Blockchain in Financial Services: Current Status, Adoption Challenges, and Future Vision

IF 1.6 Q3 MANAGEMENT International Journal of Innovation and Technology Management Pub Date : 2023-08-15 DOI:10.1142/s0219877023300045

Anisha Miah, M. Rahouti, S. Jagatheesaperumal, Moussa Ayyash, Kaiqi Xiong, Fredery Fernandez, Modupe Lekena

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Abstract

Blockchain is undoubtedly considered one of the most innovative technologies in financial services from the past decade. Interests in blockchain technology continue to grow on a daily basis, while many promising blockchain-enabled applications and services continue to draw financial interest in the industrial sector and the broader financial services communities. Blockchain technology has the potential to streamline lending services and banking, decrease counterparty risk, and reduce settlement times and issuance. It indeed enables authenticated documentation and anti-money laundering (AML)/Know Your Client (KYC) data, minimizing operational ventures and allowing real-time/online validation of financial documents. Furthermore, as blockchain matures, it increases the value of a diversified range of industries and institutes with a better return on investment. However, such organizations must continue to adopt rigorous approaches to enhance their financial services and regulate their policies. In this article, we discuss the current status of blockchain-enabled financial services and applications, in addition to the impacts, implications, and regulations of incorporating blockchain technology in the finance industry. We further tackle the adaptation model for blockchain technology in global banking and provide a vision for the next generation of financial services based on this emerging technology.

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金融服务中的区块链:现状、采用挑战和未来愿景

b区块链无疑被认为是过去十年金融服务领域最具创新性的技术之一。人们对区块链技术的兴趣每天都在增长，而许多有前途的区块链应用程序和服务继续吸引着工业部门和更广泛的金融服务界的金融兴趣。区块链技术有可能简化贷款服务和银行业务，降低交易对手风险，缩短结算时间和发行时间。它确实可以实现身份验证文档和反洗钱(AML)/了解您的客户(KYC)数据，最大限度地减少运营风险，并允许实时/在线验证财务文件。此外，随着bbbb10的成熟，它增加了各种行业和机构的价值，并获得了更好的投资回报。然而，这些组织必须继续采取严格的方法来加强其金融服务并规范其政策。在本文中，我们讨论了支持区块链的金融服务和应用的现状，以及将区块链技术纳入金融业的影响、影响和法规。我们将进一步解决区块链技术在全球银行业中的适应模型，并为基于这一新兴技术的下一代金融服务提供愿景。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Journal of Innovation and Technology Management MANAGEMENT-

CiteScore

3.40

自引率

16.70%

发文量

期刊介绍： The main emphasis of the International Journal of Innovation and Technology Management (IJITM) is on the promotion and discussion of excellent research on technological innovation. As a platform for reporting, sharing, as well as exchanging ideas, IJITM encourages novel research findings, industry best practices, and reports on recent trends. In particular, the journal focuses on managerial issues and challenges (and ways to address them) motivated through the increasing pace of technological advancement globally. This international and interdisciplinary research dimension is emphasized in order to promote greater exchange between researchers of different disciplines as well as cultural and national backgrounds. This double-blind peer-reviewed journal encompasses all facets of the process of technological innovation from idea generation, conceptualization of new products and processes, R&D activities, and commercial application. Research on all firm sizes, from entrepreneurial ventures, small and medium sized enterprises (SMEs), as well as large organizations, is welcome.