Blockchain Papers

Houssem Eddine Belghouthi, Walid Mensi, Khamis Hamed Al‐Yahyaee

No abstract is available for this record.

Mohammad Rakibul Islam Bhuiyan, Provakar Ghose, Md. Deluar Hossen, Smail Mouloudj · 6 authors

No abstract is available for this record.

胡雪雅, Zhixiang Yang

This study examines whether green finance promotes green development across Chinese prefecture-level cities from 2005 to 2019. We find a positive association between green finance and green development using panel regressions with city and year fixed effects. This result remains robust after accounting for potential endogeneity and implementing a series of robustness checks. Further heterogeneity analysis shows that this positive effect is stronger in regions characterized by high fiscal capacity and within the Yangtze River Economic Belt. Additionally, green finance drives regional green development by promoting green innovation. Environmental decentralization moderates the relationship, with a stronger positive effect at higher levels of decentralization. This study offers empirical evidence regarding how green finance shapes green development outcomes.

Neha Garg, Anoop Pandey, Nupur Tyagi

This chapter presents a comprehensive overview of the historical trajectory and classification of financial technology (FinTech), tracing its growth from foundational digital innovations to the current era of intelligent, data-driven financial solutions. By contextualizing the evolution of FinTech through clearly defined developmental phases – from FinTech 1.0 to FinTech 3.5 – the chapter captures the significant milestones that have redefined how financial services are created, delivered, and consumed. The narrative begins with the early digitization of financial services (FinTech 1.0), progressing through the emergence of online banking and e-commerce (FinTech 2.0), the rise of mobile technologies and decentralized finance (FinTech 3.0), and the ongoing phase (FinTech 3.5), characterized by embedded finance, AI, blockchain, and hyper-personalized offerings. Each phase reflects broader shifts in technological capability, consumer behavior, and regulatory adaptation, painting a dynamic picture of FinTech’s evolutionary journey. A critical component of the chapter is the typology of FinTech entities, providing a structured classification of players in the ecosystem. These include: Infrastructure providers (e.g., cloud computing, cybersecurity, payment gateways), FinTech startups (innovators developing customer-facing solutions in lending, payments, wealth tech, etc.), and TechFins , or large technology companies (like Google, Amazon, and Alibaba) that leverage their digital dominance to enter financial services. The chapter also offers a focused analysis of FinTech growth in emerging economies, where mobile-first strategies, regulatory experimentation (such 92 as sandboxes), and high rates of digital adoption open up both immense opportunities and unique structural challenges. Financial inclusion limited traditional infrastructure, and supportive government initiatives often accelerate FinTech penetration in these markets, though obstacles like digital illiteracy, data privacy concerns, and capital access persist. Finally, the chapter explores how regional and global FinTech ecosystems are shaped by the interplay of innovation, regulation, and technology adoption. It emphasizes that FinTech growth is not uniform but rather influenced by cultural norms, infrastructure readiness, policy frameworks, and market maturity – necessitating localized strategies within a globally interconnected digital financial landscape. In essence, this chapter equips readers with a deep understanding of where FinTech has come from, how it is categorized, and what forces drive its proliferation across diverse economic and geographic environments.

