Abstract: This paper will compare and contrast heights of financial inclusion strategies adopted by Islamic Financial Institutions (IFIs) in Malaysia and Indonesia and specifically discuss Islamic social finance instruments, digital finance and community-based models. By using thematic analysis applied to a variety of policy documents, as well as institutional and implementation strategies, a qualitative comparative approach that is based on secondary data, the study analyzes policy documents and institutional and implementation strategies. The findings indicate that Malaysia follows a policy-based, centralized, and robust regulatory coordination, digital enablement, and integration of Value-Based Intermediation (VBI) and Islamic social finance tools. By contrast, Indonesia uses a decentralized and community-based model, which is powered by Islamic microfinance institutions, including Baitul Maal wat Tamwil (BMTs) with strong grassroots penetration but with issues in terms of standardization of governance and digital readiness. This research study is of value because it presents an integrative analytical model that connects the governance systems, digital integration, and Islamic social finance in determining the financial inclusion outcomes. It sheds light on significant trade-offs between efficiency and inclusiveness, centralization and flexibility, and provides policy relevant insights towards improving inclusive Islamic finance ecosystems.
The emergence of Decentralized Autonomous Organizations (DAOs) represents a paradigm shift in organizational governance, yet their technical complexity remains a significant barrier to widespread adoption. Creating and managing a DAO requires deep expertise in blockchain development, smart contract auditing, and cryptocurrency operations, which excludes many potential users in non-technical domains. This paper presents DAOship, a novel no-code platform for DAO creation and management deployed on the Avalanche blockchain. The platform provides an intuitive graphical user interface (GUI) that allows users to configure, launch, and operate a fully-functional DAO without writing a single line of code. By leveraging Avalanche's high throughput and low transaction fees, the system enables the deployment of customizable smart contracts for governance, treasury management, and voting. The platform dramatically lowers the technical barrier, empowering communities, startups, and traditional organizations to leverage decentralized governance models easily and securely. Testing on the Avalanche Fuji testnet yielded a 97% reduction in setup time, an average System Usability Scale (SUS) score of 89.2, and zero critical vulnerabilities across all deployed DAOs.
Blockchain technology and cryptocurrency have emerged as two of the most consequential financial innovations of the past two decades, yet the gap between their theoretical potential and real-world adoption within mainstream financial services remains conspicuously wide. This paper investigates that gap through a mixed-methods approach, combining a systematic review of thirty peer-reviewed academic sources with primary survey data drawn from 102 respondents representing young, digitally literate demographics. The study finds that while awareness of blockchain and cryptocurrency is relatively widespread, deep comprehension, active usage, and genuine user trust remain limited. Survey respondents show cautious optimism rather than firm conviction — the majority are open to engaging with blockchain-based financial services but are held back by concerns over security, regulatory legitimacy, and a general unfamiliarity with how these technologies actually function. The research identifies four interconnected barriers to adoption: trust deficits, regulatory fragmentation, scalability constraints, and the persistent gap between surface-level awareness and functional understanding. The study concludes that blockchain and cryptocurrency are not questions of 'if' but of 'when' and 'how' — and that realising their potential will require coordinated effort from regulators, financial institutions, technology developers, and educators acting simultaneously rather than sequentially.
