Blockchain Papers

Veena

Artificial Intelligence (AI) has transformed the fintech services and created a robust business canvas elevating various personalized and automated services with lightning speed satisfying ever changing needs of a person and market. AI triggered financial models and Chatbots are changing the investment environment in India. The quantum computing enabled with the AI is able to design tailor made risk management models in the financial services front. On the other hand, AI is empowering the fintech models face the challenges of frauds and cybercrimes. Automated documents and know your customer verifications, e signatures, faster clearings are some of the inventions in the Fintech arena supported by AI driven technologies. Credit score calculations and data maintenance of customers, identification of risks in finance and credit portfolios are other tools minimizing the frauds in lending portfolios of the banking and non-banking institutions. Market, investors behaviours, funds-flow trends’ analysis are other important operational efficiency tools that the bankers enjoying. The decentralized platforms, mechanized and smarter modes of financial services designed by the technology are contributing to the growth of the financial services including the insurance, capital markets. Banking services blessed with technological inventions are transforming the traditional banking into new-age businesses by reducing the operational cost and minimized operational time. The digital payments, real time credit of cheques, UPI payments are contributing for secured transactions, faster mode of authentications, encryptions and many more. The dependence on natural human resources is becoming less even after with expanding base of customers and variety of financial services. Anytime, anywhere banking models, digital platforms, and digital channels dedicated for the financial transactions are other contributions of the technological developments. The Fintech is witnessing a remarkable transformation with the induction of AI and other technologies into designing, operational and distributive models of financial products. Inventions in this field of financial sector are continuous. Emerging computing technologies are adding value to fintech facilitating faster developments in the services sector and contributing the growth of the economy.

Shazpreet Kaur, Anjani Srivastava, Kirti Khanna

PurposeThe enhanced consolidation of cloud accounting models within geographical boundaries of India has established latest standards in financial auditing, reporting, compliance procedures and virtual accessibility. Nonetheless the legal framework in the nation is evolving simultaneously to accentuate audit trails, nationalized storage of data and sovereignity of data. Latest modifications under the companies act 2013; the company’s fourth amendment rules and the new policies issued by RBI for data localization have radically shifted the compliance framework for all the accounting professionals and the service providers in the country. Regardless of the mounting academic discussion on adaptability of cloud accounting around the globe, meagre research has highlighted hoe nationalized legal requirements have modified the framework infrastructure, risks involved and acceptability of accounting professionals in india which will be investigated in this study. This study will further identify the pros and cons for adoption of cloud accounting and will come out with suggestive cloud accounting models for Indian scenario. Design/Methodology/ApproachAn empirical and analytical research design has been adopted for the study and snowball and convenient sampling has been used for primary data collection..A sample size of 140 has been calculated using G-power. The research is confined to chartered accountants of agra district to whom a well structured questionnaire was sent using google forms.stastical tools used in this study is chi square test. FindingsCloud accounting is a tremendous shift towards triple entry system wherein a transaction is verified by a third party using cryptography and blockchain technology thereby increasing authenticity and trust by piling all entries in a public ledger. As a result of this more businesses are adopting virtual workforce models. Introduction of cloud based models in accounting profession has enhanced the roles of key processing indicators in the business.Cloud technology magnifies employees networking and association thereby increasing efficiency and effectiveness. Chartered accountants who will accept this change will have new opportunities open for them and those who will look at this technology with ostrich approach will be left behind. OriginalityThe findings will be valuable for further research work to be done in this area. The findings will help various researchers, chartered accountants, accounting professionals etc to understand the implementation of cloud accounting in developing countries like India and to understand in depth the implementation and adoption of cloud based accounting in the Indian scenario.

Faizah Alsulami

This study examines the current state of digital asset auditing and proposes a clearer future vision through a systematic review of relevant literature and prior studies. It highlights the fundamental differences between digital and traditional assets, explains the classification of digital assets and their close association with blockchain technology, and analyzes the existing accounting and auditing frameworks considering international standards and provides a brief overview of the status of Egyptian legislation. The study also discusses the evolving role of auditors and the main stages of the audit process in the digital environment. The findings indicate that rapid digital transformation requires the development of advanced auditing standards and methodologies, and that the adoption of data analytics, smart contracts, and continuous auditing, together with enhancing auditors’ technical and professional competencies, contributes to improving audit quality, transparency, and risk management related to digital assets.

