Feeroj Nasirkhan Pathan, Amarsingh Udhavrao Solanke, Mr. Wasim Taher Khan, Dr. Mangesh Manohar Dasare
The vision of Viksit Bharat 2047 seeks to transform India into a developed, inclusive, and globally competitive nation by the centenary of its independence. Achieving this vision requires a digitally enabled financial system that promotes innovation, expands financial inclusion, and supports sustainable economic growth. In this background, Financial Technology (FinTech) has emerged as a key driver of India's digital transformation. India's FinTech ecosystem has grown quickly with the support of Digital Public Infrastructure (DPI), including Aadhaar, Pradhan Mantri Jan Dhan Yojana (PMJDY), Unified Payments Interface (UPI), DigiLocker, India Stack and e-KYC. These initiatives have expanded access to financial services, accelerated digital payments, enhanced access to formal credit, strengthened public service delivery, and encouraged wider participation in the Indian economy. Emerging technologies such as artificial intelligence, blockchain, cloud computing, big data analytics, and application programming interfaces (APIs) have additionally enhanced the efficiency and accessibility of financial services. This chapter examines the role of FinTech in advancing the vision of Viksit Bharat 2047 by promoting financial inclusion, strengthening Digital Public Infrastructure, supporting entrepreneurship, improving governance, and fostering sustainable economic development. It also examines key challenges, that influence the long-term growth of the sector. It concludes that FinTech is more than a technological innovation; it is a strategic move of India's economic transformation.
Hafsteinn Hjartarson, Anna Sigríður Íslind, Gísli Hjálmtýsson
Immigrants often encounter significant barriers to integration, including limited recognition of prior education, restricted access to learning opportunities, and low levels of trust in digital systems, all of which contribute to social exclusion in host societies. Although blockchain technology offers mechanisms for transparency, reduced reliance on intermediaries, and verifiable records, its potential for fostering inclusion remains underexplored. This paper presents EduChain, a permissioned blockchain architecture designed to explore how blockchain-based systems can support inclusion and trust among immigrants through academic credential verification and incentive-based learning. Drawing on documented challenges in education and academic credential verification reported in prior migration and integration studies, the paper identifies key design requirements that inform the system architecture. The study adopts an Action Design Research approach, implementing a prototype of a credential verification component while exploring the learning component conceptually in an analogous real-world setting.
While decentralized fintech platforms (DFPs) are a viable alternative to traditional financial systems, their widespread adoption is hindered by cybersecurity concerns. This study investigates the factors shaping user intentions to adopt DFPs amid these perceived cyber risks. Situated within the global challenge of financing the Sustainable Development Goals (SDGs), this research explores DFP adoption as a potential mechanism for enhancing financial inclusion (SDG 10), fostering innovation in financial infrastructure (SDG 9), and promoting inclusive economic growth (SDG 8). Using a hybrid model that merges the technology acceptance model with trust theory, we surveyed 554 business and engineering students across five Indian metropolitan hubs a demographic representing a tech-forward segment of Gen Z poised to be early adopters. Structural equation modelling reveals that while fintech literacy and risk tolerance are significant preconditions, adoption intention is most powerfully predicted by social influence (β = 0.271, p < 0.001) and perceived security in the underlying technology (β = 0.186, p < 0.000). This suggests that for these vanguard users, the decision to adopt is driven more by social validation and technological faith than by individual technical competency. Furthermore, trust moderates the relationship between fintech literacy, perceived security and risk tolerance on the intent to adopt. The paper contributes a comprehensive framework that clarifies users’ adoption motives, aiding researchers who study DFP user behavior in developing nations. The findings provide a critical roadmap for policymakers, developers, and international development agencies aiming to harness digital finance for the 2030 Agenda, demonstrating that building trusted, community-driven ecosystems is paramount to realizing the developmental potential of decentralized technologies.
