This study is within the field of financial innovation and entrepreneurship. The thesis’s primary purpose is to investigate how and why entrepreneurs in Sweden are positioning themselves in regarding Initial Coin Offerings as a new financial vehicle based on the Swedish regulations and the underlying factors to the entrepreneur’s point of view. The literature contributes a limited knowledge of the Swedish industry concerning ICOs, and therefore this research aims to enhance awareness. Through qualitative research based on eleven interviews, we conclude there is a general lack of knowledge and risk-aversion from the absence of regulations in Sweden. Furthermore, all interviewed entrepreneurs were open-minded about an ICO with certain limitations. Considering that, on average, an enticing secondary market has existed for the tokens issued by ICOs, and a remarkable amount of money has been left on the table by project promoters, investors seeking for potential profit have hoarded the cryptocurrency space, creating a situation similar to the dot-com bubble. Thus, we also discuss the benefits, drawbacks, and the possible fate regarding ICOs, a new financing method that should not be overlooked.

The economic impact of the COVID-19 pandemic is still an ongoing topic, broadly analysed and discussed in many studies. Recent articles state that sustainable assets can offer return volatility resilience during demand shock events and, in some cases, provide higher returns than their unsustainable counterparts. We set out to test such claims in our own controlled study. This paper is written from the perspective of a portfolio manager and examines four main variables: share/token prices, log returns, volatility, and trading volumes in a difference-indifference statistical regression in order to compare the performance of sustainable and unsustainable portfolios in the context of the market shock suffered on March 11, 2020. We are using both a traditional asset, stocks, and a non-traditional asset, cryptocurrencies, therefore analysing a total of four investment portfolios. The present study aims to help fill in a gap in the current literature regarding the extension of the flight-to-quality theory to sustainable and unsustainable assets, treating sustainable stocks and cryptocurrencies as our safer assets and unsustainable stocks and cryptocurrencies as our riskier assets. Method results uncover that, on the surface, a sustainable equity portfolio does indeed seem to have lower return volatility and less negative average returns post-WHO announcement compared to an unsustainable equity portfolio, but a deeper statistical analysis indicates that a high ESG score is not the main factor influencing such performance. Sustainable cryptocurrency portfolio results uncover a different picture of significantly lower average returns and higher return volatility post-event compared to the unsustainable crypto portfolio. However, the PoS sustainability factor is not the main suspect in the poor performance indicated by the statistical analysis. The flight-to-quality cannot be extended to sustainable assets due to the lack of significant evidence and the performance dynamics of the average returns. Our analysis finds that the sustainability factor alone does not provide a benefit to portfolio managers and investors in the context of equity and alternative asset classes. This paper contributes empirical evidence to the green finance theory and puts forward relevant advice for investment policy statement consideration.

Society is dependent processes that emit greenhouse gases such as carbon dioxide into the atmosphere. The accumulation of these gases in the atmosphere prevents sunlight reflected from earth’s surface to get to space thereby warming the earth and causing climate change. To prevent the effects of adverse climate change, the voluntary carbon market was designed to help buyers, individuals or organizations that cannot avoid emission in their process, purchase carbon credits from sellers, entities whose process prevent or avoid carbon emissions. The voluntary carbon market faces challenges like market fragmentation, opacity of records, and delayed processes due to layers of intermediation and double counting. In an attempt to solve these challenges, blockchain, a ledger technology, has been applied by innovative organizations. This thesis researches the possible roles of trading carbon credits using blockchain based platforms in the voluntary carbon market. Furthermore, this thesis focuses secondarily on how the application could increase supply of carbon credits, influence commitment to net-zero, contribute to production of high-quality carbon credits, and promote fairness in carbon trading. A conceptual framework based upon the Oxford Principles for Carbon Offsetting, Taskforce for Scaling the Voluntary Carbon Market (TSVCM), and the Sustainability Principles was used in this study. Seven organizations were investigated in this study through a first phase of interview and a second phase of survey.The findings suggest that blockchain-enabled carbon trading has the potential to enable market growth, foster systems interactions and transition via information technology, and support opportunities for sustainability in the socio-ecological system. Blockchain also inherits the unsustainability of the overall tech and energy sectors wherein it operates. Weak governance systems off-chain from non-disclosures by market players also risk the market system on-chain to vulnerabilities. The authors conclude that trading carbon credit on blockchain-enabled platforms is a step in the right direction in terms of amplifying the contributions the voluntary carbon markets hold for cutting down carbon emissions. They also acknowledge that the blockchain-carbon credit application does not directly address upstream issues of carbon emission but serves as a mechanism to accelerate decarbonization.

