Blockchain evolution, artificial intelligence and ferrous metal trade

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.