Obani Chimaobi Desmond, Eneoli Queeneth Uchenna, Lucy Obiageli Agbasi, Chukwudi Umejiaku

This study examined blockchain technology's potential to enhance audit efficiency in selected service firms. Traditional auditing is often hindered by data manipulation, limited transparency, time-consuming verification, and high costs challenges that blockchain's decentralised, immutable, and transparent ledger system can plausibly address. The research assessed blockchain's role in improving audit efficiency, focusing on automation and realtime auditing, distributed ledger effects, and consensus mechanisms. Data was gathered through questionnaires, observation, and a technical readiness survey, and analysed using descriptive statistics, inferential statistics, and multiple regression. The study evaluated current auditing practices to identify the benefits and barriers of blockchain implementation, examining existing audit challenges, blockchain's capacity to resolve them, and the implications for service firms. Respondents were drawn from service firms with interest or prospects in adopting blockchain for audit activities. Findings showed marked improvements in audit accuracy, transparency, and overall efficiency, though adoption barriers, cost, and the need for regulatory structures were also identified. The study contributes to the growing body of knowledge on blockchain's practical application in auditing, offering guidance to service firms, audit practitioners, and policymakers on successful implementation. By addressing these challenges and leveraging blockchain's opportunities, service firms can achieve cleaner, safer, and more efficient audit practices. The research confirms that blockchain technology plays a significant role in enhancing audit efficiency within service firms.

Dr Christopher aditya

Whether it be societal decision making like voting or economic activities such as financial transactions, Centralisation is widespread in all-sphere, the emergence of „Blockchain distributed ledger technology" is considered one of the technological breakthrough, to cautiously address the problem outcomes of centralization. Proponents contend that Blockchain will touch every major industry and will alter the way that people and society interact. The Blockchain revolution pushing the world into a new era, predicted on openness, merit, decentralisation and global participation. As per NASSCOM Avasant India Blockchain Report 2019,over 40+ blockchain initiatives are being executed by the public sector in India, with nearly 8% in execution Phase & around 92% in POC-Phase. This study explores some potential and existing use cases for Blockchain in several industries such as finance, healthcare, insurance, retail & ecommerce and media & entertainment. Further, the plausible potentiality of Blockchain along with its limitations, to address far reaching implications for value delivery and socio-economic development, is assessed employing SWOT-analysis. The paper covers applicability aspects of Blockchain with relevance to the future directives.

Dappfort

Dappfort is a blockchain-focused Web3 development company that helps businesses harness the power of decentralized technologies to build secure, scalable, and future-ready digital solutions. Headquartered in Madurai, India, with additional presence in London, Dappfort works across a broad range of industries — including finance, healthcare, gaming, retail, and supply chain — delivering tailored blockchain and Web3 applications to startups, enterprises, and global organizations. The company’s core services include the design and development of decentralized applications (DApps), crypto exchanges (centralized and decentralized), crypto wallets, NFT marketplaces, DeFi platforms, token creation, smart contract development, and enterprise Web3 integration. Dappfort also expands into related areas such as Web3 e-commerce, AI-powered blockchain solutions, and metaverse experiences, supporting clients from strategy and consulting through deployment and ongoing support. With expertise in major blockchain networks like Ethereum, Solana, Binance Smart Chain, and others, Dappfort positions itself as a full-stack partner for businesses aiming to enter or grow in the decentralized digital economy. While the company promotes a strong innovation- and security-oriented approach, external reviews on third-party platforms show mixed feedback from users about project delivery and quality.

