A review of Blockchain Technology applications for financial services

BenchCouncil Transactions on Benchmarks Standards and Evaluations, Journal Year: 2022, Volume and Issue: 2(3), P. 100073 - 100073

Published: July 1, 2022

Financial service providers find blockchain technology useful to enhance authenticity, security, and risk management. Several institutions are adopting in trade finance systems build smart contracts between participants, improve efficiency transparency, open up newer revenue opportunities. Blockchain's unique recording capabilities make the existing clearing settlement process redundant. Banks other financial entities blockchain-enabled IDs identify people. Better results come from organisations' capacity foresee emerging trends applications develop functionality. The transfer of asset ownership addressing maintenance a precise ledger. Measurement, communication, analysis information three significant areas be focussed on by accounting professionals. Blockchain clarifies existence obligations for accountants, it has potential productivity. This paper identifies studies relevant articles related finance. focuses its importance services. Further takes various tools, strategies, featured services Blockchain-based Finally, evaluates Credit reports significantly impact lives customers. Recent data breaches demonstrate superior security blockchain-based credit reporting over conventional server-based reporting. enable faster, more cost-effective, customised issuance digital securities. With adoption, market investors can expanded, costs issuers reduced, counterparty reduced due ability customise instruments demands investors. It uses mutualised standards, protocols, shared procedures give network users single common source truth. Participants business now easily collaborate, manage data, agree with this technology's application.

Language: Английский

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Exploring the Role of Islamic Fintech in Combating the Aftershocks of COVID-19: The Open Social Innovation of the Islamic Financial System

Journal of Open Innovation Technology Market and Complexity, Journal Year: 2021, Volume and Issue: 7(2), P. 136 - 136

Published: May 17, 2021

The purpose of the current study is to investigate role Islamic financial system in recovery post-COVID-19 and way Fintech can be utilized combat economic reverberations created by COVID-19. global crisis 2008 has established credentials as a sustainable which save long run interests average citizens around world while adding value real economy. basic ethical tenets available make it more suited readymade fight aftershocks pandemic like principles finance have solid connections stability corporate social responsibility within wide-reaching business context. With emergence Financial technology (Fintech) provided missing impetus compete on equal ground with its conventional counterpart prove mettle. uses discourse analysis along content extract draw conclusion. findings indicate that COVID-19 opportunity for open innovation grow turned provide speedy, timely, reliable, solution world. significant implications governments policy makers efficient application innovative services consequences pandemic.

Language: Английский

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FinTech enablers, use cases, and role of future internet of things

Journal of King Saud University - Computer and Information Sciences, Journal Year: 2022, Volume and Issue: 35(1), P. 87 - 101

Published: Sept. 5, 2022

In the current global trend, financial organizations strive extensively towards smartening finance to derive benefits of digitalization. such an effort, Financial Technology (Fintech) involves usage several contemporary disruptive technologies as AI, 5G/6G, Blockchain, Metaverse, IoT, etc., in industry add value customer services. By inception technology, major services and processes lending, verification, fraud detection, quality maintenance, credit scoring, many more will be simplified augmented. However, there is a need for research innovation products enabling ecosystem technologies. Consequently, tech-giants have focused their attention on Fintech introduce Information Communication (ICT) solutions. this manuscript, firstly, we envision future trends driving applications that would emerge during 2030. Further, attempt provide high-level framework enablers including 5G, Digital twins Metaverse certain use cases. addition, directions while anticipating challenges ahead.

Language: Английский

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Blockchain, Enterprise Resource Planning (ERP) and Accounting Information Systems (AIS): Research on e-Procurement and System Integration

Applied Sciences, Journal Year: 2021, Volume and Issue: 11(15), P. 6792 - 6792

Published: July 23, 2021

Accounting information systems (AISs), the core module of any enterprise resource planning (ERP) system, are usually designed as centralised systems. Nowadays, continuous development and applications blockchain, or more broadly—distributed ledger technology (DLT), can change architecture, overcome improve some limitations systems, most notably security privacy. An increasing number authors suggesting application blockchain technologies in management, accounting ERPs. This paper aims to examine emerging literature on this field, an immediate result is that have significant benefits. The paper’s innovative contribution considerable objective if be successfully integrated with AIS We find facilitate integration at multiple levels better serve various purposes auditing compliance. To demonstrate that, we analyse e-procurement operations using case study research methodology. findings suggest DLT, decentralised finance (DeFI), financial (FinTech) integrating AISs ERP yield benefits for efficiency, productivity security.

Language: Английский

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FinTech in the Small Food Business and Its Relation with Open Innovation

Journal of Open Innovation Technology Market and Complexity, Journal Year: 2021, Volume and Issue: 7(1), P. 88 - 88

Published: March 1, 2021

Small food businesses have difficulty accessing banks for financing. The growth of the sharing economy through financial technology (FinTech) makes it possible small enterprises to receive access credit. However, not all business owners want financing from FinTech companies. This study aims analyze factors affecting adoption in and its impact on sustainability. modified UTAUT 2 model was applied this study. There were 184 participating as respondents. To causal relationship between variables, Structural Equation Modeling (SEM) implemented. results research found that knowledge, safety perceptions, performance expectations, social influence, facilitation conditions price values affect by owners. Moreover, influences Several important recommendations researchers, industry policy makers are formulated.

