Blockchain application and outlook in the banking industry

By Ye Guo, Chen Liang. Financial Innovation, 2016

861 citations recorded by the source corpus.

Blockchain technology is a core, underlying technology with promising application prospects in the banking industry. On one hand, the banking industry in China is facing the impact of interest rate liberalization and profit decline caused by the narrowing interest-rate spread. On the other hand, it is also affected by economic transformation, Internet development, and financial innovations. Hence, the banking industry requires urgent transformation and is seeking new growth avenues. As such, blockchains could revolutionize the underlying technology of the payment clearing and credit information systems in banks, thus upgrading and transforming them. Blockchain applications also promote the formation of “multi-center, weakly intermediated” scenarios, which will enhance the efficiency of the banking industry. However, despite the permissionless and self-governing nature of blockchains, the regulation and actual implementation of a decentralized system are problems that remain to be resolved. Therefore, we propose the urgent establishment of a “regulatory sandbox” and the development of industry standards.

Subfields: Information Systems, Management Information Systems

View Paper: https://www.semanticscholar.org/paper/444f63ec398bc47be32936c35567a78ab2c8e062

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Information Systems

In Management Information Systems

Citations in the corpus

Survey on blockchain based smart contracts: Applications, opportunities and challenges (2021, background): “Know Your Customer: [67], [68], [69] • Improved customer experience • Cross bank verification capability for customer”
Understanding blockchain technology for future supply chains: a systematic literature review and research agenda (2019, background): “Guo and Liang (2016) and Kshetri (2017b) posited that the blockchain is required to resolve such legal issues by providing much needed transparency.”
An Overview on Smart Contracts: Challenges, Advances and Platforms (2019, neutral): “In additional to capital markets, the adoption of smart contracts can also bring beneﬁts to the mortgage loan industry [108].”
Supply Chain Finance Innovation Using Blockchain (2020, background): “The blockchain technology system is no longer limited to digital currency and has begun to be applied to the Internet of things (IoT) [11], [12], transportation services [13], energy networks [14], [15], medical data [16], the banking industry [17], and other ﬁelds.”
A Vademecum on Blockchain Technologies: When, Which, and How (2019, neutral): “(i) clearing, collateralization, real estate [81, 82, 83, 84, 85].”
Fintech investments in European banks: a hybrid IT2 fuzzy multidimensional decision-making approach (2021, background): “Tre-leaven et al. (2017) and Guo and Liang (2016) also determined that the operations of banking and finance can be simplified with the help of the blockchain system.”
Bitcoin, Blockchain and Fintech: a systematic review and case studies in the supply chain (2019, neutral): “…challenges in IT systems, including in the health sector (Linn and Koo 2016); circumvent digital identity-authentication issues (Shrier, Wu, and Pentland 2016); and revolutionize the underlying technology of the payment-clearing and credit-information systems in banks (Guo and Liang 2016).”
When Blockchain Meets Supply Chain: A Systematic Literature Review on Current Development and Potential Applications (2020, background): “Several research endeavors regarding trade finance [5], medical record management [6], voting [7], and insurance industries [8] have improved the visibility of blockchain.”
Overview of business innovations and research opportunities in blockchain and introduction to the special issue (2016, background): “In the paper titled “ Blockchain Application and Outlook in the Banking Industry ” , Guo and Liang (2016) propose that payment clearing system and bank credit information systems can be the appropriate scenarios of blockchain application.”
Blockchain Technology as an Enabler of Service Systems: A Structured Literature Review (2017, background): “On the one hand, information on transactions is shared and stored throughout the network and is therefore treated in a redundant way [25] and on the other hand, since the technology is based on data and code, the introduction of automated measures is facilitated [40], which in turn may reduce indivi”