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The dominance of trusted intermediaries could be weakened by blockchain, a distributed ledger technology, one of the functions of which is to constitute timestamped proofs by replacing inter-individual trust with algorithmic trust.

\"The book will focus on the next, the third evolution of the internet. Web1 gave us static websites (and a world dominated by Google), Web2 gave us a participative internet (dominated by companies such as Facebook and Tencent), Web3 will give us a more immersive and a decentralised internet. The future internet will be driven by two tech innovations: blockchain (to give us the decentralised part) and AR/VR (to give us a more immersive internet experience)\"-- Provided by publisher.

\"Smart contracts\" are decentralized agreements built in computer code and stored on a blockchain. Proponents imagine a future where commerce takes place exclusively using smart contracts, avoiding the high costs of contract drafting, judicial intervention, opportunistic behavior, and the inherent ambiguities of written language. These decentralized code-only contracts are part of a decades-long quest to eliminate supposed inefficiencies in traditional written agreements. Electronic data interchange (EDI), a contracting technology from the 1970s, was designed with the same goal and garnered similar fanfare. Commentators at the time imagined a revolution in the way firms transacted and a full shift away from anything resembling a paper contract. Ultimately EDI failed to achieve these goals—it empowered, rather than circumvented, human decisionmakers along with their \"inefficient\" way of forming agreements. In doing so, EDI successfully reduced some transaction cost while preserving efficient forms of contractual flexibility. Smart contracts are indeed more technologically sophisticated than EDI. Smart contract scripting languages offer a broader range of operations and greater scalability. Smart contracts are capable of seamlessly integrating with the operational and financial systems at the core of modern firms, whereas EDI transactions occurred in very early digital environments that required human intermediaries. Proponents of the smart contract revolution, therefore, do not describe the technology as a way to merely enhance human activity; they argue it can replace every stage of agreement formation and performance. From a purely technical standpoint, they might be right. However, shifting away from human-language contracts creates new inefficiencies. These stem from three features of smart contracts: automation, which requires that every agreement be formed from fully-defined terms; decentralization which conditions performance on verification by third parties; and anonymity, which eliminates the use of commercial context to give meaning to agreement terms. As a result, it is extremely costly to form smart contracts in a volatile environment or whenever there's a level of uncertainty surrounding the agreement. On the other hand, semantic contracts are flexible. They enable parties to use performance standards, generally-defined contract terms, to create an enforceable agreement without requiring complete knowledge of what might happen in the future. Standards also allow parties to responsively incorporate commercial customs into their agreement, circumventing the need for explicit but redundant negotiation. And once their agreement is formed and executed, the parties are nonetheless free to dynamically shape their relationship through informal modifications or by selectively enforcing breaches. These two forms of flexibility—linguistic ambiguity, and enforcement discretion—create important efficiencies in the contracting proces. By eliminating this flexibility, smart contracting will impose costs that are more severe and intractable than the ones it seeks to solve.

Purpose>This study aims to offer a bibliometric and coding analysis of blockchain articles published in the accounting, auditing and accountability fields.Design/methodology/approach>The data were collected using the Scopus database and a bibliometric and qualitative coding analysis with the keywords “blockchain” and “accounting” or “auditing” or “accountability.” Of the 514 initial sources, 93 peer-reviewed papers, book chapters and conference proceedings in the areas of business, management and accounting were finally selected. Nonscientific sources such as nonpeer-reviewed books and white papers were excluded.Findings>This study reveals a promising and multidisciplinary field of research dominated by scholars and less by practitioners. Qualitative research, especially discourse analysis, is the most used method among authors. This study gives some useful insights about blockchain's definition and characteristics, business models, processes involved, connection with other technologies and relationships with accounting theories. Among the most interesting insights, the results confirm that technology as an external force can create an intersection among several research areas: accounting, auditing, accountability, business, management, computer science and engineering fields. Finally, in terms of research themes, although blockchain has a clear effect on auditing accounting, the links with the area of accountability are less clear and validated.Originality/value>This study highlights the current state of the field, combining methodological approaches and providing valuable future research insights. Additionally, it is also a starting point for professionals to fully understand blockchain's characteristics and potential with a constructive and systemic approach.

The biggest revolution in history is unfolding right before our eyes. The new internet is upon us, blending two worlds-digital and physical. Today's dreams are tomorrow's reality. Science fiction is now science fact-made possible through blockchain technology. Welcome to Web3, where everything changes. Global changes like economies, currencies, governments, and education. And personal changes like identity, sex, communication, and health. This book is a simple map to help you navigate the noise and discern between hype and hope. With unbiased expertise, the authors unpack the pros and cons of the metaverse, NFTs, virtual reality, augmented reality, cryptocurrencies, and much more.

Leveraging blockchain technology in the energy sector holds immense potential, particularly in facilitating decentralised energy systems. However, the legal and regulatory landscapes of several countries, including Malaysia and Australia, pose significant obstacles to its effective implementation. This article examines the specific legal and regulatory hurdles hindering the incorporation of P2P energy trading systems in these two jurisdictions: Malaysia and Australia. Through a comparative analysis, the authors aim to provide valuable insights for policymakers and regulators seeking to develop comprehensive frameworks that encourage blockchain adoption in the energy sector. The article highlights the need to address the under-inclusiveness of laws, legal uncertainty around novel blockchain-based concepts like smart contracts, and the obsolescence of legal frameworks designed for traditional centralised energy systems. By examining Malaysia's and Australia's unique challenges, the article seeks to contribute to a broader understanding of the complexities of adapting legal and regulatory frameworks to accommodate this transformative technology.

This study examines the behavioral intention of Muslims in Bosnia and Herzegovina to adopt blockchain-based zakat systems. It offers novel insights from a European Islamic context. Prior studies have primarily focused on Southeast Asia and the Middle East. The research develops an SEM model on an extended Unified Theory of Acceptance and Use of Technology framework. Data were collected through a survey of Bosnian Muslims. The aim was to investigate how these factors influence the acceptance of digital zakat platforms. The findings highlight the potential of blockchain to address inefficiencies and trust issues in traditional zakat management. The study shows that performance expectancy, intrinsic religiosity, and trust are significant determinants of adopting blockchain-based zakat platforms. These results emphasize both technological and faith-based drivers of acceptance. Technology can enhance the trustworthiness and inclusivity of zakat administration for a broader group of Muslims in Bosnia and Herzegovina and similar contexts. This work contributes to broader international discussions on the intersection of technology, religion and finance. The article is laying a foundation for the future development of blockchain-based zakat platforms in Muslim societies.