The Role of Blockchain in Innovative Fintech Services

Abstract

Most financial institutions have started applying Blockchain technology in the financial market with the aim of reducing transaction costs and increasing operational efficiency. As part of open banking, this technology is designed to improve financial services for its users. For customers, this technology will mean better ways to spend, borrow and invest. Clients will be able to get financial products better adapted to their needs, which would lead to a reduction in costs. In this paper, modern trends in the application of Blockchain technology in the field of banking and financial services are followed. Numerous studies conducted on the application of Blockchain technology in the financial market have shown that this technology can be applied to financial fields and financial products and that it can protect data security, especially in the data trading aspect. Today, large IT firms and companies invest large financial resources for the implementation and development of this technology.