The Impact of Blockchain in Financial Industry: A Concept Paper

Abstract

Blockchain is a cutting-edge technology gaining fast recognition as a transformative drive with the possibility to reform many sectors. This concept paper seeks to understand the influence of blockchain on the financial industry, shedding light on its key features, benefits, and challenges. Specifically, this paper explores whether blockchain technology promotes cost-saving in the financial industry. Additionally, this paper discusses the implications of blockchain, particularly regarding its security. It emphasizes the need for collaboration between industry stakeholders, regulators, and technologists to harness the blockchain's full potential while addressing the associated challenges. As blockchain continues to evolve and mature, its effect on the financial industry is expected to increase, reforming the way financial transactions are conducted and recorded in the digital age. This study contributes a holistic approach to expanding the transformative potential of blockchain in the financial sector.