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25-31 

25 

 

 

 

Article 

Blockchain: a catalyst in fintech future revolution 
Hamed Taherdoost* 

Department of Arts, Communications and Social Sciences, University Canada West, Vancouver, Canada 

A R T I C L E   I N F O 
 

Article history: 
Received 11 October 2022  
Received in revised form 
20 November 2022 
Accepted 23 November 2022 
 
Keywords:  
Blockchain, Fintech, Financial Technology, Smart 
Contract, Non-Fungible Tokens, Cryptocurrency, 
Web 3.0 
 
*Corresponding author 
Email address: hamed.taherdoost@gmail.com 
 
 
DOI: 10.55670/fpll.futech.2.2.3 

A B S T R A C T 
 

Blockchain technology is a trending subject of research and development. As a 
result of the blockchain proof of concept, the banking industry also accepted the 
technology and altered the fundamental financial concepts. In the Fintech 
sector, difficulties such as missed objectives, lengthy fund-raising cycles, and 
rising losses are typical, and they often happen as a result of not strong 
management. Blockchain has created inclusive, open, and secure corporate 
networks that enable the rapid issuance of digital security at lower unit prices 
and with a higher degree of customization. In recent years, blockchain 
technology has evolved in the financial sector, exhibiting numerous benefits. 
According to analysts, blockchain technology will help the banking industry 
become more accessible, efficient, secure, and user-friendly in the upcoming 
years. This article reviews how blockchain technology is employed by the 
financial services industry and also the applications of blockchain, as an 
emerging field, in Fintech to find new gateways for this field. 
 

 

1. Introduction 

Fintech, a combination of "finance" and "technology," is a 
contemporary phrase in the financial industry. Traditional 
financial service providers, such as banks and insurance 
companies, are also included. Technology facilitates 
innovation in financial products and services, which improves 
business models and procedures and has an impact on the 
growth of the financial industry and the availability of 
financial services. Customers' requirements dictate the 
direction of financial technology development. Most Fintech 
companies concentrate on peer-to-peer lending, stock 
trading, cryptocurrency trading, and other elements of 
finance [1]. Since the 19th century, considerable technical 
advances have occurred as a result of efforts to improve 
customer service. While rising consumer expectations play a 
role in the advancement of the Fintech movement, the global 
economic crisis has been a crucial motivator for enhancing 
the movement's passion. In the previous century, seven 
cataclysmic crises shook the globe, with the most recent one 
in 2008 serving as the last blow to the financial industry's 
technological foundation [2]. The pandemic Covid-19 virus 
has inaugurated a new era of financial technology. The 
disease's rapid development has prompted individuals to 
actively adjust their daily activities, which has expanded the 
use of financial technology. An estimated 21% to 26% 
increase in daily downloads of Fintech mobile apps may be 
attributable to the spread of the disease [3]. Annual trade 
volumes for digital payment and virtual currency platforms 
increased by more than 20%, while online banking and 
identity management increased by around 10% [3]. Globally, 
Fintech enterprises are growing in popularity. As banking and 

other financial services become more digitized, competition 
will be raised too. Comparatively, just 2.6% and 3.3% of 
companies in the aviation and insurance industries invest in 
IT; however, 4.7% to 9.4% of companies in the banking 
industry do the same [4]. Digital finance's expanded financial 
intermediation affects both consumers and the economy. A 
decade of research on the link between money and 
technology has produced unexpected results [5]. Satoshi 
Nakamoto, an unidentified Japanese computer engineer, 
developed Bitcoin in 2009 as a cryptographically secure 
distributed ledger system for recording financial transactions 
[5]. These developments in Fintech have opened up the 
opportunity for an abundance of new firms with boundless 
potentials. Venture capitalists and the credit markets are 
commonly the primary sources of funding for Fintech 
companies. Fintech companies are more widespread in 
countries with flexible financial rules [6]. Fintech success is 
dependent on the amount of money provided by venture 
capitalists. The $128 billion spent worldwide on Fintech in 
2017 is expected to climb to $310 billion by 2022. In the next 
three to five years, traditional financial institutions will 
employ real technology to enhance customer retention [7]. 
Innovative technological advancements and web-based 
services provide financial institutions with serious 
competition. A lot of these innovative financial services would 
not exist without the contributions of Fintech companies. 
They compel banks to assess their constraints and explore 
more open forms of collaboration [8]. The banking sector has 
responded to this potential threat by forming strategic 
partnerships with Fintech companies and using their 
services. Banks have built Fintech incubators to stimulate 

