Peran Teknologi Blockchain dalam Keuangan Syariah: Analisis Tantangan dan Solusinya

Abstract

This study aims to explore the role of blockchain technology in enhancing the operations of Islamic financial institutions, specifically in terms of increasing transparency, efficiency, and compliance with Shariah principles. Using a qualitative descriptive-analytical approach, the research examines the technical, regulatory, and operational challenges associated with blockchain implementation and proposes strategic solutions to ensure sustainable integration. Blockchain, through distributed ledger technology (DLT), offers transparency and efficiency that align with Islamic finance principles, as evidenced in the application of sukuk. The use of smart contracts further strengthens operational efficiency, reduces gharar (uncertainty), and ensures Shariah compliance. Although blockchain presents significant advantages, this study finds that a major challenge lies in the environmental impact of consensus protocols like Proof of Work (PoW), which requires high energy consumption. This impact conflicts with Maqasid al-Shariah, which prioritizes welfare and environmental preservation. The use of more eco-friendly protocols, such as Proof of Stake (PoS) and Proof of Authority (PoA), is identified as a more efficient solution. Additionally, inadequate regulation in various Muslim-majority countries poses another barrier. Cross-border regulatory harmonization is necessary to ensure that blockchain can be applied in accordance with Shariah principles globally.