This study addresses the persistent challenges of limited transparency and inefficiency in accounting information systems, particularly in the context of financial reporting and auditing. It aims to examine the role of blockchain in enhancing transparency and improving audit processes within accounting systems. The research adopts a systematic literature review approach by analyzing 43 selected academic articles and relevant industry reports published between 2019 and 2026. The analysis focuses on identifying key characteristics, mechanisms, and implications of blockchain adoption in accounting practices. The findings indicate that blockchain has strong potential to improve data transparency, traceability, and reliability through features such as distributed ledgers, immutability, and smart contracts. These characteristics support real-time financial reporting and enable more continuous and efficient audit processes. The study also identifies several implementation challenges, including regulatory uncertainty, high adoption costs, and limited professional expertise. Furthermore, this research proposes a conceptual framework integrating blockchain into accounting information systems to support better governance and decision-making. The study contributes to the growing discourse on digital transformation in accounting, particularly in emerging economies.
Penelitian ini menganalisis fungsi Non-Fungible Token (NFT) sebagai instrumen experience marketing dalam penyelenggaraan Prambanan Jazz Festival (PJF), yang menjadi salah satu festival musik pertama di Indonesia yang mengadopsi NFT sebagai sistem membership dan ticketing berbasis blockchain sejak 2022. Menggunakan kerangka Experiential Marketing Schmitt (1999) dengan lima Strategic Experiential Modules (SEMs), penelitian ini mengkaji bagaimana ekosistem NFT mengaktifkan dimensi-dimensi pengalaman tersebut. Pendekatan kualitatif deskriptif dengan wawancara mendalam dilakukan terhadap empat belas narasumber, terdiri atas pemegang NFT dari berbagai tier kepemilikan serta jajaran penyelenggara festival. Hasil penelitian menunjukkan kelima modul SEMs berhasil diaktifkan, namun dengan efektivitas yang tidak merata. Modul Feel paling konsisten lintas seluruh tier melalui rasa kepemilikan aset digital yang persisten dan nilai simbolik eksklusivitas. Modul Sense dan Act hanya teraktivasi secara bermakna pada tier menengah keatas, sementara modul Relate menjadi titik terlemah akibat komunitas yang bersifat musiman. Penelitian ini juga mengidentifikasi tiga dimensi nilai NFT PJF, yakni nilai fungsional, simbolik, dan finansial. Implementasinya terkendala oleh sistem gacha yang menciptakan kesenjangan pengalaman antar tier, kompleksitas teknis bagi pengguna berliterasi rendah, serta ketidakkonsistenan benefit lintas tahun. Penelitian ini menyimpulkan NFT PJF merupakan inovasi yang hadir mendahului kesiapan ekosistemnya, namun memiliki potensi signifikan apabila dikembangkan melalui desain pengalaman yang lebih inklusif, distribusi benefit yang berkeadilan, dan strategi komunitas yang berkelanjutan.
This study aims to analyze the contribution of village funds, Islamic financial institutions, and regional economic integration to regional economic growth. In the context of fiscal decentralization and regional development, these three variables play a strategic role in accelerating inclusive and sustainable economic development. Village funds serve as the primary instrument to finance infrastructure development and community empowerment. Meanwhile, Islamic financial institutions provide access to fair and Sharia-compliant financing, supporting the productivity of micro and small enterprises. Regional economic integration, particularly through inter-regional connectivity and cooperation, strengthens local markets and enhances regional competitiveness. The analysis method uses a descriptive-qualitative approach based on literature studies and secondary data. The findings indicate that the synergy among the three variables can drive equitable economic growth, although integrated policies and institutional capacity strengthening are still needed.
