The convergence of financial technology and sustainability has given rise to green fintech, an innovative field leveraging cutting-edge technologies to address environmental challenges through financial solutions. This review explores the evolution of green fintech, focusing on the transformative roles of Artificial Intelligence (AI), Internet of Things (IoT), and smart contracts in developing sustainable financial services. Through a comprehensive analysis of recent literature and case studies, we examine how AI enhances ESG assessments, enables data-driven sustainable investment strategies, and facilitates green lending practices. We investigate IoT applications in environmental monitoring, supply chain transparency, and smart grid integration, highlighting their contributions to sustainable finance. The implementation of smart contracts for sustainability is explored, discussing their potential in green bonds, carbon credit trading, and renewable energy markets. The paper addresses key challenges facing green fintech, including data quality issues, privacy concerns, and regulatory uncertainties, proposing future directions for research and development. Our findings suggest that the integration of AI, IoT, and smart contracts in green fintech has significant potential to accelerate the transition to a sustainable global economy by embedding environmental considerations into financial decision-making at all levels. This article contributes to the growing body of literature on sustainable finance, providing insights for practitioners, policymakers, and researchers. It underscores the need for a multidisciplinary approach to overcome technological, regulatory, and socio-economic barriers, paving the way for a more sustainable and technologically advanced financial ecosystem.
Perkembangan Smart Contract dalam hal ini dapat dikaitkan dengan stabilitas hukum di Indonesia, dimana metode untuk mengeksekusi kontrak telah menjadi semakin canggih. Dengan pertumbuhan yang pesat dari perkembangan teknologi yang menggunakan Smart Contract dan urgensi sejauh mana hukum yang berlaku di Indonesia saat ini dapat mendukung perkembangannya, muncul pertanyaan bagaimana Smart Contract bekerja? Kapan kehendak itu terjadi dalam Smart Contract? Dan, bagaimana terpenuhinya asas konsensualisme pada Smart Contract ditinjau dari perspektif Pasal 1320 KUH Perdata? Metode penelitian dalam penelitian ini dilaksanakan dengan metode normatif kualitatif. Hasil penelitian ini menunjukkan, Smart Contract bekerja dengan cara dijalankan tanpa adanya pihak ketiga dan tertulis di atas Blockchain. Kedua, terdapat kehendak di dalam Smart Contract, dimana kedua belah pihak yang bermaksud mengikatkan diri dalam Smart Contract mengirimkan enskripsi kriptografi mereka untuk saling berkomitmen di dalam Smart Contract, sebagai bukti bahwa keduanya telah sama-sama sepakat. Ketiga, asas konsensualisme pada Smart Contract ditinjau dari perspektif Pasal 1320 KUH Perdata menunjukkan bahwa kesepakatan menjadi fondasi yang esensial untuk keabsahan suatu perjanjian, memastikan bahwa setiap pihak yang terlibat telah sepakat dengan ketentuan yang ada.
Zulhazmi Bin Yusof, Wan Amir Azlan Wan Haniff, Hartini Saripan, Sheela Jayabala Krishnan Jayabalan · 5 authors
Smart contracts use a few contemporary technologies, such as blockchain and digital currency. Due to this, it carries numerous advantages to the consumers due to the nature of the technology such as transparency, quickness, lack of third-party intervention, and decentralization. Although numerous research has been conducted on smart contracts, there isn't currently a tangible remedy to deal with various lacunas in the regulatory framework for smart contracts. In this study, secondary data was gathered by analyzing academic websites and databases like Google Scholar including governmental and non-governmental organizations from various countries. In addition, doctrinal legal research using a comparative analysis approach has also been used in this research. Regulatory frameworks in various countries including but not limited to Malaysia, the United States of America, Malta, Switzerland, and Dubai have been observed. The finding shows that the issue of the legitimacy of smart contracts, capacity as well as validity and certainty of Oracle were the main legal issues with smart contracts. This paper has contributed to our understanding of the existing gap in Malaysia's regulatory systems. Additionally, this improves the corpus of knowledge in this area, assisting legislators and other decision-makers in amending new regulatory frameworks for Smart Contracts.
