Purpose This study aims to explore the potential of blockchain technology for venture capital and entrepreneurship. We hypothesize that the adoption of blockchain in finance has vast potential for research in entrepreneurship and venture capital. Design/methodology/approach We conducted a bibliometric study of 416 articles retrieved from the Web of Science database, and performed descriptive and evaluative analyses. We also used factor analysis to identify discussion questions for the intersection of blockchain and entrepreneurship. Additionally, we employed bibliometric techniques and VOSviewer software to generate scientific maps highlighting current research streams and identifying gaps. Findings While blockchain-related topics are widely documented in industry reports, we found a clear void in academic literature, particularly in the areas of venture capital and entrepreneurship. Several factors may explain this finding: the lack of integration between technological and financial research, the collapse of ICOs and the tendency for adoption primarily in response to crises. Our analysis reveals three dominant research streams: (1) technological adoption, (2) entrepreneurial funding (including Initial Coin Offerings, ICOs) and (3) decentralized finance (DeFi). We identified gaps and opportunities for research on decentralized autonomous organizations (DAOs), the democratization of entrepreneurial finance, trust-enabling mechanisms through smart contracts and the development of standards and taxonomies for firms. Originality/value Unlike existing bibliometric reviews, this study specifically examines the intersection of blockchain, DeFi, entrepreneurship and venture capital, and identifies regulatory and adoption-related research gaps. Our findings underscore the interdisciplinary nature of the domain, highlight the need for deeper inquiry into these evolving topics and contribute to the development of future literature.
The financial landscape in developed countries, including the United States, China, Japan, and Europe, experienced a significant transformation due to the rapid emergence of cryptocurrencies, decentralized finance, Central Bank Digital Currencies (CBDCs), and Fintech innovations. This chapter delved into the profound implications of these technological advancements on financial systems, with a particular focus on stability, security, and regulation. Notably, these transformative changes posed distinctive challenges in Muslim-majority countries, largely due to the absence of Shariah-compliant financial services. The study took a qualitative approach, utilizing structured questionnaires for data collection and investigating the potential of CBDCs in payment settlements through thematic analysis. Respondents stressed the need for clear legal and regulatory frameworks to strike a balance between innovation and consumer protection, cautioning against excessive regulation that could stifle innovation. For financial inclusion and economic growth, emerging economies with Muslim majorities harnessed financial innovations by adapting regulatory frameworks, enhancing digital payment infrastructure, promoting education, and fostering collaborations between traditional financial institutions and Fintech start-ups, aligning these solutions with Islamic finance principles to address unique local challenges. Blockchain technology was identified as having significant potential to enhance supply chain and trade finance in Muslim-majority nations, offering advantages such as transparency, traceability, fraud reduction, and automation for cross-border trade. However, challenges like regulatory uncertainty, educational requirements, infrastructure needs, and security concerns had to be addressed for this potential to be fully realized. In conclusion, the research underscored the importance of learning from the experiences of developed countries and advocated for inclusive regulation, public-private collaboration, education, data security, and international cooperation to achieve financial inclusion and sustainable economic growth in emerging economies. Embracing and integrating new financial technologies could help these nations overcome hurdles and effectively foster development.
The financial sustainability of small and medium-sized enterprises (SMEs) has become increasingly important in the context of economic volatility, technological disruption, and growing sustainability demands. However, existing studies remain fragmented and often examine financial, organizational, technological, and environmental factors in isolation. This study systematically reviews 49 articles indexed in the Scopus and Web of Science databases published between 2014 and 2026 to identify the dominant determinants, thematic patterns, and conceptual structure of financial sustainability in SMEs. Using the PRISMA protocol and NVivo-based bibliometric and thematic analyses, this study examines publication trends, geographic distribution, lexical structures, and thematic relationships across the literature. The results show that research is concentrated primarily in Asia and Europe, reflecting increasing scholarly attention to financial literacy, governance quality, resilience, digital transformation, FinTech adoption, ESG practices, and green finance. Thematic synthesis reveals three interconnected pillars—Internal Capability, Adaptive Resilience, and Digital–Green Transformation—which collectively form an architecture of endurance framework that explains how SMEs maintain financial viability under conditions of uncertainty and change. This framework advances prior reviews by integrating organizational capability, resilience-building mechanisms, and sustainability-oriented transformation into a unified model of financial sustainability for SMEs. Practically, the findings highlight the importance of strengthening financial literacy, governance quality, risk management capability, digital adoption, and sustainability-oriented financing, while emphasizing the role of policy support and financial inclusion in fostering SME resilience. Future research should further explore the implications of generative artificial intelligence, blockchain-based finance, and decentralized finance (DeFi) on SME financial sustainability.
