Viewed as entrepreneurship in financial solutions and based on blockchain technology, cryptocurrency is the most recent development in digital currency and is gaining substantial interest in recent years. The intersection of Industry 5.0 and cryptocurrency adoption could lead to new business models and revenue streams, with cryptocurrency potentially being used as a secure and efficient means of payment in Industry 5.0. This study aims to explore cryptocurrency adoption literature using a thorough literature review and bibliometric analysis. The study primarily used the Scopus database for the extraction of relevant literature. The literature review and bibliometric analysis have been done both quantitatively and qualitatively based on various techniques such as network analysis (keyword Co-occurrence analysis) and science mapping techniques. i.e., word cloud and word tree map with the help of tools such as VOSviewer, and R Studio Biblioshiny. The study reveals that the use of cryptocurrency in Industry 5.0 has the potential to improve efficiency, security, and transparency.
TopIntroduction
Almost every sphere of human life interaction has been digitalized and empowered by state-of-the-art technology with no exception to the digitalization of financial assets. After the Internet revolution, “digital currency” is the next innovation that initiated the revolution in the modern period (Alaklabi & Kang, 2021; Gupta et al., 2020; Koroma et al., 2022a). Industry 5.0 refers to the fifth industrial revolution, which is characterized by the integration of advanced technologies such as artificial intelligence, the Internet of Things, and blockchain (Chander.et.al.,2022).The adoption of cryptocurrency as digital currency, in Industry 5.0 is a significant development that has the potential to bring about new opportunities and challenges for businesses and industries (Mourtzis. et.al.2022). Hence, Industry 5.0 and cryptocurrency are two important and interconnected trends that are shaping the future of business and industry (Tiwari.et.,al 2022).
Viewed as entrepreneurship in financial solutions (Iyidogan et al., 2020; Teo, 2015) and based on blockchain technology, cryptocurrency is the most recent development in digital currency, used for hedging and speculation (Narayanan, 2016). Cryptocurrency is a digital asset that uses cryptography to secure transactions and control the creation of new units Gurusamy, (Hameed, 2019). Cryptocurrency enables secure, decentralized transactions without the need for intermediaries like banks, making it an attractive option for businesses and individuals looking to protect their assets and reduce the risk of fraud (N Gowda. et.al., 2021). Cryptocurrency can help to advance the development of new technologies, such as blockchain, that have the potential to revolutionize the way we store and transfer information and assets (Dorofeyev et al., 2018). Cryptocurrency can help to reduce the carbon footprint of financial transactions by reducing the need for intermediaries, such as banks, to process transactions. This can help to reduce the energy consumption and emissions associated with the traditional financial system (Wang. et al., 2022). This makes it an attractive option for businesses and industries that operate in a fast-paced and rapidly changing environment.
The connection between Industry 5.0 and cryptocurrency is rooted in their shared focus on innovation and the integration of advanced technologies. The technologies that are driving Industry 5.0, such as artificial intelligence and the Internet of Things, have the potential to greatly benefit from the use of cryptocurrency, particularly in terms of secure and efficient financial transactions.
Cryptocurrency also has the potential to play a key role in the development of new business models in Industry 5.0, such as decentralized marketplaces, micropayments, and the creation of new revenue streams (Makhdoom et. al., 2019). By leveraging the decentralized and secure nature of cryptocurrency, businesses can provide their customers with a new level of convenience and security, leading to increased customer satisfaction and loyalty (Koroma et al., 2022a).
In addition to the opportunities that cryptocurrency presents, it also brings with it new challenges and risks. For example, the lack of regulation and security risks associated with cryptocurrency can make it difficult for businesses to fully embrace and utilize its benefits Ooi et al., 2021). To address these challenges, it is important for the industry 5.0 ecosystem to work together to find solutions that balance the benefits of cryptocurrency with the need for security and regulatory compliance.
Quite a few researchers have proposed that cryptocurrency is digital money that serves the same purposes as cash, (Tama et al 2017; Bakar & Rosbi, 2017; Inci & Lagasse, 2019; Mittal et al., 2018) while some researchers have stated that it is not a pure form of money (Yuneline, 2019) because it does not possess all the features of money like security and regulatory compliance (Ayedh, Echchabi, et al., 2020