Blockchain technology, an innovative distributed ledger technology, has gained widespread application across various industries in recent years due to its decentralization, transparency, immutability, and traceability. This paper explores the application of blockchain technology in real estate transactions by analyzing four representative cases: Propy, PropertyClub, Ubitquity, and RealBlocks. The analysis demonstrates the significant advantages of blockchain in enhancing transaction security, improving efficiency, and reducing costs. The study reveals that Propy's platform, leveraging smart contracts, has automated global real estate transactions, reducing average transaction time by 32.4% and costs by 27.8%. PropertyClub utilizes blockchain to record and verify transaction information, ensuring transparency and security while achieving a 21.3% cost reduction. Ubitquity's blockchain-based record management system reduces record management time by 45.6% and increases data accuracy to 98.9%. RealBlocks has digitized and securitized real estate investments, enhancing liquidity by 52.1% and reducing investment costs by 20.5%. Future trends indicate a deep integration of blockchain with smart contracts and IoT, as well as the digitization and securitization of real estate assets. However, the widespread application of blockchain technology faces multiple challenges, including technical bottlenecks, legal and regulatory issues, market acceptance, and data privacy concerns. This paper further elaborates on these trends and challenges, proposing potential solutions. In conclusion, while blockchain technology has a promising future in real estate transactions, its widespread adoption requires concerted efforts from all stakeholders.
This research paper investigates how Ethereum blockchain technology can transform real estate investment through crowdfunding. Traditional real estate markets often encounter issues related to liquidity, accessibility, and transparency; this study addresses these challenges by proposing a blockchain-based solution. It examines the use of Ethereum smart contracts, Initial Coin Offerings (ICOs), and ERC20 tokens to facilitate fractional ownership of properties and automate investment processes. The technical stack for the proposed system includes Vue.js for the front-end, Solidity for developing smart contracts, and the Truffle framework for deployment. Ethereum is used as the blockchain platform, with Ganache-CLI providing a local testing environment. MetaMask is integrated for managing digital wallets, and Stripe is used for processing fiat currency, showcasing a robust approach to blending blockchain technology with current financial systems. This paper offers a detailed examination of the practical applications and challenges of using blockchain in real estate crowdfunding. The findings indicate that while this technology holds great potential for resolving persistent issues in real estate investment, important factors such as scalability, regulatory compliance, and user adoption still need to be carefully considered [4]. Keywords: Blockchain, Ethereum, Smart Contracts, Real Estate Crowdfunding, Tokenization, ERC-20 Tokens, ICO, Fractional Property Ownership, Liquidity, Transparency, Ganache, Remix IDE, MetaMask, Solidity, Truffle Framework.ramework.
Maruf Ahmed Mridul, Kaiyang Chang, Aparna Gupta, Oshani Seneviratne
The global financial landscape is experiencing significant transformation driven by technological advancements and evolving market dynamics. Moreover, blockchain technology has become a pivotal platform with widespread applications, especially in finance. Cross-border payments have emerged as a key area of interest, with blockchain offering inherent benefits such as enhanced security, transparency, and efficiency compared to traditional banking systems. This paper presents a novel framework leveraging blockchain technology and smart contracts to emulate cross-border payments, ensuring interoperability and compliance with international standards such as ISO20022. Key contributions of this paper include a novel prototype framework for implementing smart contracts and web clients for streamlined transactions and a mechanism to translate ISO20022 standard messages. Our framework can provide a practical solution for secure, efficient, and transparent cross-border transactions, contributing to the ongoing evolution of global finance and the emerging landscape of decentralized finance.
This research paper delves into the intricate world of smart contract derivatives, aiming to unravel the technical intricacies and explore their applications. Smart contract derivatives represent a burgeoning intersection of blockchain technology and financial instruments, providing decentralized and automated solutions for derivative trading. The paper navigates through the complex landscape of smart contract derivatives, addressing both the technical aspects of their implementation and the diverse range of applications they unlock. Through a comprehensive review of existing literature, case studies, and real-world examples, this research aims to provide a holistic understanding of the challenges, opportunities, and implications associated with smart contract derivatives. By comprehensively addressing both the technical intricacies and practical applications of smart contract derivatives, this study contributes valuable insights into the rapidly evolving field of decentralized finance.
