IDEAS home Printed from https://ideas.repec.org/a/spr/fininn/v11y2025i1d10.1186_s40854-024-00705-4.html
   My bibliography  Save this article

Mapping the research landscape of blockchain and crowdfunding

Author

Listed:
  • Abderahman Rejeb

    (Széchenyi István University)

  • Karim Rejeb

    (University of Carthage)

  • Andrea Appolloni

    (University of Rome Tor Vergata)

  • Suhaiza Zailani

    (University Malaya)

  • Mohammad Iranmanesh

    (La Trobe University)

Abstract

Blockchain technology and crowdfunding (CF) have emerged as disruptive forces in the finance and entrepreneurship landscape, potentially transforming traditional modes of capital raising and investment. This study investigates the intersection of blockchain technology and CF to provide a comprehensive overview of the current state of research through a systematic literature review and bibliometric analysis. By examining 219 publications sourced from Scopus, this study employed descriptive statistics, article co-citations, and keyword co-occurrence to identify key bibliometric indicators, themes, and trends. The findings reveal a surge in research activity related to blockchain and CF, emphasizing initial cryptocurrency offerings, financial technology (Fintech), and the role of blockchain in improving transactional efficiency, disintermediation, and venture capital CF. Keyword co-occurrence analysis reveals diverse research themes, including smart contracts, fundraising campaigns, sustainable entrepreneurship, and Islamic Fintech. Based on the findings of this analysis, several implications and directions for further investigation are highlighted. To the best of our knowledge, this is the first attempt to analyze the intersection of blockchain technology and CF using scientometric techniques systematically.