 

 

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H. Taherdoost /Future Technology                                                                                                  May 2023| Volume 02 | Issue 02 | Pages 25-31 

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innovation while maintaining control over other new 
companies that may emerge [9]. In contrast, P2P Fintech does 
not put banks at risk of security issues [10]. A considerable 
majority of customers continue to emphasize bank security 
while doing financial transactions. The blockchain serves as 
the backbone of financial technology. Bitcoin, the first 
cryptocurrency, was created in 2008, ushering in the 
Blockchain era [4]. Blockchain has gotten a lot of interest, 
investment, and research because of the problems it solves, 
the trust it builds, and the transactions it makes possible. With 
the help of blockchain technology, traditional banking 
processes are being changed into completely open systems, 
and success depends only on how well they work. If 
blockchain is used correctly, it could help build a digital 
economy and change the financial industry. This technology 
will allow completely decentralized and authority-free peer-
to-peer transactions. In other words, blockchain simplifies 
international financial transactions. Using blockchain 
technology, the average cost of transferring funds between 
accounts will be 3% which is considerable compared to 10-
15% charged by banks [11]. The Blockchain & 
Cryptocurrency industry surpassed other industries in the 
first half of 2022, accounting for one-fifth of all agreements 
with 704 transactions out of a total of 3,447. In the second 
quarter of 2020, blockchain and virtual currencies were used 
by 2.5% of the world's population, and by the second quarter 
of 2021, that number had risen to 24%. As long as new 
technology and innovations are introduced, acceptance and 
growth will continue. WealthTech raised the most capital in 
the first half of 2022, with $13.9 billion, or 18% of the total 
$76.8 billion raised in global Fintech transactions (Figure 1) 
[12]. In the last decade, there has been an increase in 
transformation in digital banking, which has increased the 
number of available trading options and provided users with 
the opportunity to handle their assets independently. Due to 
the immutability and transparency of blockchain 
transactions, the financial industry stands to benefit 
tremendously from this technology.  

 

 

 

Due to the novelty of the technology and the lack of an 
international regulatory framework, its security may be a 
concern. Even though blockchain has existed for a decade, it 
is still a relatively new technology; therefore, susceptible to 
technological limitations. The inefficiency of the technology to 
achieve its full potential is hindered by the lack of appropriate 
legislation. There are several applications for blockchain 
technology in the financial industry, but its boundaries in 
other industries are still being researched [11]. Since 
blockchain is an emerging field and has received little 
attention in Fintech, this article reviews the applications of 
blockchain in Fintech to find new gateways in this area. 

2. Decentralized Finance 

Decentralized finance, or DeFi, is a relatively new method 
of funding that excludes traditional financial institutions. To 
achieve this, it leverages a blockchain-based architecture that 
is unique from the usual one. Ethereum has served as the 
primary foundation for several blockchain projects [13]. DeFi 
methods eliminate the intermediary in financial transactions, 
which may be beneficial for diversifying loan portfolios, 
growing individual investments, and managing day-to-day 
finances. Gains on DeFi financial products are intended to 
augment, not replace, conventional advantages. Some DeFi 
offers to promote high-interest securities to attract investors. 
Increases in funding for DeFi systems have exceeded $11 
billion [14]. The development of DeFi was made possible by 
three major and practical technologies: Moore's law, Kryder's 
law, and the third law, whose name is still unknown. Moore's 
law asserts that computing power increases exponentially as 
the number of records that can be processed concurrently 
increases. Kryder's rule holds for archival storage space as 
well. Thirdly, DeFi is already a reality due to the exponential 
expansion and declining costs of the communications sector 
[14]. Despite claims to the contrary, DeFi has numerous 
downsides. Legally speaking, DeFi endangers monetary 
systems since it seeks to supplant the regulating activities of 
institutions. Any DeFi adoption raises digital dangers due to 
technological dependence and interaction.  

