The Taxonomy of Blockchain-based Technology in the Financial Industry

The decentralized approach of blockchain technology has resulted in innovations across various industries, including finance which is facing challenges due to the rise of decentralized finance (DeFi) in the market. Decentralization improves business processes and spurs product innovation through increased transparency and removing intermediaries. A taxonomy created through a literature review outlines the four dimensions of these advancements: key drivers, products, benefits, and emerging threats. Proposed solutions are also included to tackle the threats.