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The advent of the digital age has made innovative technologies exceptionally important, many research institutions and businesses are continuously increasing their investments in the field of new digital technologies. Blockchain, as one of the significant breakthrough inventions, has sparked widespread attention in both academia and society. The key reason that truly determines the disruptive strategic position of blockchain lies in its unique features of decentralization, transparency, immutability, and its powerful applicability across various industries. In this paper, we aim to explore the practical applications of blockchain technology in the financial sector based on an interpretation of its characteristics. We will delve deeper into how blockchain technology, within its decentralized framework, plays specific roles in aspects such as data security, identity verification, cryptocurrencies, transaction efficiency, and market fairness. Furthermore, we will combine case studies to analyze the existing achievements in the application of blockchain technology, the regulatory issues it faces, and the practical implementation challenges.
Fan et al. (Thu,) studied this question.