Sumanta Bhattacharya, Bhavneet Kaur Sachdev

This chapter examines the transformative role of artificial intelligence (AI) and the Internet of Things (IoT) in strengthening decentralized finance (DeFi) frameworks for renewable energy management. In an ideal sustainable energy ecosystem, intelligent monitoring systems, transparent financing mechanisms, and decentralized governance structures operate cohesively to optimize resource utilization and promote inclusive economic growth. Such a system is expected to support real-time energy forecasting, automated funding processes, and participatory decision-making. However, existing renewable energy infrastructures remain constrained by centralized financial control, limited predictive capability, and insufficient integration of digital intelligence, thereby restricting scalability and community participation. Building on prior research in AI-driven energy analytics, blockchainbased financing, and distributed governance models, this chapter critically 298 evaluates how their convergence reshapes green energy ecosystems. While earlier studies highlight the technical efficiency of smart grids and the transparency of blockchain platforms, they often overlook the systemic integration of predictive analytics, decentralized lending, and collaborative governance through decentralized autonomous organizations. Addressing this gap, the present work proposes an integrative conceptual framework grounded in digital ecosystem theory and financial decentralization principles. Through analytical synthesis, the chapter demonstrates how IoT-enabled data streams, AI-based forecasting, and smart contracts enhance risk assessment, financing accuracy, and operational resilience. The findings underscore the importance of ethical governance, data security, and algorithmic transparency in sustaining public trust. Ultimately, this research positions AI- and IoT-enabled DeFi as a critical pathway toward equitable, resilient, and sustainable renewable energy economies.

Lianlong Zhang, Xiaopeng Sun, Kaixuan Zhuang

Promoting harmonious interaction between human beings and the ecological environment has become a key issue for achieving sustainable development. Given the cross-regional mobility of resources and production activities, a single region cannot merely rely on its own efforts to balance economic expansion and carbon reduction. In this context, Digital finance can play a key role in improving information connectivity, facilitating green capital allocation, and reducing transaction costs for cross-regional low-carbon collaboration. Against this background, this study introduces and quantifies regional coordinated emission reduction potential by integrating economic ties, geographical proximity, and interregional carbon emissions from a network perspective. By using the panel fixed effect model, the study explored how digital finance shapes this potential and identified the energy-related carbon consumption structure as a transmission mechanism. Findings reveal that the carbon emission spillover effect is most powerful under the combined influence of economic similarity and geographical proximity. Digital finance significantly enhances the potential for regional coordinated emission reduction, and the effect is even stronger in provinces with lower potential for coordinated emission reduction or weaker fiscal decentralization. The level of digitalization and the depth of usage have a greater influence than the breadth of coverage. In addition, the energy-related transmission channels exhibit clear heterogeneity. The coal-related emission channel provides relatively stronger evidence, whereas the gas-related channel shows a countervailing effect.

Walid Mensi, Rim El Khoury, Abdullah AlGhazali, S K Kang

Abstract The increasing integration of green cryptocurrencies into financial markets raises critical questions about their effectiveness as diversification and hedging instruments. This study examines their role relative to traditional green assets, including the S&P Green Bond Index, S&P Global Clean Energy Index, and S&P ESG Leaders Index, via quantile vector autoregression (QVAR) over the period November 2017–July 2024. The results reveal a U-shaped connectedness pattern, where spillovers between green assets intensify under extreme market conditions, diminishing their diversification benefits. Green cryptocurrencies, particularly Cardano (ADA) and Stellar (XLM), function as primary transmitters of volatility, especially during extreme market conditions. Conversely, green assets, traditionally perceived as low risk, act as net receivers of volatility, failing to provide consistent downside protection and challenging their reliability in risk mitigation. Hedging analysis demonstrates limited risk mitigation from traditional green assets, with certain cryptocurrencies, such as NANO, providing superior hedging potential. These findings have important implications for investors and policymakers. Investors should reassess their reliance on traditional green assets for risk management and consider adaptive hedging strategies incorporating green cryptocurrencies. Regulators must address systemic risks associated with the growing influence of clean cryptocurrencies by implementing volatility thresholds and transparency measures. Future research should examine the regulatory impact and the evolving role of green financial instruments in sustainable portfolio management.

Dimitrios Varveris, Vasiliki Basdekidou, Lazaros Sechidis, Evangelia Polyzou

Restoring forests is essential to addressing the global crisis of deforestation and biodiversity, as well as to maintaining the livelihoods of billions of forest-dependent people. Three major improvements are introduced by the suggested framework for smart forest restoration management: decentralized financial integration, community participatory governance, and the cost-effective deployment of blockchain and smart contracts for predictive and adaptive management. By coordinating ecological objectives with technological developments, these innovations seek to improve transparency, scalability, management effectiveness, and stakeholder trust in forest restoration initiatives.

