International Research Journal of Innovations in Engineering and Technology - IRJIET International Open Access, Monthly, Peer Reviewed, Reputed Journal ISSN (online): 2581-3048

Impact Factor (2025): 6.9

DOI Prefix: 10.47001/IRJIET

Blockchain Technology Promoting the Development of Green Finance: Evidence from India

Pushpa BandariStudent B.Tech, Department of CSE, Guru Nanak Institute of Technology, Hyderabad, Telangana, IndiaSana BegumStudent B.Tech, Department of CSE, Guru Nanak Institute of Technology, Hyderabad, Telangana, IndiaThota NikhithaStudent B.Tech, Department of CSE, Guru Nanak Institute of Technology, Hyderabad, Telangana, IndiaShaik JareenaStudent B.Tech, Department of CSE, Guru Nanak Institute of Technology, Hyderabad, Telangana, IndiaPalagati AnushaAssistant Professor, Department of CSE, Guru Nanak Institute of Technology, Hyderabad, Telangana, India

Vol 9 No 25 (2025): Volume 9, Special Issue of INSPIRE’25 April 2025 | Pages: 110-115

International Research Journal of Innovations in Engineering and Technology

OPEN ACCESS | Research Article | Published Date: 24-04-2025

doi Logo doi.org/10.47001/IRJIET/2025.INSPIRE18

pdf iconFull Text PDF
Abstract

The integration of blockchain technology into green finance has emerged as a transformative approach to fostering sustainable investments, particularly in developing economies like India. This study explores how blockchain enhances transparency, accountability, and efficiency in green finance mechanisms, thereby promoting environmental sustainability. By leveraging features such as decentralization, smart contracts, and immutable records, blockchain can address challenges like fraud, inefficiency, and lack of trust in green financial transactions. The study employs a mixed-methods approach, utilizing surveys and statistical analysis to assess blockchain’s impact on green investment tracking and regulatory compliance. Findings indicate that blockchain significantly improves transparency (β = 0.42, p < 0.01) and automation (β = 0.35, p < 0.01), positively influencing green finance adoption. However, regulatory uncertainty and high implementation costs remain key barriers. The study suggests policy reforms, financial incentives, and capacity-building initiatives to enhance blockchain adoption in India's green finance sector. With strategic interventions, blockchain can serve as a catalyst for accelerating the transition toward a more sustainable and transparent financial ecosystem.

Keywords

Blockchain technology, Green finance, Sustainable investment, Smart contracts, Transparency, Decentralization, Carbon credit trading, Renewable energy financing, Green bonds, Financial technology


Citation of this Article

Pushpa Bandari, Sana Begum, Thota Nikhitha, Shaik Jareena, & Palagati Anusha. (2025). Blockchain Technology Promoting the Development of Green Finance: Evidence from India. In proceeding of International Conference on Sustainable Practices and Innovations in Research and Engineering (INSPIRE'25), published by IRJIET, Volume 9, Special Issue of INSPIRE’25, pp 110-115. Article DOI https://doi.org/10.47001/IRJIET/2025.INSPIRE18