This research provides an in-depth evaluation of current academic studies and advancements in the fields of cryptocurrencies, financial technology, blockchain-based decentralized finance (DeFi), stablecoins, state-owned digital currencies, and Central Bank Digital Currencies (CBDCs). The rapidly evolving Fintech environment, as well as the growing significance of DeFi, Bitcoin, and CBDCs, are critical in the current financial landscape. The study delves into several areas of the Fintech development, such as the overall Fintech experience, digital banking tools, payment methods, and Fintech-based lending practices. It also provides insight into the current status of CBDC programs and pilot projects in different countries. Furthermore, the study looks into how the emergence of cryptocurrencies, Fintech, and DeFi on the blockchain has resulted in revolutionary changes inside industrialized nations such as the United States, China, Japan, and several European countries. It also discusses the wide-ranging implications of these changes for financial stability, security, and regulatory measures. This comprehensive analysis provides valuable insights into the current financial landscape and its potential future directions.
Anas Azenzoul, Nacer MAHOUAT, Ouissale El Gharbaoui, Jihane Tayazime · 6 authors
Tax systems worldwide face a compliance gap that OECD data places at USD 100–240 billion annually in corporate avoidance alone, before accounting for the shadow economy and crypto-asset transactions. FinTech mandatory e-invoicing, real-time transaction matching, and machine-learning audit selection is narrowing the informational conditions that enable evasion, while simultaneously introducing governance risks: opaque algorithmic audit targeting, contested blockchain forensic evidence, and the surveillance potential of programmable money. This article presents a PRISMA 2020 systematic literature review of 59 peer-reviewed articles (Scopus, Web of Science, and ScienceDirect), complemented by IRAMUTEQ lexicometric analysis and an extension of the Allingham Sandmo compliance model to incorporate algorithmic detection probabilities, bomb-crater belief dynamics, and Zero-Knowledge Proof verification. Four thematic clusters emerge: tax compliance behaviour and FinTech adoption (19.92%), digital transformation and corporate performance (35.34%), bibliometric and emerging-technology research (16.54%), and cryptocurrency markets and regulatory challenges (28.20%). Across them, FinTech reduces evasion where institutional and technical conditions allow but generates distributional, evidentiary, and constitutional risks that existing legal frameworks have yet to resolve. In response, we propose the Techno-Legal Due Process Framework (TLDPF) three pillars (Techno-Proportionality, Cryptographic Burden of Proof, and Algorithmic Constitutionalism) grounded in EU/OECD constitutional doctrine as a normative design proposal awaiting empirical validation.
One of the domains that is seeing a rapid transformation in its dimensions as a result of the proliferation of new technologies across the globe is finance. As a component of the conventional financial system, Islamic finance is required to keep pace with the development of technology to make the most of the opportunities presented by developing technologies in the process of bringing Shariah-compliant products that are suitable for Muslims in particular and for mankind in general. Musharakah, Mudarabah, and Murabahah are the three models that serve as the basis for the essential foundations of Islamic commercial law. Specifically, the Mudarabah, Musharakah, and Murabaha contracts are the ones that are investigated in this chapter as they pertain to the implementation of blockchain technology in Islamic commercial transactions. An introduction to blockchain and its various varieties, characteristics, and functions is presented at the beginning of the chapter. Following this, the chapter sheds light on the primary Islamic commercial contracts (mudarabah, musharakah, and murabahah) and their requirements, as well as their functioning, respectively. The chapter then moves on to its primary thesis, which is a comprehensive discussion of how blockchain technology can be used in the three Islamic commercial contracts that are being examined. The problems that Islamic finance specialists will need to overcome to properly incorporate blockchain technology in Islamic commercial contracts are discussed in the final section of the chapter.
