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Sustainability, Trust and Blockchain Applications: Best Practices and Fintech Prospects

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  • Aysan, Ahmet Faruk
  • Bergigui, Fouad

Abstract

Since the adoption of the SDGs in 2015, it has been a 5-year journey of trial and error experimentations all over the world to come up with innovative solutions beyond business-as-usual and get the job done. In this paper, we assess blockchain-backed solutions beyond the hype. While the technology has a promising potential to trigger disruptive innovations to fulfill the SGDs, it is not mature yet with many gaps in terms of approaches and tools to develop blockchain use cases, monitor and evaluate blockchain experiments, mitigate associated risks and ethical considerations while managing changes within organizations leading blockchain-powered platforms. It is only by filing these gaps that blockchain can deliver its promises and may be effectively used as an SDG accelerator. Islamic finance can play a key role in shaping the transition towards a more circular economy. One promising way of doing so, is by scaling-up the use of blockchain-enabled solutions in the practices of circular economy and Islamic finance. As the technology is still getting mature, more innovative and applied research is needed to capitalize on the lessons learned within various geographies and across a wide range of economic, social, and environmental spectrums.

Suggested Citation

  • Aysan, Ahmet Faruk & Bergigui, Fouad, 2021. "Sustainability, Trust and Blockchain Applications: Best Practices and Fintech Prospects," MPRA Paper 110023, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:110023
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    References listed on IDEAS

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    1. Sara Saberi & Mahtab Kouhizadeh & Joseph Sarkis & Lejia Shen, 2019. "Blockchain technology and its relationships to sustainable supply chain management," International Journal of Production Research, Taylor & Francis Journals, vol. 57(7), pages 2117-2135, April.
    2. William Nikolakis & Lijo John & Harish Krishnan, 2018. "How Blockchain Can Shape Sustainable Global Value Chains: An Evidence, Verifiability, and Enforceability (EVE) Framework," Sustainability, MDPI, vol. 10(11), pages 1-16, October.
    3. Ahmet Faruk Aysan & Hüseyin Bedir Demirtaş & Mustafa Saraç, 2021. "The Ascent of Bitcoin: Bibliometric Analysis of Bitcoin Research," JRFM, MDPI, vol. 14(9), pages 1-15, September.
    4. Aysan, Ahmet Faruk & Demir, Ender & Gozgor, Giray & Lau, Chi Keung Marco, 2019. "Effects of the geopolitical risks on Bitcoin returns and volatility," Research in International Business and Finance, Elsevier, vol. 47(C), pages 511-518.
    5. Ahmet Faruk Aysan & Fouad Bergigui & Mustafa Disli, 2021. "Using Blockchain-Enabled Solutions as SDG Accelerators in the International Development Space," Sustainability, MDPI, vol. 13(7), pages 1-24, April.
    6. Mustafa Raza Rabbani & Shahnawaz Khan & Eleftherios I. Thalassinos, 2020. "FinTech, Blockchain and Islamic Finance: An Extensive Literature Review," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(2), pages 65-86.
    7. Patrick Schroeder & Kartika Anggraeni & Uwe Weber, 2019. "The Relevance of Circular Economy Practices to the Sustainable Development Goals," Journal of Industrial Ecology, Yale University, vol. 23(1), pages 77-95, February.
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    Cited by:

    1. Aysan, Ahmet Faruk & Unal, Ibrahim Musa, 2022. "Fintech, Digitalization, And Blockchain In Inslamic Finance: Retrospective Investigation," MPRA Paper 115399, University Library of Munich, Germany.
    2. Ibrahim Musa Unal & Ahmet Faruk Aysan, 2022. "Fintech, Digitalization, and Blockchain in Islamic Finance: Retrospective Investigation," FinTech, MDPI, vol. 1(4), pages 1-11, November.
    3. Orkun Bayram & Isilay Talay & Mete Feridun, 2022. "Can Fintech Promote Sustainable Finance? Policy Lessons from the Case of Turkey," Sustainability, MDPI, vol. 14(19), pages 1-25, September.

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    More about this item

    Keywords

    Blockchain; SDGs; innovation; Islamic finance; circular economy;
    All these keywords.

    JEL classification:

    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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