India's Unified Payments Interface (UPI) processes billions of transactions monthly across dozens of Payment Service Providers (PSPs). However, a structural architectural gap persists: no single entity maintains a unified, real-time, immutable view of an individual's complete financial transaction graph across competing platforms. This fragmentation has become the primary mechanism enabling complex UPI digital payment fraud and mule-account networks. Scammers easily spin up identities across multiple platforms, quickly cascade stolen funds across PSP boundaries, and discard the handles, leaving a broken trail that takes weeks for law enforcement to piece together. This white paper proposes the Universal Financial Identity (UFI) system—a sovereign, mobile-number-anchored financial identity layer that federates all of a user's UPI handles, bank accounts, and Central Bank Digital Currency (CBDC/e-Rupee) wallets into a single, immutable distributed ledger record. Key Architectural Features: Zero-Action Trigger Mechanism: The permanent UFI record (formatted as <mobilenumber>@ufi) is generated automatically in the background at the exact moment a user links any bank account to a UPI application, requiring zero user friction. Immutable Distributed Ledger Layer: Operates as a permissioned Hyperledger Fabric network managed by sovereign nodes (RBI, NPCI, and authorized banks), rendering transaction trails cryptographically non-erasable and resilient against app-side account deletions. Graph Intelligence Layer: Integrates native Neo4j graph analytics for real-time, cross-PSP fraud ring detection, rapid fund-movement velocity tracking, and automated fan-in pattern profiling. Programmable Money Integration: Leverages India's e-Rupee infrastructure to enable purpose-bound, geography-restricted, and expiry-enforced smart contract payments for public welfare disbursements (DBT) and B2B settlements. DPDP Act 2023 Compliance: Built with privacy-by-design principles, using salted SHA-256 identity tokenization and multi-tiered, consent-gated access frameworks via the Account Aggregator network. This protocol layer sits seamlessly below existing Third-Party Application Providers (TPAPs) and above core settlement switches, offering real-time cross-PSP fraud tracing and post-deletion identity recovery without introducing latency into synchronous payment pathways. This paper is released for open public community review, protocol exploration, and technical feedback prior to formal provisional patent filings with the Indian Patent Office (IPO).
Introduction This study examines how decentralized social media platforms are reshaping participatory communication and platform governance in contemporary digital environments. Drawing on a socio-technical perspective, the analysis explores how blockchain infrastructures, token-based economies, and community-driven rule-making reconfigure established models of media control, participation, and authority. Methods Using a qualitative mixed-method approach that combines a structured review of prior research with expert interviews from the Web3 ecosystem, the study develops an integrative analytical framework that captures the evolving relationships between infrastructure, participation, and governance in decentralized platforms. Results By conceptualizing decentralization as a transformation in communicative power rather than a purely technical shift, the paper shows how user agency, trust, and visibility are negotiated through programmable infrastructures and collective governance mechanisms. While decentralized systems promise greater autonomy and transparency, the findings also highlight persistent tensions related to usability, equity, and regulatory ambiguity. Discussion By situating these tensions within broader debates on platform governance and digital communication, the study contributes to communication scholarship on emerging media systems and offers insights into the societal implications of decentralized digital infrastructures.
India’s aspiration to emerge as a developed nation by 2047 under the vision of Viksit Bharat necessitates the identification and scaling of localized innovations. Odisha, characterized by its socio-cultural diversity and rapid technological transition, presents a compelling case as a living laboratory for future-ready developmental models. This study positions Odisha at the intersection of three transformative domains: algorithmic welfare systems, governance challenges arising from silent urbanization, and the digitization of cultural heritage through Web3 technologies such as NFTs. By integrating quantitative modeling, qualitative fieldwork, and policy analysis, the study proposes a framework for culturally rooted, inclusive, and decentralized development. The findings suggest that Odisha’s experiments in adaptive welfare delivery, the recognition of hybrid urban spaces, and digital cultural economies not only address local challenges but also offer scalable insights for national policy. The state thus emerges as a microcosm of a technologically empowered, socially equitable, and culturally vibrant Viksit Bharat.
