This research underscores the critical role of supply chain management in the globalized economy and the challenges posed by traditional financing models, such as information asymmetry and low capital turnover efficiency. The paper examines how blockchain's decentralized and immutable nature addresses these issues, enhancing transparency, security, and efficiency in supply chain data sharing. Blockchain has potential to reduce transaction costs, improve transparency, and secure supply chain financing. The research also employs case study analysis, scrutinizing the integration of blockchain in three distinct industries: Walmart's food safety initiative, Maersk and IBM's TradeLens platform, and Everledger's diamond supply chain tracking. These cases illustrate the practical application and benefits of blockchain in enhancing financing efficiency and traceability. While blockchain offers significant advantages, such as improved capital turnover and reduced transaction costs, it also faces limitations related to technological maturity, legal regulations, and market acceptance. It advocates for further research, policy support, and technological innovation to harness blockchain's full potential in supply chain financing.
Blockchain-driven financial innovation in Hong Kong from 2018 to 2024 has transformed cross-border payment systems through strategic regulatory frameworks and public-private collaboration. Key developments include the e-HKD Pilot Programme, integration with China's digital yuan, and pioneering CBDC initiatives like Project mBridge. This review analyzes technological implementations (Layer-2 solutions, zero-knowledge proofs), regulatory evolution across three distinct phases, and economic impacts including 38\% cost reduction in SME transactions. We examine Hong Kong's unique position bridging China's financial infrastructure with global markets while navigating geopolitical tensions and compliance challenges. The study provides quantitative metrics from 50+ corporate disclosures and regulatory documents, establishing a model for hybrid governance systems in financial technology adoption.
Introduction. The modern world is undergoing a transformation that encompasses all aspects of the economy, technology, and social life, and the financial sector is no exception. Financial technologies are becoming the driving force of this evolution, changing approaches to money management, investments, lending, and financial services in general. Thanks to the integration of artificial intelligence, blockchain, big data, and other innovations, financial services are becoming more accessible, personalized, and efficient, opening up new horizons for business and society. At the same time, this industry faces a number of challenges, such as the need to adapt to the regulatory environment, the growth of cyber threats, and ensuring financial inclusion for broad segments of the population. The development of financial technologies is taking on unique features in different regions of the world, from innovative platforms in the United States and Europe to revolutionary changes in financial services in Asia, Africa, and Ukraine. This multifaceted nature emphasizes the importance of global cooperation, technological progress, and a strategic approach to shaping the financial ecosystem of the future, which will be not only stable but also adapted to the needs of modern society. The purpose of the research is to deepen theoretical and methodological approaches to the management of financial services and innovative technologies aimed at optimizing, simplifying and reducing the cost of financial processes. Research methods. In the process of implementing the established goal of the scientific research, both general scientific and specific research methods were used, namely: generalization, induction and deduction, financial analysis and synthesis when establishing the influence of technological and innovative factors. The results. It was found that the future of financial technologies is promising. The main areas of development will be artificial intelligence, blockchain, open banking and decentralized finance (DeFi). It is expected that financial services will become even more personalized thanks to data analytics and customer behavior prediction. It was established that the development of supervisory (SupTech) and regulatory (RegTech) technologies will allow for more effective market monitoring, risk identification and transparency in the financial sector. Innovations in the field of cybersecurity will also become a priority, as users increasingly trust digital platforms with their financial data. The role of financial inclusion is identified, which will develop through the creation of accessible mobile platforms that provide services to people even in the most remote regions. Special emphasis will be placed on the development of financial literacy so that users can effectively use new tools. It is predicted that financial technologies will create new business models and stimulate their economic growth through innovation, which will have a significant impact not only in the financial sector, but also in people’s daily lives, changing the way they interact with their finances. The future of financial technologies is a digital transformation that will make financial services more accessible, efficient and secure for everyone. Prospects. Further research should be aimed at: creating and implementing a regulatory ‟sandbox” for rapid testing of innovations in the financial sector; increasing the level of financial literacy and involvement among the population and business; forming an educational base focused on implementing the concept of open banking; developing innovations in supervision and regulation technologies that ensure financial market stability, increase process efficiency, contribute to expanding the client base, as well as identifying and minimizing risks.
