Abstract

Blockchain has recently become a widely used information system technology because of its effectiveness as an intermediary-free platform. While the use of blockchain in various fields, such as finance, supply chains, healthcare, education, and energy consumption, is increasingly enabling the development of Internet-enabled "distributed databases," few exploratory studies are available to understand how the field is progressing. Therefore, it is imperative to explore the review of blockchain technology in the finance industry, particularly highlighting the concept, the characteristics and types of blockchain technology, and opportunities and challenges in implementation; hence, blockchain is indispensable in financial industries.