Research on the Application of Blockchain Technology in the Financial Field

Abstract

Decentralization, autonomy, integrity, immutability, verification, fault-tolerance, anonymity, auditability, and transparency are desirable characteristics of blockchain technology. Blockchain technology originated from Bitcoin which is one of the applications of digital currency. From a financial point of view, it is a distributed data storage system. Therefore, it is very important to analyze the current research status in this field, and further sort out the deficiencies of current research and future development direction. This article describes the definition of blockchain technology and hash algorithm first. Besides, it also shows some applications including supply chain finance, digital ticket, and digital currency in the financial field. Privacy and risk are the key points to worry about. This article also introduces how to protect user privacy in supply chain finance. This article analyzes how blockchain effectively protects user privacy from banks and non-banks. It is difficult to take into account all three features of blockchain: security, scalability, and decentralization. However, the integration of finance and technology is an increasingly strong trend.