Disruption in Finance: Blockchain’s Financial Applications and Implications on Society

We are currently witnessing a change in the world, parallel to that of the Internet in the 1990s. Blockchain technologies are re-configuring the global economy and are poised to transform various industries. This paper will focus on how it is disrupting several finance practices. We need new understandings of this revolutionizing technology and how its implementation has disruptive capabilities. In this paper, we provide an initial examination of the technology itself and trace the technology emergence to Bitcoin. We also present an overview of the four-key constructs of blockchain technology and note the key differences between public and private blockchain. We then provide a literature review of opportunities for financial markets. Then, we discuss various organizations that have been created due to blockchain technology and if they have lived up to their name. Finally, ending with the possible implications this technology has on society