Navigating the Blockchain Landscape: Role, Challenges, Risks, and Issues in the Banking and Finance Sector

Kumar, Rajiv; Saini, Manisha; Vishwakarm, Ajeet Kumar; Faizan, Ruby; Rawat, Divya; Negi, Deepak

doi:10.1109/icccmla58983.2023.10346856

Cited by 1 publication

(1 citation statement)

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“…These findings underscore the complexities of applying blockchain in regulatory contexts, where the benefits of decentralization must be weighed against the requirements for regulatory compliance and control. Kumar et al (2023) and delve into the role, challenges, risks, and issues of blockchain in the banking and finance sector, highlighting scalability, technical complexity, legal and regulatory compliance, and standardization as major obstacles. The study emphasizes that the autonomous and international nature of blockchain networks complicates compliance with existing legal frameworks, necessitating collaboration among financial institutions, technology providers, regulators, and standardization bodies.…”

Section: Regulatory and Compliance Hurdlesmentioning

confidence: 99%

The role of Blockchain technology in enhancing transparency and trust in green finance markets

Ezekiel Onyekachukwu Udeh,

Prisca Amajuoyi,

Kudirat Bukola Adeusi

et al. 2024

Financ. account. res. j.

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This study explores the transformative potential of blockchain technology in green finance, aiming to assess how it enhances transparency, efficiency, and trust within the sector. Employing a systematic literature review and content analysis, the research scrutinizes peer-reviewed journals, industry reports, and case studies to elucidate blockchain's impact on sustainable financial practices. The methodology focuses on identifying the benefits, challenges, and strategic implications of blockchain applications in green finance, guided by specific inclusion and exclusion criteria to ensure the relevance and quality of the literature analyzed. Key findings reveal that blockchain technology significantly contributes to the transparency and efficiency of green finance mechanisms, such as green bonds and sustainability-linked loans, by providing immutable, transparent, and secure transaction records. This technological integration fosters trust among stakeholders, including investors, regulators, and beneficiaries, and addresses traditional challenges faced by green finance, such as lack of transparency and high transaction costs. The study underscores blockchain's role as a catalyst for change in the future of green finance, advocating for the development of supportive regulatory frameworks and international collaboration to fully harness its potential. Finally, the research offers strategic recommendations for enhancing transparency and trust in green finance through blockchain technology and identifies areas for future research, including the exploration of emerging technologies and the socio-economic implications of blockchain in sustainable finance. This study contributes to the ongoing discourse on leveraging blockchain technology to advance environmental sustainability goals within the financial sector. Keywords: Blockchain Technology, Green Finance, Transparency and Trust, Sustainable Financial Practices.

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Section: Regulatory and Compliance Hurdlesmentioning

confidence: 99%