Blockchain in Finance

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Research project on application of blockchain in finance

Age *

0-18

18-25

25-35

35-50

50+

Are you happy with the current techniques and tools being used in the banking and finance industry? *

Yes

Somewhat

Do you think that the current technology in banking and finance industry needs a change, given that there are financial frauds, centralization of database, time taken to process transactions, etc? *

Yes

Maybe

Are you aware about cryptocurrencies like Bitcoin? *

Yes

Do you know about the underlying principle of cryptocurrencies i.e. Blockchain *

Yes

Not completely

Have you received any information about blockchain in a formal institution like college, office, seminars, etc *

Yes

If you are not aware about blockchain, this is what it means.

Formally, blockchain is a digital ledger technology (DLT), which focuses on recording and storing transactions of any type in a shared platform. A blockchain is, in the simplest of terms, a time-stamped series of immutable record of data that is managed by a cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) are secured and bound to each other using cryptographic principles (i.e. chain). Each block contains data involved in a specific transaction. As each transaction occurs, it is stored in a block and added to the chain. Together, the blocks form a distributed database that can hold a growing number of records—a blockchain.

Here are some of the advantages of using blockchain in finance. Select the ones which you think are better when compared to current form. *

Transactions done through using blockchain are settled in minutes or seconds, even overseas.

Blockchain is not centralized, i.e. not one entity holds all the database and you do not have to interact with that entity to get your financial information

Since all the records of transactions made using blockchain are publically available, there is increased transparency

The data once stored in blockchain cannot be tampered with.

Required

From the above given information, do you think blockchain is a better alternative to the current techniques used in banking and finance industry? *

Yes

Maybe

How likely are you willing to adopt the use of blockchain technology *

Extremely likely

Likely

Somewhat likely

Neutral

Somewhat unlikely

Unlikely

Extremely unlikely

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