Understanding Blockchain technology in Islamic social finance and its opportunities in metaverse

Abstract

The use of blockchain technology in financing has been based on its high benefits of efficiency and transparency. However, not many in-depth discussions have been done on such blockchain utilization for Islamic social finance or the metaverse. This paper further explores these three areas of blockchain, the metaverse and Islamic social finance by proposing the use of blockchain and the metaverse for social projects of providing education to the underprivileged with the use of Islamic social finance instruments. In fulfilling this objective this research will explain how blockchain technology was applied in Islamic social finance through the case study of Blossom Smart sukuk, thereafter the opportunities for education under Islamic financial principles through blockchain in metaverse will be explored. The authors believe that further innovation in this area would see renaissance in Islamic social finance both in the real world and in metaverse.