Blockchain: a catalyst in fintech future revolution

Abstract

Blockchain technology is a trending subject of research and development. As a result of the blockchain proof of concept, the banking industry also accepted the technology and altered the fundamental financial concepts. In the Fintech sector, difficulties such as missed objectives, lengthy fund-raising cycles, and rising losses are typical, and they often happen as a result of not strong management. Blockchain has created inclusive, open, and secure corporate networks that enable the rapid issuance of digital security at lower unit prices and with a higher degree of customization. In recent years, blockchain technology has evolved in the financial sector, exhibiting numerous benefits. According to analysts, blockchain technology will help the banking industry become more accessible, efficient, secure, and user-friendly in the upcoming years. This article reviews how blockchain technology is employed by the financial services industry and also the applications of blockchain, as an emerging field, in Fintech to find new gateways for this field.