This study presents a comprehensive bibliometric analysis of the academic literature surrounding digital wallets and crypto payment systems, two pivotal components of the evolving FinTech landscape. By utilizing data from the Scopus database and visualizing it through VOSviewer, the study maps co-occurrence of keywords, co-authorship networks, institutional collaboration, and country-level partnerships. Findings reveal that blockchain technology serves as the central anchor of research, connecting diverse themes such as smart contracts, authentication, digital assets, and decentralized finance (DeFi). Temporal analyses show a progression from foundational infrastructure studies to more application-driven topics like non-fungible tokens (NFTs) and crypto wallets. Co-authorship and collaboration networks highlight key contributors and regions, with India, the United States, and select European countries leading scholarly production and partnerships. The study provides theoretical contributions by identifying core research clusters and emerging themes, while offering practical implications for regulators, developers, and financial service providers aiming to integrate digital and crypto payment solutions. Limitations include database scope and the inherent constraints of bibliometric methods, suggesting avenues for future mixed-method or qualitative enrichment.
The rapid evolution of financial technology (fintech), including cryptocurrencies and decentralized finance (DeFi), has transformed how consumers and businesses engage with financial services. This chapter examines the drivers of fintech adoption by extending established technology acceptance models, such as technology acceptance models (TAM), unified theory of acceptance and use of technology (UTAUT), and theory of planned behavior (TPB). A systematic review of 80 articles (2017–2023) identifies key factors influencing adoption, including perceived usefulness, ease of use, social influence, and facilitating conditions. Emerging factors, such as financial literacy, hedonic motivation, and trust, are especially important during crises, such as the COVID-19 pandemic. However, gaps remain in understanding how evolving perceptions of security and trust impact sustained adoption, particularly in decentralized environments, such as blockchain networks and crypto assets, where algorithmic transparency replaces institutional intermediaries. This chapter proposes integrating trust, security, and user perceptions into existing models to create a cohesive framework applicable across fintech services. The findings provide actionable insights for researchers and industry stakeholders to enhance user acceptance and guide future innovation.
We present LISA, an agentic smart contract vulnerability detection framework that combines rule-based and logic-based methods to address a broad spectrum of vulnerabilities in smart contracts. LISA leverages data from historical audit reports to learn the detection experience (without model fine-tuning), enabling it to generalize learned patterns to unseen projects and evolving threat profiles. In our evaluation, LISA significantly outperforms both LLM-based approaches and traditional static analysis tools, achieving superior coverage of vulnerability types and higher detection accuracy. Our results suggest that LISA offers a compelling solution for industry: delivering more reliable and comprehensive vulnerability detection while reducing the dependence on manual effort.
Cryptocurrencies have emerged miraculously all over the globe due to their legitimacy, transparency, immutability, and the traceability that blockchain technology provides. However, the benefits it provides are dwarfed by how unpredictable and extremely price-volatile the cryptocurrencies are. That makes it really tough for investors to find their profitable opportunities in such volatile markets. Social media sources, like Twitter and Reddit, have evolved as crucial tools of sentiment estimation above the explosively volatile price movements of decentralized currencies. Here we introduce an attention-based hybrid CNN-LSTM model optimized for social media sentiment analysis to use them towards investment decisions in a broad portfolio of cryptocurrencies. The existing Convolutional Neural Network (CNN) effectively extracts the essential features, and Long Short-Term Memory (LSTM) has the potential to capture the long dependencies between phrases. Although these models can process massive textual data, they limit treating all the features equally important. Therefore, the proposed model induces the attention mechanism into hybrid CNN-LSTM for emphasizing more or fewer weights on different words according to their contributions and optimizes the parameters of employed neural networks using grid search. In our pipeline, the attention-augmented CNN-LSTM first transforms each tweet/review into a 512-dimensional task-specific embedding; a calibrated radial-basis SVM then serves as the final decision layer, refining the margin for classes that the neural network alone tends to blur. This sequential ('deep-features-plus-SVM') architecture boosts F1 by 3.2 pp over a pure Softmax head while adding only 0.4 ms of inference time. Extensive experiments conducted on cryptocurrency-related tweets and Reddit reviews reveal the outperformance of the proposed model over existing Deep Neural Networks (DNNs) and state-of-the-art models. Trained on 9.9 k crypto-tweets and 33 k Reddit comments, AEH attains 98.7% accuracy, 0.987 F1, and κ = 0.94, outperforming strong baselines (pure LSTM + 8.3 pp; pure CNN + 19.3 pp) and the widely-used VADER toolkit (+ 11.8 pp). On the forecasting side, a complementary GRU regressor trained on eight-year price series yielded MAE = 0.0315, MAPE = 5.95%, and MSE = 0.0022 for Bitcoin, beating an ARIMA benchmark at p < 0.001. The primary objective of the proposed hybrid model attributed to processing huge social sentiments with an attention mechanism to break the dilemma of cryptocurrency investors.
