The New Digital Era: Digitalisation, Emerging Risks and Opportunities: Volume 109A

Cover of The New Digital Era: Digitalisation, Emerging Risks and Opportunities

Table of contents

(20 chapters)

Section A: Emerging Risks and Opportunities Due to Digitalisation


Objective: Recently, there has been an increase in the use of cryptocurrency, decentralised finance (DeFi) applications and DeFi services in several countries. These innovations facilitate the delivery of financial services using smart contracts. DeFi encompasses all financial services that are built on public blockchains, based on open protocols and removes intermediaries from the financial intermediation process. There is significant cryptocurrency activity in Africa while DeFi developments are relatively new and unpopular in the African continent. This chapter introduces DeFi in Africa. It presents some statistics and data on DeFi in Africa. Thereafter, the potential benefits, challenges and regulatory issues associated with DeFi in Africa are presented.

Method: This study used literature reviews and external data sources to show the benefits and advantages of DeFi .

Findings: The findings show that there is low interest in DeFi in Africa. Some benefits of DeFi to African countries include increased liquidity for many small- and medium-scale enterprises (SMEs), new opportunities to raise additional capital to fund capital-intensive activities, usher in an era of smart contracts that are negotiated bilaterally without needing an intermediary, encourage peer-to-peer trade between economic agents in several African countries, enhance the efficiency of the Pan-African Payment Settlement System and encourage more trade between individuals and corporations under the African Continental Free Trade Agreement, among others.

Originality: This is the first chapter to examine DeFi in Africa.


Purpose: The advent of the fintech revolution has brought a tremendous increase in the dissemination of digital financial services. Although digital financial services increase financial inclusion through financial intermediation, it also increases the chances of systematic risk.

Need: In the quest to satisfy the curious minds, the authors have examined the influence of digital financial services on banking stability and efficiency.

Methodology: To achieve the above objectives, the authors have used the Auto-Regressive Distribution Lag (ARDL) estimation technique on the annual data set of India and the United States from 2004 to 2018. In addition, to estimate the long-run cointegration, the ARDL bound approach is also used.

Findings: The empirical analysis concludes that in the short run, the expansion of digital financial services in India in the form of internet-based transactions and mobile money transactions creates a negative and significant impact on banking efficiency and stability. Meaning, banking sector efficiency and stability fall by 0.09% and 0.05% with a 1% increase in digital financial services. However, in the long run, digital financial services enhance banking stability and efficiency in India. Besides, the study also reveals that in a developed country like the United States, both in the short run and long run, expansion of digital financial services helps in improving banking efficiency and stability. Furthermore, in context to control variables, the findings suggest that in the short run, industrial productivity has a negative influence on the Indian banking sector efficiency and stability, compared to the positive impact in the long run. This is unlike the United States, where both in the long-run and short-run, industrial productivity has a positive influence on the banking sector’s efficiency and stability.

Practical implication: The findings reveal several policy implications and suggest policy synergies between digital financial services, banking stability and efficiency.


Introduction: The rapid technological changes have significantly decentralised the economy and social life in the last 20 years. The transformation into the digital environment and its socio-economic consequences may experience numerous issues depending on the level of development of countries. The experience of developed countries shows that digitalisation delivers a positive impact on economic development (because of increased labour productivity, transparency and reduction of the shadow economy). In fact, on the other side, economic development represent the improvement of people’s well-being.

However, it is, furthermore, the fact that delays in the process of transformation into the digital environment will lead to economic decline and as a result, social problems. Many current studies focus on the social consequences and benefits of digitalisation. In many cases, the social consequences of digitalisation (unemployment and income inequality) are exaggerated. The authors believe that the economic and social benefits (measurable and non-measurable) of digitalisation are enormous. Examples could be introduced as the emergence of new intelligent professions and specialties, the comfort of jobs and life, the ability to get the products, information and knowledge from anywhere in the world.

The history of the development of society shows that people have always been interested in the ‘comfort’ of life. It is the acceleration of digitalisation in recent years that has stated a significant place in this process.

Objective: To adequately assess the relationship between digitalisation and the comfort of life, the improvement of welfare (income, secure life and satisfaction) and to indicate the social benefits of digitalisation on a scientific basis.

Method: To identify measurable and unmeasurable factors and benefits of technological change on human life, to assess the impact of digitalisation on economic growth, income, labour productivity, intellectual development, knowledge capital and health care.

