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The state of play of blockchain technology in the financial services sector: A systematic literature review

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  • Ali, Omar
  • Ally, Mustafa
  • Clutterbuck,
  • Dwivedi, Yogesh

Abstract

The modern trends of digitalization have completely transformed and reshaped business practices, whole businesses, and even a number of industries. Blockchain technology is believed to be the latest advancement in industries such as the financial sector, where trust is of prime significance. Blockchain technology is a decentralized and coded security system which provides the capability for new digital services and platforms to be created through this emerging technology. This research presents a systematic review of scholarly articles on blockchain technology in the financial sector. We commenced by considering 227 articles and subsequently filtered this list down to 87 articles. From this, we present a classification framework that has three dimensions: blockchain-enabled financial benefits, challenges, and functionality. This research identifies implications for future research and practice within the blockchain paradigm.

Suggested Citation

  • Ali, Omar & Ally, Mustafa & Clutterbuck, & Dwivedi, Yogesh, 2020. "The state of play of blockchain technology in the financial services sector: A systematic literature review," International Journal of Information Management, Elsevier, vol. 54(C).
    • Handle: RePEc:eee:ininma:v:54:y:2020:i:c:s0268401219310928
    DOI: 10.1016/j.ijinfomgt.2020.102199
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    Citations

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    Cited by:

