Blockchain and smart contracts: transforming digital entrepreneurial finance and venture funding

Purpose This study conducts a systematic review to analyze the impact of blockchain technology and smart contracts on digital entrepreneurial finance and venture funding. It aims to investigate how these technologies can transform business operations, offering enhanced transparency, security and efficiency in various financial contexts. Design/methodology/approach A systematic literature review was conducted following PRISMA guidelines to assess the effectiveness of blockchain and smart contracts in generating business value. The study used the Scopus database to identify relevant articles published between 2015 and 2023. Quantitative and qualitative analyses were performed on the data using IRAMUTEQ software and Bibliometrix tool, both based in the "R" programming language. Findings The study reveals significant potential for blockchain and smart contracts to disrupt traditional venture funding models by automating contract execution and reducing administrative costs. Blockchain's secure, decentralized ledger offers advantages in peer-to-peer transactions and risk mitigation, particularly in supply chain management and international trade. However, challenges related to scalability, energy consumption and regulatory compliance were also identified. Research limitations/implications Despite the contributions, systematic review of the literature has limitations. Only articles in English, published in journals, were considered for this research, omitting, for example, conference articles and research in other languages, which may also contain relevant information. Originality/value The study contributes to the existing literature by synthesizing recent advancements in blockchain and smart contract applications within entrepreneurial finance. It highlights the transformative potential of these technologies while addressing their limitations and offering insights into future research directions. The findings provide valuable implications for academics, practitioners and policymakers interested in leveraging blockchain for financial innovation.