FinTech, blockchain and Islamic finance : an extensive literature review

Purpose: The paper aims to review the academic research work done in the area of Islamic financial technology. The Islamic FinTech area has been classified into three broad categories of the Islamic FinTech, Islamic Financial technology opportunities and challenges, Cryptocurrency/Blockchain sharia compliance and law/regulation. Finally, the study identifies and highlights the opportunities and challenges that Islamic Financial institutions can learn from the conventional FinTech organization across the world. Approach/Methodology/Design: The study collected 133 research studies (50 from Social Science Research Network (SSRN), 30 from Research gate, 33 from Google Scholar and 20 from other sources) in the area of Islamic Financial Technology. The study presents the systematic review of the above studies. Findings: The study classifies the Islamic FinTech into three broad categories namely, Islamic FinTech opportunities and challenges, Cryptocurrency/Blockchain sharia compliance and law/regulation. The study identifies that the sharia compliance related to the cryptocurrency/Blockchain is the biggest challenge which Islamic FinTech organizations are facing. During our review we also find that Islamic FinTech organizations are to be considered as partners by the Islamic Financial Institutions (IFI’s) than the competitors. If Islamic Financial institutions want to increase efficiency, transparency and customer satisfaction they have to adopt FinTech and become partners with the FinTech companies. Practical Implications: The study will contribute positively to the understanding of Islamic Fintech for the academia, industry, regulators, investors and other FinTech users. Originality/Value: The study believes to contribute positively to understanding of Fintech based technology like cryptocurrency/Blockchain from sharia perspective.peer-reviewe

Сryptocurrency and Internet of Things: Problems of Implementation and Realization

IoT (Internet of Things) requires the implementation of digital encryption of information, transaction support and recording of all events for security. It can provide cryptocurrencies protocols with adding an additional possibility of payments. This opportunity is not so much demanded at the hardware level as in the software implementation. We have discovered that IoT devices are widely used for illegal purposes for trusts or network consolidated attacks, and virtually no legal and useful ways of using their hardware-distributed capabilities. Standardization and compatibility in IOT network should become the main tools for the possibility of introducing new solutions, testing their utility, performance and safety. The standardization of a new approach to interactive protocols in the IOT network and the Internet with a finance approach is now inevitable. We need new IEEE standards for cryptocurrencies and IoT functioning. They must include standards for protocol functioning, transaction validation and saving, privacy and security support. Cryptocurrencies and IoT interaction diagram were proposed. The IoT network devices technology will be in the future instance of the smart class of digital-physical systems, which also encompasses technologies such as smart homes, intelligent transportation systems, smart cities etc. The financial aspect for purchasing software, services, solutions and sales of the resulting benefits will complement this network with additional capabilities. The development of standards for the financial level of functioning is also necessary.IoT (Internet of Things) requires the implementation of digital encryption of information, transaction support and recording of all events for security. It can provide cryptocurrencies protocols with adding an additional possibility of payments. This opportunity is not so much demanded at the hardware level as in the software implementation. We have discovered that IoT devices are widely used for illegal purposes for trusts or network consolidated attacks, and virtually no legal and useful ways of using their hardware-distributed capabilities. Standardization and compatibility in IOT network should become the main tools for the possibility of introducing new solutions, testing their utility, performance and safety. The standardization of a new approach to interactive protocols in the IOT network and the Internet with a finance approach is now inevitable. We need new IEEE standards for cryptocurrencies and IoT functioning. They must include standards for protocol functioning, transaction validation and saving, privacy and security support. Cryptocurrencies and IoT interaction diagram were proposed. The IoT network devices technology will be in the future instance of the smart class of digital-physical systems, which also encompasses technologies such as smart homes, intelligent transportation systems, smart cities etc. The financial aspect for purchasing software, services, solutions and sales of the resulting benefits will complement this network with additional capabilities. The development of standards for the financial level of functioning is also necessary

EU Business Law and Digital Revolution : Selected Studies from New Fields of Technology