Blockchain technology has been recognized as an innovative and effective means to improve transparency, security, and efficiency in the financial sector. However, privacy issues and reduction of efficiency have challenged large-scale applications the most. This issue motivates the current study that proposes a zero-knowledge proof (ZKP)-based Hyperledger Fabric framework that will ensure secure and privacy-preserving financial transaction processing. With the combination of the ZKP methods and smart contracts, the confidentiality of transactions will be verified, but at the same time, there will be audits and fraud detection. The PaySim1 synthetic financial transaction dataset, which contains more than six million records, will serve for the simulation and evaluation of different realistic workloads. The results of the experiments indicate that the ZKP-enabled framework can process 80.07 TPS on average with 0.01249 s of average latency, providing a privacy score over 98% at the same time, which reflects the effectiveness of zero-knowledge proofs in protecting sensitive transaction details while still enabling accurate verification and auditability within the blockchain network. Although the throughput is lower than that of a standard blockchain network (998,406 TPS), the given framework detects all the fraud cases at a 1.78% false positive rate, thus making sure that the system is both secure and compliant. This reduction is primarily due to the additional cryptographic overhead introduced by ZKP generation and verification, representing a trade-off between enhanced privacy and transaction processing speed. Additionally, the different setups were compared with each other in terms of privacy, efficiency, and resource utilization, and the optimized ones performed well in terms of these three aspects. To sum up the experiment, ZKP and Hyperledger Fabric, when jointly applied, not only increased the privacy and trust factors in the financial systems but also created the possibility to have very good operating conditions that are suitable for the applications.
The article studies the role of finance control in elaborating the effective system of digital asset insurance. Special attention was paid to analyzing regulatory barriers hindering the development of crypto- currency and search for insurance solutions to minimize finance risks of digital economy. Key problems were analyzed, including fragmental nature of legal regulation, absence of unique standards in defining crypto-assets and poor coordination between national and international regulatory approaches. The focus was made on institutional problems, such as drawbacks in court practice, shortcomings in KYC/AML procedures and deficit of specialized compensation mechanisms for investors. On the basis of comparative analysis of regulatory practices in different countries the authors proposed ways to harmonize finance control, including elaboration of unique standards of digital asset insurance, working-out cross-border platforms to exchange information concerning cyber-incidents and introduction of ‘regulatory sandboxs’ to test innovation insurance products. The importance of adapting international recommendations FATF and IOSCO to specific features of decentralized finance systems was underlined. Practical significance of the research consists in advancing mechanisms, which can reduce legal uncertainty, strengthen confidence of investors and integrate crypto-insurance in the global finance infrastructure. Implementation of these steps can give an opportunity to raise sustainability of digital economy to cyber-risks and create conditions for developing insurance solutions of the new generation, such as parametric insurance and decentralized autonomous insurance organizations (DAIO).
Cryptocurrency has emerged as a transformative asset class, reshaping traditional investment and portfolio management strategies. This study explores the impact of cryptocurrencies on modern investment portfolios, highlighting their potential for diversification, risk management, and return optimization. The decentralized nature of digital assets, combined with blockchain technology, has introduced a new paradigm in financial markets. However, the high volatility of cryptocurrencies remains a significant challenge, affecting portfolio stability and investor confidence (Brière, Oosterlinck, & Szafarz, 2015). This research examines key factors influencing cryptocurrency investments, including market trends, risk exposure, regulatory developments, and institutional adoption. By utilizing statistical analysis and market data, the study evaluates the correlation between cryptocurrencies and traditional asset classes such as stocks, bonds, and commodities. The findings indicate that while cryptocurrencies can enhance portfolio diversification, they also exhibit greater price volatility than conventional financial assets (Corbet, Meegan, Larkin, Lucey, & Yarovaya, 2018). Additionally, the study investigates how institutional investors are integrating digital assets into their portfolios and examines the impact of regulatory policies on market stability. The results suggest that regulatory clarity significantly influences investor confidence and risk mitigation strategies (Auer & Claessens, 2020). Furthermore, Bitcoin’s role as an inflation hedge is analyzed, with evidence supporting its potential as a store of value during periods of economic uncertainty (Yermack, 2015). The study concludes that cryptocurrencies continue to represent an emerging yet highly uncertain asset class within modern portfolio management. While investors acknowledge the potential benefits of cryptocurrencies, including high return opportunities and portfolio diversification, significant concerns remain regarding market volatility, regulatory uncertainty, and long-term sustainability. The findings reveal that investors perceive cryptocurrencies as high-risk investments and remain cautious about their consistent performance compared to traditional financial assets. The study further highlights that uncertainty surrounding global cryptocurrency regulations and market stability limits broader investor confidence and adoption. Although digital assets possess the potential to transform investment strategies through technological innovation and decentralized finance, investors continue to adopt a balanced and risk-conscious approach toward cryptocurrency investments. Therefore, effective regulatory frameworks, investor education, strategic asset allocation, and continuous monitoring of market developments are essential for the sustainable integration of cryptocurrencies into modern investment portfolios.
