Block Chain Technology: A New Enabler of Financial Services

1. Purpose of the paper - Block chain technology is one of the disruptive technologies of today's world. While some see a tremendous potential in the technology to the extent of eliminating the intermediaries of financial transaction all together, few others perceive it as overhyped terminology. 2. Objectives of the study a. Studying the importance of block chain technology for accounting and financial sector b. Exploring the areas in the field of accounting and finance which can be affected by block-chain technology. c. Evaluating critically the impact of the technology on the aforesaid areas. 3. Research Methodology and Design: - This research would be mainly exploratory and qualitative in nature. The data would be collected from secondary sources. The research would also touch upon the application of the new technology to the various fields of accounting and finance and evaluate whether the new technology would really sweep through the current way of operations or would it just be a bubble which would burst in a due course of time. 4. Limitations of Study: - Block chain Technology, cryptocurrencies etc. are relatively very new concepts. Some countries have started the research laboratories to study the potential of Block chain. However it is still in testing mode. Though few efforts are being made for actually applying the technology for real life situations, their scope and depth is still limited. Therefore while prediction of the results would be based on current available data and applications, it would be too early to generalize the results. It would be a good piece of research to form a base for further observations and to keep on building on it, as the things move on.