With the development of modern information and computer technology, blockchain technology has become applicable in various sectors and different fields and is of great acceptance by many countries of the world, as it has gained increasing popularity due to the integration of financial, information and communications between users, as well as distributed storage, encryption algorithms and smart contracts, which made it a model for building distributed and reliable systems by providing reliable data service to multiple parties, In a secure and decentralized framework that enhances efficiency and ability and reduces the need for intermediaries while reducing the cost of doing financial and monetary business, reducing the risk of fraud and potential manipulation and promoting fast transactions in a more accurate manner and thus many important sectors, industries and economies in the world, including China, are working to activate the role of blockchain technology in various economic and financial fields, so the study focused on the general concept of blockchain technology, its method of work and the most important benefits and advantages, To further explain how blockchain technology is being used in China, it finds use in banking and financial businesses as well as monetary and government organisations.

Literature Review 

Numerous academic studies and research papers have delved into blockchain technology and its applications in the financial and monetary sectors. These studies have shed light on the pros and cons, obstacles, factors that influence adoption and current solutions to these problems. By reviewing relevant literature, one can learn from the most important findings and apply them to their own work, The main objective of the article was [1] to know the main characteristics of financial technology and blockchain technology and the extent of its impact on the financial sector and the problems it faces, as well as analyzing the rationale behind the use of the Planned Behavior Theory (TPB) approach and the extent of its contributions to the current entrepreneurial financial landscape of blockchain technology, this article has suggested how financial services respond to this new technology and how to manage knowledge exchange in a more way. The recommendations and lessons learned were useful for financial and non-financial institutions that adopt blockchain technology, adding new ways to manage knowledge exchange and improve efficiency, while the study [2] looked at the extent to which blockchain technology affects the quality of Accounting Information Systems (AIS) and business performance in the Jordanian commercial banking sector, through a survey of 388 opinions. Participants from different banks, where the study applied a quantitative methodology to assess how the use of blockchain affects the quality of accounting information systems and the performance of financial and banking institutions and the results showed a strong positive impact of blockchain on the quality of accounting information systems and the performance of financial and banking institutions and also emphasized the transformative potential of blockchain in emerging financial markets and the strategic importance of blockchain technology in enhancing operational efficiency and competitiveness in the financial and banking sector in developing economies. Soon duck Yoo also presented [3] a research paper on the use of blockchain technology in the financial sector in Korea, the main objective of which was how to apply it in the financial sector and how to respond to Korean conditions in terms of design and methodology as well as approaches, as this research paper talked about the movements of the financial sector and services related to the use of blockchain technology in the financial market. The results showed that blockchain technology is applied with multiple activities in the financial sector and expands to include settlements, money transfers, securities and smart contracts and many authentication procedures based on equipment owned by consumers are used, which makes the introduction of blockchain technology in the authentication process prominent in the financial and banking sector, while a study [4]. According to the study, Chinese blockchain technologies still have a ways to go before they're ready for widespread use, but the government is actively pushing for industry growth through initiatives like the fourteenth five-year plan and the release of enabling standards and regulatory policies. This is all in an effort to train up new talent and open up new possibilities for the technology's development and the ongoing resolution of fundamental technical issues. Further improvements to blockchain scalability and interoperability may be achieved by ongoing cooperation between major firms and research institutions. This collaboration should focus on improving consensus protocols, distributed storage and Peer-To-Peer (P2P) technologies.

The Concept of Blockchain 

Blockchain technology has its roots in the Paxos protocol, which Leslie Lamport created in 1989. In 1990, her paper "The Part-time Parliament" was published in ACM Transactions on Computer Systems. In 1991, a digital signature-a chain of information-was used as an electronic ledger on documents, which functions in a very basic way [5] and on the first of November 2008 It was integrated and applied to electronic money, where Satoshi Nakamoto published the article "Bitcoin", a peer-to-peer electronic monetary system, which dealt with the concept of the general framework of the electronic monetary system using digital currency based on blockchain technology, P2P network, cryptography and timestamp, [6] and the term "blockchain" refers to the way in which data is stored and transactions are recorded in timestamped blocks and these blocks are connected to the previous blocks to form a series of transactions and this chain is stored by all users on the network and every time a new block is verified and added [7] and the concept also refers to it as a digital ledger that is not amenable to manipulation in economic and financial transactions, which can be programmed to record financial and monetary transactions and all economic values through a secure distributed database that maintains Ordered lists of records [8].

