This Present Study Topic is âThe Influence of Data Structures on Optimal Algorithm Design and Performance in Fintechâ The efficient data structures play a critical role in improving algorithm design, computational speed, scalability, and memory optimisation within fintech systems. Recent fintech studies emphasise that modern financial platforms process massive real-time transactional data, requiring optimised algorithms supported by advanced data structures such as trees, graphs, hash tables, heaps, and distributed ledgers. Financial Technology applications, including digital banking, fraud detection, blockchain, algorithmic trading, and risk management, rely heavily on these computational techniques to maintain performance and security. Artificial Intelligence and reinforcement learning demonstrated that optimal algorithm design supports decision-making, portfolio optimisation, fraud detection, and automated trading systems. Researchers concluded that the integration of suitable data structures with intelligent algorithms improves prediction accuracy, computational efficiency, and operational scalability in fintech applications. These technologies are becoming increasingly important in modern digital financial ecosystems driven by big data and real-time analytics.
Abstract: This paper will compare and contrast heights of financial inclusion strategies adopted by Islamic Financial Institutions (IFIs) in Malaysia and Indonesia and specifically discuss Islamic social finance instruments, digital finance and community-based models. By using thematic analysis applied to a variety of policy documents, as well as institutional and implementation strategies, a qualitative comparative approach that is based on secondary data, the study analyzes policy documents and institutional and implementation strategies. The findings indicate that Malaysia follows a policy-based, centralized, and robust regulatory coordination, digital enablement, and integration of Value-Based Intermediation (VBI) and Islamic social finance tools. By contrast, Indonesia uses a decentralized and community-based model, which is powered by Islamic microfinance institutions, including Baitul Maal wat Tamwil (BMTs) with strong grassroots penetration but with issues in terms of standardization of governance and digital readiness. This research study is of value because it presents an integrative analytical model that connects the governance systems, digital integration, and Islamic social finance in determining the financial inclusion outcomes. It sheds light on significant trade-offs between efficiency and inclusiveness, centralization and flexibility, and provides policy relevant insights towards improving inclusive Islamic finance ecosystems.
Digital loans offer rapid, simple, and usually paperless transactions, and have radically changed the lending industry. The whole loan process is easy to access and effective; there are a number of threats associated with the availability of data online. As a crucial kind of digital loan, flash loans put additional pressure on banks to maintain security because they return to the same block of the Blockchain, making it more likely that they will be tampered with. It is important to address the possibility of predatory lending practices that target weaker payees. As a result, this chapter has created a security protocol based on the idea of digital wallets with self-sovereign identity (SSI) and decentralized finance (DeFi) for cryptocurrencies, which are secured by the Xsalsa20 algorithm. It has satisfied specs and is further improved by the application of the Crow search algorithm (CSA), which ensures quick and effective search results. We were able to verify several security features, including data authenticity and complete forward secrecy, by analyzing the suggested system.
Crowdfunding platforms have democratized access to capital for creators and startups, yet centralized models face high fees, limited transparency, fraud risks, and inter-mediary control over funds. Blockchain addresses these issues through decentralized ledgers, smart contracts, and tokenomics, enabling trustless and transparent funding. This survey exam-ines blockchain-based crowdfunding systems, focusing on DAO implementations, auction mechanisms, social voting models, and milestone-based fund releases on Ethereum and IPFS. We review key works such as VCG auctions, social DAOs like LikeStarter, and the CrowdChain prototype with automated refunds, along with a comparative analysis of voting-, auction-, and token-staked models. Research gaps include scalability, oracle dependencies, Sybil resistance, and regulatory challenges. We propose an enhanced CrowdChain++ system with community verification, multi-milestone campaigns, governance tokens, and Layer-2 optimiza-tion, implemented using Solidity, Hardhat, React, and IPFS. Simulation results show improved automation, reduced gas costs, and stronger fraud resistance, with future directions including ZK-proofs, cross-chain interoperability, and AI-driven anomaly detection.
