Blockchain Papers

Anna Sung

No abstract is available for this record.

M. Jayanthi Kiruthika Kv

The financial market has gone into paradigm shift from strict, highly regulated centralized system to open, easily accessible and permission less infrastructure for the last decades. These are powered by blockchain technologies. Decentralize Exchange is the primary source for this transformation which enables the direct person to person trading without intermediaries. DEXs also facilitates innovative entrepreneurial models in the Web3 which is an internet-built block chain technology where information is stored across multiple computers rather than central servers that create peer to peer communication without intermediaries. It also helps in the DeFi ecosystem, which is an emerging financial system using blockchain and crypto currencies to enable direct transactions without intermediaries. DEXs offer wide opportunities for SMEs, Startups, and marginalized communities in India. Despite its potential financial inclusion, sustainable growth and capital democratization still remain challenges in adoption of technology due to regulatory ambiguity, socio cultural barriers and complexity of technology. This paper examines the potential of Decentralized Exchange in fostering inclusive digital entrepreneurship in India. This study also analyzes the Tamil Nadu readiness in adopting blockchain technology. It develops a conceptual framework of linking DEX adoption, sustainability, and socio-economic outcomes. The study includes the theories like the Technology Acceptance Model (TAM), Institutional Theory (IT), and Diffusion of innovation (DOF) and proposes testable hypothesis and proposition to guide empirical research and policy formulation.

Archana Yadav, Faizan Ashraf Mir, Arif Hasan, Vandana Kushwaha · 5 authors

No abstract is available for this record.

Pravalika Paul, Nilaish -

This study conducts a comprehensive bibliometric analysis of Decentralized Finance (DeFi) research, focusing on adoption, digital transformation, and sustainability within urban contexts. Utilizing a dataset of 284 publications from 2016 to 2025 compiled from the Scopus database, the analysis employs advanced bibliometric techniques and network visualization tools to reveal collaborative patterns, thematic clusters, and research evolution. Results demonstrate significant scholarly emphasis on technological innovation and adoption factors shaping DeFi’s integration into urban financial ecosystems, alongside an increasing focus on sustainability. A regression-based Bibliometric Influence Score (BIS) adjusts for publication age and journal prestige, indicating that leading publications consistently exceed expected citation influence. Additionally, a conceptual framework is proposed linking digital financial literacy and sustainability outcomes, moderated by urban contextual factors. The findings underscore the importance of enhancing digital capabilities and mitigating systemic barriers to facilitate sustainable DeFi adoption in rapidly urbanizing regions, providing valuable insights for academia, policymakers, and practitioners engaged in fostering inclusive and resilient digital finance ecosystems.

Burmistenkova, Kateryna

Decentralized Finance (DeFi) is rapidly growing, promising to make financial services more open and efficient. The prospect of DeFi mass adoption has attracted attention in recent economic research. This literature review examines how users respond to DeFi, evaluating whether large-scale adoption is feasible in the current environment. It focuses on behavioral biases – herding, investor attention, fear of missing out, momentum, and sentiment – that contribute to market fragility and inefficiency. The findings indicate that while DeFi offers promising solutions to some challenges of traditional finance, its current state remains unprepared for mass adoption. However, as research in this area is still emerging and blockchain technology continues to advance, DeFi retains significant potential for future development.

