Blockchain in Finance: Applications, Platforms, and Global Trends in a Decentralizing Ecosystem

Abstract

The financial industry is undergoing a major transformation driven by advancements in Information Technology (IT), which demand greater transparency, security, and efficiency. Amid this evolution, blockchain has emerged as a disruptive force capable of addressing longstanding inefficiencies in traditional centralized financial frameworks. This study presents a detailed and systematic analysis of blockchain applications in finance, highlighting how its decentralized, immutable, and programmable features are redefining trust, data management, and automation in financial ecosystems. Drawing from a rigorous screening process of 4,695 articles from the Scopus database, the study narrows the focus to 194 peer-reviewed, open-access articles published between 2014 and 2025. The paper explores the application of blockchain across key financial domains such as capital raising, securities trading, investment management, financial analysis, credit scoring, insurance, real estate, and trade finance. It also examines 15 prominent blockchain platforms and their suitability for varied financial use cases based on architecture, privacy, throughput, and governance. Complementing the literature review, a bibliometric analysis identifies dominant research themes, influential contributors, and global collaboration trends. The findings indicate that blockchain’s technical foundations—distributed ledgers, smart contracts, cryptographic protocols, and consensus mechanisms—offer scalable solutions for automating transactions, enhancing regulatory compliance, and improving financial inclusion. This study not only synthesizes existing research but also provides a roadmap for future innovation and scholarly inquiry in blockchain-enabled finance.