This study investigates the mediating role of organizational commitment in the relationship between budget participation, leadership style, motivation, job satisfaction, and managerial performance in the regional government apparatus (OPDs) of Merauke, South Papua. As one of Indonesia's newly autonomous provinces, South Papua faces significant administrative challenges, especially in implementing decentralization policies and managing special autonomy funds effectively. This research employs a quantitative explanatory design with data collected from 386OPD employees through structured questionnaires and analyzed using Structural Equation Modeling (SEM) with SmartPLS 4.0. The findings reveal that budget participation, motivation, job satisfaction, and organizational commitment have significant direct effects on managerial performance. In contrast, leadership style does not directly influence performance. Motivation, while negatively affecting performance directly, contributes positively to organizational commitment, which subsequently enhances performance. Organizational commitment also plays a significant mediating role in the relationship between budget participation, motivation, and job satisfaction with managerial performance. However, it does not significantly mediate the effect of leadership style on performance.This study is grounded in Organizational Behavior Theory, Path-Goal Theory, Expectancy Theory, and Contingency Theory, offering a robust theoretical lens to understand how internal organizational dynamics affect public sector performance. The results underscore the importance of participatory leadership, strategic human resource management, and job satisfaction in fostering emotional attachment and performance-enhancing behaviors among civil servants.Theoretically, the research enriches public administration literature; practically, it informs policymakers and administrators seeking to optimize human capital in underdeveloped regions with unique cultural and political contexts.
The purpose of this research is to analyze the long-term and short-term impacts of the use of cryptocurrency and electronic money on the money supply (M2) in Indonesia, as well as to analyze the long-term and short-term impacts of the use of cryptocurrency and electronic money on monetary stability (exchange rates) in Indonesia. The research method used is quantitative descriptive analysis with the Vector Error Correction Model (VECM) using the Eviews application and secondary data in the form of monthly data from 2011 to 2023 obtained from the official websites of Bank Indonesia and Finance. This study utilizes data on cryptocurrency transaction values and electronic money transaction values in Indonesia by analyzing the VECM model, which can observe the long-term and short-term impacts of the use of digital money on the money supply and monetary stability, in this case, viewed through the Indonesian exchange rate. The research results indicate that there is a one-way causality between electronic money and cryptocurrency, but not the other way around, and there is a one-way causality between the money supply and cryptocurrency, with the money supply as the dependent variable influencing cryptocurrency. The results of the VECM estimation indicate that in the long term, electronic money has a negative and sifnificant impact on the money supply. Meanwhile, the short-term estimation shows that both cryptocurrency and electronic money significantly influence the money supply, but their effects are dynamic and vary based on different lags. The long-term estimation with the exchange rate as the dependent variable shows that cryptocurrency does not have a significant impact on the exchange rate, while in the short term, both cryptocurrency and electronic money have a negative and significant effect on the exchange rate.
This study examines the influence of Social Media Influencers and Fear of Missing Out (FOMO) on cryptocurrency investment interest among Generation Z students at Singaperbangsa University in Karawang. This research uses a quantitative approach with descriptive and verification methods, with data collection through a Likert scale questionnaire. A total of 122 respondents from the university were selected using purposive sampling method. Research variables include Social Media Influencers, FOMO, and Cryptocurrency Investment Interest, with data analyzed using SPSS for multiple regression. The results showed that both Social Media Influencers and FOMO have a significant influence on cryptocurrency investment interest. The influence of Social Media Influencers has a coefficient of 0.362 (p < 0.05), while FOMO shows a coefficient of 0.290 (p < 0.05). The model's R² value of 0.319 indicates that these two variables explain about 31.9% of the variation in investment interest. These results provide important insights into how digital media and social influence affect financial decision-making among the younger generation, especially in the rapidly growing cryptocurrency market.
