INVESTIGATING THE POTENTIAL OF BLOCKCHAIN TECHNOLOGY TO ENHANCE TRANSPARENCY, EFFICIENCY AND SECURITY IN CAPITAL MARKETS
Keywords:
Blockchain technology, Capital markets, Transparency, Efficiency, SecurityAbstract
This paper explored the possibility and prospects of blockchain-based technology to increase transparency, efficiency, and security within capital market by conducting a quantitative survey cross-section across 142 professionals in capital markets. The study applied structured questionnaires and a statistical test to examine the perceptions in three main dimensions. Findings showed a high level of agreement on the transformative potential of blockchain where composite scores of efficiency (M=4.19), transparency (M=4.05), and security (M=4.04) had scores exceeding 4.0. Blockchain knowledge and organization adoption status were found to be the important variables of the positive perceptions in all dimensions by regression analysis. Yet, the most significant barrier to adoption was regulatory uncertainty (31.7%), which is in favor of the technical assessment. The results show that the problems of blockchain adoption are not so much technological but institutional and that to achieve the potential of the technology in the modernization of the capital markets infrastructure, detailed regulatory frameworks and stepwise implementation strategies are necessary.
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