Blockchain technology is characterized by a structure that connects separate data, which is known as blocks and placed in a single list known as the chain, where the blockchain manages and stores this data, making it difficult or impossible to change, penetrate or defraud the network and allows safe, reliable and verifiable financial transactions [9], as well as the advantage of sending and receiving financial and cash transfers. Between two paper currencies and transfer them between users or customers in a cheaper, more accurate, stable and transparent way, to enhance financial and monetary security and operational efficiency across various economic sectors [7], as well as ensure the real-time movement of capital for financial and cash transactions, which can replace the traditional paper money path since each agent on the platform can verify all his transaction through it, thus eliminating the need for the risk of double spending and costly financial and monetary reviews on an ongoing basis. Blockchain [10] technology is the next generation of the Internet, it is a new core technology that has the ability to restructure financial and monetary transactions, influence the way people deal and interact economically between individuals or users, as well as bring about large-scale macroeconomic changes, Figure 1 shows the evolution of blockchain technology across three generations.

Figure 1 shows that there have been three main generations of blockchain technology. The first, known as blockchain 1.0, included cryptocurrencies like Bitcoin and nearly 600 other cryptocurrencies that were built and used as exchange tokens in applications based on blockchain. The second, known as blockchain 2.0, included some of the most popular digital currencies, such as Ripple, Ethereum, Monroe and Bitcoin. The most important feature at this stage of technology is the integration of smart contracts with blockchain, which covers financial assets such as cash, bonds, futures, loans, mortgages and more. The third generation of blockchain, also known as blockchain 3.0, is a global platform or application that states and fiscal policies use to make citizens' financial and transformational operations more transparent. It also allows users to save assets on the blockchain network and makes them more visible to customers, users and individuals [11].

Blockchain technology contains a set of basic elements [12] and Figure 2 illustrates this element. 

Figure 1: Blockchain Generations

Figure 2: Blockchain Elements

Blockchain Technology Framework

There are a set of mechanisms under which blockchain technology works as follows [13].

Decentralization

Blockchain technology works on a decentralized network of nodes (computers) that collectively maintain and validate the ledger, here there is no central authority or intermediary that controls the system, which enhances flexibility, security and control in it.

Distributed Ledger

Every node in the network receives a copy of the distributed ledger, which is structured as a series of blocks that contain batches of transactions. All participants validate transactions by broadcasting them to all nodes and using the consensus mechanism.

Consensus Mechanism

Consensus mechanisms are protocols that all nodes in the network can use to agree on the legitimacy of transactions and keep the book intact. Some examples of consensus mechanisms are proof of work, proof of share and practical tolerance of error. This eliminates the need for an intermediary central authority.

Cryptographic Hashing Functions

On the one hand, blockchain technology creates an immutable chain of blocks by using cryptographic hashing functions to secure and link them to each other. On the other hand, it is resistant to manipulation, fraud and counterfeiting.

Figure 3: Blockchain Framework

Smart Contracts

A smart contract is an agreement whose terms are pre-programmed into the code and which, upon the fulfilment of specified criteria, execute itself automatically, cutting away the middleman.

Tokenism

Tokenisation allows for partial ownership, liquidity and interoperability of assets on their networks; Figure 3 provides a clear picture of the blockchain technology framework. Assets, whether physical or digital, are represented by these cryptographic codes on the blockchain network. Tokens represent rights to property, access to services and voting.

