Blockchain Technology and its Potential Effect on the Banking Industry (China Case Study)
DOI:
https://doi.org/10.33095/jeas.v28i131.2240Keywords:
Industry of banking, Blockchain is a digital type of technology, decentralization, industry of financeAbstract
The aim of the research is to investigate potential effects of the finance industry and block-chain to general business of financing in particular, as well as its shortcomings and difficulties. To answer the research questions, the researcher used the objective narrative-analytical descriptive approach and included a qualitative analysis of Blockchain technology. The process of Blockchain technology based on their industries, the authors were selected based on their reputation in the Blockchain field. The research found that Blockchain can improve the efficiency of the banking industry's various sections. It has the ability to upgrade and transfer wages across borders, financial reporting and compliance, as well as trade finance and capital markets. It also facilitates the procedure of getting to know your customer straightforward, and in addition to these advantages regulation and technological problems are some of the roadblocks. that must be resolved for effective implementation in the financial system
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