How blockchain technology could reshape the financial industry

Abstract EN

Advances in telecommunications and information technology have had a significant impact on the financial industry over the past few years.

After the Credit Crisis of 2008, the landscape of the financial sector has changed due to overall financial regulation and financial technology innovations.

Moreover, Finance and technology are very closely associated in which innovations have drastically changed the framework of financing processes.

One such disruptive innovation that globally changes the financial sector is blockchain technology.

Therefore, this paper outlines six different financial transactions use cases that are expected to be radically transformed by the use of blockchain technology.

It is also aimed to provide an overview about this technology with its main benefits and to emphasize on the applications of blockchain in different financial areas.

The paper gives insight of various implementations and global perspective of blockchain in the financial industry.

The study concludes that, The financial industry, which is motivated by digital innovations is one of the industry that has the potential to benefit from blockchain.

It will evlve as a disruptive force in transforming financial services especially in banking, insurance, international trade, cross-border payements, supplychains and crowdfunding transactions by making them faster, secure, transparent, less expensive and more effective.