Blockchain Technology: A Catalyst for Change in Finance

Abstract

Blockchain is one of the most disruptive innovations in the field of technology in 21st century. Blockchain, a distributed ledger technology (DLT) and smart contracts, has emerged as a ground-breaking application in the financial sector. The three key properties of Blockchain technology, Decentralization, Transparency and Immutability have created a huge impact on the banking and finance industries. As technology is the main driving force in Blockchain and its various applications, it will also act as an enabler to sustainable finance which will ultimately lead towards achieving sustainable economy and also sustainable development. This study is an attempt to understand the far-reaching potential of Blockchain technology and its applications such as Bitcoin in the banking and financial services sector. This study has also highlighted the benefits and disadvantages of using Blockchain technology on the banking and finance industries. This study is entirely a theoretical overview based on the available research in the area of Blockchain technology and its application in financial sector. This study will help to understand the future of financial sector in the advent of incorporation of Blockchain technology.