Blockchain Technology: Application in the Financial Industry

Abstract

Cryptocurrencies and their underlying blockchain technology are being out as the next big thing after the creation of the internet. The Blockchain is an encrypted, distributed database that records data, or in other words, it is a digital ledger of any transactions, contracts - that needs to be independently recorded. Blockchain has been initially launched as an approach to payment transactions based on cryptography to provide an alternative mechanism for the trust between two transacting parties. Blockchain technology has sparked a lively debate among researchers. This article tried to study the applications of blockchain technology in the financial industry.