The Impact of Blockchain in Financial Industry: A Concept Paper

Alya Ayuniey Mohd Fairoh, Nurul Najihah Hussin, Nur Aina Arisha Jamali and Mazurina Mohd Ali

Information Management and Business Review, 2024, vol. 16, issue 1, 190-196

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.

Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://ojs.amhinternational.com/index.php/imbr/article/view/3647/2390 (application/pdf)
https://ojs.amhinternational.com/index.php/imbr/article/view/3647 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:rnd:arimbr:v:16:y:2024:i:1:p:190-196

DOI: 10.22610/imbr.v16i1(I).3647

Access Statistics for this article

More articles in Information Management and Business Review from AMH International
Bibliographic data for series maintained by Muhammad Tayyab ().