INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN APPLIED SCIENCE (IJRIAS)
ISSN No. 2454-6194 | DOI: 10.51584/IJRIAS |Volume X Issue IX September 2025
www.rsisinternational.org
Page 509
The Role of Blockchain-Based Smart Contracts in Enhancing
Financial Transparency and Efficiency in the Emerging Market
Abayomi Muiz Tairu, Alabi Oluwatosin Junior, Temitope Emmanuel Akindele, Sanusi Akeem
University: Concordia University Chicago, USA
DOI: https://dx.doi.org/10.51584/IJRIAS.2025.100900052
Received: 08 Sep 2025; Accepted: 14 Sep 2025; Published: 15 October 2025
ABSTRACT
This study examines the role of blockchain-based smart contracts' influence on financial transparency and
effectiveness in the economic activities of the emerging markets. In this study, the researchers utilised a
mixed-method approach that includes a systematic literature review, comparative case studies from Africa,
Southeast Asia, and Latin America, and expert interviews. The research findings evidence that the adoption of
smart contracts can lower transaction costs, eliminate intermediary services, improve trust in financial systems,
and serve as alternatives to the current financial systems. The results further demonstrate that smart contracts
can improve financial inclusion through low-cost microfinance, insurance, and trade finance solutions, as well
as enhance trust and transparency with immutable records and real-time auditing. Nevertheless, weaknesses in
infrastructure, digital literacy, and regulatory uncertainty create difficulties for adoption. In addition, the study
augments the existing prior research emphasising the impacts of financial technology innovation in emerging
markets by offering findings that are beneficial to the market stakeholders including policymakers, financial
services institutions, and technology innovators, by effectively positioning blockchain-based solutions
implementation as better and viable option that can drive inclusive financial development in the emerging
economies.
Keywords: Blockchain, Smart Contracts, Emerging Markets, Financial Transparency, Digital Finance,
Financial Inclusion
INTRODUCTION
In recent decades, new innovative technologies have shaped the effective usage of financial products and
services across different economies in both developed and emerging market,. In view of this, Chen and
Bellavitis (2020) noted that smart contract functionality of blockchain technology are is one such innovation
capable of possibly fixing the traditional issues of financial transparency and efficiency. However, emerging
markets are rapidly growing economies with a constantly evolving regulatory landscape, and an unbanked
majority. As such, these features can prove to be both beneficial and detrimental to blockchain adoption
simultaneously (Ozili, 2018). Hence, credible finance is restrained by high transaction costs, long settlement
periods, inadequate transparency mechanisms, and limited access for disadvantaged groups. Poor
infrastructure, complex regulations, and the lack of trust inhibit banking relationships between financial
institutions and their clients, all of which add up to weak systems (Gomber et al., 2017). Emerging
technologies such as blockchain, which offer the promoted benefits of decentralisation, transparency, and
operational efficiency, offer promising solutions to the persistent problems of legacy financial systems.
In this context, smart contracts as an important component of blockchain technology that are widely used in
financial services. The smart contracts are contracts whose terms are directly embedded in the code and are
self-executing. It lowers transaction costs, hastening processing times, and fostering clarity in financial
dealings, these and many more are the benefits up for grabs with smart contracts (Zhang & Schmidt, 2020),
which stand to make obsolete contract execution automation without third-party involvement. Moreover,
where in emerging economies there exists low efficiency or outright failure of traditional financial institutions,
efficient financial system and transparency could be boosted by smart contracts.
INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN APPLIED SCIENCE (IJRIAS)
ISSN No. 2454-6194 | DOI: 10.51584/IJRIAS |Volume X Issue IX September 2025
www.rsisinternational.org
Page 510
Against this backdrop, this article is answering a major limitation and adding to our knowledge systemically
on how financial transparency and efficiency in emerging economies can be boosted through blockchain smart
contracts. Prior studies have focused more on the applications of blockchain technology in developed
economies. But the unique features of new economies with differing regimes of institutions, incomplete
supporting infrastructure, and different motives of users call for studies in different directions (Kshetri, 2017).
This paper adds value to both academic and industry specific context by systematically demonstrating how
smart contracts can function as viable tool in such environments, identifying opportunities (such as enhanced
inclusion, reduction in costs, and improved transparency) and obstacles (for example, unclear regulations, low
levels of digital literacy, and lack of physical infrastructure). In addition, through the integration of the
evidence from case studies, literature review, and consultation with experts, the study extends the prior
research by offering a contextualized framework that illustrates not only the potential gains and benefits of the
smart contract but also the practical challenges that need to be addressed when using smart contracts in
developing markets
LITERATURE REVIEW
The Basics of Blockchain Technology
The foundational work by Nakamoto (2008) on blockchain has played a pivotal role in the development of
cryptocurrencies. In simple terms, blockchain is a distributed ledger that records transactions/records on
numerous nodes. It ensures that transactions are accessible, immutable, and decentralised (Zheng et al., 2017).
The primary qualities of the technology such as cryptographic security, consensus mechanisms, and distributed
validation make it an excellent option for financial applications in which trust and transparency are
extraordinarily important. In the recent time, research showed that blockchain is limited to moving money.
Tapscott and Tapscott (2016) said blockchain is a foundational technology that could impact multiple
industries. Since then, additional research investigated the implications of blockchain in the finance, supply
chain, and governance (Casino et al., 2019). The immutable records and elimination of single points of failure
capabilities of the technology have helped solidify its immense interest with banks and regulators across the
globe.
Smart Contracts: Evolution and Applications
Smart contracts are a logical next step for blockchain technology. Smart contracts allow individuals to create
contract terms that can be programmed and executed autonomously. Szabo (1997) viewed smart contracts as
computerised transaction protocols that execute the terms of a contract. It was only with the emergence of
blockchain platforms like Ethereum (Buterin, 2014) that smart contracts could be implemented in practice.
Smart contracts can automatically execute relatively simple financial payments and also manage more
complicated automated financial derivatives trading (Wang et al., 2019).
Smart contracts have garnered considerable interest within the financial services industries. Cong and He
(2019) study suggests that smart contracts can facilitate improved counterparty risk management and increase
market efficiencies through the automation of settlement processes. Moreover, Holotescu (2018) and Savelyev
(2017) have additionally explored how smart contracts application to the insurance, lending and investment
management markets to operate autonomously and increase transparency.