 

 

 

Figure 1. Global Fintech deal in the first half of 2022, adapted from Global Fintech [12] 



H. Taherdoost /Future Technology                                                                                                  May 2023| Volume 02 | Issue 02 | Pages 25-31 

27 

 

Without monitoring, the sector is very dangerous and 
prone to fraud. In 2021, DeFi network hackers accessed 
nearly $10 billion. DeFi applications are rapidly becoming a 
far more realistic means of stealing money [15]. 

2.1 Cryptocurrency 
As a consequence of the increased usage of cell phones 

and internet services, several novel techniques for completing 
financial transactions have evolved. In 2008, Satoshi 
Nakamoto released the initial version of Bitcoin on a mailing 
list maintained by cryptographers, ushering in the blockchain 
age [16]. In contrast to the majority of fiat currencies, neither 
the government that issues it nor the business that endorses 
it guarantees its value. Recently, demand has increased in this 
industry. Businesses may get financing without seeking 
venture capitalists, and the resulting shares are not required 
to be published on a public market. Regarding the 
cryptocurrency market, there are two distinct viewpoints: 
one believes that the vast majority of coins are fake and 
expensive, while the other says that cryptocurrencies 
represent an innovative concept that should be regarded as 
an asset class [17]. Utilizing a cryptocurrency necessitates a 
cryptocurrency wallet, which holds a randomly generated 
address. This address may be used to produce a public key. 
The wallet also includes a private key, which may be used to 
authenticate your identity and the validity of your 
transactions. The public key of the receiver is used to 
authenticate the sender's payment at the recipient's address. 
The mining procedure guarantees the legitimacy of the 
transaction. The miner verifies each transaction's digital 
currency to confirm its validity and prevent double-spending. 
The blockchain records who have the money. To entirely 
exclude the possibility of fraudulent behavior, miners must 
perform a computationally intensive procedure. In this 
circumstance, just two instances of valid activities serve as 
evidence of stake or effort. This step keeps the number of 
validation actions under control. This is because each block 
mined generates a whole new currency [18]. 

2.2 Remittance  
A remittance is money received overseas and returned to 

the native nation of the sender. These actions might be 
classified as either official or unofficial [19]. The government 
has authorized international banking. A bank may provide 
services in areas where it does not have a branch by forming 
a long-term partnership with another bank. The creation of 
blockchain technology occurred independently of and in 
opposition to the current monetary system. Since their 
inception, cryptocurrencies have made progress toward the 
systematization of remittances and economic development. 
They have developed a stable path for international trade. 
International transfers were one of the intriguing 
applications of cryptocurrencies [20]. Instantaneous 
payments and immutable public audit trails are provided by 
cryptocurrencies and distributed ledger technologies. 
Standardization converts remittances into marketable 
equities via the imposition of processing fees, the 
commercialization of customer data, and the further 
integration of such transaction channels into complicated 
monetary solutions [21]. 

2.3 Smart Contracts 
Smart contracts are transforming business operations 

across several sectors. By integrating smart contracts into 
blockchains, agreements may be executed under their terms 
without the need for a third party. Distributed ledgers 
simplify the storage and modification of smart contract data 