Ante Maras

Decentralizirane financije (DeFi) predstavljaju inovativan oblik financijskog sustava koji se temelji na blockchain tehnologiji i pametnim ugovorima, nudeći transparentnost, globalnu dostupnost i uklanjanje posrednika. Unatoč brojnim prednostima poput nižih troškova, bržih transakcija i potencijala za veću financijsku uključenost, DeFi još uvijek izaziva različite percepcije i razine prihvaćanja među korisnicima. Provedeno istraživanje s 101 ispitanikom ukazuje da su korisnici relativno dobro upoznati s pojmom kriptovaluta, ali nedovoljno prepoznaju kriptovalute kao sastavni dio DeFi ekosustava. Financijska pismenost u kontekstu DeFi-ja pokazuje se niskom, što se odražava na nerazumijevanje njegovih ključnih funkcija i usluga. Većina ispitanika DeFi povezuje s nesigurnošću, izražavajući bojazan od hakerskih napada, krađe osobnih podataka i nedostatka regulatornog okvira. Tradicionalni financijski sustavi i dalje uživaju višu razinu povjerenja. Regulacija se percipira kao dvosjekli mač, jer ispitanici smatraju da bi regulacija mogla povećati sigurnost i povjerenje u DeFi, dok s druge strane strahuju da bi ona mogla narušiti slobodu, fleksibilnost i inovativnost ovih sustava. Posebno je izražena skepsa prema sposobnosti zakonodavstva da uopće razumije složenost DeFi-ja. Demografski podaci pokazuju da mladi ispitanici (18-25 godina), osobito oni s višim stupnjem obrazovanja, pokazuju najveću spremnost za prihvaćanje i korištenje DeFi sustava. Međutim, opća učestalost korištenja DeFi platformi je vrlo niska, a većina ispitanika ili ih nikada ne koristi ili ne planira koristiti u budućnosti. Edukacija se prepoznaje kao ključan čimbenik popularizacije DeFi-ja, iako je interes za osobnu edukaciju ograničen. U pogledu budućnosti, rezultati istraživanja ukazuju na određeni optimizam: ispitanici vjeruju da bi DeFi mogao postati važan dio financijskog sustava, posebno uz podršku novih tehnologija poput umjetne inteligencije i kroz razvoj formalnih obrazovnih programa. Zaključno, iako DeFi još nije značajno zaživio u široj javnosti, njegovi potencijali ostaju veliki, a njegovo daljnje širenje ovisit će o razini financijske edukacije i uspostavljanju jasnog regulatornog okvira.

Mayuri Gupta, Deesha Khaire

The significance of the efforts by local governments in achieving Sustainable Development Goals (SDGs) is paramount. However, local governments in India face several obstacles in achieving the SDGs, bottlenecks in the free flow of funds being one of them. The 73rd and 74th Constitutional Amendments, which constitutionalized rural and urban local governments in 1993, also mandated the periodic constitution of the State Finance Commission (SFC) as a constitutional body in India. The design of the SFCs aimed to replicate the Union Finance Commission (UFC) at the provincial level, promoting democratic decentralization from states to local bodies. These amendments introduced Articles 243I and 243Y, which mandated periodic institutions of SFCs to supervise the transfer of funds to local governments. By now, all states should have progressed to their seventh-generation SFCs. Several challenges, such as delay in the constitution of SFCs, non-synchronization of SFCs with UFC period, and delay in the submission of reports, have impeded the functioning of the SFCs as well as the UFCs. The 15th UFC has recommended using the SFC reports as a precondition for releasing grants to local bodies after March 2024. Even though the 16th UFC has already been constituted, only nine states have managed to submit the report of their 6th SFCs. Against this backdrop, this paper delves into the institution of SFCs in India, exploring their significance, analyzing the challenges they face, and proposing potential solutions.

Rasmita Kumari Mohanty, Talluri Aruna Sri, V. Manjula, Gopisetty Rathnamma

This chapter introduces a Web3 crowdfunding platform with blockchain integration, enabling decentralized fundraising campaigns and offering an intuitive user experience. The platform includes MetaMask for wallet interface, Solidity for creating and deploying smart contracts, and efficient Ethereum transaction network connectivity. The platform uses the transparency, security, and decentralization of blockchain to transform conventional fundraising. With a user-friendly layout and dynamic user interface, users can establish and take part in fundraising campaigns that are driven by smart contracts. Users may securely link their wallets, manage funds, and sign transactions using the platform's seamless integration of the well-known Ethereum wallet extension MetaMask. To manage wallets, the platform also interfaces with MetaMask, enabling a speedy and secure exchange of Ethereum. Solidity-written smart contracts enforce campaign-specific rules and streamline the contribution-handling process.

Costa, Carlos J.

