Analysis of the Application of Blockchain Technology in the Financial Industry

2020 ◽  
Author(s):  
Lu Zhang ◽  
Dongmei Fan
Keyword(s):  
Financial Industry ◽  
Blockchain Technology

Blockchain Technology in China's Digital Economy

2022 ◽  
pp. 132-157
Author(s):  
Poshan Yu ◽  
Ruixin Gong ◽  
Michael Sampat
Keyword(s):  
Local Governments ◽  
Digital Economy ◽  
Institutional Setting ◽  
Human Society ◽  
Financial Industry ◽  
New Production ◽  
Blockchain Technology ◽  
Production Factors ◽  
Production Organization ◽  
Financial Technology

Compared with the traditional industrial economy, the Chinese digital economy uses brand-new production factors and production organization methods to bring changes to human society and promote the transformation of the economy. This chapter aims to explore the practical problems of adopting blockchain technology in China's digital economy and study how different cities (managed by various local governments) enhance their unique financial technology ecosystem's economic performance and promote RegTech policy in order to improve the digital economy under the central government's institutional setting. This chapter in turn analyzes the recent cases of blockchain in China's financial industry, compares the application and development of the latest financial technology related policies in major cities, and demonstrates how these regulations can promote the development of blockchain technology in the transformation of China's digital economy.

scholarly journals Blockchain Technology: Financial Sector Applications Beyond Cryptocurrencies

Proceedings ◽  
2019 ◽  
Vol 28 (1) ◽  
pp. 7 ◽  
Author(s):  
Polyviou ◽  
Velanas ◽  
Soldatos
Keyword(s):  
Financial Sector ◽  
Use Cases ◽  
Financial Industry ◽  
The Public ◽  
Blockchain Technology ◽  
The Way

Blockchain technology was initially employed as the public transaction ledger for cryptocurrencies. However, beyond cryptocurrencies, blockchain technology has been recently considered for a plethora of other applications as it encapsulates unique properties including decentralization, security, transparency and anti-tampering. Such properties are particularly advantageous for variety of prominent issues experienced in the financial sector. As a result, blockchain technology holds the potential to revolutionize the financial industry by altering the way in which different services are conducted in the financial industry. In this paper, we outline five different financial industry use cases that are expected to be radically transformed by the use of blockchain technology.

Blockchain will lead next global tech revolution

2016 ◽  
Keyword(s):  
Venture Capital ◽  
Transaction Costs ◽  
Real Life ◽  
Financial Industry ◽  
Content Type ◽  
Blockchain Technology ◽  
Database Technology ◽  
Start Ups

Subject Blockchain technology in finance. Significance Blockchain is a cryptographically enabled database technology that can make many transactions free of counterparty risks and nearly instantaneous, eliminating transaction costs. It was created and tested with bitcoin, a cryptocurrency. The financial industry is interested in it, given its scale and need for reliability and speed. Impacts Blockchain use could expand beyond cryptocurrencies, with the financial industry leading it towards real-life applications. As the blockchain technology could be disruptive, banks are attempting to influence and direct its development early on. Corporate strategists will be the predominant investors in blockchain start-ups rather than traditional venture capital.

scholarly journals Research on the Development Trend of Traditional Financial Industry Based on Blockchain Technology

2020 ◽  
pp. 1-6
Author(s):  
Chen Zhu ◽  
Zixuan Fu
Keyword(s):  
Development Trend ◽  
Internet Technology ◽  
Financial Industry ◽  
Technological Revolution ◽  
Blockchain Technology ◽  
Value Transfer ◽  
Big Data Technologies ◽  
The Cost ◽  
The Development Trend ◽  
Financial Technology

The combination of Internet technology and the financial industry makes information more symmetrical, improves the efficiency of payment and settlement in the financial industry, reduces the cost of currency financing, and makes risk management more effective based on big data technologies. Just the improvement of form and means has not changed the nature of finance. With the development boom of financial technology, blockchain technology seems to have become the key to start a new technological revolution. The value transfer of blockchain technology and the absence of credit intermediation, high security, decentralization, and de-monetization are a fundamental disruption of the financial industry.

