Blockchain technology has emerged as one of the most transformative innovations of the digital economy, extending far beyond cryptocurrencies into sectors such as finance, healthcare, logistics, governance, and intelligent automation. This study critically examines the role of blockchain technology in enhancing global economic growth through decentralization, transparency, cybersecurity, smart contracts, and digital trust mechanisms. Drawing upon contemporary literature and emerging industrial applications, the paper explores how blockchain contributes to economic resilience, operational efficiency, supply chain optimization, decentralized finance (DeFi), central bank digital currencies (CBDCs), and AI-integrated digital ecosystems. The study adopts a conceptual and analytical approach to evaluate blockchain’s macroeconomic implications and institutional challenges in the context of Industry 4.0. Findings suggest that blockchain has the potential to reduce transaction costs, enhance cross-border economic integration, improve governance transparency, and facilitate sustainable digital transformation. However, regulatory uncertainty, scalability limitations, cybersecurity concerns, and energy consumption remain significant barriers to global adoption. The paper contributes to the literature by proposing an integrated framework linking blockchain innovation with economic sustainability, digital governance, and technological resilience. Policy implications and future research directions are also discussed.
This paper provides an overview of privacy-protecting measures that can be used to secure user data and assure the safety and efficiency of digital activities in contactless financial ecosystems. Many people worry about identity theft, data breaches, and spying by unauthorised parties due to the rapid growth of digital wallets, contactless banking, and mobile payments. Modern cryptography includes safe multi-party computation, zero-knowledge proofs, and homomorphic encryption. These approaches verify transactions and safeguard sensitive data. Blockchain and other independent systems are emphasized for their ability to improve openness, reliability, and anonymity. Regulations and compliance challenges related to financial systems using privacy-enhancing technology are examined. The findings emphasize the importance of strong privacy protections to balance data security, safety, and creativity. Contactless technologies become more popular as more people believe in them.
Cryptocurrencies have become an important variable in the global financial system. With the maturity of blockchain technology, new applications such as stablecoins, Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs) and Real-World Asset (RWA) tokenization have emerged continuously, and the crypto-asset system has gradually formed a multi-layered and multi-functional complex structure. However, as the market scale expands, problems such as price volatility risks, systemic financial risks and illegal financial activities have become increasingly prominent, prompting the continuous evolution of regulatory policies in various countries. Especially after the concentrated outbreak of multiple industry risk incidents around 2022, the global regulatory attitude has been significantly tightened, and the regulatory framework has gradually evolved from fragmentation to systematization. At the same time, Central Bank Digital Currencies (CBDCs) have entered an important stage of transition from experimental research to large-scale pilots, becoming one of the core paths for the digital transformation of national monetary systems. This paper systematically sorts out the evolutionary logic of cryptocurrencies, compares the changes in regulatory policies of major countries and regions, conducts an in-depth analysis of the development trends of CBDCs and the changes in the regulatory structure of crypto-assets based on the latest global practices from 2020 to 2026, and further explores the evolutionary direction of the asymmetric regulatory framework.
Cryptocurrency has become a significant innovation in the digital financial system, sparking various perspectives on its compatibility with sharia. This study aims to analyze the legality of cryptocurrency from a sharia perspective, including its transaction mechanisms and investment implications. The primary focus is on examining the elements of gharar (uncertainty) and maysir (gambling), which could potentially render it impermissible under sharia. The research employs a normative analysis approach to explore contemporary scholars' views and their relevance to maqasid sharia, which emphasize the protection of wealth and societal welfare. The findings indicate that, despite cryptocurrency's benefits, such as transaction efficiency and accessibility, its high speculative risks and value uncertainty pose major obstacles to its acceptance under sharia. Therefore, clear and comprehensive regulations are needed to accommodate cryptocurrency use in sharia-compliant financial institutions without violating Islamic principles. This study provides a significant contribution to clarifying the position of cryptocurrency within the Islamic financial system and encourages the development of sharia-based regulations for digital transactions.
