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How Blockchain can impact financial services - The overview, challenges and recommendations from expert interviewees
Victor Chang1, Patricia Baudier2, Hui Zhang3
1School of Computing, Engineering and Digital Technologies, Teesside University, Middlesbrough, UK.
Financial Technology (FinTech) and Blockchain are transforming finance. This study reveals common knowledge hiding in Blockchain adoption, driven by various evaluations, and offers recommendations for better knowledge sharing in financial services.
Area of Science:
- Financial Technology (FinTech)
- Blockchain Technology
- Entrepreneurial Finance
Background:
- FinTech and Blockchain are key topics for finance leaders.
- Blockchain presents significant challenges and ethical concerns in finance.
- Banks are exploring Blockchain for various motivations and face implementation hurdles.
Purpose of the Study:
- To analyze the impact and characteristics of FinTech and Blockchain in finance.
- To identify challenges, ethical issues, and motivations behind Blockchain adoption in banks.
- To understand and address knowledge hiding in Blockchain implementation.
Main Methods:
- Qualitative research methodology.
- Interviews with sixteen financial industry experts.
- Analysis of knowledge hiding using the Theory of Planned Behavior (TPB).
Main Results:
- Knowledge hiding is prevalent in Blockchain adoption within the financial sector.
- Affective, behavioral, and cognitive evaluations contribute to knowledge hiding.
- Expert recommendations and success factors for overcoming adoption issues were identified.
Conclusions:
- Financial services need structured approaches to manage knowledge sharing for Blockchain.
- Four key propositions were developed to guide Blockchain adoption and knowledge management.
- The study contributes to understanding the entrepreneurial finance landscape for Blockchain.
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