The Role of Blockchain Technology in Ensuring Digital Transformation for Businesses: Advantages, Challenges and Application Steps

Kırbaç, Gökhan; Tektaş, Berna

doi:10.3390/proceedings2021074017

Cited by 6 publications

(8 citation statements)

References 5 publications

(4 reference statements)

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“…There is also a great overlap between the comprehensive concept of Blockchain and one of its main (if not the most important) applications, bitcoin, and, in a secondary way, other cryptocurrencies. Thus, Brazilian professionals disregard the strategic potential of Blockchain in the digital transformation of public [78] and private [79] organizations.…”

Section: Discussionmentioning

confidence: 99%

Going beyond Cryptocurrencies: The Social Representation of Blockchain

Jóia

Vieira

2021

Sustainability

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This study investigates the social representation of Blockchain from the perspective of professionals in Brazil, herein considered as a proxy for emerging markets, and then compares the results found with the existing academic literature on the concept of Blockchain. To do that, the social representation theory was applied, operationalized through the words evocation technique. Security, bitcoin and decentralization were the categories located in the central nucleus of the social representation of Blockchain, while innovation, data, network, cryptocurrency, and technology were the categories located in the peripheral system. Based on the results obtained, there was a perceived strong association of Blockchain with bitcoin, one of its applications, and a dissonance between the existing academic literature and the perception of Brazilian professionals about the concept of Blockchain, as the latter is a privilege of the technical and operational issues of Blockchain to the detriment of its strategic potential. This dissonance can cause Blockchain initiatives to have results below expectations. Finally, Brazilian professionals did not realize the potential for inclusion of Blockchain in an emerging market such as Brazil and did not notice the need and relevance of a specific legal governance for Blockchain, an issue also forgotten by academia.

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Section: Discussionmentioning

confidence: 99%

Going beyond Cryptocurrencies: The Social Representation of Blockchain

Jóia

Vieira

2021

Sustainability

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“…Besides aiding the economic expansion of first-world countries, Blockchain cryptocurrencies appear to help businesses advance digital transformations. An article listing the benefits of Blockchain cryptocurrencies noted that when firms incorporated Blockchain, they successfully transformed into digital corporations to ensure a more efficient level of services provided [10]. Through the implementation of Blockchain, businesses will advance in innovation and advertisement.…”

Section: Blockchain Technologiesmentioning

confidence: 99%

“…Distributed architecture defines a structure in the shape of a scattered database containing multiple nodes allowing entities in this structure to share registries in the form of Peer-To-Peer communication under each operation [10]. Therefore, any transaction occurring in a distributed architecture is in a decentralized environment, meaning that they do not depend on a single central node for completing an operation [10]. Although distributed systems have an ideal environment that guarantees the proper functioning of specific nodes in unprecedented circumstances, some limitations appear when using a distributed system.…”

Section: A Distributed Architecturementioning

confidence: 99%

Empowering Metaverse Through Machine Learning and Blockchain Technology: A Study on Machine Learning, Blockchain, and Their Combination to Enhance Metaverse

Ghantous,

Fakhri

2022

Preprint

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The Metaverse is an innovative world grasping the attention of many users seeking this trend. With the trending use of Blockchain technology emerging in client-based applications, there has been a call for the empowerment of Metaverse applications through the combination of Blockchain and Artificial Intelligence. This research paper aims to propose strategies for addressing the security concerns and the user-friendliness of Metaverse applications by fusing Blockchain technology with Machine Learning concepts like Linear Regression, Artificial Neural Networks, Deep Learning, and Recommender Systems. The first proposed strategy aims to enhance security and predict malicious attacks on Blockchain user transactions in Metaverse worlds through Linear Regression and Artificial Neural Networks. The second proposed strategy pursues the creation of a Content-Based Filtering Recommendation System of Blockchain assets for Metaverse users to purchase. The expected outcome will result in a more secure and intelligent Metaverse world for user participation.

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“…Blockchain technology is an example of a DT that has the potential to reshape and redesign all social activities as pervasively as the invention of the internet [11]. As a mode of decentralisation, among other things, blockchain technology and cryptocurrency are basic technologies that businesses can make use of in the digital transformation process [12,13]. The notions of cryptocurrency and tokens are tightly linked.…”

Section: Introductionmentioning

confidence: 99%

A Chemical Analysis of Hybrid Economic Systems—Tokens and Money

Pardi¹,

Paolucci

2021

Mathematics

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With the influence of digital technology in our daily lives continuously growing, we investigate methods with the purpose of assessing the stability, sustainability, and design of systems of token economies that include tokens and conventional currencies. Based on a chemical approach, we model markets with a minimum number of variables and compare the transaction rates, stability, and token design properties at different levels of tokenisation. The kinetic study reveals that in certain conditions, if the price of a product contains both conventional money and tokens, one can treat this combination as one composite currency. The dynamic behaviour of the analysed systems is proven to be dynamically stable for the chosen models. Moreover, by applying the supply and demand law to recalculate the prices of products, the necessity of previous knowledge of certain token attributes—token divisibility and token–money exchange rates—emerges. The chemical framework, along with the analytic methods that we propose, is flexible enough to be adjusted to a variety of conditions and offer valuable information about economic systems.

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The Role of Blockchain Technology in Ensuring Digital Transformation for Businesses: Advantages, Challenges and Application Steps

Cited by 6 publications

References 5 publications

Going beyond Cryptocurrencies: The Social Representation of Blockchain

Going beyond Cryptocurrencies: The Social Representation of Blockchain

Empowering Metaverse Through Machine Learning and Blockchain Technology: A Study on Machine Learning, Blockchain, and Their Combination to Enhance Metaverse

A Chemical Analysis of Hybrid Economic Systems—Tokens and Money

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