Shahinaz Hanem Abdellatif, Marwan Kobtan, Mostafa Zeinelabdein, Ramina Pashaee

The study examines the role of development finance theory, stakeholders’ theory, creating shared value (CSV), and the triple bottom line (TBL) framework to advance the Sustainable Development Goals (SDGs). Most studies focus on sustainable Business Models (SBMs) from the perspective of developed countries and often overlook the interdisciplinary nature and peculiarities of emerging economies, in terms of technology opportunities, financing constraints, and governance challenges, in the Global South. This study proposes a multi-layered framework to advance economic sustainability in emerging economies by integrating blended green finance, public-private partnerships (PPP), and fintech-enabled SBMs. The multi-layered framework redefines traditional PPP as a collaborative delivery and governance mechanism involving public, private, and development multilateral organizations to implement Economic, Social, Governance (ESG), and climate-aligned infrastructure. It also reshapes the role of blended finance strategies and emphasizes the often-overlooked role of non-banking financial institutions (NBFIs); particularly leasing companies, small and microfinance institutions, alongside banks in enabling inclusive green finance, and incorporates financial technology (FinTech) innovations, including decentralized finance (DeFi), blockchain, and digital crowdfunding, to improve access to capital, and financial inclusion. Tailored to the context of MENA economies, like Egypt's Vision 2030, the framework offers policy insights and a smooth transition toward sustainable development. Keywords: Economic Sustainability, Green Finance, Blended Finance, Public-Private Partnerships (PPP), Fintech-Enabled Sustainable Business Models, Economic, Social, Governance (ESG), Egypt Vision 2030

Ahmad Ahmad, Muhammad Said, Abdillah Abdillah, Abdulloh Munir

The rapid expansion of Decentralized Finance (DeFi), powered by blockchain technology, has transformed global financial systems by offering peer-to-peer, intermediary-free services. However, its compatibility with Islamic economic law (hukum ekonomi syariah) remains uncertain due to potential violations of Sharia principles such as the prohibition of riba (usury), gharar (excessive uncertainty), and maysir (speculation). This study addresses this gap by employing a qualitative maqāṣid al-sharī‘ah-based analysis to assess the alignment of DeFi mechanisms decentralized exchanges, lending protocols, and smart contracts with Islamic ethical and legal values. Data were collected through literature review and document analysis from classical Islamic sources, fatwas, and current DeFi documentation. The findings show that while many DeFi practices contain non-compliant elements, their underlying technology particularly smart contracts and decentralized governance holds significant potential for adaptation. When structured using Sharia-compliant contracts such as murābaḥah, mushārakah, or wakālah, and guided by maqāṣid objectives like ḥifẓ al-māl (preservation of wealth) and ḥifẓ al-dīn (preservation of faith), DeFi can support financial inclusion, transparency, and justice in accordance with Islamic law. This study proposes a normative framework for building Sharia-compliant DeFi platforms, integrating technical innovations with ethical governance, thereby offering a transformative model for Islamic finance in the digital era.

Zokir Mamadiyarov, R. N. Ravikumar, S. Aarthi, E. Padma · 5 authors

The integration of ESG (Environmental, Social, and Governance) principles with FinTech is reshaping modern finance through technologies like blockchain, digital wallets, robo-advisors, and DeFi. This work explores how computational tools such as machine learning, data analytics, and simulation modelling enhance ESG risk management in digital finance. It addresses cybersecurity, regulatory compliance, AI ethics, and financial resilience, linking ESG issues to practical risk control strategies. Real-time tracking of ESG indicators and transparent reporting via blockchain are emphasized. Techniques like ESG scoring models, heatmaps, and dashboards assist in monitoring sustainability and performance. It also examines emerging risks such as greenwashing, data ethics, and decentralized finance vulnerabilities. The focus is on combining innovation, ethics, and sustainability to build a robust, risk-aware financial ecosystem. This approach is essential for aligning FinTech growth with responsible, long-term ESG goals.