This paper investigates the evolving landscape of decentralized finance (DeFi) by examining its foundational concepts, research trends, and ecosystem. A bibliometric analysis was conducted to identify thematic clusters and track the evolution of DeFi research. Additionally, a thematic review was performed to analyze the roles and interactions of key participants within the DeFi ecosystem, focusing on its opportunities and inherent risks. The bibliometric analysis identified a progression in research priorities, transitioning from an initial focus on technological innovation to addressing sustainability, environmental impacts, and regulatory challenges. Key thematic clusters include decentralization, smart contracts, tokenization, and sustainability concerns. The analysis of participants highlighted the roles of developers, liquidity providers, auditors, and regulators while identifying critical risks such as smart contract vulnerabilities, liquidity constraints, and regulatory uncertainties. The study underlines the transformative potential of DeFi to enhance financial inclusion and transparency while emphasizing the need for robust security frameworks and regulatory oversight to ensure long-term stability. This paper comprehensively explains the DeFi ecosystem by integrating bibliometric and thematic analyses. It offers valuable insights for researchers, practitioners, and policymakers, contributing to the ongoing discourse on the sustainable development and integration of DeFi into the global financial system.

Saeed Awadh Bin‐Nashwan, Aishath Muneeza, Abdelhamid Elsayed A. Ismaiel, Ismail Mohamed · 6 authors

Purpose Muslim engagement with cryptocurrencies (CC) raises fundamental questions rooted in religious faith: How should Muslims integrate Islamic Accounting principles like zakat into this new and rapidly evolving financial paradigm? Thus, it is essential to understand CC holders’ perceptions thoroughly and whether they are willing to pay zakat using crypto assets. This research aims to explore factors influencing Muslim CC holders’ intention to pay zakat on CC, emphasizing financial risk, theory of planned behavior (TPB) constructs and Shariah compliance’s moderating role. Design/methodology/approach This attempt uses a quantitative approach through a cross-sectional research design, using purposive sampling to gather data from Muslim CC holders. An extended theory of planned behavior (ETPB) model is applied to comprehensively analyze the key factors influencing intentions to pay zakat on CC. SmartPLS software is used to generate meaningful findings. Findings The study finds that financial risk associated with CC exerted a negative influence on TPB constructs, attitude (ATT), social norms (SN) and perceived behavioral control regarding zakat on CC (PBC). However, ATT and PBC positively shaped holders’ intention to pay zakat on CC. Interestingly, Shariah compliance-moderated interactions of TPB constructs on payment intentions were statistically significant. Originality/value With the rise of CC, a profound transformation is underway in the financial landscape. As this evolution unfolds, it becomes increasingly essential for stakeholders to understand how zakat could fit into such a new and rapidly evolving paradigm. A pioneering effort was made in this study by exploring Muslim CC holders’ intentions to fulfill zakat obligations, bridging a significant gap in the literature.

Rym Ammar, Dhafer Saïdane

Purpose The purpose of this study is to assess the social utility of the Islamic banking system, with a focus on the Tunisian market as a case example. Design/methodology/approach The authors study individuals’ potential demand for Islamic financial products in different Tunisian regions. To do that, the authors conducted a national survey based on the quota sampling method to select the number of interviewed by governorate and sex. The authors then obtained a sample that included 1,600 persons from different social categories with a minimum age of 18 years. Findings The survey results show that this potential demand is significant but Tunisian Islamic Banks should work more to enlarge their existing customer base. Indeed, they should consider the level of Islamic finance knowledge and the sociodemographic characteristics (such as governorate, level of education and annual income) to ensure social welfare. They should also supply Islamic microfinance products to ensure the inclusion of poorer agents. In addition, Islamic banks should provide competitive products and services at lower cost and higher quality that are compliant with the Sharia principles to encourage entrepreneurs or richer agents to invest in profitable and innovative projects, especially in economically disadvantaged regions. This would strengthen accountable decentralization and fight income inequality in Tunisia. Originality/value This work reflects the behavior and preferences of all Tunisians (adopters or non-adopters of IFPS) including the Tunisian inland areas inhabitants. To do this, we include the socio-demographic factors in our analysis.