Zhengjie Mi, R. Gao X.Q. Wang H. Wang, Canghong Wang
Blockchain technology has emerged as a pivotal innovation, enabling significant advancements in secure data management across various sectors. Based on this, the paper will propose an innovation to enhance enterprise intellectual property (IP) management efficiency through blockchain-based smart contract technology. Our proposed framework combines Supersingular Isogeny and Hosmer–Lemeshow Logistic Regression for secure management and sharing sensitive IP data across a decentralized, tamper-proof platform. This ensures robust protection of IP rights while enabling seamless sharing and verification. To that effect, we implement a Hyperledger Fabric with a Proof-of-Stake (PoS) mechanism and optimize smart contract handling of IP-related transactions — including ownership transfers, licensing and royalty management to improve the efficiency of operations with low computational costs. The hybrid multi-criteria model of the Decision-Making model and robust multi-objective optimization are applied, bringing about streamlined decision-making processes in IP asset evaluation and selection; hence, it assists firms in choosing the appropriate IP assets to prioritize and distribute based on profitability and strategic goals. In addition, to optimize licensing agreements allocation and minimize legal costs, we also present a Vehicle Routing Problem with a Time window and Robust Optimization-based Fuzzy bi-objective Mixed Integer Linear Programming for negotiating contracts and efficient distribution of royalties. Last but not least, using the Ethereum Generic Framework with Proof-of-Authority enables the safe integration of nodes, thus making it possible to have transparent tracking and verification of IP transactions across different networks. It allows for comprehensive, scalable, secure and efficient IP rights management with minimal administrative burdens and transparency about enterprise-wide IP management.
The application of blockchain technology is revolutionizing the practice of law by automating tasks, enhancing contract management, and improving the resolution of disputes. Traditional contracts, which are hampered by the need for manual processes and inefficiencies, are being phased out in favor of digital and smart contracts, which provide transparency, security, and automation. The combination of blockchain technology and cloud computing makes it possible to create scalable solutions, which in turn assists legal firms in more efficiently managing complex data and contracts. These transitions are made easier by major cloud providers such as Amazon Web Services and Microsoft Azure, which offer blockchain services for the automation of legal processes.
The form of money has been highly variable in history and continues to change drastically. New forms regularly appear, and their path to becoming money in a full sense is uncertain. Cryptocurrencies are a novel form of e-money based on distributed ledger technology and steadily growing in use. They are distinct from credit money but their own “moneyness” remains in doubt. This special issue of The Japanese Political Economy offers a political-economy-based analysis of their prospects. It considers deeper issues of validation, costs of use, and persistent speculation. It discusses functioning as unit of account, means of payment and reserve formation, and especially as world money. It also examines important differences between native coins with their own blockchains, Central Bank Digital Currencies, and stablecoins. Finally, the social character of cryptocurrencies is contrasted to community-based money. The jury is still out on whether cryptocurrencies could become money in a full sense, but it is shown that they have made great strides in that direction.