Ehsanul Haque, Arshi Rubab, Asif Intezar, Farheen Siddiqui · 5 authors

Risk management along with sustainable wealth generation are being revolutionized by the combination of Fintech with Environmental, Social, and Governance (ESG) standards. Fintech platforms enable financial institutions to detect and reduce ESG risks, improve transparency, and avoid greenwashing by utilizing blockchain, big-data analytics, artificial intelligence (AI), and decentralized finance (DeFi). Risk assessment techniques are improved by blockchain-enabled ethically finance protocols as well as AI-driven ESG evaluations, which support regulatory oversight and transparency. Research indicates that companies that include ESG factors into Fintech products see improved financial outcomes and attract impact-oriented funding. But there are still a lot of barriers, like disjointed legal regimes, difficulties harmonizing data, and high compliance costs.

Munir Ahmad, Md Zahidul Islam, M. S. Raña, Saddam Hossain

This chapter examines the role of blockchain technology in strengthening risk mitigation within sustainable finance ecosystems. As sustainable finance seeks to align investments with ESG goals, it faces challenges like greenwashing, inconsistent data, carbon credit fraud, and complex regulatory landscapes. Blockchain offers a transparent, decentralized, and tamper-proof infrastructure to address these vulnerabilities. Through smart contracts, automated compliance, and real-time verification, blockchain enhances trust, accountability, and efficiency in ESG practices. The chapter explores use cases and frameworks to demonstrate blockchain's potential to build resilient and credible, and sustainable finance systems.

Nirdosh Bhatnagar

No abstract is available for this record.

Le Thi Minh

Currently, climate change has become one of the most pressing issues facing the world. It affects everyone on this planet and could have serious long-term consequences for humanity if left unresolved. Carbon credit trading is one of the measures contributing to emission management. With technological development, carbon credit trading can be conducted via smart contracts. The strengths of blockchain technology, such as transparency, secure record-keeping, and decentralization, are advantages for carbon credits. However, there are still issues that need to be addressed. This article researches smart contracts as a legal tool in carbon credit trading and identifies areas for improvement.

Md Sharif Hassan, Fatema Tuz Zahra, Firdous Mohd Farouk, Wan Nordin Wan Hussin

ABSTRACT The integration of Financial Technology (FinTech) with Environmental, Social, and Governance (ESG) considerations highlights the burgeoning potential of digitally enabled green finance solutions. This study responds to the emerging stream of research at this interdisciplinary nexus by undertaking a systematic bibliometric analysis of 228 documents indexed in the Scopus database, over the period 2020–2025. It aims to identify key trends, influential authors, and leading journals in this field. It further conducts a systematic review, using VOS viewer and R Studio (Bibliometrix) to demonstrate shifts in research themes within the FinTech‐ESG domain. While early research themes focused on financial inclusion, subsequent studies emphasize the technological drivers of green finance, particularly blockchain, artificial intelligence, and big data as well as the transitions toward carbon neutrality and the circular economy. The study identifies five major research gaps: (i) limited longitudinal evidence on the impact of FinTech on ESG; (ii) insufficient research on the ESG‐transformative role of FinTech in developing economies; (iii) lack of cross‐country comparative studies; (iv) underexplored linkages between governance and FinTech; (v) absence of well‐developed empirical frameworks examining the interplay between decentralized finance and the circular economy. The gaps are addressed by employing a structured TCCM (Theory‐Context‐Characteristics‐Methodology) framework, which provides a coherent research agenda to advance theory development, inform ESG‐oriented digital finance regulatory framework for policymakers, and help practitioners in sustainable FinTech value creation.

