Fintech, and Blockchains Trends in The Financial Sector

Digitalization and related processes have become prevalent in the last few years. In this chapter, we have examined and discussed the main aspects of digital transformation, their impact on the financial sector, challenges faced and scope of digital finance etc. Financial technology has become increasingly prominent in financial markets in recent years, though this cannot be attributed to the competence of regulators and policymakers as to this call. Fintech can, however, demonstrate its importance as a tool and strategy for achieving inclusive development by attesting to what it has already achieved in the realm of financial inclusion and disruption of traditional market structures. It is now much easier to have basic financial services in India, due to the vast adoption of digital payment systems.

The FinTech ecosystem in India has been aided by a number of factors like the growing availability of smartphones, increased internet access, demonetization and Covid outbreak. The financial industry is full of new innovations that can be applied in a variety of ways to the fields of artificial intelligence and block chain. They all aim to satisfy ever-evolving customer needs generated by the digital revolution. There is also a discussion of the obvious positive advantages of the application of the latest technological solutions. Payment systems facilitate entrepreneurs to easily and affordably connect with their banks, employees, suppliers, and new markets for their services. Reduced travel time and costs can speed up the process of registering and paying for business licenses and permits using these systems. While the situation is improving, entrepreneurs and employees still face challenges due to a lack of banks, digital devices, and reliable technology infrastructure.

As a result of technological advancement, today’s underground economy can provide a favourable breeding ground for hiding a broad range of illegal activities which include cyber threats like phishing, ransomware fraud, and tax evasion. The financial sector is constantly innovating. The industry today places significant emphasis on transaction speed, along with security. The process begins with clients who demand immediate payment transactions and ends up with large corporate trade transactions where time and transparency of the action become core requirements. The digital advancement and financial literacy will help customers find smarter and better ways to save, borrow, invest, and make payments. With consumers becoming savvier, there will be an intense new battle between incumbents and challengers to become their trusted interface.

 A blockchain can be described as a network of computers that is used to digitally and immutably record transactions. Digital currencies, also referred to as tokens, can be used on blockchain to make payments. Blockchain has the potential to facilitate cross-border payments, as well as trace all transactions. This is an admirable property, especially since the rise of know-your-customer (KYC), counter financing of terrorism (CFT), and anti-money laundering (AML) requirements have been cited by many banks as the primary reason for them terminating their correspondent banking relationships (CBRs).

The main objective of the research paper is to explain how blockchain can be used to facilitate cross-border payments.

Banks and money transfer organizations (MTOs) can adopt blockchain and distributed ledger technology (DLT) to enable cross-border payments. The most practical option would be to take the route of using a Payment as a service (Paas) provider and outsource the payment services.

The Paas provider’s application processing unit (API) can be integrated with the financial institutions payment systems. Therefore, when a payer attempts to may a cross-border payment, on the bank end, the API will contact the Paas’ server to initiate the transaction.

The payer’s local currency will be converted to a token, then transferred across the blockchain to the payee’s bank. The token will then be converted to the payee’s local currency, and deposited in the payee’s bank account. This entire process will take a few minutes in contrast to the traditional CBR cross-border payment process that takes 5 days or more.

This book chapter provides an extensive insight into the world of Cryptography and Stock Market 2.0 as is seen through crypto itself and the perspectives of the consumers who actively participate in them, as it nearly slides itself to the top to replace the financial assets as we know it. It provides a vivid conceptual use and utilization block chain technology in the field of of crypto whether it be for making an impact in the current security issues or the entire currency based side which controls the entire international stock and trade crypto markets and could one day even topple governments if not regulated with caution and maintenance. We would also dive into the depth of the covid19 crisis and how it gradually impacted the rise of crypto currencies and attached assets in a cloud environment integrated with the block chain technology, helped gather attention of consumers who were trying to find a solution for their more digital alternative to acquiring assets and currency based secure crypto transactions in the financial markets as well. We also get to cover the details on the concepts, essentials and implementations of cryptography and cryptographic algorithms and patterns and why it is needed in the modern cloud-computing world. The integration with advancements of cloud computing devices and detailed implementation could benefit the entire technological field. It also talks about the features cryptography brings and how it influences the speed of response time, which in a cloud environment is the most crucial especially in a high-pressurized demanding environment and its structures and layers like edge computing as well. The vulnerabilities and the proposed way of solving those are also discussed, the various nature where cryptography is essentially needed for maintaining a secret key involving sensitive data exchange overall at large scale, even when the flexibility of cloud computing is challenged. It has also taken into account the various factors involving the deployment and the standard guidelines established as more emerging technologies adapt to the environment. As the world keeps improving, the thieves get smarter, so does the justice department. Algorithms keep improving and so do the devices with it.