Findings: Although digitalisation will endure a number of social consequences in the short and medium term, but the well-being of people will be improved and life will be turned on more delightful, and incomes increased in the long term.


Purpose: Development of an approach, methods to the internal audit of tax differences, analysis of the peculiarities of the application of internal audit procedures of tax differences and their reflection in the software in Ukraine.

Need for the Study: One of the most important general economic and accounting problems both in practical and scientific terms is the problem of determining the financial results of the enterprise, the methodology of its calculation and methods of taxation.

Questions of consistency of indicators of tax and financial accounting arise constantly as the results revealed according to tax accounting data, considerably deviate from real financial results of activity of the enterprise according to financial accounting data. This leads to tax differences. Moreover, significant deviations can be both in one direction and in the other. These indicators are important for study and analysis.

Methodology: The method of a systematic approach was used to reveal the content of tax differences and build the methodology of internal audit. Selective research, grouping, generalisation are used to study the state of the methodology and organisation of accounting for tax differences and their internal audit.

Findings: The study of the organisation and methods of internal audit allowed the authors to develop their methods of internal audit of tax differences. The chapter highlights such elements of internal audit as sources of information, audit directions, objects of audit and possible typical errors that may be identified during the internal audit. Sources of information for internal audit of tax differences are divided into groups: primary documents, accounting records, reporting and legislation. The authors systematised tax differences and analysed their impact on the pre-tax financial result. Possible errors in accounting for tax differences and ways to correct them are considered. The authors present options for displaying tax differences in software products used in Ukraine.

Practical Implications: This chapter examines the key components of the methodology of auditing the financial statements of the enterprise in terms of indicators of tax differences, the use of which ensures the reliability of reporting, avoids penalties from the tax authorities and ensures the prospects for the organisation. The possibility of digitalisation of accounting for tax differences on the example of software that is popular in Ukraine is considered. The pre-tax financial result is a consolidated, aggregate indicator that is determined by comparing income and expenses from different activities recognised per accounting rules and in most cases cannot be used to calculate income tax without appropriate adjustments.


Purpose and need for study: This study examines whether or not culture has a strong influence on the digitalisation of public services, including the adoption of an electronic tax system. The literature analysed made us consider the differentiation between developed and developing countries.

Methodology: To test the nexus between culture and digital public services (DPS), this study highlights the impact of culture, from various dimensions, on e-government in European Union member countries, over the period 2014–2018. Accordingly, the analysis proposes a methodological approach on multiple regression analysis, a method widely used in the social sciences for modelling and analysing several variables presumed to be in a relationship. Given that electronic taxation has no explicit index, but electronic government focusses on how effectively and efficiently government services are delivered to citizens and businesses, the proposed research employs the DPS indicator, part of the composite index of Digital Economy and Society Index. The independent variables employed in the study refer to the six dimensions of the national culture from Hofstede.

Findings: Empirical results reveal that cultural dimensions such as uncertainty avoidance, power distance and masculinity are significantly influencing the efficiency of e-government, carrying a negative influence for the sample of EU member states. Accordingly, a more developed e-government system is expected from countries presenting lower values of the three cultural dimensions. When analysing the sub-samples consisting of developed versus developing countries, results indicate better DPS for societies concerned for short-term gratification and spending (based on a negative influence from the long-term orientation dimension). Specific to developed economies and Northern countries was the fact that e-government is positively influenced by more individualistic societies, and by societies that require rigid codes of conduct and structured circumstances.

Practical implications: The practical contribution of this study is the provision of an extensive overview of the relationship between culture and DPS that could serve as useful information for researchers and practitioners, governments and e-government stakeholders.


Purpose: This chapter aims to lay out the issues regarding the world of digital currencies, private and central bank digital currency (CBDC). In that connection, the authors want to, as much as possible, systematically present the terminology, examples of various digital currencies and the technology behind that phenomenon. The chapter also highlights the occurrence of CBDC and the possible implications of its introduction to day-to-day commercial banking practice, possibly taking the payment systems and transactions alternation, balance sheet and profits’ issues into consideration.

Need for the study: Digital currencies already have and are also soon going to have an enormous impact on society as such, where payments for everyday goods and services are taken on a whole new platform and level, in the sense of how the payments are made and payment systems are constructed, as also in the sense of quantity, as the number and sum-wise payments carried out via such platforms are growing.

Methodology: A triangulation method, a mixed qualitative methodological approach was implemented, so the research offers a synthesis of previously published contributions in this field, followed by deductive and inductive reasoning interconnected with descriptive and comparative analyses.