[22]. Decentralized apps and DeFi systems with robust smart 
contract capabilities may expand to a billion active users and 
hundreds of millions of daily activities at very cheap service 
costs. In a real-world Fintech application, an insurance firm 
and a farmer employ smart contracts. When the farmer fulfills 
a contractual commitment, the insurance provider must 
compensate him. The bitcoin payment is sent directly to the 
recipient's wallet. Ethereum is a decentralized platform that 
facilitates the execution of smart contracts. Smart contracts 
are transformative for IoT innovation. Today, the bulk of 
businesses still depend on centralized infrastructure for their 
IoT networks. To save time and money, developers may 
include software update hashes to smart contracts that are 
then distributed over the network. Using smart contracts may 
reduce investment risk, operating costs, and service quality. 
The extended settlement periods have harmed conventional 
stock markets. Due to the ability of smart contracts to cut 
settlement length from twenty days to only one week, it may 
be possible to increase client satisfaction. Smart contracts are 
essential to the security of any reliable system. The cloud 
computing application is one of its many use cases. In cloud 
computing, the data is saved and validated on the servers. The 
data is readily compromised if the third party is attacked or 
compromised. Smart contracts are based on the concept that 
a user may make a request to two distinct cloud servers and 
have them both do the identical action. Since contracts are in 
place, dishonesty is less likely to occur. Even if the field of 
smart contracts is evolving rapidly, there are still several 
issues to be resolved [23]. 

2.4 Know-Your-Customer (KYC) 
In the financial industry, "know your customer" refers to 

a set of criteria for validating customers' identities and 
income levels. Blockchains utilize digital fingerprints to verify 
the identity of the user. Every online transaction would have 
its unique digital fingerprint if a distributed ledger and 
identity verification-based identification system were 
deployed [24]. KYC procedures, which focus on making sure 
the customer can be identified, are the core of every financial 
institution. KYC protocols will be important in the endeavor 
to integrate legal identity management with confidentiality 
precautions as a growing number of financial applications 
transition to blockchains. Know your client is based on 
document authentication checks, photo identification checks, 
and facial authentication checks. Due to the combined risks of 
financial fraud and theft, institutions need to simultaneously 
comply with many KYC regulations while also protecting the 
privacy of their clients. Fintech has offered several viable 
options that meet KYC's legal and privacy requirements while 
promoting accessibility. In addition to an increasing number 
of conventional banks, every Fintech company is becoming 
digital. KYC uses cutting-edge artificial intelligence to 
expedite criminal background checks on clients and enable 
mobile/portable device banking access. KYC has several 
advantages, but it also has certain disadvantages. Digital 
approaches need hardware and software that are reliable. 
Inadequate financing for system maintenance and 
improvement has led to a decline in the quality of treatment 
provided to patients [25, 26]. 

2.5 Non-Fungible Tokens (NFT) 
Non-fungible tokens, or NFTs, are digital tokens that are 

rare, unique, and incapable of being traded on a public 
blockchain. However, they are all kept in digital ledgers; they 
are not just images. This digital asset shows real-world media , 
such as films, songs, and works of art. They are unique and 
cannot be reproduced under any circumstances. NFTs are 



H. Taherdoost /Future Technology                                                                                                  May 2023| Volume 02 | Issue 02 | Pages 25-31 

28 

 

widely used for the purchase and sale of digital artwork. NFTs 
depend on a variety of blockchain platforms, but the 
blockchain itself is the essential component. With the 
introduction of second-generation blockchains such as 
Ethereum, software development and deployment are now 
conceivable. The ERC-20 standard enables the trading of 
fungible tokens, such as cryptocurrencies. These new 
currencies, also known as NFTs, use the ERC-721 protocol 
since they cannot be exchanged for other tokens. To 
discriminate between fungible and non-fungible tokens, a 
new protocol was required [27]. There are several business 
models for NFTs. This indicates that artists no longer need to 
sell their work via traditional channels such as galleries and 
auctions. They may instead sell it straight to clients as a NFT 
and retain a larger percentage of the revenue. There are 
probably more methods to get income from NFTs without 
selling artwork. Businesses may experiment with novel 
operational strategies, improve the quality of their existing 
products, and grow as a result. They provide new internet 
commerce and project participation platforms. All major 
corporations, including those in the multimedia business, will 
make a large investment in this area [28]. The blockchain is 
the foundation for many cutting-edge technologies, including 
NFTs, smart contracts, and cryptocurrencies such as Bitcoin. 
The Bitcoin industry has already suffered the repercussions 
of NFTs, and they are now beginning to extend to the Fintech 
industry. The development of decentralized banking may rely 
on non-fiat currencies. NFTs make it possible for Fintech 
companies to employ well-established crypto funding 
mechanisms, such as token IPOs, to get access to the 
cryptocurrency market or launch decentralized finance firms 
[29]. NFTs and DeFi will supply innovative Fintech together 
[30]. Although using NFT technology has resulted in various 
advantages, there are also disadvantages. NFTs were 
vulnerable to the same kinds of hacking that may harm any 
technological system. Money laundering is a possible concern 
[28]. 

