Applications of Blockchain Technology in Finance

Abstract

For data analysis and processing, blockchain is a revolutionary technology that has the potential to combine financial resources efficiently and effectively. Data, rules, and application layers are used to design new financial forms or service models based on client needs to enhance the banking system's overall efficiency and the quality of financial services. As blockchain technology automates and improves the accuracy of customer credit conditions, financial markets may be transformed. Other uses include improving the efficiency of cross-border financial operations, amongst others. In this study, the authors comprehensively scrutinized the structure of blockchain technology and its use in the financial sector. The final section of the chapter included constructive suggestions to help the development of blockchain technology in cryptocurrencies, smart contracts, initial coin offerings, the clearing and settlement of financial market transactions, and the implications of these developments for the governance of publicly traded companies.