Santa Lusianna Sitorus, Ratna Tri Hari Safariningsih, Aldo Hermaya Aditiya Nur Karsa, Maulana Arif Komara · 5 authors
The digital fashion industry is undergoing a major transformation with the integration of technologies such as blockchain and smart contracts, which offer solutions to key challenges such as product authenticity, intellectual property protection, and supply chain efficiency. This research focuses on the application of blockchain technology and smart contracts in digital fashion entrepreneurship, with the aim of increasing transaction efficiency, product security, and business sustainability. Method used in this study is a quantitative approach with a structural model based on Partial Least Squares Structural Equation Modeling (PLS-SEM) to test the influence between smart contract adoption, digital transaction efficiency, product security, and fashionpreneurship sustainability. Data were collected from digital fashion actors involved in the blockchain-based ecosystem. Research result shows that the adoption of smart contracts has a positive effect on transaction efficiency and product security. In addition, blockchain has been shown to increase supply chain transparency that supports the sustainability of digital fashion businesses. Although this technology faces technical challenges such as high transaction speed and costs, solutions such as layer-2 technology can improve blockchain performance. The conclusion blockchain and smart contract technology can be an effective solution in increasing efficiency, security, and sustainability in the digital fashion industry. Although there are technical challenges that need to be overcome, the application of this technology has great potential to create a more environmentally friendly and transparent digital fashion ecosystem.
Fluktuasi harga Bitcoin telah menarik perhatian global, terutama terkait dengan pengaruh sentimen publik terhadap dinamika pasar. Penelitian ini menyajikan Systematic Literature Review (SLR) yang memeriksa analisis sentimen publik terkait Bitcoin, berdasarkan artikel yang diterbitkan antara 2020 hingga 2025. Artikel-artikel ini diambil dari database ilmiah terkemuka dan dianalisis menggunakan protokol PRISMA. Sebanyak 42 studi dipilih dan dikelompokkan berdasarkan teknik analisis sentimen dan sumber data. Hasil penelitian menunjukkan bahwa model deep learning, terutama LSTM dan GRU, merupakan pendekatan yang paling sering digunakan dalam penelitian terbaru mengenai analisis sentimen Bitcoin. Sumber data utama adalah Twitter, yang dipilih karena sifatnya yang real-time dan dapat diakses publik, meskipun beberapa studi juga memanfaatkan artikel berita dan platform media sosial lainnya untuk menangkap sentimen yang lebih luas. Selain itu, tinjauan ini menyoroti pentingnya teknik preprocessing data, seperti tokenisasi dan penyaringan noise, dalam meningkatkan akurasi klasifikasi sentimen. Penelitian ini memberikan sintesis komprehensif dari tren metodologis terkini, mengidentifikasi tantangan yang ada, serta menawarkan wawasan untuk penelitian masa depan di bidang analisis sentimen dalam cryptocurrency.
Nurul Qosimah Siregar, Nikma Sari Harahap, Anisa Tul Fitri, Hulwati Hulwati · 5 authors
The use of cryptocurrencies as a payment instrument is an interesting social phenomenon to discuss. The use of cryptocurrencies as an official payment instrument is still prohibited by Bank Indonesia, but the use of cryptocurrencies continues to grow in Indonesia. BI limits the use of cryptocurrencies only as assets to be invested, not as legal tender. This research aims to analyze the law of cryptocurrency as a payment instrument from the perspective of economic fiqh. The data analysis technique in this study uses a qualitative analysis method that is descriptive-analytical. The researcher analyzed the suitability of the characteristics of cryptocurrency as a payment instrument with the principles of economic fiqh. A conceptual approach is used to explain the concept of cryptocurrency and a normative-theological approach is used to relate the concept to the provisions of Islamic law. The results of the study show that cryptocurrencies can, in principle, be recognized as objects of legal ownership ( maal mutaqawwam ) in Islam because they have value, can be owned and transferred. Cryptocurrencies can be used as a medium of exchange in Islam on a limited basis, if their use complies with Sharia principles: it is done transparently, free from speculation and usury, and supported by legitimate authorities and systems that guarantee clarity of value and security of transactions. This research emphasizes the importance of developing regulations that are adaptive to digital financial technology, as well as the need to emphasize transparency and avoidance of practices that are contrary to Islamic economic principles. Keywords: Cryptocurrency; Economic Fiqh; Payment Instrument.
