The Blockchain Technology from Maqasid Shari'ah Perspective

Abstract

The world has undergone a major shift in technology and blockchain is one of the current technologies that is of interest. The application of this modern technology contributes to the development of societies and helps in accomplishing many financial and non-financial transactions. Many may be worried and hesitant of this technology in terms of its reliability, sustainability and legality from Shari’ah perspective. This paper is an attempt to examine it from the perspective of Maqasid Shari’ah. This study aims to reassure and encourage institutions and countries to adopt and apply blockchain technology as well as to clarify its positive characteristics from the perspective of Maqasid Shari’ah. The method used in this paper is qualitative research. This study has clarified the perspective of Maqasid Shari’ah on blockchain technology by focusing on four key aspects i.e. facilitation, security, transparency, and anti-monopoly.