Blockchain Technology and Cryptocurrency in Financial Services

Blockchain technology and cryptocurrency have emerged as two of the most consequential financial innovations of the past two decades, yet the gap between their theoretical potential and real-world adoption within mainstream financial services remains conspicuously wide. This paper investigates that gap through a mixed-methods approach, combining a systematic review of thirty peer-reviewed academic sources with primary survey data drawn from 102 respondents representing young, digitally literate demographics. The study finds that while awareness of blockchain and cryptocurrency is relatively widespread, deep comprehension, active usage, and genuine user trust remain limited. Survey respondents show cautious optimism rather than firm conviction — the majority are open to engaging with blockchain-based financial services but are held back by concerns over security, regulatory legitimacy, and a general unfamiliarity with how these technologies actually function. The research identifies four interconnected barriers to adoption: trust deficits, regulatory fragmentation, scalability constraints, and the persistent gap between surface-level awareness and functional understanding. The study concludes that blockchain and cryptocurrency are not questions of 'if' but of 'when' and 'how' — and that realising their potential will require coordinated effort from regulators, financial institutions, technology developers, and educators acting simultaneously rather than sequentially.

blockchain technology, cryptocurrency, decentralised finance, financial inclusion, regulatory frameworks, technology adoption, DeFi, smart contracts

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