Kátia Karolini Amaro El Alam, Jader do Nascimento Araújo, Israel Horácio Almeida Silva, Dyego Alexandre Girão de Souza Anjos · 6 authors
A expansão das fintechs e das plataformas de ativos digitais recolocou a tecnologia blockchain no centro do debate sobre modernização financeira. Este artigo investiga em quais circunstâncias uma infraestrutura de registro distribuído pode gerar valor para o sistema financeiro brasileiro sem enfraquecer a proteção do usuário, a integridade de mercado e a capacidade de supervisão. O estudo adota abordagem qualitativa e teórico-documental, combinando revisão narrativa estruturada de literatura acadêmica com análise de normas e documentos oficiais publicados entre 2008 e 31 de julho de 2026. A interpretação foi organizada em três dimensões de adequação: operacional, referente ao problema de coordenação que se pretende resolver; de governança, relativa à distribuição de direitos decisórios, responsabilidades e mecanismos de correção; e de interesse público, associada à concorrência, inclusão, proteção de dados e estabilidade. Os resultados indicam que a blockchain tende a ser mais útil em processos multilaterais com conciliações repetidas, exigência de rastreabilidade e possibilidade de liquidação programável. Os ganhos, contudo, podem ser anulados por integração incompleta, custódia frágil, opacidade contratual, concentração de infraestrutura e custos regulatórios subestimados. No Brasil, a consolidação do marco de ativos virtuais e os testes do Drex mostram uma passagem da experimentação para a governança regulada. Conclui-se que a vantagem da tecnologia não reside na descentralização como fim, mas na combinação entre arquitetura apropriada, responsabilização verificável e proteção efetiva dos participantes.
ABSTRACT Real Estate Tokenisation started with the introduction of blockchain technology. It is changing the world’s way of investing in assets by providing proportional ownership, improving liquidity and basically giving retail investors access to HNI investment opportunities they didn't have before. This technology is getting a lot of global attention but institutional adoption is largely dependent on the environment that regulatory bodies set for digital assets and tokenized securities. This study help to present the role of regulation in institutional adoption of real estate tokenization through a comparative analysis of three main jurisdictions India, IFSC GIFT City and the United Arab Emirates (UAE). Using secondary data the study analysed regulatory documents, policy reports and academic literature through a qualitative comparative policy analysis and thematic content analysis. The research looks at the impact of regulatory certainty, recognition through laws, investor protection, licensing, digital marketplace infrastructure and frameworks for foreign investments on institutional confidence. The finding show that institutions are more likely to participate where regulatory certainty, licensing frameworks and innovation-friendly policies can coexist. India has shown increasing regulatory engagement with digital asset innovation with IFSC GIFT City has given a more progressive regulatory environment for international financial activities whereas the UAE has supported itself by dedicated virtual asset regulations and innovation based policies and has established itself as a leading jurisdiction for institutional tokenization initiatives. Proposed by this study is the Institutional Regulatory Readiness Framework (IRRF) which is an six dimensional conceptual framework for measuring the institutional readiness towards real estate tokenization in various jurisdictions. The paper proposes a Regulatory Readiness Framework that combines legal, technological and institutional dimensions to provide knowledge of jurisdictions for large-scale real estate tokenization. By comparing three regulatory ecosystems, the study offers practical advice for policymakers, regulators, financial institutions and market participants who are seeking to improve institutional adoption. Index Terms: Real Estate Tokenization, Institutional Adoption, Blockchain, Regulation, IFSC GIFT City, United Arab Emirates, India, Real-World Assets (RWA), Digital Assets, Regulatory Readiness.
This study maps the development, collaboration patterns, citation structure, and thematic evolution of research on blockchain technology in the waqf sector. A bibliometric analysis of 417 Scopus-indexed publications published from 2006 to 12 July 2024 was performed using Bibliometrix in RStudio and VOSviewer. The analysis covered publication trends, influential sources and contributors, country productivity, citation impact, collaboration networks, and keyword co-occurrence. The results show increasing scholarly attention to the intersection of blockchain, Islamic finance, fintech, and waqf management. Malaysia and Indonesia emerged as the most productive and most cited countries, while an international co-authorship rate of 29.74% indicated moderate cross-border collaboration. Keyword analysis revealed that the field is anchored in Islamic finance, fintech, blockchain, and waqf, with growing attention to cash waqf, crowdfunding, financial inclusion, digital transformation, smart contracts, cybersecurity, and technology adoption. However, these patterns demonstrate scholarly attention and thematic associations rather than empirical proof of blockchain’s operational benefits in waqf institutions. This study identifies priority gaps in empirical implementation, Shariah governance, stakeholder adoption, technical feasibility, and socioeconomic impact evaluation of blockchain-enabled waqf systems.
