Blockchain technology in financial services
University of edinburgh MA Social Policy and Economics, United Kingdom
Research Article
World Journal of Advanced Research and Reviews, 2024, 22(03), 2221–2231
Publication history:
Received on 03 April 2024; revised on 22 June 2024; accepted on 25 June 2024
Abstract:
This study examines the financial solutions for businesses sing block chain technology over the years. Using the mixed-methods approach, it combines quantitative analysis of market data and financial reports to evaluate their influence of blockchain technology. The purpose of this study is to investigate the uses, difficulties, and consequences of blockchain technology in the financial services sector. Using qualitative research method, data used was organized to offer empirical insights and collected through the sampling method. The results ascertained the transformative potential of blockchain technology in financial services, delivering efficiency, transparency, and security. However, certain limitations were experienced during the study, such as legal and technological challenges that require better frameworks in place to address them. The practical limitations involved technology and digitalization while the social implications were mainly on the implementation and collective involvement of relevant stakeholders. These are vital in ensuring the success of blockchain technology. This study provides useful advice for business practitioners and educates scholars on the connection between blockchain technology and financial services.
Keywords:
Blockchain; Cryptocurrency; KYC (Know Your Currency); AML (Anti-money Laundering); Globalization; Blockchain
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0