The Application and Challenge of Blockchain Technology in The Financial Field

Liuyu Li(Tianjin University of Finance and Economics,China)

Abstract

Blockchain technology, as an innovative distributed ledger technology, has attracted wide attention in the financial field in recent years. This paper aims to explore the application of blockchain technology in the field of finance and the challenges it faces, in order to provide references for the development of related fields. By analyzing the principle and characteristics of blockchain technology, this paper elaborates its application scenarios in finance, supply chain management, audit and other financial fields, and puts forward corresponding countermeasures and suggestions for the challenges that may be encountered in the application process. The study found that blockchain technology has significant advantages in improving transaction efficiency, reducing transaction costs, and enhancing data security, but it also faces challenges in terms of technology maturity, laws, regulations and supervision, privacy protection and data security. This paper proposes countermeasures such as strengthening technology research and development and innovation, improving laws and regulations, strengthening supervision, and applying privacy protection technology to promote the healthy development of blockchain technology in the financial field.

Keywords

blockchain technology; Finance and economics; Finance; Supply chain management; AUDIT

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DOI: http://dx.doi.org/10.26549/jfr.v7i1.15873