Securities trading systems have settlement efficiency, audit transparency, and fraud prevention concerns due to centralized intermediaries and aging infrastructure. Existing research models risk counterparty trading due to delayed settlements, opaque record keeping, and human compliance checks. The study aims to design and evaluate a blockchain-based equities trading platform for transaction security and traceability. Provable Atomic Consensus for Trading (PACT), a blockchain-based architecture for regulated financial institutions' trading environments, combines hybrid consensus with a privacy-preserving cryptographic approach. A hybridized consensus process for efficient transaction finality, zero-knowledge proof enabled atomic settlements for instant delivery vs. payment while protecting commercial secrecy, and regulator-accessible smart contracts for real-time compliance checks are used in the PACT algorithm PACT found a 20% reduction in consensus finality time, 53% reduction in proof verification time, 56% improvement in smart contract vulnerability, and 42% improvement in auditability index on a permissioned blockchain with hardware-accelerated smart contracts. The study indicated 35.6% lower throughput and 41.7% lower Tx volume over 10 validators. Latency over 10 validators is 24% lower and Tx volume is 23.2% lower than existing research models. Blockchain improves securities infrastructure speed, reliability, and transparency without affecting compliance, according to studies.
Nopita Sari, Nurul Ain Safrizon, Basarudin Basarudin, Adam Idris
The increasing adoption of blockchain technology in Islamic finance has prompted growing interest in its application for smart contracts within murabahah financing structures. The digital transformation of financial transactions raises important questions regarding Sharia compliance, contractual validity, and legal enforceability in decentralized systems. This study aims to examine how blockchain-based smart contracts can enhance transparency, efficiency, and trust in murabahah financing while maintaining strict adherence to Islamic legal principles. A qualitative-doctrinal research method was employed, integrating analysis of classical fiqh al-mu’?mal?t with contemporary regulatory frameworks governing digital transactions and smart contract implementation. The study utilized comparative analysis of existing blockchain platforms and Islamic financial models to identify areas of alignment and potential conflict. The findings indicate that blockchain technology supports murabahah transactions by automating contract execution, eliminating asymmetrical information, and ensuring compliance with Sharia requirements for ownership transfer and cost disclosure. However, challenges remain in achieving legal recognition of decentralized contracts within conventional judicial systems. The study concludes that blockchain-based smart contracts can be considered Sharia-compliant when developed under proper legal supervision and governance mechanisms, offering a promising pathway for digital transformation in Islamic finance.