The rapid evolution of Decentralized Finance (DeFi) has introduced unprecedented financial innovations alongside complex fraud vectors that challenge conventional security mechanisms.Traditional fraud detection systems rely heavily on centralized data aggregation and opaque machine learning models, which are fundamentally incompatible with the decentralized and trust-minimized architecture of blockchain ecosystems.Emerging paradigms such as Federated Learning (FL) and Explainable Artificial Intelligence (XAI) have been independently proposed to address privacy and transparency concerns in financial systems.However, despite significant progress in each domain, the literature reveals methodological fragmentation and architectural disconnection among blockchain-based fraud detection, privacy-preserving learning, and explainability mechanisms.This study critically reviews existing research on traditional finance fraud detection, blockchain analytics, federated learning security, XAI applications, and blockchain-FL integration frameworks.Through comparative and analytical synthesis, it identifies critical research gaps, including the absence of unified decentralized fraud architectures, insufficient explainability in on-chain systems, and limited governance models for federated financial intelligence.This study establishes a theoretical and technological foundation for an integrated blockchain-driven FL-XAI framework tailored for DeFi fraud detection.
Decentralized finance (DeFi) has been studied mainly as a financial and technological system, while the role of digital entrepreneurial capability in shaping sustainable user traction remains underexplored. This study repositions DeFi as a digitally mediated entrepreneurial ecosystem and examines whether retention-oriented user behavior is associated with three capability dimensions—entrepreneurial visibility, network embeddedness, and organic acquisition efficiency—together with ecosystem-finance conditions such as total value locked and decentralized-exchange activity. Using an exploratory, correlational design with monthly aggregated data from five incumbent DeFi platforms during the post-FTX recovery period (October 2022–September 2023), the analysis combines canonical correlation analysis, partial least squares regression, and ridge regression. Results indicate a significant multivariate association between ecosystem-finance conditions and the entrepreneurial-capability block, and show that returning-visitor behavior is more coherently linked to the predictor set than broad visitor inflow. Entrepreneurial Visibility Capital and Network Embeddedness emerge as the most stable positive correlates of user retention, while Organic Acquisition Efficiency shows a directionally mixed pattern. Because the sample is small, the findings are interpreted as preliminary evidence rather than confirmatory claims. Overall, the study offers an integrative framework that connects DeFi, digital entrepreneurship, and sustainability-oriented business-model research, and identifies the joint configuration of digital capability and financial conditions as a promising direction for future, larger-scale investigation.
