AI and blockchain adoption in corporate governance

This thesis was submitted for the award of Doctor of Philosophy and was awarded by Brunel University LondonPurpose The purpose of this doctoral thesis sets out to explore and elaborate on the impact of artificial intelligence (AI) and blockchain adoption in corporate governance from ethical perspectives. Positioned within the corporate governance domain, this study adopts an explicit business perspective to study corporate governance change with emerging AI and blockchain technological tools in general and focuses on the ethical use of technologies specifically. As such, this empirical investigation aims to help organizations understand the ethical benefits and ethical dilemmas of using AI and blockchain in businesses and draw plans on how to govern these technologies ethically for the benefit of the business and society. Design/Methodology/Approach: This study adopts specific techniques and a pragmatic, step-by-step netnography approach to investigate online traces from social media sites and extends these online explorations with online semi-structured interviews. The research design of this investigation follows step-by-step procedures that are methodologically sound to ensure rigor in this investigation to enhance the trustworthiness of this study. In total, this research collects an abundance of data: 34 LinkedIn Posts with Comments; 12 Webinars; 22 YouTube Videos; 19 Videos; 10 Podcasts, and 17 semi-structured interview videos. The video, audio, and interview data have been transcribed into textual data total of 453065 words for thematic analysis using NVivo software. Enough time has been allocated to the iterative process of data collection and data analysis. The analysis moves back and forth to the point when theoretical saturation is achieved. The data structure extracts from data in this study illustrate the analytic claims that match the analysis and data together, to ensure a good fit between described method and reported analysis are consistent. Findings: This study develops a thematic framework that constitutes the corporate governance transformation with the ethical use of AI and blockchain technology. This framework provides a holistic understanding of why corporate governance needs to change, especially with the emergence of blockchain and AI technologies, what changes will corporate governance encounter, and how corporate governance can imperatively respond to the ethical use of these technologies. Specifically, it explicitly provides comprehensive understanding of the ethical benefits and ethical concerns of using AI and blockchain technologies in corporate governance, and reveals how companies can govern the use of these technologies ethically. In general terms, the findings of this study support the notion of corporate governance change to transform business models and processes to leverage the new capabilities of AI and blockchain technologies, to priories creativity, speed, and accountability, to replace the old business model, to foster agile or collaborative governance to deal with uncertainty, agility, adaptiveness, and cooperation in the digital world, to foster a network and platform strategies to drive success. This study goes beyond the extant corporate governance scholarship to assess the technological impact to capture values for companies in ethical ways to sustain future growth. Additionally, the notion of corporate governance is further specified and significantly expanded by this study to assess the adoption of AI and blockchain as new corporate governance tools or mechanisms, to enhance ethical benefits when used properly, and mitigate ethical dilemmas with proper checks and balances, safeguards in place, to help organizations stay relevant in this digital transformation and be ethical and sustainable. This study empirically corroborates that in theory, the use of blockchain and AI can enhance ethical practice by detecting fraud and anomaly activities, due to the unique capabilities of blockchain and AI technologies. Further, this research adds depth and specificity by identifying the ethical concerns of using blockchain and AI in corporate governance. The study empirically reveals the ethical concerns of privacy issues, unethical use of data, job transformation and replacement, and algorithm bias that companies will encounter when they use these technologies. In addition, the findings of this study suggest how companies can ethically govern the use of these technologies in socially responsible ways as they transform digitally. Originality/Value: The emergent thematic framework is constructed from the empirical and analytical procedures specifically and purposely designed for this study. This study makes theoretical contributions to knowledge and enriches the extant works of literature, and also provides practical contributions to the ethical use of disruptive technologies, future workforce, and regulations. However, the study was conducted within certain theoretical, methodological, empirical, and pragmatic conditions, which might constitute particular limitations and constraints. Therefore, the last section of this thesis elucidates and suggests the directions for future research

Blockchain Ethics in Information Systems: A Literature Review

Blockchain is an open distributed ledger likely to influence future data transactions and human interactions. As blockchain adoption becomes a reality in many industries, an ethical perspective is crucial to guide researchers and stakeholders on this technology\u27s responsible use and implementation. However, current research on blockchain ethics is still at an early stage and is highly fragmented among different disciplines. This timely literature review investigates the current state of blockchain ethics research in the Information Systems (IS) and Information Management (IM) domains and presents a thematic classification as a basis for a critical assessment of blockchain ethics. This study also provides a theoretical grounding for the development of blockchain ethics as a standalone subject and identifies areas within blockchain ethics that would benefit from further development. Overall, results showed that most studies on blockchain ethics are context-specific and perceive this technology as a solution to ethical issues within a specific field. We found that there is a need for a broader conceptualization of blockchain ethics as the implicit and explicit consequences of adopting this technology have not yet been developed

