• Pushpalika Chatterjee

Granted, blockchain technology has become disruptive in the financial services sector. Now, blockchain technology can address critical inefficiencies to revolutionize financial transactions and service delivery globally. In this respect, the features of crucial importance for improving the efficiency of financial transactions are the fact that it is decentralized, immutability, and transparency. The ability of blockchain to address these fundamental qualities ultimately allows it to cut through and speed up processes that have long since been stuck in the intermediaries and legacy systems. Blockchains have found a strong foothold in the fintech sphere, and this article explores how blockchain has been utilized for faster cross-border payments, decentralized finance (DeFi), tokenization, and improved fraud prevention. Blockchain, through its decentralized ledger system, eliminates the risk of fraud and error that plague traditional financial systems much more than any other system. Moreover, blockchain enables the tokenization of assets, digitizing physical and digital assets in new ways that enhance more efficient and equally inclusive financial systems.

Blockchain, Fintech Innovation, Decentralized Finance, Regulatory Challenges, and Decentralized Finance.

"Blockchain Technology as the Backbone of Fintech Innovation: Opportunities and Challenges", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.10, Issue 12, page no.h798-h810, December-2023, Available :http://www.jetir.org/papers/JETIR2312797.pdf

"Blockchain Technology as the Backbone of Fintech Innovation: Opportunities and Challenges", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.10, Issue 12, page no. pph798-h810, December-2023, Available at : http://www.jetir.org/papers/JETIR2312797.pdf