transitions examined, largely due to its high volatility and unstable correlations with a traditional safe-haven asset, Gold. This study contributes to the understanding of shifting relationships between digital and traditional assets across political regimes. Full article
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23 pages, 740 KiB  
Article
A Multi-Paradigm Ethical Framework for Hybrid Intelligence in Blockchain Technology and Cryptocurrency Systems Governance
by Haris Alibašić
FinTech 2025, 4(3), 34; https://doi.org/10.3390/fintech4030034 - 22 Jul 2025
Viewed by 480
Abstract
The integration of artificial intelligence and human decision-making within blockchain systems has raised complex ethical considerations, necessitating the development of comprehensive theoretical frameworks. This research develops a multi-paradigm ethical framework addressing the ethical dimensions of hybrid intelligence—the dynamic interplay between human judgment and [...] Read more.
The integration of artificial intelligence and human decision-making within blockchain systems has raised complex ethical considerations, necessitating the development of comprehensive theoretical frameworks. This research develops a multi-paradigm ethical framework addressing the ethical dimensions of hybrid intelligence—the dynamic interplay between human judgment and artificial intelligence—in the governance of blockchain technology and cryptocurrency systems. Drawing upon complexity theory and institutional theory, this study employs a theory synthesis methodology to investigate inherent paradoxes within hybrid intelligence systems, including how transparency creates new opacities in AI decision-making, decentralization enables centralized control, and algorithmic efficiency undermines ethical sensitivity. Through PRISMA-compliant systematic literature analysis of 50 relevant publications and theoretical synthesis, this research demonstrates how blockchain technology fundamentally redefines hybrid intelligence by establishing novel forms of trust, accountability, and collective decision-making. The framework advances three testable propositions regarding emergent intelligence properties, adaptive capacity, and institutional legitimacy while providing practical governance principles and implementation methodologies for blockchain developers, regulators, and participants. This study contributes theoretically by bridging the fields of complex systems and institutional analysis, integrating complex adaptive systems with institutional legitimacy processes through a multi-paradigm integration methodology. It delivers an ethical framework that addresses accountability distribution in Decentralized Autonomous Organizations, quantifies ethical challenges across major platforms, and offers empirically validated guidelines for balancing algorithmic autonomy with human oversight in decentralized systems. Full article
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23 pages, 2290 KiB  
Article
Mapping Systemic Tail Risk in Crypto Markets: DeFi, Stablecoins, and Infrastructure Tokens
by Nader Naifar
J. Risk Financial Manag. 2025, 18(6), 329; https://doi.org/10.3390/jrfm18060329 - 16 Jun 2025
Cited by 1 | Viewed by 1945
Abstract
This paper investigates systemic tail dependence within the crypto-asset ecosystem by examining interconnectedness across eight major tokens spanning Layer 1 cryptocurrencies, DeFi tokens, stablecoins, and infrastructure/governance assets. We employ a novel partial correlation-based network framework and quantile-specific connectedness measures to examine how co-movement [...] Read more.
This paper investigates systemic tail dependence within the crypto-asset ecosystem by examining interconnectedness across eight major tokens spanning Layer 1 cryptocurrencies, DeFi tokens, stablecoins, and infrastructure/governance assets. We employ a novel partial correlation-based network framework and quantile-specific connectedness measures to examine how co-movement patterns evolve under normal and extreme market conditions from September 2021 to March 2025. Unlike conventional correlation or variance decomposition approaches, our methodology isolates direct, tail-specific transmission channels while filtering out standard shocks. The results indicate strong asymmetries in dependence structures. Systemic risk intensifies during adverse tail events, particularly around episodes such as the Terra/Luna crash, the USDC depeg, and Bitcoin’s 2024 halving cycle. Our analysis shows that ETH, LINK, and UNI are key assets in spreading losses when the market falls. In contrast, the stablecoin DAI tends to absorb some of the stress, helping reduce risk during downturns. These results indicate critical contagion pathways and suggest that regulation targeting protocol-level transparency, liquidity provisioning, and interoperability standards may reduce amplification mechanisms without eliminating interdependence. Our findings contribute to the emerging literature on crypto-systemic risk and offer actionable insights for regulators, DeFi protocol architects, and institutional investors. In particular, we advocate for the incorporation of tail-sensitive network diagnostics into real-time monitoring frameworks to better manage asymmetric spillover risks in decentralized financial systems. Full article
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14 pages, 3306 KiB  
Article
Is Bitcoin’s Market Maturing? Cumulative Abnormal Returns and Volatility in the 2024 Halving and Past Cycles
by Vinícius Veloso, Rafael Confetti Gatsios, Vinícius Medeiros Magnani and Fabiano Guasti Lima
J. Risk Financial Manag. 2025, 18(5), 242; https://doi.org/10.3390/jrfm18050242 - 1 May 2025
Viewed by 3828
Abstract
This study examines how cumulative abnormal returns (CARs, the sum of abnormal returns over a period) and volatility behave around Bitcoin halving events, focusing on whether these patterns have evolved as the cryptocurrency market matures. Halvings are periodic events defined by Bitcoin’s algorithm, [...] Read more.
