Decoding the cost factors of blockchain through digital transition
Insights from a systematic literature review of the years 2020-2024
DOI:
https://doi.org/10.14267/VEZTUD.2025.07-08.03Keywords:
blockchain, compliance, cost, financial industry, SLR (Systematic Literature Review)Abstract
The authors’ research objective was to investigate the use of blockchain technology in the financial industry, considering its associated costs. They conducted a systematic literature review in accordance with the PRISMA (Preferred Reporting Items for Systematic Reviews) guidelines, selecting 74 relevant articles. Using thematic keyword analysis with VOSviewer, they developed a Conceptual Framework for Blockchain Cost Impact in the Financial Industry and categorized the costs into three categories: Technology Development and Maintenance Costs, Testing and Quality Assurance, and Compliance and Legal Costs. This framework aims to facilitate future research and practical applications by identifying cost efficiencies and navigating regulatory challenges, ultimately supporting informed decisions on blockchain’s integration in the financial sector.
Downloads
References
Ahmad, I., Alqarni, M.A., Almazroi, A.A., & Alam, L. (2020). Real estate management via a decentralized blockchain platform. Computers, Materials and Continua, 66(2), 1813–1822. https://doi.org/10.32604/cmc.2020.013048
Ahmad, M.S., & Shah, S.M. (2021). Moving beyond the crypto-currency success of blockchain: a systematic survey. Scalable Computing, 22(3), 321–345. https://doi.org/10.12694/SCPE.V22I3.1853
Akyildirim, E., Corbet, S., Cumming, D., Lucey, B., & Sensoy, A. (2020). Riding the wave of crypto-exuberance: the potential misusage of corporate blockchain announcements. Technological Forecasting and Social Change, 159. https://doi.org/10.1016/j.techfore.2020.120191
Alnuaimi, A., Alshehhi, A., Salah, K., Jayaraman, R., Omar, I.A., & Battah, A. (2022). Blockchain-based processing of health insurance claims for prescription drugs. IEEE Access, 10, 118093–118107. https://doi.org/10.1109/ACCESS.2022.3219837
Artemenko, D.A., & Zenchenko, S.V. (2021). Digital technologies in the financial sector: Evolution and major development trends in Russia and Abroad. Finance: Theory and Practice, 25(3), 90–101. https://doi.org/10.26794/2587-5671-2021-25-3-90-101
Barbereau, T., & Bodó, B. (2023). Beyond financial regulation of crypto-asset wallet software: In search of secondary liability. Computer Law and Security Review, 49. https://doi.org/10.1016/j.clsr.2023.105829
Barradas, A., Tejeda-Gil, A., & Cantón-Croda, R.-M. (2022). Real-time big data architecture for processing cryptocurrency and social media data: a clustering approach based on k-means. Algorithms, 15(5). https://doi.org/10.3390/a15050140
Basori, A.A., & Ariffin, N.H.M. (2022). The adoption factors of two-factors authentication in blockchain technology for banking and financial institutions. Indonesian Journal of Electrical Engineering and Computer Science, 26(3), 1758–1764. https://doi.org/10.11591/ijeecs.v26.i3.pp1758-1764
Belchior, R., Vasconcelos, A., Correia, M., & Hardjono, T. (2022). HERMES: Fault-tolerant middleware for blockchain interoperability. Future Generation Computer Systems, 129, 236–251. https://doi.org/10.1016/j.future.2021.11.004
Biro, F.P., Erdey, L., Gall, J., & Markus, A. (2019). The effect of governance on foreign direct investment in Latin America – Issues of model selection. Global Economy Journal, 19(1). https://doi.org/10.1142/S2194565919500064
Brandl, B., & Dieterich, L. (2023). The exclusive nature of global payments infrastructures: the significance of major banks and the role of tech-driven companies. Review of International Political Economy, 30(2), 535–557. https://doi.org/10.1080/09692290.2021.2016470
Campino, J., Brochado, A., & Rosa, Á. (2022). Initial coin offerings (ICOs): Why do they succeed? Financial Innovation, 8(1). https://doi.org/10.1186/s40854-021-00317-2
