Exploring the Potential Impact of Selected Blockchain-Based Financial Applications on the Financial Industry: Opportunities and Challenges

Hlaing Htake Khaung Tin
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Hlaing Htake Khaung Tin: Faculty of Information Science, University of Information Technology, Myanmar

International Journal of Research and Innovation in Applied Science, 2023, vol. 8, issue 11, 87-94

Abstract: This research paper explores the landscape of block chain-based financial applications within the financial industry. Block chain technology has emerged as a transformative force, offering a range of opportunities and challenges for financial institutions and companies. This paper highlights the potential benefits of block chain, including enhanced efficiency, reduced costs, and increased security and transparency. However, it also discusses the regulatory, legal, technical, and operational challenges accompanying block chain adoption in finance. Through successful case studies such as Bit coin, Ripple, Marker DAO, and Vechain, the paper illustrates the tangible impact of block chain-based financial solutions. This research emphasizes the need for collaboration, innovation, and problem-solving to address the hurdles associated with block chain integration. In conclusion, the research underscores the transformative potential of block chain-based financial applications and the imperative for financial entities to adapt and embrace this evolving technological landscape.

Date: 2023
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