Blockchain as a Tool for Conceptualizing the Operational Framework of a Cashless Economy: A Comprehensive Study.

Abstract

The swift progress of blockchain technology has generated considerable enthusiasm regarding its capacity to transform financial systems, specifically in promoting economies that operate without physical currency. This paper gives an extensive study that examines the significance of blockchain as a fundamental instrument for envisioning the operational framework of a cashless economy. The study examines how blockchain technology facilitates the development and execution of crucial components necessary for a cashless economy, such as digital transactions, secure financial infrastructure, and decentralized governance mechanisms, by combining theoretical analysis and empirical observations. By analysing existing literature and case studies, this paper investigates how blockchain technology might revolutionize traditional financial institutions and effectively tackle issues such as financial inclusion, security, and transparency. Moreover, the study examines practical factors and possible consequences for policymakers, businesses, and individuals that aim to utilize blockchain technology in the shift towards cashless economies. This study enhances the existing knowledge in fintech by providing a comprehensive understanding of the theoretical and practical aspects of cashless economies enabled by blockchain technology. It also offers valuable insights for future research and methods for implementing these concepts in real-world scenarios.