Cerchione, R., Centobelli, P., Riccio, E., Abbate, S., & Oropallo, E. (2023). Blockchain’s coming to hospital to digitalize healthcare services: Designing a distributed electronic health record ecosystem. Technovation, 120, 102480. https://doi.org/10.1016/j.technovation.2022.102480
Cozzi, F. (2020). Will blockchain technologies strengthen or undermine the effectiveness of global trade control regulations and financial sanctions? Global Jurist, 20(2). https://doi.org/10.1515/gj-2019-0047
Dionysopoulos, L., Marra, M., & Urquhart, A. (2024). Central bank digital currencies: A critical review. International Review of Financial Analysis, 91. https://doi.org/10.1016/j.irfa.2023.103031
Dodmane, R., Raghunandan, K.R., Krishnaraj Rao, N.S., Kallapu, B., Shetty, S., Aslam, M., & Jilani, S.F. (2023). Blockchain-based automated market makers for a decentralized stock exchange. Information (Switzerland), 14(5). https://doi.org/10.3390/info14050280
Duran, R.E., & Griffin, P. (2021). Smart contracts: will Fintech be the catalyst for the next global financial crisis? Journal of Financial Regulation and Compliance, 29(1), 104–122. https://doi.org/10.1108/JFRC-09-2018-0122
Fei, X. (2023). Application of real-time data processing system of Internet of Things based on blockchain technology in the financial field of Yangtze River Delta urban agglomeration. Soft Computing, 27(14), 10121–10131. https://doi.org/10.1007/s00500-023-08256-z
Frizzo-Barker, J., Chow-White, P.A., Adams, P.R., Mentanko, J., Ha, D., & Green, S. (2020). Blockchain as a disruptive technology for business: A systematic review. International Journal of Information Management, 51, 102029. https://doi.org/10.1016/j.ijinfomgt.2019.10.014
Gan, Q.Q., & Lau, R.Y.K. (2024). Trust in a ‘trust-free’ system: Blockchain acceptance in the banking and finance sector. Technological Forecasting and Social Change, 199. https://doi.org/10.1016/j.techfore.2023.123050
Glubokova, N., Morozova, T., Akhmadeev, R., Bykanova, O., Philippova, N., & Lehoux, L. (2021). Formation of the business model of crypto asset management. Webology, 18(Special Issue), 1292–1310. https://doi.org/10.14704/WEB/V18SI04/WEB18199
Gupta, M., & Kumar, V. (2021). Revealing the demonstration of blockchain and implementing scope in COVID- 19 outbreak. EAI Endorsed Transactions on Scalable Information Systems, 29, 1–11. https://doi.org/10.4108/eai.13-7-2018.165520
Hannan, M.A., Shahriar, M.A., Ferdous, M.S., Chowdhury, M.J. M., & Rahman, M.S. (2023). A systematic literature review of blockchain-based e-KYC systems. Computing, 105(10), 2089–2118. https://doi.org/10.1007/s00607-023-01176-8
Hu, Z. (2022). Application analysis of block technology based on block chain computer model in the false identification of the catalog list of the financial department of multinational companies. Advances in Multimedia, 1. https://doi.org/10.1155/2022/8193204
Ji, Z., Chang, V., Lan, H., Hsu, C.H.R., & Valverde, R. (2020). Empirical research on the fama-french three-factor model and a sentiment-related four-factor model in the chinese blockchain industry. Sustainability (Switzerland), 12(12). https://doi.org/10.3390/su12125170
Khan, A.S., Zhang, X., Lambotharan, S., Zheng, G., Assadhan, B., & Hanzo, L. (2020). Machine learning aided blockchain assisted framework for wireless networks. IEEE Network, 34(5), 262–268. https://doi.org/10.1109/MNET.011.1900643
König, L., Korobeinikova, Y., Tjoa, S., & Kieseberg, P. (2020). Comparing blockchain standards and recommendations. Future Internet, 12(12), 1–17. https://doi.org/10.3390/fi12120222
Kumar, S., Raut, R.D., Agrawal, N., Cheikhrouhou, N., Sharma, M., & Daim, T. (2022). Integrated blockchain and internet of things in the food supply chain: Adoption barriers. Technovation, 118(June 2021), 102589. https://doi.org/10.1016/j.technovation.2022.102589
