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The challenges and countermeasures of blockchain in finance and economics

Author

Listed:
  • Li Zhang
  • Yongping Xie
  • Yang Zheng
  • Wei Xue
  • Xianrong Zheng
  • Xiaobo Xu

Abstract

As a new technology, blockchain can be used to analyse and process the data through the effective integration of financial resources. New financial formats or service models are produced to upgrade the financial system and promote the efficiency and quality of financial operations and service from three layers (data, rules, and application) based on customers' needs. The blockchain technology can help the financial industry to automatically and accurately identify customer credit conditions, restructure the financial market credit system, and improve the efficiency of cross‐border payment. Meanwhile, it also posed a challenge for the financial industries' development. In this paper, we systematically analysed the blockchain technology and its application in the financial and economic field and the status quo and the challenges. Finally, we provided constructive suggestions to facilitate the blockchain technology development in the financial and economic field.

Suggested Citation

  • Li Zhang & Yongping Xie & Yang Zheng & Wei Xue & Xianrong Zheng & Xiaobo Xu, 2020. "The challenges and countermeasures of blockchain in finance and economics," Systems Research and Behavioral Science, Wiley Blackwell, vol. 37(4), pages 691-698, July.
    • Handle: RePEc:bla:srbeha:v:37:y:2020:i:4:p:691-698
    DOI: 10.1002/sres.2710
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    References listed on IDEAS

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    1. Sebahattin Demirkan & Irem Demirkan & Andrew McKee, 2020. "Blockchain technology in the future of business cyber security and accounting," Journal of Management Analytics, Taylor & Francis Journals, vol. 7(2), pages 189-208, April.
    2. Gerhard Illing & Martin Peitz, 2005. "Understanding the Digital Economy: Facts and Theory Introduction," CESifo Economic Studies, CESifo Group, vol. 51(2-3), pages 187-188.
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    Cited by:

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    2. Chao, Xiangrui & Ran, Qin & Chen, Jia & Li, Tie & Qian, Qian & Ergu, Daji, 2022. "Regulatory technology (Reg-Tech) in financial stability supervision: Taxonomy, key methods, applications and future directions," International Review of Financial Analysis, Elsevier, vol. 80(C).
    3. Cagigas, Diego & Clifton, Judith & Diaz-Fuentes, Daniel & Fernández-Gutiérrez, Marcos & Harpes, Carlo, 2023. "Blockchain in Government: Towards an Evaluation Framework," 32nd European Regional ITS Conference, Madrid 2023: Realising the digital decade in the European Union – Easier said than done? 277947, International Telecommunications Society (ITS).
    4. Hongjun Zeng & Ran Lu & Abdullahi D. Ahmed, 2023. "Dynamic dependencies and return connectedness among stock, gold and Bitcoin markets: Evidence from South Asia and China," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 18(1), pages 49-87, March.
    5. Ivana Martinčević & Sandra Črnjević & Igor Klopotan, 2022. "Novelties and Benefits of Fintech in the Financial Industry," International Journal of E-Services and Mobile Applications (IJESMA), IGI Global, vol. 14(1), pages 1-25, January.
    6. Garg, Poonam & Gupta, Bhumika & Chauhan, Ajay Kumar & Sivarajah, Uthayasankar & Gupta, Shivam & Modgil, Sachin, 2021. "Measuring the perceived benefits of implementing blockchain technology in the banking sector," Technological Forecasting and Social Change, Elsevier, vol. 163(C).
    7. Yi-Hsiang Lu & Ching-Chiang Yeh & Yu-Mei Kuo, 2024. "Exploring the critical factors affecting the adoption of blockchain: Taiwan’s banking industry," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-25, December.
    8. Zhengtang Fu & Peiwu Dong & Siyao Li & Yanbing Ju, 2021. "An intelligent cross-border transaction system based on consortium blockchain: A case study in Shenzhen, China," PLOS ONE, Public Library of Science, vol. 16(6), pages 1-22, June.
    9. Li Da Xu, 2020. "Industry 4.0—Frontiers of fourth industrial revolution," Systems Research and Behavioral Science, Wiley Blackwell, vol. 37(4), pages 531-534, July.
    10. Xiao, Lu & Xu, Xiaolin & Xue, Weili, 2024. "Blockchain mania without bitcoins: Evidence from the Chinese stock market," Research in International Business and Finance, Elsevier, vol. 67(PB).
    11. Patel, Ritesh & Migliavacca, Milena & Oriani, Marco E., 2022. "Blockchain in banking and finance: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 62(C).
    12. Xiaolin Li & Hongbo Jiao & Liming Cheng & Yilin Yin & Huimin Li & Wenqing Mu & Ruirui Zhang, 2023. "A Quantitative and Qualitative Review of Blockchain Research from 2015 to 2021," Sustainability, MDPI, vol. 15(6), pages 1-20, March.
    13. Marta Christina Suciu & Doru Alexandru Plesea & Adrian Petre & Adrian Simion & Mircea Ovidiu Mituca & Decebal Dumitrescu & Ana Maria Bocaneala & Ramona Madalina Moroianu & Diana Florentina Nasulea, 2023. "Core Competence—As a Key Factor for a Sustainable, Innovative and Resilient Development Model Based on Industry 5.0," Sustainability, MDPI, vol. 15(9), pages 1-18, May.

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