This study is based on proliferation of IoT devices has created demand for high-rate, low-cost microtransactions, yet conventional blockchains impose fees, latency, and throughput limits that hinder scalable IoT finance. This study aimed to evaluate a hybrid architecture that places microtransactions on a lightweight DAG(IOTA/Tangle-style) plane while periodically anchoring compact commitments to Ethereum to reconcile performance with public auditability. The study implemented a reproducible simulation that ingests IoT telemetry (TON_IoT-style), a DAG transaction and tip-selection model at the edge and samples Ethereum fee/confirmation priors from Google BigQuery public datasets to generate realistic on-chain settlement costs and latencies. Scenario attacks (flooding, replay, recipient-entropy) were injected, and detection models (sequence + +graph features) were evaluated. DAG operation yielded near instant local confirmation (≈1.4 s) and ≈1200 tx/s throughput versus ≈13.2 s and ≈14 tx/s on Ethereum. Periodic anchoring reduced amortized per-payment cost from ≈$0.72 (naive on-chain) to ≈$0.0144 with modest finality delay (median ≈600s), a ≈98% cost reduction. F1 detection was high (≈0.85-0.91) with an acyclic graph (DAG). Ethereum is a practical approach for transparent, secure IoT financial transactions since it preserves DAG performance while providing immutable auditability at negligible amortized cost. Exploring privacy-preserving anchors as well as multi-gateway resilience has become a stepping stone for future research.
Abstract: The evolution of monetary systems has transformed human civilization from simple barter exchanges to sophisticated digital financial ecosystems powered by blockchain technology. This review examines how barter systems evolved into con-temporary virtual currencies across history and assesses how cryptocurrencies fit into the circular economy. The study explores the shortcomings of conventional monetary systems and looks at how decentralized, transparent, and effective forms of economic transaction have been made possible by digital currencies like Bitcoin. Additionally, the study examines how blockchain technology might be used to support waste reduction, sustainability, resource efficiency, and transparent supply chain management. The study also assesses the difficulties posed by virtual currencies, such as market volatility, cybersecurity threats, regulatory ambiguity, and environmental issues pertaining to cryptocurrency mining. The review identifies significant research gaps and future prospects for incorporating virtual currencies into sustainable economic systems by synthesizing the body of existing work. The results indicate that through openness, decentralization, and technological innovation, blockchain-enabled financial systems have a great deal of potential to promote circular economy goals. Keywords: Virtual Currency, Cryptocurrency, Bitcoin, Blockchain, Circular Economy, Sustainable Finance, Digital Economy, Decentralization, Green Finance, FinTech, Supply Chain Management
The tokenization of Real-World Assets (RWAs) represents a paradigm shift in bridging traditional financial instruments with decentralized infrastructures. However, as the market transitions from proof-of-concept to institutional scale, it faces a critical structural bottleneck: the "walled garden" liquidity crisis. Driven by stringent regulatory requirements, tokenized assets are currently deployed across fragmented, permissioned blockchain networks utilizing static, hard-coded compliance logic. This siloed architecture inherently restricts cross-chain mobility, fracturing secondary market liquidity and necessitating redundant authentication processes across jurisdictions. This paper proposes a comprehensive architectural framework to resolve the interoperability trilemma inherent in regulated digital assets. By synthesizing recent advancements in cross-chain messaging protocols and Zero-Knowledge Proofs (ZKPs), we present a model for dynamic compliance. This framework utilizes Decentralized Identifiers (DIDs) and off-chain verifiable credentials to decouple regulatory logic from underlying asset ledgers, enabling seamless asset transfer across heterogeneous blockchains without compromising privacy or jurisdictional adherence. Ultimately, this research provides a technical and regulatory roadmap for policymakers and protocol developers to foster a unified, globally liquid market for tokenized RWAs.