Suggested Citation

  • Abderahman Rejeb & Karim Rejeb & Andrea Appolloni & Suhaiza Zailani & Mohammad Iranmanesh, 2025. "Mapping the research landscape of blockchain and crowdfunding," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-38, December.
    • Handle: RePEc:spr:fininn:v:11:y:2025:i:1:d:10.1186_s40854-024-00705-4
    DOI: 10.1186/s40854-024-00705-4
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1186/s40854-024-00705-4
    File Function: Abstract
    Download Restriction: no
    File URL: https://libkey.io/10.1186/s40854-024-00705-4?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Yunmei Liu & Shuai Zhang & Min Chen & Yenchun Wu & Zhengxian Chen, 2021. "The Sustainable Development of Financial Topic Detection and Trend Prediction by Data Mining," Sustainability, MDPI, vol. 13(14), pages 1-19, July.
    2. Alice Rossi & Tom Vanacker & Silvio Vismara, 2023. "Unsuccessful Equity Crowdfunding Offerings and the Persistence in Equity Fundraising of Family Business Start-Ups," Entrepreneurship Theory and Practice, , vol. 47(4), pages 1327-1355, July.
    3. Momtaz, Paul P., 2021. "Entrepreneurial Finance and Moral Hazard: Evidence from Token Offerings," Journal of Business Venturing, Elsevier, vol. 36(5).
    4. Thakor, Anjan, 2020. "Corrigendum to: Fintech and Banking: What Do We Know?," Journal of Financial Intermediation, Elsevier, vol. 43(C).
    5. Caleb Gallemore & Kristian Roed Nielsen & Kristjan Jespersen, 2019. "The uneven geography of crowdfunding success: Spatial capital on Indiegogo," Environment and Planning A, , vol. 51(6), pages 1389-1406, September.
    6. Chaomei Chen, 2006. "CiteSpace II: Detecting and visualizing emerging trends and transient patterns in scientific literature," Journal of the American Society for Information Science and Technology, Association for Information Science & Technology, vol. 57(3), pages 359-377, February.
    7. Alireza Abdollahi & Karim Rejeb & Abderahman Rejeb & Mohamed M. Mostafa & Suhaiza Zailani, 2021. "Wireless Sensor Networks in Agriculture: Insights from Bibliometric Analysis," Sustainability, MDPI, vol. 13(21), pages 1-22, October.
    8. Abderahman Rejeb & Karim Rejeb & Andrea Appolloni & Horst Treiblmaier, 2023. "Navigating the crowdfunding landscape: a study of knowledge trajectories based on main path analysis," European Journal of Innovation Management, Emerald Group Publishing Limited, vol. 26(7), pages 415-448, August.
    9. Abderahman Rejeb & Karim Rejeb & Andrea Appolloni & Yasanur Kayikci & Mohammad Iranmanesh, 2023. "The landscape of public procurement research: a bibliometric analysis and topic modelling based on Scopus," Journal of Public Procurement, Emerald Group Publishing Limited, vol. 23(2), pages 145-178, March.
    10. Amola Bhatt & Mayank Joshipura & Nehal Joshipura, 2022. "Decoding the trinity of Fintech, digitalization and financial services: An integrated bibliometric analysis and thematic literature review approach," Cogent Economics & Finance, Taylor & Francis Journals, vol. 10(1), pages 2114160-211, December.
    11. Peter Gomber & Jascha-Alexander Koch & Michael Siering, 2017. "Digital Finance and FinTech: current research and future research directions," Journal of Business Economics, Springer, vol. 87(5), pages 537-580, July.
    12. Joern H. Block & Alexander Groh & Lars Hornuf & Tom Vanacker & Silvio Vismara, 2021. "The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings," Small Business Economics, Springer, vol. 57(2), pages 865-882, August.
    13. Winifred Huang & Michele Meoli & Silvio Vismara, 2020. "The geography of initial coin offerings," Small Business Economics, Springer, vol. 55(1), pages 77-102, June.
    14. Keongtae Kim & Jooyoung Park & Yang Pan & Kunpeng Zhang & Xiaoquan (Michael) Zhang, 2022. "Risk Disclosure in Crowdfunding," Information Systems Research, INFORMS, vol. 33(3), pages 1023-1041, September.
    15. Dinçkol, Dize & Ozcan, Pinar & Zachariadis, Markos, 2023. "Regulatory standards and consequences for industry architecture: The case of UK Open Banking," Research Policy, Elsevier, vol. 52(6).
    16. José Campino & Ana Brochado & Álvaro Rosa, 2021. "Initial Coin Offerings (ICOs): the importance of human capital," Journal of Business Economics, Springer, vol. 91(8), pages 1225-1262, October.
    17. Cynthia Weiyi Cai, 2018. "Disruption of financial intermediation by FinTech: a review on crowdfunding and blockchain," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(4), pages 965-992, December.
    18. Pedro Azevedo & Jorge Gomes & Mário Romão, 2023. "Supply chain traceability using blockchain," Operations Management Research, Springer, vol. 16(3), pages 1359-1381, September.