Syafiqah Ilyani Ahmad Saharudin, Norhidayah Abu Bakar

This paper presents a comparative analysis of the regulatory frameworks, product development, and market penetration of Islamic finance in Malaysia and Saudi Arabia: two leading players in the global Islamic finance industry. Malaysia adopts a dual system that combines centralized and institutional Shariah oversight, while Saudi Arabia employs a decentralized regulatory approach. In terms of product development, both countries prioritize Shariah compliance and innovation, though Malaysia offers a broader range of Islamic financial products. Market penetration is evaluated using key indicators such as Islamic banking assets, Takaful assets, and Sukuk issuance. The findings reveal that each country excels in different areas: Saudi Arabia leads in the total asset value of Islamic finance, whereas Malaysia shows a higher proportional adoption of Islamic financial products. Overall, the study provides a comprehensive understanding of the factors driving the success and distinct characteristics of Islamic finance in these two nations, offering valuable insights into their evolving financial landscapes and highlighting their respective strengths.

Youcef Maouchi

At the core of Islamic finance ideal models, profit and loss sharing (PLS) contracts (mudaraba and musharaka) have been avoided in practice by Islamic financial institutions (IFIs) who, since their inception, suffer from a Murabaha Syndrome by relying on debt-like instruments as their main financing tools. While the literature focuses on moral hazard and adverse selection as the main reasons for the underuse of PLS, we show that these asymmetric information issues are not a cause but a consequence of a deeper problem that the existing scholarship has overlooked. The main barrier to using PLS is the difference between the institutional framework that once enabled traders to use mudaraba and musharaka to finance their business ventures and the impersonal exchange framework in which modern IFIs operate. In this chapter, the study assesses the main challenges to the PLS financing application, focusing on mudaraba, and explore the solutions offered by the blockchain and the nascent Decentralized Finance (DeFi) that are relevant to Islamic Finance. We argue that blockchain can offer an institutional solution to the Murabaha Syndrome and help reduce the gap between Islamic finance ideals and practices.

Pallavi Kudal, Sunny Dawar, Varada Inamdar, Amitabh Patnaik · 5 authors

People who lack a bank account or access to financial services are called “unbanked.” Adults who were not banked in 2021 numbered 1.4 billion. However, there has been tremendous progress in the financial inclusion rate (banking the unbanked), especially after the COVID-19 pandemic. Today, 71% of people in developing countries have a bank account, up from 42% a decade ago. Overall, 76% of adults worldwide have bank accounts currently, which was only up to 51% a decade ago. Digital payments have seen the highest rise in the last few years, which accelerated under COVID-19 mobility limitations and when people began to view paper currency as unhygienic. Two-thirds of adults in the modern world send or receive digital payments. In many developing countries, approximately 40% of people made their first digital payment from their account (to a merchant or for a utility service). Despite this, approximately 1.4 billion adults worldwide do not have a bank account. These are the most difficult people to approach because they are usually rural dwellers, poorer, and less educated women. Government and other payments should be digitalized, but much more is required. Governments, private businesses, and financial service providers like fintechs should collaborate to reduce banking access obstacles and enhance the financial, data, and physical infrastructure. A brand-new global business has emerged to integrate the unbanked population into the world economy. Fintech (financial technology) and blockchain-based decentralized finance (DeFi) are two burgeoning new industries that aim to improve traditional finance by providing lower costs, faster transactions, peer-to-peer (P2P) services, new asset classes, the elimination of minimum thresholds, and equal online admittance. The chapter examines the use of blockchain technology in financial inclusion and how developing economies can benefit from information democratization through DeFi.

B.V. Chowdary, Jayanth R. Pawar, AVSR Ashwin, Alugubelly Shivani · 5 authors

Based on etherium network, the novel Web3 crowdfunding model is described, aimed at providing a new efficient tool for overturning methods of the traditional fundraising using the safe decentralised approach. With the help of the effective Sepolia testnet, it overcomes the constraints of the outmoded networks such as Goerli. Funds-Chain through the implementation of solidity smart contracts in the application enables the creation of campaign, contributing and providing of payouts with high accuracy hence eliminating the need for intermediaries in transactions. The platform improves the backers' experience through advanced wallet connection attributes which make it easier for them. Given its functionally sound and user-oriented design, Funds-Chain already stands before the prospect of developing decentralized fundraising for the new generation of decentralized finance solutions.

