Blockchainand its Implications on Finance

Ms Sonakshi Sharma

Assistant Professor, Dept. of Commerce and Management

 Kalinga University

sonakshi.sharma@kalingauniversity.ac.in

Abstract:

In recent years, blockchain technology has developed rapidly in social media economy Since blockchain technology has many great features, it is used e.g Bitcoin trading in the beginning. The relationship to the growth of Bitcoin. Blockchain technology and financial markets are closer and more integrated. And then More and more financial institutions have realized the importance of blockchaintechnology and started trying to use this technology in financial activities like R3CEV, Hyper ledger and Qiwi. Many financial institutions have begun to try apply blockchain technology to reduce financial transactions. transaction costs and increasing operational efficiency, especially in financial reporting, cross-border payments and securities settlement payments. This blockchain is visible. In the future, the technology will have wide application possibilities in the financial sector.

Keywords:Blockchain, economic services, Fintech, distributed Ledger technology, Cryptocurrency, smart Contracts, virtual identification, Regulatory challenges.

Introduction

The convergence of the block chain era and financial offerings has spawned massive hobbies and innovations in recent years. Block chain, delivered in the first place because the generation behind cryptocurrencies outgrew its initial software and now plays a central role in reshaping the financial landscape. This article takes an in-depth look at the various methods for integrating block chain into the financial supply chain, highlighting its benefits and addressing capacity challenges.

Block chain generation: standards and capabilities

This section provides an overview of block chain technology, discussing its key principles, including distributed ledgers, cryptographic hashing, consensus mechanisms, and immutability. It also explains the extraordinary varieties of block chains – public, private and consortium – and introduces the concept of smart contracts.

Block chain Packages in Financial OfferingsHere we describe many packages for creating block chains for money services, such as: Payments and Money Transfers: Learn how blockchain-based structures are transforming cross-border payments and reducing transactions.Changing Finance: Explores blockchain’s ability to streamline business finance procedures, increase transparency and reduce fraud.

Identity Audit: Verify blockchain performance by promoting a relaxed and verifiable digital identity, reducing the risk of identity theft and fraud.

Buying and Selling Securities: Examining the Use of Blockchain in Issuing, Buying, Selling and Paying for Securities and Exploring Its Effects on Increasing Efficiency.

Supply Chain Finance: We discuss how blockchain complements supply chain transparency and enables better traceability of products, reducing associated risks.

Peer-to-peer lending and crowdfunding: Explore how blockchain systems are disrupting traditional lending models by enabling peer-to-peer transactions. Insurance: Explore how blockchain can automate claims processing, reduce fraud and increase transparency in the insurance industry.

References

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Andreas, M. (2015), Masteing Bitcoin: Unlocking Digital Cryptocurrencies, O’Reilly, Sebastopol, CA, pp. 49-68.

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