The challenges and countermeasures of blockchain in finance and economics

Li Zhang, Yongping Xie*, Yang Zheng*, Wei Xue*, Xianrong Zheng, Xiaobo Xu

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

123 Citations (Scopus)

Abstract

As a new technology, blockchain can be used to analyse and process the data through the effective integration of financial resources. New financial formats or service models are produced to upgrade the financial system and promote the efficiency and quality of financial operations and service from three layers (data, rules, and application) based on customers' needs. The blockchain technology can help the financial industry to automatically and accurately identify customer credit conditions, restructure the financial market credit system, and improve the efficiency of cross-border payment. Meanwhile, it also posed a challenge for the financial industries' development. In this paper, we systematically analysed the blockchain technology and its application in the financial and economic field and the status quo and the challenges. Finally, we provided constructive suggestions to facilitate the blockchain technology development in the financial and economic field.

Original languageEnglish
Pages (from-to)691-698
Number of pages8
JournalSystems Research and Behavioral Science
Volume37
Issue number4
DOIs
Publication statusPublished - 1 Jul 2020
Externally publishedYes

Keywords

  • Industry 4.0
  • blockchain
  • economics
  • finance

Fingerprint

Dive into the research topics of 'The challenges and countermeasures of blockchain in finance and economics'. Together they form a unique fingerprint.

Cite this