This study examines how cumulative abnormal returns (CARs, the sum of abnormal returns over a period) and volatility behave around Bitcoin halving events, focusing on whether these patterns have evolved as the cryptocurrency market matures. Halvings are periodic events defined by Bitcoin’s algorithm, during which the reward—in the form of newly issued bitcoins—paid to miners for validating network transactions is reduced, impacting miners’ profitability and potentially influencing the asset’s price due to a decreased supply. To carry out the analysis, we collected data on returns and risk for the 2012, 2016, 2020, and 2024 halving events and compared abnormal returns before and around the event, focusing on the 2020 and 2024 halvings. The results reveal significant shifts in Bitcoin’s price behavior within the event window, with an increased occurrence of abnormal returns in 2020 and 2024, alongside variations in average return, volatility, and maximum drawdown across all events. These findings suggest that Bitcoin’s returns and volatility during halvings are decreasing as the cryptocurrency market becomes more regulated and attracts greater participation from institutional investors and governments. Full article
(This article belongs to the Special Issue Financial Reporting Quality and Capital Markets Efficiency)
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25 pages, 1763 KiB  
Article
Government Oversight and Institutional Influence: Exploring the Dynamics of Individual Adoption of Spot Bitcoin ETPs
by Shirin Hasavari, Mahed Maddah and Pouyan Esmaeilzadeh
J. Risk Financial Manag. 2025, 18(4), 175; https://doi.org/10.3390/jrfm18040175 - 25 Mar 2025
Cited by 1 | Viewed by 1376
Abstract
Spot Bitcoin Exchange Traded Products (ETPs) are financial instruments enabling Bitcoin to be traded on traditional brokerage platforms, reducing the risks associated with direct Bitcoin exposure while addressing fraud and market manipulation concerns. This study examines the adoption of Spot Bitcoin ETPs, emphasizing [...] Read more.
Spot Bitcoin Exchange Traded Products (ETPs) are financial instruments enabling Bitcoin to be traded on traditional brokerage platforms, reducing the risks associated with direct Bitcoin exposure while addressing fraud and market manipulation concerns. This study examines the adoption of Spot Bitcoin ETPs, emphasizing the roles of financial and digital literacy, market dynamics, and regulatory frameworks in influencing individual investor behavior. Based on a survey of 428 U.S. respondents, financial literacy and early adopter traits were found to significantly enhance adoption likelihood (β = 0.458, p < 0.001). Government factors, such as compliance guidelines and tax policies, improved investor confidence and adoption rates (β = 0.409, p < 0.001). Market factors, including volatility and sentiment, played a notable yet secondary role (β = 0.34, p < 0.001). Institutional investment mediated the effects of regulatory and market dynamics on individual adoption, legitimizing Spot Bitcoin ETPs and fostering trust (β = 0.298, p < 0.001). The findings emphasize the need for clear regulations, robust disclosure requirements, and investor education to enhance adoption. Policymakers should focus on regulatory transparency to build investor confidence, while financial institutions can advance adoption by promoting financial and digital literacy. This study contributes to understanding how individual, market, and regulatory factors collectively drive the integration of regulated cryptocurrency products into mainstream finance. Full article
(This article belongs to the Section Financial Technology and Innovation)
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14 pages, 816 KiB  
Article
The Greater Sustainability of Stablecoins Relative to Other Cryptocurrencies
by Adi Wolfson, Gerard Khaladjan, Yotam Lurie and Shlomo Mark
J. Risk Financial Manag. 2025, 18(3), 161; https://doi.org/10.3390/jrfm18030161 - 18 Mar 2025
Cited by 2 | Viewed by 2369
Abstract
Cryptocurrencies are decentralized digital financial services that do not physically exist in the world of tangible products and goods, and therefore purportedly offer some positive environmental sustainability features. However, since they are based on blockchain technology, which requires a relatively large input of [...] Read more.