The emergence of Decentralized Autonomous Organizations (DAOs) represents a paradigm shift in organizational governance, yet their technical complexity remains a significant barrier to widespread adoption. Creating and managing a DAO requires deep expertise in blockchain development, smart contract auditing, and cryptocurrency operations, which excludes many potential users in non-technical domains. This paper presents DAOship, a novel no-code platform for DAO creation and management deployed on the Avalanche blockchain. The platform provides an intuitive graphical user interface (GUI) that allows users to configure, launch, and operate a fully-functional DAO without writing a single line of code. By leveraging Avalanche's high throughput and low transaction fees, the system enables the deployment of customizable smart contracts for governance, treasury management, and voting. The platform dramatically lowers the technical barrier, empowering communities, startups, and traditional organizations to leverage decentralized governance models easily and securely. Testing on the Avalanche Fuji testnet yielded a 97% reduction in setup time, an average System Usability Scale (SUS) score of 89.2, and zero critical vulnerabilities across all deployed DAOs.
Blockchain technology and cryptocurrency have emerged as two of the most consequential financial innovations of the past two decades, yet the gap between their theoretical potential and real-world adoption within mainstream financial services remains conspicuously wide. This paper investigates that gap through a mixed-methods approach, combining a systematic review of thirty peer-reviewed academic sources with primary survey data drawn from 102 respondents representing young, digitally literate demographics. The study finds that while awareness of blockchain and cryptocurrency is relatively widespread, deep comprehension, active usage, and genuine user trust remain limited. Survey respondents show cautious optimism rather than firm conviction â the majority are open to engaging with blockchain-based financial services but are held back by concerns over security, regulatory legitimacy, and a general unfamiliarity with how these technologies actually function. The research identifies four interconnected barriers to adoption: trust deficits, regulatory fragmentation, scalability constraints, and the persistent gap between surface-level awareness and functional understanding. The study concludes that blockchain and cryptocurrency are not questions of 'if' but of 'when' and 'how' â and that realising their potential will require coordinated effort from regulators, financial institutions, technology developers, and educators acting simultaneously rather than sequentially.
Blockchain technology has been recognized as an innovative and effective means to improve transparency, security, and efficiency in the financial sector. However, privacy issues and reduction of efficiency have challenged large-scale applications the most. This issue motivates the current study that proposes a zero-knowledge proof (ZKP)-based Hyperledger Fabric framework that will ensure secure and privacy-preserving financial transaction processing. With the combination of the ZKP methods and smart contracts, the confidentiality of transactions will be verified, but at the same time, there will be audits and fraud detection. The PaySim1 synthetic financial transaction dataset, which contains more than six million records, will serve for the simulation and evaluation of different realistic workloads. The results of the experiments indicate that the ZKP-enabled framework can process 80.07 TPS on average with 0.01249 s of average latency, providing a privacy score over 98% at the same time, which reflects the effectiveness of zero-knowledge proofs in protecting sensitive transaction details while still enabling accurate verification and auditability within the blockchain network. Although the throughput is lower than that of a standard blockchain network (998,406 TPS), the given framework detects all the fraud cases at a 1.78% false positive rate, thus making sure that the system is both secure and compliant. This reduction is primarily due to the additional cryptographic overhead introduced by ZKP generation and verification, representing a trade-off between enhanced privacy and transaction processing speed. Additionally, the different setups were compared with each other in terms of privacy, efficiency, and resource utilization, and the optimized ones performed well in terms of these three aspects. To sum up the experiment, ZKP and Hyperledger Fabric, when jointly applied, not only increased the privacy and trust factors in the financial systems but also created the possibility to have very good operating conditions that are suitable for the applications.
