Blockchain technology in financial services industry : applications and challenges

Author

Bukhari, al-Hilu

Source

Innovation and Industrial Development

Issue

Vol. 2, Issue 1 (30 Jun. 2019), pp.20-34, 15 p.

Publisher

University of Mohamed El Bachir El Ibrahimi-Bordj Bou Arréridj Laboratory of Economic Studies on Industrial Zones in light of the New Role of the University

Publication Date

2019-06-30

Country of Publication

Algeria

No. of Pages

15

Main Subjects

Social Sciences (Multidisciplinary)

Topics

Abstract EN

In the past few years, Blockchain technology has emerged as an innovative fintech innovation with a wide range of applications.

There is a tremendous potential for usage of Blockchain technology in financial services industry.

This paper aims at analyzing the innovative power of Blockchain digital technologies in financial services industry, along with the challenges of adopting this technology in the latter industry.

We will deal first with Blockchain technology and smart contracts.

Then, we will discuss the potential applications of Blockchain in the financial industry.

at the end, the paper will shed light on the main challenges that face the adoption of Blockchain technology.

The study concluded that Blockchain technology will bring a range of advantages: quicker transactions, less friction, greater robustness and more transparency and immutability, reduction of costs and administration burdens on both banks and customers, decreasing disputes' rate and the need of third party, and consequently saving time and cost for the consumers.

American Psychological Association (APA)

Bukhari, al-Hilu. 2019. Blockchain technology in financial services industry : applications and challenges. Innovation and Industrial Development،Vol. 2, no. 1, pp.20-34.
https://search.emarefa.net/detail/BIM-1325672

Modern Language Association (MLA)

Bukhari, al-Hilu. Blockchain technology in financial services industry : applications and challenges. Innovation and Industrial Development Vol. 2, no. 1 (Jun. 2019), pp.20-34.
https://search.emarefa.net/detail/BIM-1325672

American Medical Association (AMA)

Bukhari, al-Hilu. Blockchain technology in financial services industry : applications and challenges. Innovation and Industrial Development. 2019. Vol. 2, no. 1, pp.20-34.
https://search.emarefa.net/detail/BIM-1325672

Data Type

Journal Articles

Language

English

Notes

-

Record ID

BIM-1325672