4.5 Article

On the Applications of Blockchain in FinTech: Advancements and Opportunities

Journal

Publisher

IEEE-INST ELECTRICAL ELECTRONICS ENGINEERS INC
DOI: 10.1109/TEM.2022.3231057

Keywords

Blockchains; Security; Banking; Peer-to-peer computing; Investment; Computer crime; Companies; Blockchain; cyberattacks; Financial Technology (FinTech); privacy; security

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Financial Technology (FinTech) has expanded its scope from simple mobile banking to include online money transfers, crowdfunding, and managing individual investments. This emphasizes the importance of security and privacy in FinTech, particularly in the use of Blockchain-based FinTech applications. This research systematically summarizes recent developments and highlights the challenges and future directions in Blockchain-based FinTech applications.
Financial Technology (FinTech) has expanded beyond simple mobile banking to online money transfers, crowdfunding, and managing individual investments. This reinforces the importance of ensuring security and privacy in FinTech, e.g., using Blockchain (hereafter referred to as Blockchain-based FinTech applications). In this work, we will systematically summarize recent Blockchain-based FinTech applications. As a result of the advancement of BFinTech, several novel cyberattacks have been evolved to potentially impact BFinTech functionalities. Thus, this work highlights the open research challenges and future research directions in Blockchain-based FinTech applications.

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