Application of Blockchain in the World of Finance & Business

Abstract

The purpose of this research was to explore specific ways in which blockchain can be used in the world of finance and business. Blockchain can be used for global inclusion in the domain of finance. It can be used to remove multiple intermediaries in businesses and also make transactions much more secure and trustworthy. Distributed ledger technology can be used in negotiating value, insurance, reducing transaction costs, contracting for future trading, and setting up new business models. The following establishes the application of blockchain in these fields to improve its existing state. Blockchain can also make central banks reconsider their system. Using smart contracts and autonomous agents transactions can be made smooth and secure for all parties involved. Keywords: Blockchain, Cryptoasset, Smart Contracts, Finance, Business, Distributed Ledger, Autonomous Agents