The United States is facing a persistent and rising "tax gap," the discrepancy between taxes owed and taxes paid, that is a systemic failure of traditional retroactive audit procedures.As the complexity of digital financial transactions continues to expand, the Internal Revenue Service (IRS) faces serious hurdles from aging infrastructure in providing revenue assurance.In this research, we present a new technical framework, namely the "Smart-Tax Ledger", combining a permissioned blockchain (Hyperledger Fabric) and Gradient Boosted Decision Trees (GBDT) for the real-time tax compliance.This architecture facilitates the automation of tax withholding and remittance at the point of transaction, leveraging triple-entry accounting principles and smart contracts.Also, the use of Zero-Knowledge Proofs (ZKP) safeguards the integrity of the distributed ledger and preserves taxpayer privacy.This work presents a complete architectural design, mathematical modeling of fraud detection algorithms, and a debate on the policy implications of the adoption of a "compliance-by-design" paradigm.The system, which is supposed to reduce administrative cost, limit human mistake and fill the national revenue deficit by technical intervention.
Abstract: People who have digital accounts for banking, trading, and financial investment opportunities. The growing adoption of fintech apps has changed the way investors behave, especially tech-savvy users like IT professionals in Bengaluru. This review paper seeks to reconnect the dots between ABFS and investor behaviour by reviewing large sample of literature spanning the years 2002–2026. This research adopts the key theoretical frameworks: Unified Theory of Acceptance and Use of Technology (UTAUT), Theory of Planned Behaviour (TPB), behavioural finance theory and trust theory. The research method adopted was systematic literature review that was carried out by employing Scopus, Web of Science, Google Scholar, and peer-reviewed journals. According to the results, the main factors that explain the financial behaviour of adoption and investment are: financial awareness, the digital financial literacy, ease of use, Accessibility, Trust and Security, and Risk perception. The review also highlights some key gaps in the existing research, such as a lack of qualitative research, the absence of longitudinal studies, a narrow provision of emerging market studies, and poor focus on decentralized finance and AI-based investment applications. The paper proposes a conceptual and Structural Equation Model (SEM)-based framework explaining the relationship between technological, behavioural, and psychological factors influencing investor behaviour. Its finding will be valuable for the scientific community as it lays the basis for an integrated framework in understanding the adoption of fintech in emerging economies, and will also be helpful for policy makers, fintech developers and researchers Keywords: Application-based financial services, fintech adoption, investor behaviour, financial literacy, SEM model, trust and security, risk perception, digital investment platforms, TAM, TPB & UTAUT. Title: APPLICATION-BASED FINANCIAL SERVICES AND INVESTOR BEHAVIOUR IN INVESTMENT MANAGEMENT PRACTICES: A SYSTEMATIC REVIEW OF THEORETICAL INSIGHTS, TRENDS, AND FUTURE DIRECTIONS Author: Parimala.S, Dr. Annadurai International Journal of Management and Commerce Innovations ISSN 2348-7585 (Online) Vol. 14, Issue 1, April 2026 - September 2026 Page No: 502-513 Research Publish Journals Website: www.researchpublish.com Published Date: 04-June-2026 DOI: https://doi.org/10.5281/zenodo.20542559 Paper Download Link (Source) https://www.researchpublish.com/papers/application-based-financial-services-and-investor-behaviour-in-investment-management-practices-a-systematic-review-of-theoretical-insights-trends-and-future-directions
This study addresses the growing importance of cryptocurrency (CC) as a financial asset and its increasing popularity as an investment option. Given the rapid expansion of research in this field, the main objective is to systematically synthesize the existing literature on cryptocurrency investment and decision-making, focusing on its intellectual structure, dominant themes, theoretical foundations, and emerging research trends. To achieve this, a hybrid review framework is employed, combining a theory-based systematic literature review with bibliometric analysis, following PRISMA guidelines. The analysis covers 1,184 articles indexed in Scopus and published between 2015 and 2025. Additionally, the study integrates the TCCMR, ADO, and PICO frameworks to provide a comprehensive, multidimensional evaluation of the selected body of literature. The findings reveal that cryptocurrency research is predominantly focused on volatility, market connectedness, portfolio diversification, and behavioral aspects of investment. The results also indicate a strong reliance on econometric and predictive modeling approaches. Emerging research directions highlight increasing attention to sustainability concerns, regulatory challenges, and the application of artificial intelligence in investment analytics. Based on these insights, the study proposes a future research agenda emphasizing theoretical integration, methodological diversification, sustainability perspectives, and decision-oriented modeling. The implications of the research are relevant for investors, regulators, and financial institutions, as they provide a deeper understanding of risks, governance, and decision-making processes in cryptocurrency markets. This study contributes to the literature by offering a comprehensive knowledge structure and research roadmap, representing one of the first attempts to combine bibliometric mapping with TCCMR, ADO, and PICO frameworks in the context of cryptocurrency investment research.
