With the evolution of Web 3.0 and the rise of the DeFi ecosystems it is only natural that the paradigms of customer relationship management have changed, and are in urgent need of novel and real-time ways of gaining insights into portfolios and predicting engagement. In this work, we explore the fusion of Salesforce CRM frameworks with machine learning methodologies such as DeFi portfolio management and customer engagement prediction in the context of Web3. The study uses a quantitative research method that targets a sample of 250 users of DeFi platforms among Indian cryptocurrency exchanges. The questionnaires were structured and dealt with portfolio performance metrics, customer engagement scores, and ML model accuracy indicators for the primary data collection. It includes some predictive analytics methodology such as decision tree algorithms, K-Nearest Neighbors (KNN), and hybrids between deep learning models. Their results show that Salesforce CRM systems integrated with ML achieve 87.3 percent accuracy in forecasting the portfolio and achieve 82.6 percent precision in predicting their customer engagement factors. Results show interesting, statistically relevant correlations between the ability to perform real-time data processing technologies and user satisfaction. The results suggest that blockchain-based CRM models improve transparency, security, and personalization within DeFi ecosystems. We add to the ongoing Web3 customer relationship management dialogue and offer guidance in bringing intelligent CRM solutions to existence within decentralized financial platforms
Jan 1, 2025·Proceedings of the 4th International Conference on Information Technology, Civil Innovation, Science, and Management, ICITSM 2025, 28-29 April 2025, Tiruchengode, Tamil Nadu, India, Part I
Katika Mohaseen, K Jagadeesh, Mohit Kumar, Nandini Yadava · 5 authors
Decentralized finance (DeFi) has emerged as a transformative paradigm that redefines how individuals access, manage, and govern their financial assets, much like the internet revolutionized information exchange. However, current DeFi protocols face critical challenges, including limited modularity,
Huma Jamshed, Urooj Waheed, Shahid Iqbal, Muhammad Faheem · 6 authors
Abstract Blockchain technology enables the recording of information in an immutable manner, making it extremely difficult or nearly impossible to alter, hack, or manipulate. Its adoption is expected to enhance long‐term economic sustainability across various industries, including real estate. Traditional real estate transactions typically involve third‐party intermediaries to record and validate informal transactions. However, blockchain technology has the potential to revolutionize the real estate sector by transforming how properties are bought and sold. Features such as efficiency, transparency, process automation through smart contracts, robust consensus mechanisms, and enhanced security measures can reshape the real estate landscape by increasing efficiency and reducing costs. This paper explores the challenges currently faced by the real estate industry and reviews the literature on the disruptive impact of blockchain technology in this sector. A conceptual framework for a private blockchain is proposed based on the Ethereum platform, utilizing proof of authority as the consensus mechanism, specifically designed for property transactions. The proposed model integrates self‐sovereign identity for secure and decentralized identity management, incorporates digital wallets for transaction management, and leverages smart contracts to automate processes. This approach enhances transparency in digital transactions, thereby fostering greater trust between users and service provider.
We examine how Web3-specific education and AI-generated investment guidance affect retail investor performance in crypto markets. In a twelve-month randomized controlled trial with 3,948 participants trading real tokens on a simulated CEX, investors were assigned to a control group, Web3 education, AI recommendations, or both. Measured by raw return, alpha, and portfolio diversification, both interventions improved performance, with the combined treatment producing the largest gains. Education effects accumulated over time, AI effects were immediate, and benefits were greatest for less experienced investors and on high-complexity news days. A portion of gains persisted after support was withdrawn, especially for education-based treatments, suggesting lasting benefits from knowledge acquisition alongside real-time decision support.
