Applications, Challenges, and Opportunities of Blockchain Technology in Banking and Insurance

Applications, Challenges, and Opportunities of Blockchain Technology in Banking and Insurance
Author: Gupta, S. L.
Publisher: IGI Global
Total Pages: 303
Release: 2022-06-03
Genre: Business & Economics
ISBN: 1668441357
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The surge in technological transformation affects all business model phases over many industries. Emerging technologies provide new avenues for industries to increase their competitive advantage and enhance economic progression. Blockchain technology’s ability to build an open and trustworthy network model seems to promote shared IT-based networks in banking, insurance, and other similar industries. The adoption of blockchain in the banking and insurance industry is developing rapidly. Applications, Challenges, and Opportunities of Blockchain Technology in Banking and Insurance explores how blockchain technologies optimize and integrate the transactions and operations in association with access to information and reduction in communication costs and negligible data transfer errors. It includes studies on various banking and insurance industries intending to use blockchain technology to make transactions convenient, simple, and safe. Covering topics such as cryptocurrency, digital transformation, and small and medium-sized enterprises, this premier reference source is an essential resource for policymakers, government officials, students and educators of higher education, libraries, banking managers, insurance professionals, researchers, and academicians.

Applications of Blockchain Technology in Business

Applications of Blockchain Technology in Business
Author: Mohsen Attaran
Publisher: Springer Nature
Total Pages: 112
Release: 2019-09-25
Genre: Business & Economics
ISBN: 3030277984
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The book discusses the various ways that blockchain technology is changing the future of money, transactions, government, and business. The first two chapters walk through the foundation of blockchain. Chapters 3–12 look at applications of blockchain in different industries and highlight its exciting new business applications. It show why so many companies are implementing blockchain, and present examples of companies who have successfully employed the technology to improve efficiencies and reduce costs. Chapter 13 highlights blockchain’s powerful potential to foster emerging markets and economies including smart cities, value-based healthcare, decentralized sharing economy, machine to machine transactions, data-sharing marketplace, etc. Chapter 14 offers a conceptual model, provides information and insights, and covers a step-by-step approach to plan and develop blockchain-based technology.

Blockchain Technology: Applications and Challenges

Blockchain Technology: Applications and Challenges
Author: Sandeep Kumar Panda
Publisher: Springer Nature
Total Pages: 307
Release: 2021-04-30
Genre: Technology & Engineering
ISBN: 3030693953
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This book discusses the various open issues of blockchain technology, such as the efficiency of blockchain in different domains of digital cryptocurrency, smart contracts, smart education system, smart cities, cloud identity and access, safeguard to cybersecurity and health care. For the first time in human history, people across the world can trust each other and transact over a large peer-to-peer networks without any central authority. This proves that, trust can be built not only by centralized institution but also by protocols and cryptographic mechanisms. The potential and collaboration between organizations and individuals within peer networks make it possible to potentially move to a global collaborative network without centralization. Blockchain is a complex social, economic and technological phenomenon. This questions what the established terminologies of the modern world like currency, trust, economics and exchange would mean. To make any sense, one needs to realize how much insightful and potential it is in the context and the way it is technically developed. Due to rapid changes in accessing the documents through online transactions and transferring the currency online, many previously used methods are proving insufficient and not secure to solve the problem which arises in the safe and hassle-free transaction. Nowadays, the world changes rapidly, and a transition flow is also seen in Business Process Management (BPM). The traditional Business Process Management holds good establishment last one to two decades, but, the internal workflow confined in a single organization. They do not manage the workflow process and information across organizations. If they do so, again fall in the same trap as the control transfers to the third party that is centralized server and it leads to tampering the data, and single point of failure. To address these issues, this book highlights a number of unique problems and effective solutions that reflects the state-of-the art in blockchain Technology. This book explores new experiments and yields promising solutions to the current challenges of blockchain technology. This book is intended for the researchers, academicians, faculties, scientists, blockchain specialists, business management and software industry professionals who will find it beneficial for their research work and set new ideas in the field of blockchain. This book caters research work in many fields of blockchain engineering, and it provides an in-depth knowledge of the fields covered.

