EXPLORING THE ROLE OF BLOCKCHAIN AND CRYPTOCURRENCY IN RESHAPING GLOBAL TRADE: A BIBLIOMETRIC ANALYSIS
DOI:
https://doi.org/10.31539/costing.v8i1.13863Keywords:
Blockchain, Cryptocurrency, Global Trade.Abstract
In the rapidly evolving digital era, technological transformation has become a critical factor in accelerating and streamlining global trade. Blockchain and cryptocurrency have emerged as innovations with significant potential to revolutionize cross-border transactions by offering fast, intermediary-free methods of transaction. Blockchain ensures transparency, security, and efficiency in managing global supply chains and business transactions, while cryptocurrency enables faster and cheaper cross-border payments, eliminating delays and high fees associated with traditional banking systems. The purpose of this study is to explore the role of blockchain and cryptocurrency in reshaping global trade, analyze patterns and trends in the global trade digital transformation literature, and identify the challenges and opportunities faced by these technologies in the context of international trade. This study uses a bibliometric approach to analyze relevant literature, resulting in four main clusters: Green (Global Trade and Supply Chain), Blue (Ethereum Blockchain and Challenge), Red (Market and Currency), and Yellow (Role and Example). The findings suggest that blockchain and cryptocurrency can enhance the efficiency, security, and transparency of international trade; however, challenges such as cryptocurrency price volatility, security issues, and limited technology adoption still need to be addressed to fully realize the potential of these technologies.
References
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Tredinnick, L. (2019). Cryptocurrencies and the blockchain. Business Information Review, 36(1), 39–44. https://doi.org/10.1177/0266382119836314
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Al-Saqaf, W., & Seidler, N. (2017). Blockchain technology for social impact: opportunities and challenges ahead. Journal of Cyber Policy, 2(3), 338–354. https://doi.org/10.1080/23738871.2017.1400084
Almajali, D. A., Masa’Deh, R., & Dahalin, Z. M. d. (2022). Factors influencing the adoption of Cryptocurrency in Jordan: An application of the extended TRA model. Cogent Social Sciences, 8(1). https://doi.org/10.1080/23311886.2022.2103901
Anuyahong, B., & Ek-udom, N. (2023). The Impact of Cryptocurrency on Global Trade and Commerce. International Journal of Current Science Research and Review, 06(04). https://doi.org/10.47191/ijcsrr/v6-i4-37
Anwar, S., Anayat, S., Butt, S., Butt, S., & Saad, M. (2020). Generation analysis of blockchain technology: Bitcoin and ethereum. Information Engineering and Electronic Business, 4(12), 30–39. https://doi.org/10.5815/ijieeb.2020.04.04
Beer, C., & Weber, B. (2015). Bitcoin – the promise and limits of private innovation in monetary and payment systems. Monetary Policy and the Economy, 53–66.
Benayoun, D., Turetsky, L., Pekar, J., Pekar, F., Pekar, E., & Benayoun, M. (2018). Hierarchical blockchain architecture for global trade management - Google Patents. U.S. Patent No. 11,341,451.
Brown, T., Gutman, S. A., & Ho, Y.-S. (2018). Occupational Therapy Publications by Australian Authors: A Bibliometric Analysis. Australian Occupational Therapy Journal, 65(4), 249–258. https://doi.org/10.1111/1440-1630.12453
Chang, Y., Iakovou, E., & Shi, W. (2020). Blockchain in global supply chains and cross border trade: a critical synthesis of the state-of-the-art, challenges and opportunities. International Journal of Production Research, 58(7), 1–18. https://doi.org/10.1080/00207543.2019.1651946
Ciaian, P., Rajcaniova, M., & Kancs, d’Artis. (2016). The digital agenda of virtual currencies: Can BitCoin become a global currency? Information Systems and E-Business Management, 14(4), 883–919. https://doi.org/10.1007/s10257-016-0304-0
da Cruz, A. R., Santos, F., Mendes, P., & Cruz, E. (2020). Blockchain-based Traceability of Carbon Footprint: A Solidity Smart Contract for Ethereum. Proceedings of the 22nd International Conference on Enterprise Information Systems, 2. https://doi.org/10.5220/0009412602580268
Dujak, D., & Sajter, D. (2019). Blockchain Applications in Supply Chain. In A. Kawa & A. Maryniak (Eds.), SMART Supply Network (pp. 21–46). Springer International Publishing. https://doi.org/10.1007/9783319916682_2
Gabinson, G. (2016). Policy Considerations for the Blockchain Technology Public and Private Applications. SMU Science and Technology Law Review SMU Science and Technology Law Review , 19(3).