    19. José Campino & Ana Brochado & Álvaro Rosa, 2022. "Initial coin offerings (ICOs): Why do they succeed?," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-35, December.
    20. Muneer M. Alshater & Mayank Joshipura & Rim El Khoury & Nohade Nasrallah, 2023. "Initial Coin Offerings: a Hybrid Empirical Review," Small Business Economics, Springer, vol. 61(3), pages 891-908, October.
    21. Lenny Koh & Alexandre Dolgui & Joseph Sarkis, 2020. "Blockchain in transport and logistics – paradigms and transitions," International Journal of Production Research, Taylor & Francis Journals, vol. 58(7), pages 2054-2062, April.
    22. Pandey, Dharen Kumar & Hassan, M.Kabir & Kumari, Vineeta & Zaied, Younes Ben & Rai, Varun Kumar, 2024. "Mapping the landscape of FinTech in banking and finance: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 67(PA).
    23. Paschen, Jeannette, 2017. "Choose wisely: Crowdfunding through the stages of the startup life cycle," Business Horizons, Elsevier, vol. 60(2), pages 179-188.
    24. Elham Seyedsayamdost & Peter Vanderwal, 2020. "From Good Governance to Governance for Good: Blockchain for Social Impact," Journal of International Development, John Wiley & Sons, Ltd., vol. 32(6), pages 943-960, August.
    25. Meoli, Michele & Vismara, Silvio, 2022. "Machine-learning forecasting of successful ICOs," Journal of Economics and Business, Elsevier, vol. 121(C).
    26. Liu, Jiajia & Li, Xuerong & Wang, Shouyang, 2020. "What have we learnt from 10 years of fintech research? a scientometric analysis," Technological Forecasting and Social Change, Elsevier, vol. 155(C).
    27. Vincenzo Butticè & Silvio Vismara, 2022. "Inclusive digital finance: the industry of equity crowdfunding," The Journal of Technology Transfer, Springer, vol. 47(4), pages 1224-1241, August.
    28. Chen, Yan, 2018. "Blockchain tokens and the potential democratization of entrepreneurship and innovation," Business Horizons, Elsevier, vol. 61(4), pages 567-575.
    29. Amina Rizwan & Faisal Mustafa, 2022. "Fintech Attaining Sustainable Development: An Investor Perspective of Crowdfunding Platforms in a Developing Country," Sustainability, MDPI, vol. 14(12), pages 1-17, June.
    30. Bo Li & Zeshui Xu, 2021. "Insights into financial technology (FinTech): a bibliometric and visual study," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-28, December.
    31. Alice Rossi & Silvio Vismara, 2018. "What do crowdfunding platforms do? A comparison between investment-based platforms in Europe," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 8(1), pages 93-118, March.
    32. Wu, Wenqing & Huang, Xuan & Wu, Chia-Huei & Tsai, Sang-Bing, 2022. "Pricing strategy and performance investment decisions in competitive crowdfunding markets," Journal of Business Research, Elsevier, vol. 140(C), pages 491-497.
    33. Burze Yasar, 2021. "The new investment landscape: Equity crowdfunding," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 21(1), pages 1-16.
    34. Silvio Vismara, 2022. "Expanding corporate finance perspectives to equity crowdfunding," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1629-1639, December.
    35. Alexa Böckel & Jacob Hörisch & Isabell Tenner, 2021. "A systematic literature review of crowdfunding and sustainability: highlighting what really matters," Management Review Quarterly, Springer, vol. 71(2), pages 433-453, April.
    36. Augusto Bargoni & Alberto Ferraris & Stefano Bresciani & Mark Anthony Camilleri, 2022. "Crowdfunding and innovation: a bibliometric review and future research agenda," European Journal of Innovation Management, Emerald Group Publishing Limited, vol. 27(4), pages 1109-1133, November.
    37. Derek Eldridge & Tahir M. Nisar & Mariateresa Torchia, 2021. "What impact does equity crowdfunding have on SME innovation and growth? An empirical study," Small Business Economics, Springer, vol. 56(1), pages 105-120, January.
    38. Mark Anthony Camilleri & Stefano Bresciani, 2022. "Crowdfunding small businesses and startups: a systematic review, an appraisal of theoretical insights and future research directions," European Journal of Innovation Management, Emerald Group Publishing Limited, vol. 27(7), pages 2183-2209, October.
    39. Erik Ackermann & Carolin Bock & Robin Bürger, 2020. "Democratising Entrepreneurial Finance: The Impact of Crowdfunding and Initial Coin Offerings (ICOs)," FGF Studies in Small Business and Entrepreneurship, in: Alexandra Moritz & Joern H. Block & Stephan Golla & Arndt Werner (ed.), Contemporary Developments in Entrepreneurial Finance, pages 277-308, Springer.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Patel, Ritesh & Migliavacca, Milena & Oriani, Marco E., 2022. "Blockchain in banking and finance: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 62(C).