Cryptocurrencies are decentralized digital financial services that do not physically exist in the world of tangible products and goods, and therefore purportedly offer some positive environmental sustainability features. However, since they are based on blockchain technology, which requires a relatively large input of energy, their climatic impact is not benign. Furthermore, they are very volatile and characterized by low levels of transparency and control, thus creating some negative economic and social sustainability effects. Stablecoins, which are a pegged type of cryptocurrency, exhibit much less volatility and have higher levels of management and interoperability. This raises the following question: are stablecoins more sustainable compared to other cryptocurrencies? To explore this, a sustainability assessment was conducted, comparing cryptocurrencies and stablecoins across environmental, social, and economic dimensions while identifying the key characteristics of sustainability. It was found that stablecoins can mitigate the economic and social risks associated with cryptocurrencies and thus increase their overall sustainability. Moreover, since stablecoins are managed and governed to a greater extent, a key consideration in their development is the selection and implementation of more appropriate mechanisms that can reduce energy use and enhance sustainability. Finally, stablecoins offer more effective—and not just more efficient—solutions, based on value co-creation between several providers and a customer. Full article
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17 pages, 292 KiB  
Article
Understanding the Future of Money: The Struggle Between Government Control and Decentralization
by Jodi Tommerdahl
J. Risk Financial Manag. 2025, 18(2), 98; https://doi.org/10.3390/jrfm18020098 - 13 Feb 2025
Cited by 2 | Viewed by 2835
Abstract
This article offers a clear and approachable introduction to the evolving landscape of money and the frictions developing between traditional government control and decentralized finance (DeFi). Tailored for readers with a basic awareness of cryptocurrency but limited familiarity with its broader implications, the [...] Read more.
This article offers a clear and approachable introduction to the evolving landscape of money and the frictions developing between traditional government control and decentralized finance (DeFi). Tailored for readers with a basic awareness of cryptocurrency but limited familiarity with its broader implications, the article demystifies DeFi by explaining its core concepts including blockchain, Centralized Bank Digital Currencies (CBDCs), and the historical role of government regulation of money through central banking. Against this backdrop, it examines the transformative potential of DeFi, emphasizing the growing tension between the centralized authority of governments and the decentralized ideals driving this new financial model. While governments seek to maintain stability and control, individuals increasingly gravitate toward the more affordable, efficient, and inclusive solutions promised by DeFi. Designed to empower readers with a better grasp of the forces shaping the future of finance, this article underscores the importance of understanding the delicate interplay between governmental oversight and decentralized innovation. As the digital economy expands, this dynamic struggle will influence not only economic policies but also personal financial choices and access to resources. Full article
19 pages, 897 KiB  
Article
Examining the Drivers and Economic and Social Impacts of Cryptocurrency Adoption
by Yongsheng Guo, Ezaddin Yousef and Mirza Muhammad Naseer
FinTech 2025, 4(1), 5; https://doi.org/10.3390/fintech4010005 - 25 Jan 2025
Cited by 2 | Viewed by 5856
Abstract
This study investigates the key drivers and the economic and social impacts of cryptocurrency adoption. Based on panel data across 37 countries from 2020 to 2023, this research examines the interplay between cryptocurrency adoption and technology development, monetary policies, and economic and social [...] Read more.
This study investigates the key drivers and the economic and social impacts of cryptocurrency adoption. Based on panel data across 37 countries from 2020 to 2023, this research examines the interplay between cryptocurrency adoption and technology development, monetary policies, and economic and social development. Employing a mixed-methods approach, the research incorporates panel data analysis across multiple countries to explore correlations and causal relationships between these variables. The study found that technology development, measured by the Network Readiness Index (NRI) enables cryptocurrency adoption. Economic conditions measured by higher national inflation rates and monetary policy indicators, including lower interest and exchange rates are the key drivers for cryptocurrency adoption. The empirical findings reveal that cryptocurrency adoption has negative relationships with economic development measured by the GDP growth rate, unemployment rate, and social development represented by the governance quality corruption index. It implies that cryptocurrency is used as a virtual anchor (digital gold) for national inflation. Findings reveal how network readiness, economic conditions, and monetary policies contribute to fostering cryptocurrency adoption, while resulting in impacts on economic growth, labour markets, and governance. The research contributes to the literature by integrating technological, economic, and governance perspectives to elucidate the role of cryptocurrency in reshaping the global economic and social systems. Full article
(This article belongs to the Special Issue Trends and New Developments in FinTech)
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19 pages, 2707 KiB  
Article
Cryptocurrencies Transit to a Carbon Neutral Environment: From Fintech to Greentech Through Clean Energy and Eco-Efficiency Policies
by Dimitrios Koemtzopoulos, Georgia Zournatzidou, Konstantina Ragazou and Nikolaos Sariannidis
Energies 2025, 18(2), 291; https://doi.org/10.3390/en18020291 - 10 Jan 2025
Cited by 5 | Viewed by 1158
Abstract
Fintech prioritizes the progression of issues related to environmental conservation and the consequences of climate change. This study is among the first investigations exploring the relationship between fintech and sustainable energy. It presents potential financial models that might be developed to assist companies [...] Read more.
