Paper Contents
Abstract
Purpose: Blockchain technology is one of the emerging Information Communication and Computation underlying technologies of the 21st century with potential applications in primary, secondary, tertiary, and quaternary industries sectors. In this paper, we have identified and analyzed some of the potential fields of the finance industry that can get- benefit from using blockchain technology principles. Financial service providers find blockchain technology useful to enhance authenticity, security, and risk management. Several institutions are adopting blockchain in trade and finance systems to build smart contracts between participants and to improve efficiency and transparency. Blockchain-based systems enable the faster, more cost-effective, and more customized issuance of digital securities. With its adoption the market for investors can be expanded, costs for issuers can be reduced and counterparty risk can be reduced due to the ability to customize digital financial instruments to the demands of investors. This paper describes the impact and revolution of Blockchain in the financial industry. Then, we present challenges as well as issues about using Blockchain technology. Also, this identifies some of the application areas in the financial industry including financial Security and Authentication aspects. Cross Border Payments, Government Expenses, Political Funds, Lending Platforms, Fund Investment, Credit Score, Stock Exchange, Initial Public Offering (IPO), and Billing Solutions. The purpose also includes the analysis of the current implementation challenges of blockchain technology in financial industry services.
Copyright
Copyright © 2023 Sahil Kumar. This is an open access article distributed under the Creative Commons Attribution License.