Cryptocurrency has revolutionized financial systems by introducing a decentralized, borderless, and efficient alternative to traditional banking. Unlike conventional financial institutions, which rely on intermediaries, cryptocurrencies utilize blockchain technology to enable peer-to-peer transactions with enhanced security and transparency. This study explores how cryptocurrency adoption is reshaping the traditional banking landscape, focusing on transaction efficiency, cost implications, regulatory challenges, financial inclusion, and cybersecurity risks. Using an extensive review of financial reports, scholarly articles, and regulatory analyses, this research highlights the potential opportunities and threats posed by cryptocurrency. Findings indicate that while cryptocurrencies democratize access to financial services and reduce transactional inefficiencies, they also raise concerns regarding regulatory oversight, market volatility, and security threats. The study concludes by recommending strategic blockchain integration into banking frameworks to promote innovation while ensuring regulatory compliance and financial stability. Keywords: Cryptocurrency, Blockchain, Traditional Banking, Financial Inclusion, Digital Transactions, Decentralization, Financial Regulation, Cybersecurity
Privately created money based on Distributed Ledger Technology (DLT) emerged in the late 2000s at the same time as mobile money. The latter, exemplified by M-Pesa, has become a prevalent form of money in several countries, especially in Africa. DLT-based cryptocurrencies, in contrast, have achieved a rather limited monetary presence. This paper compares the creation and functioning of these two forms of digital money to establish reasons for the relatively weak social acceptability of cryptocurrencies. For the most prominent cryptocurrencies, such as Bitcoin and Ether, these reasons are shown to include deficiency as units of account, high costs of use, and fragmentation of blockchains. Ultimately, these are due to the decentralized and permissionless character of privately created DLT-based monies, which invites peculiar forms of capitalist profit making, including speculation. Despite its weaknesses, such money has the potential to become widely used, but that would require state intervention, which would alter its character.
This dissertation examines the financial dynamics of emerging digital assets by analyzing three pivotal domains: crypto futures, non-fungible tokens (NFTs), and the metaverse economy. Through empirical investigations and advanced modeling, it contributes to understanding how digital asset markets function, what drives their valuation, and how their future trajectories can be assessed. The first study explores price discovery between spot and futures markets for Bitcoin and Ether. By applying information share, component share, and information leadership share methodologies to high-frequency data, the analysis investigates whether futures markets dominate in incorporating new information or whether spot markets continue to lead. The findings reveal distinct dynamics between Bitcoin and Ether, with robustness checks confirming the persistence of futures-led price discovery in certain conditions, carrying implications for traders, exchanges, and regulators. The second study investigates determinants of NFT prices using an exploratory approach. Drawing on a comprehensive dataset, it tests how factors such as rarity, artist reputation, collection effects, and market sentiment influence valuation. By applying econometric and statistical modeling, the study uncovers that while scarcity and creator visibility play significant roles, speculative dynamics and network effects often dominate, leading to high volatility and difficulty in establishing intrinsic value. The third study addresses the question “Is the metaverse dead?” by focusing on Decentraland as a case study. Using Seasonal ARIMA and Log-Periodic Power Law Singularity (LPPLS) models, the research evaluates both the short-term forecasting accuracy and the existence of speculative bubbles in metaverse-related assets. The results indicate limited sustained user growth and significant bubble-like behavior in virtual land prices, highlighting the challenges of aligning metaverse narratives with economic realities. Together, these three essays provide a multifaceted view of digital asset markets. They demonstrate that while innovations such as crypto futures, NFTs, and metaverse platforms have transformed financial ecosystems, they remain highly speculative, vulnerable to bubbles, and subject to behavioral drivers beyond fundamental valuation. The dissertation offers theoretical contributions to financial economics and practical insights for investors, policymakers, and technologists navigating the uncertain terrain of digital asset markets.
Tracking the evolution of smart contracts is challenging due to their immutable nature and complex upgrade mechanisms. We introduce EvoChain, a comprehensive framework and dataset designed to track and visualize smart contract evolution. Building upon data from our previous empirical study, EvoChain models contract relationships using a Neo4j graph database and provides an interactive web interface for exploration. The framework consists of a data layer, an API layer, and a user interface layer. EvoChain allows stakeholders to analyze contract histories, upgrade paths, and associated vulnerabilities by leveraging these components. Our dataset encompasses approximately 1.3 million upgradeable proxies and nearly 15,000 historical versions, enhancing transparency and trust in blockchain ecosystems by providing an accessible platform for understanding smart contract evolution.
