Impact of Blockchain Technology and Fintech on Sustainable Performance

Abstract

The financial industries have grown concerned over the last ten years about the rapid development of financial technology, or Fintech, and the conversation surrounding sustainable performance. Achieving cutting-edge performance through ongoing product and process development is encouraged by global competition, and blockchain technology knowledge is the most compelling tool for long-term sustainability and business growth. The main goal of this research was to examine the potential application of blockchain technology and fintech in the insurance industry, which may need to manage client data and transactions with a secure and reliable blockchain record in order to maintain sustainable performance. A descriptive research was incorporated using simple convenient sampling technique. Data recorded for 196 employees working in insurances companies based in Dubai UAE. data gathered through online questionnaire and evaluated through SmartPLS software by applying hypothesis testing using PLS-SEM Algorithm, Reliability and validity test for model validation. As a result, a positive significant relationship of the proposed construct further expands the implementation of blockchain technology will result in significant efficiency gains, cost savings, transparency, quicker payouts, and a reduction in fraud while allowing data to be shared in real-time across several parties in a trustworthy and verifiable manner.