Financial Challenges in Emerging Markets
Emerging markets do face different challenges with their financial systems when compared with the developed
economies. The World Bank estimates that billions of adults in developing countries still lack access to even
basic financial services (Demirgüç-Kunt et al., 2018). The banking infrastructure has always had problems
extending into rural and low-income regions. One major concern is the fixed and high operating costs of
traditional banking. Beck et al., (2007) have proven that financial inclusion in emerging markets is hindered by
transaction costs, bad infrastructure, poor credit histories, and regulatory arbitrage. Allen et al.,(2016) further
INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN APPLIED SCIENCE (IJRIAS)
ISSN No. 2454-6194 | DOI: 10.51584/IJRIAS |Volume X Issue IX September 2025
www.rsisinternational.org
Page 511
add that these issues are worsened by trust issues since people have lower trust of formal financial institutions
due to their volatile past and bad service.
Recently, the rise of digital financial services and mobile money are solving many of these problems. Studies
on the successful implementation of mobile money programs, especially within East Africa, provide clear
examples of how technology is able to bypass traditional banking structures to offer financial services to the
unbanked population (Suri & Jack, 2016). However, many mobile money services are still centralised and may
only offer a limited solution to problems of efficiency as well as transparency.
Blockchain Uses in Emerging Markets
Most of the early research on how blockchain can be applied in developing countries has examined how
individuals use cryptocurrencies to send money back home. In this regard, Babich and Hilary (2020) and
Kshetri (2017) have considered the role of cryptocurrencies as payment systems in places where the currency
is volatile or there is limited banking infrastructure. However, regulatory uncertainty and uncertainty regarding
volatility have hampered the use of cryptocurrency-only solutions.
Recent research has begun looking in-depth into how blockchain may be applied beyond cryptocurrencies. In
the work of Frizzo-Barker et al., (2020), who conducted two system literature reviews as regarding the use of
blockchain in different sectors of the developing countries. In their findings, three sectors stand out, which are
information management, supply-chain transparency, and financial services. These sectors back up the idea
that blockchain is particularly helpful in areas where there exists limited institutional trust due to its
transparency features and immutability.
The potential smart contract applications in emerging markets have been under lower coverage as compared to
other regions; however, the attention towards this area is growing steadily. While Chen et al., (2020), and Ante
(2020) have explored the possible advantages of an automated contract execution in developing countries.
Their findings revealed a greater and advanced speeding up of economic transactions, reducing corruption and
tapping into advanced financial products that were earlier only available in developed markets, there is still a
lot more to explore.
Smart Contracts in the Financial Industry
Basic Mechanisms
Smart contracts change the way traditional financial services are delivered by replacing manual tasks with
automated, programmable execution. In traditional financial systems, executing a contract requires a lot of
middlemen, manual checks, and centralised oversight, which can cause delays, costs, and mistakes (Christidis
& Devetsikiotis, 2016). Smart contracts get rid of these problems by putting the terms of a contract directly
into blockchain-based code that runs automatically when certain conditions are met.
Smart contracts' technical architecture allows for a number of important improvements over traditional
financial processes. First, deterministic code makes execution more certain by making it clear how contracts
should be read. Second, transaction costs go down because there are no middleman fees and processing time is
shorter. Third, the blockchain keeps track of all contract terms and execution history, which makes things more
open and available to those who are allowed to see them (Buterin, 2014).
Payment and Settlement Systems
Payment and settlement are probably the most advanced uses of smart contracts in the financial services
industry. The legacy cross-border payments, particularly relevant to developing countries with significant
diaspora communities, are slow to settle, costly, and require numerous intermediaries. The existing payment
systems can be vastly improved through smart contracts.
The study by Guo and Liang (2016) demonstrates the potential of smart contracts to streamline payment
processes. Automating payments not only reduces settlement time from days to mere minutes but also
INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN APPLIED SCIENCE (IJRIAS)
ISSN No. 2454-6194 | DOI: 10.51584/IJRIAS |Volume X Issue IX September 2025
www.rsisinternational.org
Page 512
significantly decreases transaction costs. This is particularly beneficial in developing countries where such
smart contract functionalities could be utilized for remittances. Traditional remittance providers charge
exorbitant fees, sometimes exceeding 7% of the transaction amount. Smart contract-based solutions have the
potential to reduce these fees to below 1% and ensure near-instant settlement.
Besides minimising remittance costs, smart contracts enhance the transparency and accountability of financial
transactions: each transaction is recorded on the blockchain and made accessible to regulators and market
participants for “following” the money and tracing the chain of causality of unresolved issues (He et al., 2017).
The augmented transparency of remittances would be especially helpful for developing countries where money
laundering and other illicit financial transactions are widespread (He et al., 2017).
Lending and credit Systems
In emerging economies, repetitive and labor-intensive tasks in traditional lending like credit evaluation, loan
origination, and loan repayment tracking are a big burden. These tasks are a hassle to the point where banks
and credit unions prefer to avoid such loans, especially small value ones. Having such an experience in
emerging markets, smart contracts can potentially bring a massive paradigm shift to the fields of financing and
credit.
With micro-lending done on a much larger level, smart contracts can indeed automate lending entirely at
minimal costs. Smart contracts can evaluate a person's creditworthiness from numerous data sources,
automatically grant loans that meet set criteria, and oversee repayment schedules, all without any human
supervision (Chen et al., 2020). This degree of automation opens the door to easy access to soft loans, which in
the past have been economically unviable, thus enabling a greater portion of the population to access
financing.
Collaboration also experiences improvements as smart contracts are implemented. Enforced lending and
secured loans are highly dependent on legal financing and other necessary layers of mechanism enforcement,
which could be extremely expensive. Smart contracts are fully equipped to oversee collateral and, upon failure
to meet loan obligations, will automatically liquidate the collateral. This is useful if for any reason the market
is in its infancy and the legal system may not always be providing a quick, or reliable recourse (Zhang &
Schmidt, 2020).
Insurance Applications
Insurance markets in emerging economies typically have high costs of operations, a limited range of available
products, and little trust between insurers and customers. Smart contracts can alleviate these challenges by
automating policy management, claim processing, and premium collection whilst providing insurers with
unprecedented transparency.
A useful case that has a lot of potential with smart contracts is parametric insurance, where payouts occur via
objective data rather than subjective evaluations of claims. Smart contracts can automate everything for all
types of weather-related crop insurance by depending on remote data stations to determine payouts. There is
no need for human/adjuster assessment of claims, which lowers operational costs (Antonopoulos & Wood,
2018).
Blockchain-based insurance is often transparent and fair, this can help alleviate trust issues that have prevented
many emerging markets from using insurance. Consumers can publicly see and validate all policy terms,
premium calculations, and claims processing on the blockchain. Hence, consumers can ensure they are being
treated fairly, and they will also understand exactly how their policies work (Gatteschi et al., 2018).