Cyber ethics of blockchain, AI and worldcoin

This paper discusses the evolution of cyber ethics steered by blockchain technology (BT), artificial intelligence (AI), and, perhaps, Worldcoin, which is an ambitious global project to build a decentralized "proof-of-personhood" encrypted in an anonymous "World ID" for each human being. To investigate the digital conundrum and evaluate the ethical implications of BT, Explainable AI (XAI), and Worldcoin, the "Cyberethics-Mix" framework will be a compass oriented to four cardinal points of ethics in cyberspace: Privacy (data protection), Property (data ownership), Precision (data accuracy), and Pervasiveness (data access). The paper's main conclusion is the ethical desirability of an inclusive and decentralized policy in cyberspace.info:eu-repo/semantics/publishedVersio

ETHICAL GUIDELINES FOR BLOCKCHAIN SYSTEMS

Today, enterprise architects and IT systems developers must decide ad hoc how to identify, assess and mitigate ethical issues of autonomous, rule-based systems based on blockchain technology. As blockchain systems are decentralized and immutable, developers must assess ethical risks, not only on an individual and context-based level but on a network level and for all life-cycle stages of a blockchain system. Furthermore, these ethical issues should be addressed in a context of clearly defined values, as the developer otherwise risks encoding their own worldviews and values in the system. We have chosen the European Union as a use case for analysing the identified ethical risks of blockchain systems. This empirical work presents a top-down approach that establishes ethical guidelines for blockchain systems based on ethical issues mapped against European values

FinTech, blockchain and Islamic finance : an extensive literature review

Purpose: The paper aims to review the academic research work done in the area of Islamic financial technology. The Islamic FinTech area has been classified into three broad categories of the Islamic FinTech, Islamic Financial technology opportunities and challenges, Cryptocurrency/Blockchain sharia compliance and law/regulation. Finally, the study identifies and highlights the opportunities and challenges that Islamic Financial institutions can learn from the conventional FinTech organization across the world. Approach/Methodology/Design: The study collected 133 research studies (50 from Social Science Research Network (SSRN), 30 from Research gate, 33 from Google Scholar and 20 from other sources) in the area of Islamic Financial Technology. The study presents the systematic review of the above studies. Findings: The study classifies the Islamic FinTech into three broad categories namely, Islamic FinTech opportunities and challenges, Cryptocurrency/Blockchain sharia compliance and law/regulation. The study identifies that the sharia compliance related to the cryptocurrency/Blockchain is the biggest challenge which Islamic FinTech organizations are facing. During our review we also find that Islamic FinTech organizations are to be considered as partners by the Islamic Financial Institutions (IFI’s) than the competitors. If Islamic Financial institutions want to increase efficiency, transparency and customer satisfaction they have to adopt FinTech and become partners with the FinTech companies. Practical Implications: The study will contribute positively to the understanding of Islamic Fintech for the academia, industry, regulators, investors and other FinTech users. Originality/Value: The study believes to contribute positively to understanding of Fintech based technology like cryptocurrency/Blockchain from sharia perspective.peer-reviewe

Accounting and Auditing with Blockchain Technology and Artificial Intelligence: A Literature Review

This paper surveys the published work on how blockchain technology will impact accounting in general, but AI-enabled auditing specifically. The purpose is to investigate how blockchain technology can improve transparency and trust in accounting practice and how professionals can use blockchain data to improve decision-making, based on the qualities of immutability, append-only, shared, verified, and agreed-upon (i.e., consensus-driven) blockchain data. The multi-party validation of blockchain protocols adds real-time trusted data for the AI systems used by auditors to improve assurance and efficiency. This review summarizes four themes emerging from the literature focusing on how blockchain technology has changed record-keeping in accounting: event approach to accounting; real-time accounting; triple entry-accounting and continuous auditing. The research interprets the findings using agency theory and stakeholder theory to advance how using blockchain to mitigate information asymmetry and improve stakeholder collaborations is understood. The investigation also summarizes the challenges and clarifies organizations’ reasons to be cautious about adopting blockchain. Lastly, the study suggests that future researchers use this study in two ways that enrich blockchain literature: first, to apply the themes and answer the questions identified within this review to improve the business methods of practitioners and policymakers; and second, to encourage stakeholders such as practitioners, system designers/developers, and policymakers to collaborate in designing blockchain ecosystems that suit accounting and auditing as they transform digitally

RoboChain: A Secure Data-Sharing Framework for Human-Robot Interaction

Robots have potential to revolutionize the way we interact with the world around us. One of their largest potentials is in the domain of mobile health where they can be used to facilitate clinical interventions. However, to accomplish this, robots need to have access to our private data in order to learn from these data and improve their interaction capabilities. Furthermore, to enhance this learning process, the knowledge sharing among multiple robot units is the natural step forward. However, to date, there is no well-established framework which allows for such data sharing while preserving the privacy of the users (e.g., the hospital patients). To this end, we introduce RoboChain - the first learning framework for secure, decentralized and computationally efficient data and model sharing among multiple robot units installed at multiple sites (e.g., hospitals). RoboChain builds upon and combines the latest advances in open data access and blockchain technologies, as well as machine learning. We illustrate this framework using the example of a clinical intervention conducted in a private network of hospitals. Specifically, we lay down the system architecture that allows multiple robot units, conducting the interventions at different hospitals, to perform efficient learning without compromising the data privacy.Comment: 7 pages, 6 figure