This research utilizes a single descriptive technique to analyze and compare the perspectives of various scholars on triple-entry accounting (TEA). The rise of blockchain technology has undoubtedly spurred discussions on the potential merits of transitioning to TEA. While TEA itself hasn't been widely adopted, there's a growing debate regarding the value of such alternative accounting methods. Implementing TEA presents challenges, but exploring its potential offers significant knowledge advancement.

Considering these factors, the study examines three emerging accounting scenarios: (i) Robust accounting software built on double-entry accounting (DEA), (ii) the convergence of blockchain and TEA, and (iii) the impact of disruptive technologies beyond blockchain and TEA. Finally, the research proposes a basic design for a hypothetical TEA information system, facilitating real-time organizational activity comprehension. To conclude, the study establishes a trending cycle for financial reporting technologies, empowering global organizations to select the most relevant financial statement preparation technologies. 

Across the globe effective healthcare management and its delivery is of prime concern. Governments generate and maintain infrastructure for healthcare and its facilities ensuring every citizen to receive the basic and advanced treatments. There have been significant advances with regard to delivery of healthcare to populations, irrespective of their economic status. Handling and security of medical records and data belonging to patient is a major concern for hospital managements. Privacy of patient’s personal information and statistics are important but can be scattered and fragmented leading to ineffective health service and as malpractice in delivery. The Constitution of India, 1950 contains various fundamental rights for its citizens and foreigners. As per Article 21, the right to life and personal liberty is considered as one of the fundamental right entitled to every citizen without discrimination on basis of religion, race, socioeconomic conditions. In addition, the right to health and medical care also falls under Article 21 via judicial pronouncement. Good health is significant for all and include factors like- life-style, food habits, hygiene, sanitation and healthcare facilities etc. Explanation of these factors are relevant to understand the core concept of patient’s privacy for medical and healthcare. Relevancy of blockchain technology in patient’s privacy has become much significant because hospital’s system of record keeping may be vulnerable to cyber-attacks and frauds. Thus, introduction of blockchain technology in hospitals ensures safety and security of data and medical records. The access to data is available to patient, the network members and the hospital management to timely update and provide availability whenever required. To achieve this aim, there is a need of legal framework which intends to secure medical records and statistics. This article aims to discuss relevancy of blockchain technology in securing patient’s privacy with regard to hospital’s healthcare delivery and its management.

Methodology

Blockchain technology is helpful in securing and handling patient data where in the information stored is impossible to theft, hack or changed. Timely healthcare delivery to all is the need of hour and blockchain technology can provide easy access to secure and comprehensive data and patient’s medical record. This article shall examine and analyses various international documents, national provisions, hospital management, books, legislations, reports, articles concerning to blockchain technology and patient’s privacy.

Blockchain technology, a distributed ledger system, offers a secure and verifiable way to validate transactions without a central authority. Its applications extend beyond finance, impacting the Internet of Things, big data, cloud computing, and edge computing. Notably, blockchain can enhance the trustworthiness of artificial intelligence by providing a tamper-proof record of training data.

In the realm of electronic evidence, ensuring its integrity is critical. Evidence needs protection from alteration or destruction to be admissible in court. This concept, known as the Chain of Custody, involves meticulously documenting evidence handling chronologically.

The Chain of Custody establishes a clear record of all steps taken by investigators to preserve evidence integrity. It's crucial because tampered evidence becomes unreliable. Blockchain technology, with its secure database structure utilizing hashing and block storage (like Bitcoin and other cryptocurrencies), can significantly improve the Chain of Custody process. By tracking data access and maintaining an immutable record, blockchain can bolster the accuracy of evidence presented in court.

Bitcoin is the foremost cryptographic cash that strikes a chord while managing blockchain. The lousy information is that the damage related to the blockchain will not end in Bitcoin. There is bounty more cryptographic types of cash and approaches to utilize them illicitly. The uplifting information is, regulation authorization has dependably advanced to illuminate even the most excellent innovation violations, which implies that tackling digital currency wrong doings is certainly a query of time utilizing proper association of apparatuses and out of the field considering.

This chapter provides policing demanding situations of investigating; evidencing and prosecuting prepared cybercriminals for the crimes devoted the use of cryptocurrencies, blockchain together with Bitcoin. This work is a result of collaboration with some of stakeholders the policing and judicial environment with the goal of investigating and prosecuting the brand new era of organized cybercriminals. Concrete situations of the use of Bitcoins in a variety of cybercrimes have been evolved as a part of this undertaking and the gadgets have been analyzed to extract proof to help prosecution of organized cybercriminals.