The introduction of Physical Unclonable Functions (PUFs) and lightweight consensus algorithms to aid in the bolstering of security and privacy in both IoT and IoE does show a great deal of promise not only in these areas, but in resource cost over traditional methods of blockchain.  However, several previous studies make claims regarding performance of novel solutions without providing detailed information as to the physical components of their experiments.  This comparative study shows that Proof of Authentication (PoAh) performs the best out of three selected consensus algorithms and that the claims made regarding the performance of PUFChain and Proof of PUF-enabled Authentication (PoP) could not be replicated in this instance.

The monetary policies of states and systems built upon them do not naturally allow transactions of a very small value, as the transaction costs exceeds the actual value of the transaction. These types of transactions are called micropayments. This is problematic as it removes the possibility to monetize content that has a valuation that is so low that the costs of the transaction exceeds the value of the content. In this thesis we aim to create a system that allows micropayments to monetize low value content. We do so by developing a design theory based on Gregor and Jones conceptual model for design theories within Information Systems research. The system that we develop will use the end users computational power to generate a value, by running a cryptocurrency miner. We present the background knowledge required to fully understand the presented design theory. Within the design theory, we present a theoretical framework to base systems on that enables micropayments through cryptocurrency mining. We also present a developed proof of work prototype that proves the validity of the theoretical framework. Lastly we discuss our design theory. We conclude that the design theory enables transactions of a very low value, such as 0,0001 \$ cents. Transactions of such small value is not possible with systems built upon states monetary policies. We also conclude that the proposed design theory can be further developed to function independently of cryptocurrency mining. Instead the value for the transaction could be generated through solving complicated problems if institutions are willing to pay for computational power to solve them.

A smart contract is a recently emerging technology which enables agreement to be automatable by computers and enforceable by legal enforcement or tamper-proof execution of code. A majority of smart contracts are run on the blockchain which enables smart contract transactions without a central authority. Smart contract implementation contains several challenges which makes implementation more difficult. The problem is that organisations struggle to implement smart contracts due to the absence of documentation, standardisation, and guidelines making it difficult to know how a smart contract should be implemented. Additionally, it is unclear what capabilities and tools are required for smart contract implementation. Therefore, it is challenging for organisations to assess their own competence of smart contract implementation. This thesis aims to develop a Smart Contract Maturity Model (SCMM). The purpose of the model is to clarify the functionalities and capabilities required to implement a smart contract while also offering organisations the ability to assess the smart contract implementation competency. This improves the adoption of smart contracts. Through the help of the design science framework, the SCMM emerged from the thesis. Applying design science included explicating the problem, defining requirements, designing and developing the artefact, demonstrating and evaluating the artefact. A literature survey was used to explicate the problem and to define requirements for the maturity model. Furthermore, a case study including interviews were used to refine the requirements and to demonstrate and evaluate the SCMM. The SCMM includes maturity levels, generic goals and practices, specific goals, key processing areas and practices, tools, glossaries and smart contract examples. Inspired by the Capability Maturity model Model Integration for Development (CMMI-DEV), the maturity levels of the SCMM consisted of initial, foundation, managed, defined, quantitatively managed and optimising. The identified key processing areas were stakeholder capabilities, resources and tools, platform, contract implementation, standards, laws and terminology and security. Although there were several limitations, the SCMM contributed to the field of smart contracts by closing the gap of previous research and improving the adoption of smart contracts.