Blockchain and Banking

Blockchain and Banking
Author: Pierluigi Martino
Publisher: Springer Nature
Total Pages: 109
Release: 2021-04-05
Genre: Business & Economics
ISBN: 3030709701
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This book explores blockchain technology’s impact on banks, particularly how blockchain technology can create new opportunities for banks and poses new threats to their business. The digital revolution in the banking industry, whose customers are increasingly adapting to new technologies and new types of competitors and solutions arising in the space, has had a significant impact on the banking industry over the past few years, requiring banks to substantially rethink their business models and strategies in order to cope with these developments. The rise of blockchain’s distributed ledger technology (DLT) has also played an important role since it has the potential to change the whole banking industry in faster and more disruptive ways than ever before. Born as the technology underlying Bitcoin, which has been used to allow the recording of cryptocurrencies transactions, blockchain can facilitate the process of recording any transaction type and track the movement of any asset, finding application in many different areas. Specifically, it has been acknowledged as a disruptive force in the financial sector and a key source of future financial market innovation with the potential to reshape existing business models in the financial services industry. Regarding the banking industry in particular, existing literature suggests that blockchain poses new challenges and generates opportunities as well as threats. This is pushing banks to rethink their operations, business models and strategies. However, literature in this regard is still in its infancy, and we do not yet have a clear understanding of blockchain technology’s potential implications for banks. This book expands the literature on blockchain technology in banking by providing new insights into the developments, trends and challenges of blockchain in the banking industry. In particular, sheds more light on the implications of blockchain technology for banks by discussing the advantages and disadvantages related to this technology and exploring its potential impact on traditional banking business models.

Industry Use Cases on Blockchain Technology Applications in IoT and the Financial Sector

Industry Use Cases on Blockchain Technology Applications in IoT and the Financial Sector
Author: Mahmood, Zaigham
Publisher: IGI Global
Total Pages: 400
Release: 2021-03-18
Genre: Computers
ISBN: 1799866521
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Blockchain technology presents numerous advantages that include increased transparency, reduced transaction costs, faster transaction settlement, automation of information, increased traceability, improved customer experience, improved digital identity, better cyber security, and user-controlled networks. These potential applications are widespread and diverse including funds transfer, smart contracts, e-voting, efficient supply chain, and more in nearly every sector of society including finance, healthcare, law, trade, real estate, and other important areas. However, there are challenges and limitations that exist such as high energy consumption, limited scalability, complexity, security, network size, lack of regulations, and other critical issues. Nevertheless, blockchain is an attractive technology and has much to offer to the modern-day industry. Industry Use Cases on Blockchain Technology Applications in IoT and the Financial Sector investigates blockchain technology’s adoption and effectiveness in multiple industries and for the internet of things (IoT)-based applications, presents use cases from industrial and financial sectors as well as from other transaction-based services, and fills a gap in this respect by extending the existing body of knowledge in the suggested field. While highlighting topics such as cybersecurity, use cases, and models for blockchain implementation, this book is ideal for business managers, financial accountants, practitioners, researchers, academicians, and students interested in blockchain technology’s role and implementation in IoT and the financial sector.

Blockchain Technologies and Applications for Digital Governance

Blockchain Technologies and Applications for Digital Governance
Author: Nijalingappa, Pradeep
Publisher: IGI Global
Total Pages: 266
Release: 2021-11-05
Genre: Law
ISBN: 1799884953
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Since its inception, blockchain has evolved to become a crucial trending technology that massively impacts the fast-paced digital world. It has been a game-changing technology that is underpinned with cryptocurrencies like Ethereum and Bitcoin that eventually closed the doors for hacking activities. As blockchain is utilized across areas such as banking, voting, finance, healthcare, and manufacturing, it is important to examine the current trends, difficulties, opportunities, and future directions in order to utilize its full potential. Blockchain Technologies and Applications for Digital Governance addresses the impacts and future trends of blockchain, particularly for digital governance, and demonstrates the applications of blockchain in digital governance using case studies. Covering a range of topics from cybersecurity to real estate tokenization, it is ideal for industry professionals, researchers, academicians, instructors, practitioners, and students.