Ilham Qasse, Isra M. Ali, Nafisa Ahmed, Mohammad Hamdaqa · 5 authors
The immutability of smart contracts on blockchain platforms like Ethereum promotes security and trustworthiness but presents challenges for updates, bug fixes, or adding new features post-deployment. These limitations can lead to vulnerabilities and outdated functionality, impeding the evolution and maintenance of decentralized applications. Despite various upgrade mechanisms proposed in academic research and industry, a comprehensive analysis of their trade-offs and practical implications is lacking. This study aims to systematically identify, classify, and evaluate existing smart contract upgrade mechanisms, bridging the gap between theoretical concepts and practical implementations. It introduces standardized terminology and evaluates the trade-offs of different approaches using software quality attributes. We conducted a Multivocal Literature Review (MLR) to analyze upgrade mechanisms from both academic research and industry practice. We first establish a unified definition of smart contract upgradeability and identify core components essential for understanding the upgrade process. Based on this definition, we classify existing methods into full upgrade and partial upgrade approaches, introducing standardized terminology to harmonize the diverse terms used in the literature. We then characterize each approach and assess its benefits and limitations using software quality attributes such as complexity, flexibility, security, and usability. The analysis highlights significant trade-offs among upgrade mechanisms, providing valuable insights into the benefits and limitations of each approach. These findings guide developers and researchers in selecting mechanisms tailored to specific project requirements.
This paper explores decentralized finance (DeFi), a fast-growing area powered by blockchain technology that offers a new alternative to traditional financial systems. DeFi removes the need for intermediaries like banks, making transactions more transparent, accessible, and often cheaper. This shift not only reduces costs but also helps improve financial access, particularly for people who are underserved by traditional banking systems. Key elements of DeFi, such as smart contracts and oracles, play a central role in automating processes and enabling peer-to-peer exchanges without needing middlemen. Despite its advantages, DeFi faces several challenges. Smart contracts can have security vulnerabilities, oracles may not always provide accurate data, and there is little consumer protection in place, which raises risks for users. Furthermore, DeFi's decentralized and often anonymous structure creates regulatory difficulties, especially when it comes to complying with anti-money laundering (AML) and know-your-customer (KYC) standards, which are crucial for ensuring financial safety and preventing illegal activities. This paper examines these issues and proposes potential solutions, such as decentralized oracle networks, regulatory tools embedded within DeFi platforms, and improved scalability techniques. These solutions aim to enhance DeFi's security while maintaining its core decentralized benefits. The paper concludes by discussing the future of DeFi, stressing the importance of balanced regulations that protect users without stifling innovation. Ultimately, DeFi holds the potential to reshape global finance, making it more inclusive, efficient, and accessible.
Prof. Pritesh Patil, Pranav Dhote, S.S. Kulkarni, Ketan Agrawal
Modern interconnected society creates ongoing challenges to charitable giving because donors need greater assurance of transparency and financial accountability. A new Ethereum-based solution from our research removes intermediaries by establishing an application dedicated to charitable activities. The DApp provides an integrated system for traditional offers and conditional funding structures which operates on blockchain technologies at base level. A framework of Solidity smart contracts connects with React.js frontend components and Ethers.js implements the blockchain communication protocols to deliver a smooth donor transaction process. The platform features milestone-based withdrawals that functions to distribute crowdfunded money after specific campaign targets have been reached thus building transparent reporting. The system gives contributors complete control between funding registered organizations directly and specific projects where each financial transaction is recorded permanently on the blockchain ledger. The unbending nature of blockchain as a record system provides historic visibility for all charitable transactions. Through distributed ledger technology implementation our framework provides donors both simple donation processes and a modern model for reliable philanthropic activities which allow full monitoring of every charitable contribution.