The digital payments landscape is undergoing a fundamental transformation fueled by innovative technologies like blockchain. While often associated with cryptocurrencies, blockchain's potential extends far beyond mere transactional efficiency. This distributed ledger technology offers a unique blend of security, transparency, and immutability, making it a compelling avenue for reshaping the very nature of digital payments. Purpose: The research paper will offer insights into the theoretical foundations, practical use cases, and potential challenges of integrating blockchain technology with existing systems in India. Objective: This research paper aims to deliver a comprehensive conceptual understanding of blockchain technology, its potential applications in digital payments, and its relevance within the context of India Stack. Research outcome: The study concluded that rising internet users and adoption of technology by the financial institutions and banking sector transformed the India as fastest growing economy in terms of digital payment systems.
This bachelor thesis focuses on how insiders of the Solana ecosystem understand the success of decentralized finance (DeFi) projects and what factors they consider key to achieving it. The aim of the thesis is to identify and structure the main product, team, community, user, economic, and ecosystem dimensions that, according to respondents, collectively shape the success of DeFi projects on the Solana platform. The research is based on a literature review of DeFi and the specifics of the Solana ecosystem, as well as a qualitative survey based on eight semi-structured interviews with members of DeFi project teams and micro-influencers active in Solana DeFi. The data was analyzed using thematic analysis, which led to the identification of eleven main themes covering, among other things, product value and innovation, the role of the team and network, community and communication, UX/UI and onboarding, tokenomics and value distribution, security, integration and partnerships, and the influence of market cycles and narratives. The results show that success is not associated with a single isolated factor, but with a portfolio of interdependent dimensions, some of which are directly controlled by project creators and some of which are determined by the broader ecosystem and market context. The work provides a theoretical contribution in the form of a systematic framework of success factors for DeFi projects specifically in the Solana environment, as well as a practical contribution for creators, investors, and other actors, offering them a roadmap for designing, evaluating, and strategically managing DeFi projects on this platform.
Financial exclusion remains acute in Sub-Saharan Africa, where more than 350 million adults lack access to formal financial services. A defining barrier is the absence of verifable identity: in countries such as Mozambique, Tanzania, and Niger, over half of adults without mobile money accounts cite missing documentation as the primary obstacle. Existing remedies either centralise sensitive personal data, creating systemic privacy and security risks, or demand document-issuing infrastructure that does not yet exist in many communities. This paper proposes ZKP-IDFS (Zero-Knowledge Proof Identity for Financial Services), a decentralised, privacy preserving digital identity framework that lets individuals prove identity-related predicates to financial institutions without disclosing the underlying personal attributes. ZKP-IDFS combines Groth16 zk-SNARKs for succinct on-chain proof verification, Pedersen commitments for attribute hiding, a W3C-compliant Verifi-able Credential layer, and a lightweight USSD/SMS proof-relay channel designed for feature-phone users in low-connectivity environments. We formalise the cryptographic model, specify the system architecture, and present a simulated performance evaluation across four representative network conditions. Results from a controlled simulation study show that end-to-end proof generation and relay complete in under 4.2 seconds on entry-level Android handsets at 3G speeds, with on-chain verication costs below 0.003 USD on an EVM-compatible layer-2 chain; these results require validation in eld deployments. We further demonstrate compliance with FATF risk-based KYC guidance and with emerging African data-protection legislation.
