Published Paper Details:

Blockchain technology has emerged as a disruptive innovation in the financial services sector with improved security, lower cost of transactions, and new business models. Through decentralized, transparent, and tamper-proof transactions, blockchain has the capability to transform banking, payments, trading of securities, and asset management sectors. This essay delves into blockchain's revolutionary and transformative power in the financial system, with a view to diminishing intermediaries, simplifying processes, and increasing trust. Examples like cross-border payments, decentralized finance (DeFi), and smart contracts show blockchain's potential in enhancing efficiency as well as transparency. Challenges like scalability, regulatory unpredictability, and integration with traditional systems remain major obstacles towards broad-scale adoption. The article determines if blockchain is disrupting established financial paradigms or whether it will be a complementary technology for transformation. In tackling such challenges and opportunities, the article presents an equilibrium analysis of the role that blockchain plays in reshaping the future of financial services.