This paper is about the design and implementation of a blockchain based digital money transfer system for the Sri Lankan financial ecosystem. The project creates a tokenised digital currency called LKRt (Sri Lanka Rupee Token) and provides a safe, transparent and tamper-resistant platform for peer-to-peer financial transactions. The system was built with Python (Flask), JavaScript, Supabase and a bespoke blockchain engine that was created from the ground up. Its core features include Proof of Work (PoW) consensus, cryptographic wallets based on ECDSA, digitally signed transactions, real-time conversion of currency based on smart contracts, and a Progressive Web Application (PWA) front-end. This research presents the application of the blockchain technology in decentralise financial systems with security, transparency and transaction integrity. The project also examines the possibility of blockchain as a local digital payment infrastructure. Future developments such as Proof of Stake consensus and decentralised node deployment are suggested. Keywords: Blockchain, Cryptocurrency, Digital Payments, Proof of Work, ECDSA, Smart Contracts, Flask, Supabase, Progressive Web Application, Sri Lanka, FinTech, Cybersecurity
Muhammad Imamul Muttaqin Arisandi, Bustomi Arisandi, Bahrul Ulum, M. Khodimul Wahib · 5 authors
This study examines the construction of an Islamic digital asset governance framework within the context of blockchain integration for zakat transparency and digital estate planning in Indonesia. The research responds to the growing tension between rapid technological transformation in Islamic finance and the absence of comprehensive sharia-oriented regulatory mechanisms governing crypto assets, decentralized transactions, and digital inheritance systems. Employing a non-empirical juridical-normative method, the study analyzes statutory regulations, DSN-MUI fatwas, comparative international regulatory models, and interdisciplinary scholarly literature concerning Islamic fintech, blockchain governance, and Maqasid Shariah. The findings indicate that existing regulatory approaches remain fragmented because financial supervision, sharia compliance, and inheritance governance operate within disconnected institutional frameworks. Blockchain technology demonstrates significant potential to enhance transparency, accountability, and efficiency in zakat and waqf management through immutable ledgers and automated smart-contract mechanisms, although unresolved cyber risks, speculative volatility, and succession vulnerabilities continue to threaten the principle of hifzh al-mal. The study formulates the Islamic Digital Asset Governance Framework (IDAGF), integrating technical supervision, sharia certification, judicial authorization, and social-finance accountability into a multilayered governance structure capable of harmonizing algorithmic innovation with Islamic legal certainty and sustainable digital financial ethics.
Victor James Uko, Sharon Oluwaseun, Amarachi Nelly Charles, Emurode Williams · 5 authors
The rapid proliferation of digital technologies has profoundly reshaped the financial services sector, introducing novel service delivery models, market participants, and transactional infrastructures that challenge the foundational premises of existing regulatory frameworks. This review examines the multidimensional dynamics of digital transformation in financial services, with particular attention to the regulatory and consumer protection implications arising from the emergence of fintech ecosystems, artificial intelligence-driven financial products, decentralized finance platforms, open banking architectures, and embedded financial services. Drawing on a synthesis of contemporary academic literature, regulatory reports, and industry analyses, the review maps the evolution of digital financial services across developed and emerging economies, identifies structural gaps in regulatory capacity, and evaluates the adequacy of prevailing consumer protection mechanisms in the face of accelerating technological change. Key themes include the challenge of regulatory arbitrage, the governance of algorithmic and AI-based financial decision-making, data privacy and cybersecurity risks borne by consumers, the financial inclusion implications of digital transformation, and the emerging paradigms of regulatory technology and supervisory technology as adaptive governance tools. The review concludes by proposing a research agenda oriented toward the development of adaptive, proportionate, and technology-neutral regulatory frameworks capable of fostering innovation while safeguarding systemic stability and consumer welfare.
