Develop a Sustainable Competitive Advantage Strategy For Financial Business by using Blockchain in banking Industry
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Abstract
This Article aimed to study (1) The application of blockchain technology in bank business can help alleviate information asymmetry, reduce operating costs, and optimize business processes. (2)Major banks in China are actively exploring blockchain technology, expanding blockchain application scenarios, and promoting digital transformation. (3) Blockchain technology has become a key technology for banks to actively explore financial technology, comprehensively promote digital transformation, and build scene ecosystems. the sample was selected from 17 management representatives from the financial banking industry who participated in the questionnaire survey. The instrument for collecting data was in the form of a questionnaire. Analysis of data by Descriptive statistics and Content Analysis. The research results were found as follows;
- The trust mechanism brought about by the technological characteristics of blockchain can change financial architecture. Data storage and transactions on blockchain are all open and transparent, reducing the risk of human operation and ensuring the safety and reliability of transactions. Its decentralized nature can also improve efficiency and reduce transaction costs.
- The combination of blockchain technology and other financial technologies applied to the banking industry will inevitably create new business models, processes, and financial products.
- Blockchain technology has been applied in practical scenarios, so it has begun to be applied in broader business scenarios. Starting to explore new areas in our own business, applying blockchain to applications such as supply chain finance, trade financing, and fund management, empowering our own business.
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