Abdulbari Kaje Yamkee, Mohd Hafiz Bin Jamaludin, Hanira Hanafi, Moch. Bukhori Muslim
Bitcoin is the world’s first cryptocurrency, created by Satoshi Nakamoto in 2008. Initially designed as a currency, Bitcoin has increasingly been used as a speculative investment instrument in recent years. The growing popularity of Bitcoin investment among investors has raised questions about its compatibility with the principles of maqasid syariah in general and the concept of ḥifẓ al-māl in particular. This study aims to analyze the concept of ḥifẓ al-māl from the perspective of maqasid syariah in relation to Bitcoin investment. Ḥifẓ al-māl is one of the five essential objectives of maqasid syariah, emphasizing financial security, asset protection, avoidance of excessive risk, fraud and other non-compliant elements. This study adopts a qualitative approach through a literature review to assess the suitability of Bitcoin investment within the framework of ḥifẓ al-māl and maqasid syariah. Data was collected from primary and secondary sources. The data were than analyzed based on the established themes. The findings indicate that Bitcoin investment carries both high profit potential and significant risk. Furthermore, ensuring that Bitcoin investment fully aligns with maqasid syariah, particularly in the context of ḥifẓ al-māl, present considerable challenges due to elements that may lead to both benefit and harm. Contribution: This study makes a significant contribution in legal, economics and social aspects. From a legal perspective, it proposes a comprehensive guideline for Bitcoin investment. Economically, it enhances understanding of Bitcoin’s potential as an alternative investment within the framework of ḥifẓ al-māl. Socially, it promotes awareness of syariah-compliant financial management within community.
Penelitian ini menganalisis implementasi kerja sama antara Western Australia Web3 (WAWEB3) dan Bali Blockchain Center (BBC) sebagai bagian dari pelaksanaan program Sister City Denpasar–Perth. Fokus penelitian ini adalah pada program-program yang mendukung pertukaran pengetahuan dan pengembangan teknologi digital melalui konferensi, promosi bersama, serta penguatan ekosistem Web3. Metode yang digunakan adalah kualitatif deskriptif dengan teknik pengumpulan data berupa wawancara dan dokumentasi. Hasil penelitian menunjukkan bahwa sejumlah program telah terealisasi, seperti Bali Blockchain Summit 2024 dan Black Swan Summit 2025, yang berhasil mendorong literasi digital serta kerja sama antar komunitas teknologi. Namun, masih terdapat poin kerja sama yang belum terlaksana secara optimal, khususnya dalam hal promosi kewirausahaan digital. Penelitian ini menyimpulkan bahwa kerja sama ini merupakan bentuk pelaksanaan konkret dari sister city yang berbasis inovasi dan teknologi digital.