Abstract Crypto-asset services without governance mechanisms maximize transparency and censorship resistance through automation but may sacrifice adaptability to changing market conditions, depending on their institutional design. This study examines the consequences of user adoption for a fully automated stablecoin bank that offers zero-interest loans: Liquity Protocol. Using 1586 daily observations from April 2021 to August 2025, this paper investigates whether user decline stems from portfolio allocation rationale or internal design constraints, under heightened competitive pressure and a tight monetary policy environment. We employ probit specifications to analyze the relationship between stablecoin (LUSD) peg deviations and three behavioral outcomes: collateralization adjustments, loan position closures, and capital withdrawals. Results provide strong evidence that negative peg deviations predict defensive position management, with marginal effects that are 4–6 times larger during post-competitive shock periods. The closure of loan positions exhibits the greatest sensitivity, with 8.7 percentage points across the pre-shock period versus 51.8 percentage points post-shock. In comparison, collateralization ratios increased significantly by 6.0 percentage points, versus 38.8 percentage points in the same periods, indicating a systematic deterioration in capital efficiency. By contrast, the directional probability of capital flight during the post-shock period remains comparatively insignificant. An extension analysis incorporating yield differentials from major competing services is implemented using both probit and OLS specifications. The OLS results show that yield differentials predict larger capital outflows in the pre-shock period ( $$p = 0.023$$ <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML"> <mml:mrow> <mml:mi>p</mml:mi> <mml:mo>=</mml:mo> <mml:mn>0.023</mml:mn> </mml:mrow> </mml:math> ), while full-sample and post-shock specifications are not significant. Concurrently, the probit results reveal significant links with the direction of capital withdrawal in the pre-shock period ( $$p = 0.007$$ <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML"> <mml:mrow> <mml:mi>p</mml:mi> <mml:mo>=</mml:mo> <mml:mn>0.007</mml:mn> </mml:mrow> </mml:math> ), with no further significant associations in the post-shock period. However, yield differentials show no significant predictive power for the magnitude or direction of position management or collateralization behavior in any specification. The evidence points to a coexistence of mechanisms throughout different temporal periods: yield competition acts as a magnitude amplifier for capital flows prior to 2024, when competitive pressure had not reached its peak. In contrast, as competition reaches a high point for stablecoin saving instruments by early 2024, the systematic day-to-day behavioral dynamics of position management (loan positions and collateral) becomes more consistent with protocol-internal design frictions. Regime-based robustness checks examining Federal Reserve tightening and major crypto market shock periods reveal distinct temporal patterns, with macro stress periods leading to capital flight, whereas active position management in the subsequent period of increasing competitive stress does not. These findings provide insight into the critical design trade-offs between deterministic automation and adaptive governance in the decentralized finance industry, particularly for decentralized banks, with implications for protocol developers and researchers studying the viability of governance-free design subject to alternating external market conditions.
The growth of crypto-asset markets and the rise of environmental, social, and governance (ESG) investing reflect two significant transformations at the intersection of technology and finance. While crypto markets are driven by decentralized digital innovation, ESG investment is shaped by societal demands for sustainable capital allocation. This study examines how participation in a high-risk technology-driven market, such as crypto-assets, is associated with sustainability-oriented investment preferences through the development of both financial and digital finance skills. Using survey data collected in February 2024 in Thailand, a country characterized by strong policy support for ESG investment products and rapid crypto adoption, we employed partial least squares structural equation modeling (PLS-SEM) to test a sequential mediation model. The results reveal that crypto-asset ownership is positively associated with financial literacy, which in turn enhances digital financial literacy, leading to stronger ESG investment preferences. The study's findings highlight how technology-enabled financial engagement can foster the skills required for responsible investing, suggesting that digital finance participation and sustainable investment promotion are interconnected pathways rather than separate domains. Policy implications include integrating digital capacity-building into ESG promotion and leveraging technologically engaged investors as a channel for advancing sustainability goals in capital markets.
Distributed ledger technology (DLT) has emerged as a transformative force in decentralized data management across e-transactions, with significant applications in the banking, finance, supply chain, and trade sectors. Recognizing its potential, governments, including Estonia and India, have implemented DLT-based e-services to enhance transparency and privacy in public administration. With numerous platforms arising/available in the DLT segment, such as Hyperledger, Ethereum, Corda, Ripple, Stellar, Dragonchain, IOTA, and Hedera, understanding interoperability mechanisms across heterogeneous platforms has become critical. This comprehensive research provides a systematic analysis of distributed ledger technology fundamentals, consensus mechanisms, smart contracts, and their applications in e-governance services. The study examines leading DLT platforms and their core features, with a specific focus on interoperability capabilities essential for seamless cross-platform integration. Through analysis of existing interoperability solutions, including trade finance platforms, central bank digital currency initiatives, and e-governance implementations, this work identifies critical challenges and evaluation criteria for DLT adoption. The research addresses three primary research questions: (1) what capabilities does DLT provide for implementing effective e-governance strategies? (2) How does interoperability influence the delivery and effectiveness of various e-governance services? (3) What is the current impact and growth trajectory of existing e-governance services providing interoperability capabilities? The primary contributions include systematic exploration of interoperability mechanisms in various DLT platforms, documentation of existing implementations across multiple countries, including Estonia, the European Union, Dubai, and India, identification of technical challenges and security considerations, and development of a future roadmap for DLT-influenced e-governance systems. The research demonstrates that effective interoperability, combined with emerging technologies such as artificial intelligence and quantum-resistant cryptography, can enable citizen-centric, transparent, and secure governance systems while maintaining regulatory compliance and data privacy.
