Utilizing Blockchain Technology for Financial Services in Parallel, Distributed, and Grid Computing Frameworks
Prakash Chokkamreddy, Palagati Anusha, Akurathi Lakshmi Pathi Rao, P Maheswari, Vanitha Mahadevan, Santhosh Kumar Balan · 2024
Application of blockchain in financial services has opened new ways of efficiency in transaction processing, assets management and security. The application of parallel, distributed, and grid computing with blockchain in improving the functionality of financial services like real time financial transactions, high frequency trading, portfolio and risk analysis is examined in this paper. It has been ascertained that namely parallel and distributed computing together with blockchain are the most suitable for facing increasing needs in data in the sphere of financial services. It also investigates the use of grid computing frameworks and their effects on the correspondingly balanced flows of medium amongst multiple systems. Various issues such as security, privacy violations, and adherence to the law are also reviewed, and existing prospects for developing through smart contracts and consensus mechanisms using blockchain. Exploring how some of the most successful pilot use-cases of blockchain are applicable for future growth in the financial services industry offers insights into how blockchain will soon enter mainstream as a disruptive technology in the broader global financial sector.