TY - JOUR
T1 - How Blockchain can impact financial services – The overview, challenges and recommendations from expert interviewees
AU - Chang, Victor
AU - Baudier, Patricia
AU - Zhang, Hua Hui
AU - Xu, Qianwen Ariel
AU - Zhang, Jingqi
AU - Arami, Mitra
N1 - Funding Information:
This research is supported by VC Research with grant number VCR 0000020 .
PY - 2020/9/1
Y1 - 2020/9/1
N2 - FinTech (Financial Technology) and Blockchain are prevalent topics among technology leaders in finance today. This article describes the impact and revolution of FinTech and Blockchain in the financial industry and demonstrates the main characteristics of such technology. Then, we present three critical challenges as well as three ethical issues about using Blockchain technology. Next, we discuss the development of Blockchain for the financial sector. In addition, we describe the real motivations for banks to explore Blockchain, and problems they face. In order to have a good understanding of the industry, a qualitative method was adopted, and sixteen experts were interviewed. It was identified that knowledge hiding in Blockchain was common and the rationale behind was analyzed using the TPB (Theory of Planned Behavior) approach. The analysis results suggested that knowledge hiding was due to affective, behavioral and cognitive evaluations. The interviewees also provided several recommendations and success factors to overcome current issues in Blockchain adoption. Therefore, four important propositions have been developed. Finally, this article suggests how financial services should respond to this new technology and how to manage knowledge sharing in a more structured way. This article contributes to the literature related to the current entrepreneurial finance landscape for Blockchain.
AB - FinTech (Financial Technology) and Blockchain are prevalent topics among technology leaders in finance today. This article describes the impact and revolution of FinTech and Blockchain in the financial industry and demonstrates the main characteristics of such technology. Then, we present three critical challenges as well as three ethical issues about using Blockchain technology. Next, we discuss the development of Blockchain for the financial sector. In addition, we describe the real motivations for banks to explore Blockchain, and problems they face. In order to have a good understanding of the industry, a qualitative method was adopted, and sixteen experts were interviewed. It was identified that knowledge hiding in Blockchain was common and the rationale behind was analyzed using the TPB (Theory of Planned Behavior) approach. The analysis results suggested that knowledge hiding was due to affective, behavioral and cognitive evaluations. The interviewees also provided several recommendations and success factors to overcome current issues in Blockchain adoption. Therefore, four important propositions have been developed. Finally, this article suggests how financial services should respond to this new technology and how to manage knowledge sharing in a more structured way. This article contributes to the literature related to the current entrepreneurial finance landscape for Blockchain.
KW - Blockchain
KW - Blockchain adoption
KW - Ethical challenges
KW - Ethics
KW - Financial industry
KW - Recommendation for Blockchain adoption
UR - http://www.scopus.com/inward/record.url?scp=85086627503&partnerID=8YFLogxK
UR - https://www.sciencedirect.com/science/article/pii/S0040162520309926?via%3Dihub
U2 - 10.1016/j.techfore.2020.120166
DO - 10.1016/j.techfore.2020.120166
M3 - Article
AN - SCOPUS:85086627503
SN - 0040-1625
VL - 158
JO - Technological Forecasting and Social Change
JF - Technological Forecasting and Social Change
M1 - 120166
ER -