Rajeshkumar Venugopal

This paper argues that India's Goods and Services Tax Network has already produced, through tax incentive rather than cryptographic consensus, the supply chain properties — traceability, transparency, fraud reduction, and audit trail — that the blockchain literature proposes to deliver through distributed ledger technology. The argument is not that blockchain does not work. It is that the mechanism that produces tamper-resistance is the incentive, not the technology, and India already has that mechanism at national scale. The paper's original theoretical contribution is a two-player simultaneous-move game formalizing the bilateral incentive structure that the VAT self-enforcement literature has assumed in prose but never derived from primitives. The unique Nash equilibrium (F,D) — formal supplier, demanding buyer — is obtained by iterated elimination of weakly dominated strategies and sustained by a single precise condition: τv > c_B, the input tax credit exceeds the buyer's cost of sourcing from a registered alternative. No audit is required at the transaction level. The ITC does the work that enforcement cannot. The upstream formalization cascade — empirically documented by Patnaik (2026) as a doubling of effects over five years — follows directly as this equilibrium applied iteratively upstream, tier by tier, without government intervention at each stage. To the author's knowledge, this micro-foundation does not appear elsewhere in the VAT literature. Pomeranz (2015), Kleven et al. (2011), and de Paula and Scheinkman (2010) treat the self-enforcement intuition as motivation or derive aggregate implications; none writes down the strategic form game or states the equilibrium condition in falsifiable form. The empirical case rests on scale. FY2024-25 gross collections of Rs. 22.08 lakh crore (approx. USD 263 billion). April 2025 single-month record of Rs. 2.37 lakh crore (approx. USD 28 billion). 1.51 crore active registered taxpayers. Six phases of e-invoicing threshold reduction from Rs. 500 crore to Rs. 5 crore, directionally toward universal pre-validated coverage. GST 2.0 implemented September 22, 2025. The Production Linked Incentive scheme disbursing billions to Apple's contract manufacturers on the basis of GSTN-verified production data — the sovereign proof that the infrastructure is trusted for the highest-stakes commercial verification the government performs. The implication for Indian FMCG, pharmaceutical, and logistics firms is direct: private blockchain consortia built to solve domestic supply chain transparency problems are solving a solved problem at non-zero cost.

Mr.Ponirulappan M Dr.Poornima.B

The rapid evolution of digital finance has transformed the way payments are processed globally, leading to a growing comparison between cryptocurrency-based payment systems and traditional payment systems. Traditional payment systems, such as banks, credit cards, and online payment gateways, have long been the backbone of financial transactions, offering reliability and regulatory oversight. However, these systems often face challenges related to transaction speed, high processing costs, and centralized security risks. In contrast, cryptocurrency payment systems leverage blockchain technology to enable decentralized, peer-to-peer transactions that promise faster settlement, reduced transaction fees, and enhanced transparency. This study compares crypto-based payment systems and traditional payment systems across three critical dimensions: speed, cost, and security.

Leelawati Pokhrel

this study rigorously scrutinizes the revolutionary impact of artificial intelligence (AI) on banking organizations within India. It definitively analyses the transformative effects of AI on the Indian financial industry by reviewing pertinent literature, compelling case studies, and empirical data. The paper first establishes the major ways. AI unequivocally alters the financial sector. It then details how Indian Banking institutions effectively deploy AI across critical areas such as customer service, algorithmic trading, risk management, fraud detection, credit scoring, and regulatory compliance. The integration of AI into India’s financial ecosystem is highlighted through examples from major banks, fintech companies, and regulatory agencies, showcasing the methods used and the outcomes achieved. Furthermore, this study explores the impacts and challenges associated with AI implementation in the Indian banking industry [14]. It delves into the cultural factors, current regulations, data availability, talent acquisition, and regulatory frameworks that shape the application of AI in Indian banks. The combination of Decentralized finance and AI offers a revolutionary partnership that might completely change the sector, increase its flexibility, and lay the foundation for long-term viability. In recent years, AI and Decentralized finance have become prominent advances in technology that have attracted a lot of interest and acceptance. In conclusion, this study comprehensively analyses AI's effects on India’s banking sector. This research paper is based on secondary data with the help of various journal and websites. Researcher paper benefits to many Policymakers, practitioners, and scholars will find invaluable insights contributing to the growing literature on technology-driven transformations. The recommendations provided will enable stakeholders to effectively harness AI’s capabilities while proactively addressing inherent risks and challenges, thereby enhancing the resilience, efficiency, and customer-centric focus of financial institutions in India and ensuring their competitiveness in an increasingly digital landscape. This research highlights the need to adopt a-worthy strategies for the prevention of active fraud, eventually contributes to the integrity of financial systems.

