The role of blockchain in reshaping financial Markets: Global Developments and India’s Approach

Abstract

Blockchain technology is transforming the financial markets through its features of distributed network, immutable, taper-proof, transparency and security, etc., in areas of cross-border payment, derivative trading, trade finance, insurance, money and capital markets at the global level and Indian context. The challenges of blockchain adaptation at the global and Indian landscape is glaring due to the regulatory uncertainty, legal, technical and socio-economic market which are all hindering for the successful execution of blockchain. Nevertheless, the use cases of blockchain have demonstrated the wide applications by way of a gradual integration and future prospects in arenas of trade finance, payments, remittances, securities settlements and KYC compliance, etc., In conclusion, this study is unique in terms of a comparison of global developments of blockchain with the Indian context and its findings also shown that future research can be done on the basis of this study. However, highlights that the role of blockchain is already taking place in a gradual way not only in the field of finance but also in other areas like healthcare, voting system, new industry opportunity, cyber risk and transaction speed increased at the global and the Indian scenario.