Blockchain-Based Applications in Voluntary Carbon Markets: A SWOT-AHP Approach from A Green Banking Perspective

In the context of carbon trading—an essential pillar of sustainable finance—blockchain technologies offer innovative applications due to their structural advantages. This study investigates the integration of blockchain-based systems into voluntary carbon credit mechanisms, a key component of green banking, with the aim of identifying strategic opportunities and risks. The analysis is based on a SWOT framework, in which the strengths, weaknesses, opportunities, and threats were identified through a comprehensive literature review and expert insights. To enhance the analytical depth and prioritize the identified factors, the Analytic Hierarchy Process (AHP) was incorporated into the analysis. A total of 14 sub-factors were structured into a hierarchical model and evaluated through expert pairwise comparisons. The findings indicate that the most critical strategic priorities are associated with global sustainability demands, transparency, and environmentally friendly financial solutions. However, the study also highlights technological infrastructure deficiencies, regulatory ambiguities, and the risks of consumer mistrust and greenwashing as key barriers. Several strategic recommendations are proposed, emphasizing that the integration of blockchain can serve as a transformative tool in advancing sustainable finance practices, provided that institutional and infrastructural challenges are adequately addressed.