Blockchain in Finance: A Systematic Literature Review

Abstract

Many businesses, including finance, want to both understand and utilize blockchain technology. However, there is no detailed systematic literature review (SLR) analyzing blockchain technology in finance in order to understand it. This study emphasizes in detail the possible applications of blockchain in finance, its technical features, benefits and challenges. According to the literature review, blockchain technology has the potential to improve the efficiency of the financial sector, reduce costs and increase transparency and security. Regulatory constraints as well as concerns over scalability and interoperability are barriers that need to be resolved. In order to fully understand the potential of blockchain technology, this SLR explores the current state of research on blockchain in finance. In addition to analyzing the technical features of blockchain, the study also details its current and potential application areas, benefits and challenges. This research analyses the use of blockchain in finance in view of its infrastructure, technology, benefits and challenges for further research and application areas. In the study, 54 articles were evaluated and 34 of them were used for SLR questions. The usage of blockchain in finance is examined from a variety of aspects in this SLR. The study provides answers to nine questions about its application areas, benefits, infrastructure, technology, consensus methods, permission types, and challenges. In some cases, it also gives the correlation relationship between the answers.