Blockchain’s Role in Finance beyond Cryptocurrency

Abstract

The rapid emergence of blockchain technology outside of cryptocurrency in financial applications. Blockchain, mostly known as the underlying technology backing decentralized currencies such as Bitcoin, is today being tapped for a range of other financial services by its underlying features: decentralization, transparency, and security. The research explores blockchain's role in advancing transaction processing, auditability, andinnovations such as decentralized finance and smart contracts that are changing traditional financial systems. The paper elaborates on how this technology benefits from efficiency relating to points of asset management, trade finance, and financing in the supply chain. It further goes into blockchain security and privacy challenges associated with these new technologies being adopted in areas such as these. This survey synthesizes recent insights to identify crucial opportunities and challenges for blockchains in the financial sector in bringing systemic change across global markets