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Application of Blockchain Technology in the Financial Institution 2

Application of Blockchain Technology in the Financial Institution

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Application of Blockchain Technology in the Financial Institution

Introduction

First came the “micronization” culture that saw the birth of miniature sized computers shifting from a single room to a desk. This culture became a phenomenon in technology that would soon create a world of many possibilities that shifted the computer from a desktop size to one that could be helpful in hand. As such, with the idea of data slowly becoming a resource, security and wealth were tied together as commodities similar to the faces of a coin

Overview

This culture shift was admired and respected with skeptics jumping to say machines were taking over the world and the more power was given in these devices, the more we lost meaning in sentiments. Well, that could be true for any field but in finance as a sector, the simplification of computerization created infinite possibilities that were directly in parallel with cropping challenges. The discussion by looking and blockchains as a database with information, the value of the information and how it is entered into the book, the types of information it stores, decentralization of the information for storage and control, and the aspect of reversibility or lack thereof it.

Background and Problem Statement

Recognizing the breakdown of what blockchain technology in financial institutions is can be handled by looking at it as a literal ledger that keeps records of financial transactions. This paper, therefore, looks at the scope of the process of shifting systems of transactions with a fresh perspective by the determinants that form its body of effectiveness.

Purpose of the Study

The idea of efficiency and accuracy is the next big thing in financial institutions as the birth of secure networks and untraceable transactions like bitcoin become more popular. Trust in financial institutions is one of the reasons whether it should be embraced by the public or shunned. Like it has been said, knowledge is power and information is key, which should apply to making users understand this new world in a light that is beneficial for these institutions. Mobility and ease of access is the home of blockchain technology and the field of its daughters like the cryptocurrency.

As a ledger of financial transactions records, the ability to carry it anywhere and access it everywhere has become its most attractive feature (Wu & Duan, 2019). To understand this fascinating aspect especially in financial institutions, we must first break down its complexities such as its origin, its availability, its storage, its features, its sharing capacity, and its diversity of character. This paper's purpose is to simplify why more financial institutions should use blockchain technology but at the same time mainstream the education of its usability to their clients as part of operations and transactional efficiency.

Chapter II: Review of Literature

Introduction

This section delves into the types of literature that would be used for deductive reasoning and explain a certain aspect of the difference between other forms of institutional record and transaction and blockchain technology. There is a comparative assessment of the different works of literature already taking this discussion to give more insight from different perspectives ranging from the distinction of database and block china, simplicity versus approachability of the technology, and the institutional approach to application and education of its customers (Raikwar, Gligoroski, & Velinov, 2020).

Subsections based on a deductive approach

Blockchain applicability in the financial sector cannot be discussed with looking at cryptocurrency as a cashless based form of transaction. Therefore, articles, journals, newspapers, conference videos, other dissertations and books will form the source of information for comparison. Technology must be made easy for the users to understand despite the lack of knowledge for most users in the programming or backbone of its functional creation. By looking at it this way, it becomes easier for financiers to accept it as the new form of currency transfer, and a way of protection of one’s wealth. Looking at articles on skeptical information about bitcoin and other cryptocurrencies would inform on the value of information to users Therefore, the comparative aspect of the literature will be used to give basis to arguments that exist and a new one formed by this paper.

Chapter III: Methodology (Research Design & Methods)

Introduction

Data by nature as mentioned is evolving to become one of the highest and most sought out resources in the world. Accessibility and understanding of its evolution are key for the users to trust that it will remain confidential and easy.

Research Paradigm (quantitative)

The research paradigm that forms the basis of the discussion in this article is set in the precept that technology must be understood to be utilized efficiently. As such, it focuses on positivism as a result of recognizing social realities and human behavior in reaction to technological change.

Research Design

The research design will be an integration of descriptive and correlation to bring out the aspect of the cause-effect analysis of data, finance systems, and human behavior through consent data collection with questionnaires combined with opinions from social media, opinions from financial forums and conferences. This will be used to form the baseline of the underlying sentiments in the financial sector.

References

Raikwar, Mayank & Gligoroski, Danilo & Velinov, Goran. (2020). Trends in Development of Databases and Blockchain. Retrieved from https://www.researchgate.net/publication/339898678_Trends_in_Development_of_Databases_and_Blockchain

Wu, Binghui & Duan, Tingting. (2019). The Application of Blockchain Technology in Financial markets. Journal of Physics: Conference Series. 1176. 042094. 10.1088/1742-6596/1176/4/042094.