Objective: This study examines the legal and procedural challenges posed by decentralised finance (DeFi) technologies to the anti-money laundering framework in Iraq, The research problem lies in the clear regulatory gap resulting from the decentralised nature of these platforms, which relies on smart contract technology and blockchain to eliminate the need for traditional financial intermediaries; this decentralised nature hinders the ability of Iraq’s Anti-Money Laundering and Counter-Terrorist Financing Law No. 39 of 2015 to control cryptocurrency flows and establish criminal liability in this context,، Method: The study adopted a comparative analytical approach, analysing the text of Iraqi legislation and comparing it with the operating mechanisms of decentralised finance platforms, whilst also examining the extent to which it complies with the updated international standards issued by the Financial Action Task Force (FATF) In particular, with regard to Recommendation No. 15, Results: the study reached a number of important conclusions, the most notable of which is that the current legal definitions of funds and financial institutions in Iraq are outdated, thereby limiting the ability of regulatory bodies to track virtual assets, Novelty: The study also identified procedural shortcomings in the handling of encrypted digital evidence and recommended urgent legislative reforms, including the regulation and oversight of Virtual Asset Service Providers (VASPs) through the establishment of a dedicated institutional framework.
Penelitian ini bertujuan untuk mengevaluasi penggunaan cryptocurrency sebagai metode pembayaran zakat yang halal di Malaysia, dengan mengeksplorasi kesesuaiannya dengan prinsip-prinsip Islam sambil mempertimbangkan inovasi teknologi dan kepatuhan syariah untuk pembayaran zakat yang efisien dan transparan. Pendekatan kualitatif digunakan, melibatkan tinjauan pustaka dan analisis regulasi terkait fatwa Malaysia, peraturan keuangan, serta sumber akademis tentang keuangan Islam dan cryptocurrency. Cryptocurrency dapat berfungsi sebagai sarana halal untuk zakat jika memenuhi kriteria syariah seperti transparansi, kepemilikan aset yang sah, serta menghindari gharar dan riba. Regulasi dan fatwa di Malaysia menunjukkan penerimaan yang berkembang di bawah pengawasan ketat; teknologi blockchain meningkatkan akuntabilitas distribusi zakat, meskipun volatilitas nilai dan pemahaman publik tetap menjadi tantangan utama. Integrasi cryptocurrency dapat memodernisasi sistem zakat, meningkatkan kepercayaan dan transparansi sekaligus memastikan kepatuhan syariah. Kolaborasi antara regulator, ulama Islam, dan pengembang fintech sangat penting untuk membangun ekosistem zakat digital yang inklusif dan dapat diakses oleh komunitas Muslim Malaysia. Studi ini menawarkan perspektif inovatif dengan menggabungkan analisis regulasi, teknologi, dan fiqh mengenai cryptocurrency halal untuk zakat di Malaysia, mengisi kekosongan penelitian tentang solusi keuangan Islam digital di pasar negara berkembang.
The integration of generative artificial intelligence (AI) and blockchain introduces new possibilities of verifiably authenticated content created by AI, secure tracking of ownership, and smart contract automation. The objective of this chapter is to talk about the fundamental concepts of the two technologies, demonstrate feasible integration strategies, and propose optimization strategies of consensus mechanisms with the assistance of AI. Practical examples entail simulation in Proof of Stake validator selection with the assistance of Python and generation of Solidity smart contracts with GPT-4. Challenges such as scalability, power consumption, model bias for AI, and regulatory considerations are discussed with the assistance of case examples (Ocean Protocol, SingularityNET, and Verisart) and technical schematics. This comprehensive chapter conducts a thorough analysis of blockchain technology and generative AI, examining their separate origins, prospects for integration, and the critical role that consensus mechanisms play in the safe, decentralized digital environment. Blockchain provides a safe way to record transactions without relying on a single authority and guarantees transparency, immutability, and decentralization.
