The challenges and countermeasures of blockchain in finance and economics

Abstract As a new technology, blockchain can be used to analyse and process the data through the effective integration of financial resources. New financial formats or service models are produced to upgrade the financial system and promote the efficiency and quality of financial operations and service from three layers (data, rules, and application) based on customers' needs. The blockchain technology can help the financial industry to automatically and accurately identify customer credit conditions, restructure the financial market credit system, and improve the efficiency of cross‐border payment. Meanwhile, it also posed a challenge for the financial industries' development. In this paper, we systematically analysed the blockchain technology and its application in the financial and economic field and the status quo and the challenges. Finally, we provided constructive suggestions to facilitate the blockchain technology development in the financial and economic field.