Findings: As digital currency already have a vast impact on payment systems and modes of payment, the CBDC, an imperative of today and not the matter of the future, will have implications for commercial banks, probably in the field of lowering banks’ commissions, no big customer data-selling ability, accumulating the deposits and deposit policies and credit policies due to higher funding costs for banks. There is an interwovenness among the central bank activities, bank customer’s behaviour and commercial bank activities. Therefore, the change of payment and spending behaviour of customers because of central banks’ introducing novelties will also have consequences for the banking industry.

Practical implications: The choice to handle cash or digital currency will be obsolete, and an individual’s or a firm’s financial knowledge must be upgraded in the field of new money using angles. The issue of digital currencies and CBDCs are no longer a matter of choice but are becoming a new reality. Therefore, it is necessary for the common public, economy and banking system, especially now carrying out most of payments and transfers of money, to study this field and foresee the possible consequences and risks emerging.


Climate change requires society to focus more strongly on sustainability. This requires an adjustment both on the demand side and on the supply side. Consumers must be given incentives to optimise their consumption according to sustainability aspects. In the supply of capital goods and consumer goods, firms must do their part to ensure that environmental savings are made possible and cost-efficiency. However, there must be doubts that a more resource-efficient production technology leads to the desired environmental effects. Policymakers ignore the Jevon’s paradox. The Jevon’s paradox states that an improved technology that leads to resource savings disproportionately increases the intensity of use. In absolute terms, there is a higher consumption of resources after the technology is introduced. This effect is currently ignored, for example, by all forecasts on demand for lithium for electromobility. Regardless of this, it is fundamentally better to optimise the technologies. However, this raises the question of whether the Jevon’s paradox cannot be undermined by artificial intelligence. Artificial intelligence applied to production promises the possibility to replace partial optimisations with total optimisations. By pursuing an absolute maximum (maximum maximorum), the intensity of use is limited. Therefore, this chapter is concerned with understanding the primary effects of artificial intelligence in production and highlighting the potential effects on sustainability.

Purpose: Increasing the sustainability in industrial production is getting more and more important. Furthermore, the technology of artificial intelligence is getting more and more important as well. For this reason, it is time to understand how artificial intelligence and sustainability are linked with one another in the context of production.

Need for the study: This chapter aims to deliver a solid argumentation regarding the prospects and the relevance of the usage of artificial intelligence in the context of production. Moreover, it specifically aims to show how artificial intelligence affects the sustainability of production.

Method: Literature analysis.

Findings: The findings are that artificial intelligence does enforce cooperative action within the industry via the effects on productivity variables, transaction costs, and production elasticities. Furthermore, the Jevon’s paradox does not seem to apply to artificial intelligence. Therefore, it is suggested that more empirical research has to focus on this topic.

Practical Implications: This chapter highlights the importance of artificial intelligence for the topic of sustainability.


Purpose: Nigeria is the first African country to issue a central bank digital currency (CBDC) or fiat digital currency. The eNaira CBDC was issued as a money equivalent to be used along with paper Naira. This chapter identifies the features, opportunities and risks of the CBDC in Nigeria, also known as the eNaira.

Method: This chapter uses the discourse analysis method to assess the opportunities and risks of CBDC.

Findings: The opportunities which CBDC present to Nigeria include improved monetary policy transmission, convenience, efficient payments and increased financial inclusion. Some identified risks include digital illiteracy, increased propensity for cyber-attacks, data theft and the changing role of banks in a full-fledged CBDC economy.

Originality: This chapter contributes to the literature by evaluating the pros and cons of fiat digital currency such as a CBDC.


Purpose: The purpose of this study is to reveal the readiness of the employees in the banking sector in the Republic of North Macedonia to adapt to the reorganisation of working hours while at the same time using the safest payment methods in conditions when the world is trying to deal with the crisis caused by the COVID-19 virus.

Need for the study: The world is rapidly moving towards increasing digitalisation, which is part of all spheres of human life. The outbreak of the COVID-19 virus pandemic has accelerated these processes by requiring people to adapt to the new conditions. The countries that have worked rapidly to digitise the system, while massively using non-cash payments, have adapted more easily to their regular daily tasks. The Republic of North Macedonia, as a developing country, is trying to take a step forward by introducing the innovations used by developed countries, taking into account the available assets and human resources.

Methodology: A method for qualitative forecasting, Delphi, is used in three rounds, and the gained insights serve as inputs in the creation of two analytic hierarchy process (AHP) models.

