Blockchain’s Impact on Morocco’s Financial Sector: Opportunities and Challenges
The adoption of emerging technologies in the finance industry, such as blockchain, promises to provide new perspectives on data security and business processes. This advanced innovation paves the way for unprecedented financial and organizational optimization, transforming not only processes and str...
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| Format: | Article |
| Language: | English |
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EDP Sciences
2024-01-01
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| Series: | ITM Web of Conferences |
| Online Access: | https://www.itm-conferences.org/articles/itmconf/pdf/2024/12/itmconf_maih2024_01001.pdf |
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| author | Asly Ishaq Essabbar Driss |
| author_facet | Asly Ishaq Essabbar Driss |
| author_sort | Asly Ishaq |
| collection | DOAJ |
| description | The adoption of emerging technologies in the finance industry, such as blockchain, promises to provide new perspectives on data security and business processes. This advanced innovation paves the way for unprecedented financial and organizational optimization, transforming not only processes and structures, but also fundamental paradigms of trust and knowledge. The financial industry faces numerous challenges in combating fraud and embezzlement, due to the complexity and scale of its operations. Therefore, the infrastructure provided by the blockchain system helps reduce costs related to intermediaries, enhances security, and improves trust between stakeholders, thanks to the principle of decentralization and the immutability of its ledger. Furthermore, this technological revolution offers financial actors the ability to create new services and solutions in order to meet the needs of several business activities, especially those with complex supply chains. A perfect use of it, will certainly develop the standards of this industry and stimulate innovative economic growth. Although the blockchain offers substantial opportunities for the financial sector, its potential can only be fully achieved with adequate regulatory support, as a way to steer the system toward a more digital and inclusive economy. After a presentation of blockchain technology and its mode of operation, we will be focusing on its potential in finance and how it might provide creative accounting and financial management solutions. |
| format | Article |
| id | doaj-art-f5dff8d5fbf2447caf49809928f62bb0 |
| institution | Kabale University |
| issn | 2271-2097 |
| language | English |
| publishDate | 2024-01-01 |
| publisher | EDP Sciences |
| record_format | Article |
| series | ITM Web of Conferences |
| spelling | doaj-art-f5dff8d5fbf2447caf49809928f62bb02025-01-08T10:58:54ZengEDP SciencesITM Web of Conferences2271-20972024-01-01690100110.1051/itmconf/20246901001itmconf_maih2024_01001Blockchain’s Impact on Morocco’s Financial Sector: Opportunities and ChallengesAsly Ishaq0Essabbar Driss1LAMIGEP Laboratory, EMSI MarrakechLAMIGEP Laboratory, EMSI MarrakechThe adoption of emerging technologies in the finance industry, such as blockchain, promises to provide new perspectives on data security and business processes. This advanced innovation paves the way for unprecedented financial and organizational optimization, transforming not only processes and structures, but also fundamental paradigms of trust and knowledge. The financial industry faces numerous challenges in combating fraud and embezzlement, due to the complexity and scale of its operations. Therefore, the infrastructure provided by the blockchain system helps reduce costs related to intermediaries, enhances security, and improves trust between stakeholders, thanks to the principle of decentralization and the immutability of its ledger. Furthermore, this technological revolution offers financial actors the ability to create new services and solutions in order to meet the needs of several business activities, especially those with complex supply chains. A perfect use of it, will certainly develop the standards of this industry and stimulate innovative economic growth. Although the blockchain offers substantial opportunities for the financial sector, its potential can only be fully achieved with adequate regulatory support, as a way to steer the system toward a more digital and inclusive economy. After a presentation of blockchain technology and its mode of operation, we will be focusing on its potential in finance and how it might provide creative accounting and financial management solutions.https://www.itm-conferences.org/articles/itmconf/pdf/2024/12/itmconf_maih2024_01001.pdf |
| spellingShingle | Asly Ishaq Essabbar Driss Blockchain’s Impact on Morocco’s Financial Sector: Opportunities and Challenges ITM Web of Conferences |
| title | Blockchain’s Impact on Morocco’s Financial Sector: Opportunities and Challenges |
| title_full | Blockchain’s Impact on Morocco’s Financial Sector: Opportunities and Challenges |
| title_fullStr | Blockchain’s Impact on Morocco’s Financial Sector: Opportunities and Challenges |
| title_full_unstemmed | Blockchain’s Impact on Morocco’s Financial Sector: Opportunities and Challenges |
| title_short | Blockchain’s Impact on Morocco’s Financial Sector: Opportunities and Challenges |
| title_sort | blockchain s impact on morocco s financial sector opportunities and challenges |
| url | https://www.itm-conferences.org/articles/itmconf/pdf/2024/12/itmconf_maih2024_01001.pdf |
| work_keys_str_mv | AT aslyishaq blockchainsimpactonmoroccosfinancialsectoropportunitiesandchallenges AT essabbardriss blockchainsimpactonmoroccosfinancialsectoropportunitiesandchallenges |