This paper provides a literature-based analysis of the emerging role of blockchain technologiesâspecifically digital tokens and decentralised autonomous organisations (DAOs)âin shaping decentralised virtual economies. It focuses on the technological and economic infrastructure that enables immersive digital ecosystems often referred to as the metaverse. The study employs a critical review of academic literature, policy reports, and case studies published between 2016 and 2024 to examine howtokens (both fungible and non-fungible) facilitate economic exchange, digital ownership, and community-led governance. Through this methodological approach, the paper aims to clarify the transformative role of tokens and DAOs in enabling decentralised decision making, asset verification, and economic activity in blockchain-powered virtual environments. The main findings show that tokens serve dual functions: as a means of exchange (via cryptocurrencies and stablecoins), and as proof of ownership (through NFTs), while DAOs provide democratic governance frameworks for collective decision making. Platforms like Decentraland and The Sandbox illustrate these principles in action, enabling token-based voting, NFT-based asset trading, and decentralised funding allocation. However, several structural challenges persist. These include legal ambiguity, scalability limitations of current blockchain architectures, crypto market volatility, and unequal governance power distribution within DAOs. The paper also identifies emerging solutions, such as the use of stablecoins, integration of Central Bank Digital Currencies (CBDCs), and adoption of energy-efficient consensus protocols. In conclusion, the review argues that tokens and DAOs are not only technical tools, but foundational components of an evolving decentralised digital economy. Their adoption may redefine economic participation, governance, and asset ownership in virtual environments.
The article studies the role of finance control in elaborating the effective system of digital asset insurance. Special attention was paid to analyzing regulatory barriers hindering the development of crypto- currency and search for insurance solutions to minimize finance risks of digital economy. Key problems were analyzed, including fragmental nature of legal regulation, absence of unique standards in defining crypto-assets and poor coordination between national and international regulatory approaches. The focus was made on institutional problems, such as drawbacks in court practice, shortcomings in KYC/AML procedures and deficit of specialized compensation mechanisms for investors. On the basis of comparative analysis of regulatory practices in different countries the authors proposed ways to harmonize finance control, including elaboration of unique standards of digital asset insurance, working-out cross-border platforms to exchange information concerning cyber-incidents and introduction of âregulatory sandboxsâ to test innovation insurance products. The importance of adapting international recommendations FATF and IOSCO to specific features of decentralized finance systems was underlined. Practical significance of the research consists in advancing mechanisms, which can reduce legal uncertainty, strengthen confidence of investors and integrate crypto-insurance in the global finance infrastructure. Implementation of these steps can give an opportunity to raise sustainability of digital economy to cyber-risks and create conditions for developing insurance solutions of the new generation, such as parametric insurance and decentralized autonomous insurance organizations (DAIO).
Cryptocurrency has emerged as a transformative asset class, reshaping traditional investment and portfolio management strategies. This study explores the impact of cryptocurrencies on modern investment portfolios, highlighting their potential for diversification, risk management, and return optimization. The decentralized nature of digital assets, combined with blockchain technology, has introduced a new paradigm in financial markets. However, the high volatility of cryptocurrencies remains a significant challenge, affecting portfolio stability and investor confidence (Brière, Oosterlinck, & Szafarz, 2015). This research examines key factors influencing cryptocurrency investments, including market trends, risk exposure, regulatory developments, and institutional adoption. By utilizing statistical analysis and market data, the study evaluates the correlation between cryptocurrencies and traditional asset classes such as stocks, bonds, and commodities. The findings indicate that while cryptocurrencies can enhance portfolio diversification, they also exhibit greater price volatility than conventional financial assets (Corbet, Meegan, Larkin, Lucey, & Yarovaya, 2018). Additionally, the study investigates how institutional investors are integrating digital assets into their portfolios and examines the impact of regulatory policies on market stability. The results suggest that regulatory clarity significantly influences investor confidence and risk mitigation strategies (Auer & Claessens, 2020). Furthermore, Bitcoinâs role as an inflation hedge is analyzed, with evidence supporting its potential as a store of value during periods of economic uncertainty (Yermack, 2015). The study concludes that cryptocurrencies continue to represent an emerging yet highly uncertain asset class within modern portfolio management. While investors acknowledge the potential benefits of cryptocurrencies, including high return opportunities and portfolio diversification, significant concerns remain regarding market volatility, regulatory uncertainty, and long-term sustainability. The findings reveal that investors perceive cryptocurrencies as high-risk investments and remain cautious about their consistent performance compared to traditional financial assets. The study further highlights that uncertainty surrounding global cryptocurrency regulations and market stability limits broader investor confidence and adoption. Although digital assets possess the potential to transform investment strategies through technological innovation and decentralized finance, investors continue to adopt a balanced and risk-conscious approach toward cryptocurrency investments. Therefore, effective regulatory frameworks, investor education, strategic asset allocation, and continuous monitoring of market developments are essential for the sustainable integration of cryptocurrencies into modern investment portfolios.
