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.
Nour Kattawi, Farah Abu-Dabaseh, Mohammed H M Qeshta, Hadeel Alfreihat
The rise of blockchain technology usage has been a fundamental revolution to the FinTech environment, allowing the provision of secure, transparent, and decentralized financial services. Although there is an increased concern with implementing blockchain-based FinTech solutions, there is little empirical research on how blockchain technology potentials can be converted into working decentralized financial services. This paper examines how Blockchain Technology Capability (BTC) can be utilized in making decentralized financial services more effective, especially the moderating effect of trust and transparency. It was based on the Resource-Based View and the Trust Theory, which is the reason why a quantitative research design was adopted, with data gathered among the users of blockchain-based FinTech applications, such as digital wallets, platforms of blockchain payments, and decentralized finance apps. 300 valid responses were obtained. The analysis was performed with the help of Partial Least Squares Structural Equation Modeling (PLS -SEM). The findings indicate that there is a strong positive impact of Blockchain Technology Capability on trust and transparency that subsequently positively affect the effectiveness of decentralized financial services. Moreover, the ability of Blockchain Technology has a direct positive effect on the service effectiveness. The mediation analysis has shown that trust and transparency mediate the relationship between blockchain capability and decentralized financial service effectiveness to some extent. The results add to the literature in the FinTech domain because they explain how blockchain potential generates value in decentralized financial systems and offer practical implications to FinTech companies that seek to promote trust, transparency, and service delivery.
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.
Mohammed H M Qeshta, Ahmad Ali, Salma Al-Shammari, Khaled M. Algraibeh
The growing use of FinTech based on blockchain solutions have gradually affected financial coordination mechanisms in supply chain finance networks where secure transaction verification, real-time visibility and records that cannot be changed have become essential to inter-organization collaboration. Risks related to supply chain finance systems include information asymmetry, slow verification and lack of trust between partners. The conventional monetary procedures often limit transparency, which may cause sabotage of collaboration and increased financial risk. A designed survey was created and it was distributed to practitioners operating in supply chain finance and digital financial platforms resulting in almost 275 questionnaire responses that were valid. An analysis of the data was done using Partial Least Squares Structural Equation Modelling (PLS-SEM) with the use of SmartPLS. The results suggest that the impact of Blockchain FinTech Capability on Financial Transparency has a positive significant impact on the Trust among the partners in the supply chain. Also, Blockchain capability exhibits a direct positive effect on the result of trust. The mediation analysis proves that there is a partial mediating role of Financial Transparency between the relationship between Blockchain capability and Trust. The findings would add to the previous FinTech and supply chain finance literature that clarifies the way in which blockchain-based functions facilitate financial visibility and inter-organizational trust. The practical use of the research relates to the problem that the adoption of blockchain is useful to develop better collaboration and financial stability among firms.
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.
Blockchain smart contracts automate agreements, replacing third-party intermediaries with immutable and enforceable algorithms. Despite their potential, the complexity of blockchain often undermines human trust and their wide adoption. To address this challenge, we systematise existing knowledge on three critical human-centric qualities: transparency, accountability and understandability. Although these qualities are frequently invoked as pillars of trust in decentralised systems, they remain ambiguously defined and inconsistently operationalised across the literature and platforms. To establish a clearer and more coherent understanding of these qualities in the context of public blockchains and smart contracts, we introduce a structured model that organises existing knowledge into five levels: output, algorithm, external data, process, and application, acquiring insights from literature. This structured approach provides a comprehensive understanding by revealing gaps and areas of consensus, aiding researchers in identifying areas requiring further investigation. To address unclear or conflicting interpretations, we incorporated insights from experienced blockchain developers. We also conduct a comparative analysis to examine whether the characteristics of public blockchains align with standard definitions of transparency, accountability, and understandability. Our findings show that smart contracts support visibility and traceability at low system levels but lack clarity, answerability, and ease of understanding at higher organisational and user interaction levels. These gaps highlight the need for improved communication practices, clearer governance disclosure, and more human-centred design approaches.
