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Blockchain evolution, artificial intelligence and ferrous metal trade

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  • Mao, Qian
  • Li, Yilong

Abstract

This study examines the impact of blockchain technology and artificial intelligence (AI) on the trade volume of iron and steel in 20 major producing countries from 2005 to 2022. Using the FMOLS method, the results show that blockchain regulations reduce trade volumes by increasing transparency and compliance costs, deterring market participation. A 1% increase in AI robotics imports leads to a 0.296% decline in trade due to improved production efficiency. Economic growth and population growth, however, boost trade. A 1% rise in internet access reduces trade by 0.336% as digitalization enhances supply chain efficiency. Overall, blockchain and AI reduce extraction and trade volumes, supporting environmental sustainability. Policy recommendations include developing blockchain regulations, promoting green cryptocurrencies, and leveraging big data for sustainable practices in the ferrous metal industry.

Suggested Citation

  • Mao, Qian & Li, Yilong, 2024. "Blockchain evolution, artificial intelligence and ferrous metal trade," Resources Policy, Elsevier, vol. 98(C).
    • Handle: RePEc:eee:jrpoli:v:98:y:2024:i:c:s0301420724007360
    DOI: 10.1016/j.resourpol.2024.105369
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    References listed on IDEAS

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    More about this item

    Keywords

    Ferrous metal trade; Iron and steel trade; Blockchain technology; AI robotics imports; Panel cointegration analysis;
    All these keywords.

    JEL classification:

    • Q38 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Government Policy (includes OPEC Policy)
    • L73 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Forest Products
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models

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