Blockchain Technology for Financial Services & Globalization
Li Yan, Mahabubur Rahman Miraj · Research Square · 2023
Abstract Objectives: Modern blockchain technology has created unknown phenomena in developed countries. Countries like China, Japan, and India use the advantages of blockchain technology. This research work also highlighted the concept of blockchain technology eliminating corruption and fraud, which is the biggest problem in Bangladesh and Pakistan. Methods: Using data from two countries, Pakistan, and Bangladesh, blockchain technology for financial service and globalization. The researcher uses STATA 15.0 for data analysis. The techniques proposed by these methodologies simplify systematically and straightforwardly, which guarantees significant thoroughness, reliability, and regression. For the regression analysis, we use the OLS method. Findings: Blockchain is a technology that allows currency transactions to occur without a third party’s intervention. In Pakistan and Bangladesh, blockchain systems are very poor compared to other south Asian countries such as China, Alipay, and WeChat’s massive use of digital currency services. Blockchain technology-based currency and financial industries can be decentralized and accountable, beneficial for the digital economy. But Pakistan and Bangladesh are still too far away from blockchain technology. Novelty: There is growing interested in tracking actual assets on overseas shipments, where this technology can meet the needs of merchants, carriers, lenders, insurers, and regulators. Moreover, blockchain technology can control transaction costs and eliminate fraud. Blockchain systems are free from the middleman, which is why we can profit more and more without fraud and corruption in business. The digital economy plays a critical role in developing businesses and society in this fastest-growing situation.