Social media entrepreneurship is shaped by centralized platforms controlling algorithms, monetization, and data, often limiting autonomy and bargaining power. Blockchain governance and smart contracts offer alternative arrangements to enhance transparency, trust, and value distribution. This study aims to examine the role of blockchain governance and smart contracts as alternative institutional mechanisms for entrepreneurs in social media ecosystems, with a focus on implementation conditions, strategic opportunities, and associated limitations. This research adopts a qualitative conceptual approach based on a systematic review of indexed academic literature published between 2022 and 2025, complemented by an analysis of documentation from blockchain based social media platforms, white papers, and relevant industry reports. The analysis maps key challenges faced by social media entrepreneurs onto blockchain governance mechanisms and smart contract functionalities. The findings indicate that blockchain governance and smart contracts can enhance entrepreneurial participation, improve transparency in revenue distribution, and strengthen the protection of digital assets. However, these benefits are context dependent and con- strained by several factors, including technical complexity, unequal token distribution, and regulatory uncertainty. Therefore, blockchain governance and smart contracts should not be viewed as universal solutions, but as strategic instruments whose effectiveness depends on inclusive governance design, sufficient technical readiness, and adaptive policy frameworks to support sustainable social media entrepreneurship. This article contributes by proposing an evaluative framework to assess the implementation of blockchain governance and smart contracts in social media entrepreneurship, emphasizing alignment be- tween technological design, governance inclusivity, and ecosystem readiness.
Abstract This study investigates racial and ethnic disparities in cryptocurrency (crypto) ownership using data from the 2021 Survey of Household Economics and Decision-Making (SHED). While prior research has explored general determinants of crypto market participation, such as risk tolerance, financial literacy, and investment experience, this study specifically focuses on how these factors differ across racial groups. Using logistic regression and Fairlie decomposition analysis, we find that Black respondents are significantly more likely to invest in crypto compared to White respondents. Key contributors to this disparity include age, financial literacy, risk tolerance, and stock ownership. Notably, while some factors, such as younger age and higher risk tolerance, narrow the participation gap, others, including differences in total savings and stock ownership, widen it. These findings highlight the need for targeted financial education and inclusive investment policies to promote equitable participation in emerging digital financial markets. Implications for financial literacy, consumer protection, and broader economic policy are discussed.
Financial technology (FinTech) has emerged as a key driver of financial inclusion, transforming access to payments, credit, savings, and insurance for households, small businesses, and underserved populations worldwide. This study synthesizes a decade of Scopus-indexed bibliometric and systematic-review research on FinTech and financial inclusion published between 2015 and 2025. Rather than conducting a new bibliometric extraction, it provides a comparative synthesis of major peer-reviewed review studies, consolidating evidence on publication trends, intellectual structure, geographic distribution, and emerging research themes. The findings reveal rapid growth in scholarly output since 2016, led by China, India, the United States, and the United Kingdom. Dominant themes include digital payments, mobile money, regulatory technology, artificial intelligence, decentralized finance, financial literacy, SME finance, and sustainability-oriented digital finance. The review identifies persistent gaps in low-income regions and limited integration of AI and ESG perspectives. It offers a consolidated evidence base and proposes directions for future research, policy formulation, and practice.
The growing demand for secure, transparent, and efficient financial systems has accelerated interest in blockchain technology within the financial sector. This study investigates the determinants and outcomes of financial blockchain adoption by proposing an integrated research model that links core blockchain characteristics security and transparency, smart contracts, and decentralization to financial blockchain adoption and its subsequent effects on fraud reduction, risk management, and cost efficiency. Using data collected from financial institutions operating in Jordan, the study applies Partial Least Squares Structural Equation Modeling (PLS-SEM) to empirically test the proposed hypotheses. The findings demonstrate that security and transparency, smart contracts, and decentralization significantly and positively influence financial blockchain adoption. Moreover, the results confirm that financial blockchain adoption has a strong positive impact on fraud reduction, risk management effectiveness, and operational cost efficiency. By conceptualizing blockchain adoption as a strategic organizational capability rather than a purely technological choice, this study extends existing blockchain and fintech literature. The findings provide valuable theoretical insights into how blockchain characteristics translate into tangible financial outcomes and offer practical guidance for financial institutions and policymakers seeking to enhance trust, governance, and efficiency through blockchain-based financial systems.