Abstract Cryptocurrency speculation involves investing in assets with highly volatile price movements in which large sums can be gained or lost in short periods. Although fear of missing out (FOMO) has been positively linked to this type of activity, less is known about the role of regret, such as how people react to actions taken (acts of commission) or not taken (acts of omission). Anticipated regret was investigated in a study involving 403 investors ( M = 325, F = 73, Other = 5) recruited from an online panel and presented with meme coin scenarios that manipulated omission (not buying) or commission (sold early) while also examining the roles of social comparison and temporal framing. Scenarios were arranged in a 2 × 2 × 2 factorial design with FOMO, risk tolerance, impulsivity, financial literacy and problem gambling included as covariates to control for potential individual differences. Acts of commission were associated with greater regret and negative emotion but not with FOMO-based investment decisions. No effects were found for temporal distance or social comparison. At-risk and problem-gambling investors were also found to be more vulnerable to negative emotions and risky intention decision-making than non-risk gamblers. FOMO and risk tolerance were related to making decisions based on FOMO, whereas cryptocurrency literacy appeared to mitigate this tendency. These findings underscore the potential value of consumer education in raising awareness of psychological biases that are likely to lead to riskier speculative decisions.
The emergence of blockchain technology has led to the development of smart contracts, which are considered the most significant due to their ability to support automated agreements within the system without the need for third parties. Although it might have its advantages, smart contracts do not address all the issues as they face various security vulnerabilities and legal issues and regulatory conditions. The study explores the current role of smart contracts by examining the vulnerability that threaten the integrity of these contracts like programming errors along with reentrancy hacking and architectural flaws of the blockchain systems. In this paper, the relationship between enforceability and jurisdictional issues and fault-based issues that pose legal challenges to smart contracts will be examined. The paper explores system regulations which arise out of these systems through evaluation of legal frameworks which are aimed at providing blockchain security within the existing legal economic frameworks. Studies on comprehensive smart contract risk have made researchers come up with recommendations that enhance security by way of blockchain system controls.
With the rapid digitalization of financial services-spanning mobile wallets, peer-to-peer lending, central bank digital currencies (CBDCs), and decentralized finance (DeFi)-security architectures must evolve to counter diverse and emerging threats. Building on our earlier FinTechSec++ design for FinTechs and CBDCs, this paper reconceives the framework as a [Simplified] foundational platform for wider financial ecosystems. The framework introduces: (i) modular cryptographic plugins tailored to domain-specific data, (ii) a policy orchestration engine for reconciling multi-jurisdictional rules, (iii) audit logs optimized for external analytics tools, and (iv) automated retraining pipelines for anomaly detection. [Simplified long sentence] Benchmarks on three prototypes (Micro Payment App, CBDC Sandbox, and DeFi DEX) demonstrate threat detection rates of 94-97%, encryption throughput gains of 1.7x-1.9x, and policy enforcement latencies below 60 ms. These findings establish FinTechSec++ as a practical foundation for future financial data security solutions.
Purpose This paper aims to explore the challenges and opportunities of cryptocurrency adoption in Tunisia, focusing on the perspectives of users and professionals. Specifically, it seeks to investigate the underlying factors influencing the adoption and usage of cryptocurrencies in the Tunisian context, including regulatory, technological and socio-economic considerations. By conducting a comprehensive analysis of the motivations, perceptions and experiences of cryptocurrency users and professionals, this research aims to provide valuable insights into the dynamics of cryptocurrency adoption in emerging markets. Through a nuanced examination of these factors, the study ultimately seeks to inform policy decisions, industry practices and future research directions aimed at fostering the responsible and sustainable integration of cryptocurrencies and blockchain technologies into the Tunisian economy. Design/methodology/approach A qualitative approach was used, combining 18 in-depth interviews with professionals alongside netnographic research conducted within two Facebook groups and a Discord group. Data analysis was carried out using T-LAB Plus 2022 software to identify key barriers and motivations to cryptocurrency adoption. Findings The findings reveal four distinct categories of cryptocurrency enthusiasts, along with the primary obstacles to adoption, including regulatory uncertainty, risks of fraud and theft and legal ambiguity. Motivations for adoption include revolutionary sentiments, profit-driven motives and peer influence. Furthermore, blockchain technology is recognized for its potential to enhance transparency and drive economic growth in Tunisia, particularly in sectors such as finance, agriculture and public services. The study reveals key differences between users and professionals in cryptocurrency and blockchain adoption. Users are driven by revolutionary goals and financial gain, while professionals emphasize risks, regulatory ambiguity and the need for clear legal frameworks. This contrast