Journal of Information Processing Systems

Korea Information Processing Society (한국정보처리학회)
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A Survey of the Application of Blockchain in Multiple Fields of Financial Services

  • Wang, Yiran (Dept. of Software Convergence Engineering, Kunsan National University) ;
  • Kim, Dae-Kyoo (Dept. of Computer Science and Engineering, Oakland University) ;
  • Jeong, Dongwon (Dept. of Software Convergence Engineering, Kunsan National University)
  • Received : 2020.01.15
  • Accepted : 2020.07.10
  • Published : 2020.08.31
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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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