Awadhesh Singh Gautam

India holds a crucial place in the worldwide leadership of sustainable development since it is the largest democracy in the world and has one of the nations with the greatest economic growth. With innovation, inclusivity, and sustainability at its core, Viksit Bharat @2047 symbolizes India's ambition to become a fully developed country by the century of its independence. Emerging technologies are increasing productivity, boosting global competitiveness, and spurring innovation in various industries. By providing tailored financial assistance & investment suggestions, artificial intelligence-powered chatbots & robo-advisors are democratizing the provision of financial planning services. Decentralized finance (DeFi) systems and other blockchain-based solutions are simplifying trade finance procedures, lowering operating costs, and facilitating safe and transparent cross-border transactions. This chapter examines how innovation and technology are essential to achieving this lofty goal. It provides a thorough examination of India's contemporary digital infrastructure, the country's ascent in international innovation rankings, & the use of cutting-edge technologies including biotechnology, renewable energy, artificial intelligence, and space research. The story highlights government programs such as Start-up India, Digital India, and the National AI & Green Hydrogen Missions. Furthermore, the story underscores the importance of inclusive growth, which encompasses youth empowerment, women-led innovation, and rural digitization. Alongside strategic advice, issues like cybersecurity concerns, low investment in research and growth, and the digital divide are also discussed. India is positioned to emerge as a worldwide leader in technology, not simply a consumer, by cultivating a strong innovation ecosystem and utilizing partnerships between university, industry, and the private sector. This chapter provides a comprehensive plan for a tech-powered, inclusive, and sustainable Viksit Bharat before 2047. Higher education is one of the areas that must use developing technology, especially artificial intelligence (AI), to achieve Viksit Bharat 2047 (the Developed India 2047). Outside of higher education, artificial intelligence influences technology and economic progress. Young minds will realize this transformative vision as soon as they actively interact with AI. AI literacy empowers students in higher education to investigate, produce, and innovate. Students may do research, find solutions to real-world issues, and alter the course of history as they learn AI.

Shivangi Verma, Manuj Uniyal

The study focusses on cryptocurrency and asset recording in finance. In this cryptocurrency, digital currency which is the optional form of payment created using encryption algorithms. Cryptocurrency uses assets, intangible assets or property. They are some methods and challenges of assets. The data collected from primary and secondary sources. Secondary sources are journal, article, research paper, websites etc. In this study primary data collected through well-structural questionnaire which is collected from students of B.com 1st Yr, 2nd Yr, 3rd Yr and B.com (Hons) 2nd Yr, 3rd Yr. Simple Random sampling method are applied to collect the data from 110 respondents. My study area is Ramanand Institute of Pharmacy and Management College, Haridwar, Uttarakhand. 5point Likert scale applied in the study to measure the cryptocurrency and asset recording level of students about bitcoin, asset and currency. The finding of the study that cryptocurrency and asset recording in finance help students is selfdependent purpose and update growth level. After collecting data, analysis with the help of statistical tools such as percentage and graphical representation. The conclusion of the comparative study consistently shows that bitcoin, asset recording, investment in finance for the future planning.

Dr. Basukinath Jha and Mr. Nilesh Ghonasgi

Bitcoin, which was established in 2009, has turned into a worldwide cash. Bitcoin is a decentralized computerized money that isn't supported by any administration or national bank. It very well might be utilized to buy labour and products from retailers who acknowledge bitcoins. These bitcoins act as scrambled information lumps. This information is sent starting with one individual then onto the next, and the exchange is affirmed, i.e., cash is spent, requiring a lot of figuring ability to verify the singular exchanges precisely. The shared organization screens and ensures bitcoin moves between clients. It could be utilized to book inns, shop, do monetary exchanges, and even purchase computer games. The advancement of bitcoin digital money, the development of blockchain, and its utilization in certifiable substances are made sense of. This exploration paper will cover the ascent of Bitcoin in India

Tassaduq Hussain

DIGITAL ASSETS AND THE LAW: AN INDIAN PERSPECTIVE WITH COMPARATIVE LESSONS FROM THE US AND UAE Tassaduq Hussain, Fourth-Year, B.A.LL. B (Hons.) Student, School of Law, University of Kashmir, Srinagar, J&K (India) Download Manuscript doi.org/10.70183/lijdlr.2025.v03.225 Digital assets have rapidly emerged as a defining feature of the global financial ecosystem. Cryptocurrencies, stablecoins, non-fungible tokens (NFTs), and Digital assets have rapidly emerged as a defining feature of the global financial ecosystem. Cryptocurrencies, stablecoins, non-fungible tokens (NFTs), and Central Bank Digital Currencies (CBDCs), all rooted in blockchain technology, are reshaping our understanding of value, ownership, and financial systems. In India, while adoption has surged, the regulatory and legal framework remains fragmented, reactive, and ambiguous.