Óscar De los Reyes-Marín, Iria Paz Gil, José Torres-Pruñonosa, Raúl Gómez-Martínez
Urban inequality and the financialization of housing call for a reconsideration of centralized municipal finance. This study introduces Decentralized Behavioral Finance (DBF), a framework integrating behavioral economics, blockchain infrastructures, and participatory governance to realign individual incentives with collective urban outcomes. Grounded in Sen's capability approach, Nash equilibrium theory, and libertarian paternalism, DBF links tokenization and behavioral design to accessibility, capital efficiency, and cooperative stability. Using longitudinal data for Spain (2000–2024) and evidence from tokenized housing initiatives, the analysis shows that citizen participation and technological adoption are positively associated with governance stability and social housing outcomes, while capital concentration exhibits a negative relationship with stability. The paper advances a formal Cooperative Stability Condition, expressed as a structural inequality, under which decentralized governance remains stable when participation amplified by technological enforcement outweighs concentration pressures. By introducing a testable equilibrium condition rather than a descriptive governance model, the study offers an internationally transferable framework for participatory urban finance focused on transparency, inclusion, and institutional resilience. • Introduces a formal Cooperative Stability Condition for urban governance • Integrates behavioral economics and blockchain in municipal finance • Shows participation × technology offsets capital concentration • Provides longitudinal evidence (Spain, 2000–2024) • Proposes a transferable equilibrium framework for cities
The fusion of composable finance and generative AI signals a transformative leap in decentralized asset management. Composable finance, grounded in modular and interoperable Decentralized Finance (DeFi) protocols, allows developers and users to assemble, customize and automate financial services using plug-and-play smart contract components. Generative AI, leveraging advanced architectures like transformers and diffusion models, introduces new possibilities for dynamic portfolio generation, synthetic asset creation and predictive market analysis. This paper presents an integrated view of how generative AI can enhance composability by intelligently automating decision pathways, risk profiling and liquidity routing across blockchain ecosystems. Drawing insights from Finance 4.0 innovations, AI- powered automation in financial infrastructure and the design of secure, data-driven DeFi environments, we explore use cases that redefine user interaction and asset control in decentralized settings. The research proposes a reference architecture where generative agents act as co-creators of financial strategies, supporting autonomous rebalancing and compliance monitoring in real time. We also analyze how Decentralized Autonomous Organizations (DAOs) can integrate AI agents for governance optimization and crowd-sourced financial intelligence. Challenges such as model transparency, tokenomics, adversarial manipulation and explainability are examined in depth. The paper outlines a future-forward blueprint for scalable, AI-augmented composable finance platforms that reduce technical complexity, increase inclusivity and align with the core tenets of decentralization, user sovereignty and verifiable execution in the Web3 era.
This systematic literature review investigates the role of blockchain technology in revolutionizing the global banking sector, with a particular focus on its applications in loan processing, decentralized credit history management, regulatory compliance, interoperability, and institutional readiness. Utilizing the PRISMA 2020 methodology, a total of 134 peer-reviewed journal articles published between 2013 and 2024 were systematically identified, screened, and thematically analyzed. The study aims to provide a comprehensive synthesis of existing research to understand how distributed ledger technologies (DLTs) are being implemented within financial institutions to address longstanding challenges such as inefficiencies in loan origination, exclusion from traditional credit scoring systems, and regulatory complexities. Findings from the review highlight that smart contracts have significantly automated loan disbursement and underwriting processes, leading to faster, error-resistant, and cost-effective operations. Furthermore, blockchain-based credit platforms offer inclusive alternatives to centralized credit bureaus by incorporating decentralized identity (DID) frameworks and alternative credit data, thereby expanding access to finance for underbanked populations. The study also reveals that blockchain improves regulatory compliance through real-time audit trails and automated KYC/AML reporting, although the lack of interoperability, standardized data protocols, and legal clarity remain major impediments. Institutional readiness—driven by leadership commitment, IT infrastructure, and regulatory flexibility—is found to be a critical enabler of successful blockchain adoption. Comparative analysis across regions including North America, Europe, Asia-Pacific, and Africa underscores how national innovation policies and public-private partnerships influence the pace and scope of adoption. Additionally, this review identifies key research gaps, such as limited longitudinal assessments, underexplored SME and rural banking applications, insufficient user experience studies, and emerging areas like quantum-resilient DLT and AI-blockchain fusion. Overall, the study contributes to the evolving discourse by offering a consolidated knowledge base, identifying implementation challenges, and outlining strategic pathways for leveraging blockchain in modernizing banking infrastructure.