This chapter examines the transformative influence of financial technology (FinTech) on audit, compliance, and capital markets – three pillars that sustain trust, transparency, and efficiency in the global financial system. Rapid advances in automation, artificial intelligence (AI), blockchain, and predictive analytics are reshaping how institutions manage risk, monitor transactions, conduct audits, and maintain regulatory adherence. FinTech applications are enabling real-time oversight, reducing manual errors, accelerating reporting cycles, and enhancing fraud detection capabilities through intelligent, datadriven systems. Simultaneously, capital markets are undergoing significant digital modernization, with algorithmic trading, tokenization, distributed ledger technologies (DLT), and digital asset platforms redefining how securities are issued, traded, and settled. By analyzing both operational advancements and emerging challenges, this chapter provides a comprehensive understanding of how FinTech is modernizing conventional financial processes while preparing institutions for a more automated, transparent, and resilient market environment.
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.
This chapter delves into the evolving landscape of cryptocurrencies and digital assets, offering a comprehensive understanding of their foundations, functions, and financial implications. It begins by distinguishing between cryptocurrencies and stablecoins, unpacking their technological frame-works, value mechanisms, and economic roles within the broader digital finance ecosystem. As decentralized currencies gain mainstream traction, the chapter critically examines the legal and regulatory complexities that differ widely across jurisdictions – highlighting challenges such as investor protection, anti-money laundering (AML) compliance, and central bank policies. Furthermore, the chapter explores the behavioral economics of crypto investors, shedding light on psychological drivers like speculation, herd behavior, and risk perception. Various valuation models, including network value-to-transactions (NVT) and sentiment analysis, are discussed to understand how digital assets are priced in volatile and often opaque markets. Lastly, the chapter evaluates the risks and opportunities of investing in digital assets, balancing concerns over security breaches, market manipulation, and regulatory uncertainty with the potential for high returns, diversification, and financial democratization. Through this multidimensional lens, the chapter equips readers with the analytical tools and critical perspective necessary to navigate the dynamic world of digital finance.
Deniz Erer, Tuna Can Güleç, Özge Korkmaz, Elif Erer
Rapid developments in blockchain, decentralized finance, and tokenization have raised the question of whether Sukuk can complement technology-based financial assets. This study compares the time-varying efficiency and multifractal dynamics of Sukuk indices, DeFi tokens, lending and borrowing tokens, and a FinTech index from May 25, 2020, to November 29, 2023. Using TGARCH, nonlinearity and long-memory tests, MF-DFA, and MF-DCCA, the study examines shock persistence, asymmetric volatility, market efficiency, and cross-market dependence. The findings show that negative shocks increase volatility more strongly than positive shocks and that all markets display nonlinear and multifractal behavior. Sukuk indices, particularly RMENA and RDJSUKUK, show lower market deficiency values than most technology-based assets. However, persistent cross-correlations indicate that Sukuk is not a direct substitute for these assets. Rather, Sukuk may serve as a relatively stable and efficient complementary asset in technology-exposed portfolios.Key Words: Sukuk, DeFi assets, Tokenization, Financial Economics, MF-DFA, MF-DCCAJEL Classification: F65, E44, G15, C58
This study presents the design and implementation of a blockchain-based decentralized portfolio management system that enables secure, immutable, and transparent storage of user records. The system is developed using Ethereum smart contracts and evaluated within a testing environment consisting of Remix IDE, Ganache, and MetaMask. The proposed architecture allows authorized actors to create records while enabling users to access and verify their data through blockchain-based identity mechanisms. Experimental results, based on gas consumption and insertion-time measurements, demonstrate that although smart contract deployment incurs relatively high initial costs, routine operations such as record insertion and retrieval remain efficient and predictable. The findings highlight the practical feasibility of the proposed system, while also revealing challenges related to scalability, cost variability, and system usability.