underscores the need for balanced policies that consider both perspectives. Research limitations/implications Limitations of this research include the small sample size due to data confidentiality and the difficulty in recruiting cryptocurrency holders, many of whom were hesitant to participate due to legal concerns. A future quantitative study could further explore these findings and broaden the generalizability of the conclusions, particularly concerning blockchain technology’s potential to drive economic growth. Practical implications The findings of this study highlight the need for regulatory clarity and consumer protection measures to foster trust and legitimacy in the cryptocurrency and blockchain markets in Tunisia. Additionally, educational initiatives and support for blockchain-based projects could promote innovation and economic growth in the region. Social implications Addressing the barriers to cryptocurrency adoption could have significant social implications, including increased financial inclusion, economic empowerment and technological advancement in Tunisia. By fostering an environment conducive to cryptocurrency and blockchain use, the country could position itself as a hub for digital innovation in the region. Originality/value This study offers a unique insight into cryptocurrency adoption in Tunisia, exploring user perspectives in an emerging market facing structural challenges. By comparing user experiences with professional insights, it also sheds light on the divergent views within the ecosystem, offering a comprehensive understanding of the barriers and opportunities in cryptocurrency adoption.
Abstract This study provides a comprehensive bibliometric analysis of FinTech research spanning from 1968 to 2025, using 2760 articles indexed in the Web of Science database. It aims to uncover major publication trends, core theoretical frameworks, emerging topics, and the intellectual structure of FinTech scholarship. Employing VOSviewer and Harzing’s Publish or Perish software, this study maps co-occurrence networks, citation structures, and thematic clusters. It analyzes document types, source distribution, geographical contributions, keyword evolution, and the top 10 most cited papers in FinTech literature. The analysis reveals a significant surge in FinTech research since 1968, driven by the growing impact of digital finance innovations. The top three countries contributing to FinTech publications are the USA, England, and China. Dominant publication outlets include the International Journal of Bank Marketing and the Journal of Financial Services Marketing. Key research themes have evolved across three distinct periods: early banking and innovation (1968–1999), customer satisfaction and trust (2000–2011), and bank performance and digital adoption (2012–2025). Emerging topics include blockchain, mobile banking, crowdfunding, and Internet banking. The Technology Acceptance Model (TAM), along with its extended versions (TAM2, TAM3, UTAUT), is identified as the foundational theoretical framework in this field. The co-citation and keyword cluster analysis confirm the centrality of trust, risk, satisfaction, and performance in shaping FinTech outcomes. These findings not only synthesize FinTech’s academic development but also inform future research by identifying intellectual gaps and high-impact trends. The study highlights the growing integration between FinTech and consumer behavior and calls for deeper exploration into regulatory, ethical, and cybersecurity issues affecting FinTech adoption. Beyond the banking sector, the thematic patterns uncovered particularly in areas such as blockchain-based supply chain finance, crowdfunding ecosystems, and AI-enabled embedded financial services signal substantial strategic implications for non-financial firms. These include enhanced liquidity management, decentralized capital access, and data-driven business model innovation across diverse industries such as manufacturing, retail, and digital commerce.
Fintech modernization is a ground-up shift from traditional batch-processing infrastructure to event-driven real-time architectures that redefine financial service delivery and social mechanisms of trust. Modern financial institutions draw on advanced stream processing technologies, API-first integration, and distributed computing to support transaction throughput rates in millions of operations per second with sub-millisecond latencies for key financial transactions. Occasion-driven architectures (also known as event-driven architecture) provide instantaneous affirmation of transactions, real-time detection of fraud, and clear audit trails through immutable event recording structures that ensure end-to-end transaction traceability for regulatory purposes. Mobile-first design patterns and modern web-based packages boost access to finance for the underprivileged through offline-enabled interfaces that function across diverse device specifications and network connectivity eventualities. Advanced cryptographic algorithms, which include homomorphic encryption and zero-knowledge proofs, facilitate privacy-enhancing analytics that reconcile customized financial offerings in opposition to people’s privacy protection. Regulatory technology embedding using compliance-by-design architectures in regulatory technology help automate policy application and reporting while advanced trust protocols using biometric authentication, behavior analysis, and machine learning algorithms prevent fraud while ensuring frictionless user experiences. The intersection of distributed architectures, privacy-retaining technologies, and inclusive design styles generates financial structures that cater to various populations even as adhering to demanding safety and regulatory compliance in diverse jurisdictions.