Figure 4: Blockchain Classifications

Table 1: Fourth: Financial and Monetary Blockchain Functions

Blockchain is classified into three important sections, as each section or each of these types has its own work and practices that can be clarified as follows:

Public Blockchain

All users of the blockchain service have access to the network, which is open, transparent and decentralised. One of its basic features is that all nodes can work together to share, verify, record and store transaction information. Anyone can view and validate the data on the network, so it's useful for things like money transfers and keeping track of who owns what.

Private Blockchain

A private blockchain is a network that is operated and controlled by a single entity or organisation. It ensures a high level of privacy and security by keeping all data private, limiting access to authorised nodes and modifying data according to predetermined rules. Another benefit is that private blockchains do not require mining operations or consensus algorithms, which means they are very efficient and productive [14]. 

Hybrid Blockchain

In this hybrid ledger, which combines elements of both centralised and decentralised systems, financial and banking institutions can work together to validate transactions. Meanwhile, allowed ledgers let semi-trusted parties share the infrastructure and communicate directly with each other, eliminating the need for a central authority or separate infrastructure to manage their financial, monetary and other transactional interactions [15] and Figure 4 illustrates these classifications. 

Blockchain technology also provides many advantages and prominent aspects in order to enhance financial or banking sustainability [16] and it is possible to give a clear picture of these advantages through Table 1. 

In order to maximize blockchain technology, enhance mutual benefits between financial and banking institutions and reduce risks related to financial and monetary transactions and multiple investments, a common platform and a decentralized and distributed database with multiple functions and benefits are used [17], including. 

Verification of Identity and Account Balances

Thanks to the protocol's ability to verify the identities of the people involved, blockchain technology makes it possible to access financial and bank accounts, monetary data and other transactions directly, reducing or eliminating the need for intermediaries.

Money Transfer

Financial assets, including currencies, bonds, stocks and other assets, can be transferred using blockchain technology. This technology typically ensures that the transfer of assets is quick and secure and it prevents fraud and financial fraud by not allowing the duplication of funds.

Storage of Money and Assets

Blockchain technology can replace traditional methods of storing money and assets (such as savings accounts, safe deposits, current accounts, investment funds, capital, treasury bonds for instantaneous liquidity in banks, etc.) with far more efficient and secure methods. Additionally, it can improve the efficiency and accuracy of banking, broking, asset management and other related functions.

Lending Value

With the use of smart contracts and blockchain technology, peer-to-peer debt settlement and lending can be done more efficiently, with lower levels of risk and expense and with better monetary and financial asset conversions overall.

Exchange Value

Blockchain technology plays a crucial role in facilitating daily trading and exchange operations involving financial and monetary assets, such as investments, price arbitration and more. It allows all users, whether they have bank accounts or not, to participate, exchange and create wealth.

Finance and Investment

Blockchain technology revolutionises the way investments, stock exchanges, crowdfunding and asset management are conducted. It also introduces new models for financing and investment, such as security token offerings or initial currency offerings and changes the rules for these areas.

Asset and Money Guarantee and Risk Management

By using smart contracts, insurance models, asset and money guarantee and risk management may be executed with greater precision and ease of calculation, leading to more transparent and easy-to-understand decision-making. 

Accounting and Auditing

Through the use of several nodes and real-time updates and audits, a cryptographically-backed distributed ledger improves the reliability and transparency of monetary and financial reporting. 

Financial Inclusion

Due to blockchain's low transaction fees and low minimum balance requirements, up-and-coming banks are in a strong position to compete with established banks. Meanwhile, consumers can sign up with alternative banks to take advantage of lower fees and take advantage of digital identification on mobile devices, which eliminates the need for traditional banking services.

Fraud Reduction

By ensuring that every node in the network has a copy of every transaction and by using unique block segmentation, the ledger helps keep the network secure and resistant to threats like distributed denial-of-service attacks, hackers, financial fraud and cyber risks and vulnerabilities. This, in turn, helps users save and keep their money.