scholarly journals Use of Blockchain Technology to Curb Novel Coronavirus Disease (COVID-19) Transmission

2020 ◽  
Author(s):  
Asma Khatoon
Keyword(s):  
Operations Management ◽  
Relevant Information ◽  
Financial Industry ◽  
Blockchain Technology ◽  
Proposed Model ◽  
Speed Up ◽  
Data Tracking ◽  
Novel Coronavirus ◽  
Authentic Data ◽  
Wide Family

WHO was informed on 31 December 2019 of cases of unknown cause pneumonia in Wuhan City, China. On 7 January 2020 Chinese authorities reported a novel coronavirus as the cause and was temporarily labeled "2019-nCoV." Coronaviruses (CoV) are a wide family of viruses which cause diseases ranging from common cold to more serious illnesses. A novel coronavirus (nCoV) is a new strain not previously found in humans. Countries around the globe have stepped up their surveillance to quickly detect any new 2019-nCoV cases. Blockchain is developing into a safe and efficient network for secure data sharing in applications such as the financial industry, operations management, food industry, energy market, the Internet of Things and healthcare. In this paper, we are using blockchain technology as a mean to share authentic data, tracking of relevant information and help speed up the treatment process. At the same time it will preserve person’s identity. Timely deployment and suitable implementation of the proposed model have the opportunity to curb COVID-19 transmissions and associated mortality, especially in environments with inadequate access to testing facilities. This work will also facilitate in the treatment of other infectious diseases. Smart contract have been designed and implemented using the ethereum blockchain platform which has been presented in this paper. This work would facilitate multiple stakeholders who are involved within the medical system to curb the transmission of this disease.

Blockchain and Payment Systems

2019 ◽  
pp. 259-274
Author(s):  
Agnieszka Janczuk-Gorywoda
Keyword(s):  
Financial Institutions ◽  
The State ◽  
Technological Solution ◽  
Payment Systems ◽  
Financial Industry ◽  
Virtual Currency ◽  
State Institutions ◽  
Monetary System ◽  
Blockchain Technology

Bitcoin—the first virtual currency based on blockchain technology—was born out of an anarcho-libertarian dream to create a monetary system that—by relying on ‘trustless trust’—would be completely independent of the state and established financial institutions. Today, there is no doubt that blockchain technology will transform payments, the financial industry, and many other areas. However, this chapter argues that in regard to payments, this transformation will be far from the libertarian ideal. Rather, blockchain (1) will enable the rise of new powerful intermediaries and (2) it will be embraced by established payment services providers, who will use blockchain to modernize their services. As a result, decentralized virtual currencies like Bitcoin will remain on the periphery of the mainstream payments landscape. Blockchain has focused too narrowly on providing a technological solution to the issue of scarcity and solving the double-spending problem. Yet, problems involved in monetary and payment systems are broader. In particular, payment systems provide for a broad range of mechanisms supporting circulation of money which, for the scale and complexity of a modern economy must be backed by the state. Money is a hybrid public–private institution and it seems naïve to think that technology alone could render the role of state institutions in monetary and payment systems obsolete.

'Crypto' sector could transform international finance

2017 ◽  
Keyword(s):  
International Finance ◽  
Central Banks ◽  
Financial Industry ◽  
Close Attention ◽  
Content Type ◽  
Blockchain Technology ◽  
Special Drawing ◽  
Recent Developments ◽  
Legal Frameworks ◽  
Initial Coin Offerings

Subject Recent developments in the creation and regulation of cryptocurrencies. Significance IMF Managing Director Christine Lagarde warned at the organisation's annual meeting this month that cryptocurrencies are about to create "massive disruption" and that central banks and the financial industry need to pay close attention. She also cited IMF initiatives to explore the use of blockchain technology for the IMF's 'special drawing right' (SDR). China has recently clamped down on cryptocurrencies, curbing trading and banning 'initial coin offerings'. Impacts Governments will try to impose control while also seeking to harness the underlying technology for their own purposes. Some smaller countries will try to establish themselves as friendly 'crypto-jurisdictions', pioneering regulatory and legal frameworks. Underlying blockchain platforms are evolving; bitcoin and ethereum have had mandatory upgrades of their protocol software this year.

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