Swiss banks are at a pivotal moment as digital assets gain traction, presenting both challenges and opportunities. This study examines how Swiss banks can leverage their internal resources and capabilities to establish a competitive advantage in the digital asset ecosystem. Using the Resource-Based View and the VRIO (Value, Rarity, Imitability, and Organization) framework, this study investigates the strategic importance of key services such as custody, staking, and tokenization. Drawing on expert interviews with Swiss banking leaders, this research identifies these services as vital for maintaining Switzerland’s financial leadership. Findings suggest that Swiss banks’ established reputation for trust, combined with regulatory clarity under the Distributed Ledger Technology Act, creates a strong foundation for digital asset adoption. While digital asset custody services address the growing demand for security, tokenization presents significant growth potential, particularly in real-world asset markets. This study concludes that Swiss banks can sustain their competitive edge by investing in blockchain expertise, fostering fintech partnerships, and enhancing educational initiatives. By combining traditional banking strengths with innovative digital asset services, Swiss banks are well positioned to capitalize on this evolving financial landscape.
Milad Shojaiyan, sona bairamzadeh, Abbas Ali Hajikarimi
Objective: As a nascent financial technology, cryptocurrencies are experiencing growth, development, and adoption across multiple economic sectors. This study aimed to identify the essential Iranian stakeholders in the field of cryptocurrencies and to assess their behavior. The findings are intended to provide policymakers with valuable insights that will assist them in formulating strategic plans and establishing a structured framework for the nation's cryptocurrency industry.Method: The analysis of cryptocurrencies poses challenges due to the innovative and uncertain nature of several ideas, the involvement of multiple players, and the influence of diverse political, economic, social, and technical variables. Consequently, quantitative approaches alone may not provide a full understanding of this topic. The study paradigm is interpretive, employing a qualitative approach, content analysis technique, and stratified analysis of the causes.Results: Significant findings have been identified in the private three-level patterns of actors and activists in the field of cryptocurrency in Iran, and in the first tables of each of them, a three-level statement and analysis for the communication between the actors has been presented.Conclusions: The results obtained in this research show the reasons for the creation of the current environment governing the cryptocurrency industry in Iran, which shows the need to compile laws and regulations in the field of cryptocurrency and draw a framework for the activities of actors in this field, in order to develop this industry in the country and benefit the country from the advantages of cryptocurrencies are essential.
The integration of FinTech into international foreign exchange markets is revolutionizing trading, increasing liquidity, increasing efficiency and market accessibility. FinTech platforms facilitate direct participation, increasing liquidity and accessibility Through Automated risk management tools and care blockchain technology that mitigate risks and ensure secure transactions. User often preferring innovative financial technologies. In addition, peer-to-peer currency exchanges and decentralized financing protocols offer competitive rates, bypassing traditional intermediaries. For international market players regulatory compliance and cyber security threats are challenges, requiring ongoing research and collaboration between stakeholders. Investor education initiatives are vital to understanding the complexities of Fintech and maximizing its benefits.
Agriculture remains the backbone of many economies, yet inefficiencies in financial access, supply chain governance, and transaction transparency continue to hinder its full potential. Smallholder farmers, who constitute the majority of agricultural producers globally, often face barriers such as limited credit availability, lengthy payment cycles, high transaction costs, and dependency on multiple intermediaries. These constraints perpetuate cycles of debt and reduce overall productivity. The advent of blockchain technology, particularly smart contracts, has the potential to transform agri-finance and supply chain ecosystems by introducing automation, transparency, and trustless agreements. Smart contracts, executed without intermediaries, can enforce payment settlements, credit disbursement, and delivery confirmation in a secure, immutable, and real-time manner. This study investigates the integration of smart contracts into agricultural finance supply chains through a multi-layered approach combining literature synthesis, statistical analysis, and simulation modeling. The findings reveal that smart contracts can reduce transaction costs by up to 35%, cut settlement time from weeks to mere minutes, and lower default risks by nearly 50%. Simulation-based experiments demonstrate enhanced resilience in supply chains by reducing disputes and fraud while fostering greater access to microfinance and insurance services. The study further emphasizes that smart contracts are not merely technological add-ons but strategic enablers of inclusive financial ecosystems that empower marginalized farmers, enhance trust among stakeholders, and facilitate sustainable agri-value chains. However, scalability, regulatory compliance, and digital literacy emerge as critical challenges requiring coordinated policy and infrastructure interventions. This research contributes to the discourse on agricultural digitalization by positioning smart contracts as a cornerstone technology for future-ready, efficient, and equitable agri-finance supply chains.