Oleksandr Manoylenko, S.S. Kuznetsova, Anton O. Pysakovskyi
The article explores the conception of decentralized finance (DeFi) as one of the key innovations of the modern digital economy, which has the potential to fundamentally change traditional approaches to providing financial services. An analysis of the main characteristics of DeFi protocols, their functional capabilities, and differences from centralized financial institutions has been conducted. Particular attention is paid to the analysis of such advantages of DeFi as open access to financial products, transaction transparency, process automation based on smart contracts, and the reduction of dependence on centralized intermediaries. At the same time, key issues in the development of DeFi have been outlined, including high technological complexity, regulatory uncertainty, financial volatility of assets, and risks associated with the vulnerability of smart contracts. The article emphasizes the need to create tools for a comprehensive assessment of the investment potential of DeFi protocols, as traditional analysis methods, which are primarily based on profitability or liquidity indicators, do not fully reflect the specifics of decentralized systems. In response to this issue, the conception of a multifactor indicator DIAD (DeFi Investment Attractiveness Dashboard) has been proposed, which allows for the integration of the assessment of financial parameters (return, volatility, liquidity), institutional characteristics (level of governance decentralization), and behavioral variables (user activity) into a single model. The developed methodology enables objective cross-platform comparison of various DeFi protocols, which is crucial for making informed investment decisions in the high-risk environment of digital assets. The article forms the theoretical basis for further empirical research on the efficiency of decentralized platforms, the development of risk management strategies in the DeFi sector, as well as the advancement of regulatory initiatives aimed at ensuring the resilience of the new financial ecosystem in the Web3 environment. The obtained results are of practical significance for investors, developers of decentralized applications, and regulatory bodies working on the integration of innovative financial technologies into the global economy.
Open access
Sharing Economy and Platforms
Hungarian Social, Economic and Educational Studies
‘ReFi’ is a rapidly emerging movement in the web3 space that seeks to leverage blockchain technology and decentralized finance (DeFi) protocols to deliver positive real-world impact. While ReFi is short for regenerative finance, regenerative practitioners query the regenerative claims of the movement. This perspective article explains why the regenerative claims of the ReFi movement are under scrutiny and highlights the implications for the Global Commons if the movement does not adhere to regenerative principles. Given that ReFi is a blockchain-enabled movement, the impact of ReFi on the Global Commons is implicitly a blockchain-related concern. This article provides a regenerative practitioner’s perspective on the ReFi movement as a point of reference for blockchain practitioners in the ReFi movement seeking to be a force for good. Long-standing research in ecological economics highlights the negative impacts of over-financialization and commoditization on the natural world. Given that blockchain technology enables more of the world’s natural assets to become commoditized, securitized, and collateralized than ever before, the article asserts that DeFi’s drive to financialize everything could make the Global Commons the next, and final, commodity frontier. It also asserts that the ReFi movement has the potential to reverse this trend if it can genuinely adhere to the regenerative paradigm.
The convergence of real-world asset tokenization and decentralized finance protocols represents a paradigm shift in global financial architecture, challenging traditional concepts of monetary policy, financial intermediation, and economic coordination. This research proposal examines how blockchain-based tokenization of physical and financial assets, combined with programmable smart contracts and decentralized protocols, is fundamentally altering the mechanisms through which value is stored, transferred, and governed in modern economies. The study employs a mixedmethods approach combining quantitative analysis of tokenized asset markets with qualitative examination of regulatory frameworks and stakeholder perspectives across major financial jurisdictions. Our investigation addresses four critical research questions: how tokenization alters traditional concepts of ownership and liquidity; the systemic implications of DeFi adoption for monetary policy transmission; the regulatory evolution required to address risks while maintaining financial stability; and the long-term implications for global monetary coordination. The research contributes to emerging literature at the intersection of monetary economics, financial technology, and regulatory policy by providing the first comprehensive analysis of how tokenized assets and DeFi protocols interact to create new forms of financial infrastructure. Expected findings suggest that widespread adoption of asset tokenization and DeFi protocols will necessitate fundamental reconsideration of central bank capabilities, regulatory frameworks, and international monetary coordination mechanisms. The study proposes a hybrid regulatory approach that balances innovation with stability through risk-based supervision, regulatory sandboxes, and enhanced international cooperation. These contributions are essential for policymakers, financial institutions, and researchers seeking to understand and navigate the transformation of global financial systems in the digital age.
Trustless public ledgers ("TPLs")-the technology underneath Bitcoin-do more than just create online money. The technology permits people to directly exchange money for what they want, with no intermediaries, such as credit card companies. Contract law is the law of bargained-for exchange, so a technology that enables direct exchange online will change the reality of online contracting. The current problem with consumer contracting online is that courts and companies have collaborated to create an online system in which consumers cannot bargain. Under the current regime, consumers have no choice but to click the "I Accept" button. Online, contract law is not the law of bargained-for exchange; it has become the law of company-dictated exchange. Smart contractsautomated computer programs able to execute trades through TPLs-may offer a solution. This brief Essay explores the possibilities of smart contracts and their potential to correct the badly off-course law of online contract.
