Blockchain, cryptocurrency and FinTech market growth in Malaysia
Blockchain has emerged as a popular digital technology aimed at ensuring that financial transactions can be secured and trusted. The expansion of FinTech industry has encouraged the use of blockchain technology and cryptocurrencies. A study has been conducted to assess the blockchain, cryptocurrency...
| Main Authors: | , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
JARDCS
2018
|
| Subjects: | |
| Online Access: | https://repo.uum.edu.my/id/eprint/27869/1/JARDCS%2010%2014%202018%20%202074%202082.pdf |
| _version_ | 1803629361169956864 |
|---|---|
| author | Ku-Mahamud, Ku Ruhana Abu Bakar, Nur Azzah Omar, Mazni |
| author_facet | Ku-Mahamud, Ku Ruhana Abu Bakar, Nur Azzah Omar, Mazni |
| author_sort | Ku-Mahamud, Ku Ruhana |
| collection | UUM |
| description | Blockchain has emerged as a popular digital technology aimed at ensuring that financial transactions can be secured and trusted. The expansion of FinTech industry has encouraged the use of blockchain technology and cryptocurrencies. A study has been conducted to assess the blockchain, cryptocurrency and FinTech market
growth. This paper provides empirical evidence on the factors influencing the market growth in Malaysia and highlights the factors that could spur and hinder its future use. A survey of 304 blockchain users and industry players in
Malaysia was conducted and quantitative results revealed that privacy is the most significant barrier to the adoption of blockchain technology and cryptocurrency ecosystem. Other barriers include those related to legality, cost, security, and stability, as well as difficulties in switching to a new technology. Thus, government regulation is needed to provide guidelines for ensuring the sustainability and growth of this technology in the near future. In addition, results demonstrate that the banking sector is going to be the most affected by the FinTech industry. This current trend may assist the decision makers in evaluating the potential usage of this technology, allowing them to make strategic decisions to improve business and services. |
| first_indexed | 2024-07-04T06:36:38Z |
| format | Article |
| id | uum-27869 |
| institution | Universiti Utara Malaysia |
| language | English |
| last_indexed | 2024-07-04T06:36:38Z |
| publishDate | 2018 |
| publisher | JARDCS |
| record_format | dspace |
| spelling | uum-278692022-09-14T13:27:41Z https://repo.uum.edu.my/id/eprint/27869/ Blockchain, cryptocurrency and FinTech market growth in Malaysia Ku-Mahamud, Ku Ruhana Abu Bakar, Nur Azzah Omar, Mazni QA75 Electronic computers. Computer science Blockchain has emerged as a popular digital technology aimed at ensuring that financial transactions can be secured and trusted. The expansion of FinTech industry has encouraged the use of blockchain technology and cryptocurrencies. A study has been conducted to assess the blockchain, cryptocurrency and FinTech market growth. This paper provides empirical evidence on the factors influencing the market growth in Malaysia and highlights the factors that could spur and hinder its future use. A survey of 304 blockchain users and industry players in Malaysia was conducted and quantitative results revealed that privacy is the most significant barrier to the adoption of blockchain technology and cryptocurrency ecosystem. Other barriers include those related to legality, cost, security, and stability, as well as difficulties in switching to a new technology. Thus, government regulation is needed to provide guidelines for ensuring the sustainability and growth of this technology in the near future. In addition, results demonstrate that the banking sector is going to be the most affected by the FinTech industry. This current trend may assist the decision makers in evaluating the potential usage of this technology, allowing them to make strategic decisions to improve business and services. JARDCS 2018 Article PeerReviewed application/pdf en https://repo.uum.edu.my/id/eprint/27869/1/JARDCS%2010%2014%202018%20%202074%202082.pdf Ku-Mahamud, Ku Ruhana and Abu Bakar, Nur Azzah and Omar, Mazni (2018) Blockchain, cryptocurrency and FinTech market growth in Malaysia. Journal of Advance Research in Dynamical & Control Systems, 10 (14 SI). pp. 2074-2082. ISSN 1943-023X https://www.jardcs.org/backissues/abstract.php?archiveid=6629 |
| spellingShingle | QA75 Electronic computers. Computer science Ku-Mahamud, Ku Ruhana Abu Bakar, Nur Azzah Omar, Mazni Blockchain, cryptocurrency and FinTech market growth in Malaysia |
| title | Blockchain, cryptocurrency and FinTech market growth in Malaysia |
| title_full | Blockchain, cryptocurrency and FinTech market growth in Malaysia |
| title_fullStr | Blockchain, cryptocurrency and FinTech market growth in Malaysia |
| title_full_unstemmed | Blockchain, cryptocurrency and FinTech market growth in Malaysia |
| title_short | Blockchain, cryptocurrency and FinTech market growth in Malaysia |
| title_sort | blockchain cryptocurrency and fintech market growth in malaysia |
| topic | QA75 Electronic computers. Computer science |
| url | https://repo.uum.edu.my/id/eprint/27869/1/JARDCS%2010%2014%202018%20%202074%202082.pdf |
| work_keys_str_mv | AT kumahamudkuruhana blockchaincryptocurrencyandfintechmarketgrowthinmalaysia AT abubakarnurazzah blockchaincryptocurrencyandfintechmarketgrowthinmalaysia AT omarmazni blockchaincryptocurrencyandfintechmarketgrowthinmalaysia |