IDEAS home Printed from https://ideas.repec.org/p/hal/wpaper/hal-03364964.html
   My bibliography  Save this paper

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

Author

Listed:
  • Ahmet Faruk Aysan

    (HBKU - Hamad Bin Khalifa University [Doha, Qatar])

  • Fouad Bergigui

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 blockchainenabled 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

  • Ahmet Faruk Aysan & Fouad Bergigui, 2021. "Sustainability, Trust and Blockchain Applications: Best Practices and Fintech Prospects," Working Papers hal-03364964, HAL.
    • Handle: RePEc:hal:wpaper:hal-03364964
    Note: View the original document on HAL open archive server: https://hal.science/hal-03364964
    as

    Download full text from publisher

    File URL: https://hal.science/hal-03364964/document
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    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. 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.
    6. 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.
    7. 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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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. Khalid Ahmed Al-Ansari & Ahmet Faruk Aysan, 2022. "Central Bank Digital Currencies, Internet of Things, and Islamic Finance: Blockchain Prospects and Challenges [Monnaies numériques des banques centrales, Internet des objets et finance islamique : ," Post-Print hal-03688607, HAL.
    3. 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.
    4. 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.

    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. Ahmet Faruk Aysan & Ali Yavuz Polat & Hasan Tekin & Ahmet Semih Tunali, 2021. "Bitcoin-specific fear sentiment and bitcoin returns in the COVID-19 outbreak," Working Papers hal-03354930, HAL.
    2. Büttgen, Marion & al.,, 2021. "Blockchain in Service Management and Service Research - Developing a Research Agenda and Managerial Implications," SMR - Journal of Service Management Research, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 5(2), pages 71-102.
    3. Sachin Kumar Mangla & Yiğit Kazançoğlu & Abdullah Yıldızbaşı & Cihat Öztürk & Ahmet Çalık, 2022. "A conceptual framework for blockchain‐based sustainable supply chain and evaluating implementation barriers: A case of the tea supply chain," Business Strategy and the Environment, Wiley Blackwell, vol. 31(8), pages 3693-3716, December.
    4. Alejandro Aristi Capetillo & Fredric Bauer & Cristina Chaminade, 2023. "Emerging Technologies Supporting the Transition to a Circular Economy in the Plastic Materials Value Chain," Circular Economy and Sustainability, Springer, vol. 3(2), pages 953-982, June.
    5. Aysan, Ahmet Faruk & Unal, Ibrahim Musa, 2022. "Fintech, Digitalization, And Blockchain In Inslamic Finance: Retrospective Investigation," MPRA Paper 115399, University Library of Munich, Germany.
    6. Arim Park & Huan Li, 2021. "The Effect of Blockchain Technology on Supply Chain Sustainability Performances," Sustainability, MDPI, vol. 13(4), pages 1-18, February.
    7. Kouhizadeh, Mahtab & Saberi, Sara & Sarkis, Joseph, 2021. "Blockchain technology and the sustainable supply chain: Theoretically exploring adoption barriers," International Journal of Production Economics, Elsevier, vol. 231(C).
    8. Ahmet Faruk Aysan & Ibrahim Musa Unal, 2021. "Is Islamic Finance Evolving Into Fintech and Blockchain: A Bibliometric Analysis," Post-Print hal-03351153, HAL.
    9. Sehrish Atif & Shehzad Ahmed & Muhammad Wasim & Bassam Zeb & Zeeshan Pervez & Lorraine Quinn, 2021. "Towards a Conceptual Development of Industry 4.0, Servitisation, and Circular Economy: A Systematic Literature Review," Sustainability, MDPI, vol. 13(11), pages 1-27, June.
    10. 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.
    11. Xue Han & Pratibha Rani, 2022. "RETRACTED ARTICLE: Evaluate the barriers of blockchain technology adoption in sustainable supply chain management in the manufacturing sector using a novel Pythagorean fuzzy-CRITIC-CoCoSo approach," Operations Management Research, Springer, vol. 15(3), pages 725-742, December.
    12. Fairouz Mustafa & Suman Lodh & Monomita Nandy & Vikas Kumar, 2022. "Coupling of cryptocurrency trading with the sustainable environmental goals: Is it on the cards?," Business Strategy and the Environment, Wiley Blackwell, vol. 31(3), pages 1152-1168, March.
    13. Gill-de-Albornoz, Belén & Lafuente, Juan A. & Monfort, Mercedes & Ordoñez, Javier, 2024. "Bitcoin attention and economic policy uncertainty," Finance Research Letters, Elsevier, vol. 60(C).
    14. Aysan, Ahmet Faruk & Unal, Ibrahim Musa, 2021. "A Bibliometric Analysis of Fintech and Blockchain in Islamic Finance," MPRA Paper 109712, University Library of Munich, Germany.
    15. Leng, Jiewu & Ruan, Guolei & Jiang, Pingyu & Xu, Kailin & Liu, Qiang & Zhou, Xueliang & Liu, Chao, 2020. "Blockchain-empowered sustainable manufacturing and product lifecycle management in industry 4.0: A survey," Renewable and Sustainable Energy Reviews, Elsevier, vol. 132(C).
    16. Vineet Paliwal & Shalini Chandra & Suneel Sharma, 2020. "Blockchain Technology for Sustainable Supply Chain Management: A Systematic Literature Review and a Classification Framework," Sustainability, MDPI, vol. 12(18), pages 1-39, September.
    17. Pina Puntillo, 2023. "Circular economy business models: Towards achieving sustainable development goals in the waste management sector—Empirical evidence and theoretical implications," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(2), pages 941-954, March.
    18. Vincenzo Varriale & Antonello Cammarano & Francesca Michelino & Mauro Caputo, 2021. "Sustainable Supply Chains with Blockchain, IoT and RFID: A Simulation on Order Management," Sustainability, MDPI, vol. 13(11), pages 1-23, June.
    19. Muhammad Altaf & Wesam Salah Alaloul & Muhammad Ali Musarat & Abdul Hannan Qureshi, 2023. "Life cycle cost analysis (LCCA) of construction projects: sustainability perspective," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(11), pages 12071-12118, November.
    20. Wang, Binni & Wang, Pong & Tu, Yiliu, 2021. "Customer satisfaction service match and service quality-based blockchain cloud manufacturing," International Journal of Production Economics, Elsevier, vol. 240(C).

    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

    NEP fields

    This paper has been announced in the following NEP Reports:

    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:hal:wpaper:hal-03364964. 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: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    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.