Literature reviews are used by practitioners and researchers to combine numerous bodies of knowledge. There are various SotA papers on blockchain applications. The authors looked at 100 articles about the use of blockchain in financial services that were published between 2013 and 2023. The data sources used for the same are Science Direct and Google Scholar. The three phases for conducting SotA reviews are provided in this chapter. In the 100 articles looked at for SotA in title, 69 were tagged as SotA reviews, and the rest were either tagged as ‘literature review' or ‘systematic literature review'. The summary of 69 articles is presented in the literature review section of the study. An interpretive synthesis of SotA reviews in the current study describes where we are presently in the field of application of blockchain in finance. The chapter also presents the changes brought by application of blockchain in the value chain of the banking sector and future scope of study in the field.
TopIntroduction
The competitive business environment is being rapidly altered by blockchain technologies. Key stakeholders, on the other hand, remain sceptical about how, when, and what blockchain could do for their businesses. Through a Systematic Review of the Literature (SRL), the aim of the present study is to examine the economic & business implications of blockchain's potential reshaping of the financial services sector, as well as the obstacles and facilitators that specifically hinder blockchain adoption in this sector. The progressions brought by blockchain innovation in the monetary assistance industry are made sense in the view of 'Doormen Worth Chain Examination'. In addition, we offer the manager a number of suggestions for removing obstacles and easing the transition.
The usage of blockchain technology in various aspects of the “financial services industry” is referred to as “blockchain in finance.”
There are numerous ways that blockchain technology can benefit financial services. Decentralised finance, or DeFi, has emerged as a result of the usage of blockchain in financial services.
Bitcoin, which was at first limited to use as a technique for cryptography for proliferating bitcoin and related digital currency exchanges (Tandon et al., 2021; Nakamoto, 2008), can be regarded as the world's introduction to blockchain technology. Tandon et al. 2020). However, over the past five years, supply chain management and IoT have both seen an increase in blockchain usage (Patil, Sangeetha, & Bhaskar, 2021).
In addition, as per the report of Statista (2020), the worldwide market for blockchain has expanded quickly as of late and is expected to reach a worth of 39 billion dollars by 2025. The features of blockchain, such as digital transactions, transparency, trust, a platform for multiple stakeholders, and so on, are the reason for its exponential growth (Dettling, 2018). According to Adams et al. (2017), researchers consider blockchain to be the foundational technology. As a result, a number of studies have been carried out to learn how blockchain technology is used. The purpose of this research is to determine the usefulness of blockchain technology in the financial services industry.
The Purpose of the Study
The present study determines the usefulness blockchain technology is in financial service industry.
The Research Question
Based on a primary literature review of the papers mentioned in the section 2 literature review, the issues which are the focus of the current study are as follows:
RQ 1: Describe the concept of blockchain technology.
RQ2: How has the financial service industry evolved over a decade?
RQ3: Describe the financial sector's use of blockchain technology.
Flow of Paper
This paper comprises of five sections – Introduction, Review of Literature, Research Methodology, Finding & Discussion, and Conclusion. The introduction section presents the concept of blockchain technology and its application in financial service industry. It also explains the concept of State-of-the-Art literature review. This section also presents the scope of study and research questions.
The next section presents the Review of Literature.
Review Of Literature
This section comprises of review of literature of previous study of last 10 years of research papers published in Scopus indexed journal. This section presents – Concept of Blockchain, Evolution of Financial Service Industry and Application of Blockchain in financial service industry.