Alie Ndiaye, Mamadou Ba, Jean Aimé Florent Kikobet Kolodo, S Ouya
This study addresses the critical challenge of securely transmitting digital cheques in blockchain-based agricultural platforms operating under intermittent connectivity constraints, particularly in Guinea, where only 34% of the population has access to the Internet. We propose an innovative protocol that cryptographically embeds the seller’s address into the digital cheque signature, thereby creating an autonomous notification system independent of external communication infrastructures. The approach introduces three key innovations: address-integrated signatures, asynchronous validation protocols, and distributed notification mechanisms operating directly on the blockchain. The experimental implementation employs Ganache as an Ethereum simulator with a React.js DApp interface, enabling buyers to issue cryptographically signed cheques and sellers to automatically receive notifications through blockchain events. The results demonstrate technical feasibility with a secure transfer of 2 ETH validated by balance variations. The protocol ensures integrity, non-repudiation, and resilience to network disconnections, outperforming existing solutions that require stable connectivity. This contribution paves the way for fully autonomous decentralized agricultural markets adapted to the infrastructural constraints of West Africa.
R.S Gokulnath, N Shri Bharani Priya, A Vijay, G Balaji · 5 authors
Web3 technologies are an exciting new frontier in digital asset ownership and decentralized systems, but certain factors, namely the complexity of blockchain interfaces, may preclude mass adoption. This research introduces Hey SOL, a conversational interface that facilitates interaction with the Solana blockchain by allowing its users to conduct Web3 capabilities using simple prompts and chat commands. Hey SOL integrates directly with the Solana blockchain with the Model Context Protocol (MCP), providing a relatively secure and reliable interaction while eliminating much of the technical burden on users. Overall, extensive testing shows that conversational interfaces like Hey SOL can improve usability and facilitate a better user experience than the traditional blockchain applications.
Deepak Gupta, K. R. Shobha, D. Hariprasad, Rakhi Chawla · 7 authors
Digital Public Infrastructure (DPI) represents a transformative paradigm for emerging economies, providing foundational systems for identity verification, payment processing, and data exchange. The convergence of DPI with Web3 technologies and decentralized infrastructure creates unprecedented opportunities for inclusive economic development. This chapter examines how blockchain, distributed ledger technologies, and decentralized protocols enhance traditional DPI frameworks, analyzing implementations across emerging markets with emphasis on India's pioneering India Stack model. Through examination of 220 million active blockchain addresses globally and DPI implementations reaching 1.3 billion citizens, this research demonstrates that Web3-enabled DPI can overcome institutional voids, reduce transaction costs by up to 70%, and facilitate financial inclusion for 730 million unbanked adults. The chapter analyzes technical architectures, governance models, security frameworks, and socioeconomic impacts while addressing challenges including digital divides, regulatory gaps, and sustainability concerns. Key findings reveal that DPI integrated with Web3 infrastructure contributed 0.9% to GDP in 2022, projected to reach 4.2% by 2030, with the global blockchain market valued at $31.18 billion in 2025 and forecasted to reach $393.42 billion by 2032.
Addressing educational inequity in Sub-Saharan Africa, this research presents an autonomous agent-orchestrated framework for decentralized, culturally adaptive educational content generation on edge devices. The system leverages four specialized agents that work together to generate contextually appropriate educational content. Experimental validation on platforms including Raspberry Pi 4B and NVIDIA Jetson Nano demonstrates significant performance achievements. InkubaLM on Jetson Nano achieved a Time-To-First-Token (TTFT) of 129 ms, an average inter-token latency of 33 ms, and a throughput of 45.2 tokens per second while consuming 8.4 W. On Raspberry Pi 4B, InkubaLM also led with 326 ms TTFT and 15.9 tokens per second at 5.8 W power consumption. The framework consistently delivered high multilingual quality, averaging a BLEU score of 0.688, cultural relevance of 4.4/5, and fluency of 4.2/5 across tested African languages. Through potential partnerships with active community organizations including African Youth & Community Organization (AYCO) and Florida Africa Foundation, this research aims to establish a practical foundation for accessible, localized, and sustainable AI-driven education in resource-constrained environments. Keeping focus on long-term viability and cultural appropriateness, it contributes to United Nations SDGs 4, 9, and 10. Index Terms - Multi-Agent Systems, Edge AI Computing, Educational Technology, African Languages, Rural Education, Sustainable Development, UN SDG.
