Critical Review: Future of Block Chain Economy in Financial Services

Critical Review: Future of Block Chain Economy in Financial Services

Tee Meng Tan

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Lim Hong Hin

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Swiss School of Management, Singapore

Critical Review: Future of Block Chain Economy in Financial Services

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Abstract

This research paper is based on the future of block chain economy in financial sectors and its significant usage. The researcher emphasized that the block chain technology has the potential to disrupt financial services and it can change the current face of financial Industry. The researcher focused on the significant usage of block chain economy to fraud detection, to maintain the customer’s history, trade finance, and smart contracts. There are some challenging faces of block chain economy towards adoption in financial sectors such as interoperability, privacy, energy consumption, security, scalability, and legal regulations. The researcher also stated that block chain economy is a scenario and potential future environment in which crypto currency replaces current monetary systems on a global basis to become an autonomous market participants in financial sectors. The researcher also highlights the key challenges of block chain economy adoption in financial sectors with current statistics of future analysis.

References

21 Cites in Article

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Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

Ethical Approval

No ethics committee approval was required for this article type.

Data Availability

Not applicable for this article.

How to Cite This Article

Tee Meng Tan. 2020. \u201cCritical Review: Future of Block Chain Economy in Financial Services\u201d. Global Journal of Management and Business Research - B: Economic & Commerce GJMBR-B Volume 19 (GJMBR Volume 19 Issue B7).

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GJMBR Volume 19 Issue B7

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Journal Specifications

Crossref Journal DOI 10.17406/GJMBR

Print ISSN 0975-5853

e-ISSN 2249-4588

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Classification

GJMBR-B Classification JEL Code: G00

Submission ReceivedDecember 12, 2018
Peer Review Double Blind
Handling Editor
Accepted January 3, 2019
Published January 15, 2019

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v1.2

Issue date

January 6, 2020

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