Literature Review on Blockchain and Cryptocurrency in Finance

This literature review, prepared for KIT714 ICT Research Principles, analyzes the roles of blockchain and cryptocurrency in financial transactions. The review examines the search strategy, keywords, databases, and inclusion/exclusion criteria employed to gather relevant academic journal articles from 2014-2019. It explores key themes, including the benefits and challenges of blockchain and cryptocurrency, their impact on various industries, and common ideas found in the literature. The review identifies a research gap concerning the degree of blockchain's impact on specific industries, particularly the banking sector, and proposes a research question: "Describe the percentage of impact Blockchain technology has on banking sector?" The student's work highlights the technology's potential for enhancing transparency and efficiency while acknowledging the challenges of implementation costs and price manipulation. This assignment underscores the importance of critical literature analysis in ICT research.

RUNNING HEAD: BLOCKCHAIN 0
“BLOCKCHAIN & CRYPTOCURRENCY”

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Table of Contents
Introduction......................................................................................................................................2
Search strategy.................................................................................................................................2
Keywords.....................................................................................................................................2
Databases.....................................................................................................................................3
Inclusion/ Exclusion criteria........................................................................................................3
Process.........................................................................................................................................3
Themes.............................................................................................................................................3
Literature review..............................................................................................................................4
Block-chain and Crypto-currency....................................................................................................4
Benefits of Block-chain and crypto currency..................................................................................5
Challenges of Block-chain and crypto currency..............................................................................6
Impact of Block-chain on industry..................................................................................................6
Findings...........................................................................................................................................7
Common ideas.................................................................................................................................7
Research Gap...................................................................................................................................8
Research question............................................................................................................................8
Conclusion.......................................................................................................................................8
References........................................................................................................................................9

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Introduction
Blockchain is the technology that enable existence of Cryptocurrency, Bitcoin is the name of the
best known Cryptocurrency, the one for which Blockchain technology was invested. The each of
the following block involves “cryptographic hash” it include previous block and also involve
transaction of data (Treiblmaier, 2019). However, Cryptocurrency is the digital asset which is
mainly introduced to work and mainly considered the medium of exchange, it supports in
maintaining the overall records of the financial tractions. It also leads in maintaining security,
increase controlling for creating all the other additional units as well as also increase verification
for transferring the assets.
In this report “The Blockchain and Cryptocurrency” topic is selected, the report, will describe all
the key themes which should be included in the study, the discussion will also made on
describing the strategy of searching the database. Further, report will discuss the different
perception and opinions of the authors and research question by evaluating the research gap in
the study.
Search strategy
The information gathering was done by adopting secondary method that is by adopting literature
review method in which different and similar opinions of the researchers regarding the similar
topic is discussed. The information is gathered from taking the information from the peer
reviewed articles which all are published within the year 2014-2019. The study will also include
academic journal articles which are also published within the similar year. The article review is
selected from the journals which are from the “University of Cambridge”. To review the article
license is also holds by the researchers “which is mainly powered by the EBSCO host”. It is
revealed that all the database is included to gather the complete information about the two sets of
subject area which include “Blockchain” and “Cryptocurrency”.
Keywords
The keywords of the include “Cryptocurrency”, “Blockchain”, “Financial transaction”, “Industry
productivity”, “transferable”.

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Databases
The database of the related topic will received from the “academic articles”, “peer review
article” to gather all the information about the application of Blokchain technology and benefits
as well as challenges received through applying Blockchain and Cryptocurrency. The
information will be received by selecting article from the year 2014 to 2019.
Inclusion/ Exclusion criteria
The relevant articles which are appropriate for the study will be included in the study to
understand the influence of Blockchain technology in industry and to cover various other terms
such as identifying challenges so that it can be overcome in future. Therefore, these aspects are
included in the study and “commentaries” as well as “editorials” excluded from gathering the
information about the subject matter.
Process
The data collection was done through identifying the database and inclusion criteria for selecting
the appropriate and valid information about the “Cryptocurrency”, “Blockchain”. The keywords
help in getting relevant information which is developed to make it as the search strategy. From
the various articles are most appropriate journals which is associate the subject areas is selected
for review.
Themes
The themes which are selected in the proposed report includes:-
 “Block-chain and crypto currency”
 “Benefits of Block-chain and crypto currency”
 “Challenges of Block-chain and crypto currency”
 “Impact of Block-chain on industry”
These themes are selected because the estimation describes that there are various advantages
of using “Block-chain and crypto currency”, but still various challenges arise which affecting
the security and transactions. The different industries adopt “Block-chain technology” it is
because of providing positive outcomes.