2.6 Web 3.0 
The next iteration of the internet, known as Web 3.0, 

encourages decentralized protocols and aims to lessen 
reliance on significant technical corporations. Web 1.0 was a 
simple idea that introduced the world to the Internet. For 
Web 1.0, just basic writing and reading abilities are needed. 
The read/write protocol, sometimes referred to as Web 2.0, 
has been made available. Internet users were first happy with 
the new capabilities, but over time they came to understand 
more about how their data was being used for commercial 
purposes. The latest version of the Internet, known as "Web 
3.0," allows users to "read," "create," and "own" their material 
(www) [29]. In Web 3.0, cryptocurrencies are used to verify 
ownership of decentralized protocols. This permits the 
diffusion of collaborative frameworks for traditionally 
centralized products. Simply described, Web 3.0 refers to the 
semantic web. It is both an excellent example of how a 
database might be used to radically modify the web and an 
essential element of such a web. As a consequence of the 
advent of blockchain technology and new online releases, 
society is evolving toward dynamic web connections powered 
by artificial intelligence [31]. Web 3.0 signifies a major shift in 
the use of the internet and associated technologies. Anyone is 
invited to engage in a Web 3.0 decentralized environment, 
and the greater the number of participants, the greater the 
overall success of the project. Before the third phase is 
completely implemented, companies must decide on the 
necessary Internet modifications; otherwise, they will be 

unable to satisfy client expectations. DeFi is a web 3.0 peer-
to-peer network that provides consumers with easy access to 
blockchain-based financial services. Web 3.0, which focuses 
on financial technology, will usher in a period of significant 
change [32]. As a consequence of the rapid expansion of the 
financial and technical sectors, several new businesses have 
developed. Because of the emergence of new technologies 
that have the potential to alter the future of banking, 
settlements, and cryptocurrencies, there is increased 
pressure on businesses to reevaluate their products and 
economic strategies [33]. 

2.7 Metaverse  
In the metaverse, users inhabit a digital environment 

that combines virtual reality, augmented reality, and other 
media kinds. Web 3.0 will be the future basis of the metaverse. 
In this new economy, which will be driven by blockchain-
based distributed applications (dApps), users will have 
control over their digital currency and data [34]. The term 
"metaverse" is attributed to science fiction/fantasy author 
Neal Stephenson, whose 1992 book "Snow Crash" included 
live avatars interacting with authentic 3D architecture and 
other VR settings [35]. The roadway is susceptible to change, 
just like every other location on earth. The main highway may 
serve as the beginning point for investor-built connecting 
roads. They may create artificial buildings, amusement parks, 
and billboards, among other things. Many things can be found 
in the Metaverse, from social gatherings to competitive games 
[36]. Users of the Metaverse are required to wear a VR 
headset and connect to the VR control panel. It is essential to 
note that in a variety of online games and scenarios, you may 
even own and sell virtual items. In addition, there is no single 
organization or team responsible for constructing the 
metaverse.  

Long term, several diverse virtual environments 
produced by different teams will be interoperable. If two 
virtual worlds are linked, the blockchain can verify ownership 
of digital assets in both. Users may purchase digital money so 
long as they have access to their bitcoin wallets [37]. The 
metaverse can alter service delivery via the use of cutting-
edge technology and innovative solutions, which have 
revitalized the financial sector as well as many others. New 
metaverse business models might make it possible for 
cryptocurrencies to become a powerful alternative currency. 
During the global Covid epidemic, video calling was used to 
connect geographically scattered workers, announcing the 
impending arrival of the subsequent developments. Fintech 
services, which offer a virtual counterpart to conventional 
banking tasks like account management and transaction 
processing, are often seen as an essential aspect of the 
metaverse. The metaverse may provide more purchasing 
opportunities than entertainment alternatives for the average 
client. Fintech businesses are capitalizing on emerging 
financial needs, and many entrepreneurs are producing 
digital products based on well-known literary characters 
[38]. Banks must collaborate with Fintech companies and 
profit from their innovations to flourish in the coming 
metaverse virtual world. Indeed, banks and other financial 
organizations in Korea have begun to construct customer-
facing, interactive virtual worlds [39]. By using this metaverse 
implementation as a learning environment, experts in the 
financial business may have gains. The financial industry will 
be changed by technologies such as blockchain, 
cryptocurrencies, NFTs, and the metaverse [40]. 