Nonetheless, despite these numerous advantages, there exists some downsides. For instance, smart contracts
rely heavily on the accuracy of external data sources. If there is incorrect, compromised, or malicious data
going into a parametric insurance system, then there could be either inaccurate payouts or valid claims could
become invalidated. In addition, once smart contracts are deployed, they are difficult to amend, which could
INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN APPLIED SCIENCE (IJRIAS)
ISSN No. 2454-6194 | DOI: 10.51584/IJRIAS |Volume X Issue IX September 2025
www.rsisinternational.org
Page 513
make it hard to address errors or resolve disputes. These risks demonstrate the need for solid governance
structures, secure data integration, and regulatory oversight to ensure fairness and dependability
(Antonopoulos & Wood, 2018; Gatteschi et al., 2018).
Transparency Enhancement Mechanisms
Immutable Transaction Records
One of the most significant contributions of blockchain technology in terms of enhanced transparency and
financial oversight is the establishment of irreversible transaction records. Unlike the conventional financial
systems, blockchain transactions are irreversible in that they cannot be changed or removed. Once they are
confirmed, they have permanent status in the distributed ledger. This permanence offers a great audit trails and
significant levels of accountability that was previously lacking (Yermack, 2017).
In developing markets, there is often scepticism regarding bribery and financial malpractices. The unalterable
ledger offers effective fraud mitigation. The use of smart contracts not only verifies and displays transaction
outcomes with greater clarity but also reveals the underlying rationale for decision-making. They offer
stakeholders the ability to scrutinise the details of the actions of automated decision makers, thereby ensuring
trust and fairness.
In addition, Blockchain’s immutable ledger features also support compliance and reporting. Financial
institutions can provide regulators with an unalterable ledger of transactions. Regulators can then verify
compliance by inspecting the blockchain. This is especially beneficial for developing countries, as they often
lack sufficient means for regulatory oversight (Risius & Spohrer, 2017).
Real-Time Monitoring and Auditing
Smart contracts offer continuous oversight and auditing, which provide more effective and efficient real-time
oversight compared to legacy finance. Smart contracts document transactions instantly upon execution and
share the information with all concerned parties. They effectively perform the audit themselves; however, it is
not a one-time audit but rather a perpetual real-time audit. With real-time auditing, fixing errors, such as
addressing problems that need resolution or rectifying compliance failures, and closing compliance gaps are
straightforward and immediate (Nakamura et al., 2017).
The privacy of smart contracts leaves a gap in the oversight and regulation of markets, but also creates an
opportunity for new oversight. Regulators would be able to observe an entire financial ecosystem as it
operates, and identify systemic and financial risks as well as manipulations of the market that traditional
systems would fail to detect. Early detection and mitigation of financial and systemic risks would positively
impact the financial stability of emerging market economies (Zetsche et al., 2017).
Furthermore, real-time auditing capabilities can be pivotal in decreasing compliance costs while improving
risk management for financial institutions operating in emerging markets. Without the need for extensive
manual oversight, automated monitoring systems can identify suspicious activities that may suggest fraud,
money laundering, or other illicit schemes. This proves to be advantageous for companies operating under
more rigorous compliance frameworks or dealing with higher-risk clientele.
While the use of smart contracts creates a gap for market oversight and compliance, it also creates an
opportunity for new oversight. Regulators would be able to observe an entire financial ecosystem as it
operates, and identify systemic and financial risks as well as manipulations of the market that traditional
systems would fail to detect. The ability to identify and mitigate financial and systemic risks earlier would
improve the financial stability of developing market economies (Zetzsche et al., 2017).
Access and verification for stakeholders
With smart contracts, every party can independently verify all transactions and activities, thus enhancing the
availability of financial data. Systems built on blockchain technology can enhance transparency while
INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN APPLIED SCIENCE (IJRIAS)
ISSN No. 2454-6194 | DOI: 10.51584/IJRIAS |Volume X Issue IX September 2025
www.rsisinternational.org
Page 514
maintaining privacy, unlike the legacy system that restricts information visibility to the parties involved and
the regulators.
The greater availability of information is even more useful in emerging markets, where gaps in information
available to banks and to consumers are usually large. As with the other uses of such systems, investors can
research and scrutinise financial products and institutions (Beck et al., 2018). This means that individuals no
longer put as much trust in institutions, because they themselves can verify if loan, insurance, and investment
product conditions are truly as claimed.
Furthermore, the verification attributes of smart contracts help foster new intermediary functions and new
business structures. Third parties can use definitive and transparent blockchain data to provide analytical,
monitoring, and advisory services, thus creating new opportunities for value-added services. This aids the
emergence of new financial innovation opportunities that bolster consumer protection in the emerging markets.
G. Efficiency Improvements
Reduced Intermediation and Automated Processing
Smart contracts’ efficiency far exceeds the traditional contracts, as they take care of contracts, which are
largely completed manually, and improve the contract process, thereby reducing costs associated with
contracts. A traditional financial transaction requires multiple people to verify, process and settle it. This will
definitely increase the transaction time, cost, and risk. Smart contracts are able to streamline the process and
reduce the number of people involved while maintaining the legality and security of the contracts (Savelyev,
2017).
Developing countries stand to gain the most from the impacts of reduced intermediation because their financial
infrastructure is likely to have lesser capabilities, and the costs of middlemen are also likely to be higher. The
cross-border trade finance of large corporations is almost guaranteed to be filled with banks, insurers including
trade credit and credit derivative dealers, and other middlemen that not only take a lot of time but also become
too expensive for small business owners to navigate the complicated terms. Hence, trade finance based on
smart contracts can cut these times down to days and costs by a huge amount (Cocco et al., 2017).
Smart contracts make things easier for people and cut down on mistakes and delays in processing. Smart
contracts work exactly as they should once they have been properly programmed and tested. There are no
delays or mistakes that can happen when processing things by hand. This dependability is especially useful in
new markets where skilled financial services workers may be hard to find or too expensive.
Costs Reduction Analysis
A full cost analysis shows that implementing smart contracts in a number of financial services could lead to
big savings. By getting rid of manual tasks and middlemen fees, the cost of processing transactions can be cut
by 30% to 50%. Settlement costs have even more potential for savings, with some implementations cutting
costs by more than 80% compared to traditional systems (Guo & Liang, 2016).
Smart contract-based systems have a cost structure that works really well for high-volume, low-value
transactions, which are common in emerging market financial services. Traditional systems have high fixed
costs for every transaction, no matter how much it is worth. Smart contract costs, on the other hand, go up
more directly with the value and complexity of the transaction. This scaling makes small transactions possible,
which could lead to more people being able to use financial services.
Savings on operational costs go beyond just processing transactions. They also include lower compliance
costs, fewer mistakes, and less money lost to fraud. In light of the new data, we find that the use of smart
contracts across industries can help reduce the overall costs of financial services by 20-35% (Chen &
Bellavitis, 2020). Certain use cases might even see further enhancement of cost savings.
INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN APPLIED SCIENCE (IJRIAS)
ISSN No. 2454-6194 | DOI: 10.51584/IJRIAS |Volume X Issue IX September 2025
www.rsisinternational.org
Page 515
Speed and Accessibility Improvements
Smart contracts make transactions much faster than traditional ways of doing business. It can take 3 to 5
business days for a regular cross-border payment to settle, but a smart contract-based payment can settle in
minutes. Automated smart contract evaluation can speed up the process of getting loan approvals that usually
take days or weeks (Wang et al., 2019).
Speed improvements are especially important in developing markets where deals need to be done quickly. For
example, agricultural financing often has short windows of time when money is needed for planting or
harvesting like this. Smart contracts can give you quick access to money that you might not be able to get
through regular systems because of processing delays.
Improvements in accessibility go beyond speed to include being available 24/7 and having fewer geographic
limits. Smart contracts operate continuously, so you can access financial services on demand . This constant
availability is helpful in new markets where traditional banking hours may be limited and there may not be
many branches (Holotescu, 2018)
Case Studies from Emerging Markets
The African Agricultural Insurance Program
In 2020, Kenya started a new crop insurance program based on blockchain technology. It used smart contracts
to automate parametric insurance for smallholder farmers. When drought conditions went beyond set levels,
the system used satellite weather data and IoT sensors to automatically start payouts. This got rid of the delays
that come with traditional claims processing (Mwangi & Ochieng, 2021).
The use of smart contracts solved a number of important problems with traditional agricultural insurance.
Before, processing claims by hand took 3 to 6 months, which was often too late to help farmers make up for
their losses. Farmers and insurers had problems and disagreements because of subjective damage assessments.
Insurance companies couldn't afford to offer small-scale policies because they had high administrative costs.
The program's results showed big improvements in a number of areas. The time it took to process payments
went from months to days, and payments were sent automatically to farmers' mobile money accounts. The
number of farmers who had insurance went from 15% to 67% because the premiums were lower and they
trusted the company more. The cost of running each policy went down by 75%, making it possible for farms as
small as one hectare to get coverage that made money (Kenya Insurance Association, 2022).
The program worked so well that it spread to many African countries, where it was changed to work with
different crops and climates. Strong partnerships with local telecom companies for data connectivity,
integration with existing mobile money systems, and thorough education programs for farmers about the
benefits of blockchain technology were all important for success.
Implementation of Microfinance in Southeast Asia
In 2019, the Philippines launched a full-scale use of blockchain-based smart contracts for microfinance, with
the goal of reaching rural areas that had never had access to banks before. The goal of the project, which was
done with the help of local microfinance institutions and technology companies, was to lower the cost of
processing loans while making it easier for people to get small loans (Cruz & Santos, 2020).
The smart contract system used mobile phone usage patterns, utility payment histories, and social network
analysis, among other things, to automatically score credit. Previously, loan application processing and
approval took weeks, but now it only takes a few hours. Because of lower operating costs, interest rates went
down by about 3 percentage points. This made credit more affordable for people with low incomes.
After two years of operation, the results showed that the project was very successful. The growth of the loan
portfolio was more than 200%, and the default rates stayed below normal microfinance levels. The cost of
INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN APPLIED SCIENCE (IJRIAS)
ISSN No. 2454-6194 | DOI: 10.51584/IJRIAS |Volume X Issue IX September 2025
www.rsisinternational.org
Page 516
processing each loan went down by 60%, which meant that the company could profitably serve customers who
needed loans as small as $25. Customers were much happier because processing was faster and prices were
clear (Manila Development Bank, 2021).
Some of the problems that came up were loan officers who were worried about losing their jobs, rules that
were unclear about automated lending decisions, and problems with rural internet access. Some of the
solutions were comprehensive retraining programs for staff, proactive communication with regulators, and
hybrid systems that could work even when the internet was down.
Platform for Latin American Trade Finance
In 2018, Colombia launched a blockchain-based trade finance platform to fix problems with how small and
medium-sized businesses (SMEs) get money for international trade. Traditional trade finance methods needed
a lot of paperwork, many middlemen, and long approval times that kept smaller businesses from entering
international markets.
The smart contract platform turned letters of credit, bills of lading and other trade documents into digital files
and made it easier to check and pay for things. Financing choices that used to take 2–3 weeks could now be
made in 2–3 days. The costs of processing documents went down by about 50%, which made trade finance
available for smaller transaction amounts (Colombian Banking Association, 2019).
The results of the implementation showed a lot of use and effect. In 18 months, more than 500 small and
medium-sized businesses (SMEs) used the platform, which helped with more than $100 million in trade
transactions. Colombian small and medium-sized businesses (SMEs) were able to respond to international
opportunities faster because their processing times were shorter. This made them more competitive in global
markets. Default rates stayed low because there was more openness and automated compliance monitoring.
Some of the problems were that traditional trade finance providers were sceptical at first, it was hard to
integrate with old banking systems, and there were rules about keeping physical documents. Solutions included
phased implementation, a lot of money spent on system integration, and talks with regulators to make room for
hybrid physical-digital processes.
METHODOLOGY
In conducting this study, mixed methods comprising of systemic reviews of literature, case studies, and
interviews with experts was utilised to fully understand the impact of blockchain-based smart contracts in
developing countries. This methodology was proposed to cover both the conceptual and real-world challenges.
Literature Review Methodology
The study conducted a systematic review of the literature published between 2015-2024 that included peer-
reviewed articles, industry reports, and policy documents. It searched databases, including Web of Science,
Scopus, and Google Scholar. The keywords we used were "blockchain," "smart contracts," "emerging
markets," "financial inclusion," and "digital finance." The search turned up 347 initial results, which were then
narrowed down to 89 sources for a more in-depth analysis based on their relevance, quality, and recency.
A. Choosing a Case Study
We chose several case studies that came from different parts of the world and used different methods to
implement them. Some of the selection criteria were: proof of blockchain or smart contract use in emerging
markets, access to performance data, and a wide range of application types and geographic locations. The final
set of case studies examined implementations in Southeast Asia, Sub-Saharan Africa, and Latin America. They
looked at how the technology was used for payments, loans, insurance, and trade finance.
INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN APPLIED SCIENCE (IJRIAS)
ISSN No. 2454-6194 | DOI: 10.51584/IJRIAS |Volume X Issue IX September 2025
www.rsisinternational.org
Page 517
B. Expert Interview Process
We did semi-structured interviews with 15 experts, including blockchain developers, financial services
professionals, regulators, and academic researchers who know a lot about emerging markets and financial
technology.