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Literature review
Block-chain and Crypto-currency
Researchers conducted the study to understand the application of block chain technology; from
the investigation it is revealed that through designing blockchain is restricted and opposed for
changes in the information (Hazen et al., 2019). The study revealed that it is the open as well as
distributing leaders which do the recording of the data, however estimation revealed that
information is written among the two different parties in more efficient as well as permanent
manner. Researchers has different perception regarding the blockchain, therefore the
investigation also revealed that block chain is efficiently does management of the “peer-to peer”
network and also help in increasing validation of the new blocks (Nowiński & Kozma, 2017).
The major important aspect of the technology is that in recoding of the blockchain the data is
unalterable therefore no further misuse of the information will be done. Therefore, data remain
secure and it solves various problems which include double spending etc.
Blockchain
SOURCE: (Nowiński & Kozma, 2017)
Researchers conducted the study to understand the concept of Cryptocurrency, the information
gathering is doe through adopting secondary method. The analysis of the study revealed that

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Cryptocurrency is mainly designed for securing the financial transactions (Themistocleous,
2018). Researchers also describes that it adopt decentralization control for maintaining the
“central banking system”. The researchers also receive common findings and revealed that
‘decentralized control” in the Crytocurrency is mainly operated by using the technology of
distributed ledger (Shishkin, 2019).
Benefits of Block-chain and crypto currency
Researchers describes that there are various advantages and benefits of Blockchain, from the
investigation it is revealed that this technology is easy to understand and also considered simple
for the individual to understand (Aste et al., 2017). This supports the different companies to
manage overall list and records of the data through which all the parties account which involve in
the transaction are balanced in appropriate manner. The study also provides common results of
the researchers, the investigation of the study describes that Blockchain provide the opportunities
for the organization to manage adequate flow of transactions (Woodside et al., 2017). It is
because of increasing privacy as well as security of the data in this third party cannot change the
information and leads in maintaining transparency and efficiency. The different opinions of the
researchers revealed that it is also adopted by the government because of reducing of the code
and it also provide other benefits to the government that is this results in effective identity of the
management.
Researchers revealed that Cryptocurrency provide various benefits which includes that it leads in
increasing transactions that is it leads in increasing efficient flow of the information (Abeyratne
& Monfared, 2016). The researchers also revealed that it also allow the individual to transfer the
asset and to manage confidential information so one can keep the private information to use it in
the long run. Researchers also describes that it increase and raise the greater access of credit and
does international trade more easier by solving the problems of more interest rate and several
other charges which included in the transactions. Further, it also solves other problems such as
fluctuations of the currency exchange (Han et al., 2019).

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Challenges of Block-chain and crypto currency
Researchers conducted the study to investigate the major challenges involve while adopting
blockchain technology. The investigation of the study revealed that blockchain leads in
increasing the cost and expenditure of the industry (Janssen et al., 2019). It is because of need
more cost, time and other resources such as human resource to adopt the technology. The study
also provide similar results and revealed that it increase the cost and consume more energy.
However, other studies describes that adoption of blockchain technology is the major issue
because of integrating it with the legacy system (Al-Saqaf & Seidler, 2017).
The aim of the study is also to investigate the issues of Crytocurrency, the findings of the study
revealed that it become the major issue in manipulating the price. The information also describes
that it results in increasing the problem of uniformity in the prices and can also does delays in the
transactions (Teutsch et al., 2016). It is also become costly and increases the cost and
expenditure of the organization; other studies also reveal similar results which include that
sometimes it becomes system more slow and leads increase other problems due to adoption of
the Crytocurrency.
Impact of Block-chain on industry
The objective of the study is to investigate the influence of Blockchain technology in industry,
the investigation of the results revealed that it provide positive impact because it leads in
increasing transparency because of developing efficient groups of ledger (Wang et al., 2019).
Researchers provide similar results and revealed that Blockchain technology leads in increasing
transparency because of facilitating the transaction in faster manner because of managing all the
procedure and system of all the business (Herian, 2018). However, other studies revealed that
Blockchain technology provide direct influence on the different industries because of providing
better securities of transactions in the companies and leads in enhancing traceability. Further, it
results in increasing easiness and increase more customers of the companies because of more
integration (Aste et al., 2017).