The rapid evolution of Decentralized Finance (DeFi) has introduced unprecedented financial innovations alongside complex fraud vectors that challenge conventional security mechanisms.Traditional fraud detection systems rely heavily on centralized data aggregation and opaque machine learning models, which are fundamentally incompatible with the decentralized and trust-minimized architecture of blockchain ecosystems.Emerging paradigms such as Federated Learning (FL) and Explainable Artificial Intelligence (XAI) have been independently proposed to address privacy and transparency concerns in financial systems.However, despite significant progress in each domain, the literature reveals methodological fragmentation and architectural disconnection among blockchain-based fraud detection, privacy-preserving learning, and explainability mechanisms.This study critically reviews existing research on traditional finance fraud detection, blockchain analytics, federated learning security, XAI applications, and blockchain-FL integration frameworks.Through comparative and analytical synthesis, it identifies critical research gaps, including the absence of unified decentralized fraud architectures, insufficient explainability in on-chain systems, and limited governance models for federated financial intelligence.This study establishes a theoretical and technological foundation for an integrated blockchain-driven FL-XAI framework tailored for DeFi fraud detection.
Decentralized finance (DeFi) has been studied mainly as a financial and technological system, while the role of digital entrepreneurial capability in shaping sustainable user traction remains underexplored. This study repositions DeFi as a digitally mediated entrepreneurial ecosystem and examines whether retention-oriented user behavior is associated with three capability dimensionsâentrepreneurial visibility, network embeddedness, and organic acquisition efficiencyâtogether with ecosystem-finance conditions such as total value locked and decentralized-exchange activity. Using an exploratory, correlational design with monthly aggregated data from five incumbent DeFi platforms during the post-FTX recovery period (October 2022âSeptember 2023), the analysis combines canonical correlation analysis, partial least squares regression, and ridge regression. Results indicate a significant multivariate association between ecosystem-finance conditions and the entrepreneurial-capability block, and show that returning-visitor behavior is more coherently linked to the predictor set than broad visitor inflow. Entrepreneurial Visibility Capital and Network Embeddedness emerge as the most stable positive correlates of user retention, while Organic Acquisition Efficiency shows a directionally mixed pattern. Because the sample is small, the findings are interpreted as preliminary evidence rather than confirmatory claims. Overall, the study offers an integrative framework that connects DeFi, digital entrepreneurship, and sustainability-oriented business-model research, and identifies the joint configuration of digital capability and financial conditions as a promising direction for future, larger-scale investigation.
As sustainability plays an increasingly important role in finance, understanding its influence on emerging assets such as cryptocurrencies is essential for portfolio management. This article analyzes the relation between sustainability and cryptocurrency returns. To address and reveal complexity in relationships, we use non-linear machine learning methods. We find that sustainability variables, like energy consumption and environmental attention, are important return determinants. The greenness of a cryptocurrency measured by the consensus mechanism is a group-specific differentiation variable for the most sustainable cryptocurrencies with a positive impact on their returns. The economic relevance of their green consensus mechanism materializes primarily in the lower tail of the return distribution by providing downside protection. We detect a clear upward trend in complexity, with maxima during COVID-19 and the change of Ethereumâs consensus mechanism from Proof of Work to the more environmentally friendly alternative Proof of Stake. These findings underline the importance of considering sustainability factors in cryptocurrency investment decisions, offering new insights for investors as well as policymakers.
