IDEAS home Printed from https://ideas.repec.org/a/gam/jfinte/v4y2025i1p7-d1583918.html
   My bibliography  Save this article

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
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2674-1032/4/1/7/pdf
    Download Restriction: no

    File URL: https://www.mdpi.com/2674-1032/4/1/7/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Danielle Batista & Ana Lara Mangeth & Isabella Frajhof & Paulo Henrique Alves & Rafael Nasser & Gustavo Robichez & Gil Marcio Silva & Fernando Pellon de Miranda, 2023. "Exploring Blockchain Technology for Chain of Custody Control in Physical Evidence: A Systematic Literature Review," JRFM, MDPI, vol. 16(8), pages 1-20, August.
    2. Bandar Alzahrani & Haitham Bahaitham & Murad Andejany & Ahmad Elshennawy, 2021. "How Ready Is Higher Education for Quality 4.0 Transformation according to the LNS Research Framework?," Sustainability, MDPI, vol. 13(9), pages 1-29, May.
    3. Shujaat Ali & Wan Seon Shin & Hojun Song, 2022. "Blockchain-Enabled Open Quality System for Smart Manufacturing: Applications and Challenges," Sustainability, MDPI, vol. 14(18), pages 1-17, September.
    4. Chen, Yan & Bellavitis, Cristiano, 2020. "Blockchain disruption and decentralized finance: The rise of decentralized business models," Journal of Business Venturing Insights, Elsevier, vol. 13(C).
    5. Chang, Shuchih Ernest & Chen, Yi-Chian & Lu, Ming-Fang, 2019. "Supply chain re-engineering using blockchain technology: A case of smart contract based tracking process," Technological Forecasting and Social Change, Elsevier, vol. 144(C), pages 1-11.
    6. Büşra Ayan & Elif Güner & Semen Son-Turan, 2022. "Blockchain Technology and Sustainability in Supply Chains and a Closer Look at Different Industries: A Mixed Method Approach," Logistics, MDPI, vol. 6(4), pages 1-39, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Su, Dan & Zhang, Lijun & Peng, Hua & Saeidi, Parvaneh & Tirkolaee, Erfan Babaee, 2023. "Technical challenges of blockchain technology for sustainable manufacturing paradigm in Industry 4.0 era using a fuzzy decision support system," Technological Forecasting and Social Change, Elsevier, vol. 188(C).
    2. Huynh, Cong Minh & Nguyen, Minh Quoc Bao, 2024. "Factors Influencing Blockchain Adoption in Logistics: A Customer-Centric Study in Vietnam," MPRA Paper 121251, University Library of Munich, Germany.
    3. Zheng, Leven J. & Xiong, Chang & Chen, Xihui & Li, Chung-Sheng, 2021. "Product innovation in entrepreneurial firms: How business model design influences disruptive and adoptive innovation," Technological Forecasting and Social Change, Elsevier, vol. 170(C).
    4. Marco Bellucci & Damiano Cesa Bianchi & Giacomo Manetti, 2021. "A literature review on blockchain in accounting research," Working Papers - Business wp2021_04.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.
    5. Vincenzo Varriale & Antonello Cammarano & Francesca Michelino & Mauro Caputo, 2021. "Sustainable Supply Chains with Blockchain, IoT and RFID: A Simulation on Order Management," Sustainability, MDPI, vol. 13(11), pages 1-23, June.
    6. Liu Jiaguo & Zhang Huimin & Zhao Huida, 2021. "Blockchain Technology Investment and Sharing Strategy of Port Supply Chain Under Competitive Environment," Journal of Systems Science and Information, De Gruyter, vol. 9(3), pages 280-309, June.
    7. Mansoureh Beheshti Nejad & Seyed Mahmoud Zanjirchi & Seyed Mojtaba Hosseini Bamakan & Negar Jalilian, 2024. "Blockchain Adoption in Operations Management: A Systematic Literature Review of 14 Years of Research," Annals of Data Science, Springer, vol. 11(4), pages 1361-1389, August.
    8. Mahmoona Khalil & Kausar Fiaz Khawaja & Muddassar Sarfraz, 2022. "The adoption of blockchain technology in the financial sector during the era of fourth industrial revolution: a moderated mediated model," Quality & Quantity: International Journal of Methodology, Springer, vol. 56(4), pages 2435-2452, August.
    9. Pastwa, Anna M. & Shrestha, Prabal & Thewissen, James & Torsin, Wouter, 2021. "Unpacking the black box of ICO white papers: a topic modeling approach," LIDAM Discussion Papers LFIN 2021018, Université catholique de Louvain, Louvain Finance (LFIN).
    10. Teck Ming Tan & Saila Saraniemi, 2023. "Trust in blockchain-enabled exchanges: Future directions in blockchain marketing," Journal of the Academy of Marketing Science, Springer, vol. 51(4), pages 914-939, July.
    11. Li, Sen & Chen, Yan, 2024. "Governing decentralized autonomous organizations as digital commons," Journal of Business Venturing Insights, Elsevier, vol. 21(C).
    12. Shuchih Ernest Chang & Hueimin Louis Luo & YiChian Chen, 2019. "Blockchain-Enabled Trade Finance Innovation: A Potential Paradigm Shift on Using Letter of Credit," Sustainability, MDPI, vol. 12(1), pages 1-16, December.
    13. Yousaf, Imran & Jareño, Francisco & Tolentino, Marta, 2023. "Connectedness between Defi assets and equity markets during COVID-19: A sector analysis," Technological Forecasting and Social Change, Elsevier, vol. 187(C).
    14. Ahmet Faruk Aysan & Nawaz Farrukh, 2021. "China's Transition to a Digital Currency: Does It Threaten Dollarization?," Working Papers hal-03364939, HAL.
    15. Kangning Zheng & Zuopeng Zhang & Jeffrey Gauthier, 2022. "RETRACTED ARTICLE: Blockchain-based intelligent contract for factoring business in supply chains," Annals of Operations Research, Springer, vol. 308(1), pages 777-797, January.
    16. Kamer-Ainur Aivaz & Ionela Florea Munteanu & Flavius Valentin Jakubowicz, 2023. "Bitcoin in Conventional Markets: A Study on Blockchain-Induced Reliability, Investment Slopes, Financial and Accounting Aspects," Mathematics, MDPI, vol. 11(21), pages 1-20, November.
    17. Ji Jiang & Jin Chen, 2021. "Framework of Blockchain-Supported E-Commerce Platform for Small and Medium Enterprises," Sustainability, MDPI, vol. 13(15), pages 1-14, July.
    18. Chawla, Chetan, 2020. "Trust in blockchains: Algorithmic and organizational," Journal of Business Venturing Insights, Elsevier, vol. 14(C).
    19. Sunghun Chung & Keongtae Kim & Chul Ho Lee & Wonseok Oh, 2023. "Interdependence between online peer‐to‐peer lending and cryptocurrency markets and its effects on financial inclusion," Production and Operations Management, Production and Operations Management Society, vol. 32(6), pages 1939-1957, June.
    20. Zheng, Shiyuan & Jiang, Changmin, 2024. "Consortium blockchain in Shipping: Impacts on industry and social welfare," Transportation Research Part A: Policy and Practice, Elsevier, vol. 183(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jfinte:v:4:y:2025:i:1:p:7-:d:1583918. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.