Blockchain technology in financial services
Jinyoung Hwang · World Journal of Advanced Research and Reviews · 2024
This study examines the financial solutions for businesses sing block chain technology over the years. Using the mixed-methods approach, it combines quantitative analysis of market data and financial reports to evaluate their influence of blockchain technology. The purpose of this study is to investigate the uses, difficulties, and consequences of blockchain technology in the financial services sector. Using qualitative research method, data used was organized to offer empirical insights and collected through the sampling method. The results ascertained the transformative potential of blockchain technology in financial services, delivering efficiency, transparency, and security. However, certain limitations were experienced during the study, such as legal and technological challenges that require better frameworks in place to address them. The practical limitations involved technology and digitalization while the social implications were mainly on the implementation and collective involvement of relevant stakeholders. These are vital in ensuring the success of blockchain technology. This study provides useful advice for business practitioners and educates scholars on the connection between blockchain technology and financial services.