Cryptocurrency, a successful application of blockchain technology

Abstract

Purpose The purpose of this paper is to identify the applications and contributions of blockchain technology in finance in general, and to identify areas where the technology can make a larger impact in payment systems. Design/methodology/approach The authors do an exhaustive review of blockchain technology and cryptocurrency, and examine the successful applications of blockchain technology in several finance disciplines including cryptocurrency. The authors critically evaluate the technical studies on behaviors in cryptocurrency prices. Findings Cryptocurrency is the first successful application of blockchain technology and can be used as the main fuel of the global money transfer network. Research limitations/implications Blockchain is a revolutionary technology that can change the world with its convenience, transparency, accuracy and efficiency in speed and cost. The growth of blockchain usage in finance depends on further familiarization and trust gained by an increasing number of proven successful usage cases and testimonials as well as appropriate legislative changes. Originality/value This paper provides a comprehensive review of the contributions that blockchain technology has made and is expected to make in the field of finance with the aim of adding value to corporate executives, investors, policy makers and a general audience.