It was a small group of highly motivated individuals purposively sampled to ensure that the full diversity of
industry and geographic perspectives would be heard. Participants were from Africa (Kenya, Nigeria, South
Africa); Southeast Asia (Philippines, Indonesia); and Latin America (Colombia, Brazil). They represented key
sectors, which were microfinance, insurance, trade finance, fintech start-ups, regulators, and academia. This
ensured that we captured views at different levels of blockchain adoption and regulatory maturity.
We did the interviews over the phone and recorded them with permission. Then we transcribed the recordings
and used thematic coding to find important patterns and insights.
The key insights that arose from the interviews are as follows: (i) regulators placed immense emphasis on the
need for clear rules and sandbox frameworks to reduce uncertainty; (ii) financial service providers placed
strong emphasis on cost reduction and faster settlement being smart contract benefits at the immediate front;
(iii) technology developers pointed out the stresses scalability and reliability as technical challenges; and (iv)
the academics suggested the relevance of digital literacy and inclusion strategies to foster digital adoption.
Therefore, by integrating these insights, the study is deepened by the consequent alignment between real-world
concerns of practitioners and the more general theoretical literature of blockchain in emerging markets.
Moreover, the expert perspectives contribute depth and credibility to the study by adding to the discussion of
Blockchain-Based Smart Contracts in Enhancing Financial Transparency and Efficiency in emerging markets.
DISCUSSION OF FINDINGS
A. Implementation Challenges
Regulatory and Legal Framework
The rules and regulations for blockchain and smart contracts in developing markets are still complicated and
changing, which makes it hard to put them into practice. There aren't many clear rules about blockchain
technology in many countries, which makes it hard to know what the law says, what you need to do to follow
the rules, and how to protect consumers (Zetzsche et al., 2017). This lack of clear rules can make institutions
less likely to use blockchain-based financial services and consumers less likely to use them.
Enforcement of smart contracts though is difficult to guarantee in developing markets with less developed
legal systems. Also remaining unanswered are whether traditional contract law runs smoothly alongside
automated execution, the consequences when smart contracts malfunction or are hacked, and resolution of
disputes. In the absence of legal structures, organisations may find it unattractive to use smart contract systems
for issues relating to finance (Savelyev, 2017).
In addition, cross-border regulation coordination tends to increase the difficulties faced during implementation
in emerging economies. Working in several countries at the same time creates the need to comply with
different sets of rules, which delays the work of smart contracts. Pilot programmes and new regulatory
sandboxes could be the answer. As explained by Buckley et al., (2020), such initiatives enable regulators to try
out blockchain solutions in a controlled environment while identifying which regulations are relevant and the
reasonable context for creating these regulations.
Furthermore, the expert interviews reaffirmed these apprehensions. Specifically, regulators in Africa and
Southeast Asia explained that inconsistent cross-border regulations disincentivised both investors and local
innovators. They said pilot programmes and regulatory sandboxes were beneficial, but often limited, and
therefore call for regional facilitation and coordination. This indicates that the regulatory hurdle is not just a
conceptual one as the literature argues, but also a tangible one for practitioners.
INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN APPLIED SCIENCE (IJRIAS)
ISSN No. 2454-6194 | DOI: 10.51584/IJRIAS |Volume X Issue IX September 2025
www.rsisinternational.org
Page 518
Requirement for Technical Infrastructure
Blockchain adoption in developing markets may be challenging due to lack of technology infrastructure.
Dependable internet connection is still a problem for implementing blockchain operations in rural regions.
There are also problems with the power grid that further complicate the operation of blockchain users and
nodes, and bandwidth problems further increase the time and cost of transactions (Kshetri, 2017).
There are other challenges in the emerging markets as well, such as the lack of developers and system
administrators with sufficient experience dealing with the complex nature of blockchain systems. Knowledge
of cryptography, distributed systems, and blockchains are required, and for anyone aiming to implement and
maintain smart contract systems, learning blockchain programming languages may be required, which may not
be available locally. Due to this, the implementations may become significantly more costly due to the higher
operational risk caused by the lack of skills.
In addition, a significant issue is scalability. Many blockchains struggle to process transactions at the rate of
traditional financial institutions, and this would limit their viability in large scale implementations.
Implementation in emerging markets requires greater focus on scalability; in addition, there may be other
issues to examine in relation to decentralising the solution and achieving faster transaction speeds (Zheng et
al., 2017).
Fintech start-up interviewees from Nigeria and Brazil indicated that infrastructure bottlenecks were their
greatest operational expenses, and discussed that inadequate and unreliable electricity supply as well as a
limited pool of developer expertise resulted in outsourcing blockchain development, which diminished
sustainability and increased costs. The argument reinforces that infrastructure gaps are not only technical but
deeply have economic consequences.
Digital literacy and User Adoption
The absence of digital literacy is the most important reason behind the slow blockchain adoption in emerging
markets. Users with limited digital literacy would lack the understanding or knowledge of the basic elements
of a blockchain transaction, private keys, and digital wallets. In addition, a lack of concern in design would
make matters worse by making the systems too complex to use in reality (Chen et al., 2020).
In addition, cultural factors in most emerging markets influence how people use or adopt things. For example,
one can also find people who frequently value personal connections and would want to have conversations
with people in person versus automated smart contracts which, whether they are accepted or not, are not
personal. The time and cost of developing trust in automated systems and educating people on automated
systems are tremendous as well as to show them the usefulness and convenience.
Moreover, the prevalent features and exorbitant cost of the mobile device have complicated the mobile
adoption even further. Many developing and emerging markets have many mobile phone users, but the devices
may not have the processing or storage capabilities to run blockchain apps. Moreover, for low-income users,
the cost of data for blockchain transactions can be too high, which could keep out people who could benefit the
most from better access to financial services (Suri & Jack, 2016).
Specialists in both the Philippines and Kenya explained that trust deficits are issues especially cultural trust
and technology trust. They indicated that many rural users want accountability and believe the loss of it at the
moment the system is "automated." Therefore, they suggest that financial literacy campaigns should be
incorporated into the rollout of blockchain to fill the cultural differences. These insights provide why
obstacles to adoption are still occurring, even with high mobile telecommunication penetration in the emerging
markets.
Managing Security and Risk
Smart contracts that have security holes are very risky, and this may be especially true in emerging markets.
INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN APPLIED SCIENCE (IJRIAS)
ISSN No. 2454-6194 | DOI: 10.51584/IJRIAS |Volume X Issue IX September 2025
www.rsisinternational.org
Page 519
Several high-profile hacks in blockchain systems have shown that smart contract bugs can lead to the
permanent loss of funds. Blockchain is unchangeable, which makes it very hard or even impossible to fix
mistakes or get back on track after an attack.
