Impact of Blockchain Technology on Financial Services

Abstract

This paper is written to provide an insight on how blockchain technology has a very high potential in providing an alternative way to attractively organize the modern finance.Blockchain today is not merely bitcoin or other crypto currencies.It impacts various other sectors such as supply chain management, voting mechanisms, original content creation, secure sharing of data, etc.But this paper relates to today's world of fluted, along with blockchain.It rightly points out the flaws associated with the current financial world and how blockchain provides a solution to it.This paper also demonstrates the various applications of blockchain in finance such as De-Fi (Decentralized Finance), Dapps (Decentralized Apps), Smart contracts, cross border payments, NFTs, DAOs (Decentralized Autonomous Organizations).It also shows how blockchain can bring out a more efficient and secure finance industry.It also contains information on crypto currencies, their various usages, and their underlying fundamental principles.The paper also describes some insights into blockchain security issues and remedies.