Blockchain and financial market efficiency: A bibliometric and network analysis of research evolution

Blockchain technology has emerged as a revolutionary force in modern finance, significantly impacting financial market efficiency by enhancing transparency, reducing transaction costs, and eliminating intermediaries. However, its overall effect on market efficiency remains a subject of academic debate. This study conducts a bibliometric and network analysis to systematically assess the evolution of blockchain research in financial markets, highlighting key publication trends, influential authors, leading institutions, and dominant research themes. Using Scopus as the primary database, a structured search strategy identified 3,054 high-quality articles published between 2005 and 2025, focusing on Business, Management, and Accounting (BUSI) and Economics, Econometrics, and Finance (ECON). VOSviewer was employed to map research collaborations, co-authorship structures, and keyword co-occurrences, providing a comprehensive understanding of the intellectual development in this field. Findings reveal a sharp increase in blockchain-related financial research, particularly post-2016, driven by the expansion of decentralized finance (DeFi) and institutional interest in digital assets. The study identifies Corbet, S., and Yarovaya, L., among the most influential authors, while leading institutions include Dublin City University and Lebanese American University. China, the United States, and India dominate research output, reflecting global interest in blockchain's financial implications. The analysis further uncovers key thematic clusters, including market efficiency, liquidity, and regulatory challenges, while also highlighting blockchain’s emerging applications in sustainable finance and artificial intelligence-driven investment strategies. Despite significant academic contributions, gaps persist, particularly in empirical assessments of blockchain’s long-term impact on market stability, regulatory alignment, and integration with traditional financial systems. Future research should focus on addressing these gaps by exploring cross-border regulatory frameworks, expanding studies beyond cryptocurrencies to tokenized assets, and investigating the role of artificial intelligence in blockchain-based financial solutions. By advancing these research directions, scholars and policymakers can develop a structured approach to blockchain adoption, ensuring its long-term sustainability and effectiveness in global financial markets.