IMPACT OF BLOCKCHAIN TECHNOLOGY IN FINANCIAL SERVICES

Abstract

Over the last few years, block chain technology has brought a dramatic change to the world, and it is considered a potential new revolution in the ICT area. Recently, some innovations are being introduced by using Blockchain technology to help ease the processes. Key industries have identified Blockchain technology as a disruptive opportunity to change the current paradigm. Blockchain Technology is highly likely to serve as the next generation of technology for all financial fields in the future. This technology has affected the financial services at an increasing rate. The financial firms are trying to cope with these changes by adopting new kinds of technology to deal with the high increase in financial services demand and the huge increase in the competition worldwide in the financial sector. Nowadays, customers are trying to use the financial services that offer ease of use, convenience, efficiency, and speed. Blockchain Technology is expected to be a disruptive innovation technology that will guide financial services over time. Therefore, the financial industry must assess the opportunities and challenges that Blockchain Technology will present. This study's main scope is to identify the impacts of Blockchain Technology on Financial Services.