This chapter explores the impact of blockchain technology on consumers, delving beyond its association with cryptocurrencies. Blockchain, a distributed ledger shared across a computer network, securely stores digital data. While cryptocurrencies like Bitcoin popularized blockchain as a secure platform for transaction records, its potential extends far wider. Businesses and investors are recognizing blockchain's disruptive potential in various sectors, including finance, governance, smart contracts, the Internet of Things, and the sharing economy.

However, for many consumers, blockchain remains synonymous with cryptocurrencies. These digital currencies are often seen as a subset of alternative currencies and, more specifically, digital currencies. Consulting firms predict that by 2025, blockchain will become a significant technological platform. Though research on blockchain is ongoing, with a focus in engineering and finance, few studies consider the consumer perspective. Neglecting this perspective creates an incomplete picture of such a revolutionary technology. After all, consumers are the lifeblood of the economy, making their experience crucial in understanding any business innovation.

Blockchain Technology is an emerging technology in the areas of Information Technology field and applicable in the process of the keeping the records on business as well as other transactions. Blockchain Technology is enhancing financial and business sector rapidly. Blockchain is primarily known as a tool and gradually become a technology and even treated as a field of study as ‘Blockchain Technology’. Blockchain is perform only by the registered members with permission to cattle immediate, shared and completely transparent information. Changes of blockchain can be noted in tracking orders, payments, accounts, and production and here all the transaction details can be visible to end users time to time. The requirements of the blockchain in financial sectors is enhanced in the areas viz. financial transfer, added security systems, automation and data storage, digital identity verification, credit reporting and so on. Along with blockchain crypto currency is important form of emerging IT in financial sector. Worldwide there is a boom on blockchain Technology applications in different financial and business areas and in India too there are healthy potentialities of its implementation. However there are issues and concern of blockchain in financial systems and management. This chapter is about blockchain specially its nature, types, and opportunities available in the financial sectors emphasizing India. Chapter also illustrates about the challenges and issues of Blockchain Technologies in financial areas especially in Indian context. 

Decentralized Finance - DeFi - challenges the role of traditional financial intermediaries in providing financial services of loans, brokerage and banking. An evolutionary movement accessible to anyone with mobile and internet has grown from $4Bn to $104Bn in the last five years.

DeFi is the intersection of FinTech (Financial Technology) and RegTech (Regulatory Technology). DeFi has the potential to reduce transaction costs and bring financial inclusivity to a larger level and create new opportunities in modernizing finance.

As the regulations for cryptocurrencies are a bit murky in India, this paper aims to put forth a case of Decentralized finance through a standardized systematic literature review based on different tiers of micro, meso and macro levels. Through different sections of the paper, we introduce Decentralized Finance, compare it to the prevalent Centralized Financing and look forward to the challenges and opportunities in bringing DeFi to mainstream services in India. 

A cryptocurrency is a type of digital money used as a medium of exchange over a computer network that is not always backed and maintained by a country's central bank or government. Since the introduction of Bitcoin in 2009, hundreds of different “cryptocurrencies” have been created and accepted for a variety of transactions in top online marketplaces, the “sharing economy,” as well as more conventional retailers, producers, charities, and political organisations. This paper will take a thorough look at the qualities of cryptocurrencies as financial assets. We talk about how crypto generates value, as well as trading and information platforms. Then we look at crypto-currencies as alternative financial assets, looking at their returns and how they interact with bitcoin and each other. We assess their inclusion to investors' portfolios and demonstrate that, due to their small co-movements with existing assets as well as with each other, they can certainly improve portfolio diversity. In addition, we assess three pure crypto-currency portfolios: an equally weighted, a value-weighted, and one based on the CRIX. The CRIX portfolio has a lower risk than any of the tradable crypto-currencies individually. We also keep track of how the crypto-currency sector is evolving. A growth in market value is accompanied by increased liquidity, and a rising number of cryptos are contributing bigger sums to the total crypto market capitalization. (Determining the value, size, or quality of) Bitcoin's role and influence are the emphasis of this chapter. Techno-Indians are discussing, investing, and owning Bitcoin at a time when India is at its most technologically advanced in history. This article is the outcome of an investigation on the current and potential role of Bitcoin in the Indian economy (the process through which individuals make, trade, and purchase goods). New definitions argue that cryptocurrency is a replacement for fiat currency. The attention of legal/law-based entities is focused on cryptocurrencies because of the global interest in it (now under different control). In another country, it is seen as distinct and distinct. The status of bitcoin in India is now being tested/evaluated. As a result of this study, it is determined that bitcoin is neither a money or legal tender under Indian law, but rather a product that may be traded.