An Ontological Framework of Blockchain Capabilities Amid Emerging Tokenization Development Contexts in Future Perspectives

Document Type : Research Paper

Authors

1 PhD Candidate, Department of Accounting, Qom Branch, Islamic Azad University, Qom, Iran.

2 Assistant Prof., Department of Accounting, Qom Branch, Islamic Azad University, Qom, Iran.

10.22059/frj.2025.388892.1007696

Abstract

Objective
The emergence of blockchains as a new generation of technology and information has brought about new developments in the field of data organization and trading transactions, which, by creating a new data authentication system, transform all types of data into encrypted tokens and facilitate exchange between users. Such developments in developing countries, such as Iran, face legal and, of course, cognitive limitations in terms of the capabilities and contexts for converting assets into tokens. For this reason, by focusing on the phenomenological process, this study seeks to identify the prerequisites for the development of tokenization and explain the capabilities of blockchain in a structural model based on the structures of strategic reference points.
 
 Methods
By systematically reviewing the existing literature, the study most closely related to the two phenomena of this research was evaluated to determine the initial model structures of strategic reference points, based on the two central dimensions of the underlying prerequisites for tokenization development. These two identified dimensions were then placed on the vertical and horizontal axes to develop interview questions aimed at identifying open codes and emergent propositional themes during 16 interviews with practitioners. Next, by adapting the propositional themes into synonymous concepts and eliminating redundant ones, the final themes for the structural categorization of the final strategic reference model were determined through hierarchical scoring evaluation checklists.
 
Results
Reviewing nine similar studies, the prerequisites for developing tokenization mechanisms were identified as the main axes of the initial strategic reference model by creating a two-dimensional matrix. The results of the study, based on the identification of two areas—"cyber support" and "institutional support"—through a systematic review of similar research, indicate 261 open codes derived from 16 interviews, which led to the emergence of 25 propositional themes. Then, by performing score scaling of these 25 propositional themes across four categories titled "Staking Token Capability," "Binance Coin Token Capability," "Stable Coin Token Capability," and "Securities Token Capability," the foundation was established for the final model of the Strategic Reference Points Matrix.
 
Conclusion
This study may help policymakers and developers of digital financial transaction norms move away from a one-dimensional view that simply ignores this capability in today’s technologically advanced world and instead consider the potential of blockchain’s discrete capabilities to enhance the dynamics of the economic system, enabling less troublesome financial transactions and greater freedom for traders. In fact, the results recommend that policymakers and developers of norms for digital-based financial transactions shift from ignoring this capability and recognize the blockchain’s discrete capabilities identified in this study, which can contribute to a more dynamic economic system by facilitating smoother financial transactions—even in the presence of financial sanctions—without intermediaries. This freedom allows traders to achieve lower-risk returns by selecting an appropriate portfolio of financial transactions.
 

Keywords

Main Subjects

References

 
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Financial Research Journal
Volume 28, Issue 1
2026
Pages 56-92

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