Gurtu, A., & Johny, J. (2019). Potential of blockchain technology in supply chain management: a literature review. International Journal of Physical Distribution & Logistics Management, 49, 9.
Hooper, A., & Holtbrügge, D. (2020). Blockchain technology in international business: changing the agenda for global governance. Review of International Business and Strategy, 30(2), 183–200. https://doi.org/10.1108/ribs-06-2019-0078
Ianenko, M., Ianenko, M., Huhlaev, D., & Martynenko, O. (2019). Digital transformation of trade: problems and prospects of marketing activities. IOP Conference Series: Materials Science and Engineering, 497, 012118. https://doi.org/10.1088/1757-899x/497/1/012118
Juma, H., Shaalan, K., & Kamel, I. (2019). A Survey on Using Blockchain in Trade Supply Chain Solutions. IEEE Access, 7, 184115–184132. https://doi.org/10.1109/access.2019.2960542
Koroma, J., Rongting, Z., Muhideen, S., Akintunde, T. Y., Amosun, T. S., Dauda, S. J., & Sawaneh, I. A. (2022). Assessing citizens’ behavior towards blockchain cryptocurrency adoption in the Mano River Union States: Mediation, moderation role of trust and ethical issues. Technology in Society, 68, 101885. https://doi.org/10.1016/j.techsoc.2022.101885
Kupriyanovsky, Y., Kupriyanovsky, V., Klimov, A., Namiot, D., Dolbnev, A., Sinyagov, S., Lipuntsov, Y., Arsenyan, A., Evtushenko, S., & Larin, O. (2018). Smart container, smart port, BIM, Internet Things and blockchain in the digital system of world trade. International Journal of Open Information Technologies, 6(3), 49–94.
Lee, J. Y. (2019). A decentralized token economy: How blockchain and cryptocurrency can revolutionize business. Business Horizons, 62(6), 773–784. https://doi.org/10.1016/j.bushor.2019.08.003
Li, Z., Bahramirad, S., Paaso, A., Yan, M., & Shahidehpour, M. (2019a). Blockchain for decentralized transactive energy management system in networked microgrids. The Electricity Journal, 32(4), 58–72. https://doi.org/10.1016/j.tej.2019.03.008
Li, Z., Bahramirad, S., Paaso, A., Yan, M., & Shahidehpour, M. (2019b). Blockchain for decentralized transactive energy management system in networked microgrids. The Electricity Journal, 32(4), 58–72. https://doi.org/10.1016/j.tej.2019.03.008
Lin, I.-C., & Liao, T.-C. (2017). A Survey of Blockchain Security Issues and Challenges. International Journal of Network Security, 19(5), 653–659. https://doi.org/10.6633/IJNS.201709.19(5).01
Luu, L., Chu, D.-H., Olickel, H., Saxena, P., & Hobor, A. (2016). Making Smart Contracts Smarter. Conference on Computer and Communications Security, 16, 254–269. https://doi.org/10.1145/2976749.2978309
Mackey, T. K., & Nayyar, G. (2017). A review of existing and emerging digital technologies to combat the global trade in fake medicines. Expert Opinion on Drug Safety, 16(5), 587–602. https://doi.org/10.1080/14740338.2017.1313227
Miśkiewicz, R., Matan, K., & Karnowski, J. (2022). The Role of Crypto Trading in the Economy, Renewable Energy Consumption and Ecological Degradation. Energies, 15(10), 3805. https://doi.org/10.3390/en15103805
Panda, S. K., Sathya, A. R., & Das, S. (2023). Bitcoin: Beginning of the Cryptocurrency Era. Intelligent Systems Reference Library, 237, 25–58. https://doi.org/10.1007/978-3-031-22835-3_2
Seetharaman, A., Saravanan, A. S., Patwa, N., & Mehta, J. (2017). Impact of Bitcoin as a World Currency. Accounting and Finance Research, 6(2), 230. https://doi.org/10.5430/afr.v6n2p230
Shanaev, S., Sharma, S., Ghimire, B., & Shuraeva, A. (2020). Taming the blockchain beast? Regulatory implications for the cryptocurrency Market. Research in International Business and Finance, 51, 101080. https://doi.org/10.1016/j.ribaf.2019.101080
Tredinnick, L. (2019). Cryptocurrencies and the blockchain. Business Information Review, 36(1), 39–44. https://doi.org/10.1177/0266382119836314
Wątorek, M., Drożdż, S., Kwapień, J., Minati, L., Oświęcimka, P., & Stanuszek, M. (2020). Multiscale characteristics of the emerging global cryptocurrency market. Physics Reports, 901, 1–82. https://doi.org/10.1016/j.physrep.2020.10.005
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2025-01-04
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