Research Aims: This study aims to examine the influence of narrative, fundamental, and technical analysis on the probability of successful cryptocurrency trading in Indonesia during the 2021-2023 period. The objective is to develop a predictive model that synthesizes all three analyses to improve trading decisions in the context of Indonesia’s volatile cryptocurrency market. Design/methodology/approach: The study adopts a quantitative approach to data collection and analysis, employing statistical models to assess the impact of narrative, fundamental, and technical analysis on cryptocurrency trading success. By integrating these three analytical methods, the research aims to offer a more comprehensive understanding of how each factor contributes to trading decisions and success rates. Research Findings: The results indicate that fundamental analysis made the largest contribution to predicting successful cryptocurrency trading (23.92%), followed by narrative analysis and technical analysis, both contributing 17.94%. Among the variables analyzed, Decentralized Finance (DeFi) and Tokenomic Project were found to have the highest probability of success, at 94.20% and 90.70%, respectively. Theoretical Contribution/Originality: This research contributes to the existing literature by offering a comprehensive framework for improving cryptocurrency trading performance. The study emphasizes the integration of narrative, fundamental, and technical analyses in dealing with high market volatility and inconsistent regulation, providing valuable insights for traders, policymakers, and academic scholars. Keywords: Cryptocurrency, Trading, Narrative Analysis, Fundamental Analysis, Technical Analysis
Web3 technology echoes the paradigm of a secure, transparent, and privacy-preserving decentralized internet. Unfortunately, this digital transformation has opened up new opportunities for cybercriminals, for example online gambling bookies can utilize the Blockchain Domain Name System (BDNS) running on Web3 as a way to avoid tracking and blocking. This analysis aims to map the potential threats from misuse of BDNS technology through a two-dimensional scenario matrix approach using two main types of variables: (1) Native Web3 integration into popular browsers, and (2) Level of BDNS adoption by online gambling sites. The four scenarios produced will describe various levels of risk that require different mitigation strategies, in certain combination conditions will create the highest threat conditions where the conventional domain name blocking system is no longer effective in blocking online gambling sites. The results of this study are expected to identify weak signals from the evolution of online gambling threats, as well as become a basis for government agencies or policy makers in preparing anticipatory steps in dealing with the dynamics of digital threats in the Web3 era.
Suharyanto H. Soro, Anik Susanti, Nur Endah Sariningsih
Financing education is vital components in organization education quality , but implementation transparency reporting Still face various challenges in the era of decentralization Education . Research This aiming to study existence power education in create transparency reporting financing education at Informatics Vocational School Integrated Bandung. Using approach qualitative descriptive , data collected through observation , interview in-depth , and study documentation . Research results show power education play a role strategic through mechanism structural with implementation transparency realized through display information finance and ARKAS applications . Research This also reveals factor Supporter in the form of framework regulation , support leadership , and implementation technology information , while factor inhibitor covers delay disbursement of funds and limitations infrastructure technology . Research This confirm importance strengthening capacity power education and optimization technology information For increase transparency reporting financing in schools vocational that has complexity more tall in management finance Because need development skills vocational
Non-Fungible Token (NFT) merupakan salah satu inovasi dalam dunia ekonomi berupa aset digital yang memiliki keunikan dalam aspek identitas dan kepemilikan yang menggunakan teknologi blockchain untuk menyimpan dan memverifikasi data. Penelitian ini bertujuan untuk melihat peran NFT dalam ekonomi digital, apakah NFT benar-benar menjembatani kesenjangan dalam digitalisasi ekonomi atau justru menambah lapisan kompleksitas yang kontraproduktif. Penelitian ini menggunakan metode Systematic Literature Review (SLR) untuk mengumpulkan data dari artikel-artikel yang berkaitan dengan topik NFT. Hasil penelitian ini menunjukkan bahwa peran NFT dapat memiliki potensi ganda sebagai jembatan kesenjangan sekaligus sumber kompleksitas kontraproduktif. Teknologi NFT mampu meningkatkan transparansi, memperluas akses ke pasar global, melindungi hak kekayaan intelektual, dan mendukung inovasi di bidang pendidikan, administrasi pertanahan, dan pembiayaan program SDGs. Namun, NFT juga menghadapi tantangan multidimensi seperti ketidakjelasan regulasi yang berpotensi memicu penipuan, pencucian uang, dan ketimpangan akses yang diperburuk oleh volatilitas pasar, spekulasi berlebihan, dan kesenjangan infrastruktur digital di negara-negara berkembang.
