Proceedings of the 4th International Conference on Economic Management and Model Engineering, ICEMME 2022, November 18-20, 2022, Nanjing, China

Research Article

A Security Perspective of Blockchain Technology in the Financial Sector

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  • @INPROCEEDINGS{10.4108/eai.18-11-2022.2327110,
        author={Xiaonan  Yuan and Lin  Xie},
        title={A Security Perspective of Blockchain Technology in the Financial Sector},
        proceedings={Proceedings of the 4th International Conference on Economic Management and Model Engineering, ICEMME 2022, November 18-20, 2022, Nanjing, China},
        publisher={EAI},
        proceedings_a={ICEMME},
        year={2023},
        month={2},
        keywords={blockchain peer-to-peer identity theft immutability},
        doi={10.4108/eai.18-11-2022.2327110}
    }
    
  • Xiaonan Yuan
    Lin Xie
    Year: 2023
    A Security Perspective of Blockchain Technology in the Financial Sector
    ICEMME
    EAI
    DOI: 10.4108/eai.18-11-2022.2327110
Xiaonan Yuan1,*, Lin Xie2
  • 1: University of Tasmania
  • 2: University of Melbourne
*Contact email: ymqh7777@163.com

Abstract

The paper provides a snapshot of blockchain security technology by examining its data structure, achieving basic security requirements and some primary challenges. Blockchain qualifies as a disruptive technology. Although it started in 2008, it is now one of the popular technologies, which continues to transverse different industries. The peer-to-peer approach to sharing information, sophisticated data structure and features such as immutability, can offer solutions to identity theft, among other online-based frauds in the financial sector. Although it is a promising model, issues such as privacy concerns, regulatory uncertainty, slow adoption and lack of trust among stakeholders, will likely slow down its adoption in the financial sector.