Mr. Ajit Singh, S. Gulia

This paper explores the evolving role of financial literacy in the context of cryptocurrencies, highlighting key challenges such as market volatility, security risks, and regulatory uncertainty. It also discusses the opportunities that decentralized finance (DeFi), portfolio diversification, and accessible educational resources present for improving financial literacy. The paper emphasizes the need for traditional financial education to adapt to the complexities of digital assets and decentralized systems. Recommendations include integrating cryptocurrency knowledge into curricula and promoting risk management strategies. Future research should focus on regulatory frameworks and the impact of DeFi on financial inclusion.

Norchaeva Sabrina Norchaevna

The concepts, governance frameworks, and contributions of Islamic finance to sustainable development are the main topics of this paper. Shariah law adherence is stressed, and concepts like profit-and-loss sharing, risk-sharing, and the ban on interest (riba) and speculative activity (gharar) are covered. The ethical and asset-backed characteristics of important products, such as Takaful (Islamic insurance) and Sukuk (Islamic bonds), are examined. The article describes how Islamic finance aligns with the Sustainable Development Goals (SDGs), highlighting how it affects social responsibility, environmental efforts, and financial inclusivity. With comparisons between centralized and decentralized alternatives in different areas, governance frameworks and obstacles in Shariah-compliant enterprises are discussed. Standardization, openness, and the function of Shariah boards are among the topics discussed. Islamic finance is promoted as a morally sound and long-lasting substitute for traditional financial systems by encouraging equality, collaboration, and social justice.

Authors unavailable

The study explores the implications of India's taxation policies on Virtual Digital Assets (VDAs), including crypto currencies and non-fungible tokens (NFTs). With the introduction of the Finance Act of 2022, which imposed a 30% tax on VDA profits and a 1% Tax Deducted at Source (TDS) on transactions, the digital asset landscape in India has undergone significant shifts. This research examines the economic and behavioural impact of these regulations on individual investors, start-ups, and the broader VDA ecosystem. The findings suggest that the flat tax rate and TDS have led to reduced market liquidity and deterred small-scale traders, highlighting challenges in compliance and record-keeping. However, these measures also formalize the VDA market, potentially attracting institutional investors by providing regulatory clarity. The study identifies gaps in the current policies and offers recommendations to balance regulation with market growth, ensuring a sustainable future for India's VDA sector.

Daniel Liebau

How will Decentralized Finance transform financial services? Using New Institutional Economics and Dynamic Capabilities Theory, I analyse survey data from 109 experts using non-parametric methods. Experts span traditional finance, DeFi industry, and academia. Four insights emerge: adoption expectations rise from negligible to 43% expecting at least high adoption by 2034; experts expect convergence scenarios over disruption, with traditional finance embracing DeFi most likely; back-office transforms before customer-facing functions; strategic competencies eclipse DeFi-sector specific- and technical skills. This challenges technology-centric adoption models. DeFi represents emerging market entry requiring organizational transformation, not just technological implementation. SEC developments validate predictions. Financial institutions should prioritize developing strategic capabilities over mere technical training.

Joan MacLeod Heminway

"Recent years have witnessed the rise of non-fungible tokens (NFTs) as vehicles for non-investment finance, including in nonprofit and political fundraising. As with other financial sectors in which NFTs have a role, the use of NFTs in financing nonprofits and political campaigns and committees has revealed gaps and ambiguities in existing legal regulatory systems. Appetite exists to evolve legal frameworks to complete and clarify applicable bodies of law and regulation.

