Application and prospects of blockchain technology in the financial sector

Abstract

The term blockchain was first introduced in October 2008 by an alias named Satoshi
Nakamoto, in the article «Bitcoin: peer-to-peer electronic payment system». Blockchain has become a
remarkable technology in recent years with its structure known as distributed notebook technology. Bitcoin
is the first application of blockchain technology. With bitcoin application, companies and organizations
have become very eager to explore new areas of application using their proven blockchain technology.
Leading organizations, especially finance companies, retail sector, public institutions and insurance
companies, show great interest and are engaged in application development efforts on this subject.
On the other hand, academic studies in the literature on the applications of Blockchain technology
in the financial sector are limited. Therefore, the aim of this study is to examine the application areas,
advantages and disadvantages of the use of block chain technology in finance.