Yusril Rahman Hakim, Muchammad Rio Nugroho, Muhammad Hadyul Haq, Ladi Wajuba Perdini Fisabilillah · 5 authors
Sektor perbankan memiliki peran penting dalam perekonomian Indonesia, sehingga faktor-faktor yang memengaruhi harga saham perbankan menjadi menarik untuk diteliti. Penelitian ini bertujuan untuk menganalisis pengaruh harga Bitcoin, harga emas, dan BI Rate terhadap harga saham perbankan yang terdaftar di Bursa Efek Indonesia selama periode Januari 2022 hingga November 2024. Metode penelitian yang digunakan adalah pendekatan kuantitatif dengan regresi data panel berbasis Random Effect Model (REM). Data yang digunakan berupa data sekunder dari situs Investing.com. Hasil penelitian menunjukkan bahwa harga Bitcoin dan BI Rate memiliki pengaruh positif dan signifikan terhadap harga saham perbankan, sementara harga emas tidak memiliki pengaruh signifikan. Hal ini mengindikasikan bahwa Bitcoin sebagai aset digital alternatif semakin memengaruhi dinamika pasar keuangan, sedangkan emas lebih dianggap sebagai aset pelindung nilai tanpa keterkaitan langsung dengan saham perbankan. BI Rate yang meningkat juga mencerminkan kinerja positif perusahaan perbankan, sehingga menarik perhatian investor. Penelitian ini memberikan wawasan mengenai peran instrumen investasi alternatif dan kebijakan moneter dalam menentukan dinamika pasar saham perbankan.
The focus of this research is to identify the factors that make investors victims of fraud in the context of NFT investments. The theoretical foundation used in this study is the Lifestyle Exposure Theory, which helps in understanding how investors' lifestyles influence their risk of being scammed. This research employs a qualitative approach with a case study method through interviews to gain an in-depth understanding of fraudulent patterns in NFT projects. Data analysis is conducted using a descriptive approach to thoroughly illustrate and explain the phenomenon, providing insights into the factors that make investors vulnerable to fraud in the context of NFT investments. Lack of self-control and minimal verification of information make investors more susceptible to fraudulent schemes. The habitual factors identified above demonstrate their role as victims in fraud schemes, a concept known as Participating Victims.
Hendri Dewarto Silitonga, Ratna Artha Windari, Si Ngurah Ardhya
Penelitian ini bertujuan untuk (1) menganalisis dan memahami pengaturan hukum mengenai transaksi aset digital cryptocurrency di indonesia dalam Undang- Undang Informasi dan Transaksi Elektronik sebagai acuan dalam memberikan kepastian hukum terhadap penggunaan aset digital cryptocurrency di Indonesia, (2) mengidentifikasi keabsahan smart contract pada platform Ethereum berdasarkan sistem hukum kontrak di Indonesia berdasarkan perspektif syarat sahnya perjanjian yang dimuat di dalam pasal 1320 KUH Perdata. Jenis penelitian yang digunakan dalam penelitian ini adalah yuridis normatif , yakni melalui pendekatan perundang-undangan (statute approach) dan pendekatan perbandingan (comparative approach) . Sumber bahan hukum yang digunakan yaitu KUH Perdata, UU ITE, Bappebti, PP, dan artikel ilmiah yang relevan. Hasil penelitian menunjukkan bahwa (1) Undang-Undang Informasi dan Transaksi Elektronik tidak mencamtumkan secara eksplisit mengenai transaksi aset digital, istilah dokumen elektronik dan informasi elektronik, menkategorikan aset digital yang menjadikan aset digital memiliki kedudukan yang sah dan diakui secara hukum. (2) Keabsahan smart contract pada platform Ethereum jelas tidak memenuhi syarat subjektif dalam 1320 KUH Perdata yang membuat smart contract batal atau tidak sah sebagai suatu perjanjian yang mengikat para pihak.