Shahinaz Hanem Abdellatif, Marwan Kobtan, Mostafa Zeinelabdein, Ramina Pashaee
The study examines the role of development finance theory, stakeholders’ theory, creating shared value (CSV), and the triple bottom line (TBL) framework to advance the Sustainable Development Goals (SDGs). Most studies focus on sustainable Business Models (SBMs) from the perspective of developed countries and often overlook the interdisciplinary nature and peculiarities of emerging economies, in terms of technology opportunities, financing constraints, and governance challenges, in the Global South. This study proposes a multi-layered framework to advance economic sustainability in emerging economies by integrating blended green finance, public-private partnerships (PPP), and fintech-enabled SBMs. The multi-layered framework redefines traditional PPP as a collaborative delivery and governance mechanism involving public, private, and development multilateral organizations to implement Economic, Social, Governance (ESG), and climate-aligned infrastructure. It also reshapes the role of blended finance strategies and emphasizes the often-overlooked role of non-banking financial institutions (NBFIs); particularly leasing companies, small and microfinance institutions, alongside banks in enabling inclusive green finance, and incorporates financial technology (FinTech) innovations, including decentralized finance (DeFi), blockchain, and digital crowdfunding, to improve access to capital, and financial inclusion. Tailored to the context of MENA economies, like Egypt's Vision 2030, the framework offers policy insights and a smooth transition toward sustainable development. Keywords: Economic Sustainability, Green Finance, Blended Finance, Public-Private Partnerships (PPP), Fintech-Enabled Sustainable Business Models, Economic, Social, Governance (ESG), Egypt Vision 2030
Decentralized Finance (DeFi) represents an emerging financial ecosystem that offers services such as lending, investing, and trading without traditional intermediaries like banks or financial institutions. Unlike conventional financial systems, users interact directly with software programs called smart contracts that encode financial logic and automate service delivery. This novel ecosystem promises transparency through public blockchain ledgers that make all transactions visible and inclusion through open access that eliminates traditional barriers to financial participation. Additionally, DeFi enables decentralized governance where users participate in protocol decision-making, and smart contracts facilitate advanced financial engineering through compositional service integration. However, despite these technical innovations, DeFi introduces significant challenges related to transaction complexity, governance concentration, and cybersecurity vulnerabilities that undermine its foundational promises. This thesis develops computational methods to systematically investigate these challenges in Decentralized Finance through empirical analysis of blockchain data. First, to address the complexity of DeFi compositions, we developed an algorithm that extracts fundamental building blocks from individual transactions, revealing recurring patterns and hidden interdependencies between financial services and assets that manual analysis cannot capture at scale. Second, we applied network analysis techniques and introduced novel measurements to examine the governance structures of decentralized applications, focusing on contributors with development and administrative roles. Our analysis revealed common voting patterns and centralized decision-making that contradict claims of decentralized governance. Third, we adapted a difference-in-differences statistical framework to quantify the economic impact of cybercrime on governance tokens, demonstrating that indirect effects on prices and trading volumes significantly exceed the direct losses suffered by immediate victims. These computational methods collectively provide the first systematic, large-scale analytical framework for empirically investigating DeFi ecosystems, revealing fundamental gaps between theoretical promises of transparency and inclusion and practical realities. The findings have significant implications for researchers, policymakers, and practitioners by establishing evidence-based approaches to measuring decentralization claims and systemic risks in blockchain-based financial systems.