Blockchain systems' risk management frameworks are still being worked on, which makes it hard for banks to
use smart contracts. Traditional ways of managing risk may not be able to fully deal with blockchain-specific
risks like managing keys, failures in the consensus mechanism, or flaws in smart contracts. In many places, it's
still not clear what the rules say about how much capital blockchain-based assets need (Beck et al., 2018).
Operational security is still a problem for implementations in emerging markets. To keep blockchain systems
safe, you need advanced cybersecurity skills that may be hard to find or expensive to keep up. Social
engineering attacks that go after people's private keys or authentication credentials can work very well in
places where people don't know much about cybersecurity.
In addition, the experts in the industry interviewed were specifically candid on this issue. Developers in the
Latin American region shared that social engineering was a more prevalent risk than a technical flaw primarily
because users had lower cyber awareness. Regulators also positioned that a single substantial security breach
can set back the tangible years of adoption by destroying trust. Collectively, evidence provides that poor
security, governance gaps and the risk of digital exclusion are not simply ancillary factors influencing the
success of blockchain-based smart contracts in developing markets. Hence, if these risks are not recognised
and taken seriously alongside opportunities, the risks of exclusion, fraud, and systemic instability may
overshadow the potential efficiency and transparency gains of the smart contract.
Opportunities and Benefits
Financial Inclusion Advancement
Smart contracts create new avenues for improving financial inclusion in emerging markets by allowing for
financial services, previously unprofitable, to be offered to those in need of the service. The automated
processing reduces the need for operational support and significantly reduces operational costs, allowing for
micro-loans to be offered, small insurance policies to be offered, and low-value payment services to be
offered, which financial banks would not offer (Demirgüç-Kunt et al., 2018).
Smart contracts can be programmed so that businesses can develop and launch new product designs for
emerging markets. For instance, progressive lending products could automatically increase a credit limit,
according to how borrowers have paid back the loans. Flexible repayment terms could also align with irregular
income of informal sector workers and other marginalised groups. Opportunities for innovation can be found
in providing new solutions for people who have no or limited access to traditional credit scores and product
structures.
In addition, smart contracts can also facilitate new types of collateral and credit checks that allow people with
little or no traditional credit history to access loans. Credit checks can utilize identity systems based on the
blockchain, supply chain records, and utility payment histories, and this capability is particularly beneficial in
developing markets where formal credit bureaus may not be extensive (Allen et al., 2016).
Furthermore, representatives from microfinance institutions in Southeast Asia confirmed the opportunities.
They explained they were able to issue loans of as little as $25, for a profit, through blockchain-based scoring
systems, which would be impossible through a manual system. Moreover, they saw an improvement in
repayment discipline once transparency was ensured. Hence, providing concrete evidence of an association
between automation and borrower confidence.
Effects on Economic Development
Smart contracts can help accelerate growth in emerging markets by increasing efficiencies. Reduced costs of
transactions and increased processing speed can drive economic activities by enabling transactions that
INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN APPLIED SCIENCE (IJRIAS)
ISSN No. 2454-6194 | DOI: 10.51584/IJRIAS |Volume X Issue IX September 2025
www.rsisinternational.org
Page 520
previously weren't efficient. Streamlined trade finance enables small businesses to participate in business in
other countries quicker and easier. Better payments systems are allowing more people to access to the global
digital economies.
Smart contracts can formalize informal business activities by providing clear, verifiable record of transactions
and business relationships with an original party. This can protect lenders and help businesses obtain loans,
insurance, and other services. It can also give governments improved economic data to use when making
policies. They are also less likely to be corrupt, and are better suited for public sector solutions because they
are transparent (Frizzo-Barker et al., 2020).
By promoting innovation ecosystems, blockchain platforms with the ability to support startups can create new
jobs and drive tech investment. As more countries have operational capabilities in blockchain-based financial
systems, they may have a comparative edge over other countries in attracting fintech companies, which can
serve as an active catalyst to the digital economy in those countries. With this potential, many governments
within the emerging markets have proactively taken steps to drive the development of blockchain through
frameworks for innovation and regulatory sandboxes.
In addition, experts from Latin America, especially Colombia, supported this by stating that trade finance
platforms powered by blockchain technology enabled SMEs to enter the international markets in lesser
months. They attributed competitiveness to automation and transparency, this is consistent with the case study
evidence and the prior studies. Competitive Advantage Creation
Emerging market financial institutions can gain a significant competitive advantage by adopting smart contract
technology early on. The lower costs of doing business help them keep prices more competitive and a superior
customer experience enables a company to capture cash flow and market share. Institutions that successfully
utilise blockchain solutions will be positioned to compete with their traditional competitors and new fintech
companies (Chen & Bellavitis, 2020).
Smart contract systems can increase trust among institutions in developing countries with their international
partners and investors by being transparent and efficient. Automated compliance and transparent execution can
mitigate the cost of due diligence, increase availability, and access to international capital markets. This
capability is especially vital for growing businesses that plan on extending their growth outside of their home
markets.
Smart contracts allow banks and other financial institutions to offer sophisticated products that only large
corporations with ample technology could offer before. Smart contracts can provide automatic derivatives,
structured products, and sophisticated insurance products without the need for an extensive amount of
processing power. Making sophisticated financial products accessible to all can help to bridge the divide
between institutions in emerging and developed markets.
Furthermore, Interviewees in Africa pointed out that early adopters are already enjoying favourable
reputational capital, particularly within cross-border partnerships. They highlighted how investors viewed
blockchain-enabled businesses as more reliable tool that leads to lower due diligence costs, and quicker deal
flow. This evidenced that competitive advantage is not an empty promise but an emerging reality.
CONCLUSION AND RECOMMENDATIONS
Conclusion
In contrast to much of the current literature, which presents mostly theoretical arguments as to how blockchain
might be used, this study makes three important contributions. First, it triangulates the findings from a
systematic literature review, case studies, and expert interviews to provide a mixed-methods foundation for the
validity of the findings. Second, it performs a comparative analysis of emerging market case studies (Africa,
Southeast Asia, and Latin America), thereby yielding cross-regional lessons that cannot be obtained through
isolated national studies. Thirdly, the integration of expert perspectives from regulators, developers, and
INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN APPLIED SCIENCE (IJRIAS)
ISSN No. 2454-6194 | DOI: 10.51584/IJRIAS |Volume X Issue IX September 2025
www.rsisinternational.org
Page 521
financial practitioners- allows the study to identify barriers that are context specific and often overlooked, such
as cultural resistance to automation, inadequate infrastructure, and lack of trust and digital literacy.