Anthony Uchenna Eneh, Love Allen Chijioke Ahakonye, Jae Min Lee, D. Kim
Insurance is essential for financial resilience; however, traditional systems remain costly, opaque, and inaccessible, particularly in underserved regions. In many such communities, informal savings schemes like akawo, esusu, and ajo offer grassroots risk pooling; however, these schemes lack scalability, transparency, and fraud resistance. Existing blockchain-based insurance platforms address some of these issues, but often replicate centralized models, rely on token-based governance, or overlook the cultural relevance of local financial systems. This paper presents PureAjo, a fully decentralized peer-to-peer insurance platform that digitizes traditional communal models using smart contracts. Users connect their wallets to join insurance networks, pay premiums, file claims, and vote on outcomes, entirely from the frontend using wallet signatures. Governance follows a one-wallet, one-vote model, eliminating the need for tokens or custodial logic. We evaluated PureAjo on the Mumbai testnet. Core contract interactions executed with average gas usage between 88k and 143k units, and confirmed within 10–14 seconds. PureAjo demonstrates that fully decentralized, culturally grounded insurance systems are not only possible but also performant. It lays the groundwork for scalable deployment on PureChain, a dedicated Layer 2 network optimized for mutual finance.
This report presents strategic recommendations for the development of Aruba's fintech sector with a focus on leveraging artificial intelligence and distributed ledger technologies. It evaluates Aruba's readiness in the information and communications technology (ICT) sector and the financial sector, comparing key indicators against counterparts in the region, including Curaçao, Jamaica, Trinidad and Tobago and the Kingdom of the Netherlands. The report highlights strenaths, such as stable democratic traditions, high education levels and a robust banking sector, and weaknesses, such as small market size and regulatory gaps in ICT. The report advocates regulatory modernization, including comprehensive telecommunications sector liberalization, the establishment of regulatory sandboxes and targeted government interventions to support fintech development and encourage innovation. The report also emphasizes the importance of ethical artificial intelligence use and proposes a roadmap for implementing a central bank digital currency. Appendices provide a summary of necessary preconditions and recommended actions to accelerate fintech sector development in Aruba. Ultimately, the report underscores Aruba's potential to become a digital financial hub through collaboration between policymakers, industry stakeholders and international partners.
This interim report explores the transformative impact of fintech on global financial markets. It delves into the evolution of fintech from its early stages to the present day, highlighting key innovations such as digital banking, cryptocurrencies and artificial intelligence-driven financial services. The report provides an in-depth analysis of international best practices, regulatory frameworks and the role of government and private sector partnerships in fostering a thriving fintech ecosystem. In particular, the report underscores the importance of regulatory frameworks addressing foreign exchange control, consumer protection, data privacy, cybersecurity and competition management. With case studies from countries including Estonia, Luxembourg, Mexico and the United Kingdom, the report offers valuable insights into the challenges and opportunities in fintech development. It also discusses the Caribbean experience with fintech and distributed ledger technologies, emphasizing the importance of regulatory sandboxes and digital asset frameworks. Ultimately, the report concludes that a balanced regulatory approach fosters financial innovation while mitigating risks, and that effective collaboration between the public and private sectors is crucial for sustainable fintech development.
Urban-rural dichotomy is a poaching challenge to inclusive economic growth and sustainable development across the world. Such imbalance is commonly defined by unequal access to infrastructure, economic opportunities and good public services. This paper discusses how digital technologies, such as broadband, mobile applications, e-commerce, and precision farming tools, are transformative solutions that can be important tools in bridging this gap, economic opportunities, and sustainable livelihoods in rural society. The main hypothesis is that the traditional "urban bias" can be reversed by using specific digital interventions to reduce the transaction costs, widen the market reach, and decentralize the access to knowledge and finance.