Blockchain and the Evolving Financial Market: A Literature Review

Abstract

Blockchain technology has gained widespread utility, particularly in the field of finance due to the popularity of bitcoin. There are other areas such as energy trade and securities market, which have evolved due to blockchain. These fields are new and building regulations and architecture to enhance their functionality. There are studies on blockchain finance and this paper aims to summarize a few of the pathbreaking studies and guide future research in this field. This paper reviews 77 journal publications related to blockchain from 2018 to 2021 available in the Science Citation Index (SCI) and Social Science Citation Index (SSCI) database. The selected papers have been grouped into 10 categories. This overview indicates that research in blockchain finance needs to focus on developing better privacy and security mechanism as well as better regulations regarding financial transactions not only to benefit from “Initial Coin Offerings”, but also to diversify investor’s risk.