ISSN: 2225-8329
Open access
Spread of the Covid-19 pandemic has swept across Malaysia causing severe disruption and malfunction of the economic sector. Trade agreements between two or more parties usually carried out in a face-to-face manner is not permitted during the Movement Control Order (MCO). However, blockchain technology has the capability to help coordinate and seal agreements safely without the need for face-to-face meetings. Trade agreements can use the Ethereum smart contract, which is aided by blockchain technology. This qualitative study, which applied the content analysis method, aimed to identify the importance of blockchain technology to the financial industry throughout the Covid-19 pandemic. Findings show that blockchain plays a significant role in the Islamic financial sector because it can be applied effectively during the pandemic; in addition to the benefits accrued in the form of the preservation of life and property. Each transaction is permanently recorded in the blockchain and it is difficult to delete or destroy it. It is also significant because it can be widely used for managing agreements between parties and implementing paperless transactions in the future.
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In-Text Citation: (Ahmad et al., 2021)
To Cite this Article: Ahmad, A. A., Zain, M. N. M., & Zakaria, N. D. A. (2021). The Use of Blockchain Technology in The Islamic Financial Industry During The Covid-19 Pandemic: Maslahah Perspective. International Journal of Academic Research in Accounting Finance and Management Sciences, 11(3), 315–326.
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