 



H. Taherdoost /Future Technology                                                                                                  May 2023| Volume 02 | Issue 02 | Pages 25-31 

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3. Development in Different Fintech Segments 

Banks are entering a new era due to the expansion of 
Fintech. Executives in charge of the global financial markets 
have a huge difficulty in this mostly uncharted sector [41]. 
Despite advances in timeliness and quality of financial 
services [42], digital cost reductions remain to represent the 
promise of Fintech. Due to advancements in financial 
technology, business owners may now get funds and conduct 
transactions online. Regardless of time or place, the online 
marketplace may be a very useful instrument for doing 
commercial transactions in the agricultural sector [43]. By 
giving customers access to financial services through mobile 
apps, organizations have built ingenious client engagement 
tactics. Utilizing cutting-edge blockchain and artificial 
intelligence technologies is an efficient method to save costs 
and increase production. The transaction settlement services 
provided by Fintech companies are highly advantageous [44]. 
Internet services, especially in developing countries, have 
contributed to the growth of Fintech. This section will discuss 
how development is occurring in different segments of 
Fintech. 

3.1 Financing 
In the last decade, there has been an explosion in the 

number of Fintech businesses. Due to technology 
improvements, several investors now have access to a new 
funding stream. By eliminating the need for a trusted third 
party (or central server), the deployment of blockchain 
technology in the financial sector might provide investors and 
business owners with new tools for the frictionless flow of 
data and resources [20]. Crowdfunding and crowd-investing 
are unquestionably among recent global phenomena. In 2015, 
it produced global revenue of $34 billion [45]. Crowdfunding 
platforms enable startups and other enterprises to generate 
capital by selling ownership stakes to the general public. 
Governments have responded by developing criteria for how 
enterprises might safely seek initial capital. The bulk of funds 
on crowdfunding platforms are contributed by 
inconsequential people who have no real input in how a firm 
run. Many firms of this type do not last a long time. The initial 
public offering is a further method of financing (IPOs) that 
normal investors no longer have access to [46]. Initial public 
offerings (IPOs) may produce hundreds of millions of dollars 
or more; however, crowdsourcing is often used to finance 
startups [47]. 

3.2 Asset Management 
Financial technology businesses are implementing 

extensive adjustments to the digital infrastructure. Hiring a 
trained asset manager is a practical way to maintain financial 
control and grow the portfolio. Robotic advisors are a 
prevalent illustration of how rapidly technology is advancing 
in the present day. The term "Robo-advisor" refers to a kind 
of financial advisor capable of managing investment 
portfolios. This new strategy is less costly and more effective 
than previous methods. Robo-advisors often charge a 
predetermined annual fee of less than 0.5% to manage their 
money [48].  Fintech has contributed to a time of tremendous 
expansion in the financial services industry. Social trading 
allows users with a rudimentary understanding of finance to 
imitate the actions of more seasoned traders [49]. 

3.3 Payment 
The payments industry is one of the dynamic Fintech 

sectors. Since these developments, there has been intense 
rivalry among banks. Peer-to-peer lending, digital banking, 
bitcoin, and the expanding mobile payments sector are among 

the new financial services made possible by the merger of 
finance and technology [50]. Electronic payment is processed 
via a payment gateway. With the advent of internet shopping, 
the significance of electronic transaction technologies has 
also increased. In response to the rise in mobile phone use, 
the digital payment system has been improved. Only as a 
mechanism to provide safe online transactions the notion of 
cryptocurrency has been formed [51]. 