Riya Sharma, Prabhdeep Singh, Rohan Verma, Deep Mann
In the last decade, blockchain technology has evolved in various applications, especially in healthcare systems where decision-making needs to be reliable, secure, and transparent. In these applications, the main concern is the storage and transfer of the patient's medical data to offer solutions for data privacy, user control over their data access, and satisfying regulatory compliance. Moreover, due to the need for security assurance and integration with other systems, i.e., traditional healthcare systems, the platform needs a system that, in addition to storing the data, can be able to simplify exchange and manage patient data records through collaboration with smart contracts. This chapter considers the constraints surrounding the role and growth of blockchain smart contracts in promoting healthcare regulatory compliance, positional questions that are yet to be resolved or explored, and boundaries in the underlying structure of international regulatory policies. The chapter introduces the methodological issues inherent in the process of resolution of regulatory compliance. The main purpose is to help system designers understand how to systematically evaluate how blockchain-based systems comply with General Data Protection Regulation (GDPR) requirements. Further the study proposes a set of smart contracts for a blockchain-based healthcare data exchange aimed at the resolution of regulatory compliance accounting issues.
Kiran Deep Singh, Prabhdeep Singh, Ankita Gupta, Rohan Verma
The healthcare sector has vast untapped potential in data management in biotech, pharmaceutical companies, research centers, and other clinical institutions. Health research that involves access and analysis of individuals' health information can lead to a much-improved understanding, prevention, and treatment of health conditions. Blockchain's potential has been identified in various applications, including managing personal health data. There are extensive data sets that can advance patient care protocols and deepen the understanding of patient pathology, fostering the development of new treatments. However, there has always been a privacy concern, and the financial value of these datasets deters stakeholders from sharing their data. The regulatory body has provided protection in promoting patent rights and data sharing through initiatives like common health research data spaces and fair data principles. Trust in the healthcare industry is paramount, where the protection of patient information is critical. While patients can withdraw consent for data use in research, blockchain technology offers a solution for managing patient consent and facilitating the securing of the data. This research implements a smart contract system for patient consent management and data sharing amongst state holders, which includes patients, researchers, data controllers, and supercomputer owners. Unlike traditional healthcare data management models, this mechanism shifts power from data controllers to a consortium of stakeholders. This chapter proposes a permission blockchain and smart contract mechanism that can enhance data sharing and consent management in healthcare, offering a more flexible and secure approach to handling sensitive health data.
Blockchain Technology Applications and Security
FinTech, Crowdfunding, Digital Finance
Artificial Intelligence in Healthcare and Education
K. Sravanthi, P. Prasant, Rajeev Kumar Bedi, Navneet Kumar Rajpoot
This chapter delves into the transformative role of smart contracts within healthcare transactions, emphasizing their potential to streamline processes, enhance data security, and optimize patient engagement. Built on blockchain technology, smart contracts automate agreements with embedded terms in code, offering a more secure, efficient, and transparent alternative to traditional methods. This study highlights the benefits of smart contracts in patient record management, insurance claim processing, and supply chain logistics, addressing critical challenges like high implementation costs, technical integration, and regulatory compliance. By exploring both opportunities and hurdles, this chapter provides insights into the future of smart contracts in the healthcare sector. This chapter is aimed at bringing a comprehensive view of smart contracts and their potential to transform healthcare transactions. The objectives of this chapter include exploring business opportunities of smart contracts and enhancing health products and services in the areas of electronic health records and processing of insurance claims. Further, the deployment of smart contracts will be evaluated with respect to risks, challenges, and ethical considerations for data privacy and regulatory compliance. It also evaluates the cost-benefit analysis that deals with financial implications and return on investment. Examples from the real world, along with future trends of applicability, practice, and novelty in this area, are addressed at the end of the chapter on the use of smart contracts in healthcare.
