Blockchain Technology Adoption in Financial Services

Abstract

FinTech has been widely coined to distinguish the substantial use of technology in the field of finance because technology has transformed the industrial age into the silicon age. One such potent technology that has accompanied Industry 4.0 is blockchain. Blockchain is a decentralized database made up of blocks that store data and enable the network's nodes to track any data transfer. Blockchain is a network of decentralized and distributed blocks that store information with digital signatures. Blockchain properties such as decentralization, consistency, accountability, and transparency make transactions more reliable and safer. Blockchain technology has been implemented in various areas other than bitcoin, such as financial services, risk management, and healthcare facilities. The purpose of this research is to describe the various advantages and disadvantages of implementing blockchain technology in the financial services business. This study also contributes to the development of a comprehensive framework that have highlighted the opportunities and challenges of blockchain in the financial services sector. There are three primary divisions within the chapter: 1) Industry 4.0 and blockchain, 2) influence of technology in the financial sector along with financial services, and 3) upcoming technological problems and obstacles.