A framework to make charity collection transparent and auditable using blockchain technology

Farooq, Muhammad Shoaib; Khan, Muhammad Sufaid; Abid, Adnan

doi:10.1016/j.compeleceng.2020.106588

“…This is why many academic works have developed models integrating blockchain into the modus operandi of charities and donation companies. (Farooq, Khan, & Abid, 2020) developed a management platform for charity collection and distribution by using a blockchain network as well as its components such as Intial coin offering (ICO), crypto wallets, IPFS protocol and smart contracts. (Hu & Li, 2020) developed a token-based blockchain charity system by also presenting the design model, architecture and operational process of the platform.…”

Section: Zakatmentioning

confidence: 99%

“…The Charities Aid Foundation affirmed this decline according to its report in 2017 and 2018. Organizations are in many cases accused of illegal exploitation of donations (Farooq, Khan, & Abid, 2020).…”

Section: B Ensure a Trust Environmentmentioning

confidence: 99%

“…What the Blockchain offers as a solution in this regard is that it limits illegal access to the network or modification of data. As a result, once the data is saved in the blockchain, it can almost never be erased or accessed except by the trusted entity (Farooq, Khan, & Abid, 2020). Smart contracts applied on blockchain platforms will allow muzakkees to know where their funds have been transferred and for which purposes.…”

Section: B Ensure a Trust Environmentmentioning

confidence: 99%

“…In cases requiring emergency interventions such as natural disasters, wars, epidemics as well as the emerging virus COVID 19 it is extremely important that the donations reach the poor person on time (Farooq, Khan, & Abid, 2020). Calamities faced nowadays by Islamic countries create an urgent need for Zakat delivery.…”

Section: Time Efficiencymentioning

confidence: 99%

See 2 more Smart Citations

Blockchain and Smart contract’s contributions to Zakat management system

Rejeb

¹

2020

iconz

View full text Add to dashboard Cite

Blockchain is an open distributed database that carries out transactions on an open decentralized ledger. It is a technology that will probably be the source of a huge digital change especially in the financial sector. The application of this technology has started to take its first steps recently and its importance is undeniable in an emerging and expanding field such as Islamic finance. In this context, the purpose of this article is to study the integration of the blockchain and one of its important components, namely the smart contract in the management of the compulsory Islamic charity the zakat. To do this, we have developed a funding model linking all the stakeholders in question and the diversities of blockchain technology. We were thus able to conclude huge benefits and technical contributions in this context which encourages Islamic financial institutions to develop more models likely to support this technology without ignoring the compliance with the Islamic jurisprudence rules.

show abstract

“…This is why many academic works have developed models integrating blockchain into the modus operandi of charities and donation companies. (Farooq, Khan, & Abid, 2020) developed a management platform for charity collection and distribution by using a blockchain network as well as its components such as Intial coin offering (ICO), crypto wallets, IPFS protocol and smart contracts. Hu & Li (2020) developed a token-based blockchain charity system by also presenting the design model, architecture and operational process of the platform.…”

Section: Zakatmentioning

confidence: 99%

Blockchain and Smart Contract Application for Zakat Institution

Rejeb

¹

2020

ijaz

12

0

View full text Add to dashboard Cite

Blockchain is an open distributed database that carries out transactions on an open decentralized ledger. It is a technology that will probably be the source of a huge digital change especially in the financial sector. The application of this technology has started to take its first steps recently and its importance is undeniable in an emerging and expanding field such as Islamic finance. In this context, the purpose of this article is to study the integration of the blockchain and one of its important components, namely the smart contract in the management of the compulsory Islamic charity the zakat. To do this, we have developed a funding model linking all the stakeholders in question and the diversities of blockchain technology. We were thus able to conclude huge benefits and technical contributions in this context which encourages Islamic financial institutions to develop more models likely to support this technology without ignoring the compliance with the Islamic jurisprudence rules.

show abstract