    1. Chen, R. & Chen, K. & Ou, Carol, 2023. "Facilitating interorganizational trust in strategic alliances by leveraging blockchain-based systems: Case studies of two eastern banks," Other publications TiSEM 85ecf99c-76f0-416e-9604-d, Tilburg University, School of Economics and Management.
    2. Kumar, Sourabh & Barua, Mukesh Kumar, 2023. "Exploring the hyperledger blockchain technology disruption and barriers of blockchain adoption in petroleum supply chain," Resources Policy, Elsevier, vol. 81(C).
    3. Karnaushenko, Alla & Tanklevska, Nataliya & Povod, Тetiana & Kononenko, Lesia & Savchenko, Vira, 2023. "Implementation of blockchain technology in agriculture: fashionable trends or requirements of the modern economy," Agricultural and Resource Economics: International Scientific E-Journal, Agricultural and Resource Economics: International Scientific E-Journal, vol. 9(3), September.
    4. Ana Čuić Tanković & Marina Perišić Prodan, 2024. "Digital Natives' Attitudes towards Blockchain Technology Usage," Central European Business Review, Prague University of Economics and Business, vol. 2024(3), pages 75-93.
    5. Soumya Choudhury & Parvathi Jayaprakash & S. Srinivas & S. Sowmya & Tarun Shah & R. Abinaya, 2023. "A blockchain platform for the truck freight marketplace in India," Operations Management Research, Springer, vol. 16(2), pages 684-704, June.
    6. Nadia Pocher & Mirko Zichichi & Fabio Merizzi & Muhammad Zohaib Shafiq & Stefano Ferretti, 2023. "Detecting anomalous cryptocurrency transactions: An AML/CFT application of machine learning-based forensics," Electronic Markets, Springer;IIM University of St. Gallen, vol. 33(1), pages 1-17, December.
    7. Toorajipour, Reza & Oghazi, Pejvak & Sohrabpour, Vahid & Patel, Pankaj C. & Mostaghel, Rana, 2022. "Block by block: A blockchain-based peer-to-peer business transaction for international trade," Technological Forecasting and Social Change, Elsevier, vol. 180(C).
    8. Saif, Mashaal A.M. & Hussin, Nazimah & Husin, Maizaitulaidawati Md & Muneer, Amgad & Alwadain, Ayed, 2024. "Beyond conventions: Unravelling perceived value's role in shaping digital-only banks' adoption," Technological Forecasting and Social Change, Elsevier, vol. 203(C).
    9. Dwivedi, Yogesh K & Shareef, Mahmud A & Akram, Muhammad S & Bhatti, Zeeshan A & Rana, Nripendra P, 2022. "Examining the effects of enterprise social media on operational and social performance during environmental disruption," Technological Forecasting and Social Change, Elsevier, vol. 175(C).
    10. Dwivedi, Yogesh K. & Balakrishnan, Janarthanan & Das, Ronnie & Dutot, Vincent, 2023. "Resistance to innovation: A dynamic capability model based enquiry into retailers’ resistance to blockchain adaptation," Journal of Business Research, Elsevier, vol. 157(C).
    11. Loh, Xiu-Ming & Lee, Voon-Hsien & Leong, Lai-Ying & Aw, Eugene Cheng-Xi & Cham, Tat-Huei & Tang, Yun-Chia & Hew, Jun-Jie, 2023. "Understanding consumers’ resistance to pay with cryptocurrency in the sharing economy: A hybrid SEM-fsQCA approach," Journal of Business Research, Elsevier, vol. 159(C).
    12. Liu, Hua & Ma, Ruili & He, Guangyao & Lamrabet, Abdesslam & Fu, Shaoling, 2023. "The impact of blockchain technology on the online purchase behavior of green agricultural products," Journal of Retailing and Consumer Services, Elsevier, vol. 74(C).
    13. 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.
    14. Tanković Ana Čuić & Prodan Marina Perišić & Benazić Dragan, 2023. "Consumer Segments in Blockchain Technology Adoption," South East European Journal of Economics and Business, Sciendo, vol. 18(2), pages 162-172, December.
    15. Setyowati, Milla Sepliana & Utami, Niken Desila & Saragih, Arfah Habib & Hendrawan, Adang, 2023. "Strategic factors in implementing blockchain technology in Indonesia's value-added tax system," Technology in Society, Elsevier, vol. 72(C).
    16. Jacqueline Birt & Maryam Safari & Vincent Bicudo de Castro, 2023. "Critical analysis of integration of ICT and data analytics into the accounting curriculum: A multidimensional perspective," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(4), pages 4037-4063, December.
    17. Nobanee, Haitham & Ellili, Nejla Ould Daoud, 2023. "Non-fungible tokens (NFTs): A bibliometric and systematic review, current streams, developments, and directions for future research," International Review of Economics & Finance, Elsevier, vol. 84(C), pages 460-473.
    18. Marian Simion Cernea, PhD Student, & Oana Cristina Balacciu (Ene), PhD Student, & Cosmin-Mihai Monac, PhD Student, & Aurelian Vrânceanu, PhD Student, & Ion-Ionuț Bratu, PhD Student,, 2022. "The Perspective Of The Implementation Of The Blockchain Within Romanian Companies," Social-Economic Debates, Association for Entreprenorial Spirit Promotion, vol. 11(1), pages 1-6, Septembri.
    19. Marian Simion Cernea, PhD Student, & Oana Cristina Balacciu (Ene), PhD Student, & Cosmin-Mihai Monac, PhD Student, & Aurelian Vrânceanu, PhD Student, & Ion-Ionuț Bratu, PhD Student,, 2022. "The Perspective Of The Implementation Of The Blockchain Within Romanian Companies," Social-Economic Debates, Association for Entreprenorial Spirit Promotion, vol. 11(2), pages 1-6, Septembri.
    20. Ali, Omar & Momin, Mujtaba & Shrestha, Anup & Das, Ronnie & Alhajj, Fadia & Dwivedi, Yogesh K., 2023. "A review of the key challenges of non-fungible tokens," Technological Forecasting and Social Change, Elsevier, vol. 187(C).
    21. Sánchez, Marisa A., 2022. "A multi-level perspective on financial technology transitions," Technological Forecasting and Social Change, Elsevier, vol. 181(C).
    22. Teck Ming Tan & Jari Salo, 2023. "Ethical Marketing in the Blockchain-Based Sharing Economy: Theoretical Integration and Guiding Insights," Journal of Business Ethics, Springer, vol. 183(4), pages 1113-1140, April.
    23. Wong, Lai-Wan & Tan, Garry Wei-Han & Ooi, Keng-Boon & Chan, Hing Kai, 2024. "Blockchains for SMEs: A Fit-Viability perspective moderated by organizational innovation diffusion for supply chain performance," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 182(C).
    24. Choudhary, Priya & Thenmozhi, M., 2024. "Fintech and financial sector: ADO analysis and future research agenda," International Review of Financial Analysis, Elsevier, vol. 93(C).
    25. Choi, Jaeseo, 2024. "A Study on the Applicability of NFT in the Entertainment Industry: Application of the Means-end Chain analysis and Laddering," 24th ITS Biennial Conference, Seoul 2024. New bottles for new wine: digital transformation demands new policies and strategies 302456, International Telecommunications Society (ITS).

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