Hao Luo, Yuhao Lin, Yan Xiao, Xuejiao Hu · 8 authors
Smart contract is a kind of self-executing code based on blockchain technology with a wide range of application scenarios, but the traditional generation method relies on manual coding and expert auditing, which has a high threshold and low efficiency. Although Large Language Models (LLMs) show great potential in programming tasks, they still face challenges in smart contract generation w.r.t. effectiveness and security. To solve these problems, we propose FSM-SCG, a smart contract generation framework based on finite state machine (FSM) and LLMs, which significantly improves the quality of the generated code by abstracting user requirements to generate FSM, guiding LLMs to generate smart contracts, and iteratively optimizing the code with the feedback of compilation and security checks. The experimental results show that FSM-SCG significantly improves the quality of smart contract generation. Compared to the best baseline, FSM-SCG improves the compilation success rate of generated smart contract code by at most 48%, and reduces the average vulnerability risk score by approximately 68%.
In the rapidly evolving digital world, blockchain technology is becoming the foundation for numerous applications, ranging from financial services to supply chain management. As the usage of blockchain is becoming more prevalent, the energy-intensive nature of this technology has raised concerns about its long-term sustainability and environmental footprint. To address this challenge, we explore the potential of Peer-to-Peer Federated Learning (P2P-FL), a distributed machine learning approach that allows multiple nodes to collaborate without sharing raw data. We present a novel integration of P2P-FL with blockchain technology, aimed at enhancing the sustainability and efficiency of blockchain networks. The basic idea of our approach is the use of distributed learning mechanisms to find the optimal performance parameters of blockchain without relying on centralized control. These parameters are then used by a load-balancing mechanism that prioritizes energy efficiency to distribute loads on different blockchains. Furthermore, we formulate a non-cooperative game theory model to align the individual node strategies with the collective objective of energy optimization, ensuring a balance between self-interest and overall network performance. Our work is exemplified through a case study in the renewable energy sector, demonstrating the application of our model in creating an efficient marketplace for energy trading. The experimentation and results indicate a significant improvement in the execution times and energy consumption of blockchain networks. Therefore, the overall sustainability of the network is enhanced, making our framework practical and applicable in real-world scenarios.
Financial Technology (FinTech) has emerged as a disruptive force in the banking sector, revolutionizing the way financial services are delivered and consumed. This review explores the transformative impact of FinTech on regulatory compliance within the banking industry. The integration of advanced technologies such as artificial intelligence, blockchain, and big data analytics has enabled financial institutions to enhance operational efficiency, improve customer experience, and expand market reach. However, these innovations have also posed unprecedented challenges to traditional regulatory frameworks designed to safeguard financial stability and consumer protection. This review examines how FinTech innovations have necessitated regulatory adaptation and evolution. It highlights the complexities introduced by novel financial products, digital payment systems, and decentralized finance (DeFi) platforms, which often operate beyond conventional regulatory boundaries. Regulatory compliance in areas such as anti-money laundering (AML), know your customer (KYC) requirements, and data privacy has become more intricate as FinTech solutions blur geographical and jurisdictional lines. Moreover, the strategies employed by regulatory bodies and financial institutions to address these challenges effectively. These include leveraging regulatory technology (RegTech) solutions for enhanced monitoring and compliance automation, fostering collaboration between regulators and industry stakeholders, and advocating for agile regulatory frameworks capable of accommodating rapid technological advancements. Looking ahead, the review anticipates ongoing shifts in regulatory paradigms to accommodate the transformative impact of FinTech. It emphasizes the importance of proactive regulatory approaches that balance innovation with risk management, ensuring the integrity and resilience of the banking sector amidst a rapidly evolving digital landscape. This provides a comprehensive overview of how FinTech is reshaping regulatory compliance in banking. It underscores the need for adaptive regulatory strategies and collaborative efforts to harness the full potential of FinTech while safeguarding financial stability and consumer trust.
Vytautas, the chief executive officer and co-founder of SpectroCoin (cryptocurrency exchange) and Pervesk (licensed payment institution) was at a crossroads. The technological interconnectedness of these two firms enabled the use of cryptocurrencies via traditional payment methods, thereby opening global business opportunities in the newly emerging industry. However, the Central Bank issued a warning that regulated businesses, including licensed payment institutions such as Pervesk, should disassociate with cryptocurrencies. Must Vytautas follow the newly issued opinion of the regulator and drop an extremely lucrative idea, which made these two firms become pioneers in the world? Or was there a solution that would allow compliance with the regulations without losing the profits from the innovative business setting? The case fosters discussions on (non)compliance with the regulatory and normative institutional pressures when developing innovative business. The case additionally allows exploring the multifaceted environment that unfolded in Lithuania—the recently emerged European Union’s FinTech hub.
