On the Applications of Blockchain in FinTech: Advancements and Opportunities

Abstract

Financial Technology (FinTech) has expanded beyond simple mobile banking to online money transfers, crowdfunding, and managing individual investments. This reinforces the importance of ensuring security and privacy in FinTech, e.g., using Blockchain (hereafter referred to as Blockchain-based FinTech applications). In this work, we will systematically summarize recent Blockchain-based FinTech applications. As a result of the advancement of BFinTech, several novel cyberattacks have been evolved to potentially impact BFinTech functionalities. Thus, this work highlights the open research challenges and future research directions in Blockchain-based FinTech applications.