Blockchain and Its Financial Impact

Abstract

This chapter investigates the commercial applications of blockchain technology and how it affects the banking industry and other industries through the use of cryptocurrencies. It first examines the functioning of blockchain technology and identifies its benefits for business and economic transactions. It then explores the impact of this technology on financial operations and beyond. Through synthesizing knowledge from various fields such as technology, economics, finance, and politics, the chapter establishes four scenarios for the future of blockchain technology. The results of the study show that blockchain technology is still in the early stages of altering many businesses, but it has already had a significant impact on the financial industry. The chapter finds that blockchain technology's benefits in terms of security, efficiency, transparency, and accountability are undeniable, and it has the capacity to completely transform the way we conduct transactions and interact with organizations.