Financial and banking organisations, as well as their clients and users, get a number of benefits from using blockchain technology in monetary and financial operations [18]:

• Enhanced Security: Blockchain technology greatly reduces the danger of fraudulent actions and unauthorised alterations due to its cryptographic nature, which protects data integrity and immutability

• Transactions Processed more Quickly: Unlike conventional financial banking systems, which rely on a plethora of middlemen and lengthy settlement procedures, blockchain-based transactions may be processed much more quickly and effectively

• Reduced operating expenditures for financial and monetary institutions' intermediaries means less money out of everyone's pockets-banks, users, consumers and individuals-particularly when it comes to international transactions

• One benefit of blockchain technology is its potential to increase the financial inclusion of monetary policy by making financial services available to those who either do not interact with banks or do not deal with them sufficiently

• Smart Contracts: they are agreements that can be self-executed based on criteria that have been pre-defined. By automating the execution of contracts, this feature may ease numerous banking activities, including the development of loans and trade financing

Financial and Monetary Blockchain Applications 

Blockchain technology has diverse applications across different types of financial and monetary services, the most important of which are [19].

Central Bank Digital Currency 

Blockchain technology can be used as the core technology to enable central bank digital currency It is reported that the central bank digital currency provides all banks with a reliable window close to the real-time that economic activity needs to guide monetary policy.

Clearing and Settlement of Payments at the Central Bank 

One of the key uses of blockchain technology for central banks is to streamline the clearing and settlement of payments between all banks and other financial institutions. This improves efficiency by making the settlement process almost instantaneous and gives the parties involved more say over how long a transaction should take. As a result, the receiving bank will have access to liquidity faster and there will be less disruption to the process, which means more effective use of funds.

Anti-Money Laundering

When it comes to anti-money laundering, the guiding principle is to check the customer's identity and examine their past actions to determine if they are capable of laundering money. This can lead to multiple versions of a customer's data if they are a customer of multiple banks.

Digital Asset Registry and Management

A digital asset registry, built and administered using blockchain technology, may oversee all operations pertaining to the ownership of monetary assets, with the overarching goal of safeguarding and ensuring the integrity of confidential data and papers, among other uses.

Retail Banking

The use of blockchain technology in retail banking has the potential to improve transaction security, simplify know-your-customer procedures and pave the way for real-time settlement.

Investment Banking

Investment banks and other financial institutions may benefit from blockchain technology's transparent audit pathways, which might streamline post-trade settlement procedures and ease the issue and selling of securities.

Insurance

Financial insurers may now conduct peer-to-peer transactions, smart contracts can automate claims processing and the immutable record of insurance and claims can prevent monetary and financial fraud.

Payment Processing

Quicker and cheaper international transfers, less reliance on middlemen and secure, transparent transactions are just a few ways that blockchain technology may revolutionise the processing process.

Cross-Border Transfers and Payments 

With blockchain technology, financial institutions can more easily and directly conduct international financial and monetary economic transactions. This is because banks with blockchain networks can send funds to other banks' networks and all transactions are recorded in an immutable block. As a result, transacting across borders becomes faster and cheaper.

Trade Finance

Banking and other financial institutions play an essential role in the global finance and exchange of goods and services. With blockchain technology, the tedious process of writing a letter of credit can be simplified. With blockchain technology, all parties involved in a trade or financial transfer can share information on a distributed ledger and finalise the agreement with smart paperwork. 

Know your Customers and Know your Business 

Financial, monetary and banking institutions use blockchain technology for know-your-business operations and customer onboarding. This involves verifying the customer's identity according to regulations set by central banks, banking associations, securities and futures committees and providing an initial profile to the retail customer or company. This allows for personalised service offerings and protects against data breaches and cyberattacks [20].

