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BlockChain Platforms in Financial Services: Current Perspective

Author

Listed:
  • Bringas Pablo Garcia

    (University of Deusto, Bilbao-Spain)

  • Pastor-López Iker

    (University of Deusto, Bilbao-Spain)

  • Psaila Giuseppe

    (University of Bergamo, Bergamo-Italy)

Abstract

BackgroundBlockChain technology was invented to support bitcoin, currently the most popular virtual currency. ObjectivesThe purpose of this paper is to investigate contemporary BlockChain platforms in financial services. Methods/ApproachAn unstructured literature review has been used. ResultsBlockChain in financial services is mostly associated with bitcoin exchange. However, this is a partial view of both BlockChain technology and its possible adoption for financial services: in fact, many BlockChain platforms are now available and many different financial services can be effectively supported by BlockChain platforms, even though they are not based on virtual-money exchange. Furthermore, people are attracted by the concept of smart contract, i.e., a contract that is automatically executed by computer technology, without human intervention. ConclusionsThe contribution of this paper is twofold: first of all, we introduce the four BlockChain platforms that are now most popular, discussing how they support the smart contract concept; second, we identify some typical categories of financial services, matching each of them with the platform that provides the best support for each category.

Suggested Citation

  • Bringas Pablo Garcia & Pastor-López Iker & Psaila Giuseppe, 2020. "BlockChain Platforms in Financial Services: Current Perspective," Business Systems Research, Sciendo, vol. 11(3), pages 110-126, November.
    • Handle: RePEc:bit:bsrysr:v:11:y:2020:i:3:p:110-126:n:2
    DOI: 10.2478/bsrj-2020-0030
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    Keywords

    BlockChain history; BlockChain characterization; smart contracts; perspective BlockChain in financial services;
    All these keywords.

    JEL classification:

    • L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software

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