While the iteration of digital technology encourages mass creation, it also poses challenges to the protection of digital copyright, such as difficult rights confirmation, unfair distribution, and high costs of rights protection. Traditional governance technologies represented by DRM and cloud computing are poorly integrated with legal norms, while emerging blockchain smart contracts face high technical barriers and institutional adaptation difficulties. Based on this, the digital RMB smart contract, which is positioned as an "institutional technical tool", inherits the programmability advantage of blockchain smart contracts, has the dual endorsement of central bank technology and credit, and can also achieve wide reach through the operation of commercial banks. It is expected to bridge the gap between technology and ordinary users and solve the problem of the connection between technology and law. Based on the specific practice of the Yuan Guanjia module built into the digital RMB smart contract, the technology is expected to improve the traditional subscription model, guarantee the stepwise release of crowdfunding publishing, realize the "per-use settlement" of prepaid authorization, and build a return mechanism for the interruption of serialized works, thereby promoting the full-chain governance of digital copyright.
Abstract The relationship between Fintech and Financial inclusion has emerged dramatically in the last five years as this study presents detailed bibliometric research on the interactions between Fintech and financial inclusion. The major goal of this study was to map the intellectual trends, influential work, and current research topics in this fast-developing field. Based on the data obtained from the Scopus database (2020–2025) and processed using VOSviewer, this study elaborates on descriptive, keyword co-occurrence, and bibliographic coupling analyses. The most important findings are that there has been immense growth in Fintech-FI research since 2020, and the research is mainly concentrated in China, India, and the USA, where most research and articles have been published. This study identified nine thematic clusters such as decentralized finance and AI in banking and the significance of financial literacy. The fast increase in publication but a gap appears between the number of publications and the number of publications that are impacted, which means that there is still a necessity to make some significant, long-lasting contributions. It would be curious to explore the use of behavioral finance, regional comparisons of the regulatory environment, EFT application in empowering SMEs and embracing ESG, and the significance of ethics in the context of digital finance in improving fair and sound financial systems in the world in future.
This study investigates how information transparency affects organizational value in the Chinese institutional setting, where firms operate under a heavily regulated disclosure regime while increasingly referencing Decentralized Autonomous Organization (DAO) or blockchain-based decentralized governance concepts. Using a panel of 10,029 firm-year observations from 1368 Shenzhen A-share listed firms over the period 2012–2022, we employ two-way fixed effects regressions and robustness tests, with information transparency proxied by Shenzhen Stock Exchange disclosure ratings. We find that higher transparency is positively and significantly associated with organizational value (measured by Tobin’s Q). Heterogeneity analyses show that this positive relationship is stronger among state-owned enterprises, firms with lower digital maturity, and firms led by innovation-oriented executives. Comparative tests further reveal that the transparency–value link holds primarily among DAO-referencing firms, whereas it turns negative (though marginally significant) for non-referencing firms. These results suggest that signaling interest in decentralized governance mechanisms can enhance the value relevance of disclosure in regulated emerging markets. Practical implications for managers and policymakers are discussed, along with limitations and directions for future research.