Fintech prioritizes the progression of issues related to environmental conservation and the consequences of climate change. This study is among the first investigations exploring the relationship between fintech and sustainable energy. It presents potential financial models that might be developed to assist companies in remaining operational via the use of renewable and clean energy sources. We employ a bibliometric analysis as the statistical methodology to address the study topic. We extract bibliometric data from the Scopus database employing the Preferred Reporting Items for Systematic reviews and Meta-Analyses (PRISMA) approach, thereafter analyzing the data with the R statistical programming language and the bibliometric applications Biblioshiny and VOSviewer. The results of the research indicate that fintech companies are committed to achieving carbon neutrality and investing in strategies such as environmental, social, and corporate governance (ESG) which may help them reduce their carbon footprint and enhance their eco-efficiency. In contrast to the United Kingdom, which is frequently regarded as the world’s preeminent financial center, Chinese fintech enterprises appear to demonstrate a more fervent dedication to the improvement of their ecological transition. However, the results, ultimately, emphasize the transition of fintech to an alternative paradigm, namely greentech. Greentech is a new fintech-dependent paradigm which will help cryptocurrencies and fintech reduce their environmental impact and promote carbon-neutral financial institutions via investment. Greentech aims to decarbonize the financial industry by investing in renewable resources and clean energy, therefore enhancing the sector’s environmental sustainability. Full article
(This article belongs to the Section B: Energy and Environment)
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18 pages, 304 KiB  
Article
The Impact of Cryptocurrency Exposure on Corporate Tax Avoidance Among US Listed Companies
by Junnan Cui, Li Gao and Yufei Wang
J. Risk Financial Manag. 2024, 17(11), 488; https://doi.org/10.3390/jrfm17110488 - 30 Oct 2024
Cited by 1 | Viewed by 3828
Abstract
This study examined the association between corporate cryptocurrency activities and tax avoidance outcomes, utilizing data from US public firms covering the period from 2015 to 2023. Financial data were sourced from Compustat, while details regarding cryptocurrency activities were manually extracted from 10-K and [...] Read more.
This study examined the association between corporate cryptocurrency activities and tax avoidance outcomes, utilizing data from US public firms covering the period from 2015 to 2023. Financial data were sourced from Compustat, while details regarding cryptocurrency activities were manually extracted from 10-K and 10-Q filings. Our analysis employed a fixed-effects regression model to examine the impact of these activities on cash effective tax rates (ETR). The findings indicate that firms engaged in cryptocurrency activities tend to have a lower ETR compared with those without such involvement. Notably, this effect was predominantly observed in companies directly engaged in cryptocurrency activities, such as accepting cryptocurrency as a payment method or actively trading cryptocurrency on an exchange platform. In contrast, firms involved in crypto mining or initial coin offerings did not exhibit a similar association. Our findings offer significant regulatory insights for governance bodies concerned with the implications of corporate cryptocurrency activities on tax strategies. Full article
22 pages, 2481 KiB  
Review
Blockchain Technology and Its Potential to Benefit Public Services Provision: A Short Survey
by Giorgio Piccardo, Lorenzo Conti and Alessio Martino
Future Internet 2024, 16(8), 290; https://doi.org/10.3390/fi16080290 - 9 Aug 2024
Cited by 4 | Viewed by 3406
Abstract
In the last few years, blockchain has emerged as a cutting-edge technology whose main advantages are transparency, traceability, immutability, enhanced efficiency, and trust, thanks to its decentralized nature. Although many people still identify blockchain with cryptocurrencies and the financial sector, it has many [...] Read more.
