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Blockchain Governance: The Development and Application of a Framework for Waqf Institutions
Khairil Faizal Khairi, Nur Hidayah Laili, Azuan Ahmad
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DOI:10.17265/1548-6583/2023.03.001
Universiti Sains Islam Malaysia, Nilai, Malaysia
The effectiveness of waqf administration is impeded by poor management of assets, opacity, and unstandardized reporting. Blockchain is expected to solve these issues due to its ability to record and trace every transaction, allowing administrators to discharge their accountability to waqf stakeholders. While there have been numerous proposals for waqf blockchain, there is no explicit framework for the governance of blockchain in waqf institutions. We propose a governance of blockchain framework for waqf institutions based on IT governance dimensions and blockchain governance dimensions from the literature. The framework comprises three dimensions (formation and context, actors, and means of governance/decision making) that subsume eight sub-dimensions across three layers and three stages. We then apply the framework on a blockchain-based waqf organization to examine its usefulness. The framework is among the first to be designed for waqf institutions.
blockchain governance, governance of blockchain framework, waqf institutions
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