Blockchain Technology and Financial Markets

The financial markets greatly benefit from blockchain technology due to its ability to eliminate financial intermediaries. This technology creates a distributed database or ledger that is accessible through a peer-to-peer network. Each block in the database contains time-stamped transactions that are encrypted using public key technology and can be verified by the entire network community. Additionally, there is a distributed ledger that indicates a consensus on synchronised and duplicate digital data that is shared across different locations, countries, or without jeopardising the privacy of digital assets or persons involved, a digital system may be built that allows for several institutions to validate each transaction online. The structure of blockchain technology as it pertains to financial markets is seen in Figure 5 [21]. 

Figure 5 clearly shows that blockchain technology can use smart contracts to digitally execute transactions. A smart contract is a protocol that automatically implements the terms of a contract. With this protocol, contracts, money and products can be converted into code, stored on the system and duplicated. Under the supervision of a network of computers, this allows for trading and direct secure transactions, which saves time and money because there is no guard or intermediary for records. Digital assets in financial markets, including contracts, stocks, stock options, financial trading and marketing operations, can be simplified with blockchain technology, which can replace brokers and banks involved in asset transaction contracts. Financial market operations, particularly capital markets, require a long period of time, complex procedures, high costs and risks that can be reduced through automation and decentralisation.

Figure 5: The work of blockchain in financial markets

Figure 6: Global Blockchain Spending

From the data shown in Figure 6, we can deduce that blockchain technology plays a significant role in influencing market spending. In 2018, global spending on the blockchain market was 1.5 billion USD, in 2021 it rose to 4.9 billion USD and in early 2023 it reached 17.46 billion USD. World investment on blockchain technology has increased to $19 billion by 2024 and is predicted to reach $67.4 billion by 2026, with a compound annual growth rate of 68.4 percent.

Coin Spending on a Global Scale

Blockchain Technology Approach in China 

The major objective of China's pilot program using blockchain technology was to improve the accuracy and security of digital payments and to ease cross-border transactions; however, the country has now expanded its use of the technology to other industries as well. The first "blockchain pilot zone" in China was formed in Hainan Province in October 2018 and in March 2019, the Blockchain Security Technology Testing Centre was established in Changsha. With the goal of enhancing transaction security and decreasing costs, the government has created a pilot cross-border financing platform that utilises this technology. The platform is overseen by the People's Bank of China (PBoC), which received US$4.7 million in 2020 to support and develop the trade and finance platform. Its 38 participating banks are also using blockchain technology. In the year 2019. The smart city initiative in Shanghai has integrated blockchain technology, which helps handle and store massive volumes of data produced by sensors and uses blockchain-based cloud servers to store encrypted personal information [22]. 

According to the "White Paper on Blockchain Technology in 2019" published by the China Academy of Information and Communication Technology, out of more than 18,000 open patent applications for blockchain in 2018, China was responsible for more than half of them, placing it first globally. This indicates that China has a strong foundation in blockchain technology and the necessary conditions to use it as a significant breakthrough for domestic innovation of core technologies. The first blockchain electronic invoice in China was issued in Shenzhen in August 2018. At the time, over 400 companies were involved in blockchain research, development and application, including Wanxiang Blockchain, On chain, Gingkoo Dianrong Chain and other platforms, according to data from the Shanghai Blockchain Technology Association [6]. 

This trend has gained significant traction in the financial technology industry and is positively influencing China's commercial banks and other monetary and financial institutions. Specifically, it is enhancing the payment and settlement system, developing smart finance and enhancing the mode of managing and controlling credit risk [23]:

• Improvements to the payment and settlement system are underway, with the goal of replacing the Bank of China's payment and settlement centre with a more direct, efficient and user-friendly system that uses the blockchain technology. This will save money, improve customer service and eliminate middlemen

• Data from the Credit Investigation Centre of the People's Bank of China, data from domestic credit investigation institutions, data from overseas payment and settlement and e-commerce forms the backbone of the risk control model, which aims to innovate and improve methods of credit risk management and control. Enhancing office efficiency: With the advent of blockchain technology, financial transactions can be processed in real time. This is because the technology promotes the immediate and automated processing of financial transactions, bookkeeping, settlement and other tasks. As a result, errors and recurrences in processing financial transactions can be prevented. Additionally, operating conditions in multilateral transaction projects run more smoothly and office cooperation is more efficient