Kutera, M. (2022). Cryptocurrencies as a subject of financial fraud. Journal of Entrepreneurship, Management and Innovation, 18(4), 45–77. https://doi.org/10.7341/20221842
Lahkani, M.J., Wang, S., Urbański, M., & Egorova, M. (2020). Sustainable B2B E-commerce and blockchain- based supply chain finance. Sustainability (Switzerland), 12(10). https://doi.org/10.3390/SU12103968
Lian, G. (2022). Research on credit algorithm of international trade enterprises based on blockchain. Mathematical Problems in Engineering. https://doi.org/10.1155/2022/4768868
Liang, X., Ruan, W., Xu, Z., & Liu, J. (2022). Analysis of safe storage of network information data and financial risks under blockchain combined with edge computing. Journal of Global Information Management, 30(11). https://doi.org/10.4018/JGIM.312580
Liu, J., & Chen, K. (2022). Enterprise financial risk prevention and control and data analysis method based on blockchain technology. Mobile Information Systems. https://doi.org/10.1155/2022/9452342
Liu, T., & Yu, Z. (2022). The analysis of financial market risk based on machine learning and particle swarm optimization algorithm. Eurasip Journal on Wireless Communications and Networking, 2022(1). https://doi.org/10.1186/s13638-022-02117-3
Liyanaarachchi, G., Viglia, G., & Kurtaliqi, F. (2024). Addressing challenges of digital transformation with modified blockchain. Technological Forecasting and Social Change, 201(February), 123254. https://doi.org/10.1016/j.techfore.2024.123254
Manahov, V., & Li, M. (2024). The implications of virtual money on travel and tourism. Annals of Tourism Research, 105. https://doi.org/10.1016/j.annals.2023.103686
Massaro, M. (2023). Digital transformation in the healthcare sector through blockchain technology. Insights from academic research and business developments. Technovation, 120(May), 102386. https://doi.org/10.1016/j.technovation.2021.102386
Meng, X. (2022). Risk assessment and analysis in supply chain finance based on blockchain technology. Journal of Sensors. https://doi.org/10.1155/2022/1985803
Mengist, W., Soromessa, T., & Legese, G. (2020). Method for conducting systematic literature review and meta- analysis for environmental science research. MethodsX, 7, 100777. https://doi.org/10.1016/j.mex.2019.100777
Moher, D., Liberati, A., Tetzlaff, J., & Altman, D.G. (2009). Preferred reporting items for systematic reviews and meta-analyses: The PRISMA statement. PLoS Medicine, 6(7), e1000097. https://doi.org/10.1371/journal.pmed.1000097
Mosteanu, N.R., & Faccia, A. (2021). Fintech frontiers in quantum computing, fractals, and blockchain distributed ledger: Paradigm shifts and open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 7(1), 1–19. https://doi.org/10.3390/joitmc7010019
Mvula, F., Phiri, J., & Tembo, S. (2020). A blockchain based mobile money interoperability scheme. International Journal of Advanced Computer Science and Applications, 11(1), 132–140. https://doi.org/10.14569/ijacsa.2020.0110117
Onjewu, A.K.E., Walton, N., & Koliousis, I. (2023). Blockchain agency theory. Technological Forecasting and Social Change, 191(February), 122482. https://doi.org/10.1016/j.techfore.2023.122482
Page, M.J., McKenzie, J.E., Bossuyt, P.M., Boutron, I., Hoffmann, T.C., Mulrow, C.D., Shamseer, L., Tetzlaff, J.M., Akl, E.A., Brennan, S.E., Chou, R., Glanville, J., Grimshaw, J.M., Hróbjartsson, A., Lalu, M.M., Li, T., Loder, E.W., Mayo-Wilson, E., McDonald, S., … Moher, D. (2021). The PRISMA 2020 statement: an updated guideline for reporting systematic reviews. BMJ, n71. https://doi.org/10.1136/bmj.n71
Paglietti, M.C., & Rabitti, M. (2022). A matter of time. digital-financial consumers’ vulnerability in the retail payments market. European Business Law Review, 33(4), 581–606. https://www.scopus.com/inward/record.uri?eid=2-s2.0-85131396403&partnerID=40&md5=78ad8b1d9cc5b58bbf9bc68b3704c1a3
