FinTech and Blockchain

Ever since the inception of bitcoin in January 2009, there has been an upsurge in the study and development of a new revolutionary innovation known as a blockchain. This technology aspires to re-model the concept of communication between humans and machines. The working model of blockchain aspired the financial sector to opt for this technology and transform the entire financial principles. The fintech sector is eagerly working and building solutions on the blockchain platform. According to the researchers, blockchain technology can help the financial sector to achieve openness, efficiencies, integrity, and protection of users’ data. The implementation of blockchain in the financial sector (FinTech) is examined in this thesis. The adoption of cryptocurrency and the emergence of innovations like Non-Fungible tokens and Metaverse depicts the true picture of the future of the blockchain for the financial industry. Blockchain technology and its adoption by the fintech sector is a great threat to the banking sector but it is being observed that banking institutions will adapt and nurture it with time. Currently, regulators are hurdling for the adoption and implementation of blockchain-based applications because no uniform policy is being deployed.