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.
Résumé Au Maroc, les très petites entreprises (TPE) représentent 96 % du tissu entrepreneurial et génèrent 23 % du PIB, mais 75 à 80 % d'entre elles demeurent exclues du crédit bancaire formel. Dans ce contexte d'exclusion financière structurelle, la Finance Décentralisée (DeFi) — fondée sur les technologies blockchain et les smart contracts — se présente comme une alternative potentielle. Toutefois, son adoption par les dirigeants de TPE reste conditionnée par un ensemble de déterminants encore peu explorés dans la littérature, en particulier la confiance dans ces technologies. Cet article vise à identifier les déterminants de l'intention d'adoption de la DeFi par les TPE marocaines à travers une revue de la littérature et la proposition d'un modèle conceptuel de recherche. En s'appuyant sur le modèle UTAUT (Venkatesh et al., 2003) comme cadre théorique de référence, complété par les théories de la confiance dans les systèmes technologiques (McKnight et al., 2002 ; Pavlou, 2003 ; Zhou, 2011), cet article propose un modèle étendu intégrant cinq déterminants directs de l'intention d'adoption : la facilité d'usage perçue, l'utilité perçue, l'influence sociale, les conditions facilitatrices, et la confiance dans la technologie DeFi — algorithmi que et institutionnelle. Le genre et l'âge du dirigeant sont intégrés comme variables modératrices. Sur le plan théorique, cet article contribue à enrichir la littérature sur l'adoption des FinTech en proposant une opérationnalisation de la confiance adaptée aux spécificités de la DeFi dans un contexte d'économie émergente. Sur le plan managérial, il fournit un cadre actionnable pour les décideurs publics, les régulateurs et les concepteurs de solutions DeFi ciblant les marchés non bancarisés. Mots-clés : Finance Décentralisée (DeFi) ; UTAUT ; Confiance ; Adoption technologique ; TPE Maroc ; Inclusion financière ; Blockchain ; FinTech ; Modèle conceptuel Abstract In Morocco, micro-enterprises (TPEs) account for 96% of the entrepreneurial fabric and generate 23% of GDP, yet 75 to 80% of them remain excluded from formal bank credit. Against this backdrop of structural financial exclusion, Decentralized Finance (DeFi) — built on blockchain technologies and smart contracts — emerges as a potential alternative. However, its adoption by TPE managers remains conditional on a set of determinants that are still underexplored in the literature, particularly trust in these technologies. This paper aims to identify the determinants of DeFi adoption intention among Moroccan micro-enterprises through a literature review and the proposal of a conceptual research model. Drawing on the UTAUT model (Venkatesh et al., 2003) as the theoretical framework, complemented by trust theories in technological systems (McKnight et al., 2002; Pavlou, 2003; Zhou, 2011), this article proposes an extended model integrating five direct determinants of adoption intention: perceived ease of use, perceived usefulness, social influence, facilitating conditions, and trust in DeFi technology — algorithmic and institutional. The manager's gender and age are included as moderating variables. Theoretically, this article contributes to the FinTech adoption literature by proposing an operationalization of trust adapted to the specificities of DeFi in an emerging economy context. Managerially, it provides an actionable framework for policymakers, regulators, and DeFi solution designers targeting unbanked markets. Keywords: Decentralized Finance (DeFi); UTAUT; Trust; Technology Adoption; Micro-Enterprises Morocco; Financial Inclusion; Blockchain; FinTech; Conceptual Model
This paper presents Polyquity, a Web2.5 platform enabling decentralized Initial Public Offering (IPO) fundraising through a hybrid data architecture. The platform leverages the Avalanche C-Chain for high-speed settlement, while utilizing a custom WebSocket indexer and PostgreSQL database to bridge the gap between blockchain security and institutional-grade user interfaces. By implementing a strict Role-Based Access Control (RBAC) model alongside modular architecture for auction mechanisms, fund escrow, and secondary market functions, Polyquity demonstrates how decentralized capital formation can achieve web2-equivalent performance while preserving core web3 security. The system utilizes the blockchain as the ultimate source of truth for state and funds, while the relational database serves as the source of speed for client-side rendering. Polyquity achieves sub-2-second transaction finality with 50% lower costs than Ethereum, supporting 10,000+ concurrent participants. This work establishes practical mechanisms for bridging traditional finance and decentralized ecosystems through a highly scalable, hybrid full-stack design.