Blockchain Technology in Corporate Governance

Blockchain Technology in Corporate Governance
Author: Kiran Sood
Publisher: John Wiley & Sons
Total Pages: 453
Release: 2022-10-13
Genre: Computers
ISBN: 1119865220
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BLOCKCHAIN TECHNOLOGY IN CORPORATE GOVERANCE This book investigates the recent applications of blockchain technology in financial services, energy sector, and summarizes regulatory responses, to set the scene for future work on corporate governance. This edited book highlights the current governance framework for the blockchain and its development as a self-governing framework. It discusses blockchain technology’s effectiveness in developing solutions for supply chains, trade finance, and banking. Moreover, it shows how banking and financial institutions are the major beneficiaries of this decentralized technology. Furthermore, the book outlines the link between company governance theories, regulatory, ethical, and social controls, and blockchain adoption. It also investigates the recent applications of blockchain technology in financial services, the health sector, and the energy sector. Audience The book is specially designed for researchers, industrialists, engineers, graduate students, and policymakers, who aspire to learn, discuss, and carry out further research into the opportunities offered by blockchain and the possible ways of regulating it.

Blockchain for Financial Services

Blockchain for Financial Services
Author: Rakesh Kumar
Publisher: Independently Published
Total Pages: 0
Release: 2024-07-02
Genre: Computers
ISBN:
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In the rapidly evolving landscape of financial services, blockchain technology has emerged as a transformative force, promising to revolutionize traditional processes and create new opportunities for innovation. As financial institutions grapple with the challenges of increasing transaction volumes, regulatory compliance, security threats, and the demand for faster, more efficient services, blockchain offers a robust solution with its unique attributes of decentralization, transparency, and immutability. "Blockchain for Financial Services" aims to provide a comprehensive guide to understanding and harnessing the power of blockchain technology within the financial sector. This book is designed for financial professionals, technology enthusiasts, policymakers, and anyone interested in exploring how blockchain can reshape the financial services industry. By demystifying the core concepts of blockchain and illustrating its practical applications, this book seeks to equip readers with the knowledge and tools to navigate and leverage this cutting-edge technology. The journey begins with a foundational overview of blockchain technology, including its origins, key principles, and the various types of blockchain networks. We delve into the essential concepts of decentralization, transparency, and immutability, which underpin the transformative potential of blockchain. The book also covers the fundamental components of blockchain, such as cryptography, consensus mechanisms, and smart contracts, providing a solid technical grounding for understanding more complex applications. The heart of this book explores the myriad applications of blockchain in financial services. From payments and remittances to cross-border transactions, trade finance, securities trading, and insurance, we examine real-world use cases that demonstrate how blockchain is being deployed to enhance efficiency, reduce costs, and mitigate risks. Each chapter provides detailed case studies, offering insights into successful implementations and highlighting lessons learned from industry pioneers. While the promise of blockchain is immense, it is not without its challenges. This book addresses the critical considerations and obstacles that must be navigated for successful adoption, including scalability issues, security and privacy concerns, regulatory compliance, and interoperability with existing systems. By understanding these challenges, readers can develop informed strategies for integrating blockchain into their financial operations. Looking to the future, "Blockchain for Financial Services" explores emerging trends and technologies that are set to shape the next phase of blockchain evolution. From the integration with artificial intelligence and the Internet of Things to the impact of central bank digital currencies, we consider the broader technological ecosystem and its implications for financial services. Finally, the book offers practical guidance on adoption strategies and best practices. By examining real-world examples of blockchain implementation in banking, insurance, and asset management, we provide actionable insights for overcoming resistance, educating stakeholders, and navigating the legal and ethical considerations of blockchain deployment. In an era where digital transformation is not just an advantage but a necessity, "Blockchain for Financial Services" serves as a vital resource for anyone seeking to understand and capitalize on the opportunities presented by blockchain technology. Whether you are a seasoned financial professional, a technology developer, or a curious learner, this book will guide you through the complexities of blockchain, empowering you to drive innovation and success in the financial services industry.

Contemporary Studies of Risks in Emerging Technology

Contemporary Studies of Risks in Emerging Technology
Author: Simon Grima
Publisher: Emerald Group Publishing
Total Pages: 287
Release: 2023-05-10
Genre: Business & Economics
ISBN: 1804555649
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With the rapid development of technologies, it becomes increasingly important for us to remain up-to-date on new and emerging technologies. This series, therefore, aims to deliver content on current and future technologies and how the young generation benefits from this.