Blockchain-Enabled Fundraising for SMEs: A Systematic Literature Review on Emerging Token-Based Financing Models for Small and Medium-Sized Enterprises

Small and medium-sized enterprises (SMEs) often face acute barriers in accessing capital, including limited collateral, regulatory burden, and exclusion from traditional financial ecosystems. This study systematically examines the potential of blockchain-enabled fundraising mechanisms such as token-based financing, decentralized crowdfunding platforms, and trust-enhancing supply chain solutions to address these constraints. Employing a systematic literature review (SLR) complemented by thematic meta-synthesis, the paper analyzes ۱۱ peer-reviewed studies across three integrated thematic streams: (۱) token-based fundraising architectures, (۲) blockchain-enabled transparency and trust for SME finance, and (۳) smart contract-driven crowdfunding infrastructures. Findings reveal a fragmented but evolving research landscape, with strong conceptual innovation but limited empirical validation, especially within SME-specific contexts. The review surfaces key adoption challenges related to regulatory interoperability, digital capability gaps, and scalability limitations in resource-constrained environments. By framing SMEs as active design constraints rather than passive adopters, the study advances a socio-technical alignment perspective that integrates institutional theory, design science, and FinTech systems thinking. The article concludes with theoretical contributions, managerial and policy implications, and a future research agenda aimed at co-developing inclusive, scalable, and legally robust blockchain fundraising solutions for SMEs.

کلیدواژه ها:

Blockchain-Enabled Finance ، SME Fundraising ، Token-Based Financing ، Decentralized Finance ، FinTech