This chapter examines how emerging technologies – Internet of Things (IoT), Augmented and virtual reality (AR/VR), and advanced cybersecurity – are reshaping FinTech by enabling smarter, more secure, and customer-focused services. IoT supports real-time data collection for personalized banking, usage-based lending, and smart payment systems. AR/VR introduces immersive experiences such as virtual bank branches, 3D investment tools, and interactive financial advisory, enhancing engagement and accessibility. Alongside these innovations, the chapter addresses escalating cybersecurity threats and highlights solutions like biometric authentication, AI-driven threat detection, and encryption to build digital trust. It also critically evaluates the ethical and governance challenges in FinTech, including algorithmic bias, data privacy, and the risks of digital exclusion. The discussion emphasizes fair finance principles, responsible AI deployment, and the complexities of decentralized finance (DeFi) governance. Ultimately, the chapter advocates for integrating innovation with ethical safeguards to create inclusive, transparent, and resilient financial systems.
This chapter delves into the profound impact of digital transformation on the financial services industry, offering a strategic and forward-looking perspective on how technology is redefining the structure, operations, and customer experience within traditional financial institutions. As digital innovation becomes central to competitiveness and resilience, financial entities worldwide are undergoing foundational shifts in strategy, service delivery, and infrastructure. The chapter begins by examining the strategic approaches adopted by financial organizations to embrace digital finance, including digital-first models, customer-centric service design, and agile operational frameworks. It evaluates how institutions are integrating digital technologies into their core processes to improve efficiency, reduce costs, and enhance real-time decision-making. A key focus is on how digital transformation is reshaping legacy financial institutions, compelling banks, insurance companies, and other financial entities to rethink their business models. The integration of mobile banking, cloud computing, robotic process automation (RPA), and digital onboarding has led to greater operational agility and improved customer engagement, while simultaneously introducing new risks and compliance challenges. Additionally, the chapter explores emerging technological trends that are fueling the next wave of innovation in finance. These include blockchain for secure, decentralized transactions; artificial intelligence (AI) for personalized financial services and fraud detection; big data analytics for predictive modeling; and application programming interfaces (APIs) that enable open banking ecosystems. Together, these technologies are creating a more inclusive, transparent, and intelligent financial system. The chapter concludes by emphasizing that successful digital transformation is not merely 62 a technological shift but a cultural and organizational one. It requires strategic alignment, investment in digital talent, robust cybersecurity frameworks, and a commitment to regulatory compliance. Through real-world examples and forward-thinking analysis, this chapter provides readers with a nuanced understanding of the digital revolution transforming finance and its implications for institutions, regulators, and customers alike.
This chapter provides a critical exploration of the digital and alternative finance landscape, emphasizing innovative financing mechanisms and their growing influence on the global financial ecosystem. It begins by unpacking the concepts of crowdfunding and initial coin offerings (ICOs), explaining how these models have emerged as viable alternatives to traditional capital-raising channels by leveraging decentralized technologies and online investor communities. The discussion then extends to marketplace lending platforms, offering insights into their operational dynamics, scalability, and the unique risks they pose, such as credit default, platform dependency, and regulatory ambiguity. A significant focus is placed on the emergence of Chinese TechFins, whose data-driven models and rapid market penetration are reshaping global FinTech dynamics. The chapter analyzes how players like Ant Group and Tencent are transforming financial inclusion and service delivery through AI, digital wallets, and super-app ecosystems, while also sparking geopolitical and regulatory scrutiny. Finally, the chapter evaluates the regulatory and market challenges faced by digital finance platforms worldwide. Issues such as jurisdictional mismatches, consumer protection, cybersecurity, and compliance with evolving legal frameworks are critically examined. Through a multi-layered perspective, this chapter enables readers to understand both the promise and pitfalls of alternative finance, equipping them with the knowledge to assess its future direction and regulatory implications.
In the digital revolution driven by blockchain technology, smart contracts emerge as a paradigm-shifting tool, poised to redefine traditional business practices across multiple domains. smart contracts stand as a cornerstone of innovation, promising to revolutionize the way we engage in business trustlessly. Driven by the pioneering spirit of exploration, this research delves into the expansive realm of smart contract use cases and applications, seeking to unveil the transformative potential they hold. Through meticulous analysis and case studies, this research illuminates the diverse array of scenarios where smart contracts can revolutionize processes, enhance accountability, and streamline operations in sectors such as finance, supply chain management, healthcare, and government services. By fostering collaboration and innovation, we seek to unlock the full potential of smart contracts, ushering in a new era of efficiency, integrity, and trust in the digital age while illuminating the path towards unlocking the untapped opportunities presented by smart contracts, reshaping the future of digital economies and organizational paradigms. Areas of application like decentralized Finance (DeFi), Non-Fungible Token (NFT), Regenerative Finance (ReFi) and many more where all discussed extensively.
