Blockchain Technology in Financial Services

The rise of blockchain technology has revolutionized the conduction of international financial services through cryptocurrency transactions like Bitcoin. The technology is a secure recording process; hence no intermediaries are involved thus the relevance in the processing of a wide array of financial transactions. Cryptocurrencies, smart contracts, improving data collection, privacy, supply chain finance, and asset tokenization are some of the notable financial implications of blockchain. This paper investigates the background, impact, and varied implications of Blockchain in financial services and its role in the reduction of costs, simplification of processes, and enhancing security and privacy. Additionally, it focuses on the financial and regulatory challenges facing the adoption of blockchain and supports the establishment of new regulatory platforms. It, therefore, achieves the objective of measuring the impacts of blockchain on financial services through a mixed-method research design to establish the technology's significance, challenges, and future progress.