Understanding the need of Blockchain technology and artificial intelligence, and transformation of financial services: A conceptual framework

Manoj Kumar, Sumit Kumar, Rubina Ahmed

Research output: Book chapter/Published conference paperChapter (peer-reviewed)peer-review

Abstract

Blockchain technology is a decentralized and immutable ledger that enables secure and transparent transactions. It operates through a link of computers that are recognized as nodes, where each node keeps a duplicate of the ledger. By removing the necessity for mediators, Blockchain ensures trust, security, and transaction efficiency, making it suitable for various applications beyond cryptocurrencies. The analysis of numerous papers reviewed captures an innovative change in technology in the insurance industry therefore concludes on the basis of the review of different articles, and website searches, that the positioning of Artificial intelligence systems in the financial industry particularly the insurance sector will continue to increase due to advances in technology and transformation toward digital financial services. The use of artificial intelligence systems can bring substantial benefits such as reduced cost, productivity increase, and better risk management.
Original languageEnglish
Title of host publicationApplications of Block Chain technology and Artificial Intelligence
Subtitle of host publicationLead-ins in Banking, Finance, and Capital Market
EditorsMohammad Irfan, Khan Muhammad, Nader Naifar, Muhammad Attique Khan
PublisherSpringer
Chapter12
Pages195-210
Number of pages16
Edition1st
ISBN (Electronic)9783031473241
ISBN (Print)9783031473234
DOIs
Publication statusPublished - May 2024

Publication series

NameFinancial Mathematics and Fintech
ISSN (Print)2662-7167
ISSN (Electronic)2662-7175

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