Ms. Dhruvika Razdan, Mrs. Anjali Bhatia

Everything has shifted into a new gear with technology advancement and so has literature. Literature publication is no longer limited to printed pages or e-content. This paper explores the new domain of digitalised literature, crypto-literature. The tools employed for this are blockchain technology and NFTs (Non- Fungible Tokens). Together, these are transforming literary ownership and distribution while empowering authors. This paper delves into how with the help of an alternative to traditional publication, tokenisation of literary works and smart contracts, authors gain transparent royalties, decentralised publishing and copyright gains, which in turn provides creators a greater control over their creations. This paper also explores how, while crypto-literature through Web3 platforms provides creative autonomy and economic empowerment, it also poses several concerns regarding digital equity, accessibility and ecological implications. With the global trends and Indian market in focus, this paper evaluates the advantages and limitations put forward to creators as well as consumers while engaging with this advancing literary system. In short, this paper puts crypto-literature as a focal point of literary innovation, while looking for ethical, inclusive and sustainable practices of this new paradigm.

Sonal Gupta, Sarla

Abstract : The purpose of this paper is to examine the issues regarding accounting for cryptocurrency. An in-depth study of accounting standards is performed to scrutinise their appropriateness for the accounting of cryptocurrency. This research paper focuses on significant accounting aspects which are relevant for crypto accounting. The title of this paper is pointing toward the issues related to accounting for cryptocurrency which requires clarification. This paper will help in understanding the characteristics of cryptocurrency having relevance to business for accounting for them correctly as cryptocurrency has characteristics of currency as well as assets and can act as inventory for some businesses. This paper will analyse the accounting standards and accounting of cryptocurrencies in the financial statement of a company. This paper will also examine the requirement of making amendments to existing accounting standards or having a new accounting standard for the financial reporting of cryptocurrency. The qualitative approach is used in this research. Secondary data is used for this study as previous literature regarding the topic is used for collecting the data through published resources including journals and books. This study finds that cryptocurrency cannot be considered as a currency because of some of its characteristics but can be considered as inventory or intangible assets on the basis of the business model as it has a quasi-currency and quasi-asset nature. The accounting for cryptocurrency needs stand-alone standards to simplify its reporting in the books of accounts to compare financial statements and to maintain consistency in the financial reporting of cryptocurrency. This research area has a lot of potential regarding clarification and guidance of experts for avoiding future issues regarding the accounting of cryptocurrency.

Osama Mustafa

It is worth noting that the topic of cryptocurrencies is characterized by modernity, and the resulting vacuum exists for many of them, and this is entirely the result of the failure of the vast majority of countries and international organizations to analyze them, to distinguish the topic as virgin, especially since it has been digital, so it pushes modern and innovative has become at the forefront. Details list Controversy around the world, as cryptocurrencies represented a dangerous stage in the development of currencies that we witness today in different eras, especially in light of the noticeable spread of these currencies, whether in the present or in the future One of the most important problems resulting from dealing in cryptocurrencies has become the lack of legislative texts that address disputes arising from the trading of digital currency in most countries and international organizations. We also did not find legal legislation for cryptocurrencies in Iraqi legislation that regulates them, and the issue of Research is considered a virgin topic in private international law. Being a complex and thorny subject that includes technical rules, technical complexities and multiple inter-related relationships involving multiple legal systems, which requires an integrated legal system.

Kunjan Dhappa, Joel Fernandes, Arjun Gill

Blockchain is the new age internet equivalent evolution along with the rise of artificial intelligence they both are revolutionizing a new way of safer, faster, and government free interaction for real time financial verification. This study primarily investigates the role of these new age technologies in providing better security and transparent transactions in accounting systems related to crypto notably in decentralized finance (DeFi) ecosystems currently prevailing on solana, Ethereum and Base networks. These blockchain networks currently power billions of transactions in value using great techniques to ensure immutable, verifiable audit trails while removing any 3rd party interference In 2025 major accounting firms and compliance institutions will use AI-driven analytics, anomaly detection and predictive modelling to provide much better scope and structure of audit; this will help to decrease human errors and compliance delays by an estimate of 30%. AI along with blockchain technologies will provide real time decentralized monitoring and forensic analysis via smart contracts with include the major one such as ERC-20The combination of blockchain’s immutable ledger and AIs supremely adaptive intelligence creates a new wave of real time auditing right from retrospective verification to predictive ongoing assurance. However due to delays and legislative fragmentation issues and government ethical remain major obstacles for successful development. Finally our study demonstrates that the combination of Al with blockchain marks a fundamental change toward transparent, automated, and resilient accounting ecosystems capable of maintaining confidence in an increasingly digital and decentralized global economy.