Patil, K., Ojha, D., Struckell, E.M., & Patel, P.C. (2023). Behavioral drivers of blockchain assimilation in supply chains – A social network theory perspective. Technological Forecasting and Social Change, 192(March), 122578. https://doi.org/10.1016/j.techfore.2023.122578
Pimentel, E., Boulianne, E., Eskandari, S., & Clark, J. (2021). Systemizing the challenges of auditing blockchain- based assets. Journal of Information Systems, 35(2), 61–75. https://doi.org/10.2308/ISYS-19-007
Rákos, M., Szenderák, J., Erdey, L., Kőmíves, P.M., & Fenyves, V. (2022). Analysis of the economic situation of energy companies in Central and Eastern Europe. International Journal of Energy Economics and Policy, 12(4), 553–562. https://doi.org/10.32479/ijeep.12957
Rico-Peña, J.J., Arguedas-Sanz, R., & López-Martin, C. (2023). Models used to characterise blockchain features. A systematic literature review and bibliometric analysis. Technovation, 123(January), 102711. https://doi.org/10.1016/j.technovation.2023.102711
Rodríguez-Espíndola, O., Chowdhury, S., Beltagui, A., & Albores, P. (2020). The potential of emergent disruptive technologies for humanitarian supply chains: the integration of blockchain, artificial intelligence and 3D printing. International Journal of Production Research, 58(15), 4610–4630. https://doi.org/10.1080/00207543.2020.1761565
Roszkowska, P. (2021). Fintech in financial reporting and audit for fraud prevention and safeguarding equity investments. Journal of Accounting and Organizational Change, 17(2), 164–196. https://doi.org/10.1108/JAOC-09-2019-0098
Rrustemi, J., & Tuchschmid, N.S. (2020). Fundraising campaigns in a digital economy: Lessons from a swiss synthetic diamond venture’s initial coin offering. Technology Innovation Management Review, 10(6), 53–63. https://doi.org/10.22215/timreview/1368
Sabour, K.A., & Al-Waeli, A. (2023). The effect of blockchain technology as a moderator on the relationship between big data and the risk of financial disclosure (analytical study in the Egyptian and Iraqi stock exchange). Eastern-European Journal of Enterprise Technologies, 1(13), 132–142. https://doi.org/10.15587/1729-4061.2023.274641
Safiullin, M.R., Elshin, L.A., Abdukaeva, A.A., & Savushkin, M.V. (2020). Assessing the impact of supply chain financing using blockchain technology on credit risks in the banking sector of the Russian Federation. International Journal of Supply Chain Management, 9(4), 703–708. https://www.scopus.com/inward/record.uri?eid=2-s2.0-85089980423&partnerID=40&md5=dad65b9aee3e00dad5589c636669b6a0
Sanober, S., Aldawsari, M., Karimovna, A.D., & Ofori, I. (2022). Blockchain integrated with principal component analysis: a solution to smart security against cyber-attacks. Security and Communication Networks. https://doi.org/10.1155/2022/8649060
Shammar, E.A., Zahary, A.T., & Al-Shargabi, A.A. (2021). A survey of IoT and blockchain integration: security perspective. IEEE Access, 9, 156114–156150. https://doi.org/10.1109/ACCESS.2021.3129697
Shamsi, K., Shayegan, M.J., Uddin, M., & Chen, C.L. (2022). A fair method for distributing collective assets in the stellar blockchain financial network. Sustainability (Switzerland), 14(9). https://doi.org/10.3390/su14095311
Shi, W., & Huang, Q. (2022). The blockchain technology applied in the development of real economy in Jiangsu under deep learning. Computational Intelligence and Neuroscience. https://doi.org/10.1155/2022/3088043
Song, A., Seo, E., & Kim, H. (2023). Anomaly VAE-transformer: a deep learning approach for anomaly detection in decentralized finance. IEEE Access, 11, 98115– 98131. https://doi.org/10.1109/ACCESS.2023.3313448
Souissi, Y., Ezzi, F., & Jarboui, A. (2023). Blockchain adoption and financial distress: mediating role of information asymmetry. Journal of the Knowledge Economy. https://doi.org/10.1007/s13132-023-01263-3
Spanò, R., Massaro, M., & Iacuzzi, S. (2023). Blockchain for value creation in the healthcare sector. Technovation, 120(December), 102440. https://doi.org/10.1016/j.technovation.2021.102440
