A Survey of Blockchain Applications in the FinTech Sector

Renduchintala, Tara; Alfauri, Haneen; Yang, Zebo; Pietro, Roberto Di; Jain, Raj

doi:10.3390/joitmc8040185

Cited by 62 publications

(36 citation statements)

References 62 publications

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“…Global Fintech blockchain market size was valued at $ 15.51 billion in 2021 and is projected to reach $ 37.44 billion by 2028, growing at a CAGR of 50.3% from 2021 to 2028 according to a new report by Intellectual Market Insights Research [51]. The Fintech blockchain market research report examines this industry's existing and future state in depth [52]. While broadening the company's view, the research identifies important trends, possibilities, and obstacles for numerous segments and sub-segments.…”

Section: Blockchain Market Growthmentioning

confidence: 99%

Blockchain Education: Current State, Limitations, Career Scope, Challenges, and Future Directions

Patan¹,

Parizi²,

Dorodchi³

et al. 2023

Preprint

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Blockchain is a revolutionary technology, and its growth started in various industries (such as IT, education, business, banking, and many others) to capitalize on it. Currently, in higher education institutions (HEIs) adoption of blockchain education needs to be improved in the academic programs and curriculums. In addition, HEIs must make many intense changes in the teaching and learning methods to educate learners about blockchain technology and its applications to meet the current industry workforce demand. Due to a lack of academic programs and courses, students nowadays rely on online resources and pay non-academic organizations a high fee. This paper provides a comprehensive survey of blockchain education's current state of the art by reviewing the different academic programs and industry workforce demand. In addition, blockchain application trends which includes the market growth and demands are discussed. Moreover, the blockchain career scope for different disciplines of students is examined.

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Section: Blockchain Market Growthmentioning

confidence: 99%

Blockchain Education: Current State, Limitations, Career Scope, Challenges, and Future Directions

Patan¹,

Parizi²,

Dorodchi³

et al. 2023

Preprint

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show abstract

“…Big Data is often used to analyze trends, track user behavior, and predict future events. Big Data can help companies gain insights into their operations, understand customer needs, and improve their business strategies [4] (see Figure 1). Metaverse is an open-source technology for creating and running decentralized digital economies.…”

Section: Big Data Metaverse and How Does It Work?mentioning

confidence: 99%

“…Companies providing authentication and digital identity services and those involved in financial infrastructure, including data management, will play a vital role in easing the exchange process in this digital setting [4].…”

Section: Future Of Fintech Using Big Data and Metaversementioning

confidence: 99%

Untitled

2023

IJCSIT

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The Fintech industry is no stranger to transformation and disruption. With the emergence of new technologies such as Big Data and the Metaverse, finance companies are quickly leveraging these technologies to revolutionize the virtual fintech sector. Big data transforms how financial institutions gather, analyze, and utilize data. The sheer amount of data available has opened up countless opportunities for better customer understanding and insight into business operations. Companies can use this data to create predictive models that identify emerging trends in customer behavior, market activity, and other aspects of their business. By utilizing these insights, companies can make smarter decisions about products, services, marketing strategies, and more. The Metaverse is another technology with massive potential for disrupting the Fintech sector. The Metaverse enables businesses to offer virtual goods and services without physical stores or retail outlets. This makes it easier for companies to scale their operations across multiple regions and gives customers more options when choosing a financial service provider. Additionally, using digital currencies like Bitcoin helps reduce transaction costs significantly while increasing security compared to traditional payment methods like credit cards or PayPal.

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“…By using blockchain technology, this innovative new platform will completely redefine mortgages as we know them today (Melnyk, Kuchkin & Blyznyukov, 2022). With Metaverse, lenders can quickly assess a borrower's creditworthiness based on factors such as their income history, job stability, credit score, and total assets -without having to rely on traditional methods like paperwork or lengthy appointments with bank loan officers (Renduchintala et al, 2022). Furthermore, the use of smart contracts on Metaverse will ensure that all terms and conditions of the loan are transparent and fair while helping to reduce fraud and minimize the risk of loan default.…”

Section: How Metaverse Will Redefine Mortgage's Business?mentioning

confidence: 99%

Metaverse and Banking Industry – 2023 The Year of Metaverse Adoption

Dubey¹,

Mokashi²,

Pradhan³

et al. 2022

Technium

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This whitepaper discusses the potential of Metaverse to revolutionize the banking industry. It highlights the various ways in which banks can leverage Metaverse to improve their operations, including through the use of NFTs, blockchain technology, and smart contracts. The paper is aimed to explore the possibilities of Metaverse in the Banking Industry and understand its practical implementation radius. This paper navigates to various topics from the definition of Metaverse to business aspects in banking and financial services. Explores the various business opportunities in the customer communication domain, cross-border transactions, mortgages, digital assets, green loans, and achieving carbon net zero through Metaverse. The role of Innovation Leaders is discussed in detail assisting readers to understand and appreciate the value of innovation in today’s rapidly changing technology times. The paper argues that banks must take a proactive role in driving the adoption of Metaverse, support circular economy, and reduce waste by enabling web3.0 technology in the banking sector.

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A Survey of Blockchain Applications in the FinTech Sector

Cited by 62 publications

References 62 publications

Blockchain Education: Current State, Limitations, Career Scope, Challenges, and Future Directions

Blockchain Education: Current State, Limitations, Career Scope, Challenges, and Future Directions

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Metaverse and Banking Industry – 2023 The Year of Metaverse Adoption

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