A Survey of the Application of Blockchain in Multiple Fields of Financial Services


Yiran Wang, Dae-Kyoo Kim, Dongwon Jeong, Journal of Information Processing Systems Vol. 16, No. 4, pp. 935-958, Aug. 2020  

https://doi.org/10.3745/JIPS.04.0185
Keywords: Blockchain, Consensus Mechanism, Financial Service, FinTech, Smart Contract
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Abstract

The core value of finance is credit. It can be said that without credit, there can be no finance. The distributed structure of the blockchain and the low-cost trust-building mechanism based on mathematical algorithms provide a new solution and path for solving and optimizing related problems in the financial field. The blockchain technology is applied in the development of the financial industry through consensus mechanisms, smart contracts, and distributed networks. In this research, a comprehensive survey of the blockchain technology is proposed in the development of financial services including equity crowdfunding and credit investigations in inclusive finance, cross-border remittance, Internet financial payment, P2P lending, supply chains finance, and the application of blockchain in the field of anti-money laundering. This paper discusses the role of blockchain in solutions to different issues in the financial field. It also discusses the architectures in different financial service application scenarios from the perspective of the financial trust mechanism and the perspective of the technology and rule change of blockchain participation in financial innovation. Finally, the problems and challenges of blockchain in financial services are discussed, and corresponding solutions are proposed.


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Cite this article
[APA Style]
Wang, Y., Kim, D., & Jeong, D. (2020). A Survey of the Application of Blockchain in Multiple Fields of Financial Services. Journal of Information Processing Systems, 16(4), 935-958. DOI: 10.3745/JIPS.04.0185.

[IEEE Style]
Y. Wang, D. Kim, D. Jeong, "A Survey of the Application of Blockchain in Multiple Fields of Financial Services," Journal of Information Processing Systems, vol. 16, no. 4, pp. 935-958, 2020. DOI: 10.3745/JIPS.04.0185.

[ACM Style]
Yiran Wang, Dae-Kyoo Kim, and Dongwon Jeong. 2020. A Survey of the Application of Blockchain in Multiple Fields of Financial Services. Journal of Information Processing Systems, 16, 4, (2020), 935-958. DOI: 10.3745/JIPS.04.0185.