This paper is about the design and implementation of a blockchain based digital money transfer system for the Sri Lankan financial ecosystem. The project creates a tokenised digital currency called LKRt (Sri Lanka Rupee Token) and provides a safe, transparent and tamper-resistant platform for peer-to-peer financial transactions. The system was built with Python (Flask), JavaScript, Supabase and a bespoke blockchain engine that was created from the ground up. Its core features include Proof of Work (PoW) consensus, cryptographic wallets based on ECDSA, digitally signed transactions, real-time conversion of currency based on smart contracts, and a Progressive Web Application (PWA) front-end. This research presents the application of the blockchain technology in decentralise financial systems with security, transparency and transaction integrity. The project also examines the possibility of blockchain as a local digital payment infrastructure. Future developments such as Proof of Stake consensus and decentralised node deployment are suggested. Keywords: Blockchain, Cryptocurrency, Digital Payments, Proof of Work, ECDSA, Smart Contracts, Flask, Supabase, Progressive Web Application, Sri Lanka, FinTech, Cybersecurity
This paper explores the various impacts of digital assets, including cryptocurrencies, stablecoins, NFTs, and CBDCs, on the world economy. The study, based on a systematic review of the academic literature, and on secondary data collected from the International Monetary Fund (IMF), the World Bank, CoinMarketCap and Chainalysis, reveals that digital assets at the same time provide enhanced financial access, lower transaction costs, but also present greater volatility, regulatory uncertainty, and systemic contagion risk. The quantitative data analysis for the market capitalisation of cryptocurrencies shows a trajectory from ~US$200 bn (2018) to US$2.2 tn (2024), while the volatility indices for Bitcoin prices are almost triple those of equities. Recommendations cover aspects of adaptive regulation, CBDC development and international coordination. The tokens mentioned in the text are all digital assets, cryptocurrencies, or blockchain-based tokens.All of the tokens referred to in the text are either Digital assets, Cryptocurrencies, or Blockchain based tokens.
Muhammad Imamul Muttaqin Arisandi, Bustomi Arisandi, Bahrul Ulum, M. Khodimul Wahib ¡ 5 authors
This study examines the construction of an Islamic digital asset governance framework within the context of blockchain integration for zakat transparency and digital estate planning in Indonesia. The research responds to the growing tension between rapid technological transformation in Islamic finance and the absence of comprehensive sharia-oriented regulatory mechanisms governing crypto assets, decentralized transactions, and digital inheritance systems. Employing a non-empirical juridical-normative method, the study analyzes statutory regulations, DSN-MUI fatwas, comparative international regulatory models, and interdisciplinary scholarly literature concerning Islamic fintech, blockchain governance, and Maqasid Shariah. The findings indicate that existing regulatory approaches remain fragmented because financial supervision, sharia compliance, and inheritance governance operate within disconnected institutional frameworks. Blockchain technology demonstrates significant potential to enhance transparency, accountability, and efficiency in zakat and waqf management through immutable ledgers and automated smart-contract mechanisms, although unresolved cyber risks, speculative volatility, and succession vulnerabilities continue to threaten the principle of hifzh al-mal. The study formulates the Islamic Digital Asset Governance Framework (IDAGF), integrating technical supervision, sharia certification, judicial authorization, and social-finance accountability into a multilayered governance structure capable of harmonizing algorithmic innovation with Islamic legal certainty and sustainable digital financial ethics.
Md Sharif Hassan, Fatema Tuz Zahra, Firdous Mohd Farouk, Wan Nordin Wan Hussin
ABSTRACT The integration of Financial Technology (FinTech) with Environmental, Social, and Governance (ESG) considerations highlights the burgeoning potential of digitally enabled green finance solutions. This study responds to the emerging stream of research at this interdisciplinary nexus by undertaking a systematic bibliometric analysis of 228 documents indexed in the Scopus database, over the period 2020â2025. It aims to identify key trends, influential authors, and leading journals in this field. It further conducts a systematic review, using VOS viewer and R Studio (Bibliometrix) to demonstrate shifts in research themes within the FinTechâESG domain. While early research themes focused on financial inclusion, subsequent studies emphasize the technological drivers of green finance, particularly blockchain, artificial intelligence, and big data as well as the transitions toward carbon neutrality and the circular economy. The study identifies five major research gaps: (i) limited longitudinal evidence on the impact of FinTech on ESG; (ii) insufficient research on the ESGâtransformative role of FinTech in developing economies; (iii) lack of crossâcountry comparative studies; (iv) underexplored linkages between governance and FinTech; (v) absence of wellâdeveloped empirical frameworks examining the interplay between decentralized finance and the circular economy. The gaps are addressed by employing a structured TCCM (TheoryâContextâCharacteristicsâMethodology) framework, which provides a coherent research agenda to advance theory development, inform ESGâoriented digital finance regulatory framework for policymakers, and help practitioners in sustainable FinTech value creation.
