Blockchain based Enhancement of Digital Revolution in Financial Sector
Kuppani Sathish, Jayendra Gopal Thatipudi, P. Manikandan, N. Kanthimathi, T. Srinivasa Rao, P Alexander · 2023
The rapid advancement of newly developed technology has a substantial influence on the progress of the financial industry. Changes to the interactions between enterprises in the financial sector and the structural landscape of the sector are brought about as a result of digitalization, which leads to the creation of new business models, the transformation of value chains, new product delivery channels, and many more. Despite this, academics do not seem to have come to a consensus about the factors that are driving these strategic shifts or the directions in which the financial industry will likely expand in future. One way in which the development of financial technology might be defined as extremely inventive is through the introduction of alternative services and new businesses. Digital innovation is the operational equivalent of commonly used terms such as digital disruption and digital transformation. In the first case, digital innovation emphasizes strategic orientation by developing new products and business models using digital technologies, infrastructures, supply chain, and ecosystems. In the second case, digital innovation transforms traditional models to better address existing loyal customers by providing more usable in the digital ecosystems access channels, solutions, and product options.