Emerging Trends of Blockchain Technology in the Financial Sector

Abstract

Transforming the financial world encompasses trailblazing ways to pave the way for tangible business outcomes. Blockchain and ledger technology are increasingly plaguing the industry today regarding efficiency and security. The decentralized ledger technology, underlying cryptocurrencies, offers different ways of organizing the dynamic finance industry. The government and businesses increasingly emphasize implementing state-of-the-art innovativeness, owing to the merits offered. Being one of the leading innovations, blockchain holds the potential to ensure secure and quick trades and transactions at minimal fraud, and risks within the interrelated financial system. Technology has led to a significant push to transform the structure and operational activities of the finance industry, with effective data solutions catering to the contemporary distributed industries. This research topic emphasizes on the factors backing the decisions of financial institutions to adopt blockchain technology and develop the standards and objectives to cater to the changing scenario. It emphasizes on researching the status quo of blockchain technologies in the financial sector. The topic further contemplates a brief analysis of the use cases, probable solutions for interoperability, scalability, and privacy concerns of adopting the technology in the financial domain.

Keywords: Audit, Blockchain, Distributed ledger, Finance, Technology.

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