Victor James Uko, Sharon Oluwaseun, Amarachi Nelly Charles, Emurode Williams ¡ 5 authors
The rapid proliferation of digital technologies has profoundly reshaped the financial services sector, introducing novel service delivery models, market participants, and transactional infrastructures that challenge the foundational premises of existing regulatory frameworks. This review examines the multidimensional dynamics of digital transformation in financial services, with particular attention to the regulatory and consumer protection implications arising from the emergence of fintech ecosystems, artificial intelligence-driven financial products, decentralized finance platforms, open banking architectures, and embedded financial services. Drawing on a synthesis of contemporary academic literature, regulatory reports, and industry analyses, the review maps the evolution of digital financial services across developed and emerging economies, identifies structural gaps in regulatory capacity, and evaluates the adequacy of prevailing consumer protection mechanisms in the face of accelerating technological change. Key themes include the challenge of regulatory arbitrage, the governance of algorithmic and AI-based financial decision-making, data privacy and cybersecurity risks borne by consumers, the financial inclusion implications of digital transformation, and the emerging paradigms of regulatory technology and supervisory technology as adaptive governance tools. The review concludes by proposing a research agenda oriented toward the development of adaptive, proportionate, and technology-neutral regulatory frameworks capable of fostering innovation while safeguarding systemic stability and consumer welfare.
Abstract Crypto-asset services without governance mechanisms maximize transparency and censorship resistance through automation but may sacrifice adaptability to changing market conditions, depending on their institutional design. This study examines the consequences of user adoption for a fully automated stablecoin bank that offers zero-interest loans: Liquity Protocol. Using 1586 daily observations from April 2021 to August 2025, this paper investigates whether user decline stems from portfolio allocation rationale or internal design constraints, under heightened competitive pressure and a tight monetary policy environment. We employ probit specifications to analyze the relationship between stablecoin (LUSD) peg deviations and three behavioral outcomes: collateralization adjustments, loan position closures, and capital withdrawals. Results provide strong evidence that negative peg deviations predict defensive position management, with marginal effects that are 4â6 times larger during post-competitive shock periods. The closure of loan positions exhibits the greatest sensitivity, with 8.7 percentage points across the pre-shock period versus 51.8 percentage points post-shock. In comparison, collateralization ratios increased significantly by 6.0 percentage points, versus 38.8 percentage points in the same periods, indicating a systematic deterioration in capital efficiency. By contrast, the directional probability of capital flight during the post-shock period remains comparatively insignificant. An extension analysis incorporating yield differentials from major competing services is implemented using both probit and OLS specifications. The OLS results show that yield differentials predict larger capital outflows in the pre-shock period ( $$p = 0.023$$ <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML"> <mml:mrow> <mml:mi>p</mml:mi> <mml:mo>=</mml:mo> <mml:mn>0.023</mml:mn> </mml:mrow> </mml:math> ), while full-sample and post-shock specifications are not significant. Concurrently, the probit results reveal significant links with the direction of capital withdrawal in the pre-shock period ( $$p = 0.007$$ <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML"> <mml:mrow> <mml:mi>p</mml:mi> <mml:mo>=</mml:mo> <mml:mn>0.007</mml:mn> </mml:mrow> </mml:math> ), with no further significant associations in the post-shock period. However, yield differentials show no significant predictive power for the magnitude or direction of position management or collateralization behavior in any specification. The evidence points to a coexistence of mechanisms throughout different temporal periods: yield competition acts as a magnitude amplifier for capital flows prior to 2024, when competitive pressure had not reached its peak. In contrast, as competition reaches a high point for stablecoin saving instruments by early 2024, the systematic day-to-day behavioral dynamics of position management (loan positions and collateral) becomes more consistent with protocol-internal design frictions. Regime-based robustness checks examining Federal Reserve tightening and major crypto market shock periods reveal distinct temporal patterns, with macro stress periods leading to capital flight, whereas active position management in the subsequent period of increasing competitive stress does not. These findings provide insight into the critical design trade-offs between deterministic automation and adaptive governance in the decentralized finance industry, particularly for decentralized banks, with implications for protocol developers and researchers studying the viability of governance-free design subject to alternating external market conditions.
