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All Journal Asian Journal of Management, Entrepreneurship and Social Science
Asrid Juniar
Faculty of Economics and Business, Lambung Mangkurat University, Banjarmasin, IndonesiaDoctoral Program in Management,
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Literature Study of the Application of Blockchain Technology in the Financial Sector Saiful Ruchiyat Cosahan; Atma Hayat; Asrid Juniar
Asian Journal of Management, Entrepreneurship and Social Science Vol. 4 No. 03 (2024): August Asian Journal of Management Entrepreneurship and Social Science ( AJMES
Publisher : Cita Konsultindo Research Center

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Abstract

The advancement of information technology, particularly blockchain technology, has had a significant impact on the financial sector. Blockchain, which underpins cryptocurrencies such as Bitcoin and Ethereum, offers characteristics of decentralization, security, transparency, and efficiency that have the potential to transform how financial transactions are conducted. This research aims to summarize and analyze the application of blockchain technology in the financial sector, focusing on security mechanisms and block levels. The research method used is a literature review, which includes analysis from various sources such as journals, books, and related documents. The findings indicate that blockchain technology has the potential to enhance security and transparency in financial transactions, reduce fraud risks, and accelerate transaction settlement processes. In the context of Islamic banking, blockchain can strengthen security and transparency as well as improve operational efficiency. However, challenges such as scalability, immature regulation, and the integration of Sharia principles need to be addressed. The study also identifies that while blockchain offers significant potential, there are risks related to anonymity and misuse that require stringent regulation. By understanding the existing challenges and potentials, it is hoped that blockchain technology can be effectively optimized in the financial sector, both to enhance financial inclusion and improve financial reporting infrastructure.
Co-Authors Atma Hayat Saiful Ruchiyat Cosahan