Barriers and Potential of Blockchain Technology in FinTech

Abstract

This chapter explores the barriers and potential of blockchain technology in the FinTech sector. It begins by highlighting the fundamental characteristics of blockchains, emphasizing their ability to securely store and transfer data without the involvement of intermediaries. The transparency provided by blockchain's transaction visibility is contrasted with traditional banking systems. The decentralized nature of blockchain is discussed, along with its applicability in various industries such as cryptocurrencies, financial services, risk management, IoT, and public and social services. The chapter acknowledges the extensive research conducted to analyze blockchain technology and its applications, leading to a need for a comprehensive examination. It addresses blockchain taxonomy, consensus techniques, applications, technological challenges, and recent developments, offering insights into the future possibilities of this technology. By identifying both the barriers and potential, this chapter aims to contribute to the understanding of blockchain technology's role in the FinTech industry.