A Conceptual Foundation for Blockchain Development: The Contribution of Ibn Khaldun

Blockchain is a game-changing technology that has the ability to solve plenty of real-world issues in the

digital age. Blockchain is a subject of huge interest in many industries and academia in terms of discovering

technology and classifying challenges and innovative practical application for the industry. This study

addresses the challenges that are of main concern in designing a Blockchain platform. In this regard, the

problems such as privacy, regulation, security, lack of adequate skill sets, energy consumption, inefficient

technology design, the criminal connection, scalability, energy consumption, and public view are

discovered to be important. Due to such challenges, the blockchain technologies have emitted a negative

impression due to its incapability to be successfully applied while, at the same time, its benefits could not

be fully gained by its investors. The objective of this study, hence, is to assess the blockchain advantages

and growth in light of the eight foundations for economic development as advocated by Ibn Khaldun.

Expending Ibn Khaldun’s philosophy, each challenge is deliberated and investigated to find the answers

and solutions for addressing and overcoming the afore-mentioned challenges.