Abstract:The pervasive integration of digital technologies has fundamentally redefined the operational paradigms of commerce, finance, and accounting. This paper explores the multidimensional impact of Digital Transformation (DT) across these interconnected sectors, focusing on the adoption and efficacy of Artificial Intelligence (AI), Robotic Process Automation (RPA), and Blockchain technology. Through a systematic qualitative review of recent literature and industry frameworks, this study examines how traditional financial workflows are evolving into automated, data-driven ecosystems. The findings indicate that while DT significantly enhances real-time reporting, fraud detection, and transactional efficiency, organizations face substantial barriers, including high implementation costs, data security vulnerabilities, and a growing digital skills gap. The paper concludes that successful digital transformation requires not only technological investment but also a strategic realignment of organizational culture and regulatory compliance frameworks. Future research trajectories emphasize the need for standardized continuous auditing protocols and scalable decentralized finance (DeFi) architectures.
The rapid advancement of blockchain technology has given rise to Decentralized Finance (DeFi), a financial ecosystem that operates without traditional intermediaries and challenges the foundational structures of conventional banking. DeFi platforms enable peer-to-peer financial services through smart contracts, offering increased transparency, accessibility, and efficiency. This study aims to analyze the potential of DeFi to disrupt traditional banking models by examining its core mechanisms, value propositions, and structural differences from centralized financial institutions. The research seeks to assess both the opportunities and challenges posed by DeFi in reshaping financial intermediation. A qualitative analytical approach was employed, drawing on an integrative review of peer-reviewed literature, industry reports, and documented DeFi case examples. Data were analyzed through thematic synthesis to compare DeFi functionalities with traditional banking operations, focusing on governance, risk management, and financial inclusion. The findings indicate that DeFi introduces innovative financial models that reduce transaction costs, expand access to financial services, and enhance operational transparency. The study concludes that DeFi represents a transformative yet complementary force rather than a complete replacement for traditional banking. Its future impact will depend on regulatory adaptation, technological maturity, and institutional integration.
Cryptocurrency has developed into a modern form of digital investment, largely supported by rapid technological growth, wider internet access, and the strong presence of social media. Although it has gained significant popularity in recent years, many investors still do not fully understand how it works, the risks involved, or whether it can remain stable in the long run.This study explores how individuals view and understand cryptocurrency as an investment option. It examines their level of knowledge, main sources of information, perception of risk, expectations of returns, and the influence of demographic factors such as age, education, and income on their investment decisions. The research is based on primary data collected through a structured survey, which helped capture real experiences, opinions, and concerns of participants.The study also seeks to understand whether people treat cryptocurrency mainly as a short-term speculative opportunity or consider it a long-term investment alternative. The findings reveal that social media platforms and peer groups play a major role in shaping investment decisions. At the same time, investors remain concerned about price volatility and the lack of clear regulatory guidelines, which continue to create uncertainty in the market.Keywords: technological growth,cryptocurrency,speculative.
Abstract The rapid expansion of Initial Coin Offerings (ICOs), accompanied by widespread fraud and project failures, has underscored the need for more legally secure forms of blockchain-based fundraising. In this context, Security Token Offerings (STOs) have emerged as a potential alternative, combining distributed ledger technology with investor rights analogous to traditional equity instruments. This article examines the key legal and regulatory challenges faced by issuers of equity tokens within the European Union. It analyses the criteria for classification under EU financial law, outlines the applicable regulatory framework, and evaluates the impact of tokenisation models and cross-border offerings. Focusing on Estonia, Luxembourg and Poland, the study demonstrates that equity tokens remain subject to traditional securities regulation, resulting in fragmentation, legal uncertainty and significant compliance burdens.
