Blockchain Frameworks: Usability and Applications Across Domains

Abstract

Blockchain technology, initially developed as a backbone for cryptocurrencies, has rapidly expanded into broader domains of finance and business. Its unique attributes – transparency, decentralization, immutability, and enhanced security – offer solutions to persistent challenges in financial services. This chapter examines blockchain applications beyond cryptocurrency, focusing on its role in transforming financial services such as Know Your Customer (KYC), cross-border payments, and compliance. A case-based exploration of blockchain-enabled KYC demonstrates how distributed ledgers can streamline identity verification while ensuring trust and efficiency. The chapter also outlines benefits, limitations, and potential applications, contributing to a holistic understanding for policymakers, financial institutions, researchers, and practitioners.