Tushara Kottayi, Akshay Kasare, Bhawna Sharma

The rapid growth of fintech start-ups has led to a drastic change in the financial ecosystem in India, but at the same time, they are under scrutiny from various regulatory bodies because of the volume of risk associated with digital finance (specifically financial fraud, data security, and transaction risk) associated with digital finance. While compliance with the various regulations has historically been a lengthy manual process that involved multiple compliance departments and therefore had a high level of inherent error risk, with the introduction of blockchain technology, there is now the potential to develop compliance systems that use automated and tamper-proof processes that allow for an increased amount of transparency, auditability, and operational efficiencies. Thus, the main focus of this research paper is to evaluate how a blockchain-based system for regulatory compliance might impact fintech start-ups. A case study was conducted on CryptoShield Solutions Pvt. Ltd., a Mumbai-based RegTech company specializing in distributed ledger–based compliance platforms. The data was collected during the internship through observation, workflow analysis, discussions with professionals, and review of anonymized compliance records.The findings indicate that fintech firms adopting blockchain compliance tools have observed 35–45% reduction in manual reporting hours, improved accuracy, faster audit completion cycles, and stronger trust among investors and regulators. However, awareness remains shallow due to skill gaps, cost perception, and lack of standardized guidelines. The final recommendations of the study on stronger digital adoption efforts, awareness programs, and capacity-building initiatives will significantly accelerate the pace of blockchain-enabled compliance transformation in India.

Kadapala Indraja, Prof. M. Yadagiri -

Blockchain technology has emerged as a transformative force in the digital asset ecosystem, providing unmatched transparency, security, and efficiency. In India the rapid growth of the digital economy has fueled the widespread adoption of digital assets, with blockchain playing a crucial role in this transformation. The digital asset market in India has seen remarkable growth, generated significant revenue and spurring financial innovation. As of 2024, the average revenue per user (ARPU) in the sector is estimated at USD 2.09, reflecting its expanding adoption across a diverse user base. This paper explores the diverse applications of blockchain in India’s digital asset ecosystem, including cryptocurrencies, tokenized assets, decentralized finance (DeFi), and smart contract platforms. Blockchain addresses key challenges in traditional financial systems, such as fraud, inefficiency, and lack of transparency, by enabling secure and efficient asset management. The study also analyzes revenue trends and the economic impact of blockchain-driven digital assets, highlighting their contribution to the Indian economy. Additionally, the paper investigates India’s evolving regulatory landscape, examining policy developments and their impact on the adoption of blockchain and digital assets. The findings provides valuable insights for policymakers, businesses, and investors looking to harness blockchain for economic growth and financial inclusion.

Mohamed Ali Ahmed Mohamed El-Erian

If limited liability companies were widely spread in the 1990s, limited liability companies based on blockchain technology have witnessed tremendous growth in the past two years due to digital globalization. These companies adopt decentralized autonomous organizations, known as DAOs, which operate on the blockchain platform through smart contracts and decentralization of control. Despite the many advantages of these companies, they face many legal challenges and regulatory risks. What increases the importance of this study is that the laws of commercial companies in the countries of Iraq (Kurdistan Region) and the United Arab Emirates do not include any regulatory rules in this regard, which raises the question of what are these newly created companies? What are the similarities and differences between them and traditional companies? What are their legal provisions? Should they be adopted within the legislative system or not? In other words, are the decentralized autonomous organizations that belong to these companies capable of displacing traditional organizational structures? In this study, we will highlight to what extent limited liability companies based on blockchain technology can be considered a new form of commercial companies or whether it is just a false idea confined to a narrow scope.

