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This paper highlights the fact that the financial industry is on the edge of a new financial era using a new destructive system based on Blockchain

How Blockchain can impact financial services The overview, challenges and recommendations from expert interviewees

Technological Forecasting and Social Change, (2020): 120166

Cited by: 0|Views347
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Abstract

•We investigate Blockchain adoption cases in financial services.•We summarize current status of Blockchain practices.•We use interviews to investigate Blockchain adoption.•We identify knowledge-hiding as a main barrier for financial industry.•We make several recommendations and four propositions.

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Introduction
  • The key element of the business is trading, and trading activities are dependent on trust (Tang, 2018).
  • Blockchain has become popular due to the rise of bitcoin
  • This technology is not limited to the financial area.
  • A Blockchain originally means blocks of cryptocurrencies linked by chains.
  • This new concept has received significant attention in FinTech (Mu, 2016).
  • Blockchain, a rapidly evolving financial technology, revolutionizes the way people are dealing with businesses (Antonio and DiNizo, 2018)
Highlights
  • The key element of the business is trading, and trading activities are dependent on trust (Tang, 2018)
  • In Blockchain's current adoption, knowledge hiding within the company and between collaborating partners was considered an obvious but serious issue since the secret related to the Blockchain advancement may have huge impacts on competitors, investors, and the market
  • This paper highlights the fact that the financial industry is on the edge of a new financial era using a new destructive system based on Blockchain
  • The current status and industrial practices of Blockchain adoption in financial services were discussed in some details
  • The government and relevant departments should formulate policies to enable the public to benefit from Blockchain and strictly prevent the illegal use of Blockchain to engage in money laundering, terrorist financing and even capital control activities (Nguyen, 2016)
  • Knowledge-hiding reasoning should be fully understood with ways to minimize its impacts, before resolving other technical challenges such as energy, scalability, security, as well as ethical challenges related to legal regulations and cybercrimes
Methods
  • NVivo 12 was used to analyze all the interview transcripts and coding of the interview transcripts was based on the theoretical framework of the Theory of Planned Behavior (TPB), which includes Attitudes toward the behavior, Subjective Norms and Perceived Behavioral Control.
  • Subject norms mean the social pressure that a person feels on whether to take a certain action and perceived behavioral control is used to reflect a person's experience and anticipated obstacles.
  • TPB can be very useful for architects and investors
  • They can identify what the popular demands, so that they can design and implement products or services that can get more clients.
  • They can identify the likely companies that can be profitable and increase their stake
Results
  • Results and analysis

    In Blockchain's current adoption, knowledge hiding within the company and between collaborating partners was considered an obvious but serious issue since the secret related to the Blockchain advancement may have huge impacts on competitors, investors, and the market.
  • Some information can be revealed in each company, and some cannot be revealed until the product has been released or has passed major tests or milestones, or until the investment deal has been signed officially with all the investors’ endorsement.
  • Before the legislation, it could be time for some businesses to take advantage.
  • An in-depth understanding could be concluded based on the analysis of those three main antecedents of “knowledge hiding intentions”
Conclusion
  • Blockchain technology had the power to improve the efficiency and security of financial markets, there was much work need to solve the underlying problems (Lewis et al, 2017).
  • Financial services should take a long-term view and start to explore the implementation of Blockchain technology to improve their business, otherwise due to the competition, and they could be eliminated eventually.
  • By using interviews as the main research method, it could allow them to identify the most serious problem, knowledge-hiding, which could prevent further development and success of Blockchain adoption.
  • Knowledge-hiding reasoning should be fully understood with ways to minimize its impacts, before resolving other technical challenges such as energy, scalability, security, as well as ethical challenges related to legal regulations and cybercrimes
Tables
  • Table1: Descriptive information of interview participants
  • Table2: Knowledge hiders' attitudes toward knowledge hiding
  • Table3: Knowledge hiders' subjective norms surrounding knowledge hiding
Download tables as Excel
Funding
  • This research is supported by VC Research with grant number VCR 0000020. CRediT authorship contribution statement Victor Chang: Conceptualization, Data curation, Formal analysis, Funding acquisition, Methodology, Project administration, Supervision, Validation, Writing - original draft, Writing - review & editing. Patricia Baudier: Formal analysis, Validation, Writing - review & editing. Hui Zhang: Data curation, Investigation, Writing - original draft. Qianwen Xu: Formal analysis, Validation, Writing - review & editing. Jingqi Zhang: Methodology, Writing - review & editing. Mitra Arami: Resources, Writing - review & editing.
Study subjects and analysis
target interviewees: 100
Moreover, primary information related to the Blockchain can be obtained from the open-ended questions and it is more direct and valuable than other information. In order to obtain the primary information from the experts and professionals related to Blockchain, 100 target interviewees were invited and 16 of them accepted the invitation and were willing to provide their knowledge and insights. To protect their privacy, their identities remained confidential

target interviewees: 100
The result of this research is limited by the sample size. Due to the limited resources, the authors were just able to invite 100 target interviewees and only 16 of them accepted the invitation. The small sample size may result in a biased result or that the comprehensive understanding of the status of Blockchain adoption cannot be obtained

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  • He is a visiting scholar/Ph.D. examiner at several universities, an Editor-in-Chief of IJOCI & OJBD journals, Editor of FGCS, Associate Editor of TII & Information Fusion, founding chair of two international workshops and founding Conference Chair of IoTBDS and COMPLEXIS since Year 2016. He is the founding Conference Chair for FEMIB since Year 2019. He published 3 books as sole authors and the editor of 2 books on Cloud Computing and related technologies. He gave 18 keynotes at international conferences. He is widely regarded as one of the most active and influential young scientist and expert in IoT/Data Science/Cloud/security/AI/IS, as he has experience to develop 10 different services for multiple disciplines.
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  • Dr. Patricia Baudier prepared her Ph.D. in management science within the Business School of Mines-Télécom Institut in 2013. She is an associate professor of marketing at EM Normandie in Paris (France). Her research focuses on the acceptance of new technologies, innovations, consumers behavior and Digital Marketing. She spent 28 years within major American companies such as Apple and Kodak, mainly at marketing positions. Patricia has authored several papers in leading journals of innovation, management and marketing and a book "Lexique du digital". She recently has researched Blockchain.
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Author
Patricia Baudier
Patricia Baudier
Hui Zhang
Hui Zhang
Qianwen Xu
Qianwen Xu
Jingqi Zhang
Jingqi Zhang
Mitra Arami
Mitra Arami
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