ABSTRACT With the widespread application of smart contracts in economics and asset management, the security of smart contracts has been widely addressed by academia and industry. Fuzz is an effective technique for vulnerability detection. Several fuzzers are currently available for smart contracts, how to choose the most appropriate tools to test smart contracts is a problem that needs to be solved. To this end, we propose an evaluation framework for a smart contract fuzzers, which sets eight evaluation indicators from five aspects to comprehensively evaluate the usability, transparency, detection ability, branch coverage, and design of oracle of the smart contract fuzzers. In order to verify the scientificity and rationality of the framework, we selected six state‐of‐the‐art (SOTA) smart contract fuzzers for evaluation. By evaluating the usability of six fuzzers, the level of difficulty in using them was verified; by evaluating the transparency of six fuzzers, the usability of the tool's output information during use was verified; the branch coverage and rationality of oracle design of the six fuzzers was validated by evaluating their detection ability on the dataset. The final evaluation results validated the effectiveness of our proposed framework in guiding users to choose smart contract fuzzers.
Blockchain technology revolutionizes the financial sector and brings unprecedented transparency, efficiency, and security.Its decentralized and immutable nature holds fantastic potential in light of the green finance domain to provide full transparency and accountability.The purpose of this paper is to explore the multidimensional impact blockchain solutions have on transparent and sustainable financing practices.This would make easy all the funds going into a project green because it cuts across the risks of fraud and mismanagement.Blockchain technology can also make easier the smart contracts that deal with the loan approvals and disbursement of funds so that funding would be based on predefined ESG criteria.Moreover, blockchain will also allow real-time monitoring and reporting of project outcomes that may enable stakeholders to get an accurate measurement of the environmental impact of the project.Blockchain innovates carbon credit trading in that its basic mechanism to cut down on emissions allows for the secure and transparent tracking of transactions.It excludes risks about double counting, thereby enhancing market trust and participation.The decentralized finance, DeFi, built on blockchain unlocks further accessibility to green investments that were hitherto restricted to small-scale investors vis--vis large-scale sustainable projects.Despite tremendous headwinds in terms of energy consumption and regulatory barriers, the tide of progress on advances of green blockchain protocols and positive policy reinforcement is helping overcome those challenges.It concludes that blockchain is an enabling factor which helps make financing greener and more transparent, not only for a more sustainable but also accountable financial ecosystem.Therefore, it is from these all-rounded interests of governments, businesses, and technology providers that collaboration work would be realized in driving the full potential toward a greener future.