Findings: From the extensive analysis we performed, we found that the lack of digitalisation and process automation made it difficult for employees to adapt to the method of working from home, and on the other hand, they had a much easier time adapting to the use of alternative distribution channels.

Practical implications: Our findings are useful for the country, regulatory bodies and the bank’s management in developing strategies and plans for working from home or reorganisation of working hours, to be more acceptable to employees, emphasising the benefits for both employees and employers. Also, researchers and management practitioners in developing countries interested in this area can follow our combined Delphi-AHP approach in conducting similar research.


Purpose: Blockchain technology has the potential of revolutionising finance in general and entrepreneurial finance in particular. As this area is hitherto uncharted, this chapter delineates its scope to the use of blockchain technology for providing strategic business funding. Blockchain technology started off by floating initial coin offering as a way of providing long-term funds to the startups. Since then, it has evolved quickly and has already spawned several iterations. One of its most prominent offshoots, security token offering has evolved into a distinct financing resource, with its own unique characteristics.

Methodology: This chapter discusses the implications of this development for startups and new ventures. It focusses on the use of blockchain technology for innovations in the domain of entrepreneurial finance with the aim to document the emergence of cryptofinance as a viable source of funding for startups. For this purpose, a systematic literature review methodology has been undertaken. In order to provide a comprehensive view, various sources such as academic research papers, working papers and practice papers have been used for collating information.

Practical implications: This chapter provides a brief overview of entrepreneurial finance and blockchain technology, illustrating their unique aspects. It proceeds to discuss the use of blockchain technology in finance in general and in entrepreneurial finance in particular. This discussion is followed by an extensive analysis of the evolution of cryptofinance as a funding source, enumerating various iterations and their implications.

Conclusion: As the use of blockchain technology in entrepreneurial finance is still at the nascent stage, the regulatory paradigm is still evolving. The current work also looks at the development of legal framework for managing these innovations across different prominent markets. This chapter further delves into the likely future course of development for cryptofinance. It mainly focusses on the emergence of decentralised finance as a comprehensive ecosystem and smart contracts.


An introduction to edupreneurship, which combines the terms education and entrepreneurship, is a concept that cannot be broken down into its component parts for the sake of simplicity. Together, these two form one unit since their process is an example of what entrepreneurship education is all about: teaching someone to create something that’s worth selling and then making use of it for themselves or their community. When it comes to the purpose of the implementation of this edupreneurship, it is in line with Law No. 20 of 2003 on the System of National Education, which states that ‘National Education works to develop skills and shape the character and civilisation of a dignified nation in order to enrich the life of a nation’.

Aim: Aimed at developing potential students to become humane, those who have good life skills can deal more effectively with life’s demands and obstacles because they can adapt and behave positively. It’s important to have a diverse set of life skills because there are five main categories: self-awareness abilities, thinking abilities, social abilities, academic abilities and occupational abilities.

Procedure: The research was carried out in the Indonesian region of West Sulawesi at Universitas Al Asyariah Mandar. This study was conducted at a university since the primary goal was to develop students’ life skills in a way that incorporates entrepreneurship education as a means of improving entrepreneurial skills. For the purpose of selecting the sample, purposive sampling was used. This study used Google Forms to collect the research data. It was all done online. This study employed a qualitative research design to gather data and analyse the findings. A purposive sampling technique was employed for the sampling, that is, determining sampling with particular considerations based on the fact that the sample in this study is the sixth-semester students of the 2021/2022 academic year who have completed practical work in the Entrepreneurship education course at the teacher training and education faculty (FKIP), totalling 97 students, but only 39 students accepted the online questionnaire.

Findings: Entrepreneurship simultaneously develops students’ life skills such as communication, interpersonal skills, decision-making, problem-solving, negotiation, creative thinking, critical thinking, self-awareness, empathy, self-control, resilience and organising skills.


Introduction: The main feature of modern society today is the digital way of life combined with digitalisation. It affects every aspect of life. Today’s main drivers of change are modern electronic communications and high-speed internet connections or services created by digitalisation. Thus, digitalisation stimulates economic growth by creating new jobs, especially in the information and communication sector, increasing the savings of individuals and public and private companies, increasing productivity and providing new opportunities for personal development and motivation. Therefore, the digital economy poses significant challenges to the EU tax system. The identified tax challenges are nexus, data and characterisation, standard tax avoidance practices and direct and indirect tax risks. To address these challenges, the concept of Tax Administration 3.0 should be implemented. Under this concept, digital tools will make tax administration better organised and more efficient, both in combating abuse and improving the quality of tax reporting and compliance.

