Financial Market Infrastructure and Implementation of Blockchain Technology

Abstract

Blockchain is very crucial for paving new ways for how economies will function in the future, as it helps in eliminating intermediaries and thus saving time and cost. Various important uses of this new blockchain technology have been highlighted, but research and practice are still in their formative phases. The core objective of this study is to describe the impact of blockchain on existing and novel business prototypes while managing operational risk. Consequently, the authors pinpoint five similarities that improve the understanding of how blockchain technology affects current financial structure and creates new business models. This research suggested using these findings to ascertain further designs initiated by blockchain and how firms can use it to revolutionize its business model. Though there are many favorable uses of this new technology, inquiry and established procedures are still in their embryonic stages, which means it will take some time before blockchain's impact is felt on a larger scale.