Recently, Professor Hua Guowei from our college, in collaboration with Associate Professor Sun Loi from the School of Management and Economics at Beijing Institute of Technology, Professor Ruud H. Tenter from the University of Groningen, and Professor T.C.E. Cheng from the Hong Kong Institute of Technology, and Professor Zuo Jun Max Shen from the University of Hong Kong, unveiled their latest research in the esteemed management journal, Production and Operations Management. Titled "The Effects of Tokenization on Ride-Hailing Blockchain Platforms," this paper, where Professor Hua Guowei is the corresponding author, features Sun Loi as the first author, a doctoral student under Professor Hua Guowei's guidance.

In the dynamic landscape of 2022, blockchain secured its spot among the "Top Ten Global Breakthrough Technologies" according to the Massachusetts Institute of Technology Review. Its far-reaching potential transcended into diverse economic fields, catalyzing the rise of cryptocurrencies. The surge in the value of currencies like Bitcoin and Ethereum, coupled with market speculation, heightened volatility, adding an element of instability to financial markets. A pivotal question arose: Can we retain the merits of blockchain technology while mitigating the risks associated with cryptocurrencies? China, pioneering coin-free blockchain as an avant-garde exploration, seeks to diminish financial risks by eschewing the issuance and financing of cryptocurrencies grounded in blockchain technology. The operational disparities and effects between coin-based and coin-free blockchain modes are pivotal, especially concerning the global deliberations on legalizing cryptocurrencies.

The paper, grounded in China's implementation of coin-free blockchain, utilizes the shared platform market as a case study. It introduces a theoretical framework to scrutinize the operational mechanisms of both coin-based and coin-free blockchain platforms. The emphasis lies in designing mining incentive mechanisms that amplify user engagement and transaction activity within the community. The study offers policy management suggestions from the vantage points of platform users, operations, and government, shedding light on the cryptocurrency risks and suggesting regulatory policies for sustainable development. This research, situated at the intersection of blockchain, efficiency, and fairness, breaks new ground by proposing a solution to the theoretical paradox: Can efficiency and fairness coexist in blockchain systems? The study suggests that by intertwining blockchain technology with the real economy and establishing an internal mining system within the community, this paradox can be resolved.

Published in Production and Operations Management, a distinguished academic journal recognized among the UTD 24 and FT50 by the University of Texas at Dallas and the Financial Times respectively, the paper contributes significantly to the international management community. This publication reflects the innovative spirit of our college, showcasing our commitment to pushing the boundaries of knowledge and fostering sustainable development in the digital realm.

For more details, you can access the paper [here](https://doi.org/10.1111/poms.14007).