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The Impact of Blockchain in Financial Industry: A Concept Paper

Author

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  • Alya Ayuniey Mohd Fairoh
  • Nurul Najihah Hussin
  • Nur Aina Arisha Jamali
  • MAZURINA MOHD ALI

Abstract

Blockchain is a cutting-edge technology gaining fast recognition as a transformative drive with the possibility to reform many sectors. This concept paper seeks to understand the influence of blockchain on the financial industry, shedding light on its key features, benefits, and challenges. Specifically, this paper explores whether blockchain technology promotes cost-saving in the financial industry. Additionally, this paper discusses the implications of blockchain, particularly regarding its security. It emphasizes the need for collaboration between industry stakeholders, regulators, and technologists to harness the blockchain's full potential while addressing the associated challenges. As blockchain continues to evolve and mature, its effect on the financial industry is expected to increase, reforming the way financial transactions are conducted and recorded in the digital age. This study contributes a holistic approach to expanding the transformative potential of blockchain in the financial sector.

Suggested Citation

  • Alya Ayuniey Mohd Fairoh & Nurul Najihah Hussin & Nur Aina Arisha Jamali & MAZURINA MOHD ALI, 2024. "The Impact of Blockchain in Financial Industry: A Concept Paper," Information Management and Business Review, AMH International, vol. 16(1), pages 190-196.
    • Handle: RePEc:rnd:arimbr:v:16:y:2024:i:1:p:190-196
    DOI: 10.22610/imbr.v16i1(I).3647
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    References listed on IDEAS

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    1. Sepideh Mollajafari & Kamal Bechkoum, 2023. "Blockchain Technology and Related Security Risks: Towards a Seven-Layer Perspective and Taxonomy," Sustainability, MDPI, vol. 15(18), pages 1-24, September.
    2. Lokanath Mishra & Vaibhav Kaushik, 2023. "Application of blockchain in dealing with sustainability issues and challenges of financial sector," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 13(3), pages 1318-1333, July.
    3. Luisanna Cocco & Andrea Pinna & Michele Marchesi, 2017. "Banking on Blockchain: Costs Savings Thanks to the Blockchain Technology," Future Internet, MDPI, vol. 9(3), pages 1-20, June.
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