Preface
Page: i-i (1)
Author: Rishikaysh Kaakandikar, Keshav Kaushik, Priya Tiwari and Surekha Suresh Ningule
DOI: 10.2174/9789815256833124010001
A Systematic Review on Recent Trends of Digital Financial Inclusion
Page: 1-22 (22)
Author: Roohi Sille*, Ishita Nanda, Akshita Kapoor, Samyukta Sahoo and Arnav Sharma
DOI: 10.2174/9789815256833124010003
PDF Price: $15
Abstract
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 Solution for Cross-Border Payments
Page: 23-41 (19)
Author: Don Charles*
DOI: 10.2174/9789815256833124010004
PDF Price: $15
Abstract
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.
Cryptocurrencies as Financial Assets A CrossSection
Page: 42-60 (19)
Author: Rajesh Kumar Kashyap* and Chanakya Lahiri
DOI: 10.2174/9789815256833124010005
PDF Price: $15
Abstract
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.
Blockchain Technology and Future of Triple Entry Accounting (TEA) System
Page: 61-74 (14)
Author: Sanket L. Charkha* and Siddhant A. Kale
DOI: 10.2174/9789815256833124010006
PDF Price: $15
Abstract
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.
Restoring Consumer Privacy and Healthcare Delivery: Effectiveness of Blockchain Technology
Page: 75-83 (9)
Author: Bhupinder Singh*
DOI: 10.2174/9789815256833124010007
PDF Price: $15
Abstract
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.
Digital Forensics: Using Blockchain in Cryptocurrency Investigations
Page: 84-96 (13)
Author: Swati Verma*
DOI: 10.2174/9789815256833124010008
PDF Price: $15
Abstract
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.
A Study of Impact of Digital Technology and Use of Blockchain Technology from the Consumer Point of View
Page: 97-114 (18)
Author: Shilpa Dhanaji Vishvas* and Sarita Kumari
DOI: 10.2174/9789815256833124010009
PDF Price: $15
Abstract
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 Vis-à-Vis Financial Sector: A Contemporary Review & Policy Framework in Indian Context
Page: 115-131 (17)
Author: P. K. Paul*
DOI: 10.2174/9789815256833124010010
PDF Price: $15
Abstract
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.
DeFi - A Case for the Indian Economy: A Systematic Literature Review and Research Directions
Page: 132-143 (12)
Author: Sanmay Kumar*
DOI: 10.2174/9789815256833124010011
PDF Price: $15
Abstract
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.
Review of Cryptocurrencies as Financial Assets
Page: 144-161 (18)
Author: Sagar O. Manjare and Surekha Ningule*
DOI: 10.2174/9789815256833124010012
PDF Price: $15
Abstract
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.
Subject Index
Page: 162-167 (6)
Author: Rishikaysh Kaakandikar, Keshav Kaushik, Priya Tiwari and Surekha Suresh Ningule
DOI: 10.2174/9789815256833124010013
Introduction
This book presents a review of the transformative impact of fintech and blockchain technologies on the financial industry. The book aims to bridge the gap between technical jargon and practical understanding, making it accessible to a wide audience. It begins by introducing fundamental concepts and tracing the evolution of these technologies. Subsequent chapters explore specific applications such as digital payments, lending, and investment management. The final sections address regulatory challenges, security concerns, and the future outlook for fintech and blockchain. Key features of the book include a I) clear and concise explanation of complex technical concepts, making them understandable for both industry professionals and general readers, ii) real-world case studies and examples to illustrate the practical applications of fintech and blockchain, iii) insights into the regulatory environment and potential risks associated with these technologies and iv) a forward-looking perspective on the future of finance, Readers will understand the intricacies of blockchain, including its underlying technology, smart contracts, and potential use cases in the financial sector. It also helps readers to anticipate industry trends.