The Muamalat Newsletter Vol. 2 2023

FEM eNewsletter | Dec 2023 30 of food safety regulations and standards that vary by region and country. While centralized governance models can facilitate regulatory compliance by allowing the governing entity to ensure adherence to specific regulations, decentralized models may require more coordination and effort to meet regulatory requirements. Achieving regulatory compliance is essential to gain the trust and approval of government agencies and industry stakeholders. Therefore, finding a balance between thebenefits of blockchain technology and the need for regulatory adherence is a crucial consideration for blockchain governance models in the context of food security. Conclusion Blockchain governance models play a pivotal role in leveraging References Alqarni, M.A., Alkatheiri, M.S., Chauhdary, S.H., & Saleem, S. (2023). Use of Blockchain-Based Smart Contracts in Logistics and Supply Chains. Electronics, 12(6), 1340. https://doi.org/10.3390/electronics12061340 Laatikainen, G., Li, M., & Abrahamsson, P. (2021). Blockchain Governance: A Dynamic View. In X. Wang, A. Martini, A. Nguyen-Duc, & V. Stray (Eds.), Software Business. ICSOB 2021. Lecture Notes in Business Information Processing (Vol. 434). Springer, Cham. https://doi.org/10.1007/978-3-030-91983-2_6 Moseley, W., & Battersby, J. (2020). The Vulnerability and Resilience of African Food Systems, Food Security, and Nutrition in the Context of the COVID-19 Pandemic. African Studies Review, 63(3), 449-461.. doi:10.1017/asr.2020.72 Singh, A., Gutub, A., Nayyar, A., et al. (2023). Redefining food safety traceability system through blockchain: findings, challenges and open issues. Multimedia Tools and Applications, 82, 21243–21277. https://doi.org/10.1007/s11042- 022-14006-4 Surve, T., & Khandelwal, R. (2023). The Development of Decentralized Governance Models for Web 3 Ecosystems. In P. Lekhi & G. Kaur (Eds.), Concepts, Technologies, Challenges, and the Future of Web 3 (pp. 91-107). IGI Global. https://doi.org/10.4018/978-1-6684-9919-1.ch006 Trump, B., Florin, M.-V., Matthews, S., Sicker, D., & Linkov, I. (2018). Governing the use of blockchain and distributed ledger technologies: not one-size-fits-all. IEEE Engineering Management Review, 46(3), 56–62. https://doi. org/10.1109/EMR.2018.2868305 Dr. Nur Hidayah Laili Senior Lecturer Accounting hidayah@usim.edu.my Assoc. Prof. Dr. Khairil Faizal Khairi Associate Professor Islamic Social Finance khairil@usim.edu.my blockchain technology to enhance food security. Centralized models offer efficiency and control but raise concerns about trust, privacy, and data security. Decentralized models prioritize trust and data security but can face challenges in coordination and scalability. Hybrid models aim to strike a balance between these approaches, offering flexibility and customization. Ultimately, the effectiveness of blockchain governance models in ensuring food security depends on collaboration among industry stakeholders, regulators, and technology providers. By carefully considering the specific requirements of the food supply chain and the needs of participants, blockchain governance can pave the way for a safer, more transparent, and efficient global food system.