This article examines the regulatory approaches of Hong Kong and the United Kingdom (UK) towards cryptocurrencies , highlighting their distinct regulatory philosophies and frameworks. Hong Kong has adopted a comprehensive and proactive regulatory approach, creating a dual-licensing regime for virtual asset trading platforms covering security and non-security tokens and tailoring the existing licensing framework under the Securities and Futures Ordinance to risks in managing and distributing portfolios that invest in virtual assets. This measured approach prioritises investor protection, market integrity, and financial crime prevention while fostering an innovation-friendly environment. Conversely, the UK has taken a conservative stance, integrating cryptocurrency regulation into existing financial systems and prioritising stability, consumer protection, and control over speculative risks. The UK’s framework emphasises Anti-Money Laundering and Counter-Terrorism Financing compliance, registration for crypto-related activities, and restrictions on high-risk products for retail investors. Through comparative analysis, this article illustrates how both jurisdictions balance regulatory oversight with financial innovation and how their regulatory strategies reflect their economic and financial priorities. The findings suggest that Hong Kong’s flexible, forward-looking approach, characterised by dedicated licensing, proactive regulation, and tailored investor protection, positions it as an agile player in the evolving crypto landscape. In contrast, the UK’s framework leans heavily on stability and consumer safeguards. Ultimately, Hong Kong emerges as a rising Asian crypto hub, embracing growth and innovation, while the UK focuses on reinforcing its regulatory defences. This comparison sheds light on how regional priorities shape cryptocurrency regulation, offering insights into the broader global regulatory landscape.
Blockchain and Distributed Ledger Technology (DLT) have emerged at once to transform various industries through revolutionary innovations that secure transactions and develop smart contracts as well as detect and prevent fraud. Blockchain technology serves the purpose of this study to better secure digital transactions and render them more transparent while also achieving greater efficiency. Blockchain protects records from tampering because of its decentralized structure and unalterable properties so organizations achieve reduced risk of fraud and unauthorized changes. Smart contracts act as automated self-executing agreements which perform predefined rules to minimize transaction needs of intermediaries thus reducing operational costs The research addresses implementation barriers of blockchain adoption including the challenges related to scalability and regulatory challenges in addition to energy consumption issues. This paper presents investigative research about blockchain and DLT using case examples to show their capability for generating economic innovation while promoting digital integrity in modern digital markets
Islamic finance has evolved to address various adverse effects associated with capitalism and to establish a distinctive economic framework. However, a review of its nearly 50-year history reveals that Islamic finance was not developed solely from Islamic doctrine. Instead, it has often engaged with capitalism by selectively adopting capitalist institutions, functions, and products to facilitate its growth. This study examines the evolution of Islamic finance within the context of its interaction with capitalism, particularly through the development of Islamic financial products. Although Islamic finance has experienced significant growth in the 21st century, its pursuit of expansion has occasionally resulted in a loss of originality, leading to criticism for its assimilation into capitalist structures. In response to the criticism, Islamic finance is redefining its identity by adopting new practices, especially considering the emerging post-capitalist trends and the evolving dynamics of global capitalism in the early 21st century. One of the pioneering practices is to collaborate with emerging global financial practices driven by FinTech. The collaboration of Islamic finance with FinTech can be seen as a return to its foundational ideals of decentralization and traceability. However, it goes beyond mere reclamation. By collaborating with FinTech to develop an alternative financial system, Islamic finance has transformed from a mechanism for socioeconomic development based on Islamic principles into a global force seeking a better future for all. The knowledge produced by Islamic finance has thus become a universal intellectual asset, no longer confined to the Muslim community. This flexibility and universality of Islamic finance are its defining characteristics. As the global future remains uncertain, Islamic finance will likely endure by leveraging its flexibility and universality. In this context, Islamic finance may take an essential first step towards realizing a post-capitalist society.
The application of blockchain technology and smart contracts in Islamic capital markets presents significant opportunities to enhance efficiency, transparency, and compliance with Sharia principles in stock transactions. This study investigates the feasibility of implementing smart contracts in Sharia-compliant stock trading within a blockchain-based framework. Using a qualitative descriptive-analytical approach, this study examines the suitability of smart contract mechanisms with Islamic financial principles, evaluates improvements in operational efficiency, and identifies challenges in its implementation. The results show that smart contracts can significantly reduce transaction costs, eliminate intermediary risks, and ensure sharia compliance automatically through programmable rules. However, its implementation faces challenges such as regulatory framework, technology scalability, and stakeholder education. This study presents a comprehensive framework for integrating blockchain technology in Islamic capital markets while maintaining compliance with Sharia principles.