Stanton Heister, Felix Kin Peng Hui, David I. Wilson, Yaakov Anker
The 2015 Paris Agreement paved the way for the carbon trade economy, which has since evolved but has not attained a substantial magnitude. While carbon credit exchange is a critical mechanism for achieving global climate targets, it faces persistent challenges related to transparency, double-counting, and verification. This paper examines how Distributed Ledger Technology (DLT) can address these limitations by providing immutable transaction records, automated verification through digitally encoded smart contracts, and increased market efficiency. To assess DLT’s strategic potential for leveraging the carbon markets and, more explicitly, whether its implementation can reduce transaction costs and enhance market integrity, three alternative approaches that apply DLT for carbon trading were taken as case studies. By comparing key elements in these DLT-based carbon credit platforms, it is elucidated that these proposed frameworks may be developed for a scalable global platform. The integration of existing compliance markets in the EU (case study 1), Australia (case study 2), and China (case study 3) can act as a standard for a global carbon trade establishment. The findings from these case studies suggest that while DLT offers a promising path toward more sustainable carbon markets, regulatory harmonization, standardization, and data transfer across platforms remain significant challenges.
In the current economic background, traditional supply chain finance mainly relies on the credit of core enterprises, but the credit is difficult to be effectively transmitted to small and medium-sized enterprises (SMEs) at the end of the supply chain. This paper examines the application of blockchain technology in SMEs supply chain finance through a case study of AntChain platform. The distributed ledger and smart contract technologies of blockchain can effectively solve the problems of information asymmetry, high financing costs and high financing risks in SMEs supply chain financing. After AntChain platform integrates the data of the upstream and downstream of the supply chain, it can provide more flexible financing for SMEs through the credit transfer of core enterprises. However, there are also certain deficiencies in actual operation. It is suggested to strengthen data privacy security, lower the entry barriers for SMEs and actively expand strategic partnerships to improve the development of AntChain platform.
This article explores the transformative potential of Blockchain and distributed ledger technologies (DLT) in Afghanistan’s financial sector, amid a backdrop of systemic instability, infrastructural gaps, and geopolitical constraints. Drawing on an extensive review of digital banking development, expert interviews, and comparative global experiences, the study critically assesses Afghanistan's readiness to adopt Blockchain as a tool for financial inclusion, transparency, and institutional resilience. Although the formal banking system has largely regressed post-2021, grassroots crypto adoption reflects a latent readiness for decentralized solutions. The paper argues for a strategic, phased approach to Blockchain integration through regulatory reform, stakeholder engagement, and pilot implementations, particularly in land registration and remittance processing.
The global carbon credit trading market faces significant challenges including lack of real-time verification, double-spending issues, and insufficient transparency in emission measurements. This paper presents a novel blockchain-enabled framework integrating Internet of Things (IoT) sensors for automated carbon credit generation and trading. Our proposed system combines tamper-proof IoT sensor networks with smart contract automation to address current limitations in carbon credit systems. The methodology employs distributed sensor nodes equipped with CO2, temperature, and humidity sensors connected to an Ethereum-based blockchain network. Through extensive simulation and real-world testing, our system demonstrates 99.2% accuracy in emission measurement and real-time carbon credit generation. The framework reduces verification time by 87% compared to traditional manual verification processes while ensuring immutable transaction records. Key contributions include: (1) a decentralized IoT-blockchain architecture for carbon monitoring, (2) smart contract protocols for automated credit generation, (3) a novel consensus mechanism for sensor data validation, and (4) comprehensive security analysis demonstrating resistance to common blockchain attacks. Results indicate significant potential for transforming carbon credit markets through enhanced transparency, reduced fraud, and improved environmental monitoring accuracy.
