FinChain: Adaptation of Blockchain Technology in Finance and Business - An Ethical Analysis of Applications, Challenges, Issues and Solutions

Authors

Naresh Kshetri, Lindenwood UniversityFollow
Keith Miller, University of Missouri -St. LouisFollow
Gaurango Banerjee, Lindenwood UniversityFollow
Bikesh Raj Upreti, The University of Queensland, AustraliaFollow

Abstract

Blockchain Technology is a distributed database technology that has emerged as a ground-breaking technology with several possible solutions to critical applications, say from supply chain management, agribusiness, marketing to healthcare industry including internet of medical things. Although it started as a digital coin (popularly known as bitcoin), it is slowly influencing business, marketing policy and society. We have presented an in-depth study and ethical analysis of how blockchain is applied over the economic and financial sector including banks, credit unions and other retail giants. During our research, we have also investigated how blockchain technology can affect financial institutions around the world and businesses including large and small businesses. Our contributions included the following: (i) classifying blockchain models and architecture for finance and business markets (ii) analyzing recent and relevant works for finance applications and business solutions using blockchain (iii) discussing the advantages of using blockchain technology in financial institutions like banks, government firms. education sectors (iv) pointing out challenges and issues of blockchain technology for finance and business organizations (v) summarizing future research on integration and adaptation of blockchain technology along with C2C, B2C, and B2B with finance and recommendations for improvement.

Recommended Citation

Kshetri, Naresh; Miller, Keith; Banerjee, Gaurango; and Upreti, Bikesh Raj (2023) "FinChain: Adaptation of Blockchain Technology in Finance and Business - An Ethical Analysis of Applications, Challenges, Issues and Solutions," International Journal of Emerging and Disruptive Innovation in Education : VISIONARIUM: Vol. 1: Iss. 1, Article 4.
DOI: https://doi.org/10.62608/2831-3550.1010
Available at: https://digitalcommons.lindenwood.edu/ijedie/vol1/iss1/4

Date

28 June 2023

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