Abstract:

The blockchain technology with its disruptive nature has brought dramatic changes to the financial services sector in the last few years. The current environment marked by the coronavirus pandemic has further revealed its strong potential for providing tangible and unique solutions for individuals and companies, while also accelerating its implementation. The underlying technology behind cryptocurrencies, such as Bitcoin, promotes disintermediation, mutual consensus and the rethinking of value chains and is expected to inevitably induce architectural changes in how firms create and capture value within markets. This paper describes the blockchain technology, the main benefits that organizations can derive by exploiting it and well as its major applications in the financial services sector and beyond. The authors also presented the world of cryptocurrencies and opined on the future state of blockchain technology by presenting the investment plan of global organizations who want to be at the forefront of business models’ innovation. In order to sustain and succeed in this constantly emerging economy, it is vital for companies need to develop a clear understanding of the driving forces behind blockchain technology so that they can best exploit its myriad of opportunities.