The first chapter (I. Artificial Intelligence: legal implications) reflects on the growing importance of using artificial intelligence and the role of the legal regulation. The articles pose questions form general as well as specific perspectives and illustrates the legal problems of the artificial intelligence by varieties of topics, from the public procurements to the supply chains. The second chapter collects the papers that are focusing on the new instruments of exchange (II. Cryptocurrencies). The chapter lays down the conceptual basis of cryptocurrencies and examines the legal and regulatory challenges arising from the current use and the probable future prevalence of the virtual currencies. The third chapter of the book pays attention to emerging fields of regulations (III. Business and digitalization). The papers examine the adoption of technological innovations in higher education, e-commerce related aspects of computer games, legal challenges of smart contracts and autonomous vehicles

Impacto de la inteligencia artificial en la esfera legal

The research is devoted to the analysis of the opportunities and prospects for the implementation of artificial intelligence in the legal system. The purpose of the study is to analyze the advantages and disadvantages, opportunities and limits of introducing digital technologies into the legal environment. The study analyzed the points of view about the theme of research among the national and foreign scientists, assessed the influence of the artificial intelligence influence on the legal sphere. We also studied the opportunities for regulation connected with digital technologies in current Russian legislation, the advantages, and disadvantages of new categories in the Civil Code of the Russian Federation. We presented examples of the negative impact of legal vacuum on the law enforcement practice and suggested the ways for its overcoming. The current trends in the incorporation of digital technologies into the legal sphere of the Russian Federation and other countries were also studied.La investigación está dedicada al análisis de las oportunidades y perspectivas para la implementación de la inteligencia artificial en el sistema legal. El objetivo del estudio es analizar las ventajas y desventajas, oportunidades y límites de la introducción de las tecnologías digitales en el entorno legal. El estudio analizó los puntos de vista sobre el tema de la investigación entre los científicos nacionales y extranjeros, evaluó la influencia de la inteligencia artificial en la esfera legal. También estudiamos las oportunidades de regulación relacionadas con las tecnologías digitales en la legislación rusa actual, las ventajas y desventajas de las nuevas categorías en el Código Civil de la Federación Rusa. Presentamos ejemplos del impacto negativo del vacío legal en la práctica de aplicación de la ley y sugerimos las formas de su superación. También se estudiaron las tendencias actuales en la incorporación de tecnologías digitales en la esfera legal de la Federación de Rusia y otros países

South American Expert Roundtable : increasing adaptive governance capacity for coping with unintended side effects of digital transformation

This paper presents the main messages of a South American expert roundtable (ERT) on the unintended side effects (unseens) of digital transformation. The input of the ERT comprised 39 propositions from 20 experts representing 11 different perspectives. The two-day ERT discussed the main drivers and challenges as well as vulnerabilities or unseens and provided suggestions for: (i) the mechanisms underlying major unseens; (ii) understanding possible ways in which rebound effects of digital transformation may become the subject of overarching research in three main categories of impact: development factors, society, and individuals; and (iii) a set of potential action domains for transdisciplinary follow-up processes, including a case study in Brazil. A content analysis of the propositions and related mechanisms provided insights in the genesis of unseens by identifying 15 interrelated causal mechanisms related to critical issues/concerns. Additionally, a cluster analysis (CLA) was applied to structure the challenges and critical developments in South America. The discussion elaborated the genesis, dynamics, and impacts of (groups of) unseens such as the digital divide (that affects most countries that are not included in the development of digital business, management, production, etc. tools) or the challenge of restructuring small- and medium-sized enterprises (whose service is digitally substituted by digital devices). We identify specific issues and effects (for most South American countries) such as lack of governmental structure, challenging geographical structures (e.g., inclusion in high-performance transmission power), or the digital readiness of (wide parts) of society. One scientific contribution of the paper is related to the presented methodology that provides insights into the phenomena, the causal chains underlying “wanted/positive” and “unwanted/negative” effects, and the processes and mechanisms of societal changes caused by digitalization