Role of Blockchain Technology in the Financial Market

Abstract

Abstract Purpose: Cryptocurrency technology has improved fast in the social economy and growth. Because cryptocurrency has many good qualities, it is initially employed for Bitcoin transactions. Methodology: With the advent of Bitcoin, the link between distributed ledger technology (DLT) and the banking market has become stronger and more integrated. As more banking institutions understood the relevance of DLT, they began experimenting with using it in financial activities, such as R3CEV, Hyperledger, and Qiwi. Findings: Many commercial organisations are beginning to experiment with DLT to reduce transactional costs and boost operational effectiveness, particularly in financial notes, cross-border payments, and asset-backed financing. Practical Implications: DLT has many potential applications in banking domains in the upcoming years.