After gaining a thorough understanding of blockchain technology's many features, such as the sound foundation of the underlying technology, its benefits, wide range of applications, as well as the security, privacy, and scalability that such technology offers, there is a clear opportunity for its adoption in India and financial markets around the world. Despite its benefits, there still exist several barriers to the technology's mainstream adoption. Moreover, there still exists a great deal of skepticism in the investing world, making it understandable that seasoned investors and hedge fund managers would choose to take a "wait and see" approach with respect to the blockchain. Nonetheless, it is clear that cryptocurrencies (and thus the underlying blockchain technology) are here for the long haul. The technology addresses many of the requirements customers desire in currency today (e.g. decentralisation, transparency, and flexibility) with potential efficiency gains that extend beyond the possibility of traditional "fiat" currency. Moreover, the potential benefits extend beyond its role as an alternative currency, but offer applications across a range of industries and professions over and above financial markets, including the banking and insurance sectors. Major stock exchanges are also looking at the integration of blockchain solutions into their operations, and the potential to provide virtually instantaneous settlements and automate compliance through smart contracts, all while providing increased security and transparency. In Banking, for example, the use of distributed ledger systems could help to develop new business models through the automation of traditional processes, reduction in potential compliance, duplication errors and thus effectively reduce costs.
This study seeks to uncover and identify some of the most fascinating aspects of blockchain technology that have paved the way for the digital currency revolution. Moreover, this study also looks into the key features and applications of such technology, considering the potential it offers to disrupt a wide range of businesses in both the commercial and public sectors. This was done within the context of researching how the applicability of the blockchain can be improved and help to uncover the underlying reasons causing inefficiencies or barriers to entry for the technology within the fields of financial markets, banking, and other sectors.