This research study shows the perspective of Islamic banking on Shariah compliant FinTech (financial technology) model. As startup firms providing and compete in the global market regarding financial services including e.g, online investment, Peer to peer equity crowdfunding, online payments (E-Wallets), philanthropic crowdfunding platforms, RegTech, Distributed ledgers technologies, crypto currency and many other threats of Distributed ledgers and digital currencies technological advancements. By keeping mentioned technological advancement, it is observed throughout the Islamic world by Shariah Experts and technology industry experts regarding Islamic FinTech ecosystem implementation. Primary data was collected through self administrative instrument with some previous research studies. Targeted population for this research contains Islamic and window Islamic banking staff, 150 respondents were approached with in the Karachi city. Testing shows positive results of independent to dependent variable of Shariah compliance relationship regarding FinTechmodel in Islamic banking according to Shariah-principles. Almost in the vicinity of Islamic banking and finance with FinTech implementation researches are under process in many universities or institutions throughout the world. Some researches shows positive results of FinTech aspects on Islamic banking services. Chosen independent variables have strong correlation with the dependent variable. Debated areas of FinTech and Islamic banking services have significant results produced under this research.
Nikos Fotiou, Vasilios A. Siris, George C. Polyzos
Despite technological advances, most smart objects in the Internet of Things\n(IoT) cannot be accessed using technologies designed and developed for\ninteracting with powerful Internet servers. IoT use cases involve devices that\nnot only have limited resources, but also they are not always connected to the\nInternet and are physically exposed to tampering. In this paper, we describe\nthe design, development, and evaluation of a smart contract-based solution that\nallows end-users to securely interact with smart devices. Our approach enables\naccess control, Thing authentication, and payments in a fully decentralized\nsetting, taking at the same time into consideration the limitations and\nconstraints imposed by both blockchain technologies and the IoT paradigm. Our\nprototype implementation is based on existing technologies, i.e., Ethereum\nsmart contracts, which makes it realistic and fundamentally secure.\n
Mahmood A. Rashid, Krishneel Deo, Divnesh Prasad, K. Ranjith Singh · 6 authors
Blockchain is an emerging technology framework for creating and storing\ntransaction in distributed ledgers with a high degree of security and\nreliability. In this paper we present a blockchain-based platform to create and\nstore contracts in between students and their higher education sponsors. The\nsponsorship might be in any form, such as scholarship, donation or loan. The\nfund will be arranged and managed by a group of competitive agents\n(Fundraisers) who will hold the distributed ledgers and act as miners in the\nblockchain network.\n
Gianluca Miscione, Tobias Goerke, Stefan Klein, Gerhard Schwabe · 5 authors
Blockchain technology provides a distributed ledger and is based on a logic of peer to peer authentication. It gained prominence with the rise of cryptocurrencies but provides a much broader field of possible application, including – but not limited to – land and other registries, global trade systems. While it has been originally closely linked to a libertarian, anarchic agenda, recent developments of commercial applications have illustrated that it can been dissociated from a particular ideological framing. The purpose of our paper is to identify and classify core properties of blockchain as an organizational technology and related modes of blockchain governance. We do this by looking at a number of case studies which highlight a number of governance design issues as well as unintended effects of the technology and related design choices. We are exploring the linkages between blockchain application properties and related design options and choices.
Gourang Aggarwal, Vimal Patel, Gaurav Varshney, Kimberly R. Oostman
Blockchain and its application on cryptocurrency transactions have gathered a lot of attention and popularity since the birth of the pioneer Bitcoin in 2009. More than 1500 cryptocurrencies are currently circulated in the market. The technology underpinning Bitcoin and other cryptocurrencies is Blockchain and is a rapidly growing decentralized distributed ledger technology which find its major involvement in cryptocurrencies. But cryptocurrencies are of extremely volatile and fragile nature which makes it difficult to be used as a stable currency for transactions and devoid this market of human trust. Cryptocurrency market is controlled by various social and government factors which keeps it fluctuating. This paper identifies and discusses the important factors that govern the cryptocurrency market and analyzes the impact of these factors. A pilot user survey has also been presented at the end of this paper to understand and demonstrate the societal view of the acceptance of cryptocurrencies.