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Findings
From the above literature it is reviewed that Blockchain technology support the organization to
make develop similar pattern and record all the data and information and it also provide various
benefits that is it overcome the problem of non-payment of the parties (Herian, 2018). Further, it
leads efficient flow of information and support the person to manage all the information, still
problems arises because of raising the expenses due to finding appropriate resources for
implementation and management of technology (Themistocleous, 2018). The investigation
revealed that Crytocurrency it also increasing the operations of several decision makers in the
companies, government and other investors because of performing the transactions flow in faster
manner because of more safety and privacy (Al-Saqaf & Seidler, 2017). Further, the individual
can also solve the issue of influencing of both internal and external factor in the functioning of
the operations; further allow the capability of the business to manage the balance of all the
records and data.
Common ideas
The above investigation also provide common findings of the researchers that is studies believe
that Blockchain technology increase transparency and provide information that Cryttocurrency
used decentralized control system to manage activities. The common ideas also reveal that
Blockchain technology exchange correct information from one party to another because of
reduction of the chances for making changes in the information (Wang et al., 2019). Researchers
also reveal that it solve the issue of external factors such as changes in the interest rate etc.
Further, it is also revealed that studies believe that Blockchain technology increase activities and
expenditure of companies because of requirement of more resources (Janssen et al., 2019).
However, Crytocurrency increase the problems of making alterations in the prices. Further,
similar opinions of the researchers revealed that majority of the study believe that Blockchain
technology provide positive results to the industry because of providing transparency and
managing all the accounts of different parties (Woodside et al., 2017).

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Research Gap
The investigation revealed that there are various advantages and it influence the industries in
positive manner because of maintaining complete record of the data. It also leads in recording
complete record of the data for further use by the individual. The studies do not provide
information about the degree of impact blockchain on the industry. However, it is revealed that
studies do not focus on the particular industry, which does not reveal complete information about
the influence of Blockchain technology in industry. Researchers also do not provide much
information about the issues and challenges faced through Crytocurrency. Therefore, in future
studies can include these factors to achieve the complete information about BlockChain and
Crytocurrency.
Research question
From the research gap it is investigated that studies overlook various aspects and factors through
can to include getting valid and complete results for the study.
“Describe the percentage of impact Blockchain technology has on banking sector?”
This leads in providing complete information about the acceptance of this technology by the
banking sector and ratio of influence it has on the banking sector in the current year. To
accomplish the objective of conducting the research primary research can be conducted to take
the opinions of the employees from the banking industry.
Conclusion
From the above, it is concluded that Blockchain and Crytocurrency leads in providing several
benefits which includes it results in increasing “safety”, “transparency” and “ issue of double
spending”. However, still it becomes challenging for companies and government because of
raising price, cost and time consuming. The investigation reveals that study cannot give complete
information about amount of influence Blockchain technology has on specific sector. Therefore,
research can include this aspect by investigating “amount of Blockchain technology influence
on banking sector”.

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References
Abeyratne, S.A. & Monfared, R.P., 2016. Blockchain ready manufacturing supply chain using
distributed ledger. International Journal of Research in Engineering and Technology, 5(9), pp.1-
10.
Al-Saqaf, W. & Seidler, N., 2017. Blockchain technology for social impact: opportunities and
challenges ahead. Journal of Cyber Policy, 2(3), pp.338-54.
Aste, T., Tasca, P. & Matteo, T.D., 2017. Blockchain technologies: The foreseeable impact on
society and industry. computer, 50(9), pp.18-28.
Han, X., Yuan, Y. & Wang, F.-Y., 2019. A Blockchain-based Framework for Central Bank
Digital Currency. In 2019 IEEE International Conference on Service Operations and Logistics,
and Informatics , pp.263-68.
Hazen, B.T., Russo, I. & Confente, I., 2019. Circular Economy: Recent Technology
Management Considerations. Technology Review, 6(4), pp.2-8.
Herian, R., 2018. Taking blockchain seriously. Law and Critique, 29(2), pp.163-71.
Janssen, M. et al., 2019. A framework for analysing blockchain technology adoption: Integrating
institutional, market and technical factors. International Journal of Information Management ,
50, pp.302-09.
Nowiński, W. & Kozma, M., 2017. How can blockchain technology disrupt the existing business
models? Entrepreneurial Business and Economics Review, 5(3), pp.173-88.
Shishkin, E., 2019. Debugging Smart Contract’s Business Logic Using Symbolic Model
Checking. Programming and Computer Software, 45(8), pp.590-99.
Teutsch, J., Jain, S. & Saxena, P., 2016. When cryptocurrencies mine their own business. In
International Conference on Financial Cryptography and Data Security, pp.499-514.
Themistocleous, M., 2018. Blockchain Technology and Land Registry. The Cyprus Review ,
30(2), pp.199-206.

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Treiblmaier, H., 2019. Toward more rigorous blockchain research: recommendations for writing
blockchain case studies. Frontiers in Blockchain , 2(1), p.3.
Wang, Y., Singgih, M., Wang, J. & Rit, M., 2019. Making sense of blockchain technology: How
will it transform supply chains? International Journal of Production Economics, 211, pp.221-36.
Woodside, J.M., Augustine Jr, F.K. & Giberson, W., 2017. Blockchain technology adoption
status and strategies. Journal of International Technology and Information Management , 26(2),
pp.65-93.

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Appendix
Blockchain Technology in different sectors
SOURCE: (Han et al., 2019)