Blockchain Technology as a Governance Mechanism for Contemporary Islamic Financial Institutions

Abstract

This study investigates a remarkable new technology that will become central to the global financial system and is widely considered as the latest in recording financial, commercial and service operations that technically cannot be manipulated, in addition to its rapid speed, reliability and accuracy. This study derives its importance from the growing interest in the issue of blockchain, as a modern global technology, in implementing governance in Islamic financial institutions and its role in improving economic performance. This study aims to identify blockchain technology, its mechanisms, advantages, and applications, and to develop an accurate conception of it, with its advantages as an integrated mechanism for the governance of Islamic financial institutions.