Ruma Dey

This paper empirically investigates the determinants and performance implications of capital structure for two dominant Indian conglomerates, Reliance Industries Limited (RIL) and the diversified Tata Group, utilizing annual data spanning the critical 2011–2021 period. The study addresses the ambiguity regarding optimal financing choices in large emerging market firms, focusing on the contrasting centralized, capital-intensive structure of RIL versus the industry-aligned, decentralized financing strategies of major Tata subsidiaries (TCS, Tata Steel, Tata Motors). A dynamic panel data approach, utilizing the System Generalized Method of Moments (Sys-GMM), is employed across the 11-year period to address issues of endogeneity, unobserved firm heterogeneity, and, critically, to accurately estimate the speed of leverage adjustment, given the observed persistence of financing decisions. The results confirm a dual-theory application dictated by corporate strategy and industry alignment. RIL’s financing choices, particularly its aggressive leveraging followed by deleveraging toward zero net debt by 2021, are predominantly explained by the Pecking Order Theory (POT), where high profitability negatively predicts reliance on external debt. Conversely, the Tata Group’s sub-entities strongly align with the Trade-Off Theory (TOT), with asset tangibility significantly dictating debt capacity (e.g., high debt for Tata Steel vs. minimal debt for TCS). Crucially, the analysis confirms that leverage generally showed a significant negative impact on RIL’s operational performance [Return on Assets (ROA) and Return on Equity (ROE)], validating its strategic shift towards an equity-heavy model. The findings underscore the critical role of strategic corporate philosophy (centralized flexibility versus decentralized industry alignment) in shaping capital structure efficiency and shareholder value creation within complex conglomerates.

Hanumanth M Honyal

Abstract Fintech is financial technology it refers to the integration of technology into financial service to improve the efficiency, accessibility and security. fintech innovation leverage advancements in artificial intelligent (AI), block chain system, cloud mapping, digital payment, regulatory technology (Regtech), and big data to transform traditional financial processes. Fintech is emerging concepts in financial industry In this research paper we aim to focus on opportunities and challenges in Fintech it explain the evolution of the Fintech Industry and present financial technology in Indian finance sector. It provides alternative solutions for Banking and Non-Banking finance services. the benefits of Fintech service India fastest growing in the world it provide digitization transaction and more secure for the user and this services are going to change the habits and behavior of the Indian finance sector Fintech enhances financial inclusion by offering services to underbanked populations while reducing costs and increasing transaction speed. The future of Fintech is shaped by trends like decentralized finance (DeFi), embedded finance and AI-driven financial solutions, promising a more efficient and accessible global financial ecosystem.

Prof. Urmila Karale

If you are a true techno-enthusiast, you must have heard news like Dubai becoming the World’s first blockchain-powered government, news about Telangana government’s decision to set up India’s first blockchain district in Hyderabad, also, news about Jharkhand becoming the first state in the nation to distribute seeds utilizing the blockchain technology and many more. Recently, we have witnessed how a variety of transactions are enforced autonomously without any intermediary in between. The remarkable use of Blockchain technology in cryptocurrency or digital currency was just the beginning. This technology has transformed the way we ensure corporate governance and security. This disruptive technology has great potential to change business models to enhance security. Such innovation that promotes the existence of decentralized autonomous organizations (DAOs) with the required decision-making, regulatory, accountability and incentive framework looks so fascinating. You cannot deny the fact that these decentralized ledger records, smart contracts to automate the processes and continuous auditing procedures can control system manipulations to a great extent. This technology can provide the necessary foundation and infrastructure needed for the Web3 iteration of the World Wide Web (WWW). Let’s understand how Web3 and blockchain together may help minimize the power and control of Big Tech giants by providing more transparent and distributed sharing options. The present research study highlights the tremendous potential that blockchain technology has in solving day to day issues that are encountered in governance. It tries to address the root causes behind it rather than controlling them superficially. This technology, surely, helps organizations and the government in controlling the scope of manipulations in the system.

AYA FAIZ Abdelmalik Goda

. Non fungible tokens (NFT) are a new and unique way to make available and preserve an e-book as a digital asset where all transactions are recorded on the Blockchain. NFT appeared in 2017 and increased in popularity by the end of 2021; At first it attracted artists and since then its growth has been exponential; And then applied in various fields. It is in inception for e-books. The objectives of the study were to identify the NFT and shed light on its advantages and disadvantages and its use for books, and to monitor NFT markets for books and analyze the books in them. For this reason, the descriptive approach was relied upon. To describe the phenomenon quantitatively and qualitatively using a book NFT Markets Analysis Checklist. One of the most prominent results of the study was that NFT for books enjoys many advantages, the most important of which is the profits of the secondary market, i.e. reselling the book and profiting from it. While one of the biggest drawbacks of NFT was the use of cryptocurrencies for minting books. And that most of the countries that are considered the headquarters of these markets are the United States of America; that was 44.4%, followed by Spain and Germany. As a result, the primary language of the markets is English. The minting process varies from market to market depending on the Blockchain used, as well as gas fees.