Blockchain for Financial Risk Management: Enhancing Transparency and Reducing Fraud
Abstract
Blockchain technology has emerged as a revolutionary tool for managing financial risks by offering unparalleled transparency, security, and traceability. This paper investigates the application of blockchain in areas such as fraud detection, trade finance, and compliance monitoring. Through case studies, the study demonstrates how blockchain-based smart contracts and decentralized ledgers can mitigate risks associated with transactional fraud and operational inefficiencies. The research also examines challenges such as scalability, interoperability, and the regulatory landscape that may hinder blockchain adoption in financial risk management. Recommendations are provided to facilitate the integration of blockchain into existing financial frameworks, paving the way for more resilient and secure financial systems.
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