Anisha Miah, M. Rahouti, S. Jagatheesaperumal, Moussa Ayyash, Kaiqi Xiong, Fredery Fernandez, Modupe Lekena
{"title":"Blockchain in Financial Services: Current Status, Adoption Challenges, and Future Vision","authors":"Anisha Miah, M. Rahouti, S. Jagatheesaperumal, Moussa Ayyash, Kaiqi Xiong, Fredery Fernandez, Modupe Lekena","doi":"10.1142/s0219877023300045","DOIUrl":null,"url":null,"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.","PeriodicalId":46985,"journal":{"name":"International Journal of Innovation and Technology Management","volume":null,"pages":null},"PeriodicalIF":1.6000,"publicationDate":"2023-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Journal of Innovation and Technology Management","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1142/s0219877023300045","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"MANAGEMENT","Score":null,"Total":0}
引用次数: 0
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.
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.