Blockchain Metamorphosis: Transforming Traditional Finance through Decentralization and Transparency
DOI:
https://doi.org/10.25195/ijci.v50i1.481Keywords:
blockchain, Bitcoin, Financial, Decentralization, Management of Insurance.Abstract
This study investigates how decentralization and transparency offered by blockchain technology could revolutionize traditional finance. Even with the rise of well-known cryptocurrencies such as Bitcoin and Ethereum, a general understanding of blockchain’s influence on the financial industry is still lacking. We identified five major application cases—transparent credit scoring, effective consumer identification, expedited insurance settlements, improved cybersecurity, and the emergence of decentralized finance—where blockchain technology is well positioned to tackle persistent issues. We show how blockchain technology may address problems such as opaque credit scoring, poor customer identity, convoluted insurance settlement procedures, and susceptibility to cyberattacks by thoroughly examining various use cases. According to our research, a greater number of traditional financial institutions need to embrace and integrate blockchain innovations into their functions to promote inclusivity, transparency, and decentralization.
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