Al Amin, Rushabh Shah, Hemanth Tummala, Indrajit Ray
Healthcare insurance provides financial support to access medical services for patients while ensuring timely and guaranteed payment for providers. Insurance fraud poses a significant challenge to insurance companies and policyholders, leading to increased costs and compromised healthcare treatment and service delivery. Most frauds, like phantom billing, upcoding, and unbundling, happen due to the lack of required entity participation. Also, claim activities are not transparent and accountable. Fraud can be prevented and minimized by involving every entity and making actions transparent and accountable. This paper proposes a blockchain-powered smart contract-based insurance claim processing mechanism to prevent and minimize fraud in response to this prevailing issue. All entities-patients, providers, and insurance companies-actively participate in the claim submission, approval, and acknowledgment process through a multi-signature technique. Also, every activity is captured and recorded in the blockchain using smart contracts to make every action transparent and accountable so that no entity can deny its actions and responsibilities. Blockchains' immutable storage property and strong integrity guarantee that recorded activities are not modified. As healthcare systems and insurance companies continue to deal with fraud challenges, this proposed approach holds the potential to significantly reduce fraudulent activities, ultimately benefiting both insurers and policyholders. The average gas costs for smart contract deployment, claim submission, and multi-signature for the Ethereum network: $80.22, $20.60, and $6.47, and for the Optimism network: $0.35, $0.089, and $0.028. They are feasible for the proposed approach.
Istraživanje o utjecaju kriptovaluta na međunarodne financije analizira širok spektar aspekata koji proizlaze iz razvoja i uporabe kriptovaluta u globalnom financijskom sustavu. Kroz definiciju kriptovaluta, njihovu povijest, prednosti i nedostatke te sigurnost transakcija, rad pruža temeljni uvid u ovu kompleksnu temu. Nadalje, istražuje se korištenje kriptovaluta u međunarodnom poslovanju, uključujući tržište kapitala, područja primjene i zabilježene slučajeve. Posebna pozornost posvećena je regulatornom okviru kriptovaluta kroz perspektivu međunarodnih institucija poput Svjetske banke, MMF-a i Europske centralne banke. Kroz analizu utjecaja kriptovaluta na međunarodne financije, istražuje se njihov utjecaj na platni sustav, stabilnost cijena, gospodarstvo te tradicionalne financijske institucije. Osim toga, razmatraju se promjene u globalnom bankarskom sektoru te se sagledava budućnost utjecaja kriptovaluta na tržišta kapitala. Ova sveobuhvatna analiza pruža dublji uvid u kompleksne dinamike koje proizlaze iz sve veće integracije kriptovaluta u međunarodni financijski sustav.
The days of long lines at banks and piles of paperwork are long gone. The lending landscape has been completely transformed by digital loans, which provide a quick, easy, and frequently paperless transactions. A payee can apply for a digital loan anytime, anywhere. The entire lending procedure is accessible and efficient, but the availability of data on the Internet provides many risks and threats, where there are certain difficulties in the world of digital lending and data security, and privacy are major concerns. It is important to address the possibility of predatory lending practices that target weaker payees, especially with flash loans, which are considered a critical type of digital loan, as they add additional pressure to banks in terms of security because they return to the same block of the blockchain, and the possibility of tampering with them is considered great. Therefore, we have developed a security protocol based on the principle of digital cryptocurrency wallets: these digital wallets are protected by our use of the Xsalsa20 algorithm. It has high specifications and is enhanced with the usage of the Crow search algorithm, which guarantees fast and efficient search results. After the analysis of the proposed system in the Tamarin Prover tool, we obtained proof of a lot of security properties like data authenticity, perfect forward secrecy, and many others, which constitute the matter that gives our system the power of security. Also, we obtained 0.6667 ms. as the rate of processing speed, 2990 ms. as the time required by the proposed system to repay loans after the conditions are met, and, finally, our proposed system has the power to present a flexible property by creating 29,700 loans every 3 s; by this, we obtained a system that is secure, authentic, fast, and flexible.