Language: Английский

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The Response of Islamic Financial Service to the COVID-19 Pandemic: The Open Social Innovation of the Financial System

Journal of Open Innovation Technology Market and Complexity, Journal Year: 2021, Volume and Issue: 7(1), P. 85 - 85

Published: March 1, 2021

Novel Coronavirus, also known as COVID-19, is a health emergency that having an ever-growing impact on the global economy. COVID-19 has caused economic disruption at unprecedented speed and scale. The costs it will bring to society can only be measured in times come. Millions of people across globe have already become unemployed, similarly, millions businesses either shut down or are verge collapse. It great challenge for policymakers minimize put economy growth trajectory once again. Unfortunately, there so far no country world viewed role model its response pandemic. present study proposes Islamic finance potential tool help affected economies safely pass through crisis resulting from This identifies four-stage ten innovative financial services each stage In addition, analyzes how these effectively utilized different stages overcome damage by

Language: Английский

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A New Stock Price Forecasting Method Using Active Deep Learning Approach

Journal of Open Innovation Technology Market and Complexity, Journal Year: 2022, Volume and Issue: 8(2), P. 96 - 96

Published: May 27, 2022

Stock price prediction is a significant research field due to its importance in terms of benefits for individuals, corporations, and governments. This explores the application new approach predict adjusted closing specific corporation. A set features used enhance possibility giving more accurate results with fewer losses by creating six-feature (that includes High, Low, Volume, Open, HiLo, OpSe), rather than traditional four-feature (High, Open). The study also investigates effect data size using datasets (Apple, ExxonMobil, Tesla, Snapchat) different sizes boost open innovation dynamics. business sector loss result considered. Finally, included six deep learning models, MLP, GRU, LSTM, Bi-LSTM, CNN, CNN-LSTM, stocks. variables OpSe) are evaluated according model's outcome, showing original approach, which utilizes feature set. show that LSTM-based models improved even though all showed comparative wherein no model better or continuously outperformed other models. added positively affected models' performance.

Language: Английский

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Smart Grid, Demand Response and Optimization: A Critical Review of Computational Methods

Energies, Journal Year: 2022, Volume and Issue: 15(6), P. 2003 - 2003

Published: March 9, 2022

In view of scarcity traditional energy resources and environmental issues, renewable (RERs) are introduced to fulfill the electricity requirement growing world. Moreover, effective utilization RERs varying demands customers can be achieved via demand response (DR). Furthermore, control techniques, decision variables offered motivations ways introduce DR into distribution network (DN). This categorization needs optimized balance supply in DN. Therefore, intelligent algorithms employed achieve DR. However, these computationally restrained handle parametric load uncertainty involved with power system. Henceforth, this paper focuses on limitations for a comparative study different is discussed. Based conclusions, quantum recommended optimize computational burden future smart grid.

Language: Английский

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Innovation and E-Commerce Models, the Technology Catalysts for Sustainable Development: The Emirate of Dubai Case Study

Sustainability, Journal Year: 2023, Volume and Issue: 15(4), P. 3419 - 3419

Published: Feb. 13, 2023

Innovation and e-commerce models are essential in sustainable development globally. They among the most important technology innovation catalysts of Dubai’s pillars. Technologies parts strategic approach that aims to become a completely paperless city through digitalisation. The analyses begin with reviewing relevant literature on models. Furthermore, research identifies paradigms suitable for developing technologies successfully. Finally, focus is shifted best innovative practices adopted by companies, contextualised Emirate Dubai as case study. primary outcome this demonstrated how thriving environment, marked adequate investments opportunities provided government, supported adoption. Subsequently, those matched strategies. analysis carried out an organic growth framework. results, therefore, provide valuable insights multiple stakeholders. Indeed, despite some limitations, Emirates can be considered benchmark terms digitalisation approach, its ecosystem proves particularly fruitful company sales growth.

Language: Английский

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Blockchain Technology in Financial Accounting: Enhancing Transparency, Security, and ESG Reporting

Blockchains, Journal Year: 2024, Volume and Issue: 2(3), P. 312 - 333

Published: Sept. 4, 2024

Blockchain technology has revolutionized numerous industries, including that of financial accounting. However, its potential to support environmental, social, and corporate governance (ESG) objectives remains underexplored. This paper addresses this gap by investigating how blockchain’s decentralized tamper-resistant characteristics can enhance green instruments, investment strategies, climate-related disclosures. By leveraging these unique features blockchain applying knowledge discovery from data (KDD) methods, we uncover patterns establish rules highlight role in promoting transparency, accountability, sustainability within the sector. Through a comprehensive analysis literature, case studies, real-world examples, not only presents balanced perspective on integration into accounting but also underscores transformative advancing ESG initiatives. The use KDD provides novel insights effectiveness implementation strategies for ESG, making study pioneering resource academics, professionals, policymakers seeking understand harness impact

Language: Английский

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