## 6 Applications of Blockchain in Distributed Decision-Making
### Finance and Banking  
Blockchain technology is bringing about a substantial change in the field of finance and banking, particularly in the areas of transparency audits, risk assessment, and compliance management. The transformational capacity of blockchain arises from its intrinsic attributes, namely immutability, transparency, and decentralization, which are well suited to address the crucial requirements of financial systems for precision, integrity, and protection [82].  
Blockchain technology has great potential in the field of finance, particularly in the area of transparent audits. Conventional auditing procedures are sometimes lengthy and susceptible to mistakes made by humans. These procedures typically include numerous parties with potentially competing interests. Blockchain implements an unchangeable ledger system, where every transaction is recorded in a certain order and cannot be modified afterwards. This functionality guarantees the permanent storage and universal accessibility of documents, which facilitates immediate auditing and minimizes the chances of fraudulent activities. Financial institutions may enhance the efficiency and comprehensiveness of financial data verification by implementing smart contracts, which automate these operations and enable continual and transparent audits [83].  
Figure 15: Sectors in which blockchain can be applied to for distributed decision-making.  
In addition, the technology behind blockchain improves risk assessment. In the field of finance, evaluating and managing risk requires complex computations that make use of enormous datasets. These computations frequently require input from a wide variety of sources, some of which may not always provide information that is reliable or up-to-date. By providing analysts with a centralized and trustworthy source of data, blockchain technology has the potential to make these difficulties more manageable. Access in real time to the financial activities of borrowers that are recorded on a blockchain has the potential to significantly enhance credit risk assessment. This method not only improves the effectiveness of the risk assessment process, but it also reduces the likelihood of credit defaults by making it easier to make decisions that are both more accurate and more rapid [84].  
Additionally, the use of blockchain technology has brought considerable benefits to the administration of compliance in the banking industry. In general, financial institutions are required to comply with regulatory requirements, which include the creation and maintenance of open and accessible records, the execution of comprehensive reporting, and the assurance of the data's integrity and safety. Because of its decentralized nature, blockchain technology makes it possible to create systems that ensure compliance data are both secure and regularly updated. These systems also allow regulators to verify compliance data without the need for intermediaries to be involved [85]. This function significantly cuts down on the amount of time and resources needed for compliance management, and it has the potential to significantly enhance the accuracy of the reports that are filed.  
To effectively apply blockchain technology in several fields of finance, issues including scalability, integration with present technologies, and the development of industry-wide standards have to be resolved first. Still, the creation of these blockchain uses in the financial sector is a commendable endeavor given the possible advantages of more transparency, better efficiency, and more security. As this technology develops constantly, it is highly likely that it will finally become a necessary part of the process of upgrading financial institutions around the world.