The blockchain technology and its applications in the financial sector

Citation

Krause, Arnold. (2020). The blockchain technology and its applications in the financial sector. (Independent study, Master of Business Administration). Bangkok: Siam University.

Abstract

Blockchain is on the verge of revolutionizing how we interact in the digital world. It has significantly more use cases than just the popular and well-known cryptocurrency Bitcoin. The majority of people know only this application. But there are a lot of other potential applications for the financial industry, which can bring benefit to the industry. The question first is what is Blockchain, what are the underlying concepts and what is the current state of technological implementation in the finance sector. What are the main advantages of the blockchain implementation? The answers to these questions take multiple articles by a vast array of experts in numerous related fields. In this paper I will address these questions and provide some basic answers. For those active in the finance sector it is important to have a broad overview of this topic in general.  I will provide a general description of Distributed Ledger Technology, Blockchain, Blockchain Technology and Smart Contracts. With the help of this basic knowledge, I then explain what can be advantages of an implementation in the financial sector. Finally, I explain two of the major applications in detail.

Keywords: Distributed Ledger Technology (DLT), Blockchain, Smart Contract, Applications in the financial sector.

The blockchain technology and its applications in the financial sector

Master of Business Administration (International Program), Siam University, Bangkok, Thailand

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