• Advancements in smart and IoT finance: Blockchain technology plays a crucial role in IoT funding by constructing a vast and inexpensive communication bridge between the IoT data system and numerous smart devices and by enhancing the security and trustworthiness of the IoT data system via a decentralisation, dependability and compatibility mechanism

• The biweekly Forbes article states that there are five ways in which blockchain technology is being improved: (1) making sure that cryptocurrency prices are stable ahead of time (3) use blockchain's advantages to conventional asset management (4) create a digital service ecosystem that entices customers (5) improve ICO marketing management on the Block Ex platform (5) provide a platform for people to buy digital goods from, participate in an online community where they may earn rewards for helping one another and [6] websites

Through the elimination of middlemen and the development of an integrated global infrastructure, Chinese state officials aim to create a highly centralised digital financial system under their control. This will allow Chinese companies to create new blockchain applications more cheaply and promote the digital economy. The People's Bank of China's primary objective is to build a decentralised crypto financial system [24]. According to statistics, the size of the blockchain application market in China exceeded eight billion yuan in 2022 and the market size is expected to reach more than 69 billion yuan by 2030 and among the most important industries that apply blockchain technology are the financial, government and logistics industries [25], in 2022, Tencent'sblockchain service accounted for 16.3% of the blockchain-as-a-service (BaaS) market. In China, a market with a total value of 1.7 billion yuan, BaaS is a cloud-based service that enables companies to build, deploy and manage blockchain applications without having to build and maintain their own infrastructure [26].

As a financial service in China, the blockchain industry reached 1.67 billion yuan in 2022 and the blockchain server market at the enterprise level reached 390 million USD in 2021. Commercial blockchain servers are cloud-based platforms that let businesses host, operate and manage blockchain networks; they also offer scalable and secure infrastructure, a suite of blockchain tools and services and the ability to run applications. A total of around 2.5 billion yuan were invested in blockchain firms in China during the first half of 2022., while in 2018 the investment value was 11 billion yuan [27], while the Internet of Things market in China has achieved revenues of 51.9 million US dollars in 2023 and is expected to reach 1464.0 Million U.S. dollars by 2030, the China market is expected to grow at a compound annual growth rate of 61.1% from 2024 to 2030 [28].

It is worth noting that the applications of blockchain technology in China are mainly focused on scenarios such as financing, government services, smart cities, etc [4]. and through Table 2 it can be seen the development of blockchain application in the government, financial and monetary side in China.

Table 2 shows that blockchain technology plays a significant role in China's government services and financial and monetary services. Blockchain technology accounts for about 24% of administrative approvals, which is the highest percentage compared to other government services, while electronic licenses account for 19%, putting them in second place. While other services accounted for the smallest percentage at around 2%, it is clear that financial and monetary services make good use of blockchain technology. Credit financing accounted for 44% of these services, electronic signatures for 26% and asset securitisation for the lowest percentage at 2%.

Table 2: Evolution of Blockchain Applications in Government, Financial and Monetary Services in China for the Year 2020 [29]

Financial, monetary and other economic sectors rely on blockchain technology to improve authenticity, security and risk management in all transactions. The most important thing is that blockchain technology can record any value-based transaction, not just financial and monetary ones. Its unique capabilities to store distributed data and transactions from point to point or peer-to-peer are stability and transparency. From credit financing, which accounted for 44% of all financial and monetary services, to services provided to China's local governments, which accounted for an estimated 24% of all government services and finally, from technological market development, where the Internet of Things market brought in 51.9 million USD in 2023, blockchain technology is clearly playing a significant role in China's economy. The value of investments in blockchain companies in China reached nearly 2.5 billion yuan in the first half of 2022, while global spending in the blockchain market was 19 billion USD in 2024 and is expected to reach 67.4 billion USD by 2026, according to global statistics. This highlights the active role of investments, the electronic services industry and research and development.

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