The growth of crypto-asset markets and the rise of environmental, social, and governance (ESG) investing reflect two significant transformations at the intersection of technology and finance. While crypto markets are driven by decentralized digital innovation, ESG investment is shaped by societal demands for sustainable capital allocation. This study examines how participation in a high-risk technology-driven market, such as crypto-assets, is associated with sustainability-oriented investment preferences through the development of both financial and digital finance skills. Using survey data collected in February 2024 in Thailand, a country characterized by strong policy support for ESG investment products and rapid crypto adoption, we employed partial least squares structural equation modeling (PLS-SEM) to test a sequential mediation model. The results reveal that crypto-asset ownership is positively associated with financial literacy, which in turn enhances digital financial literacy, leading to stronger ESG investment preferences. The study's findings highlight how technology-enabled financial engagement can foster the skills required for responsible investing, suggesting that digital finance participation and sustainable investment promotion are interconnected pathways rather than separate domains. Policy implications include integrating digital capacity-building into ESG promotion and leveraging technologically engaged investors as a channel for advancing sustainability goals in capital markets.
Distributed ledger technology (DLT) has emerged as a transformative force in decentralized data management across e-transactions, with significant applications in the banking, finance, supply chain, and trade sectors. Recognizing its potential, governments, including Estonia and India, have implemented DLT-based e-services to enhance transparency and privacy in public administration. With numerous platforms arising/available in the DLT segment, such as Hyperledger, Ethereum, Corda, Ripple, Stellar, Dragonchain, IOTA, and Hedera, understanding interoperability mechanisms across heterogeneous platforms has become critical. This comprehensive research provides a systematic analysis of distributed ledger technology fundamentals, consensus mechanisms, smart contracts, and their applications in e-governance services. The study examines leading DLT platforms and their core features, with a specific focus on interoperability capabilities essential for seamless cross-platform integration. Through analysis of existing interoperability solutions, including trade finance platforms, central bank digital currency initiatives, and e-governance implementations, this work identifies critical challenges and evaluation criteria for DLT adoption. The research addresses three primary research questions: (1) what capabilities does DLT provide for implementing effective e-governance strategies? (2) How does interoperability influence the delivery and effectiveness of various e-governance services? (3) What is the current impact and growth trajectory of existing e-governance services providing interoperability capabilities? The primary contributions include systematic exploration of interoperability mechanisms in various DLT platforms, documentation of existing implementations across multiple countries, including Estonia, the European Union, Dubai, and India, identification of technical challenges and security considerations, and development of a future roadmap for DLT-influenced e-governance systems. The research demonstrates that effective interoperability, combined with emerging technologies such as artificial intelligence and quantum-resistant cryptography, can enable citizen-centric, transparent, and secure governance systems while maintaining regulatory compliance and data privacy.
While the iteration of digital technology encourages mass creation, it also poses challenges to the protection of digital copyright, such as difficult rights confirmation, unfair distribution, and high costs of rights protection. Traditional governance technologies represented by DRM and cloud computing are poorly integrated with legal norms, while emerging blockchain smart contracts face high technical barriers and institutional adaptation difficulties. Based on this, the digital RMB smart contract, which is positioned as an "institutional technical tool", inherits the programmability advantage of blockchain smart contracts, has the dual endorsement of central bank technology and credit, and can also achieve wide reach through the operation of commercial banks. It is expected to bridge the gap between technology and ordinary users and solve the problem of the connection between technology and law. Based on the specific practice of the Yuan Guanjia module built into the digital RMB smart contract, the technology is expected to improve the traditional subscription model, guarantee the stepwise release of crowdfunding publishing, realize the "per-use settlement" of prepaid authorization, and build a return mechanism for the interruption of serialized works, thereby promoting the full-chain governance of digital copyright.