Filipe Andrade Bernardi, Vinícius Lima, Felipe Carvalho Pellison, de Azevedo Marques Paulo Mazzoncini · 8 authors
Data sharing, information exchange, knowledge acquisition and health intelligence are the basis of an efficient and effective evidence-based decision-making tool. A decentralized blockchain architecture is a flexible solution that can be adapted to institutional and managerial culture of organizations and services. Blockchain can play a fundamental role in enabling data sharing within a network and, to achieve that, this work defines the high-level resources necessary to apply this technology to Tuberculosis related issues. Thus, relying in open-source tools and in a collaborative development approach, we present a proposal of a blockchain based network, the TB Network, to underpin an initiative of sharing of Tuberculosis scientific, operational and epidemiologic data between several stakeholders across Brazilian cities.
Abstract Blockchains are increasingly being used for content distribution, sometimes as an unwanted side effect of blockchain applications that have other primary purposes, sometimes as intended content distribution. The typical characteristics of a blockchain such as its claimed immutability raise new questions as to what preventive measures can reasonably be demanded from blockchain intermediaries, and managers of nodes in particular. The article asks whether the exemptions introduced in the Directive on e-Commerce can be applied, what mitigating or preventive measures other than Notice-and-Takedown can be applied and how governmental regulators should react.
Currently, blockchain technology has been widely researched and is being applied to many other fields, such as financial transactions, E-government, logistics, and supply-chain system. It can be used to store and maintain transaction data through the de-centralized model. In this paper, we propose an autonomous resource request transaction framework based on blockchain in a social network, in which all kinds of resources in the social community can be traded through blockchain technology. When a user needs to acquire some resources from a community, the user may make a transaction with the members from the community through blockchain technology while the members autonomously negotiate each other to reach an agreement. The proposed framework provides an incentive mechanism to encourage community members to disseminate the resources through a smart contract.
As an important part of the national economy, (Small and Medium Industrial Enterprise)SMIE are an important factor that promotes China’s economic growth, but financing is still a difficult problem that restricts their development. Dependent on its intelligent protocols, distributed features and consensus mechanism, blockchain has broad prospects in the field of enterprise credit reporting, but the previous credit evaluation system had problems such as forgery of corporate credit records and imperfect evaluation indicators. This paper studied the SMIE credit evaluation model and analyzed the evaluation indicators, and based on blockchain technology, it realized data sharing and eliminated the impact of false data on the model. Finally, it proposed the construction of an SMIE credit evaluation model with complete evaluation indicators so as to improve related research on credit evaluation system.
Blockchain is considered to be a technology that has the potential to bring major political, social and economic benefits to developing economies such as India (Kshetri, 2017a). According to the National Association of Software and Services Companies (NASSCOM), blockchain-led increase in productivity and cost reduction can create value of up to US$5 billion in the Indian economy by 2023 (IANS, 2018). The research company ResearchAndMarkets.com's study indicated that the banking and financial services sector is expected to the leading sector to benefit from this technology (Business Wire, 2018).
Salvatore Esposito De Falco, Nicola Cucari, Emanuele Canuti, Stefano Modena
Blockchain technology can influence various aspects of the business even if empirical studies are still lacking to estimate the effective application of technology on corporate governance. Beyond its scientific-practical trendiness, blockchain should not be a matter of “if”, but a matter of “how” organizations are willing and able to integrate blockchain practices into their vision of the future, with ways to manage shareholders issues down to regular operations reaching and managing different levels of activism. It seems almost paradoxical that still not all companies subscribe to the “next best practice”. Therefore, this paper aims to answer the following research question: What is the expected impact of blockchain technology on corporate governance? The purpose of this study is to provide a starting point for research that can be used for further examination of these aspects
M. Abdeen, Salman Jan, Sohail Khan, Toqeer Ali Syed
Takaful – an Islamic alternative to conventional in-surance – is fast becoming one of the most important constituents of modern Islamic financial market. The fundamental difference between the two forms of risk mitigation is entrenched from the type of contract selected. The conventional insurance work on the principle of bilateral contracts between the customer (insured) and insurance provider where the insured pay regular premium in return for payment of compensation, in case of a predefined event occurs. On the other hand, Takaful works on the principle of mutual guarantee, cooperation and indemnity where the participants in the scheme mutually insure each other. The Takaful providers are mainly responsible for managing, administering and investigating the Takaful funds according to Islamic laws. This studies provides a decentralized architecture that securely implements Takaful risk mitigation system accord-ing to its principles. Since all major banking sectors are shifting towards Blockchain technology, as it is currently the only viable solution to offers security, transparency, integrity of resources and ensure trustworthiness among customers. The proposed studies offer state-of-the-art Blockchain technology and focus provide a Takaful system that strictly follows the underlying Islamic laws for this risk mitigation system. Moreover, the proposed platform provides all Takaful transactions over Blockchain that brings confidence and transparency to the community involved in the process.