Penelitian ini mengeksplorasi implementasi teknologi blockchain melalui Non-Fungible Token (NFT) dalam sistem e-ticketing pada industri hiburan, khususnya untuk acara stand-up komedi. Dengan pendekatan riset pasar dan uji konsep, penelitian ini bertujuan mengidentifikasi manfaat, tantangan, dan peluang dari penerapan NFT untuk meningkatkan daya saing bisnis. Hasil penelitian menunjukkan bahwa NFT dapat memberikan solusi inovatif dalam menjamin keamanan, keaslian, dan fleksibilitas tiket digital. Selain itu, NFT menawarkan nilai tambah berupa akses eksklusif, sistem royalti untuk kreator, serta peluang investasi dalam aset digital.Meskipun adopsi NFT dalam ticketing masih tergolong baru, fitur seperti mixed reality dan akses premium mampu menarik minat audiens modern yang mengutamakan pengalaman digital. Analisis terhadap kompetitor mengungkapkan potensi besar dalam mengintegrasikan NFT ke dalam sistem e-ticketing, walaupun tantangan berupa rendahnya pemahaman masyarakat terhadap teknologi blockchain masih menjadi hambatan utama. Proyek "NFT ComedyChain" yang diusulkan dalam penelitian ini dirancang untuk mengintegrasikan teknologi NFT dengan industri hiburan di Indonesia, membuka peluang bisnis baru bagi kolektor seni digital dan pelaku industri kreatif.Penelitian juga ini merekomendasikan adanya edukasi luas dan kolaborasi lintas sektor untuk memaksimalkan adopsi NFT, sekaligus menciptakan ekosistem hiburan yang aman, modern, dan inklusif. Dengan memastikan keaslian tiket melalui teknologi blockchain, NFT ticketing tidak hanya mengurangi risiko pemalsuan tetapi juga memperkenalkan model bisnis berkelanjutan yang menguntungkan semua pihak terkait. Implementasi NFT pada e-ticketing diharapkan menjadi gagasan baru dalam transformasi digital industri hiburan, terutama di Indonesia, sehingga mampu menciptakan nilai kompetitif yang lebih tinggi bagi para pelaku usaha.
Muhammad Rio Kristiawan, Emma Lilianti, Andri Eko Putra
ABSTRACT This study aims to examine the effect of cryptocurrency prices, total cryptocurrencies, number of cryptocurrency transactions on cryptocurrency asset investment decisions. This study is a quantitative study that has the aim of testing data and presenting answers to various problem formulations regarding the effect of cryptocurrency prices, total cryptocurrencies, the number of cryptocurrency transactions on cryptocurrency asset investment decisions. The sample used in this research is 56 time-series data with a period of one last year, obtained by purposive sampling method. The data used is secondary data obtained through the website https://www.coinmarketcap.com and the data is processed using a software called E-views with data analysis techniques using the Ordinary Least Squarer (OLS) and Error Correction Model (ECM) procedures. The results of this study show that the cryptocurrency price variable, total cryptocurrency, the number of cryptocurrency transactions are significantly positive on cryptocurrency asset investment decisions. Keywords: Aset cryptocurrency, Ethereum, Cryptocurrency. ABSTRAK Penelitian ini bertujuan untuk menguji pengaruh harga cryptocurrency, total cryptocurrency, dan jumlah transaksi cryptocurrency terhadap keputusan investasi pada aset crypto. Penelitian ini merupakan studi kuantitatif yang bertujuan untuk menguji data dan memberikan jawaban atas berbagai pertanyaan mengenai dampak harga cryptocurrency, total cryptocurrency, dan jumlah transaksi cryptocurrency terhadap keputusan investasi pada aset crypto. Sampel yang digunakan dalam penelitian ini terdiri dari data, 56 data time series selama satu tahun yang diperoleh dengan metode sampling bertarget. Data yang digunakan adalah data sekunder yang diperoleh dari website https://www.coinmarketcap.com, data dianalisis menggunakan software bernama E-Views dan Ordinary Least Squares (OLS) Teknik analisis data menggunakan metode dan model koreksi kesalahan (ECM) digunakan telah diproses. Hasil penelitian ini menunjukkan bahwa variabel harga cryptocurrency, total cryptocurrency, dan jumlah transaksi cryptocurrency berpengaruh positif signifikan terhadap keputusan investasi pada aset cryptocurrency. Kata kunci: Cryptocurrency Aset, Ethereum, Cryptocurrency.
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.