Cryptocurrencies and Decentralized Finance (DeFi) currently represent a fast growing trend in finance, which enables financial services on public blockchains. In contrast to traditional financial markets, ruled by well established corporations, DeFi is completely transparent, as it keeps publicly available records of all transactions that occur in the network. This availability of the data represents an opportunity to analyze and understand the market from the point of view of the complexity that emerges from the interactions among actors (users, bots, and companies) operating in the embedded market. In this paper, we focus on Ethereum to show that the underlying transaction network bears further and useful information to forecast the evolution of the market. We aim to separate the non-redundant effects of the blockchain transaction network from technical analysis and social media trends in the future price of the Ethereum native cryptocurrency. To this end, we build two machine learning models to predict the future trend of the price time series. The first model, serving as a base, considers the set of most relevant features according to the current scientific literature-including technical analysis and social media trends. The second model considers the features of the base model, incorporating the network properties computed from the transaction network. We find that the second model outperforms the base model and can anticipate 46% more rises in the price than the base model and 19% more falls. Thus, we conclude that new indicators based on network properties provide valuable information to forecast the future direction of the market that cannot be explained neither by technical analysis nor by social media trends alone. Hence, our results represent an important first step toward the definition of a new family of DeFi market indicators based on the complexity of the underlying transaction network.
Crowdfunding is an important mechanism for supporting innovative projects by connecting creators with distributed contributors. Prior research has identified persistent limitations in both traditional and blockchain-based crowdfunding platforms, including limited transparency, centralized control, passive contributor roles, and inflexible fund management processes. These limitations hinder accountability, equitable participation, and effective decision-making throughout the campaign lifecycle. This paper presents a blockchain-enabled crowdfunding framework designed as a decision-support artifact for adaptive fund allocation and participatory governance. The framework enables contributors to engage in spending-request governance through Quadratic Voting, which balances influence across heterogeneous financial stakes and mitigates dominance by large contributors. To support adaptive campaign management, the framework further integrates Ethereum smart contracts with a Markov Decision Process (MDP), enabling campaign-level decisions to respond to evolving contribution patterns and campaign states. The framework is implemented and evaluated through controlled experiments on the Sepolia Ethereum test network. The evaluation includes both an internal ablation of Quadratic Voting and MDP-based adaptive support and an external comparison against representative blockchain-based baselines. The results show that the combined Quadratic Voting and MDP design achieves lower approval latency and higher throughput than partial or static variants of the framework, and that the full proposed platform outperforms the compared baseline systems under increasing campaign workload. Overall, the study demonstrates how participatory governance, adaptive decision support, and transparent smart-contract execution can be systematically integrated into crowdfunding platforms, providing practical guidance for the design of scalable, efficient, and accountable decentralized crowdfunding systems.
Mohd Saleem, Sohrab, Matloob Ullah Khan, Faizan Khan Sherwani
Key components of blockchain technology, DeFi represent a revolutionary advance in digital contracts and automated trades, and they are integrated into decentralized networks such as Ethereum. These self-executing contracts eliminate the need for middlemen by autonomously enforcing specified terms. This paper offers a thorough analysis of Decentralized Finance (DeFi), smart contracts, covering their underlying theories, technological foundations, wide range of applications, and ramifications in context of financial inclusion and investment. In order to clarify the workings and practical applications of such innovations, the research technique comprises a methodical evaluation of the literature, an examination of case studies, and an amalgamation of empirical data. This study evaluates their effects on efficiency, transparency, and trust in international transactions by looking at how they are revolutionizing industries like finance, and decentralized governance. It also thoroughly examines security considerations, including best practices and vulnerabilities, as well as regulatory issues and new developments.