Abstract Australians are embracing new forms of digital finance products and services, which includes purchasing cryptocurrencies and non‐fungible tokens (NFTs). There has been an increase in investment scams associated with cryptocurrencies. In this article, we sought to understand from cryptocurrency and NFT investors, who is vulnerable and what vulnerabilities exist. We surveyed 745 Australians aged 18 and over who have purchased cryptocurrencies or NFTs. We used sociological perspectives of consumer vulnerability that focus on internal and external factors to analyse our findings. We found that both socioeconomic advantaged and disadvantaged Australians are vulnerable. The vulnerabilities include concerns over security, unsolicited advice, limited options for learning, and insufficient financial and IT literacy. The findings suggest that online financial education is needed from trusted independent sources to help combat scams and to keep Australians and their crypto assets safe. We recommend that more opportunities to educate individuals about alternative forms of financial products are offered in compulsory, vocational and higher education settings.
Daniel Sousa-Dias, Daniel Amyot, Ashkan Rahimi‐Kian, John Mylopoulos
The transactive energy market (TEM) is a recent development in energy management that enables prosumers to trade directly, promising many environmental and economic benefits. Prosumer trading necessitates sharing information to facilitate transactions. Additionally, many TEMs propose using blockchains to manage auctions and store transactions. These facts introduce privacy concerns: consumption data, trading history, and other identifying information pose risks to users if leaked. Anonymity by trading under a pseudonym is commonly presented as a solution; however, this creates risks for market participants: scammed users will not have recourse, and users with innocent malfunctions may be banned from trading. We propose the Individually Linkable Pseudonymous Trading Scheme (ILPTS), which enables users to trade under a pseudonym, protecting their identity, while a smart contract monitors reputations and can temporarily deanonymize a user, ensuring market integrity. ILPTS was developed in stages. Examination of existing TEM literature was performed to identify desirable features. Analysis of cryptography literature was performed to identify techniques that may confer certain features. It was found through formal analysis that ILPTS adheres to identified design goals, improves upon existing solutions, and resists common attacks against TEMs. Future work includes software simulation and on-device implementation to further verify security and feasibility.
This article aims to analyze the use of non-fungible tokens (NFTs) as strategies for engagement and monetization applied by digital influencers, considering their symbolic, emotional, and economic functions in virtual environments. The research was conducted through a qualitative bibliographic review, with a time frame from 2022 to 2024, emphasizing the last five years, during which the use of NFTs has become a common practice in the creative economy and network culture. The results reveal that NFTs function as symbolic extensions of influencers’ personal brands, acting both in the creation of emotional bonds with the public and in the construction of new sources of revenue based on scarcity, originality, and exclusivity of digital assets. It was observed that influencers who integrate NFTs into their narrative strategies are able to transform simple digital products into artifacts filled with emotional and identity value, reinforcing the sense of belonging of their followers to exclusive communities. Furthermore, the use of smart contracts enables recurring earnings through royalties, while emotional engagement promotes loyalty, a sense of prestige, and active public participation. Direct monetization via NFTs also contributes to creators' financial autonomy, breaking away from traditional models based on advertising and visibility algorithms, while enhancing the presence of micro-influencers and niche content creators. The analysis indicates that the symbolic valuation of NFTs directly depends on the consistency between narrative, aesthetics, authenticity, and community engagement, making it essential that the assets align with the influencer’s identity and values. It is concluded that NFTs represent a significant innovation in the creator economy, transforming influence dynamics into more participatory, sustainable, and emotionally connected models in which audiences do not merely consume but invest and actively participate in the creator’s journey.