In the last decade, cryptocurrency has emerged as a major financial and technological phenomenon. This research explores the use of Bitcoin in Yemen. Yemen is a country currently facing a severe humanitarian and economic crisis. The study aims to analyze the opportunities offered by Bitcoin. These opportunities could help overcome traditional financial constraints. The research also examines the challenges that hinder its spread and use. An analytical descriptive methodology was used. The study looked at economic, legal, and social aspects. The results showed that Bitcoin provides real opportunities. It can facilitate financial transfers and offer alternatives to broken banking systems. However, it also faces significant challenges. These include the absence of a legal framework. Other challenges are weak infrastructure and the risks of security breaches and fraud. The research also addressed the legal stance towards these currencies, which remains unclear. The study concludes with recommendations. It provides suggestions for relevant authorities and users. The goal is to maximize benefits and reduce the risks of cryptocurrencies. It emphasizes the need for effective regulations. This will ensure safe and sustainable use.
The development of digital technology has driven the transformation of the global economy, including in Indonesia, through the commercialization of digital assets such as creative works, Non-Fungible Tokens (NFTs), and e-commerce platforms. However, the national legal system is still unable to accommodate these dynamics comprehensively. This study aims to analyze the effectiveness of legal protection of CopyrightCopyright as a digital asset in technology-based transactions, using normative legal methods and legislative, conceptual, and comparative legal approaches. The results of the study show that Law Number 28 of 2014 concerning Copyright and related regulations still has a gap in norms in dealing with new forms of digital intellectual property, weak law enforcement, and limited technical understanding by law enforcement officers. In addition, the less-than-optimal regulation in the financial, taxation, and personal data protection sectors increases the legal risks for digital economy actors, especially MSMEs and content creators. Therefore, responsive legal reforms are needed to strengthen the digital justice system, integrate technologies such as blockchain and AI, and increase legal literacy and coordination between institutions. This reform is important to create a fair, safe, and sustainable digital ecosystem that supports the growth of the national creative economy.
In the world of increasing population with ever increasing strain on law enforcement agencies and judiciary, lack of imparting justice in time has become a major concern. The lack of timely justice has adversely affected the society’s ability to both administer and regulate public relations and affairs. In the middle of such concerns, Blockchain and Smart Contracts can play a pivotal role in managing society and ensuring a balance between criminal intent and legal sanction. Blockchain is a decentralized distributed framework where all nodes in the network collaborate on an equal footing to maintain necessary properties and functions. First introduced in 2008 via a seminal work ‘Bitcoin,’ the principles underlying cryptocurrency have shown immense potential. As of 2023, Blockchain is an institutional technology reshaping the current internet (web version 2.0) forcing it to evolve to web 3.0. It is the basis of ‘smart contracts,’ ‘distributed applications,’ ‘token economies and ‘decentralized autonomous organization.’ This paper dwells on two such applications, namely, cryptocurrency and smart contracts wherein we explain the technologies while highlighting legal challenges and open questions which need significant attention.
Digital payments have grown exponentially but face risks such as fraud, account takeover, and unauthorized transactions. This paper explores how blockchain technology, with its decentralized ledger, cryptographic integrity, and smart contracts, can secure digital payments and prevent fraud. We propose a permissioned blockchain architecture for payment systems, integrating identity management, escrow-based smart contracts, and audit-ready transaction logs. Illustrative simulations compare fraud-risk indices, transaction confirmation time, and per-transaction cost across traditional payment gateways and blockchain systems. The results indicate that blockchain can reduce fraud exposure while maintaining near real-time settlement. Challenges such as scalability, privacy, and regulatory compliance are also discussed. This study highlights blockchain?s potential as a preventive, secure mechanism for digital payments and sets the stage for future research integrating zero-knowledge proofs and federated learning.