Distributed Ledger Technology (DLT), encompassing blockchain and similar decentralized systems, is revolutionizing secure and scalable computing. This paper comprehensively surveys DLT, highlighting its core principles, cloud integration and enhanced data security/scalability. It examines various DLT systems, advanced consensus mechanisms and Layer 2 solutions to address scalability. It explores DLT’s innovative use cases in finance, healthcare, supply chains and IoT, emphasizing advantages and challenges. It also delves into DLT’s regulatory landscape, addressing compliance, data privacy and governance, while assessing the potential for regulatory clarity and international cooperation. The paper aims to guide researchers and practitioners navigating DLT’s evolving landscape, underscoring its transformative potential for secure and scalable computing in the digital age.
Afrida Putritama, Sony Warsono, Syaiful Ali, Wuri Handayani
This study examines the transformative role of blockchain technology in accounting through a literature review of 99 articles sourced from the Scopus database. The research highlights three primary themes: blockchain’s impact on accounting practices, its implications for auditing, and its influence on financial reporting. Using a structured three-step framework – data collection, analysis, and synthesis – this study identifies key trends, research gaps, and future research directions. The findings demonstrate that blockchain enhances data transparency, security, and efficiency while introducing challenges related to integration, regulatory frameworks, and adoption by accounting professionals. This literature review underscores the potential of blockchain to revolutionize accounting through innovations like triple-entry accounting while highlighting the need for standardized guidelines and deeper empirical research. The study provides insights for academics, practitioners, and policymakers seeking to navigate the integration of blockchain technology in accounting systems.
Mr.Sandeep Bhimrao Mohite, Mr. Ayush Katkar, M. S. Patil, Miss. Pallavi Powar · 5 authors
Abstract: The decentralized legal record management platform facilitates a seamless transition from centralized to decentralized systems by leveraging blockchain technology. Blockchain offers numerous benefits, including increased transparency, immutability, and efficiency in legal record management. This project report delves into the development and implementation of a Decentralized Legal Record Platform using blockchain Technology, aiming to address inefficiencies and lack of transparency in traditional legal record-keeping systems. By harnessing blockchain's decentralized architecture and cryptographic security features, the platform ensures tamper-proof documentation, transparent access, and improved accuracy of the data. The distributed ledger technology of blockchain reduces the need for intermediaries, which lowers the possibility of fraudulent activity thus providing a reliable audit trail for legal proceedings. Moreover, blockchain enhances efficiency by automating processes and enabling real-time access to legal records, fostering trust and accountability within the legal ecosystem. This project explores the technical aspects of blockchain integration and its implications for legal record-keeping, ultimately paving the path for an ecosystem of legal documents that is safer and more effective
Iin Indriani Mokodompis, Rizaldy Purnomo Pedju, Adamu Abubakar Muhammad
Cryptocurrency, as a rapidly evolving digital asset, has sparked significant debates regarding its legality and compliance with Islamic law. This study examines the intersection of Indonesian positive law and Islamic principles in regulating cryptocurrency as a tradable commodity (Sil’ah). Using a qualitative library research approach, the research explores regulatory frameworks such as Peraturan Menteri Perdagangan Nomor 99 Tahun 2018 and Peraturan BAPPEBTI Nomor 5 Tahun 2019, alongside Islamic legal standards for Sil’ah. Findings reveal that while Indonesian law has established a robust regulatory system ensuring transparency and security, compliance with Islamic principles requires further alignment, particularly in addressing challenges like volatility, lack of physical form, and potential gharar (uncertainty). However, digital documentation and blockchain technology provide opportunities for cryptocurrency to meet Sil’ah criteria, including ownership clarity and economic utility. The study emphasizes the potential for harmonizing positive law and Islamic law through adaptive regulations and innovative technologies such as blockchain-based smart contracts and halal asset tokenization. This integration could support a sharia-compliant digital economy, fostering inclusivity and trust among Muslim investors. The research contributes to bridging gaps in understanding cryptocurrency's role within Islamic finance and its future in the global economic landscape.