Tsao, Y.C., & Thanh, V.V. (2021). Toward blockchain-based renewable energy microgrid design considering default risk and demand uncertainty. Renewable Energy, 163, 870–881. https://doi.org/10.1016/j.renene.2020.09.016
Tuegeh, O.D.M., Nagy, A., & Tumiwa, J.R. (2024). Transformasi sintesis data kualitatif menjadi analisis meta data tentang manajemen akuntansi lingkungan. Jurnal Akuntansi Manado (JAIM), 5(3), 512–535. https://doi.org/10.53682/jaim.vi.10010
Vysochan, O., Hyk, V., Vysochan, O., & Olshanska, M. (2021). Sustainability accounting: a systematic literature review and bibliometric analysis. Quality - Access to Success, 22(185), 95–102. https://doi.org/10.47750/QAS/22.185.14
Waltman, L., van Eck, N.J., & Noyons, E.C.M. (2010). A unified approach to mapping and clustering of bibliometric networks. Journal of Informetrics, 4(4), 629–635. https://doi.org/10.1016/j.joi.2010.07.002
Wang, L., & Wang, Y. (2022). Supply chain financial service management system based on block chain IoT data sharing and edge computing. Alexandria Engineering Journal, 61(1), 147–158. https://doi.org/10.1016/j.aej.2021.04.079
Xue, L., Liu, D., Ni, J., Lin, X., & Shen, X. (2020). Balancing privacy and accountability for industrial mortgage management. IEEE Transactions on Industrial Informatics, 16(6), 4260–4269. https://doi.org/10.1109/TII.2019.2952372
Yazdinejad, A., Parizi, R.M., Dehghantanha, A., Zhang, Q., & Choo, K.K.R. (2020). An energy-efficient SDN controller architecture for IoT networks with blockchain- based security. IEEE Transactions on Services Computing, 13(4), 625–638. https://doi.org/10.1109/TSC.2020.2966970
Yin, Z., & Yang, Y. (2023). An evaluation of the financial impact on business performance of the adoption of e-business via blockchain technology. International Journal of Data Warehousing and Mining, 19(6). https://doi.org/10.4018/IJDWM.319970
Zarrin, J., Wen Phang, H., Babu Saheer, L., & Zarrin, B. (2021). Blockchain for decentralization of internet: prospects, trends, and challenges. Cluster Computing, 24(4), 2841–2866. https://doi.org/10.1007/s10586-021-03301-8
Zhan, Y., Xiong, Y., & Xing, X. (2023). A conceptual model and case study of blockchain-enabled social media platform. Technovation, 119(August), 102610. https://doi.org/10.1016/j.technovation.2022.102610
Zhang, Y., & Zhang, C. (2022). Improving the application of blockchain technology for financial security in supply chain integrated business intelligence. Security and Communication Networks. https://doi.org/10.1155/2022/4980893
Zhao, L., Sha, Y., Zhang, K., & Yang, J. (2023). Deep learning- based adaptive online intelligent framework for a blockchain application in risk control of asset securitization. International Journal of Data Warehousing and Mining, 19(4). https://doi.org/10.4018/IJDWM.323182
Zheng, Z., Chen, W., Zhong, Z., Chen, Z., & Lu, Y. (2023). Securing the ethereum from smart ponzi schemes: identification using static features. ACM Transactions on Software Engineering and Methodology, 32(5). https://doi.org/10.1145/3571847
Zhou, J., San, O.T., & Zhu, Y. (2022). A new transparent and secured transmission routing method for blockchain data in management systems. International Journal on Recent and Innovation Trends in Computing and Communication, 10(11), 141–151. https://doi.org/10.17762/ijritcc.v10i11.5801
Zhu, Q., Kouhizadeh, M., & Sarkis, J. (2022). Formalising product deletion across the supply chain: blockchain technology as a relational governance mechanism. International Journal of Production Research, 60(1), 92–110. https://doi.org/10.1080/00207543.2021.1987552
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Corvinus University of Budapest, publisher of Vezetéstudomány / Budapest Management Review
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors assign copyright to Vezetéstudomány / Budapest Management Review. Authors are responsible for permission to reproduce copyright material from other sources.
