Blockchain for next generation services in banking and finance: cost, benefit, risk and opportunity analysis

Mohamad Osmani, Ramzi El-Haddadeh*, Nitham Hindi, Marijn Janssen, Vishanth Weerakkody

*Corresponding author for this work

Research output: Contribution to journalArticleScientificpeer-review

57 Citations (Scopus)
175 Downloads (Pure)

Abstract

Purpose: The purpose of this paper is to help in providing a better understanding of the application of blockchain technology in the context of the banking and finance sectors. The aim is to outline blockchain's benefits, opportunities, costs, risks as well as challenges of the technology in the context of banking and finance services. Design/methodology/approach: Careful examination of the extant literature, including utilising relevant academic-based research databases has been carried out. It covered reviewing various research contributions published in peer-reviewed journals, academic reports, as well as technical reports to help in identifying related benefits, opportunities, costs and risks. Findings: The findings reveal that there are limited contributions in utilising blockchain in the banking and finance sectors when compared with other sectors. As such, the study highlighted the relevant perspective of benefits, opportunities, costs and risks within such sectors. Practical implications: This study helps in offering a focal point to banking and financial sector managers and decision-makers for realising the value and offerings of blockchain technology as well as associated strategies and programmes. Originality/value: This study highlights the need for a holistic understanding of the various aspects of cost, benefits, risk and opportunities to create blockchain applications that work for banking and finance sectors

Original languageEnglish
Pages (from-to)884-899
Number of pages16
JournalJournal of Enterprise Information Management
Volume34
Issue number3
DOIs
Publication statusPublished - 2020

Bibliographical note

Green Open Access added to TU Delft Institutional Repository ‘You share, we take care!’ – Taverne project https://www.openaccess.nl/en/you-share-we-take-care Otherwise as indicated in the copyright section: the publisher is the copyright holder of this work and the author uses the Dutch legislation to make this work public.

Keywords

  • Banking and finance
  • Benefit
  • Blockchain
  • Cost
  • Opportunity
  • Risk

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