Mohammad El Hajj, Imad Farran

The present study discusses how adopting cryptos affects financial inclusion in developing economies. Primary constructs like financial inclusion (FI), perceived economic empowerment (PEE), trust in financial institutions (TFI), user satisfaction (US), and cryptocurrency adoption (CA) were tested through Structural Equation Modeling (SEM). The results indicated that CA significantly and positively influenced FI, US, TFI, and PEE. These relationships extend to the interaction effects: US, TFI, and PEE, all positively related to FI. This is a reflection of cryptocurrencies as an opportunity to redress most of the afflictions characteristic of traditional finance systems and to promote financial inclusion and economic empowerment in developing countries. Future research should also investigate whether digital literacy and regulatory environments support cryptocurrency access.

John W. Bagby

Abstract Financial technologies form the heart of considerable disruptive innovation. Fintech is the emerging financial infrastructure for modern business. Big data are the feedstock for artificial intelligence (AI) that drives many fintech sectors – start-up finance, commodities and investment instrumentation, payment systems, currencies, exchange markets/trading platforms, market-failure response forensics, underwriting, syndication, risk assessment, advisory services, banking, financial intermediaries, transaction settlement, corporate disclosure, and decentralized finance. This chapter demonstrates how analyzing big data, largely processed through cloud computing, drives fintech innovations, scholarship, forensics, and public policy. Despite their apparent virtues, some fintech mechanisms can externalize various social costs: flawed designs, opacity/obscurity, social media (SM) influences, cyber(in)security, and other malfunctions. Fintech suffers regulatory lag, the delay following the introduction of novel fintechs and later assessment, development, and deployment of reliable regulatory mechanisms. Big data can improve fintech practices by balancing three key influences: (1) fintech incentives, (2) market failure forensics, and (3) developing balanced public policy resolutions to fintech challenges.

Christian Rauch

Abstract In recent years, new and technologically innovative financial products and services, generally subsumed under the fintech umbrella, have permeated all areas of capital markets at an exponential rate. Primarily driven by developments in Web3 and advancements in artificial intelligence (AI), fintech solutions offer valuable benefits to all existing markets and participants and are the basis for introducing wholly new segments to classic capital market ecosystems. However, this increasing fintech adaptation does not come without challenges. Due to the technologies' nascent nature and often unregulated status, many products are susceptible to manipulation and fraud. The result can be sizable investor losses and excessive regulatory and public scrutiny. This chapter highlights the most essential and prominent fintech solutions used in capital markets today, along with their features, value additiveness, and degree of adaptation.

Puteri, Mursyidatul, Nur `, Ganesan Paramasivam

Purpose:The purpose of this study is to investigate the adoption of financial technology on the green growth and sustainability of SMEs.The root issue is that despite the increasing attention of fintech exposure in business markets, Malaysian businesses are hesitant to fully adopt this emerging technology.This study aims to bridge the gap between the potential of fintech innovations and their practical implementation by adopting two theoretical approaches: 1) Research-based view model for green growth 2) Extended version of the technology acceptance model for the fintech dimension.Design/Methodology/Approach: The research adopts a quantitative method using a crosssectional survey design with a five-point Likert scale questionnaire.Data was collected from 247 decision-makers representing SMEs in Selangor, Malaysia, and the sampling technique uses stratified random sampling.The data were analyzed using SPSS and Smart-PLS.Findings: Fintech factors of green financing and green investment significantly influence the green growth sustainability, while cryptocurrency is not significant towards it.Interestingly, the finding on the moderator role of blockchain smart contracts does not play a role in moderating all the fintech factors toward green growth sustainability.Practical Implication: The direct relationship of green financing and green investment is driving the future innovation toward green growth sustainability, particularly for SMEs, but cryptocurrency gives a different insight on it.On the other hand, integrating blockchain smart contracts as the moderator for the fintech dimension does not allow the businesses to move toward green sustainability.It is essential for companies to provide platforms by offering knowledge and awareness about this technology.Aside from this, the study provides empirical implications for SMEs green growth sustainability using fintech platforms.Originality value: The research findings reveal that the moderating effect of blockchain smart contracts was insignificant in driving green sustainability outcomes for SMEs.This innovation did not support green growth sustainability to enhance transparency and increase the accountability into the environmental claims.It challenges the technology-centric view