4. Future Perspective  

The fast worldwide expansion of Fintech may be 
attributed to a multitude of factors, including changing 
consumer views and attitudes, improving financial 
technology, and increasing governmental permission. The 
company's future depends on distributed computing. 
Customers may now do a variety of financial transactions 
from the convenience of their mobile devices and owing to 
Fintech which improves customer service [28]. An increasing 
number of customers will tolerate substandard service and 
unethical business methods. It is essential to recognize that 
although technological advancements undoubtedly enhance 
our quality of life, they also pose several risks, such as the 
rising possibility of data breaches and other sorts of theft. The 
banking sector utilizes cloud services to improve quality and 
efficiency, but this creates new security risks. Numerous 
Fintech businesses from across the globe are working to 
discover a solution for blockchain adaptation to empower 
clients with data ownership and reduce their reliance on 
middlemen [52].  This new area of study may have an effect 
on the banking and finance industries. The possibility for 
digitizing and betokening a company's assets would 
unquestionably need a shift in corporate strategy. Using 
blockchain technology's revolutionary ways of financial 
operations that respect the limitations of openness and 
dependability, a decentralized financial system is being 
constructed [11]. Given the sector's rapid adoption and 
deployment of technology, the future of Blockchain in 
financial technology appears optimistic. The blockchain-
based Fintech industry is anticipated to reach USD 6,700,63 
million by 2023, rising at a CAGR of 75.2% from 2018 to 2023 
[53]. Applications using blockchain technology will cause a 
financial storm. Eventually, the advantages of this system will 
extend beyond traditional banking to non-banking financial 
services such as asset and wealth management. To create 
industry standards for productivity gains, cost savings, and 
satisfied customers along the whole value chain, financial 
institutions of all sizes would be beneficial to seek guidance 
on how to properly integrate and use this cutting-edge 
technology into their business model. 

5. Conclusion 

Blockchain technology is likely to change the financial 
services sector and the whole economy, despite its 
immaturity and technical, economic, and regulatory 
challenges. In a decentralized system, cryptocurrencies play a 
crucial role. Companies in the financial technology industry 
are developing a compliant technique allowing users to utilize 
bitcoins for P2P transactions. Authorities are beginning to 
understand the relevance of blockchain technology, even 
though cryptocurrencies cannot comply with present 
legislation. The world is gradually adopting blockchain-based 
technologies, which are part of the digital infrastructure. 
Using the blockchain to create non-fungible tokens is another 
novel use. The DLT ensures that digital commodities, 
including music, films, and artwork, cannot be duplicated, or 
transferred. A virtual world sometimes referred to as the 



H. Taherdoost /Future Technology                                                                                                  May 2023| Volume 02 | Issue 02 | Pages 25-31 

30 

 

Metaverse, is a computer simulation of the physical universe. 
With VR headgear, users may engage in social activities and 
get engaged in their daily responsibilities. The covid-19, a 
prototypical instance of the "metaverse," demanded that 
everyone remains inside and does all activities online. It was 
revealed that blockchain technology is disruptive to 
conventional enterprises. These blockchain developments 
are all connected to cryptocurrency. In NFTs and the 
Metaverse, the only method to exchange currency is with a 
cryptocurrency. The decentralized structure of blockchain 
has facilitated the development of a variety of real-time 
businesses. Future applications of blockchain technology are 
almost limitless. As the blockchain revolution gains steam, 
financial institutions and Fintech companies will confront 
new challenges, and firms that use the new technology 
successfully will have a competitive advantage. 

Ethical issue 
The author is aware of and complies with best practices in 
publication ethics, specifically with regard to authorship 
(avoidance of guest authorship), dual submission, 
manipulation of figures, competing interests, and compliance 
with policies on research ethics. The author adheres to 
publication requirements that the submitted work is original 
and has not been published elsewhere. 

Data availability statement 
Data sharing is not applicable to this article as no datasets 

were generated or analyzed during the current study. 

Conflict of interest 

The author declares no potential conflict of interest. 

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