Article

Quantile Network Analysis of Blockchain-Enabled Payment Platforms and Their Spillover Effects on Digital Economic Productivity

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Abstract

This study investigates the asymmetric and state-dependent spillover effects between blockchain-enabled payment platforms and digital economic productivity by employing a comprehensive Quantile Network Analysis (QNA) framework. Using a dataset comprising blockchain operational metrics (transaction volume, confirmation speed, fee volatility), platform performance indicators (API throughput, success rate, active wallet users), and macro-level digital productivity measures (e-commerce output, digital services exports, labor participation), the analysis uncovers substantial heterogeneity across quantiles. The quantile dependence results show that average cross-block dependence increases from 0.31 at τ = 0.10 to 0.78 at τ = 0.90, indicating significantly stronger interdependencies in high-productivity states. Network-based spillover findings further reveal that TX_VOL and API_TPS act as dominant transmitters at τ = 0.90 with net spillover values of +9.8% and +6.5%, respectively, whereas ECOM_OUTPUT and DIG_SERV_EXP serve as major receivers with net spillovers of –5.9% and –6.3%. The Total Connectedness Index (TCI) likewise demonstrates sharp quantile variation, averaging 36.5% at τ = 0.10, 47.8% at τ = 0.50, and 61.2% at τ = 0.90, confirming that systemic interconnectedness intensifies in upper-tail digital productivity regimes. Overall, the study provides strong empirical evidence that blockchain-enabled payment infrastructures exert disproportionate systemic influence during high digital productivity periods, acting as pro-cyclical amplifiers that both support digital expansion and elevate interdependence-driven vulnerabilities. These results offer critical insights for policymakers, platform architects, and digital economy strategists designing resilience-oriented regulatory and technological frameworks.

Keywords: Blockchain Payment Systems, Quantile Network Analysis, Digital Economic Productivity, Spillover Effects

How to Cite:

Wahyudi, W. & Susanto, R. A., (2025) “Quantile Network Analysis of Blockchain-Enabled Payment Platforms and Their Spillover Effects on Digital Economic Productivity”, FinTech Innovation Journal 1(1), 17-37. doi: https://doi.org/10.63913/ftij.v1i1.93