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Research Article | Open Access
Volume 14 2022 | None
Role of Blockchain Technology in Fintech Implementation: An Empirical Study
Namrata Prakash
Pages: 8945-8949
Abstract
The emergence of blockchain technology has led to considerable changes in the financial technology (FinTech) sector in recent years. With fintech being one of the most impacted industries, blockchain, which was first presented as the underpinning technology for cryptocurrencies, has become a potent instrument for revolutionizing many industries. The role of blockchain technology in the development of fintech solutions is examined, with special emphasis on the advantages, difficulties, and possible uses of the technology. For storing, confirming, and carrying out financial transactions, blockchain technology enables a decentralized and transparent system. It does away with the need for middlemen like banks or clearinghouses, which lowers costs, increases efficiency, and boosts security. Data integrity is ensured by blockchain's immutability and cryptographic features, which reduce the possibility of fraud and unauthorised changes. Blockchain is a perfect fit for several fintech use cases, including payment processing, smart contracts, identity verification, supply chain financing, and asset tokenization, because of these characteristics. 185 respondents is the sample size considered in this study. T test and mean was applied to find the result of study.
Keywords
Fintech, Decentralization, Security, Transparency, Money Laundering
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