Alexandre Pires Barbosa, Douglas Wegner, Rodrigo Pereira dos Santos
Research Context: Decentralized Autonomous Organizations (DAO) emerge as innovative structures operating on blockchain infrastructures, providing transparency, decentralization, and autonomy in digital governance and coordination processes. Scientific and/or Practical Problem: Despite their transformative potential, DAO face significant obstacles, such as scalability limitations, risks of power concentration, legal ambiguities, and complex incentive models. Proposed Solution and/or Analysis: This study investigates recent scientific literature on DAO, seeking to understand their current state, focusing on how they have been conceptualized, characterized, evaluated, and applied. Related IS Theory: The research draws on the wisdom of crowd theory, which explains how collective decision-making can overcome individual choices, and sociotechnical theory, which emphasizes the interaction between technological infrastructures and social structures. Together, these perspectives frame DAO as hybrid systems that integrate algorithmic processes with collective human governance. Research Method: A systematic mapping study was conducted, encompassing the collection, selection, and coding of 47 primary studies published in relevant scientific sources. Summary of Results: The results highlight the conceptual consensus on the decentralized and smart contract-based nature of DAO, propose categories of structural challenges, and map recurring application domains, such as decentralized finance (DeFi), open science, energy, and digital art. Furthermore, the results demonstrate the transition of DAO from algorithmic entities to sociotechnical hybrids, connected to emerging trends such as the metaverse, NFTs, and decentralized artificial intelligence. Contributions and Impact to IS area: This study provides an updated theoretical foundation for the IS area, mapping the state of the art of DAO, identifying structural challenges, and emphasizing their evolution toward hybrid models. Most importantly, it reveals the complexity and originality of uniting the three main pillars of information systems (code, governance, and automated processes), thus contributing to the design of more resilient, inclusive, and sustainable digital governance systems in emerging decentralized ecosystems.
Penelitian ini bertujuan mengimplementasikan smart contract Ethereum dengan pendekatan hybrid untuk memperkuat verifikasi dokumen dan transparansi pada sistem crowdfunding beasiswa. Permasalahan utama yang diangkat adalah rendahnya kepercayaan publik terhadap platform donasi pendidikan ketika dokumen persyaratan, status verifikasi, dan realisasi penggunaan dana hanya dikelola melalui basis data terpusat. Metode yang digunakan adalah penelitian pengembangan perangkat lunak dengan model prototype yang mencakup komunikasi kebutuhan, perencanaan cepat, pemodelan desain, konstruksi prototipe, serta penyerahan dan evaluasi umpan balik. Sistem dibangun menggunakan Next.js, SQLite, Prisma ORM, Solidity, Ethers.js, MetaMask, dan jaringan Ethereum Sepolia Testnet. Hasil penyusunan sistem menunjukkan bahwa arsitektur hybrid mampu memisahkan penyimpanan dokumen fisik secara off-chain dari pencatatan bukti integritas secara on-chain. Smart contract ScholarshipRegistry dirancang untuk mencatat hash dokumen, status verifikasi, alamat wallet verifikator, timestamp, dan log nominal donasi tanpa menggunakan mata uang kripto sebagai alat pembayaran. Fitur audit publik memungkinkan donatur dan masyarakat mencocokkan hash dokumen, memantau bukti pencairan dana, serta melaporkan indikasi kejanggalan. Secara kritis, blockchain meningkatkan integritas rekam jejak, tetapi tidak otomatis menjamin kebenaran substantif isi dokumen; karena itu validasi administratif, kontrol akses, dan mekanisme pelaporan publik tetap diperlukan. Penelitian ini berkontribusi pada model crowdfunding beasiswa yang lebih transparan, efisien, dan dapat diaudit. This study aims to implement an Ethereum smart contract using a hybrid approach to strengthen document verification and transparency in a scholarship crowdfunding system. The main problem addressed is the limited public trust in digital education donation platforms when eligibility documents, verification status, and fund realization records are controlled only through a centralized database. The study applied a software development method based on the prototype model, consisting of communication, quick planning, quick design modeling, prototype construction, and delivery with feedback evaluation. The prototype was developed using Next.js, SQLite, Prisma ORM, Solidity, Ethers.js, MetaMask, and the Ethereum Sepolia Testnet. The resulting design demonstrates that the hybrid architecture can separate physical document storage in an off-chain layer from integrity proof recording in an on-chain layer. The ScholarshipRegistry smart contract records document hashes, verification status, verifier wallet addresses, timestamps, and donation amount logs without using cryptocurrency as the payment instrument. The public audit feature enables donors and the public to compare document hashes, monitor disbursement evidence, and submit reports on suspected irregularities. Critically, blockchain improves the integrity of audit trails, but it does not automatically verify the substantive truth of uploaded documents; therefore, administrative validation, role-based access control, and participatory reporting remain necessary. This study contributes a transparent, cost-efficient, and auditable model for scholarship crowdfunding systems.