The global financial ecosystem is experiencing a paradigm shift with the integration of blockchain technology into stock trading platforms. This study explores the adoption patterns, benefits, challenges, and case evidence of blockchain implementation in financial markets worldwide. Blockchain, or Distributed Ledger Technology (DLT), offers decentralized, immutable, and transparent transaction recording, enabling enhanced efficiency, reduced settlement times, and minimized operational risks. Using a descriptive research approach, the study examines key case studies, notably the Nasdaq Linq initiative, which applied blockchain to private securities transactions to streamline recordkeeping, improve transparency, and reduce reconciliation efforts. Findings indicate that the blockchain enhances settlement speed, strengthens investor trust through transparency, and provides operational efficiencies while adoption is influenced by regulatory frameworks, technological maturity, and implementation costs. The study concludes that targeted, phased implementation, regulatory collaboration, and pilot projects are critical for sustainable adoption, of the highlighting blockchain’s transformative potential to redefine global stock trading infrastructures.
Muhammad Izzul Syahmi Zulkepli, Abdul Muneem, Mohd Shahid Mohd Noh, Mohammad Taqiuddin Mohamad · 5 authors
Smart contracts offer Islamic finance a new mechanism for executing transactions with greater transparency, efficiency and reduced Sharia non-compliance risk, yet their distinct technical features introduce Sharia challenges scholarly exploration. This paper aims to study the implementation of smart contracts from the Sharia Scholars’ perspective and to analyze its operational challenges as well as Sharia-related issues that arise from integration in the realm of Islamic finance. Using a qualitative approach, data was collected from credible sources such as books, journals, and relevant websites, with strict inclusion criteria. The analysis employed inductive reasoning and an explanatory research method to explore the application and issues surrounding smart contracts. The study finds that smart contracts hold great potential and are generally Sharia-compliant. However, technical aspects, such as contract terms, coding, execution, and protocol consensus require further research. It also stresses the importance of having a Sharia committee or advisor to ensure compliance in products and operations.
This study examines the transformation of property rights amid rapid digital innovation, focusing on how legal systems are adapting to address the inheritance of virtual assets alongside traditional physical property. The rise of digital assets, including cryptocurrencies, non-fungible tokens (NFTs), digital accounts, and online intellectual property, has created significant gaps in existing inheritance laws. Using doctrinal and comparative legal analysis, the study reviews national and international frameworks to identify inconsistencies, accountability deficits, and equity concerns. The findings reveal that most jurisdictions lack specific legislation governing digital inheritance, creating systemic disadvantages for heirs. The study concludes by recommending harmonized legal standards, mandatory digital estate-planning mechanisms, and proactive regulatory reforms to ensure equal inheritance rights regardless of asset type.
Bu çalışma, 2020–2025 yılları arasında DAO (Decentralized Autonomous Organizations) yapılarıyla ilgili literatürü incelemek amacıyla SCOPUS veri tabanından elde edilen 3.113 akademik çalışma üzerinde bibliyometrik analiz gerçekleştirmiştir. “decentralized autonomous organization”, “DAO”, “smart contract”, “on-chain governance” gibi anahtar kelimelerle yapılan tarama sonucunda, literatürün blockchain ve akıllı sözleşmeler temelli teknik altyapı etrafında yoğunlaştığı; buna karşılık yönetişim modelleri, token ekonomisi, oylama süreçleri, güvenlik, veri gizliliği ve hukuki statü gibi konuların araştırmalarda öne çıktığı belirlenmiştir. Bulgular, DAO çalışmalarının çok disiplinli bir yapıya sahip olduğunu, ülke ve kurum bazlı yayın yoğunluklarının küresel olarak hızla arttığını ve kavramsal çeşitliliğin yüksek seviyede olduğunu göstermektedir. Analizler, DAO’ların yönetişim ve denetim açısından standartlaşmamış, teknik olarak karmaşık ve hukuken belirsiz bir yapı sergilediğini; bu nedenle geleneksel finansal denetim modelleriyle uyum sorunlarının bulunduğunu ortaya koymaktadır. Sonuç olarak, DAO ekosisteminin sürdürülebilir ve denetlenebilir bir yapıya kavuşması için yönetişim protokollerinin netleşmesi, teknik güvenlik standartlarının geliştirilmesi ve hukuki çerçevelerin güçlendirilmesi gerekmektedir.