Ahmad Ahmad, Muhammad Said, Abdillah Abdillah, Abdulloh Munir
The rapid expansion of Decentralized Finance (DeFi), powered by blockchain technology, has transformed global financial systems by offering peer-to-peer, intermediary-free services. However, its compatibility with Islamic economic law (hukum ekonomi syariah) remains uncertain due to potential violations of Sharia principles such as the prohibition of riba (usury), gharar (excessive uncertainty), and maysir (speculation). This study addresses this gap by employing a qualitative maqāṣid al-sharī‘ah-based analysis to assess the alignment of DeFi mechanisms decentralized exchanges, lending protocols, and smart contracts with Islamic ethical and legal values. Data were collected through literature review and document analysis from classical Islamic sources, fatwas, and current DeFi documentation. The findings show that while many DeFi practices contain non-compliant elements, their underlying technology particularly smart contracts and decentralized governance holds significant potential for adaptation. When structured using Sharia-compliant contracts such as murābaḥah, mushārakah, or wakālah, and guided by maqāṣid objectives like ḥifẓ al-māl (preservation of wealth) and ḥifẓ al-dīn (preservation of faith), DeFi can support financial inclusion, transparency, and justice in accordance with Islamic law. This study proposes a normative framework for building Sharia-compliant DeFi platforms, integrating technical innovations with ethical governance, thereby offering a transformative model for Islamic finance in the digital era.
This study aims to examine the effect of Bitcoin risk perception on stock investment decisions by considering the mediating roles of financial literacy and investor trust. The rapid development of digital financial technology, particularly cryptocurrencies, has introduced new dimensions of risk that influence investor behavior across financial instruments. This research adopts a quantitative approach with an explanatory design, involving 120 respondents selected through purposive sampling. Data were collected using structured questionnaires and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that Bitcoin risk perception has a positive and significant effect on financial literacy, investor trust, and stock investment decisions. Furthermore, financial literacy and investor trust significantly influence stock investment decisions and serve as partial mediators in the relationship between Bitcoin risk perception and investment decisions. These findings suggest that higher awareness of cryptocurrency risk encourages individuals to enhance their financial understanding and develop rational trust, ultimately leading to more informed investment decisions in the stock market. This study contributes to the integration of behavioral finance and financial technology by highlighting the indirect mechanisms through which risk perception shapes investment behavior. Practically, the results emphasize the importance of financial education and transparent information in improving investor decision-making in the digital era.
In the current conditions of digitalization of the economy, the financial sector is undergoing significant transformations under the influence of innovative technologies and FinTech solutions. At the same time, digitalization is accompanied by new challenges, such as cyber risks, the need to adapt the regulatory environment, and ensuring financial stability. Therefore, the study of trends in the financial and digital space is relevant for assessing the state of the FinTech sector, identifying dominant technologies and directions for the development of the digital financial ecosystem. The purpose of the study is to analyze current trends in the development of the financial and digital space and determine the structure of its main segments in order to assess the role of financial technologies in the transformation of the financial sector and the formation of a digital financial ecosystem. A set of general scientific and special methods was used: theoretical generalization and systematization, analysis and synthesis, statistical and comparative analysis, as well as the graphical method. The empirical basis is the NBU's statistical data on the dynamics of the payment infrastructure for 2021–2025 and analytical materials of the Ukrainian FinTech Association and innovative companies on the structure of the FinTech market. As a result, it was found that in 2021–2025, the payment infrastructure of Ukraine demonstrates a steady recovery after the shocks of 2022: the number of POS terminals increased from 368 thousand units (2022) to 605 thousand units (2025), active payment cards - from 46.3 million units to 65.4 million units, and the volume of transactions through POS terminals - from UAH 106 billion to UAH 210 billion. The structure of the Ukrainian FinTech market in 2025 is characterized by the dominance of technological infrastructure (28%), payments and transfers (18%), and personal/consumer lending (10%); smaller shares are accounted for by RegTech (8%), digital banks (7%), and personal finance management (7%). Among the technologies used by FinTech companies, API (71%), artificial intelligence (43%), chatbots (42%), and cloud technologies (39%) are leading, while blockchain (9%), DeFi (4%), and NFT (2%) are in the initial stages of implementation. The results confirm that the key trends in the financial and digital space are the integration of financial services, process automation, and the active use of artificial intelligence, which form the basis of the digital financial ecosystem. At the same time, the modern FinTech market of Ukraine is in the process of formation, and the latest technologies, such as blockchain and decentralized finance, have not yet become widespread.