Therefore, this detailed report indicates that smart contracts using blockchain technology have the potential to
transform the openness and efficiency of financial transactions in developing markets. Blockchain technology
solves fundamental obstacles that have hindered the growth of financial systems in developing regions
including high transaction costs, lack of transparency, and accessibility to funds. Smart contracts improve
transparency, reduce costs, increase speed, and eliminating or limiting middlemen.
The case studies established that successful implementations are already delivering measurable benefits in a
diverse set of emerging market situations. For example, smart contracts have been applied in Southeast Asia
for microfinance, in Africa for agricultural insurance, and in Latin America for trade finance, all of which have
demonstrated cost savings, improved processing time, and access to services that previously had not existed.
The case study example offers important findings around how to customise and adopt smart contracts to local
contexts and stakeholders; and offer a great deal of useful examples for future implementations.
In addition, there are still numerous issues to be tackled before the adoption can be termed universal. In this
regard, the public and private sectors, as well as civil society must be engaged in tackling the challenges of
regulatory uncertainty, gaps in technical infrastructure, and gaps in digital literacy. As a result of being so
complicated, adopting smart contracts is more than just deploying the technology; it will require financial
resources and time.
The opportunities to create a positive impact remain sufficient to continue to put in time, energy, and resources
to development. Smart contracts can contribute to financial inclusion, economic development, and increase the
competitiveness of institutions beyond just increasing efficiency. Therefore, as the blockchain-based smart
contract technology evolves and all economic agents in the economy continue to deepen its use in their daily
business activities, this increases the benefits from the technology usage
Going forward, policy makers and regulatory agents should focus on developing implementation frameworks
aimed at emerging market conditions, reviewing implementations after some time, and reflecting on new
applications that improve the aspects of developing economies. Blockchain researchers, smart contract
practitioners, and government representatives must continue collaborating to leverage smart contract benefits
as a vehicle for financial development in developing nations.
The evidence presented in the Study indicates that smart contracts have significant value proposition for the
financial services sector in emerging markets, even with some issues to be resolved. Provided that smart
contracts are properly formed, with relevant rules, and continue to be developed technologically, they have the
potential to transform the financial systems in developing countries by making them more transparent,
efficient, and accessible. The opportunity window for early adopters of smart contract technology remains
open, meaning emerging market financial institutions and policymakers must take a proactive approach to
smart contract technology.
Policy implication and Recommendations
Strategic Implementation Approach
In developing economies successful implementation of smart contracts requires a well thought out strategy that
takes the awareness of local context and conditions into consideration. The organisation’s trust should be
preserved and developed with a phased implementation plan that starts with use cases with clear value and also
helps the organisation and users grow in trust. An implementation of smart contracts in most use cases will
start with a simple one, such as payment processing or a simple lending product, and then evolve into a more
sophisticated one.
To successfully implement a solution at an acceptable cost, it requires commitment from local technology
providers, local telecommunications infrastructure operators, and various local agencies. The partnering of
INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN APPLIED SCIENCE (IJRIAS)
ISSN No. 2454-6194 | DOI: 10.51584/IJRIAS |Volume X Issue IX September 2025
www.rsisinternational.org
Page 522
local companies will not only ease the tapping of local funds and lower implementation costs but share useful
information on the market and regulations and what users want. Partnerships with stakeholders and co-
development implementation, as noted by Buckley et al. (2020), is the main reason behind implementations
success.
It takes a lot of engagement and substantial amount of money to educate the users and designing user
interfaces that encourage widespread adoption of blockchain-based smart contract. Smart contract systems
designs must ensure regional integration and location for users. The user experience design must ensure
familiar patterns of interaction with a lot of support for new users. In addition, in most emerging markets,
mobile device is still the prevalent means of accessing the Internet which often serves as the first point of
access .
Policy and Regulatory Development
It has become imperative and critical that governments in these emerging markets participate in setting policies
that balance innovation around blockchain with consumer protection and economic stability. Similarly,
regulatory sandboxes serve as an excellent regulatory tool to educate and regulate blockchain implementation,
while also giving developers a safe space to develop and test their blockchain ideas. These frameworks should
amplify the benefits of an innovative way of working, whilst not losing sight of risk.
In addition, worldwide harmonisation of regulatory frameworks may help address the problems created by
applying regulations across jurisdictions and may reduce opportunities for regulatory arbitrage. Regional and
International organisations should promote the sharing of information and collaboration for the regulation of
blockchain. Harmonised standards and agreements to recognise each other’s standards can allow the regulatory
pathway for cross-jurisdictional implementations to be clearer and simpler for implementations undertaken
across jurisdictions.
When emerging markets adopt blockchain systems, they will have to consider central bank digital currencies
(CBDCs). CBDC development can lead to stable, government-backed digital currencies that support
blockchain-based financial services and keep control of monetary policy. Working together on CBDC
development and private sector blockchain projects can make the system work better and be more compatible
with other systems.
Priorities for Technology Development
To fix the problems with blockchain's scalability, energy efficiency, and user experience, technology needs to
keep getting better. Layer 2 solutions, better ways to reach consensus, and better ways to connect with current
financial systems can all help get around the technical problems that are keeping widespread use from
happening. Investment in research and development should be focused on finding solutions that are useful in
emerging market conditions.
Ongoing development work is needed to make sure that different blockchain platforms can work with each
other and with traditional financial systems. Standards development and protocol improvements can make it
easier for users to use the system and lower the cost of integration. Open-source development methods can
help make sure that solutions are still available to people in emerging markets who don't have a lot of money.
For apps in emerging markets, it's especially important to make them work well on mobile devices and when
they're not connected to the internet. Blockchain systems that are potentially able to work on unreliable
internet and low-bandwidth situations could be less challenging for people, in locations where the
infrastructure is less strong, to use. Progressive web apps and mobile-native solutions can lower the burden on
people, while using less devices.
INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN APPLIED SCIENCE (IJRIAS)
ISSN No. 2454-6194 | DOI: 10.51584/IJRIAS |Volume X Issue IX September 2025
www.rsisinternational.org
Page 523
REFERENCES
1. Allen, F., Demirgüç-Kunt, A., Klapper, L., & Peria, M. S. M. (2016). The foundations of financial
inclusion: Understanding ownership and use of formal accounts. Journal of Financial Intermediation, 27,
1-30.
2. Ante, L. (2020). Smart contracts on the blockchain – A bibliometric analysis and review. Telematics and
Informatics, 57, 101519.
3. Antonopoulos, A. M., & Wood, G. (2018). Mastering Ethereum: Building smart contracts and DApps.
O'Reilly Media.