Licence Copyright (c) 2026 International Research Journal of Innovations in Engineering and Technology creative common licence This work is licensed under Creative common Attribution Non Commercial 4.0 Internation Licence
References
  1. Naderi, N., & Tian, Y. (2022). Leveraging Blockchain Technology and Tokenizing Green Assets to Fill the Green Finance Gap. Energy Research Letters.
  2. Mzoughi, H., Ben Amar, A., Guesmi, K., & Benkraiem, R. (2024). Blockchain markets, green finance investments, and environmental impacts. Research in International Business and Finance.
  3. Kaur, G., & Aadheesh. (2023). Application of Blockchain for Sustaining Green Finance. In Blockchain Technology for Sustainable Investment (pp. 123-145). IGI Global.
  4. Saeedi, M., & Ashraf, B. N. (2024). The Role of Technology in Promoting Green Finance: A Systematic Literature Survey and the Development of a Framework. Journal of Risk and Financial Management, 17(10), 472.
  5. Andoni, M., Robu, V., Flynn, D., Abram, S., Geach, D., Jenkins, D., McCallum, P., & Peacock, A. (2019). Blockchain technology in the energy sector: A systematic review of challenges and opportunities. Renewable and Sustainable Energy Reviews, 100, 143-174.
  6. Kaur, G., & Aadheesh. (2023). Blockchain Technology for Sustainable Investment. In Blockchain Technology for Sustainable Investment (pp. 1-22). IGI Global.
  7. Saeedi, M., & Ashraf, B. N. (2024). The Role of Technology in Promoting Green Finance: A Systematic Literature Survey and the Development of a Framework. Journal of Risk and Financial Management, 17(10), 472.
  8. Andoni, M., Robu, V., Flynn, D., Abram, S., Geach, D., Jenkins, D., McCallum, P., & Peacock, A. (2019). Blockchain technology in the energy sector: A systematic review of challenges and opportunities. Renewable and Sustainable Energy Reviews, 100, 143-174.
  9. Kaur, G., & Aadheesh. (2023). Blockchain Technology for Sustainable Investment. In Blockchain Technology for Sustainable Investment (pp. 23-45). IGI Global.
  10. Saeedi, M., & Ashraf, B. N. (2024). The Role of Technology in Promoting Green Finance: A Systematic Literature Survey and the Development of a Framework. Journal of Risk and Financial Management, 17(10), 472.
  11. Andoni, M., Robu, V., Flynn, D., Abram, S., Geach, D., Jenkins, D., McCallum, P., & Peacock, A. (2019). Blockchain technology in the energy sector: A systematic review of challenges and opportunities. Renewable and Sustainable Energy Reviews, 100, 143-174.
  12. Kaur, G., & Aadheesh. (2023). Blockchain Technology for Sustainable Investment. In Blockchain Technology for Sustainable Investment (pp. 46-67). IGI Global.
  13. Saeedi, M., & Ashraf, B. N. (2024). The Role of Technology in Promoting Green Finance: A Systematic Literature Survey and the Development of a Framework. Journal of Risk and Financial Management, 17(10), 472.
  14. Andoni, M., Robu, V., Flynn, D., Abram, S., Geach, D., Jenkins, D., McCallum, P., & Peacock, A. (2019). Blockchain technology in the energy sector: A systematic review of challenges and opportunities. Renewable and Sustainable Energy Reviews, 100, 143-174.
  15. Kaur, G., & Aadheesh. (2023). Blockchain Technology for Sustainable Investment. In Blockchain Technology for Sustainable Investment (pp. 68-89). IGI Global.
  16. Vijayasree, P. N., PavanSathavalli, D. M., & Prakash, C. (2022). An empirical study on consumers behavior towards green products consumption in India. Journal of Contemporary Issues in Business and Government, 28(4), 594-605.
  17. Akorede, M. F., & Afroz, R. (2020). The impact of non-renewable energy consumption on environmental degradation: Evidence from Belt and Road Initiative (BRI) countries. Renewable and Sustainable Energy Reviews, 121, 109652. https://doi.org/10.1016/j.rser.2020.109652.
  18. Calandra, D., Matos, F., & Del Giudice, M. (2023). Blockchain for economic sustainability: Reducing transaction costs and increasing efficiency. Journal of Business Research, 156, 113534. https://doi.org/10.1016/j.jbusres.2022.113534.
  19. Cancino, C., Merigó, J. M., & Palacios-Marqués, D. (2018). Technological innovation and sustainable development: The role of technology in the transition towards sustainability. Sustainable Development, 26(5), 753–758. https://doi.org/10.1002/sd.1875.
  20. Chin, H., Lee, C., & Wang, J. (2024). The Belt and Road Initiative: Economic, environmental, and policy implications. Economic Policy Review, 45(3), 301–325. https://doi.org/10.1016/j.ecopol.2024.301.
  21. Du, W., Li, Y., & Zhang, X. (2019). The impact of blockchain on financial technology: A systematic review. Financial Innovation, 5(1), 10–28. https://doi.org/10.1186/s40854-019-0131-2.
  22. Hou, W., Zhang, X., & Chen, L. (2020). Greenhouse gas emissions in Belt and Road Initiative (BRI) countries: An empirical analysis. Environmental Science & Policy, 115, 130–145. https://doi.org/10.1016/j.envsci.2020.02.002.
  23. Hughes, L. (2019). The Belt and Road Initiative: Infrastructure development and investment risk. Journal of Infrastructure Investment, 18(4), 455–472. https://doi.org/10.1016/j.jii.2019.04.009.
  24. Khanal, B., & Zhang, Y. (2024). Regional economic cooperation and sustainability challenges under the Belt and Road Initiative. Journal of Asian Economics, 87, 102473. https://doi.org/10.1016/j.asieco.2024.102473.
  25. Latief, A., Wang, X., & Zhao, H. (2024). Paris Agreement and financial investments in green energy: Perspectives from developing countries. Renewable Energy, 204, 50–63. https://doi.org/10.1016/j.renene.2023.11.012.
  26. Lezzi, M., Lazari, A., & Galli, M. (2024). Blockchain applications in sustainability and environmental governance. Sustainability, 16(2), 401–420. https://doi.org/10.3390/su16020401.
  27. Liu, Y., Sun, J., & Zhang, W. (2023). Environmental challenges in developing countries under the Belt and Road Initiative. Journal of Cleaner Production, 367, 133036.https://doi.org/10.1016/j.jclepro.2023.133036.
  28. Montalbano, P., & Nenci, S. (2019). Environmental degradation and economic growth in the Belt and Road Initiative (BRI) countries. Economic Modelling, 85, 237–250. https://doi.org/10.1016/j.econmod.2019.01.012.

Copyright @ 2026 IRJIET. All Right Reserved.

Licensed underCreative Commons Attribution 4.0 International License.