Aim: This study aims to present the digital economy’s direct and indirect tax challenges from an EU perspective. In addition, it will also present the current situation of the digital levy proposed by the European Commission and the level of Europe’s digital performance among EU member states.

Method: Following the Digital Economy and Society Index (DESI) methodology, Europe’s digital performance varied widely among EU member states between 2015 and 2020.

Findings: The results show that the digital sector is highly involved in tax planning practices and significantly affects Europe’s digital performance. Moreover, there is no consensus on implementing the digital levy in EU member states since only a few of the EU member states have implemented the digital levy. Based on the findings, the author proposes introducing the digital levy in all EU member states to restore and maintain the sustainability of public finance, especially after the crisis COVID-19.


Purpose and need for study: Considering that the impact of digitalisation on the energy industry is currently one of the hot topics, our focus was to systematically overview the literature on this subject and subtract the most relevant papers. This study may represent a base for future research on the impact digitalisation has on the efficiency of energy industries and the sustainable development of economies counting on this industry.

Methodology: The authors employed a methodology of bibliometric analysis to help us reveal the main concepts reflecting the relationship between digitalisation and sustainable development in the energy industry and also to identify the most cited papers in the literature.

Findings: The most important concepts are digitalisation and also digitisation, sustainability and sustainable development, energy efficiency, the internet of things and Industry 4.0. For the more focussed research in business, technological development, urban development, smart cities and renewable energies proved to be very important concepts. The co-authorship networks revealed as most important 10–20 papers, considering that our analysis was based on a comprehensive list of papers in all domains (116 papers indexed in Scopus) and on a list of academic papers published in Social Sciences or Business, Economics and Accounting domains (59 papers indexed in Scopus).

Practical implications: This study evidenced the authors with the most valuable research on the topic of digitalisation and sustainable development in the energy sector, helping us continue our research in the future, with a quantitative study that will base its literature review on the most accountable and cited papers published so far in the literature. The national plans and public policies for sustainable development have a common ground when they refer to energy industries. The investments and digital development need to have a positive social impact improving health and well-being for citizens, supporting the quality of life, based on a fair transition to low-carbon economies.


Purpose: The main purpose of this study is to test the effect of consumers’ readiness level to use new technology on their intention to use mobile payment applications based on the technology readiness and acceptance model (TRAM). In detail, it examines how the dimensions of TR as ‘optimism, innovativeness, discomfort, and insecurity’ affect consumers’ intention to utilise mobile payment applications. Moreover, the effect of the technology-accepting behaviour measured by two major factors as ‘perceived usefulness’ and ‘perceived ease of use’ on the intention to use mobile payment applications is also examined.

Need for the study: The existence of a mobile system alone is not enough to attract consumers with no user experience to these applications. The user-centred attribute in the usage of these applications, which involves the influence of technology readiness (TR), has been largely ignored especially in developing countries. By focussing on this area, it is expected to fill the gap that has not been sufficiently handled in the developing country settings and, particularly in Turkey.

Methodology: The study population consists of the consumers who live in İstanbul who is aged 18 and over and use mobile payment technology at least once. After collecting data, confirmatory factor analysis was applied to validate the measurement model. Afterward, the structural model was tested by the Maximum Likelihood-MI estimation method, and the bootstrap samples were stated as 5,000.

Findings: When the results of the study are examined, it is seen that optimism has a significant influence on the perceived usefulness and perceived ease of use dimensions of the technology acceptance model, while innovativeness is significant only on the perceived ease of use. This study results also show that discomfort and insecurity don’t significantly influence the perception of usefulness and easy-to-use mobile payment applications as perceived by individuals. Perceived ease of use is to positively affect the perceived usefulness. Additionally, the perceived ease of use and the perceived usefulness are strong predictors of intention to use mobile payment applications.

Practical implications: Findings of this study demonstrate the validity of the technology readiness and acceptance model for explaining the intention of using mobile payment applications in Turkey. To improve consumers’ intent in the usage of m-payment apps, their level of technological readiness towards technology should be determined and the factors that affect the formation of insecurity and discomfort attitudes of individuals should be emphasised.