In the last few years, blockchain has emerged as a cutting-edge technology whose main advantages are transparency, traceability, immutability, enhanced efficiency, and trust, thanks to its decentralized nature. Although many people still identify blockchain with cryptocurrencies and the financial sector, it has many prospective applications beyond digital currency that can serve as use cases for which traditional infrastructures have become obsolete. Governments have started exploring its potential application to public services provision, as confirmed by the increasing number of adoption initiatives, projects, and tests. As the current public administration is often perceived as slow, bureaucratic, lacking transparency, and failing to involve citizens in decision-making processes, blockchain can establish itself as a tool that enables a process of disintermediation, which can revolutionize the way in which public services are managed and provided. In this paper, we will provide a survey of the main application areas which are likely to benefit from blockchain implementation, together with examples of practical implementations carried out by both state and local governments. Later, we will discuss the main challenges that may prevent its widespread adoption, such as government expenditure, technological maturity, and lack of public awareness. Finally, we will wrap up by providing indications on future areas of research for blockchain-based technologies. Full article
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43 pages, 2420 KiB  
Systematic Review
Blockchain for Accounting and Auditing—Accounting and Auditing for Cryptocurrencies: A Systematic Literature Review and Future Research Directions
by Ifigenia Georgiou, Svetlana Sapuric, Petros Lois and Alkis Thrassou
J. Risk Financial Manag. 2024, 17(7), 276; https://doi.org/10.3390/jrfm17070276 - 1 Jul 2024
Cited by 4 | Viewed by 7520
Abstract
The aim of this study is to analyze and synthesize the key challenges that are prevalent in the application of blockchain in accounting and auditing, to study the approaches to account for cryptocurrencies, to study the effect of blockchain on the accounting and [...] Read more.
The aim of this study is to analyze and synthesize the key challenges that are prevalent in the application of blockchain in accounting and auditing, to study the approaches to account for cryptocurrencies, to study the effect of blockchain on the accounting and auditing profession, and to identify the current direction of research of blockchain in accounting and auditing, as well as identify potential avenues of future research. The research is based on 75 peer-reviewed academic studies on the topic of blockchain in accounting and auditing, followed by a descriptive and thematic analysis of the literature. Our results indicate that there is a need for more empirical studies to be carried out, which coincides with the notion of growing digitization and blockchain adoption in accounting and auditing. Based on our thematic analysis of the literature, we recommend that future research on blockchain in accounting and auditing should concentrate on the following specific areas: skills and education, governance, auditor independence, accounting standards and regulation, and the challenges faced by the accounting and auditing professions due to the adoption of blockchain technology. Full article
(This article belongs to the Special Issue Blockchain Applications in Finance)
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26 pages, 1825 KiB  
Review
Navigating the Future: Blockchain’s Impact on Accounting and Auditing Practices
by Sundarasen Sheela, Ahnaf Ali Alsmady, K. Tanaraj and Ibrahim Izani
Sustainability 2023, 15(24), 16887; https://doi.org/10.3390/su152416887 - 15 Dec 2023
Cited by 26 | Viewed by 21221
Abstract
This study seeks to meticulously analyze the scholarly discussion on the integration of blockchain technology into accounting and auditing. Based on a total of 67 articles from the Web of Science (WoS) database, this study adopts a bibliometrics and content analysis approach which [...] Read more.
This study seeks to meticulously analyze the scholarly discussion on the integration of blockchain technology into accounting and auditing. Based on a total of 67 articles from the Web of Science (WoS) database, this study adopts a bibliometrics and content analysis approach which uses both numerical and visualization techniques to examine the extant literature. It spans the timeframe between 2016 and 2022. Bibliometrix R-package (Biblioshiny, version 4 is employed to analyze the descriptive analysis, which includes publication trends, the most trustworthy sources of scientific publications, prominent scientific authors, prominent documents, and country collaborations. VOSviewer software Version 1.6.20, is used for a network visualization of keywords and bibliographic coupling. Leveraging the content analysis, this research reveals three fundamental themes: first, the use of blockchain technology to strengthen financial reporting systems; second, blockchain technology and the future of auditing; and third, the valuation of cryptocurrencies. Research gaps in the current literature include a lack of comprehensive studies on blockchain’s regulatory and governance aspects in accounting, insufficient exploration of risks and challenges in adopting new technologies in auditing, and a limited understanding of tax consequences, disclosure requirements, and regulatory frameworks for cryptocurrencies, necessitating future research endeavors. Thus, this study extends existing theoretical insights by exploring blockchain’s role in financial reporting, its transformative impact on auditing, and the possible adaptation or development of new valuation methods for cryptocurrencies. It further identifies and discusses future research directions, contributing to potential novel frameworks for addressing regulatory, governance, and socio-economic dimensions of blockchain integration into accounting and auditing practices. Full article
(This article belongs to the Special Issue Accounting, Corporate Policies and Sustainability)
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