Andrian Purwanto, Yudi Sumayadi, Tri Karyono, Enry Johan Jaohari
The rapid development of digital technology has significantly transformed the music industry, influencing various aspects from production and distribution to audience engagement. This article explores the implications of technological advancements, particularly the integration of artificial intelligence (AI), blockchain, non-fungible tokens (NFTs), and the Metaverse in the music sector. Using a qualitative approach with a literature study method, this research analyzes various sources and case studies to examine the impact of these technologies. The findings reveal that AI has revolutionized music creation by enabling automation in composition and production, enhancing efficiency and creative possibilities. However, this innovation also raises ethical debates regarding originality and copyright ownership. In parallel, blockchain and NFTs introduce a transparent and decentralized distribution model, allowing musicians to control their intellectual property and earnings without relying on intermediaries such as record labels. Despite these advantages, challenges remain, including limited public understanding of blockchain and market instability due to cryptocurrency fluctuations. urthermore, Metaverse-based virtual concerts and music experiences using VR technology present new opportunities for immersive and inclusive entertainment. However, replicating the emotional depth of live performances and ensuring accessibility to VR devices remain significant challenges. Overall, while these technologies offer promising innovations in the music industry, concerns related to regulation, ethics, and accessibility must be addressed. A balanced approach is necessary to fully harness the benefits of digital transformation while mitigating its potential drawbacks.
The research focuses on the “Analysis of the effectiveness of the Special Allocation Fund (SAF) in financing the reconstruction of school facilities in Bogor Regency”. Dana Alokasi Khusus or SAF is one the Indonesian Government’s budget schemes initiated by the Ministry of Education and Culture or the MoEC to assist local governments in reconstructing school buildings that are heavily damaged due to various reasons. However, There have been an increasing number of damaged classrooms over the years during the period 2016 to 2018 in Bogor Regency, one of the worst in Indonesia. The conceptual framework was developed based on three main theoretical frameworks: the theory on measuring the effectiveness of finance policy implementation; the budget accountability in analyzing the effectiveness of public expenditure; and the currently applied government system based on decentralization policy in budget allocation in Indonesia. The research used qualitative methodology, which analyzed the collected data and information descriptively. Semi structured questionnaires were used to conduct interviews to relevant stakeholders. The implementation of building reconstruction based on allocated SAF has been both effective and ineffective. SAF scheme as one of the fiscal policy instruments under decentralization policy for improving the education quality has shown to be less effective due to miss-allocation of budget, improper distribution, lack of participation and transparency, and increased public complaint.The budget accountability of SAF in Bogor Regency has shown that policy on SAF use needs to improve. Recommendation should be directed towards policies to ensure fair process in selecting school as recipient, fair budget distribution, increased public participation and transparency
Selvi Amanda, Arif Laksono, Natania Nurafni, Osberth Sinaga
This study examines the digital transformation of the creative arts industry, focusing on how technologies such as Augmented Reality (AR), Virtual Reality (VR), and Non-Fungible Tokens (NFT) have altered the creation and marketing of artworks. Digital platforms have expanded market access for artists, opened new opportunities for more efficient business models with lower costs, and created greater possibilities for cross-disciplinary collaboration. In this context, digital technologies allow artists to reach a global audience and sell their works in more innovative and interactive formats, increasing audience participation in the creative process. However, these developments also face significant challenges, such as increasingly intense competition, rapidly shifting trends, and limitations in resources to optimally implement these technologies. Furthermore, while there are significant opportunities in the global market, some artists in Indonesia still face difficulties in accessing and utilizing the latest technologies. With the creative economy contributing 7.16% to Indonesia's GDP in 2018, this study aims to provide an overview of the dynamics of the arts industry in the digital era and explore potential strategies to support the development of a more adaptable creative ecosystem. These strategies include digital training, strengthening cross-sector collaboration, and enhancing digital infrastructure to facilitate the future growth of the creative arts industry.