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Applications of Blockchain Technology in the Finance and Banking Industry Beyond Digital Currencies
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Author(s): Sitara Karim (Sunway University, Malaysia), Mustafa Raza Rabbani (University of Bahrain, Bahrain)and Hana Bawazir (University of Bahrain, Bahrain)
Copyright: 2022
Pages: 23
Source title:
Blockchain Technology and Computational Excellence for Society 5.0
Source Author(s)/Editor(s): Shahnawaz Khan (University College of Bahrain, Bahrain), Mohammad Haider Syed (Saudi Electronic University, Saudi Arabia), Rawad Hammad (University of East London, UK)and Aisha Fouad Bushager (University of Bahrain, Bahrain)
DOI: 10.4018/978-1-7998-8382-1.ch011
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Abstract
Blockchain and cryptocurrency have almost become synonymous. Cryptocurrency is arguably one of the most sensational financial innovations of the 21st century. The current study claims that blockchain technology is not limited to the application of digital currencies in finance and banking; there are wide applications of blockchain technology in the given field. Blockchain uses the unique properties enabling decentralized, secured, transparent, and temper-proof financial transactions that have the potential to revolutionize the financial services industry. Given such a stance, the chapter outlines the application of blockchain technology in the finance arena beyond the digital currency. In this chapter, the authors provide the 10 applications of blockchain technology in the financial services industry implementing the blockchain technology and revolutionizing the finance and banking industry. The chapter also highlights the hurdles to application of blockchain technology in the finance and banking industry.
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