Decentralized finance exposes supervisors to fast-moving, networked credit risks. General-purpose LLM agents fit this setting poorly: they over-read weak evidence and recommend high-stakes interventions, while existing evaluations offer no regulator-aligned way to measure the resulting false alarms. We introduce DeXposure-Claw, a forecast-grounded agentic supervision system that routes LLM decisions through structured evidence: (1) DeXposure-FM, a graph time-series foundation model, forecasts future exposure networks; (2) deterministic monitors and stress scenarios then turn those forecasts into typed alerts, attribution signals, and scenario evidence; and (3) data-health and confidence gates constrain escalation before DeXposure-Claw emits auditable supervisory tickets with rationales. We further develop DeXposure-Bench, a six-axis evaluation harness, whose decision axis scores tickets against a regulator-aligned absolute-loss ground truth and an explicit false-intervention rate. Experiments on five years of weekly real data fully support our system. Code is at https://github.com/EVIEHub/DeXposure-Claw.
Traditional philanthropic organizations often suffer from lim ited transparency, where donors have minimal visibility into how their contributions are utilized after donation [1,14]. To addressthisissue, this paper presents NGO-Chain, a hybrid Web3 platform designed to im prove accountability and transparency in charitable fund management. The proposed system utilizes a milestone-based conditional escrow mech anism in which donated funds are locked within blockchain smart con tracts and released incrementally only after administrative verification of uploaded proof documents stored on the InterPlanetary File System (IPFS) [4,5]. The architecture combines React-based frontend interfaces, Spring Boot middleware, decentralized IPFS storage, and Ethereum/Polygon smart contracts to create a scalable hybrid infrastructure capable of supporting real-time public transaction monitoring [14,12]. In addition, the platform integrates donor reputation tracking and blockchain-backed transaction auditing to strengthen trust between donors and NGOs [6,7]. By com bining decentralized financial management with milestone verification workflows, NGO-Chain provides a secure and transparent framework for milestone-driven charitable donations while reducing dependency on cen tralized trust mechanisms.
The rapidly expanding landscape of Web3 and the metaverse profoundly accentuates the escalating challenge of rigorously assessing and strategically selecting foundational Layer-1 digital blockchain platforms. Decision-makers frequently contend with the imperative of rational choice amidst a complex confluence of often conflicting technological attributes. This study directly addresses this critical exigency by utilizing robust benchmarking and validation for the comparative ranking of 10 prominent blockchain platforms. By applying a suite of five established multi-criteria decision-making (MCDM) methods, namely TOPSIS, ARAS, RAPS, RAMS, and RATMI, a comprehensive evaluation is undertaken, scrutinizing performance across three pivotal criteria categories: performance/scalability, security, and economic/activity. The weights for the entire criteria set were determined using the objective entropy method. Using the entropy approach to determine weights based on randomness, the criteria weights were determined as follows: Speed 12.9%, Market Cap 7.2%, Hash Rate 43.7%, Time to Finality 12.1%, Total Transactions 10.8%, and Number of Nodes 13.3%. The empirical analysis consistently identifies Bitcoin as the top-ranking platform, securing first position across all five MCDM methodologies. This finding validates its unparalleled robustness and security based on the defined criteria. Hyperliquid and Sui also emerged as exemplary performers, consistently exhibiting strong aggregate scores and securing second and third positions, respectively. Conversely, other blockchains, such as the BNB Chain and Tron, demonstrated significant ranking volatility across the different evaluation methods. This study provides a validated, data-driven benchmarking tool, offering stakeholders a transparent framework for strategic decision-making. This application contributes to the conceptual accuracy of evaluating sustainable digital infrastructure.