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Blockchain for Quality: Advancing Security, Efficiency, and Transparency in Financial Systems

Author

Listed:
  • Tomaž Kukman

    (Faculty of Economics, University of Ljubljana, Kardeljeva ploščad 17, 1000 Ljubljana, Slovenia
    Faculty of Economics and Informatics, University of Novo Mesto, Na Loko 2, 8000 Novo Mesto, Slovenia)

  • Sergej Gričar

    (Faculty of Business and Management Sciences, University of Novo Mesto, Na Loko 2, 8000 Novo Mesto, Slovenia
    Faculty of Tourism and Hospitality Management, University of Rijeka, Primorska 46, p.p. 97, 51410 Opatija, Croatia)

Abstract

This article delves into the transformative impact of blockchain technology on enhancing transaction quality and efficiency. Since the emergence of blockchain alongside Bitcoin in 2008, its decentralised and transparent nature has significantly improved transaction speed, security, and cost efficiency. These advancements have solidified blockchain as a foundational innovation in financial services. The paper examines critical milestones in blockchain, including Bitcoin, Ethereum, and Binance Coin (BNB), and their role in reshaping global finance by automating processes and reducing reliance on intermediaries. Additionally, the study evaluates blockchain’s impact on quality management, particularly emphasising how its immutable ledger system enhances the reliability and transparency of financial transactions. Despite challenges such as scalability, energy consumption, and regulatory hurdles, the potential for blockchain to redefine transaction quality in financial services is evident. This research contributes to the growing body of literature by integrating blockchain technology and traditional quality management systems, providing a comprehensive perspective on how the two domains influence one another. The findings underscore blockchain’s ability to drive innovation in financial services while addressing security, efficiency, and operational quality concerns.

Suggested Citation

  • Tomaž Kukman & Sergej Gričar, 2025. "Blockchain for Quality: Advancing Security, Efficiency, and Transparency in Financial Systems," FinTech, MDPI, vol. 4(1), pages 1-19, February.
    • Handle: RePEc:gam:jfinte:v:4:y:2025:i:1:p:7-:d:1583918
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