IDEAS home Printed from https://ideas.repec.org/h/elg/eechap/22863_14.html
   My bibliography  Save this book chapter

Central bank digital currencies, Internet of Things, and blockchain: prospects and challenges for Islamic finance

In: Islamic Finance in the Digital Age

Author

Listed:
  • Khalid Ahmed Al-Ansari
  • Ahmet Faruk Aysan

Abstract

This chapter explains Central Bank Digital Currencies (CBDCs) types, design format, advantages, impact, privacy considerations, and examples of launched CBDCs. Furthermore, it illustrates Internet of Things (IoT) technology implementation in financial institutions and addresses the security weakness of combining IoT with blockchain (BIoT) which can eliminate this deficiency. The study concludes with recommendations, including evaluating and using a stablecoin for payment and integrating Distributed Ledger Technology (DLT) and BIoT in daily operations to boost productivity and enhance security within Islamic finance institutions.

Suggested Citation

  • Khalid Ahmed Al-Ansari & Ahmet Faruk Aysan, 2024. "Central bank digital currencies, Internet of Things, and blockchain: prospects and challenges for Islamic finance," Chapters, in: Syed Nazim Ali & Zul H. Jumat (ed.), Islamic Finance in the Digital Age, chapter 14, pages 250-281, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:22863_14
    as

    Download full text from publisher

    File URL: https://www.elgaronline.com/doi/10.4337/9781035322954.00025
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    Economics and Finance;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:elg:eechap:22863_14. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Darrel McCalla (email available below). General contact details of provider: http://www.e-elgar.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.