4. Babich, V., & Hilary, G. (2020). OM forum—Distributed ledgers and operations: What operations
management researchers should know about blockchain technology. Manufacturing & Service
Operations Management, 22(2), 223-240.
5. Beck, R., Müller-Bloch, C., & King, J. L. (2018). Governance in the blockchain economy: A framework
and research agenda. Journal of the Association for Information Systems, 19(10), 1020-1034.
6. Beck, T., Demirgüç-Kunt, A., & Peria, M. S. M. (2007). Reaching out: Access to and use of banking
services across countries. Journal of Financial Economics, 85(1), 234-266.
7. Buckley, R. P., Arner, D. W., Zetzsche, D. A., & Weber, R. H. (2020). The road to RegTech: The
(astonishing) example of the European Union. Journal of Banking Regulation, 21(1), 26-36.
8. Buterin, V. (2014). A next-generation smart contract and decentralized application platform. Ethereum
Whitepaper, 3(37), 1-36.
9. Casino, F., Dasaklis, T. K., & Patsakis, C. (2019). A systematic literature review of blockchain-based
applications: Current status, classification and open issues. Telematics and Informatics, 36, 55-81.
10. Chen, Y., & Bellavitis, C. (2020). Blockchain disruption and decentralized finance: The rise of
decentralized business models. Journal of Business Venturing Insights, 13, e00151.
11. Chen, M., Wu, D., Luo, M., & Yang, S. (2020). Smart contract-enabled blockchain applications in
supply chain management. International Journal of Production Economics, 228, 107855.
12. Christidis, K., & Devetsikiotis, M. (2016). Blockchains and smart contracts for the internet of things.
IEEE Access, 4, 2292-2303.
13. Cocco, L., Pinna, A., & Marchesi, M. (2017). Banking on blockchain: Costs savings thanks to the
blockchain technology. Future Internet, 9(3), 25.
14. Colombian Banking Association. (2019). Digital transformation in trade finance: Blockchain
implementation results. Banking Research Institute.
15. Cong, L. W., & He, Z. (2019). Blockchain disruption and smart contracts. The Review of Financial
Studies, 32(5), 1754-1797.
16. Cruz, M. A., & Santos, R. P. (2020). Blockchain-based microfinance: Implementation experiences in
Southeast Asia. Journal of Financial Technology, 15(3), 45-62.
17. Demirgüç-Kunt, A., Klapper, L., Singer, D., Ansar, S., & Hess, J. (2018). The Global Findex Database
2017: Measuring financial inclusion and the fintech revolution. World Bank Publications.
18. Frizzo-Barker, J., Chow-White, P. A., Adams, P. R., Mentanko, J., Ha, D., & Green, S. (2020).
Blockchain as a disruptive technology for business: A systematic review. International Journal of
Information Management, 51, 102029.
19. Gatteschi, V., Lamberti, F., Demartini, C., Pranteda, C., & Santamaría, V. (2018). Blockchain and smart
contracts for insurance: Is the technology mature enough? Future Internet, 10(2), 20.
20. Gomber, P., Kauffman, R. J., Parker, C., & Weber, B. W. (2018). On the fintech revolution: Interpreting
the forces of innovation, disruption, and transformation in financial services. Journal of Management
Information Systems, 35(1), 220-265.
21. Guo, Y., & Liang, C. (2016). Blockchain application and outlook in the banking industry. Financial
Innovation, 2(1), 1-12.
22. He, D., Habermeier, K. F., Leckow, R. B., Haksar, V., Almeida, Y., Kashima, M., ... & Stetsenko, N.
(2017). Fintech and financial services: initial considerations. International Monetary Fund.
23. Holotescu, C. (2018). Understanding blockchain technology and how to get involved. The 14th
International Scientific Conference eLearning and Software for Education, 2, 275-283.
24. Kenya Insurance Association. (2022). Parametric insurance adoption report: Blockchain implementation
in agricultural insurance. Nairobi: Kenya Insurance Association.
INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN APPLIED SCIENCE (IJRIAS)
ISSN No. 2454-6194 | DOI: 10.51584/IJRIAS |Volume X Issue IX September 2025
www.rsisinternational.org
Page 524
25. Kshetri, N. (2017). Will blockchain emerge as a tool to break the poverty chain in the Global South?
Third World Quarterly, 38(8), 1710-1732.
26. Manila Development Bank. (2021). Digital microfinance transformation: Two-year implementation
review. Manila: MDB Research Department.
27. Mwangi, P., & Ochieng, S. (2021). Blockchain-based agricultural insurance in Kenya: Implementation
and impact assessment. African Journal of Agricultural Technology, 18(4), 112-125.
28. Nakamura, H., Miyashita, T., Suzuki, K., & Kacprzyk, J. (2017). Real-time smart contract execution in
blockchain networks. IEEE Transactions on Industrial Informatics, 13(6), 3070-3081.
29. Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. Decentralized Business Review,
21260.
30. Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review,
18(4), 329-340.
31. Risius, M., & Spohrer, K. (2017). A blockchain research framework: What we (don't) know, where we
go from here, and how we will get there. Business & Information Systems Engineering, 59(6), 385-409.
32. Savelyev, A. (2017). Contract law 2.0: 'Smart' contracts as the beginning of the end of classic contract
law. Information & Communications Technology Law, 26(2), 116-134.
33. Suri, T., & Jack, W. (2016). The long-run poverty and gender impacts of mobile money. Science,
354(6317), 1288-1292.
34. Szabo, N. (1997). Formalizing and securing relationships on public networks. First Monday, 2(9).
35. Tapscott, D., & Tapscott, A. (2016). Blockchain revolution: How the technology behind bitcoin is
changing money, business, and the world. Portfolio.
36. Wang, S., Ouyang, L., Yuan, Y., Ni, X., Han, X., & Wang, F. Y. (2019). Blockchain-enabled smart
contracts: Architecture, applications, and future trends. IEEE Transactions on Systems, Man, and
Cybernetics: Systems, 49(11), 2266-2277.
37. Yermack, D. (2017). Corporate governance and blockchains. Review of Finance, 21(1), 7-31.
38. Zetzsche, D. A., Buckley, R. P., Arner, D. W., & Föhr, L. (2017). The ICO gold rush: It's a scam, it's a
bubble, it's a super challenge for regulators. University of Luxembourg Law Working Paper, 11, 17-83.
39. Zhang, P., & Schmidt, D. C. (2020). Smart contract development: Challenges and opportunities.
Computer, 53(5), 26-35.
40. Zheng, Z., Xie, S., Dai, H., Chen, X., & Wang, H. (2017). An overview of blockchain technology:
Architecture, consensus, and future trends. IEEE 6th International Congress on Big Data, 557-564.