    2. Paul P. Momtaz, 2024. "Decentralized finance (DeFi) markets for startups: search frictions, intermediation, and the efficiency of the ICO market," Small Business Economics, Springer, vol. 63(4), pages 1415-1447, December.
    3. Sun, Yan & Yang, Sung-Byung, 2024. "Are ICOs the best? A comparison of different fundraising models in blockchain-based fundraising," Journal of Financial Stability, Elsevier, vol. 73(C).
    4. Kou, Mingting & Yang, Yuanqi & Chen, Kaihua, 2024. "Financial technology research: Past and future trajectories," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 162-181.
    5. Muneer M. Alshater & Mayank Joshipura & Rim El Khoury & Nohade Nasrallah, 2023. "Initial Coin Offerings: a Hybrid Empirical Review," Small Business Economics, Springer, vol. 61(3), pages 891-908, October.
    6. Douglas Cumming & Satish Kumar & Weng Marc Lim & Nitesh Pandey, 2023. "Mapping the venture capital and private equity research: a bibliometric review and future research agenda," Small Business Economics, Springer, vol. 61(1), pages 173-221, June.
    7. Carolin Bock & Sven Siebeneicher & Jens Rockel, 2022. "The “C” in crowdfunding is for co-financing: exploring participative co-financing, a complement of novel and traditional bank financing," Journal of Business Economics, Springer, vol. 92(9), pages 1559-1602, November.
    8. Liu, Aiping & Urquía-Grande, Elena & López-Sánchez, Pilar & Rodríguez-López, Ángel, 2023. "Research into microfinance and ICTs: A bibliometric analysis," Evaluation and Program Planning, Elsevier, vol. 97(C).
    9. Mayank Joshipura & Rim El Khoury & Muneer M. Alshater, 2025. "ICOs conceptual unveiled: scholarly review of an entrepreneurial finance innovation," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-47, December.
    10. Sharma, Gagan Deep & Tiwari, Aviral Kumar & Chopra, Ritika & Dev, Dhairya, 2024. "Past, present, and future of block-chain in finance," Journal of Business Research, Elsevier, vol. 177(C).
    11. Amina Rizwan & Faisal Mustafa, 2022. "Fintech Attaining Sustainable Development: An Investor Perspective of Crowdfunding Platforms in a Developing Country," Sustainability, MDPI, vol. 14(12), pages 1-17, June.
    12. Choudhary, Priya & Thenmozhi, M., 2024. "Fintech and financial sector: ADO analysis and future research agenda," International Review of Financial Analysis, Elsevier, vol. 93(C).
    13. Cumming, Douglas & Meoli, Michele & Rossi, Alice & Vismara, Silvio, 2024. "ESG and crowdfunding platforms," Journal of Business Venturing, Elsevier, vol. 39(1).
    14. Hans Rawhouser & Silvio Vismara & Nir Kshetri, 2024. "Blockchain and vulnerable entrepreneurial ecosystems," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 36(1-2), pages 10-35, January.
    15. Marten Risius & Christoph F. Breidbach & Mathieu Chanson & Ruben Krannichfeldt & Felix Wortmann, 2023. "On the performance of blockchain-based token offerings," Electronic Markets, Springer;IIM University of St. Gallen, vol. 33(1), pages 1-19, December.
    16. Anton Miglo, 2022. "Choice between IEO and ICO: Speed vs. Liquidity vs. Risk," FinTech, MDPI, vol. 1(3), pages 1-18, September.
    17. Massimo G. Colombo & Benedetta Montanaro & Silvio Vismara, 2023. "What drives the valuation of entrepreneurial ventures? A map to navigate the literature and research directions," Small Business Economics, Springer, vol. 61(1), pages 59-84, June.
    18. Massimiliano Barbi & Valentina Febo & Giancarlo Giudici, 2023. "Community-level social capital and investment decisions in equity crowdfunding," Small Business Economics, Springer, vol. 61(3), pages 1075-1110, October.
    19. Pandey, Dharen Kumar & Hassan, M.Kabir & Kumari, Vineeta & Zaied, Younes Ben & Rai, Varun Kumar, 2024. "Mapping the landscape of FinTech in banking and finance: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 67(PA).
    20. José Campino & Ana Brochado & Álvaro Rosa, 2022. "Initial coin offerings (ICOs): Why do they succeed?," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-35, December.

    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:spr:fininn:v:11:y:2025:i:1:d:10.1186_s40854-024-00705-4. 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.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with 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: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.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.