A peer-to-peer network for conducting encrypted digital trade called cryptocurrency was created eight years ago. The first and most well-known cryptocurrency, Bitcoin, is leading the charge as a disruptive technology to decades-old, largely unaltered financial payment infrastructure. Although cryptocurrencies are unlikely to displace traditional fiat money, they might alter how Internet-connected global markets communicate with one another by removing restrictions imposed by conventional national currencies and exchange rates. Technology develops quickly, and the success of a particular technology is almost entirely determined by the market it attempts to better.
Virtual Currencies are becoming popular these days in Pakistan like other countries. These currencies have no physical value, no intrinsic value & no central control. It has only the unique feature is easy to use, control by block chain network. It is not common in Pakistan due to less publicity. This research paper discusses the popularity of Bitcoin in Pakistan and its impact on Economy. Risk and Return related to virtual currency. The price determinants of Bitcoin and exchange rate. Key w ords : Bitcoin, Risk & Return, Virtual Currency. DOI : 10.7176/RJFA/10-7-02 Publication date : April 30 th 2019
Security Token Offerings (STOs) are a very recent phenomenon that has started to replace the Initial Coin Offering (ICO) one for financing companies through blockchain networks. Contrary to ICOs, which are based on “utility tokens”, STOs issue “security tokens” that are likely to achieve revenues in the same way that bonds or shares do. However, because they utilize the blockchain network, they are expected to benefit from lower intermediary and transaction costs. The objective of this paper is to examine, for the first time in financial research, to what extent this nascent market can become a liquid one, adapted for small and medium-sized enterprises (SMEs). To address this still unexplored issue, we proceed in two stages. First, we develop the technical characteristics of security tokens. Then, we analyze the trading volumes of a very few ones, although it has proved difficult to conduct a relevant empirical analysis. Our results are that, as for ICOs, the technical nature of security tokens can greatly facilitate their listing and exchange. However, there are significant disparities in their use and, for the moment, most of them remain locked in the wallet of so-called accredited investors. As a result, the potential of the blockchain-based equity market is still uncertain: STOs are likely to represent a growing and liquid alternative to IPOs, private equity and crowd funding to finance SMEs. Nevertheless, the liquidity of their digital assets strongly depends on the quality of their issuers and on the existence of specialized trading platforms.
Abstract How do applications of emergent technologies contribute to the social legitimacy of finance? To address this question, we examine a set of technologies that have received increasing industry, media, and scholarly attention over the past decade: blockchains. Harnessing the concepts of ‘moral economy’ and ‘scandal’, we identify both possibilities and limits for blockchain applications to legitimate a range of monetary and investment activities. However, we also find that a persistent individualisation of responsibility for failures and shortcomings with ‘live’ blockchain experimentation has undermined the potentially legitimating aspects of this technology. Combining a reliance on technological fixes with a persistent individualist moral economy, we conclude, works against efforts to confront head-on the tensions underpinning the on-going legitimacy crises facing finance.
The mortgage industry is the largest debt market in the U.S. entailing ~$10 trillion'.The average processing time from mortgage application to closing is 45 days 2 .More than 10 different stakeholders contribute to the process of mortgage origination, and they all use different types of technology to perform their parts.As such, coordinating and syncing all stakeholders is a complicated task, and therefore stakeholders revert to personalized yet inefficient communication channels, such as emails and phone calls.We offer a potential solution for this communication problem, leveraging DLT (Distributed Ledger Technology) to create pre-set channels for those stakeholders to communicate and reconcile transactions instantly.We argue that by leveraging DLT to this use case, the process of mortgage origination could go drop to 15 days, saving billions of dollars for all stakeholders.
FinTech and blockchain: directions of development of digital economy: The paper looks at the selected issues connected with the digital economy, namely innovations such as FinTech and blockchain, as a possible direction of its development. First, the author discusses FinTech, a technology that aims to compete with traditional methods of delivery of financial services. Next, he raises the question of blockchain that records and maintains transactions made in cryptocurrency in a peer-to-peer network. The relevant definitions, key areas, regulatory framework, benefits and challenges related to both innovations are also presented.