Cryptocurrency market infrastructure—public blockchains and cross-chain bridges supporting tens of billions in liquidity—is monitored as a systemic-risk surface by the Financial Stability Board and equivalent bodies, with defensive posture calibrated against human-level adversaries. Anthropic’s April 2026 release of Claude Mythos Preview has prompted institutional response across financial regulation but no blockchain-specific analytical framework. This paper develops one by defining Mythos-class as a vendor-neutral capability profile: a set of frontier autonomous offensive capabilities specified independently of any single model or vendor (defined by five constituent capability primitives). The central analytical claim is friction inversion: the patch primitives, segmentation, vendor-coordinated disclosure, and credential rotation that constrain Mythos-class capability in conventional IT environments are structurally absent on-chain. This makes blockchain exposure positioned differently in kind, not degree, from enterprise IT. The paper instantiates this finding against Bitcoin and Ethereum/L2 architectures through analysis of four major bridge exploits totaling over $1.74 billion in losses. Vendor-neutral defensive and governance frameworks defined against the capability profile rather than any specific model release are the correct unit of analysis. On this basis the paper offers general recommendations for protocol governance, audit and verification cadence, and regulatory posture, developed as an analytical framework rather than as empirically validated risk estimates.
India maintains its position as the central hub which has driven cryptocurrency from its initial experimental phase into a global financial revolution. India leads the world in blockchain adoption because it has 119 million crypto users, which makes it the top country for blockchain adoption. The nation enforces a 30 percent flat tax on Virtual Digital Asset earnings. This does not allow taxpayers to reduce their tax burden through loss deductions while it also requires a 1 percent Tax Deducted at Source. The paper analyzes how India has developed its regulatory framework and studies the Finance Act 2022 tax system impacts, and Digital Rupee expansion, and Web3 startup network, and decentralized finance potential for financial inclusion in India. The study shows that India allows about 60 percent of cryptocurrency transactions to occur outside its borders because of its current regulatory system, which is based on information from RBI publications and government policy documents, and Supreme Court rulings, and IMF and FATF reports, and Chainalysis and CoinSwitch industry data, and financial journalism until early 2026. The paper demonstrates that India requires a single regulatory framework, which provides fairness and clarity, and future-oriented guidance to achieve its digital asset economy potential.
This paper is written to evaluate and describe the legality of ‘smart contracts and DAOs. While traditional contracts provide general foundational elements which only fulfills the legal relation criteria. Application of these principles to blockchain based smart contract is very equivocal although, the concept itself provides numerous pros like technological efficiency and self-execution etc. This paper highlights the need to bridge the gap between legal doctrine and code-based execution through the development of legal framework. Furthermore, it explores the critical position of DAOs, which operate without centralized governance. By analyzing emerging global approaches and regulatory opinions, this paper highlights the essential need of innovation and compliance in this concept.