Abstract
Blockchain is thought to be the most recent innovation in technology. Trust is especially important in areas like the banking sector. Blockchain technology is a decentralised, coded security system which permits the development of novel digital platforms and services using this developing technology. The current research focuses on the usage of blockchain technology in the financial and e-finance sectors. The study focuses of research questions such as the development of blockchain technology, the adoption & challenges in blockchain technology and the application of blockchain technology in the financial sector. This study conducted a systematic review of 76 scientific articles on blockchain technology, narrowing down the selection to 59 articles. As a result, the author created classification framework with three dimensions: blockchain development, challenges and applications in the financial sector. This study recognizes consequences for blockchain research and practice in the future. The study reveals that blockchain has various unexplored application in finance sector and also there is a scope of improvement in technology. Also, the technology is unregulated, thus, it is still in its nascent stage and a lot is to be done in the field.
Highlights
The present study focuses on application or usage of blockchain in efinance and financial services
The study in first presents the overview of e-finance, financial service industry and blockchain technology and addresses the research problem
The current study focuses on how useful is blockchain technology in the field of e-finance and financial industry.Applying blockchain technology in e-finance
Summary
The present study focuses on application or usage of blockchain in efinance and financial services. E-finance is delivering customers financial services through an electronic medium, such as the internet (Allen, McAndrews & Strahan, 2002). To put it another way, e-finance is using ICT (information and communication technology) for providing financial services to consumers. All forms of financial services, including stock trading, insurance, banking, and so on, are available in an electronic format over the internet. ICT is used in all aspects of the financial sector, including the back and front offices, transactions, information sharing, and so on
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