Blockchain has become a widely used information system technology recently because of its effectiveness as an intermediary-free platform. While the use of blockchain in various fields, such as finance, supply chains, healthcare, education, and energy consumption, is increasingly enabling the development of Internet-enabled “distributed databases,” there are not many exploratory studies available to provide an understanding of how the field is progressing. Therefore, it is imperative to explore the status quo of blockchain technology in the finance sector, particularly highlighting how blockchain architectures can aid the finance sector to gain competitive advantage. This systematic literature review analyzes the content of the 50 most relevant articles and professional industry reports through peer-reviewed relevant academic literature in the finance sector from 2008 to 2022 to identify several possible features of blockchain research in the financial sector. This study highlighted the dimensions of blockchain technology, blockchain in finance, its competitive advantages, the current status of finance, and various challenges that keep the implementation of blockchain-based financial information systems at the initial stage. We identified three main areas that require research attention in order for blockchain technology to become the “next-generation networks” that will revolutionize the financial sector.

Block chain has become a popular distributed ledger technology, which assists to store data in a secured, tamper proofed and immutable manner. In recent years, banks and remittance institutes have shown their interests increasingly to investigate the application design issues related to this disruptive technology, for instance, by evaluating the competitive advantage of using the applications over the tradition banking and remittance industry. Gaining opportunities of the block chain, however, is a challenge for international remittance due to the lack of relevant knowledge of business integration, security, regulatory requirements, technological improvements in mining hardware requirements and social trust.It is imperative to develop application design understanding that may be assistive to gain the actual benefit of the block chain in remittance management. Aiming to offer new knowledge for academics, researchers, business owners, government, FinTech companies and general public users elaborating interplaying business, technical and social requirements, this paper presents a design research approach that guides the development of a novel block chain-oriented remittance model for Australian remittance companies. This paper reports on a preliminary design which can be considered as a first proof-of-concept prototype. We identify key requirements of designing a secured, faster, user-friendly and responsive options for delivering secured transparency of financial transactions for stakeholders, which are to be complying with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.