This paper provides a comprehensive systematic review of the digital transformation strategies in legacy banking and payments infrastructure. As the financial services industry increasingly adopts digital technologies, traditional banking systems are being disrupted by emerging solutions such as artificial intelligence (AI), blockchain, cloud computing, and machine learning. The review explores the key drivers of this transformation, including technological advancements, regulatory pressures, and shifting customer expectations. It highlights various strategies for modernizing core banking systems, integrating fintech partnerships, and upgrading digital payment infrastructures to meet the demands of the digital age. The paper also addresses the significant challenges faced by legacy banking systems, such as outdated infrastructure, organizational resistance, and security concerns. Furthermore, it examines future trends such as the integration of quantum computing, 5G, and distributed ledger technologies, and the role of AI and automation in reshaping financial operations. The paper concludes with strategic considerations for the long-term success of digital transformation in the banking sector, emphasizing agility, scalability, and sustainability. This review provides valuable insights for financial institutions seeking to adapt to an increasingly digital landscape, ensuring their competitiveness and relevance in the future of banking.
Susi Nurkholidah, Fadillah Mursid, Andi Martina Kamaruddin, Swadia Gandhi Mahardika
The development of digital technology in today's era and brilliant contracts in blockchain technology offer new opportunities, including in the Islamic finance sector. However, using smart contracts also poses several legal challenges that need to be overcome, including the presence or absence of transparency, maysir, gharar, and riba. This new technology needs to be studied more deeply in Sharia finance because it must meet Sharia principles. This study aims to analyze the implementation of smart contracts from the perspective of maslahah mursalah, namely from the principle of benefits that are not explicitly mentioned in the Nash but are still by the sharia maqasid. In Islamic Law, this technology must fulfill the principle of justice, avoiding elements of gharar, maysir, and usury. The research method used is qualitative with a literature study approach. The data collection technique uses Secondary data collection techniques. The study results show that the application of smart contracts in Sharia contracts, such as murabahah and mudarabah, supports the goals of Sharia maqasid purposes, especially in terms of property protection, justice, and public benefit. The implementation of smart contracts has excellent potential to increase security, efficiency, and transparency in the Islamic financial sector and fulfill the principles of the agreement; namely, the object transacted in the smart contract is a halal object. However, regulation, infrastructure, and Sharia compliance challenges require essential attention. Therefore, special rules are needed to ensure that the application of this technology is in line with Sharia principles.
Digital currencies, including Bitcoins, Ethereum, and others, are an established alternative asset class opted by individual and institutional investors worldwide. However, this digital asset class carries several inherent risks. This study investigates the influence of three key risks, including liquidity risk, cyber risk, and regulatory risk, on the reinvestment intentions of investors. Data was collected from global crypto investors via a questionnaire and analyzed using PLS structural equation modeling. The study further used Investors' risk tolerance as a moderating variable. The findings of the study reveal that a significant and negative relationship exists between liquidity risk, cyber risk, regulatory risk, and investors' reinvestment intentions. Interestingly, investors with high-risk tolerance levels seem less affected by cyber security concerns, as they are more capable of absorbing or overlooking such risks. On the other hand, liquidity and regulatory risks appear to affect all types of investors irrespective of their risk tolerance level. This study bridges an important research gap by providing clear evidence on how these specific risks influence reinvestment decisions in the growing crypto market. It highlights the critical need for effective risk management strategies and stronger regulatory frameworks to address cyber vulnerabilities, tackle liquidity issues, and offer regulatory clarity. Taking these steps are essential for boosting investor confidence and encouraging their sustained involvement in the cryptocurrency ecosystem.
This paper explores the convergence of Blockchain and Internet of Things (IoT) technologies and their transformative potential in digital financial transactions. With the rise of decentralized systems, blockchain provides a secure, transparent, and immutable ledger for recording financial transactions, while IoT enables real-time data collection and automation in financial networks. The integration of these two technologies offers enhanced scalability, security, and efficiency, significantly improving the performance of digital financial systems. However, the combination of blockchain and IoT introduces new challenges, including security vulnerabilities, privacy concerns, and the need for effective mitigation strategies. The paper highlights key trends, such as the rise of smart contracts, tokenization, decentralized finance (DeFi) applications, and the incorporation of artificial intelligence (AI) and machine learning (ML) to optimize blockchain-IoT ecosystems. It also examines the evolving regulatory and ethical considerations for these hybrid systems. As these technologies continue to mature, understanding their potential and addressing their associated risks will be critical for the future of digital financial transactions.