Purpose: Online gaming (OG) has become an increasing societal phenomenon during the current Pandemic times. This is due to lockdowns and people being confined to home environments. This chapter sheds light on the attraction of OG, from the perspective of it being a virtual immersion tool of emancipation. There has been an increasing amount of working from home arrangements during Pandemic times and more time is being spent in virtual immersion. As discussed in the article, there is a potential conflict between individual accountabilities, for example, to attain a certain degree of work-related performance and the hedonistic pleasure attained from OG (which is the type of focus of virtual immersion in this chapter). OG bears personal, business and societal costs, which are discussed in this chapter.

Need for this study: This study provides a picture of the implications of an individual’s virtual reality immersion for the purpose of OG, from the perspectives of personal and social accountabilities in the virtual and physical worlds in the current Pandemic environment.

Methodology: This is a concise overview of the theoretical underpinnings, impacts on accountabilities and implications relating to OG. The chapter provides a survey and discussion of the literature on increasing trends of OG, profit-making potential of OG and the related accountability perspectives.

Findings: This chapter has extended on the Internet accounting and accountability research literature by considering OG accountabilities and costs and benefits. OG supports an individual’s emancipation. From the perspective of OG, there are numerous forms of emancipations that can be achieved and that may result in ‘sacrifices’ by others including other online gamers. There is a substantial risk of a lack of accountability towards the others in the online and real-life environment on behalf of the one who is emancipated through escape.


Purpose: The current chapter presents the Bulgarian town of Elena as a tourist destination and the local food festival that provides an image of the researched place. In the course of the report, some literature sources are screened and the main ideas concerning authors’ viewpoints about events and food festivals are presented. Some of them reveal theory statements on events as a whole but the author’s search concerns those revealing characteristics of local food festivals.

Methodology: The authors prepared and conducted a purposeful survey; cross-analysed the appropriate questions from the survey; carried out a mode analysis of the value frequencies and empirical research.

Findings: The analysis reveals the need for contemporary digital approaches that could lead to more precise targeting the visitors of the festival, to increasing levels of quality of this specific tourist product as well as to raising the tourist satisfaction.


Purpose: The research conducted in this chapter approaches a topical subject and examines the labour market advancement of Romanian migrants within several receiving economies across the European Union, as well as the impact of international migration on the Romanian economy and labour market, also considering the present context of the Covid-19 pandemic and digitalisation challenges.

Method: The methodology embeds spatial bootstrap analysis (spatial lag and error models) applied to a newly compiled dataset for Romania during 2000–2020.

Findings: Main findings of the current research update and complement the specialised literature with new data on Romanian migration by identifying unknown potential reasons that generated the departure of the Romanian labour force abroad and several credentials of the return migration intentions and strategies.

Originality and significance of findings: The results mainly entail some of the essential effects generated by the Covid-19 pandemic regarding the interplay between the labour market and international migration, with a keen focus on Romania.


Introduction: With the accelerated process of building metropolitans, more and more people tend to live in cities. So, to deal with this, the need has arisen to make smart everything that we have around us even when we arrived at the term of the smart city. All of this produces data we call big data that is generated by citizens.

Aim: So, cloud computing is the main idea implementation which we can use ineffective from all of these services which we call smart. And taking into account all of this, in this literature review, we have used different techniques to extract the most relevant papers on our topic. Mainly, we focus on smart cities and their taxonomy of it such as smart homes, smart buildings, traffic monitoring, security and emergencies, and so on. For a smart city, we discussed different proposed system architectures which represent the real work of researchers.

Results: In this way, we mention services that are offered and have the base services cloud services. Also, the articles we used are extracted and analysed from the most powerful and relevant databases such as IEEE, ACM, Elsevier, Science Direct, and so on. In total, we take 88 papers, and from all of these papers we have extracted 53 with different methods. This Systematic Literature Review presents building and using smart cities inside of cloud computing services.

Conclusion: However, a different implementation idea to do better life for all of us is by converting our lifestyle into a new form of living. The only form of implementation is by digitalising and implementing everything around us which means making every service in one place, where you can have access from anywhere, anytime. So, the smart city is the future.

Originality/value: This systematic literature review contributes to everyone who expresses interest to implement and provides additional evidence for existing studies in smart city patterns which used cloud services. Researchers offer various implementation forms of different models and express the impact of cloud services, especially for placements, where there are more people populated. Also, this study identifies a major weakness in existing smart city implementation by using cloud services, which have identified the main obstacles now and it needs to reanalyse the form of implementation for more complex systems in the future.

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Contemporary Studies in Economic and Financial Analysis
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Emerald Publishing Limited
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