Anson Joseph

This paper examines the growing role of blockchain and distributed ledger technology (DLT) in transforming climate finance and global carbon markets. Drawing on twenty-six peer-reviewed studies alongside current market intelligence from financial institutions, technology firms, regulatory bodies, and multilateral organizations, the research explores how blockchain infrastructure is reshaping transparency, efficiency, and trust within carbon credit ecosystems. The study presents three primary contributions. First, it synthesizes recent 2025–2026 developments in Regenerative Finance (ReFi), Web3 systems, and Layer 2 blockchain architectures influencing modern carbon market infrastructure. Second, it introduces a Blockchain Climate Finance Readiness Matrix designed to map deployment conditions to expected institutional and regional outcomes. Third, it proposes a conceptual framework for a next-generation integrated on-chain carbon ecosystem aimed at addressing structural gaps in emerging climate finance systems. Existing literature highlights significant operational benefits from blockchain adoption in carbon markets. Prior studies report improvements in market price efficiency, major reductions in monitoring and verification timelines, and substantial decreases in administrative overhead across the carbon credit lifecycle. Current industry deployments, including J.P. Morgan's Kinexys Digital Assets platform, India's blockchain-enabled Carbon Credit Trading Scheme, and emerging ReFi infrastructure initiatives, demonstrate how blockchain integration is increasingly becoming a foundational layer for next-generation climate finance ecosystems.

Sami Al-Kharusi, Eray Gemi̇ci̇, Walid Mensi, Sang Hoon Kang

No abstract is available for this record.

Rajesh Kumar, Chandra Prakash Pandey, Hemang Upadhyay

The enhanced future path of responsible investment will be marked with a strong but wise symbiosis of artificial intelligence, automation, and long-term human judgment. AI and automation are expected to take over data-heavy aspects of ESG and impact investing, machine-learning algorithms will continuously run satellite imagery, IoT stream of feeds, social-media sentiment, regulatory filings and social scandals, in order to calculate dynamic carbon footprints, detect greenwashing, predict climate-risks and assess social scandals, with amazing speed and sensitivity. Portfolio construction will also be made easier through automation, enabling hyper-personalised responsible investment products, e.g. green bonds with internal carbon-pricing logic, actively ESG-tilted ETFs or impact-linked loans, whose rates change according to measured sustainability KPIs. Distributed ledgers and blockchain will provide the unalterable traceability of green claims, carbon credits and sustainable supply chain and thereby reduce fraud and boost investor confidence.

Parth Joshi, Harsh Parnerkar, Jaykumar Ambadas Maheshkar, Tarun Kumar Kaushik

The move towards a more sustainable and technologically advanced modern financial framework will remain pending the deliberate overlap of sustainability, digital advancement and effective stewardship. All financial institutions across the world are facing push and pull problems of bringing their activities into alignment with net-zero commitments and, at the same time, applying expanding technologies like AI, blockchain, cloud computing, and big data to construct resilient, inclusive and low-carbon infrastructures. The first pillar is enhancing the pace of implementation of the ESG factors into core investment choices, based on the obligatory disclosure of climate risks, the formalization of the green taxonomies, including the European Union and their nascent models in India, and instantaneous carbon counts, which is possible with the use of AI-based analytics. Blockchain and distributed-ledger technologies can provide a transparent, resistant to tampering, monitoring of green bonds, carbon credits and sustainable supply chains, therefore overcoming the risks of greenwashing.

Md. Mustaqim Roshid, Sohidul Islam, Bablu Kumar Dhar, Stella Scholastica Crowley · 6 authors

Environmental sustainability transitions require robust indicator-based evidence to evaluate how technological, financial, and governance factors shape progress toward carbon neutrality. However, the environmental sustainability indicators literature still offers limited evidence on how these structural drivers jointly influence a core environmental indicator within a single advanced economy context . This study examines Canada’s carbon transition by assessing the long- and short-run effects of artificial intelligence (AI) innovation, stock market capitalization, fiscal decentralization, renewable energy consumption, and economic growth on CO 2 emissions over the period 1990 to 2023. Grounded in the integrated insights of the Environmental Kuznets Curve, Ecological Modernization Theory, and the Technology-Environment Nexus, the study employs autoregressive distributed lag (ARDL) bounds testing, which is well suited to mixed orders of integration and relatively small annual time-series samples , complemented by FMOLS, DOLS, and CCR estimators. The findings show that AI innovation and financial system expansion are associated with higher emissions in the long run, whereas fiscal decentralization and renewable energy consumption contribute to emissions reduction. These results suggest that technological and financial advancement do not automatically improve environmental performance unless supported by effective governance and sustainability-oriented policy coordination. The findings offer policy-relevant insights for designing governance and monitoring frameworks that better align innovation, finance, and decentralized decision-making with long-term environmental sustainability goals.