Abstract This research examines the adoption of blockchain and fintech innovation in emerging markets, focusing on the drivers, barriers, and regulatory dynamics. Using a cross-sectional quantitative survey of 114 fintech leaders and entrepreneurs across 60 emerging-market countries, the research examines perceptions of blockchain’s role in cost reduction, efficiency, and financial inclusion through decentralized finance (DeFi), tokenized assets, and digital wallets. Findings show respondents broadly agree that blockchain fosters new business models and competitive advantage, perceive strong benefits in transparency, cost reduction, and efficiency, and hold favorable views of regulatory support, clear guidelines, and sandboxes, while still recognizing regulatory, organizational, and technological barriers to adoption. Fintech leaders reported significantly higher familiarity and stronger belief in blockchain’s potential than entrepreneurs. The study applies Institutional Theory, the Technology–Organization–Environment framework, and Disruptive Innovation Theory to highlight policy, organizational, and technological implications. Because the sample was purposive and responses were uniformly positive, the findings describe the perceptions of engaged practitioners rather than statistically generalisable or audited adoption outcomes.
As the blockchain and decentralized finance (DeFi) ecosystems continue to expand and mature, rug pull scams involving meme coins are occurring with increasing frequency, posing a threat to the security of investors' assets and the healthy development of the industry. Rug Pull scams are characterized by extremely low deployment costs, covert execution, rapid fund transfers, and high detection difficulty. Traditional manual reviews or fixed rules struggle to meet real-time early warning requirements, and existing detection methods generally suffer from issues such as a single feature dimension, inadequate handling of class imbalance, and weak model generalization and interpretability. To address these shortcomings, this paper focuses on the detection of Ethereum-based rug pull scams. First, we clarify their definitions, types, and harm mechanisms, and construct a multi-dimensional feature system based on dimensions such as malicious smart contract design, on-chain transaction anomalies, liquidity manipulation, and social media disclosures. Next, using the "Second Uncle Coin"(token symbol: BOBU) case as an example, we reconstruct the attack process and derive quantitative detection metrics. Subsequently, a risk detection model based on a Multi-Layer Perceptron (MLP) is designed. We employ a combined strategy of SMOTE oversampling and Focal Loss to address the issue of sample imbalance, dynamically search for optimal thresholds to balance precision and recall, and incorporate gradient pruning and early stopping to enhance training stability. Experiments show that the model achieves an accuracy of 0.927, an F1 score of 0.787, and an AUC-ROC of 0.952 on the test set, outperforming traditional methods. Finally, a visualizable web-based detection system is developed using the Flask framework, enabling batch risk assessment, high-risk ranking display, and result export functions.
Blockchain technology, initially developed as a backbone for cryptocurrencies, has rapidly expanded into broader domains of finance and business. Its unique attributes – transparency, decentralization, immutability, and enhanced security – offer solutions to persistent challenges in financial services. This chapter examines blockchain applications beyond cryptocurrency, focusing on its role in transforming financial services such as Know Your Customer (KYC), cross-border payments, and compliance. A case-based exploration of blockchain-enabled KYC demonstrates how distributed ledgers can streamline identity verification while ensuring trust and efficiency. The chapter also outlines benefits, limitations, and potential applications, contributing to a holistic understanding for policymakers, financial institutions, researchers, and practitioners.
This study aims to provide a comprehensive science mapping and bibliometric analysis of the FinTech landscape within Islamic banking and finance. It deciphers the intellectual structure and thematic evolution of the field during the transformative window from 2017 to early 2026. Methodology: Utilizing the Scopus database, a dataset of 725 scholarly documents was extracted and analyzed. The research employs a multi-tool approach, integrating R-Bibliometrix (Biblioshiny) for longitudinal performance analysis and VOSviewer for visualizing keyword co-occurrence and institutional collaboration networks. The PRISMA 2020 protocol was followed to ensure methodological transparency. Findings. The results reveal an exponential surge in scientific production, characterized by an impressive annual growth rate of 28.42%. Malaysia and Indonesia emerge as the primary global knowledge hubs, with the International Islamic University Malaysia leading institutional contributions. The analysis identifies three core intellectual clusters: (1) Blockchain and Cryptocurrencies, (2) AI and Regulatory Compliance, and (3) Financial Inclusion and Institutional Stability. Thematic evolution indicates a strategic shift from basic FinTech adoption toward advanced applications in Artificial Intelligence, Ethical Technology, and the Sustainable Development Goals (SDGs). Originality,