Applications of Blockchain Technology in the Finance and Banking Industry Beyond Digital Currencies
Sitara Karim, Mustafa Raza Rabbani, Hana Bawazir
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.