Exploring the Role of Block chain Technology in Revolutionizing Financial Transparency: Enhancing Trust, Accountability, and Efficiency in the Global Economy

Abstract

Block chain is now known as an innovative application for increasing financial reliability, creditability, responsibility and effectiveness of the global economy. This research assesses the implications of adopting blockchain as an innovation in solving challenges of conventional finance with a focus on key issues such as: complexity, flexibility, and fraud. Using both qualitative and quantitative data, the study points out the decentralised and tamper-proof architecture of blockchain, as well as real-time record keeping, minimised information disparities, and smart contracts. The study further shows notable qualitative and quantitative gains on the issues of light transparency, Patron trust, and operational efficiency, but the qualitative results highlight the issues of regulatory ambiguities, operational scale, and technology support. Through empirical evidences, it has been proven that certain characteristics such as regulatory support and technological infrastructure enhance the value of blockchain. The findings of this study, informed by agency theory, technology adoption theory, and institutional theory, offer valuable policy and practical implications for regulators and financial institutions: policy clarity, infrastructural capacity, and increasing awareness about BlockChain.