A Review of Blockchain in Fintech: Taxonomy, Challenges, and Future Directions

Abstract

The primary purpose of this paper is to bridge the technology gap between Blockchain and Fintech applications. Blockchain technology is already being explored in a wide number of Fintech sectors. After creating a unique taxonomy for Fintech ecosystems, this paper outlines a number of implementation scenarios. For each of the industries in which blockchain is already in use and has established itself as a complementary technology to traditional systems, we give a taxonomy of use cases. In this procedure, we cover both public and private blockchains. Because it is still believed to be in its infancy, especially when it comes to financial use cases, blockchain has both positive and negative aspects. As a result, it is critical to be aware of all of the open research issues in this field. Our goal is to compile a list of open research challenges related to various aspects of the blockchain’s protocol and application layers. Finally, we will provide a clear understanding of the applications for which blockchain can be valuable, as well as the risks associated with its use in parallel.