BLOCKCHAIN INTEGRATION IN THE FINANCIAL INDUSTRY: OPPORTUNITIES AND CHALLENGES BASED ON LITERATURE REVIEW
Abstract
This research aims to explore the opportunities and challenges of integrating blockchain technology in the financial industry through a comprehensive literature review. Blockchain promises to improve efficiency, transparency, and security in various financial processes, including reduced transaction costs and accelerated settlement. However, its implementation is faced with various challenges, such as scalability issues, regulatory uncertainty, and the need for security sustainability. This study finds that while the potential of this technology is great, the full realisation of its benefits requires a strategic approach, clear regulations, and collaboration between stakeholders. This study is expected to provide greater insight into how blockchain can be effectively adopted in the financial industry, as well as the steps needed to overcome the existing barriers.
Downloads
References
Caldarelli, G. (2020). Understanding the blockchain oracle problem: A call for action. Information, Query date: 2024-12-25 10:55:15. https://www.mdpi.com/2078-2489/11/11/509
Catalini, C., & Gans, J. (2020). Some simple economics of the blockchain. Communications of the ACM, Query date: 2024-12-25 10:55:15. https://doi.org/10.1145/3359552
Dimitropoulos, G. (2020). The law of blockchain. Wash. L. Rev., Query date: 2024-12-25 10:55:15. https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/washlr95§ion=28
Fay, T., & Paniscotti, D. (2021). Systems and methods of blockchain transaction recordation. US Patent 11,200,564, Query date: 2024-12-25 10:55:15. https://patents.google.com/patent/US11200564B2/en
Filippi, P. D., Mannan, M., & Reijers, W. (2022). The legality of blockchain technology. Policy and Society, Query date: 2024-12-25 10:55:15. https://academic.oup.com/policyandsociety/article-abstract/41/3/358/6529327
Khan, D., Jung, L., & Hashmani, M. (2021). Systematic literature review of challenges in blockchain scalability. Applied Sciences, Query date: 2024-12-25 10:55:15. https://www.mdpi.com/2076-3417/11/20/9372
Khatib, M. E., Beshwari, F., Beshwari, M., & ... (2021). The impact of blockchain on project management. ICIC Express Lett, Query date: 2024-12-25 10:55:15. https://www.researchgate.net/profile/Mounir-El-Khatib/publication/352227030_THE_IMPACT_OF_BLOCKCHAIN_ON_PROJECT_MANAGEMENT/links/60bfeac8458515bfdb54e8cc/THE-IMPACT-OF-BLOCKCHAIN-ON-PROJECT-MANAGEMENT.pdf
Lutfiani, N., Aini, Q., Rahardja, U., Wijayanti, L., & ... (2021). Transformation of blockchain and opportunities for education 4.0. ... Journal of Education ..., Query date: 2024-12-25 10:55:15. https://pubs2.ascee.org/index.php/ijele/article/view/283
Madekhan, M. (2019). THE POSITION AND FUNCTION OF THEORY IN QUALITATIVE RESEARCH. REFORMA JOURNAL,7 (2), 62-62. https://doi.org/10.30736/rfma.v7i2.78
Rahardja, U., Aini, Q., Ngadi, M., & ... (2020). The blockchain manifesto. ... on Cybernetics and ..., Query date: 2024-12-25 10:55:15. https://ieeexplore.ieee.org/abstract/document/9320798/
Rofiah, C., & Bungin, B. (2021). Qualitative methods: Simple research with triangulation theory design. Develop, 5(1), 18–28.
Sajja, G., Rane, K., Phasinam, K., Kassanuk, T., & ... (2023). Towards applicability of blockchain in agriculture sector. Materials Today ..., Query date: 2024-12-25 10:55:15. https://www.sciencedirect.com/science/article/pii/S2214785321052251
Sedlmeir, J., Buhl, H., Fridgen, G., & Keller, R. (2020). The energy consumption of blockchain technology: Beyond myth. Business &Information Systems..., Query date: 2024-12-25 10:55:15. https://doi.org/10.1007/s12599-020-00656-x
Syawie, M. (2005). THE PROBLEM OF QUANTITATIVE AND QUALITATIVE METHODS. Sosio Informa,10 (2). https://doi.org/10.33007/inf.v10i2.1086
Tan, T., & Saraniemi, S. (2023). Trust in blockchain-enabled exchanges: Future directions in blockchain marketing. Journal of the Academy of Marketing Science, Query date: 2024-12-25 10:55:15. https://doi.org/10.1007/s11747-022-00889-0
Zeng, S., Huo, R., Huang, T., Liu, J., & ... (2020). Survey of blockchain: Principle, progress and application. Journal on ..., Query date: 2024-12-25 10:55:15. https://www.infocomm-journal.com/txxb/fileup/1000-436X/PDF/1581420297980-2107973246_trans.pdf
Zhang, S., & Lee, J. (2020). Analysis of the main consensus protocols of blockchain. ICT Express, Query date: 2024-12-25 10:55:15. https://www.sciencedirect.com/science/article/pii/S240595951930164X
Downloads
Published
Versions
- 2025-01-01 (2)
- 2024-12-26 (1)
Issue
Section
License
Copyright (c) 2024 INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE) © 2024 by Adisam Publihser is licensed under CC BY-SA 4.0