Christian Zeiß, Myriam Schaschek, Lisa Straub, Christoph Tomitza · 5 authors
Abstract After the initial surge in decentralized finance, widespread public adoption did not materialize. A predominant portion of the populace harbors distrust towards the crypto asset market. Conversely, banks, serving as intermediaries in financial management, enjoy heightened trust. The contemporary development within the banking sector indicates an inclination towards integrating into the crypto asset market. This integration results in new business models for banking institutions and emergent opportunities for their clientele. Prior research addresses perceptions surrounding cryptocurrencies. The present research augments this field by investigating the acceptance of crypto assets. Specifically, we conducted an empirical user study to analyze investing behaviors. By adapting the theoretical framework of the technology acceptance model to the unique characteristics of crypto assets, we highlight acceptance drivers. Notable variances in awareness of crypto assets affect investment decisions. The findings of this study contribute to social welfare by identifying impediments to sustainable investment practices. Additionally, these insights facilitate a more sophisticated comprehension of strategic alternatives available to banking institutions.
This study explores the legal frameworks governing digital transactions, with a specific focus on the transformative impact of blockchain technology. The primary aim is to elucidate the complexities and challenges posed by blockchain while examining the diverse regulatory approaches adopted internationally. Through a comprehensive literature review and comparative analysis, the research addresses key aspects such as the conceptual framework of digital transactions, the unique characteristics of blockchain, and the regulatory strategies implemented across different jurisdictions. The findings reveal that blockchain technology, characterized by its decentralized, immutable, and transparent nature, significantly disrupts traditional regulatory models. Identified challenges include jurisdictional ambiguities, enforcement difficulties, and privacy concerns. The comparative analysis shows divergent regulatory approaches: supportive frameworks in Japan and Switzerland contrast sharply with restrictive measures in China, highlighting the necessity for international cooperation and harmonization of regulations. The study concludes that effective regulation of blockchain technology requires innovative and flexible legal frameworks capable of adapting to rapid technological advancements. Policymakers must balance fostering innovation and protecting public interests, emphasizing the need for privacy-preserving technologies and international standards. Recommendations include developing global regulatory standards, enhancing privacy measures, and creating legal frameworks that accommodate the decentralized nature of blockchain systems. This research provides valuable insights for regulators, policymakers, and stakeholders, offering a pathway towards a secure, transparent, and innovative digital economy. Continuous adaptation and international collaboration are imperative to address emerging challenges and fully harness the potential of blockchain technology. The study advocates for proactive engagement and cooperation among nations to create a cohesive regulatory environment that promotes innovation while safeguarding public interests, enabling the global community to navigate the complexities of blockchain technology and unlock its full potential for economic and social advancement. Keywords: Blockchain Technology, Digital Transactions, Legal Frameworks, Regulatory Challenges, International Cooperation, Privacy Concerns.
Alexander Grünewald, Tan Gürpinar, Carina Culotta, Alicia Guderian
Abstract Many enterprises are currently engaged in developing blockchain-based business models. Enterprise networks offer a variety of potential applications for blockchain solutions as they benefit from transparency and security as well as automation of handling data, material, and financial flows along their supply chains. Despite profound potentials, the indicated business models are still in their early stages and need further investigation. To provide an overview of existing blockchain-based business models in the context of enterprise networks, the underlying paper designs a multidimensional taxonomy and identifies several archetypes of blockchain-based businesses. For the taxonomy development, data from 101 blockchain start-ups serves as a basis for empirical validation. Using hierarchical clustering and the k-means method, seven archetypes that sharpen the understanding of how blockchain solutions affect business models in enterprise networks and enable new business models are derived. The proposed work results are intended to be applied in future research and practice to classify and assess the integration of blockchain solutions into existing business models and to support developing new ones that leverage emerging technological capabilities.
PURPOSE – Financial technology, also known as “FinTech,” has evolved to disrupt nearly every aspect of traditional financial services and it has become increasingly important in the world’s economic system. The main purpose of the study is to explore the relationship between Financial Technology (Fintech) and Entrepreneurial Intentions. It focuses on the impact of specific Fintech innovations such as Crowdfunding, Mobile Payments, Blockchain, Cryptocurrency, and Artificial Intelligence (AI), on Entrepreneurial Finance. The study examines how these Fintech advancements have affected the overall entrepreneurial ecosystem, fostering innovation, supporting startups, and driving economic growth. Using mixed-methods, the research combines qualitative interviews and quantitative surveys to reveal key factors that have completely shaped the entrepreneurial ecosystem in the context of fintech. EXECUTIVE SUMMARY – Financial technology revolution unleashing a wave of technological innovations has transformed the entrepreneurial landscape. Crowdfunding, cryptocurrency, blockchain, mobile payments, and artificial intelligence (AI) play key roles in empowering aspiring entrepreneurs, fueling financial inclusion, and driving economic growth. This report examines the impact of these fintech advancements on entrepreneurial intentions, exploring their benefits, challenges, and future prospects.
