Blockchain and Digital Assets in Emerging Markets: Implications for Financial Innovation and Fintech Entrepreneurship

Abstract

Abstract This research examines the adoption of blockchain and fintech innovation in emerging markets, focusing on the drivers, barriers, and regulatory dynamics. Using a cross-sectional quantitative survey of 114 fintech leaders and entrepreneurs across 60 emerging-market countries, the research examines perceptions of blockchain’s role in cost reduction, efficiency, and financial inclusion through decentralized finance (DeFi), tokenized assets, and digital wallets. Findings show respondents broadly agree that blockchain fosters new business models and competitive advantage, perceive strong benefits in transparency, cost reduction, and efficiency, and hold favorable views of regulatory support, clear guidelines, and sandboxes, while still recognizing regulatory, organizational, and technological barriers to adoption. Fintech leaders reported significantly higher familiarity and stronger belief in blockchain’s potential than entrepreneurs. The study applies Institutional Theory, the Technology–Organization–Environment framework, and Disruptive Innovation Theory to highlight policy, organizational, and technological implications. Because the sample was purposive and responses were uniformly positive, the findings describe the perceptions of engaged practitioners rather than statistically generalisable or audited adoption outcomes.