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Citation - Scopus: 13
The Blockchain–sustainability Nexus: Can This New Technology Enhance Social, Environmental and Economic Sustainability?
(Springer International Publishing, 2019) Son Turan, Semen; Son-Turan, Semen
With the rise and fall of the prominence of Bitcoin, blockchain technology,which provides public online ledgers used for the verification and recording oftransactions, has started to become the center of attention for diverse parties in theglobal financial system. This chapter explores the nature of blockchain and discusseshow it may contribute to, or obstruct, sustainability. To this end, first, blockchaintechnology is introduced. Next, a short discussion on sustainability is presented,including how it is defined, measured, reported, and understood in theoreticalframeworks. After that, the 2015 United Nations Sustainable Development Goalsare briefly explained. This is followed by a systematic literature review, whichhighlights the scarcity of literature linking blockchain to sustainability. Finally, theauthor offers her own reflections on the potential of blockchain to revolutionize thefinancial services industry and weighs up the pros and cons vis-a-vis sustainable development.
Citation - WoS: 1
Citation - Scopus: 3
Emerging Trends in the Post-Regulatory Environment: the Importance of Instilling Trust
(Springer International Publishing, 2016-12-20) Son-Turan, Semen
The financial services industry is one of the most critical pillars of economic growth and sustainable development in any country. As such, the findings of the 2016 Edelman Trust Barometer, that measures trust in institutions with more than 33,000 respondents in 28 countries over the last 15 years, are highly alarming. Accordingly, the financial services industry is ranked among the lowest with a mere 51 % on a global basis. Despite this darkened outlook, areas exist that seem to be promising: Sustainability management, responsible innovation and the organized and systemic efforts to increase transparency, comparability, accountability and reliability. Although the recent crises in financial markets have led regulators to come to a general agreement that a mutual effort is needed to develop procedures for increased compliance standards, and increase the pace of harmonization in accounting and financial reporting standards, the industry is faced with an imminent challenge: The low levels of trust in financial services. In this chapter, the author discusses how to re-build trust and reputation of the industry.
Increasing Strategic Competitiveness Through Innovation: the Finance Perspective
(Springer International Publishing, 2016-12-08) Son-Turan, Semen
With the start of the new millenium, marked by the disruptive power of Internet technologies, it is almost commonly acknowledged that innovative firms grow faster and perform financially better than those who fail to rapidly mobilize their social and financial capital resources to discover newer, more efficient, and ingenious ways of doing business and creating alternative sales venues. Thus, if the term innovation has come to refer to “the process of turning ideas into reality, exploiting windows of opportunities, and capturing value from them” in essence, innovation, then, can be regarded as a beneficial and intrinsically “good” phenom- enon. This is true especially for the technology and telecomunications industries according to the Thomson Reuters’ 2015 State of Innovation Report, which were ranked the most innovative industries with 30 % and 13 % of patent filings in 2014, respectively (http://www.businessinsider.com/most-innovative-industries-2015-5). Evidently though, innovation is not a win-win game for all stakeholders as laid out back in the 1930s by the Schumpeterian “creative destruction” concept portraying a “quasi-Darwinian” and rather pessimistic view of a process that serves mainly capitalistic motivations in the forms of securing monopoly profits and eventually eradicating a wide range of industries. Looking back at the past couple of decades, financial innovation has become one of the most far-reaching types of innovations, in terms of both, scope and its prolonged repurcussions. This chapter discusses the concept of financial innovation as a strategically competitive tool.

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