This study explores the influence of financial technology (Fintech) innovations, environmental, social, and governance (ESG) reporting, and blockchain technology on financial transparency and accountability through a qualitative literature review. By examining a diverse range of academic papers, industry reports, and case studies, this research aims to provide a comprehensive understanding of how these factors contribute to enhancing financial transparency and accountability in the modern financial landscape. The literature review reveals that Fintech innovations, including mobile banking, peer-to-peer lending, and automated investment services, significantly improve financial transparency by providing more accessible and real-time financial information to stakeholders. These innovations enhance accountability by enabling more efficient and accurate tracking of financial transactions and performance. ESG reporting, which involves disclosing information related to a company's environmental impact, social practices, and governance structures, plays a crucial role in promoting financial transparency. It ensures that stakeholders are informed about the non-financial aspects of a company’s operations, thereby fostering greater accountability and ethical business practices. The integration of blockchain technology further enhances transparency and accountability by offering a decentralized and immutable ledger system that ensures the integrity and traceability of financial transactions. This technology reduces the risk of fraud and corruption, providing a transparent and accountable framework for financial reporting. Despite these benefits, the study also highlights challenges such as regulatory hurdles, the need for technological infrastructure, and concerns over data privacy and security. The findings suggest that the combined use of Fintech, ESG reporting, and blockchain technology has the potential to significantly improve financial transparency and accountability, provided that these challenges are addressed. This research offers valuable insights for financial institutions, policymakers, and technology developers aiming to enhance financial practices through innovative solutions.
Wahyudi Warianto, Florianus Yudhi Priyo Amboro, Lu Sudirman
Smart Contracts offer significant potential for contractual processes in Indonesia, much like their utilization in the United States under the prevailing regulations of both countries, including the Electronic Information and Transactions Law Number 11 of 2008, the Civil Code, the Uniform Electronic Transaction Act, the Electronic Signatures in Global and National Commerce Act, the Blockchain Technology Act, as well as Arizona House Bill 2417 and Nevada Senate Bill No. 398. This study aims to pragmatically analyze the legal perspective regarding the legal capacity to facilitate the use of Smart Contracts as a form of blockchain technology, using the legal framework of the United States as a comparative basis. The research employs a comparative legal research method with a legislative approach. The analysis reveals the inadequacy of the legal framework in Indonesia, despite recent revisions, which still exhibit numerous shortcomings in facilitating the utilization of Smart Contracts. Suggestions for regulatory aspects are proposed to support comprehensive legal development, as an effort to adapt to the evolving times. Smart Contract menawarkan potensi pemanfaatan yang baik dalam proses berkontrak di Indonesia, sebagaimana yang telah mulai dimanfaatkan di Amerika Serikat melalui peraturan perundag-undangan yang berlaku di kedua belah negara, yaitu Undang-Undang Nomor 11 Tahun 2008 tentang Informasi dan Transaksi Elektronik, Kitab Undang-Undang Hukum Perdata, Uniform Electronic Transaction Act, Electronic Signatures in Global and National Commerce Act, Blockchain Technology Act, dan Arizona House Bill 2417, Nevada Senate Bill No. 398. Penelitian ini bertujuan untuk menganalisis secara pragmatisme dalam perspektif hukum perihal kecakapan hukum untuk memfasilitasi pemanfaatan Smart Contract sebagai bentuk teknologi blockchain, dengan menggunakan kerangka hukum Amerika Serikat sebagai bahan komparasi. Penelitian ini menggunakan metode penelitian komparatif dengan pendekatan perundang-undangan. Analisis menemukan adanya ketidakcakapan kerangka hukum di Indonesia, meskipun telah didukung dengan revisi pengaturan terbaru, yang nyatanya masih memiliki banyak kekurangan dalam kecakapan untuk memfasilitasi pemanfaatan Smart Contract. Usulan aspek pengaturan diusulkan oleh pengaturan ini untuk mendukung perkembangan hukum yang komprehensif, sebagai upaya beradaptasi terhadap perkembangan zaman