## 9 Future Work and Conclusions  
The BFS system represents a significant step forward in the innovation of financial reporting and liquidity management. The proof-of-concept implementation has demonstrated the feasibility and effectiveness of using blockchain technology to improve transparency, accountability, and operational efficiency in the financial ecosystem. However, there is still work to be done to fully realise the potential of the BFS system and to address the challenges encountered during its development and implementation. One area for future research is the examination of the economic and regulatory implications of implementing BFS across diverse jurisdictions. This adoption could lead to significant economic benefits, such as increased transparency, reduced fraud, and improved efficiency in financial reporting and liquidity management. However, it also presents several challenges and regulatory considerations. Economically, adopting BFS may require substantial upfront investments in infrastructure, training, and integration with existing systems. Cost-benefit analyses of implementing BFS may differ across jurisdictions, influenced by factors such as the size of the economy, the complexity of financial markets, and the level of technological readiness. Additionally, the economic benefits of BFS, such as increased investor confidence and access to capital, may vary across countries due to differences in market structures and investor behaviour. From a regulatory standpoint, implementing BFS would necessitate close collaboration between policymakers, industry stakeholders, and technology providers to ensure compliance with existing regulations and to develop new frameworks that address the unique aspects of blockchain-based financial reporting. This may involve adapting current accounting standards, data privacy laws, and financial reporting requirements to accommodate the decentralised and immutable nature of blockchain records. Furthermore, regulators may need to consider the cross-border implications of BFS adoption, as the technology facilitates the seamless transfer of financial information across jurisdictions, potentially raising concerns related to data sovereignty and jurisdictional oversight. Another area for future research is the optimisation of the BFS system's scalability and performance. While the current implementation has demonstrated its ability to process financial transactions in real time, further research is needed to ensure that the system can handle the massive volumes of transactions generated by the global financial system. The scalability of the BFS system is a critical aspect that requires further examination. The system faces several scalability challenges specific to its design, such as processing complex smart contracts, managing large-scale data storage, and efficiently synchronising multiple blockchain networks. These challenges can potentially limit the system's throughput and latency, affecting its overall performance and usability. To address these scalability issues, various techniques and solutions can be explored. For instance, sharding, which partitions the blockchain network into smaller, more manageable subsets, can be employed to distribute the computational load and improve transaction processing speeds. Other scalability techniques, such as off-chain transactions, sidechains, and layer-2 solutions, can also be investigated to optimise the performance of the BFS system. Additionally, advancements in consensus mechanisms, such as Proof-of-Stake (PoS) or Delegated Proof-of-Stake (DPoS) mechanisms, can enhance the efficiency and scalability of the underlying blockchain architecture. Empirical studies and theoretical analyses can be conducted to evaluate the effectiveness of these proposed solutions and identify the most suitable approaches for the BFS system. By addressing the scalability challenges and implementing appropriate optimisation techniques, the BFS solution can be made more robust and capable of handling the demands of the global financial ecosystem.