Inseong Jeon, Sundeuk Kim, Hyunwoo Kim, Hoh Peter In
<title>Abstract</title> As Solidity becomes the dominant language for blockchain smart contracts, efficient debugging grows increasingly critical. However, current Solidity debugging remains inefficient: developers must compile, deploy, set up transactions, and step through execution line-by-line to examine each variable. This process is too slow for practical use. To address this challenge, this paper presented SolQDebug, the first interactive source-level debugger for Solidity that delivered millisecond feedback directly on source code. Developers specify input value ranges through annotations and compare them against abstract interpretation results, thereby enabling exploration of contract behavior across multiple execution paths. SolQDebug was evaluated on 30 real-world functions from DAppSCAN, achieving 350$\times$ faster debugging (0.15s vs. 53s per function) than Remix IDE. The evaluation provided debugging insights: overlapping annotation patterns improved precision in most Solidity debugging scenarios, while analysis of diverse loop patterns demonstrated improved convergence while preserving soundness guarantees. These results demonstrated that SolQDebug enabled interactive debugging for Solidity development.
Zishan Ashraf Mohammad, Nick Harkiolakis, Saman Sarbazvatan
Although there has been a massive increase in the size and complexity of the cryptocurrency ecosystem, most of the academic research into the relationship between token design parameters and the long-term value of a given token is still very much in its infancy. Most of the research in tokenomics is theoretical in nature, based upon frameworks for understanding, or is focused solely on observing a specific time frame. The authors of this paper address the above mentioned void by studying the statistically significant relationships between five on-chain tokenomic variables--transaction gas fees, total value locked (TVL), token unlocks, tokens burned, and governance concentration (as measured using the Gini coefficient) -- and the market price of Ether (ETH) during a 52 months observation window that began in August 2021 and ended in September 2025. The data for the study consisted of bi-weekly observations (n = 108) which allowed researchers to use three different analytical methods--Spearman correlation analysis, log-linear multiple regression analysis, and an error correction model (ECM) after conducting Johansen cointegration and unit root tests. A cointegrating equation among the variables was established through Johansen Trace Testing, indicating that all of these variables do indeed exhibit a long-run equilibrium relationship. The ECM revealed that the total amount of funds “locked” into smart contracts (“total value locked”) was the strongest single predictor of the price of Ether in both the long run (beta = 0.8, p &lt; 0.001) and short run (beta = 1.18, p &lt; 0.001) specifications. Additionally, it was found that token unlocks have a negative relationship with price (beta = −0.22, p &lt; 0.001). Gas Fees (beta = 0.2, p = 0.021) and tokens burned (beta = 0.15, p = 0.039) had positive coefficients at the 0.01 level in the long-run specification; however, both exhibited extremely high levels of multicolinearity (Variance Inflation Factor&gt;28,000), likely due to their technical/operational linkages under EIP-1559. Voting power did not demonstrate a statistically significant relationship to price (rho =0.143, p &gt; 0.05).
India's asset management systems, especially land records, property registries and ownership documents, face major challenges such as fraud, ownership disputes, slow manual verification and fragmented documentation. These issues affect citizens, government departments, financial institutions and real-estate stakeholders. Blockchain technology provides an opportunity to improve asset management by creating tamper-resistant records, transparent transaction history and automated workflows through smart contracts. This paper studies the use of blockchain platforms for asset management in India with a comparative focus on Hyperledger Fabric and Ethereum. The study analyzes technical architecture, performance, privacy, cost, scalability and implementation barriers. It also considers Indian use cases such as Telangana land parcel initiatives, Karnataka Bhoomi-related digital land record modernization and national-level blockchain adoption efforts. The findings show that Hyperledger Fabric is more suitable for regulated government asset systems because it provides permissioned access, privacy channels, higher transaction throughput and lower operational cost. Ethereum is useful for public transparency and open applications, but its public-chain gas cost, lower throughput and regulatory challenges reduce suitability for high-volume government asset records. The paper concludes that a permissioned blockchain model with proper standards, legacy-system integration, legal recognition and rural digital infrastructure can support scalable blockchain-based asset management in India.