Javier Cifuentes-Faura, Hind Alofaysan, Magdalena Radulescu, Buhari Doğan

This study employs novel decomposed connectedness and portfolio analysis to assess the dynamic spillover effects among carbon finance, artificial intelligence, green energy markets, and bitcoin. The findings indicate that the average total connectedness index is 62%, especially during extreme market conditions. The decomposition of this measure into contemporaneous and lagged connectedness reveals that 56% of the metric can be attributed to contemporaneous dynamics. The portfolio exhibits high Hedging Effectiveness, particularly in extreme market conditions, suggesting that green assets can mitigate risks during periods of financial and geopolitical turmoil. The outcome shows that investments in Bitcoin and technology-related assets often yield the highest returns from 2018 to 2023. Based on the findings, relevant investment policies have been suggested for investors and policy decision-makers.

Mehmet Sahiner, Sisi Sung, James Devlin

ABSTRACT This paper explores how financial innovation and environmental sustainability intersect by analyzing spillovers between FinTech, blockchain energy use, and green finance. Using a Quantile Vector Autoregression (QVAR) framework, we examine weekly data from 2018 to 2024 across 11 digital, environmental, and macro‐financial indices. Our findings reveal a striking asymmetry: FinTech and equity markets consistently act as systemic shock transmitters, especially during crises and booms, while blockchain energy consumption behaves as a passive shock absorber. Notably, Ethereum's energy profile remains sensitive to market exuberance even after its transition to proof‐of‐stake. Connectedness weakens markedly in tranquil regimes but resurges sharply at market extremes, underscoring the fragility of digital–green linkages. These results advance the literature on climate‐FinTech integration by showing how digital finance volatility propagates to sustainability assets. We call for targeted policy interventions that align blockchain development with climate goals and promote transparency and resilience in digital financial markets.

Anirban Dalui, Ritik Kumar Patra, Jatin Tiwary, Jeeva S

The voluntary carbon market is vital for getting private money to projects – worldwide – which cut emissions or take carbon from the air. However, current markets suffer from fragmentation, lack of transparency, manual verification, and risks of double-counting or fraudulent credits. These issues severely erode buyer trust and market efficiency. This study shows a blockchain system built to deal with these faults: verified carbon credits are made into ERC-20 tokens on the Ethereum blockchain. The system lets people trade without needing to trust each other, using Balancer Automated Market Maker – AMM – pools that have DAI stablecoins with them; and it ensures credits are removed from the market for good with a ‘buy-and-burn’ method, ending with ERC-721 Non-Fungible Tokens – NFTs – being given out as proof the emissions were offset. By including data linked to Inter-Planetary File System (IPFS), and signs from cryptographically checked people who confirmed things, the system stops double-counting, makes it easier to find where credits came from, and helps the market to trade more easily. Using what we’ve learned from carbon platforms which have used tokens, from 2020 to 2025, we use a fixed-effects Difference-in-Differences – DiD – test to find what effect the system has on how well prices work and how many trades there are. What we found is that using blockchain makes prices more steady when there’s a reasonable amount of trading, but doesn’t change trading volume much in the short run. These results show how blockchain can make carbon markets stronger, lower costs of trading, and help the Sustainable Development Goals – SDGs. What this study gives is useful to people who make policy, control things, and invest, who want to make digital carbon systems that can last, work well and grow.