The rapid expansion of decentralized financial applications has increased the importance of understanding user trust in crypto wallet platforms. This study examines trust expressions in multilingual Phantom Wallet reviews using a hybrid classification framework that integrates BERT-based contextual embeddings with an XGBoost model. A total of 12,422 English and Indonesian reviews were collected and processed to construct a multilingual dataset for trust analysis. Exploratory findings reveal a highly polarized distribution of user ratings, indicating that trust in crypto wallets is strongly influenced by clear satisfaction or dissatisfaction rather than moderate evaluations. Cross-linguistic analysis indicates that Indonesian users express a higher proportion of low-trust reviews compared to English users, suggesting greater sensitivity to transaction errors and perceived asset safety concerns. Lexical patterns demonstrate that positive trust is associated with usability and performance stability, while negative trust is primarily driven by system failures, delays, and missing balance incidents. The results confirm that the BERT–XGBoost hybrid model is well-suited for decoding trust-related signals by combining contextual semantic understanding with structured metadata. This study contributes to the broader discourse on digital trust within Web3 environments by demonstrating an effective multilingual machine learning approach for analysing user perceptions in decentralized financial technologies.
The rapid expansion of Decentralized Finance (DeFi) has enabled open and permissionless token trading, but it has also led to a surge in fraudulent activities such as rug pulls, wash trading, and pump-and-dump schemes. This paper presents a novel fraud detection approach based on correlation analysis between token price and liquidity, leveraging the inherent relationship between these two market variables. In legitimate markets, price movements are typically supported by corresponding changes in liquidity, whereas fraudulent tokens often exhibit abnormal or decoupled behavior due to artificial price manipulation. To investigate this, we analyze time-series data of token price and liquidity across multiple decentralized exchanges and compute statistical correlation metrics alongside liquidity variation patterns. Experimental results show that legitimate tokens maintain strong positive correlations (r > 0.7) between price and liquidity, while fraudulent tokens exhibit weak or unstable correlations (r < 0.3), often accompanied by sudden liquidity withdrawals or artificial volume spikes. The proposed framework achieves high detection performance with an accuracy of 92.4%, precision of 90.1%, recall of 93.6%, and F1-score of 91.8%, demonstrating its effectiveness in identifying suspicious tokens at early stages. The findings confirm that deviations in price–liquidity correlation serve as a reliable and computationally efficient indicator for fraud detection in DeFi ecosystems. This approach can be integrated with existing blockchain analytics tools to enhance real-time monitoring and improve investor protection.
This conceptual paper explores the profound impact and pivotal role of information systems (IS) within the rapidly evolving landscape of Decentralized Finance (DeFi). Emerging from the advancements in blockchain technology, DeFi represents a paradigm shift in financial management, offering an ecosystem that is more inclusive, transparent, and efficient by removing centralized intermediaries through smart contracts. This paper analyzes how IS principles are fundamental to the design, management, and security of DeFi protocols, contrasting them with traditional financial systems. It delves into core DeFi applications such as Decentralized Exchanges (DEXs), lending/borrowing protocols, stablecoins, and yield farming, emphasizing their underlying IS architectures and the challenges related to user experience (UX/UI). Furthermore, the paper discusses critical IS aspects in DeFi, including security management, automation via smart contracts, blockchain-based analytics for risk management and anomaly detection, and the unique governance mechanisms through Decentralized Autonomous Organizations (DAOs). Finally, it outlines the future trajectory of DeFi, considering its integration with emerging technologies like Artificial Intelligence (AI) and Web3, and its evolving relationship with global financial systems and regulations. This work contributes to understanding the complex interplay between technology and finance, highlighting how robust information systems are indispensable for DeFi's sustained growth and its potential to reshape the digital financial ecosystem.
This Present Study Topic is ‘The Influence of Data Structures on Optimal Algorithm Design and Performance in Fintech’ The efficient data structures play a critical role in improving algorithm design, computational speed, scalability, and memory optimisation within fintech systems. Recent fintech studies emphasise that modern financial platforms process massive real-time transactional data, requiring optimised algorithms supported by advanced data structures such as trees, graphs, hash tables, heaps, and distributed ledgers. Financial Technology applications, including digital banking, fraud detection, blockchain, algorithmic trading, and risk management, rely heavily on these computational techniques to maintain performance and security. Artificial Intelligence and reinforcement learning demonstrated that optimal algorithm design supports decision-making, portfolio optimisation, fraud detection, and automated trading systems. Researchers concluded that the integration of suitable data structures with intelligent algorithms improves prediction accuracy, computational efficiency, and operational scalability in fintech applications. These technologies are becoming increasingly important in modern digital financial ecosystems driven by big data and real-time analytics.